[Performance Overview](index=1&type=section&id=Performance%20Overview) The company navigated a challenging year, achieving significant EBITDA margin expansion and net profit turnaround while improving leverage [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Sergio Faifman highlighted resilience and market leadership in a challenging 2024, noting significant 4Q24 EBITDA margin expansion and anticipating gradual recovery - The company navigated a challenging 2024 characterized by a downturn in the construction industry, reaffirming its resilience, adaptability, and leadership in Argentina's cement market[5](index=5&type=chunk) - In 4Q24, the company achieved a significant **EBITDA margin expansion of over 600 basis points**, driven by a focus on improving efficiency amidst declining volumes[6](index=6&type=chunk) - Management views 2024 as a transition year, with the most difficult period concluded and an expectation of gradual recovery strengthening alongside the overall economy[7](index=7&type=chunk) [Key Highlights](index=1&type=section&id=Key%20Highlights) FY24 saw revenue and EBITDA declines but margin expansion and net profit turnaround, with 4Q24 showing EBITDA growth and margin surge, improving leverage to 0.89x FY24 Key Financial Metrics (YoY) | Metric | FY24 | % Change YoY | | :--- | :--- | :--- | | Net Revenue | Ps. 699,179 million | -23.9% | | Adjusted EBITDA | Ps. 180,987 million | -17.2% | | Adjusted EBITDA Margin | 25.9% | +211 bps | | Net Profit | Ps. 153,627 million | +628.8% | 4Q24 Key Financial Metrics (YoY) | Metric | 4Q24 | % Change YoY | | :--- | :--- | :--- | | Net Revenue | Ps. 174,173 million | -19.5% | | Adjusted EBITDA | Ps. 50,589 million | +2.4% | | Adjusted EBITDA Margin | 29.0% | +623 bps | | Net Profit (Loss) | Ps. 22,118 million | n/a (vs. Loss of Ps. 43,963M) | - The **Net Debt/LTM Adjusted EBITDA ratio significantly improved**, decreasing to **0.89x** from 1.40x in FY23, reflecting a US$20 million reduction in indebtedness during the quarter[8](index=8&type=chunk)[9](index=9&type=chunk) [Operational Performance](index=4&type=section&id=Overview%20of%20Operations) This section analyzes sales volumes across key segments, highlighting declines in construction materials and growth in the Railroad segment [Sales Volumes Analysis](index=4&type=section&id=Sales%20Volumes) 4Q24 saw declines in Cement, Concrete, and Aggregates volumes, with bagged cement showing resilience and Railroad volumes growing, while FY24 experienced broad-based declines Sales Volumes by Segment (YoY % Change) | Segment | 4Q24 % Chg. | FY24 % Chg. | | :--- | :--- | :--- | | Cement, masonry & lime | -14.1% | -23.7% | | Concrete | -14.4% | -31.8% | | Railroad | +3.1% | -13.4% | | Aggregates | -3.1% | -24.8% | - In 4Q24, bagged cement showed stronger resilience, declining less than the industry average, while bulk cement was more affected by low activity in large private construction projects and public works[12](index=12&type=chunk) - The Railroad segment's volume increased by **3.1% in 4Q24**, as higher transported volumes of grains and fracsand more than offset the decline in construction materials[14](index=14&type=chunk) - For FY24, the decline in volumes was most pronounced in **Concrete (-31.8%)** and **Aggregates (-24.8%)**, heavily impacted by the economic slowdown and halt in public works[16](index=16&type=chunk) [Detailed Financial Review](index=6&type=section&id=Review%20of%20Financial%20Results) This section provides an in-depth analysis of the company's profit and loss, financial position, and cash flow performance [Profit & Loss Analysis](index=6&type=section&id=Profit%20%26%20Loss%20Analysis) Despite revenue drops, 4Q24 gross profit remained stable with significant margin expansion due to cost controls, leading to a net profit turnaround [Net Revenues](index=6&type=section&id=Net%20Revenues) 4Q24 net revenue fell 19.5% YoY, primarily due to declines in Cement, Concrete, and Aggregates, with FY24 also seeing a significant overall decrease - 4Q24 net revenue decreased **19.5% YoY** to **Ps. 174,173 million**, mainly from the Cement segment's performance[19](index=19&type=chunk) - By segment, 4Q24 YoY revenue changes were: Cement **-19.9%**, Concrete **-26.9%**, Aggregates **-34.2%**, and Railroad **-3.2%**[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - FY24 net revenue declined **23.9%** to **Ps. 699,179 million**, driven by weaker performance in the core Cement business amid an economic contraction[24](index=24&type=chunk) [Cost of Sales and Gross Profit](index=6&type=section&id=Cost%20of%20sales,%20and%20Gross%20profit) 4Q24 cost of sales decreased significantly, outpacing revenue decline due to lower volumes and strict cost management, resulting in substantial gross profit margin expansion - Cost of sales in 4Q24 fell **26.5% YoY**, driven by lower sales volumes, reduced depreciation, and strict cost management, including favorable energy contracts and lower freight and salary expenses[25](index=25&type=chunk) - Gross profit margin in 4Q24 expanded by **640 basis points** to **32.6%**, despite the decline in sales volumes[27](index=27&type=chunk) - For the full fiscal year 2024, gross profit margin expanded by **166 basis points** to **26.7%**[27](index=27&type=chunk) [Selling and Administrative Expenses (SG&A)](index=8&type=section&id=Selling%20and%20Administrative%20Expenses) 4Q24 SG&A expenses decreased due to cost reductions, but increased as a percentage of sales due to lower revenue, with FY24 also showing a decrease - 4Q24 SG&A decreased **3.9%** to **Ps. 20,847 million** due to lower turnover tax, freight, and insurance costs[28](index=28&type=chunk) - As a percentage of sales, SG&A rose by **195 basis points** to **12.0%** in 4Q24, a consequence of the lower top line[28](index=28&type=chunk) [Adjusted EBITDA & Margin](index=8&type=section&id=Adjusted%20EBITDA%20%26%20Margin) 4Q24 Adjusted EBITDA grew with significant margin expansion, primarily driven by the Cement segment, despite negative margins in Concrete and Aggregates, with FY24 also seeing margin expansion Adjusted EBITDA & Margin (4Q24 vs 4Q23) | Metric | 4Q24 | 4Q23 | % Chg. | | :--- | :--- | :--- | :--- | | Adjusted EBITDA | Ps. 50,589 million | Ps. 49,385 million | +2.4% | | Adjusted EBITDA Margin | 29.0% | 22.8% | +623 bps | - The Cement segment's Adjusted EBITDA margin expanded by **815 basis points** to **33.7%** in 4Q24[31](index=31&type=chunk) - The Concrete and Aggregates segments' Adjusted EBITDA margins contracted to **-6.1%** and **-8.9%** respectively in 4Q24[32](index=32&type=chunk) [Finance Costs-Net and Net Profit](index=10&type=section&id=Finance%20Costs-Net%20and%20Net%20Profit) The company reported a significant net financial gain in 4Q24, reversing a prior-year loss due to lower exchange rate impacts, leading to a substantial net profit for the quarter and full year - A net financial gain of **Ps. 857 million** was reported in 4Q24, compared to a loss of **Ps. 81,281 million** in 4Q23, mainly due to a lower impact from exchange rate differences[36](index=36&type=chunk) - 4Q24 Net Profit was **Ps. 22,118 million**, reversing a **Ps. 43,963 million** loss in 4Q23, driven by improved operational performance and a better financial result[39](index=39&type=chunk) - FY24 Net Income Attributable to Owners rose to **Ps. 153,810 million** from **Ps. 22,441 million** in FY23, primarily due to lower net financial costs and exchange rate impacts[41](index=41&type=chunk) [Financial Position and Cash Flow](index=10&type=section&id=Financial%20Position%20and%20Cash%20Flow) Loma Negra significantly strengthened its balance sheet by reducing net debt and improving its leverage ratio, while generating substantial operating cash flow [Capitalization and Debt](index=10&type=section&id=Capitalization%20and%20Debt) At year-end 2024, total net debt decreased significantly, leading to a substantial improvement in the Net Debt/LTM Adjusted EBITDA ratio, with a well-balanced, primarily USD-denominated debt Debt Profile (as of Dec 31, 2024) | Metric | Value | Comparison (vs. Dec 31, 2023) | | :--- | :--- | :--- | | Total Net Debt | Ps. 162,348 million | -47.0% | | Net Debt / LTM Adj. EBITDA | 0.89x | from 1.40x | - As of December 31, 2024, **91%** of the company's total debt was denominated in U.S. dollars[42](index=42&type=chunk) - The company's debt maturity profile is well-balanced, with no bond maturities until the fourth quarter of 2025[45](index=45&type=chunk) [Cash Flow Analysis](index=12&type=section&id=Cash%20Flow%20Analysis) 4Q24 operating cash flow decreased slightly due to working capital changes, with significant cash generated from operations for FY24, alongside substantial capital investments - Cash generated from operating activities in 4Q24 was **Ps. 47,776 million**, compared to Ps. 57,040 million in 4Q23[46](index=46&type=chunk) - In 4Q24, **Ps. 21,429 million** was used for investing activities (primarily maintenance CAPEX) and **Ps. 31,193 million** for financing activities (mainly debt repayments)[47](index=47&type=chunk) - For FY24, capital investments totaled **Ps. 72,004 million**, while cash flow generated by operating activities was **Ps. 124,718 million**[48](index=48&type=chunk) [Appendix](index=14&type=section&id=Appendix) This section provides supplementary information including conference call details, definitions of key financial measures, and detailed financial statements [Conference Call Information](index=14&type=section&id=4Q24%20Earnings%20Conference%20Call) This section provides logistical details for the 4Q24 earnings conference call, including dial-in numbers, webcast link, and replay information - The earnings conference call was scheduled for **10:00 a.m. U.S. ET on March 7, 2025**, with dial-in and webcast details provided[50](index=50&type=chunk) [Definitions](index=14&type=section&id=Definitions) This section defines key non-GAAP financial measures used throughout the report, including Adjusted EBITDA and Net Debt - **Adjusted EBITDA**: Calculated as net profit plus financial interest (net), income tax expense, depreciation and amortization, exchange rate differences, other financial expenses (net), and tax on debits and credits to bank accounts[51](index=51&type=chunk) - **Net Debt**: Calculated as total borrowings less cash, cash equivalents, and short-term investments[52](index=52&type=chunk) [Financial Statements](index=16&type=section&id=Financial%20Statements) This section contains detailed, unaudited condensed interim consolidated financial statements for the periods ended December 31, 2024 and 2023 - The report includes the Condensed Interim Consolidated Statements of Financial Position as of December 31, 2024 and 2023[58](index=58&type=chunk) - The report includes the Condensed Interim Consolidated Statements of Profit or Loss for the three and twelve-month periods ended December 31, 2024 and 2023[60](index=60&type=chunk) - The report includes the Condensed Interim Consolidated Statement of Cash Flows for the three and twelve-month periods ended December 31, 2024 and 2023[62](index=62&type=chunk) - The report provides a table with Financial Data by Segment (excluding the impact of IAS 29) for the three and twelve-month periods ended December 31, 2024 and 2023[64](index=64&type=chunk)

Group 1 - Loma Negra Compania Industrial Argentina S.A. Sponsored ADR (LOMA) is part of the Construction sector, which includes 88 individual stocks and has a Zacks Sector Rank of 12 [2] - LOMA currently holds a Zacks Rank of 1 (Strong Buy), indicating strong potential for outperforming the market [3] - The Zacks Consensus Estimate for LOMA's full-year earnings has increased by 55.3% in the past quarter, reflecting improved analyst sentiment [4] Group 2 - Year-to-date, LOMA has gained approximately 3.9%, outperforming the average gain of 2.7% for the Construction group [4] - LOMA belongs to the Building Products - Home Builders industry, which has an average loss of 3.4% this year, further highlighting LOMA's strong performance [6] - In comparison, another stock in the Construction sector, Primoris Services (PRIM), has a year-to-date return of 4.2% and a Zacks Rank of 2 (Buy) [5][7]

Financial Data and Key Metrics Changes - The company's top line reached ARS 180.7 billion, marking a 21.2% decrease in the quarter, primarily due to lower cement dispatches [8] - Consolidated adjusted EBITDA was $55 million or ARS 43 billion, down 18.5% compared to the same period last year [8][23] - EBITDA margin stood at 24%, reflecting an improvement of 78 basis points year-over-year [9][23] - Net profit attributable to owners of the company was ARS 20.9 billion, compared to ARS 22.9 billion in Q3 2023 [27] Business Line Data and Key Metrics Changes - The cement, masonry cement, and lime segment declined by 21%, with volumes contracting 17.1% year-on-year [14] - Concrete revenues decreased by 29.7% in the quarter, primarily due to a 22% drop in dispatches [16] - The aggregates segment experienced a 42.7% decline, with sales volume down by 29% [16] - Railroad revenue saw a modest decline of 4.7%, with transported volumes dropping by 7% [17] Market Data and Key Metrics Changes - Industry volume showed a strong sequential improvement, increasing by 25%, although still below last year's level [7] - Bulk cement dispatches reached 62%, recovering more quickly than other dispatch modes [12] - Positive indicators such as the recovery of real wages, downward trend in inflation, and lower interest rates are essential for driving sustainable growth [13] Company Strategy and Development Direction - The company is focused on maintaining operational flexibility and production strategy to mitigate the impact of seasonal costs [34] - The management is optimistic about the economic recovery, particularly in the construction sector, driven by credit expansion and foreign investment [35][36] - The company is analyzing capital allocation alternatives for potential dividend improvements in the future [42][45] Management's Comments on Operating Environment and Future Outlook - Management noted that the third quarter showed significant sequential improvement, indicating a move past the worst part of the recession [34] - The company is closely monitoring economic challenges, including inflation and interest rate declines, which could provide a solid foundation for growth [35] - The reduction in country risk is seen as a positive step toward attracting foreign investment [36] Other Important Information - The company ended the quarter with a net debt of ARS 172 billion, achieving a net debt-to-EBITDA ratio of 1.03x, down from 1.4x at the end of 2023 [29] - Cash generation from operational activities reached ARS 64 billion, up from ARS 45 billion in the same period of 2023 [30] - The company allocated ARS 17.4 billion to capital expenditure, with a significant portion directed towards a new project [31] Q&A Session Summary Question: Pricing dynamics and its effect on volumes and revenues - Management is closely monitoring pricing dynamics and may adjust prices less frequently if inflation stabilizes [38][39] Question: Catalysts for larger construction projects and bulk cement demand - Management expects larger projects and public works to impact bulk cement sales positively in the upcoming months [40] Question: Potential for dividend improvements - Management indicated that there are no immediate plans for dividends but is analyzing capital allocation alternatives [42][45] Question: Impact of InterCement situation on debt repayment covenants - Management confirmed there are no covenants regarding change of control that may impact the company [47] Question: Details on the 25-kilo bag project and cement volume recovery - Management noted that profitability between cement and bulk is similar, and they expect a significant recovery in volumes next year [49][50] Question: Recovery of the mortgage market in Argentina - Management observed a recovery in real estate sales, which could boost future construction projects and cement sales [51]

Financial Performance - Net sales revenues decreased by 21.2% YoY to Ps. 180,686 million (US$ 185 million) in 3Q24, primarily due to a 21.0% decline in Cement segment sales volumes[3]. - Consolidated Adjusted EBITDA reached Ps. 43,279 million (US$ 55 million), down 18.5% YoY in pesos and 16.5% in dollars, with an EBITDA margin of 24.0%, an increase of 78 basis points YoY[3][7]. - Net profit for 3Q24 was Ps. 21,153 million, an 8.7% decrease from Ps. 23,177 million in the same period last year, with a notable improvement in net total finance gain[3][15]. - Gross profit fell 23.5% YoY to Ps. 40,774 million in 3Q24, with a gross profit margin contraction of 69 basis points to 22.6%[21]. - The company reported a total net financial gain of Ps. 12,599 million in 3Q24, compared to a net financial cost of Ps. 4,884 million in 3Q23[28]. - The company reported a significant decrease in finance costs, down 70.6% to ARS 12,902 million in Q3 2024 from ARS 43,914 million in Q3 2023[50]. - The company’s total shareholder's equity rose to ARS 714,674 million as of September 30, 2024, from ARS 593,095 million as of December 31, 2023[48]. Sales and Volume Trends - Cement, masonry, and lime sales volumes fell by 17.1% YoY to 1.44 million tons, although there was a sequential recovery of 32%[11]. - The Concrete segment experienced a 22.2% YoY decline in sales volumes, with a sequential improvement of 28%[12]. - The Aggregates segment saw a 28.7% decrease in sales volumes year-over-year, indicating ongoing challenges in the market[12]. - Railroad segment revenues decreased by 4.7% YoY, with a 7.0% decline in transported volume, partially offset by positive pricing dynamics[19]. - Net revenue for Q3 2024 was ARS 180,686 million, a decrease of 21.2% compared to ARS 229,223 million in Q3 2023[50]. Cost and Expenses - Cost of sales decreased by 20.5% YoY to Ps. 139,911 million in 3Q24, primarily due to lower sales volumes and improved energy inputs[20]. - Selling and administrative expenses decreased by 12.9% to Ps. 16,569 million in 3Q24, reaching 9.2% of sales, up 87 basis points YoY[22]. - The cost of sales for the three months ended September 30, 2024, was 110,611 million pesos, up from 41,856 million pesos in the same period of 2023, representing a rise of 164.5%[54]. Debt and Liquidity - Net debt decreased to Ps. 171,888 million (US$ 177 million), resulting in a Net Debt/LTM Adjusted EBITDA ratio of 1.03x, down from 1.40x in FY23, reflecting a US$ 40 million reduction in indebtedness during the quarter[3][7]. - Total debt as of September 30, 2024, was Ps. 185,606 million, down from Ps. 296,811 million YoY, with a net debt to LTM adjusted EBITDA ratio of 1.03x[30][34]. - Cash generated from operating activities in 3Q24 was Ps. 63,570 million, compared to Ps. 45,154 million in 3Q23, mainly due to positive working capital effects[36]. - Cash and cash equivalents at the end of the period were 13,718 million pesos, consistent with 64,610 million pesos at the end of the same period in 2023[52]. Future Outlook - The company anticipates a stronger recovery as macroeconomic factors stabilize, indicating optimism for future performance[6][8]. - The company provided a forward guidance of 8% revenue growth for Q4 2023, projecting revenues between $2.7 billion and $2.8 billion[55]. - The company plans to enter two new international markets by the end of 2023[55]. Operational Highlights - The Adjusted EBITDA margin for the Concrete segment improved to 4.2%, up 355 basis points YoY, while the Aggregates segment contracted to negative 17.0%[25]. - The company experienced a net cash used in investing activities of 17,629 million pesos for the three months ended September 30, 2024, compared to 13,321 million pesos in the same period of 2023, reflecting an increase of 32.5%[52]. - The company reported a net cash used in financing activities of 34,767 million pesos for the three months ended September 30, 2024, compared to 61,206 million pesos in the same period of 2023, indicating a decrease of 43.2%[52]. - The company’s inventories increased to ARS 166,065 million as of September 30, 2024, from ARS 154,181 million as of December 31, 2023[48]. Market and Product Development - New product launches contributed to a 20% increase in sales in the consumer electronics segment[55]. - Market expansion efforts led to a 25% increase in sales in the Asia-Pacific region[55]. - The company completed a strategic acquisition of a tech startup for $200 million to enhance its product offerings[55]. - The company invested $150 million in R&D for new technologies, focusing on AI and machine learning[55]. - Customer satisfaction ratings increased to 90%, reflecting improved service and product quality[55].

Group 1 - The article introduces Ignacio Zorzoli as a new contributing analyst for Seeking Alpha, encouraging individual investors to share their investment ideas [1] - Zorzoli has over 10 years of trading experience and focuses on value companies linked to commodity production, particularly in emerging markets [2] - The analyst emphasizes the importance of companies with sustained free cash flows, low leverage, and a solid pro-shareholder attitude, including buyback programs and dividend distributions [2] Group 2 - The article highlights Zorzoli's preference for analyzing underappreciated sectors such as oil & gas, metals, and mining, which may present good investment opportunities [2] - It is noted that past performance is not indicative of future results, and no specific investment recommendations are provided [3]

Group 1 - The article discusses the potential for investment opportunities in countries, specifically highlighting Argentina's long-standing economic struggles due to overspending [1] - The author has a successful track record in stock market investments, averaging over 31% returns over a one-year period from their articles [1] - The investment strategy focuses on deep value stocks, primarily in small-cap companies, which constitute 50-75% of the author's portfolio [1] Group 2 - The author has a beneficial long position in the shares of LOMA, indicating a personal investment interest [2] - The article emphasizes that past performance is not indicative of future results, highlighting the inherent uncertainties in investment [2] - The author expresses independent opinions without any business relationships with the companies mentioned, ensuring unbiased analysis [2]

Core Viewpoint - Loma Negra's 2Q24 results reflect a challenging macroeconomic environment in Argentina, with significant declines in sales volumes and ongoing operational adjustments to mitigate costs [1][2]. Group 1: Company Performance - Loma Negra's sold volumes decreased by 30% in 2Q24 compared to the previous year, with concrete volumes down 45% [3]. - Despite the decline in sales, the company managed to improve its margins by 500 basis points in both gross and EBITDA, resulting in an 11% contraction in adjusted EBITDA and a 12% contraction in operating income [3]. - The company halted clinker production and grinding operations to reduce costs, which may not be sustainable in the long term due to potential inventory cost increases [3]. Group 2: Market Conditions - Argentina is experiencing a significant recession, with the economy expected to decline by mid-to-high single digits this year, severely impacting the cement industry [2]. - Retail buyers are facing reduced disposable income, and real estate developers are hesitant to invest due to high construction costs and a lack of buyers [2]. - The national government has ceased all public works since December, further diminishing demand for cement [2]. Group 3: Ownership and Control Issues - Loma Negra's controller, Intercement, has been burdened by debt and is seeking to sell its stake in Loma, with Companhia Siderurgica Nacional (CSN) holding exclusive negotiation rights [4]. - Intercement filed for asset protection in Brazil, which does not affect Loma's operations but increases the urgency of selling its stake [4]. - The potential change in ownership could attract interest from other strategic players, including local investors [4]. Group 4: Valuation Insights - Loma's current valuation is challenging to assess due to the ongoing recession, with a market cap of approximately $820 million and potential cash profits estimated between $55 million to $70 million [5]. - The most negative scenario suggests a yield of about 6.6%, which is not particularly attractive given Argentina's economic instability [5]. - The stock is viewed as a Hold, as the company is expected to cycle between periods of growth and decline without significant long-term profitability improvements [5].

Financial Data and Key Metrics Changes - The company's top-line revenue for Q2 2024 was Ps. 166.1 billion, a decrease of 28% year-on-year, with cement volume down 32.5% [5] - Consolidated adjusted EBITDA reached $51 million (Ps. 38 billion), down 11.7% year-on-year, but the EBITDA margin expanded to 28.1%, an increase of 520 basis points [5][13] - Net profit attributable to owners of the company was Ps. 29.6 billion, compared to Ps. 9.5 billion in Q2 2023, driven by operational performance and financial gains [15] Business Line Data and Key Metrics Changes - The Cement, masonry & lime segment saw a revenue decline of 26.1%, with volumes contracting 32.5% year-on-year, although strong pricing partially offset the decline [9] - Concrete revenues decreased by 47% due to a 45% drop in dispatches, while the aggregate segment revenues fell by 36% with state volumes down 25% [10] - Railroad revenues decreased by 14.5%, with transported volumes down 22.5%, but positive price dynamics helped mitigate the impact [10] Market Data and Key Metrics Changes - The construction activity indicator showed gradual improvement after a low in March, with cement dispatches reflecting a positive trend in July [7][8] - Bulk cement dispatches were down 41% year-on-year, while bagged cement saw a 24% increase, indicating a shift in demand [8] Company Strategy and Development Direction - The company is focusing on profitability and cost control initiatives, which have led to EBITDA margin expansion despite volume declines [4] - Management expressed optimism about the construction industry's recovery, citing stabilization of economic factors and increased foreign direct investment as key drivers [18] Management's Comments on Operating Environment and Future Outlook - Management noted a gradual recovery in cement volumes and expects this trend to continue, supported by improved economic conditions and increased credit availability [21] - The company anticipates maintaining current price levels while managing costs effectively, with expectations for margin stability in the upcoming quarters [22] Other Important Information - The company ended the quarter with a net debt of Ps. 119 billion, with a net debt to EBITDA ratio of 1.26 times, indicating a strong balance sheet [16] - Capital expenditures for maintaining operations and kiln projects were allocated at Ps. 16.3 billion, with a focus on addressing short-term debt maturities [17] Q&A Session Summary Question: July volumes and price trends - Management indicated that July showed a significant recovery in volumes and expects this trend to continue, driven by improved economic conditions and real wage recovery [21] Question: Sustainability of margin increases - Management believes that margins can be maintained despite potential impacts from thermal energy costs, with expectations for further improvements in Q4 [22] Question: Main drivers of recovery in the second half of the year - Management identified private works and the potential approval of the Rige program as key drivers for recovery, with expectations for increased activity in the mining sector [24] Question: Capital allocation and dividends - Management stated that they are evaluating capital allocation options, including addressing short-term debt with cash generation and bank lines, while maintaining a focus on shareholder value [26] Question: Volume mix of bag versus bulk cement - Management reported a current mix of 60% bag and 40% bulk cement, with expectations for bulk to contribute more in the future without impacting pricing [30][31]

2Q24-Results Conference Call Disclaimer and Forward-Looking Statement 1 This presentation may contain 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 termin ...

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 second quarter of 2024, Sergio Faifman, Loma Negra's Chief Executive Officer, noted: "We are glad to report another set of solid results. Despite the year-on-year volume decline our business delivered an expansion of the Adjusted E ...