Loma Negra Reports 3Q25 results

Rhea-AI Summary

Loma Negra (NYSE:LOMA) reported 3Q25 results for the quarter ended September 30, 2025. Net revenue was Ps. 209,272 million (US$154m), down 12.1% YoY. Consolidated Adjusted EBITDA was Ps. 43,536 million (US$36m), down 23.7% YoY and the margin fell to 20.8% (-315 bps). The company recorded a net loss of Ps. 8,587 million versus profit in 3Q24. Net Debt rose to Ps. 281,519 million (US$206m), with Net Debt/LTM Adjusted EBITDA at 1.49x. Loma Negra issued a Class 5 bond for US$113m in July to refinance maturities. Volumes: cement -5.4% YoY, concrete +37.8% YoY, aggregates +26.3% YoY, railroad +3.9% YoY.

Positive

• Issued US$113m Class 5 bond in July to extend debt maturities
• Net Debt/LTM Adjusted EBITDA at 1.49x, indicating manageable leverage
• Concrete volumes +37.8% YoY in 3Q25
• Aggregates volumes +26.3% YoY in 3Q25

Negative

• Net revenue down 12.1% YoY to Ps. 209,272 million
• Adjusted EBITDA down 23.7% YoY to Ps. 43,536 million; margin -315 bps to 20.8%
• Net loss of Ps. 8,587 million in 3Q25 versus profit in 3Q24
• Net Debt increased 24.3% YoY to Ps. 281,519 million

Insights

Equity Analyst

Loma Negra reported weaker 3Q25 operating results, a net loss, and higher leverage after a July bond issuance.

The company’s revenue fell to Ps. 209,272 million in 3Q25, a -12.1% decline year‑over‑year, driven by a -13.2% drop in Cement segment top line and a 5.4% fall in cement volumes; Adjusted EBITDA fell to Ps. 43,536 million (margin 20.8%), down -23.7% YoY, and the quarter recorded a net loss of Ps. 8,587 million. These figures show weaker operating performance and compressed margins versus the prior year.

Credit & Liquidity Specialist

Leverage increased materially despite a short‑term refinancing that extended maturities.

Net Debt rose to Ps. 281,519 million (US$206 million), producing a Net Debt/LTM Adjusted EBITDA ratio of 1.49x versus 0.89x in FY24; the company issued a Class 5 bond in July for US$113 million with a two‑year tenor and 8% interest to refinance maturities. The balance sheet note that certain tables exclude IAS 29 must be considered when comparing peso and dollar metrics.

Watch near‑term cash generation and leverage trends over the next 12 months: monitor reported LTM Adjusted EBITDA, covenant language on the new bond, and quarterly operating cash flow in upcoming releases (particularly Q4 2025 and the next fiscal update) to assess whether margin recovery or further refinancing is needed.

BUENOS AIRES, AR / ACCESS Newswire / November 6, 2025 / Loma Negra, (NYSE:LOMA)(BYMA:LOMA), ("Loma Negra" or the "Company"), the leading cement producer in Argentina, today announced results for the three-month period ended September 30, 2025 (our "3Q25 Results").

3Q25 Key Highlights

• Net sales revenues stood at Ps. 209,272 million (US$ 154 million), and decreased by 12.1% YoY, mainly explained by a decrease of 13,2% in in the top line of the Cement segment.

• Consolidated Adjusted EBITDA reached Ps. 43,536 million, decreasing by 23.7% YoY in pesos, while in dollars it reached 36 million, down 35.1% from 3Q24.

• The Consolidated Adjusted EBITDA margin stood at 20.8%, decreasing by 315 basis points YoY from 24.0%.

• Net loss of Ps. 8,587 million, compared to a net profit of Ps. 27,871 million in the same period of the previous year, mainly driven by a higher loss in net financial results and a lower operating result.

• New Class 5 Corporate Bond issued in July for a total amount of US$113 million, with a 2-year tenor and an 8% interest rate. Proceeds will be used to refinance upcoming maturities.

• Net Debt stood at Ps. 281,519 million (US$206 million), representing a Net Debt/LTM Adjusted EBITDA ratio of 1.49x, compared to 0.89x in FY24.

The Company has presented certain financial figures, Table 1b and Table 11, in U.S. dollars and Pesos without giving effect to IAS 29. The Company has prepared all other financial information herein by applying IAS 29.

Commenting on the financial and operating performance for the third quarter of 2025, Sergio Faifman, Loma Negra's Chief Executive Officer, noted: "Despite the 6.1% GDP growth reported by INDEC for the first half of the year, the sector began to show signs of deceleration in the third quarter. Political uncertainty increased as the first test of the mid-term elections approached, and the results in the Province of Buenos Aires raised doubts about the sustainability of the government's program. The rise in interest rates and FX volatility also took a toll on activity levels.

In the context of overall macroeconomic instability, quarterly volumes declined by almost 1% year-over-year, despite industry dispatch volumes in September reaching their highest level in 22 months. Looking ahead, October volumes are also encouraging, with growth regaining strength and posting a 7.4% year-over-year expansion.

In terms of results, in this increasingly challenging environment, consolidated margins for the quarter stood at 20.8%. Third quarters are typically those with lower margins due to higher winter energy costs, but thanks to significant efforts we achieved an almost flat sequential margin variation.

Regarding our balance sheet, with the issuance of the Class 5 Bond in July for US$113 million, we extended the average duration of our debt, placing the maturity profile in a very comfortable position, with a leverage ratio of 1.49x.

Finally, the recent results of the national mid-term elections seem to have eased political concerns, and we are optimistic that this will reduce volatility and have a positive effect on activity levels."

Table 1: Financial Highlights
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,												Nine-months ended September 30,
		2025				2024				% Chg.				2025				2024				% Chg.
Net revenue			209,272				238,067				-12.1	%			577,483				640,330				-9.8	%
Gross Profit			36,261				53,723				-32.5	%			122,438				158,859				-22.9	%
Gross Profit margin			17.3	%			22.6	%		-524		bps			21.2	%			24.8	%		-361		bps
Adjusted EBITDA			43,536				57,024				-23.7	%			126,751				159,042				-20.3	%
Adjusted EBITDA Mg.			20.8	%			24.0	%		-315		bps			21.9	%			24.8	%		-289		bps
Net Profit (Loss)			(8,587	)			27,871				n/a				15,693				160,396				-90.2	%
Net Profit (Loss) attributable to owners of the Company			(8,468	)			27,576				n/a				16,076				160,255				-90.0	%
EPS			(14.5122	)			47.2609				n/a				27.5526				274.6532				-90.0	%
Average outstanding shares			583				583				0.0	%			583				583				0.0	%
Net Debt			281,519				226,475				24.3	%			281,519				226,475				24.3	%
Net Debt /LTM Adjusted EBITDA			1.49	x			1.03	x			0.45	x			1.49	x			1.03	x			0.45	x

Table 1b: Financial Highlights in Ps and in U.S. dollars (figures exclude the impact of IAS 29)

In million Ps.	Three-months ended September 30,												Nine-months ended September 30,
	2025				2024				% Chg.				2025				2024				% Chg.
Net revenue		205,185				174,172				17.8	%			534,746				407,229				31.3	%
Adjusted EBITDA		47,697				52,019				-8.3	%			129,110				131,554				-1.9	%
Adjusted EBITDA Mg.		23.2	%			29.9	%		-662		bps			24.1	%			32.3	%		-816		bps
Net Profit (Loss)		5,141				25,354				-79.7	%			37,290				63,720				-41.5	%
Net Debt		281,519				162,441				73.3	%			281,519				162,441				73.3	%
Net Debt /LTM Adjusted EBITDA		1.49	x			1.03	x			0.45	x			1.49	x			1.03	x			0.45	x
In million US$	Three-months ended September 30,												Nine-months ended September 30,
		2025				2024			% Chg.					2025				2024			% Chg.
Ps./US$, av		1,332.23				942.54				41.3	%			1,183.18				888.82				33.1	%
Ps./US$, eop		1,366.58				970.92				40.8	%			1,366.58				970.92				40.8	%
Net revenue		154				185				-16.7	%			452				458				-1.4	%
Adjusted EBITDA		36				55				-35.1	%			109				148				-26.3	%
Net Profit (Loss)		4				27				-85.7	%			32				72				-56.0	%
Net Debt		206				167				23.1	%			206				167				23.1	%
Net Debt /LTM Adjusted EBITDA		1.49	x			1.03	x			0.45	x			1.49	x			1.03	x			0.45	x

Overview of Operations
Sales Volumes

Table 2: Sales Volumes²

			Three-months ended September 30,												Nine-months ended September 30,
			2025				2024				% Chg.				2025				2024				% Chg.
Cement, masonry & lime	MM Tn			1.37				1.44				-5.4	%			3.73				3.59				3.8	%
Concrete	MM m3			0.16				0.12				37.8	%			0.39				0.29				35.6	%
Railroad	MM Tn			1.12				1.08				3.9	%			2.88				2.61				10.3	%
Aggregates	MM Tn			0.31				0.24				26.3	%			0.85				0.69				23.5	%
2 Sales volumes include inter-segment sales

Sales volumes of cement, masonry, and lime in 3Q25 decreased by 5.4% year over year (YoY) to 1.37 million tons, despite a 12.8% sequential increase. The recovery process slowed during the third quarter amid rising economic and political concerns and a more challenging basis of comparison.

Bulk cement dispatches continued to show strong momentum, supported by higher activity levels related to mining projects and public works, as well as increased industrial and road construction demand. Conversely, bagged cement dispatches were more affected by the economic slowdown and macroeconomic volatility, declining 11.8% during the quarter.

Concrete segment volumes increased by 37.8% year-over-year. Quarterly sales were primarily driven by private developments related to logistics infrastructure and residential construction, supported by higher activity in public infrastructure projects across the Buenos Aires metropolitan area and the province of Santa Fe. The Aggregates segment also posted strong growth, up 26.3% year-over-year, driven by sustained demand from road construction and railroad projects.

Railway segment volumes grew by 3.9% compared to the same quarter in 2024, driven by higher transportation of granitic aggregates, which offset declines in cement, gypsum, and chemicals. Gypsum and frac sand volumes were negatively affected by the disruption of the railway line connecting Bahía Blanca with Neuquén, caused by the storm that hit the area during the first half of the year.

Review of Financial Results

Table 3: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,												Nine-months ended September 30,
		2025				2024				% Chg.				2025				2024				% Chg.
Net revenue			209,272				238,067				-12.1	%			577,483				640,330				-9.8	%
Cost of sales			(173,012	)			(184,343	)			-6.1	%			(455,045	)			(481,472	)			-5.5	%
Gross profit			36,261				53,723				-32.5	%			122,438				158,859				-22.9	%
Selling and administrative expenses			(19,282	)			(21,830	)			-11.7	%			(60,448	)			(63,823	)			-5.3	%
Other gains and losses			1,212				1,579				-23.2	%			3,446				2,408				43.1	%
Tax on debits and credits to bank accounts			(2,235	)			(2,399	)			-6.8	%			(6,473	)			(6,710	)			-3.5	%
Finance gain (cost), net
Gain on net monetary position			18,550				45,462				-59.2	%			65,195				293,039				-77.8	%
Exchange rate differences			(29,811	)			(12,609	)			136.4	%			(64,892	)			(40,383	)			60.7	%
Financial income			1,383				747				85.0	%			2,586				1,521				70.0	%
Financial expense			(18,855	)			(17,000	)			10.9	%			(39,303	)			(86,162	)			-54.4	%
Profit (Loss) before taxes			(12,777	)			47,673				n/a				22,549				258,748				-91.3	%
Income tax expense
Current			2,853				(17,988	)			n/a				(10,259	)			(68,383	)			-85.0	%
Deferred			1,337				(1,814	)			n/a				3,402				(29,970	)			n/a
Net profit (Loss)			(8,587	)			27,871				n/a				15,693				160,396				-90.2	%

Net Revenues

Net revenue decreased 12.1% to Ps. 209,272 million in 3Q25, from Ps. 238,067 million in the comparable quarter last year, mainly due to the lower top line performance of the Cement business, followed by the rest of the segments.

The Cement, Masonry Cement, and Lime segment recorded a 13.2% year-over-year decline in revenues, mainly explained by a 5.4% decrease in volumes, which reflected a setback in the recovery trend observed in previous quarters, together with softer pricing conditions compared to the same period last year, despite a positive sequential performance. Bulk cement dispatches performed more strongly, maintaining the trend from the previous quarter, while bagged cement was affected by increased political uncertainty that weighed on activity levels.

Concrete revenue was flat for the quarter compared to 3Q24, with a volume expansion of 37.8% that compensated for the softer pricing dynamics in a highly competitive environment. The growth in volumes was supported by private developments related mainly to logistics infrastructure and residential construction, supported by higher activity in public infrastructure projects across the Buenos Aires metropolitan area and the province of Santa Fe.

In the same direction, revenue in the Aggregates segment also remained nearly flat, decreasing by just 0.4% year-over-year. Sales volumes rose by 26.3%, driven by higher activity in road construction and railroad projects. However, this positive effect was offset by weaker pricing dynamics in an increasingly competitive landscape. Additionally, the sales mix had a negative impact, as road construction projects primarily require fine aggregates, which command a lower average price.

Railroad revenues declined by 14.9% in 3Q25 compared to the same quarter of 2024, as higher transported volumes, up 3.9%, only partially offset softer pricing conditions. The disruption of the railway line in Bahía Blanca continues to affect longer-haul traffic-mainly grains, gypsum, and frac sand-reducing ton-kilometers transported and, consequently, revenue generation.

Cost of sales, and Gross profit

Cost of sales decreased by 6.1% year-over-year to Ps. 173,012 million in 3Q25, mainly reflecting lower sales volumes and improved unit costs in the Cement segment. Conversely, cost of sales was impacted by higher depreciation charges following the completion of the 25-kilogram bagging project.

In the Cement segment, lower maintenance expenses and improved energy input prices positively contributed to quarterly performance. Despite the seasonal effects typical of third quarters, the Company was able to offset most of the winter-related cost impact. Thermal energy contracts signed last year, which included year-over-year tariff reductions, together with short-term agreements linked to oil production at tariffs below US$1/MMBTU, helped contain variable costs. On the electrical energy side, lower consumption helped offset higher electricity tariffs, as the Company continued to face the impact of increased transmission and distribution costs. Additionally, costs were affected by the start of dispatches under the new 25-kilogram bag format during the quarter.

Gross profit decreased by 32.5% in the third quarter, totaling Ps. 36,261 million compared to Ps. 53,723 million in 3Q24. Similarly, the gross profit margin contracted by 524 basis points year-over-year, reaching 17.3%.

Selling and Administrative Expenses

Selling and administrative expenses (SG&A) decreased by 11.7%, totaling Ps. 19,282 million in 3Q25, compared to Ps. 21,830 million in 3Q24. This decrease was mainly driven by lower freight and sales tax expenses due to reduced sales volumes, as well as a lower impact from salaries and professional consulting fees. As a percentage of sales, SG&A stood at 9.2%, remaining flat year-over-year.

Adjusted EBITDA & Margin

Table 4: Adjusted EBITDA Reconciliation & Margin
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,												Nine-months ended September 30,
		2025				2024				% Chg.				2025				2024				% Chg.
Adjusted EBITDA reconciliation:
Net profit (Loss)			(8,587	)			27,871				n/a				15,693				160,396				-90.2	%
(+) Depreciation and amortization			25,344				23,552				7.6	%			61,314				61,598				-0.5	%
(+) Tax on debits and credits to bank accounts			2,235				2,399				-6.8	%			6,473				6,710				-3.5	%
(+) Income tax expense			(4,190	)			19,802				n/a				6,856				98,353				-93.0	%
(+) Financial interest, net			16,725				12,856				30.1	%			32,024				62,992				-49.2	%
(+) Exchange rate differences, net			29,811				12,609				136.4	%			64,892				40,383				60.7	%
(+) Other financial expenses, net			747				3,397				-78.0	%			4,694				21,649				-78.3	%
(+) Gain on net monetary position			(18,550	)			(45,462	)			-59.2	%			(65,195	)			(293,039	)			-77.8	%
Adjusted EBITDA			43,536				57,024				-23.7	%			126,751				159,042				-20.3	%
Adjusted EBITDA Margin			20.8	%			24.0	%		-315		bps			21.9	%			24.8	%		-289		bps

Adjusted EBITDA decreased by 23.7% year-over-year in 3Q25, totaling Ps. 43,536 million compared to Ps. 57,024 million in the same period of the previous year. This performance was primarily driven by the weaker results of the Cement business, followed by the other segments.

As a result, the Adjusted EBITDA margin contracted by 315 basis points to 20.8% in 3Q25 from 24.0% in 3Q24. On a sequential basis, the margin decreased by only 40 basis points from 21.2% in the previous quarter, despite the impact of seasonal costs.

In particular, the Adjusted EBITDA margin of the Cement, Masonry, and Lime segment contracted by 129 basis points to 24.2%. This contraction was mainly explained by softer pricing performance which, despite showing an improved sequential trend, still lags on a year-over-year basis. These effects were partially offset by cost efficiencies - mainly in maintenance and energy inputs - and lower expenses.

Meanwhile, the Concrete segment's Adjusted EBITDA margin contracted by 1,096 basis points to -6.8% in 3Q25, from 4.2% in 3Q24, as cost controls and higher volumes were not sufficient to offset the impact of softer pricing dynamics in a highly competitive environment.

The Adjusted EBITDA margin of the Aggregates segment improved by 36 basis points to -16.7% in 3Q25, from -17.0% in 3Q24. Although volumes continued to improve during the quarter, the persistent market challenges and an unfavorable product mix continued to weigh on the segment's profitability.

Regarding the Railroad segment, the Adjusted EBITDA margin contracted by 920 basis points to 3.4% in 3Q25, from 12.6% in 3Q24. Transported volumes showed a slight improvement, mainly driven by higher shipments of granitic aggregates. However, the disruption of the railway line in Bahía Blanca continued to affect longer-haul traffic-primarily grains, gypsum, and frac sand-reducing ton-kilometers transported and, consequently, revenue generation. These impacts were partially offset by cost reductions.

Finance Costs-Net

Table 5: Finance Gain (Cost), net
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,												Nine-months ended September 30,
		2025				2024				% Chg.				2025				2024				% Chg.
Exchange rate differences			(29,811	)			(12,609	)			136.4	%			(64,892	)			(40,383	)			60.7	%
Financial income			1,383				747				85.0	%			2,586				1,521				70.0	%
Financial expense			(18,855	)			(17,000	)			10.9	%			(39,303	)			(86,162	)			-54.4	%
Gain on net monetary position			18,550				45,462				-59.2	%			65,195				293,039				-77.8	%
Total Finance Gain (Cost), Net			(28,733	)			16,600				n/a				(36,415	)			168,014				n/a

During 3Q25, the Company reported a total Net Financial Cost of Ps. 28,733 million, from a gain of Ps. 16,600 recorded in 3Q24. This year-over-year decline was mainly attributable to a lower gain on the net monetary position, as the inflationary effect on monetary liabilities moderated considerably compared to the same period last year, and to a higher impact from exchange rate differences resulting from the devaluation of the peso in the period.

Meanwhile, Net Financial expense increased by 7.5% year-over-year, to Ps. 17,472 million, mainly due to higher interest rates in pesos during the period.

Net Profit and Net Profit Attributable to Owners of the Company

The Company reported a Net Loss of Ps. 8.6 billion in 3Q25, compared to a Net Profit of Ps. 27.9 billion in the same period of the previous year. The decline was mainly driven by a lower financial result (net), reflecting a more moderate inflationary effect, coupled with lower operational performance. However, the decrease was partially offset by lower income tax expenses.

Net Loss Attributable to Owners of the Company stood at Ps. 8.5 billion. During the quarter, the Company reported a loss per common share of Ps. 14.5122 and an ADR loss of Ps. 72.5612, compared to a gain per common share of Ps. 47.2609 and a gain per ADR of Ps. 236.3044 in 3Q24.

Capitalization

Table 6: Capitalization and Debt Ratio
(amounts expressed in millions of pesos, unless otherwise noted)

		As of September 30,								As of December, 31
		2025				2024				2024
Total Debt			396,740				244,550				208,442
- Short-Term Debt			241,364				66,381				122,796
- Long-Term Debt			155,376				178,169				85,646
Cash, Cash Equivalents and Investments			(115,222	)			(18,075	)			(10,432	)
Total Net Debt			281,519				226,475				198,010
Shareholder's Equity			983,034				941,636				967,341
Capitalization			1,379,774				1,186,186				1,175,783
LTM Adjusted EBITDA			188,532				219,275				222,963
Net Debt /LTM Adjusted EBITDA			1.49	x			1.03	x			0.89	x

As of September 30, 2025, total Cash, Cash Equivalents, and Investments were Ps. 115,222 million compared with Ps. 18,075 million as of September 30, 2024. Total debt at the close of the quarter stood at Ps. 396,740 million, composed by Ps. 241,364 million in short-term borrowings, including the current portion of long-term borrowings (or 61% of total borrowings), and Ps. 155,376 million in long-term borrowings (or 39% of total borrowings). At the close of the third quarter of 2025, 81% (or Ps. 319,735 million) of Loma Negra's total debt was denominated in U.S. dollars, and 19% (or Ps. 77,005 million) was in Pesos.

As of September 30, 2025, 18% of the Company's consolidated loans accrued interest at a variable rate, primarily based on the short-term market rate in pesos, as it is debt in local currency. The remaining 82% accrue interest at a fixed rate.

By the end of the quarter, the average duration of Loma Negra's total debt was 0.9 years.

The Net Debt to Adjusted EBITDA (LTM) ratio stood at 1.49x as of the end of the third quarter, up from 0.89x as of December 31, 2024.

In July, the Company issued its Class 5 corporate bond for US$113 million with a two-year tenor. The proceeds will be used to cancel the outstanding of Class 2 bond maturing in December, along with other short-term debt. With this issuance, the Company increased the average duration of its debt and maintains a well-balanced maturity profile.

Cash Flows

Table 7: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,								Nine-months ended September 30,
		2025				2024				2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)			(8,587	)			27,871				15,693				160,396
Adjustments to reconcile net profit (loss) to net cash provided by operating activities			48,613				22,632				97,076				(27,359	)
Changes in operating assets and liabilities			(8,089	)			33,256				(105,922	)			(39,193	)
Net cash generated by (used in) operating activities			31,937				83,758				6,847				93,844
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguaz?? Cementos S.A.			1,347				-				1,347				-
Property, plant and equipment, Intangible Assets, net			(14,595	)			(22,983	)			(46,163	)			(61,931	)
Contributions to Trust			(410	)			(244	)			(1,108	)			(839	)
Investments, net			(48,285	)			-				(48,285	)			-
Net cash used in investing activities			(61,943	)			(23,227	)			(94,209	)			(62,770	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds / Repayments from borrowings, Interest paid			74,283				(45,808	)			139,424				(20,097	)
Dividends paid			(2	)			-				(2	)			-
Share repurchase plan			-				-				-				(725	)
Net cash generated by (used in) by financing activities			74,281				(45,808	)			139,421				(20,823	)
Net increase (decrease) in cash and cash equivalents			44,275				14,723				52,059				10,251
Cash and cash equivalents at the beginning of the year			16,843				17,886				10,432				17,886
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")			(5,083	)			(1,335	)			(7,313	)			(10,781	)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency			10,664				137				11,521				719
Cash and cash equivalents at the end of the period			66,699				31,410				66,699				18,075

In 3Q25, net cash generated from operating activities totaled Ps. 31,937 million, compared to Ps. 83,758 million in the same period of the previous year. This reflected higher working capital requirements and a lower operating result. Regarding working capital, economic uncertainties during the quarter and the higher interest rate environment increased working capital needs, coupled with higher income tax payments, as the Company did not make advance income tax payments during 2024. On the other hand, inventories decreased during the quarter due to seasonality, given that clinker production is minimized during the winter months while inventory consumption increases.

During the quarter, the Company generated Ps. 74,281 million in cash from financing activities, mainly driven by the issuance of the Class 5 bond, net of debt repayments and interest payments. Additionally, Ps. 61,943 million were used in investing activities, primarily due to the short-term allocation of the proceeds from the Class 5 bond issuance. On the other hand, CAPEX decreased following the completion of the 25-kilogram bagging project.

3Q25 Earnings Conference Call

When: 10:00 a.m. U.S. ET (12:00 noon BAT), November 7, 2025

Dial-in: 0800-444-2930 (Argentina), 1-833-255-2824 (U.S.), 1-866-605-3852 (Canada), 1-412-902-6701 (International)

Password: Loma Negra Call

Webcast:https://event.choruscall.com/mediaframe/webcast.html?webcastid=NUvgD7UB

Replay: A telephone replay of the conference call will be available until November 14, 2025. The replay can be accessed by dialing 1-877-344-7529 (U.S. toll free), or 1-412-317-0088 (International). The passcode for the replay is 9392553. The audio of the conference call will also be archived on the Company's website at www.lomanegra.com

Definitions

Adjusted EBITDA is calculated as net profit plus financial interest, net plus income tax expense plus depreciation and amortization plus exchange rate differences plus other financial expenses, net plus tax on debits and credits to bank accounts, plus share of loss of associates, plus net Impairment of Property, plant and equipment, and less income from discontinued operation. Loma Negra believes that excluding tax on debits and credits to bank accounts from its calculation of Adjusted EBITDA is a better measure of operating performance when compared to other international players.

Net Debt is calculated as borrowings less cash, cash equivalents and short-term investments.

About Loma Negra

Founded in 1926, Loma Negra is the leading cement company in Argentina, producing and distributing cement, masonry cement, aggregates, concrete and lime, products primarily used in private and public construction. Loma Negra is a vertically-integrated cement and concrete company, with nationwide operations, supported by vast limestone reserves, strategically located plants, top-of-mind brands and established distribution channels. Loma Negra is listed both on BYMA and on NYSE in the U.S., where it trades under the symbol "LOMA". One ADS represents five (5) common shares. For more information, visit www.lomanegra.com.

Note

The Company presented some figures converted from Pesos to U.S. dollars for comparison purposes. The exchange rate used to convert Pesos to U.S. dollars was the reference exchange rate (Communication "A" 3500) reported by the Central Bank for U.S. dollars. The information presented in U.S. dollars is for the convenience of the reader only. Certain figures included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be arithmetic aggregations of the figures presented in previous quarters.

Rounding: We have made rounding adjustments to reach some of the figures included in this report. As a result, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Disclaimer

This release contains forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminology such as "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "expect," "predict," "potential," "seek," "forecast," or the negative of these terms or other similar expressions. The forward-looking statements are based on the information currently available to us. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including, among others things: changes in general economic, political, governmental and business conditions globally and in Argentina, changes in inflation rates, fluctuations in the exchange rate of the peso, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy and various other factors. You should not rely upon forward-looking statements as predictions of future events. Although we believe in good faith that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Any or all of Loma Negra's forward-looking statements in this release may turn out to be wrong. You should consider these forward-looking statements in light of other factors discussed under the heading "Risk Factors" in the prospectus filed with the Securities and Exchange Commission on October 31, 2017 in connection with Loma Negra's initial public offering. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason after the date of this release to conform these statements to actual results or to changes in our expectations.

IR Contacts Marcos I. Gradin, Chief Financial Officer and Investor Relations Diego M. Jalón, Investor Relations Manager +54-11-4319-3050 investorrelations@lomanegra.com

--- Financial Tables Follow ---

Table 8: Condensed Interim Consolidated Statements of Financial Position
(amounts expressed in millions of pesos, unless otherwise noted)

		As of September 30,				As of December, 31
		2025				2024
ASSETS
Non-current assets
Property, plant and equipment			1,272,919				1,285,766
Right to use assets			3,213				3,874
Intangible assets			6,332				3,534
Investments			85				85
Goodwill			844				844
Inventories			98,451				81,677
Other receivables			1,765				7,628
Other assets			403				830
Total non-current assets			1,384,012				1,384,237
Current assets
Inventories			233,654				246,084
Other receivables			40,954				16,870
Trade accounts receivable			74,297				60,067
Investments			103,844				706
Cash and banks			11,377				9,727
Total current assets			464,126				333,453
TOTAL ASSETS			1,848,138				1,717,690
SHAREHOLDER'S EQUITY
Capital stock and other capital related accounts			322,487				322,487
Reserves			645,125				457,529
Retained earnings			16,076				187,596
Equity attributable to the owners of the Company			983,688				967,612
Non-controlling interests			(655	)			(271	)
TOTAL SHAREHOLDER'S EQUITY			983,034				967,341
LIABILITIES
Non-current liabilities
Borrowings			155,376				85,646
Provisions			14,486				13,710
Salaries and social security payables			1,273				1,840
Debts for leases			1,541				2,193
Other liabilities			1,197				1,232
Deferred tax liabilities			315,673				319,076
Total non-current liabilities			489,546				423,698
Current liabilities
Borrowings			241,364				122,796
Accounts payable			92,594				114,149
Advances from customers			8,989				7,819
Salaries and social security payables			16,480				21,844
Tax liabilities			12,762				57,135
Debts for leases			2,023				1,693
Other liabilities			1,345				1,215
Total current liabilities			375,558				326,651
TOTAL LIABILITIES			865,104				750,349
TOTAL SHAREHOLDER'S EQUITY AND LIABILITIES			1,848,138				1,717,690

Table 9: Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income (unaudited)
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,												Nine-months ended September 30,
		2025				2024				% Change				2025				2024				% Change
Net revenue			209,272				238,067				-12.1	%			577,483				640,330				-9.8	%
Cost of sales			(173,012	)			(184,343	)			-6.1	%			(455,045	)			(481,472	)			-5.5	%
Gross Profit			36,261				53,723				-32.5	%			122,438				158,859				-22.9	%
Selling and administrative expenses			(19,282	)			(21,830	)			-11.7	%			(60,448	)			(63,823	)			-5.3	%
Other gains and losses			1,212				1,579				-23.2	%			3,446				2,408				43.1	%
Tax on debits and credits to bank accounts			(2,235	)			(2,399	)			-6.8	%			(6,473	)			(6,710	)			-3.5	%
Finance gain (cost), net
Gain on net monetary position			18,550				45,462				-59.2	%			65,195				293,039				-77.8	%
Exchange rate differences			(29,811	)			(12,609	)			136.4	%			(64,892	)			(40,383	)			60.7	%
Financial income			1,383				747				85.0	%			2,586				1,521				70.0	%
Financial expenses			(18,855	)			(17,000	)			10.9	%			(39,303	)			(86,162	)			-54.4	%
Profit (loss) before taxes			(12,777	)			47,673				n/a				22,549				258,748				-91.3	%
Income tax expense
Current			2,853				(17,988	)			n/a				(10,259	)			(68,383	)			-85.0	%
Deferred			1,337				(1,814	)			n/a				3,402				(29,970	)			n/a
Net Profit (Loss)			(8,587	)			27,871				n/a				15,693				160,396				-90.2	%
Net Profit (Loss) for the period attributable to:
Owners of the Company			(8,468	)			27,576				n/a				16,076				160,255				-90.0	%
Non-controlling interests			(119	)			295				n/a				(384	)			141				n/a
NET PROFIT (LOSS) FOR THE PERIOD			(8,587	)			27,871				n/a				15,693				160,396				-90.2	%
Earnings per share (basic and diluted):			(14.5122	)			47.2609				n/a				27.5526				274.6532				-90.0	%

Table 10: Condensed Interim Consolidated Statement of Cash Flows
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,								Nine-months ended September 30,
		2025				2024				2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Profit (Loss)			(8,587	)			27,871				15,693				160,396
Adjustments to reconcile net profit to net cash provided by operating activities
Income tax expense			(4,190	)			19,802				6,856				98,353
Depreciation and amortization			25,344				23,552				61,314				61,598
Provisions			2,182				335				4,857				4,603
Exchange rate differences			27,922				11,145				58,218				37,311
Interest expense			16,737				13,364				32,208				63,710
Gain on disposal of property, plant and equipment			(421	)			(553	)			(541	)			(1,255	)
Gain on net monetary position			(18,550	)			(45,462	)			(65,195	)			(293,039	)
Impairment of trust fund			(411	)			244				(641	)			839
Share-based payment			-				204				-				519
Changes in operating assets and liabilities
Inventories			14,831				16,733				(3,555	)			(30,763	)
Other receivables			(21,307	)			(4,103	)			(22,328	)			13,090
Trade accounts receivable			(15,732	)			(7,633	)			(28,162	)			(48,717	)
Advances from customers			2,217				2,670				2,357				(2,146	)
Accounts payable			6,375				23,637				(4,082	)			39,595
Salaries and social security payables			2,598				3,687				(2,065	)			7,059
Provisions			(381	)			(417	)			(1,358	)			(993	)
Tax liabilities			17,556				1,177				21,266				(1,955	)
Other liabilities			119				(367	)			464				(4,645	)
Income tax paid			(14,364	)			(2,129	)			(68,460	)			(9,719	)
Net cash generated by (used in) operating activities			31,937				83,758				6,847				93,844
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of Yguaz?? Cementos S.A.			1,347				-				1,347
Proceeds from disposal of Property, plant and equipment			247				829				870				1,567
Payments to acquire Property, plant and equipment			(13,175	)			(23,625	)			(43,158	)			(63,073	)
Payments to acquire Intangible Assets			(1,667	)			(187	)			(3,875	)			(425	)
Proceeds from maturity investments			(48,285	)			-				(48,285	)			-
Contributions to Trust			(410	)			(244	)			(1,108	)			(839	)
Net cash generated by (used in) investing activities			(61,943	)			(23,227	)			(94,209	)			(62,770	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from non-convertible negotiable obligations			110,875				-				110,875				-
Proceeds from borrowings			67,753				86,183				187,410				379,236
Interest paid			(10,825	)			(13,870	)			(25,751	)			(67,583	)
Dividends paid			(2	)			-				(2	)			-
Debts for leases			(556	)			(429	)			(1,561	)			(1,627	)
Repayment of borrowings			(92,964	)			(117,692	)			(131,549	)			(330,123	)
Share repurchase plan			-				-				-				(725	)
Net cash generated by (used in) financing activities			74,281				(45,808	)			139,421				(20,823	)
Net increase (decrease) in cash and cash equivalents			44,275				14,723				52,059				10,251
Cash and cash equivalents at the beginning of the period			16,843				17,886				10,432				17,886
Effect of the re-expression in homogeneous cash currency ("Inflation-Adjusted")			(5,083	)			(1,335	)			(7,313	)			(10,781	)
Effects of the exchange rate differences on cash and cash equivalents in foreign currency			10,664				137				11,521				719
Cash and cash equivalents at the end of the period			66,699				31,410				66,699				18,075

Table 11: Financial Data by Segment (figures exclude the impact of IAS 29)
(amounts expressed in millions of pesos, unless otherwise noted)

		Three-months ended September 30,												Nine-months ended September 30,
		2025			%			2024			%			2025			%			2024			%
Net revenue			205,185			100.0	%		174,172			100.0	%		534,746			100.0	%		407,229			100.0	%
Cement, masonry cement and lime			179,000			87.2	%		153,962			88.4	%		466,474			87.2	%		361,440			88.8	%
Concrete			18,971			9.2	%		14,101			8.1	%		47,297			8.8	%		32,714			8.0	%
Railroad			18,917			9.2	%		16,606			9.5	%		49,414			9.2	%		37,626			9.2	%
Aggregates			5,329			2.6	%		4,002			2.3	%		14,085			2.6	%		10,053			2.5	%
Others			2,601			1.3	%		1,864			1.1	%		7,136			1.3	%		3,893			1.0	%
Eliminations			(19,633	)		-9.6	%		(16,364	)		-9.4	%		(49,661	)		-9.3	%		(38,497	)		-9.5	%
Cost of sales			144,887			100.0	%		110,611			100.0	%		365,323			100.0	%		244,738			100.0	%
Cement, masonry cement and lime			120,441			83.1	%		95,182			86.1	%		298,810			81.8	%		206,245			84.3	%
Concrete			19,353			13.4	%		13,087			11.8	%		48,838			13.4	%		31,682			12.9	%
Railroad			17,629			12.2	%		13,343			12.1	%		47,886			13.1	%		32,814			13.4	%
Aggregates			5,919			4.1	%		4,364			3.9	%		16,311			4.5	%		10,357			4.2	%
Others			1,178			0.8	%		999			0.9	%		3,138			0.9	%		2,138			0.9	%
Eliminations			(19,633	)		-13.6	%		(16,364	)		-14.8	%		(49,661	)		-13.6	%		(38,497	)		-15.7	%
Selling, admin. expenses and other gains & losses			16,577			100.0	%		13,302			100.0	%		49,054			100.0	%		35,208			100.0	%
Cement, masonry cement and lime			14,472			87.3	%		11,977			90.0	%		43,448			88.6	%		31,852			90.5	%
Concrete			794			4.8	%		298			2.2	%		2,055			4.2	%		1,065			3.0	%
Railroad			845			5.1	%		668			5.0	%		2,027			4.1	%		1,302			3.7	%
Aggregates			69			0.4	%		44			0.3	%		162			0.3	%		108			0.3	%
Others			397			2.4	%		316			2.4	%		1,363			2.8	%		881			2.5	%
Depreciation and amortization			3,976			100.0	%		1,761			100.0	%		8,741			100.0	%		4,271			100.0	%
Cement, masonry cement and lime			3,063			77.1	%		1,377			78.2	%		6,570			75.2	%		3,083			72.2	%
Concrete			110			2.8	%		56			3.2	%		299			3.4	%		160			3.7	%
Railroad			501			12.6	%		244			13.9	%		999			11.4	%		804			18.8	%
Aggregates			293			7.4	%		82			4.7	%		855			9.8	%		220			5.1	%
Others			9			0.2	%		1			0.1	%		18			0.2	%		4			0.1	%
Adjusted EBITDA			47,697			100.0	%		52,019			100.0	%		129,110			100.0	%		131,554			100.0	%
Cement, masonry cement and lime			47,151			98.9	%		48,180			92.6	%		130,786			101.3	%		126,426			96.1	%
Concrete			(1,066	)		-2.2	%		773			1.5	%		(3,296	)		-2.6	%		127			0.1	%
Railroad			944			2.0	%		2,839			5.5	%		500			0.4	%		4,314			3.3	%
Aggregates			(366	)		-0.8	%		(324	)		-0.6	%		(1,533	)		-1.2	%		(193	)		-0.1	%
Others			1,035			2.2	%		551			1.1	%		2,653			2.1	%		879			0.7	%
Reconciling items:
Effect by translation in homogeneous cash currency ("Inflation-Adjusted")			(4,162	)					5,005						(2,360	)					27,488
Depreciation and amortization			(25,344	)					(23,552	)					(61,314	)					(61,598	)
Tax on debits and credits banks accounts			(2,235	)					(2,399	)					(6,473	)					(6,710	)
Finance gain (cost), net			(28,733	)					16,600						(36,415	)					168,014
Income tax			4,190						(19,802	)					(6,856	)					(98,353	)
NET PROFIT (LOSS) FOR THE PERIOD			(8,587	)					27,871						15,697						160,396

SOURCE: Loma Negra Compañía Industrial Argentina Sociedad

View the original press release on ACCESS Newswire

FAQ

What were Loma Negra (LOMA) 3Q25 revenues and how did they change YoY?

Loma Negra reported 3Q25 net revenue of Ps. 209,272 million (US$154m), a 12.1% decline YoY.

How did Loma Negra's Adjusted EBITDA and margin perform in 3Q25 (LOMA)?

3Q25 Adjusted EBITDA was Ps. 43,536 million (US$36m), down 23.7% YoY; the margin fell to 20.8% (-315 bps).

Why did LOMA record a net loss in 3Q25 and what was the amount?

LOMA recorded a net loss of Ps. 8,587 million in 3Q25, driven by weaker operating results and a higher loss in net financial results.

How much debt did Loma Negra issue in 2025 and for what purpose (LOMA)?

In July 2025 Loma Negra issued a Class 5 corporate bond for US$113 million (2-year, 8% interest) to refinance upcoming maturities.

What was Loma Negra's Net Debt and leverage ratio at 3Q25 (LOMA)?

Net Debt was Ps. 281,519 million (US$206m) and Net Debt/LTM Adjusted EBITDA stood at 1.49x.

Which Loma Negra segments showed volume growth in 3Q25 (LOMA)?

In 3Q25 concrete volumes rose 37.8% YoY, aggregates +26.3% YoY, and railroad volumes +3.9% YoY; cement volumes fell 5.4% YoY.