Loma Negra Compania Industrial Argentina Sociedad Anonima Q2 2026 Earnings Recap

Shares declined 4.3% as investors reacted negatively to volume deceleration and margin compression driven by weak April demand and rising costs, overshadowing modest revenue growth and operational resilience.

Key Takeaways

• Cement volumes dropped 1.4% year-over-year, primarily due to heavy rains in April; May and June volumes normalized but remained flat versus last year.
• Consolidated net revenue grew 2.1% to Ps. 238.1 billion, supported by pricing improvements despite volume headwinds.
• Adjusted EBITDA fell 2.5% year-over-year to Ps. 48.2 billion, with margins contracting by 97 basis points to 20.2%, pressured by higher costs and depreciation.
• Gross margin declined 122 basis points to 19.2%, reflecting increased costs in cement and railroad segments, including packaging, freight, and depreciation linked to the new bagging project.
• Concrete and Aggregate segments saw double-digit volume declines (18.6% and 12.2%, respectively), weighed down by delayed infrastructure projects, partially offset by pricing gains.