Financial Data and Key Metrics Changes - In Q4 2025, net revenue totaled ARS 225 billion (approximately $152 million), reflecting a 1.7% year-over-year decline compared to Q4 2024 [5] - Consolidated adjusted EBITDA reached $37 million with a margin of 19.7%, representing a contraction of 938 basis points year-over-year [18] - For the full year 2025, adjusted EBITDA amounted to $146 million with a margin of 21.3%, down 454 basis points from 2024 [5][21] Business Line Data and Key Metrics Changes - Cement segment revenues decreased by 4.4% year-over-year, primarily due to softer pricing conditions [13] - Concrete revenues increased by 37% year-over-year, driven by a 62% expansion in volumes [14] - Aggregates revenues were stable, down 0.9% year-over-year, with volumes increasing by 8.2% [15] Market Data and Key Metrics Changes - The Argentine economy grew by 4.4% in 2025, with significant contributions from agriculture, mining, and financial intermediation, while the construction sector remained flat [10] - The cement industry closed the year with a 5.6% growth, reversing previous declines [11] - The bulk segment outperformed due to larger-scale projects, while retail demand remained subdued [11] Company Strategy and Development Direction - The company emphasizes cost discipline and operational efficiency to preserve profitability amid challenging demand [27] - Loma Negra is well-positioned to play a central role in addressing Argentina's significant infrastructure gaps, with ongoing investment initiatives in infrastructure, mining, and energy [29] - The company aims to gradually improve its energy mix, increasing the share of renewable energy sources [34] Management Comments on Operating Environment and Future Outlook - Management noted that the recovery in the cement industry was slower than anticipated due to political uncertainty and financial tensions [27] - Looking ahead to 2026, management is optimistic about macroeconomic stabilization and expects a gradual easing of monetary constraints to support economic activity [29] - The company anticipates that investment initiatives will begin to positively impact dispatch volumes as the year progresses [29] Other Important Information - The company reported a net financial loss of ARS 9.8 billion for Q4 2025, compared to a net financial gain of ARS 1.1 billion in Q4 2024 [22] - Net debt decreased by $23 million quarter-over-quarter to $183 million, with a debt-to-EBITDA ratio of 1.47 times [6][24] - The company issued a new Class 6 corporate bond for $60 million in January 2026, reflecting strong investor demand [26] Q&A Session Summary Question: Energy management approach for 2026 - Management highlighted a focus on natural gas as the primary energy source, with contracts signed at lower prices for the upcoming year [33] - Renewable energy participation has improved, with contracts signed for additional renewable sources [34] Question: 2026 guidance on volumes and margins - Management indicated expectations for growth in volumes, despite a slow start in January and February due to seasonal effects [39] - Margins are expected to improve as pricing recovery continues [40] Question: Sales volumes and pricing expectations for 2026 - Management acknowledged a 6% decline in sales volumes for the first two months but expects recovery as projects commence [44] - Pricing guidance was not provided, but management anticipates continued recovery in pricing trends [45]

央行2月24日公告，为保持银行体系流动性充裕，2月25日将以固定数量、利率招标、多重价位中标方式 开展6000亿元MLF（中期借贷便利）操作，期限为1年期。 今年以来，央行显著加大了包括MLF、买断式逆回购在内的流动性工具净投放规模。王青认为，这主 要是为了保障重点领域重大项目资金需求，稳定宏观经济运行。同时，有效应对潜在的流动性收紧态 势，引导资金面处于较为稳定的充裕状态，更好助力政府债券发行，引导银行稳固信贷支持力度等。 "在春节跨节流动性回笼阶段，央行在长端流动性上释放充足增量，体现出呵护流动性充裕的宽松取 向。"中信证券首席经济学家明明表示，春节资金压力缓释后，政府债券供给节奏将成为影响流动性状 况的主要因素。预计央行将维持MLF、买断式逆回购等常规工具的净投放，同时不排除降准落地的可 能性。 （文章来源：上海证券报） 本次操作为加量续作，实现净投放3000亿元。东方金诚首席宏观分析师王青表示，这是MLF连续第12 个月加量续作。此外，本月两个期限的买断式逆回购已经实现净投放6000亿元，中期流动性净投放总额 达9000亿元，净投放规模继续处于偏高水平。 招联首席经济学家、上海金融与发展实验室副主任董 ...

惠誉：孟加拉国近期政治和政策不确定性降低，可能有助于宏观经济稳定改善。孟加拉国改革的落实是 关键。 ...

Core Insights - The economic growth in Sub-Saharan Africa is projected to remain moderate and above the global average, with various international economic organizations forecasting a growth rate of 4.6% in 2026, up from 4.4% in 2025 [3][4] - Major economies in the region, such as Nigeria and South Africa, are expected to show varying growth rates, with Nigeria at 4.4% and 4.1% for 2026 and 2027 respectively, while South Africa is projected at 1.4% and 1.5% for the same years [3] - The region's economic performance is supported by improved macroeconomic stability, increased investment, and a recovery in agriculture, despite facing challenges such as domestic security issues and geopolitical conflicts [5][7] Economic Forecasts - The International Monetary Fund (IMF) predicts that Sub-Saharan Africa's economic growth will accelerate to 4.6% in 2026, maintaining this rate into 2027, driven by macroeconomic stability and reforms [3] - The World Bank has adjusted its forecasts, expecting the region's growth to reach 4.3% in 2026 and 4.7% in 2027, bolstered by stronger investment and export performance [4] - The United Nations Conference on Trade and Development (UNCTAD) anticipates a slight increase in Africa's economic growth from 3.9% in 2025 to 4.0% in 2026, supported by improved macroeconomic stability and consumer demand [6] Positive Economic Indicators - Key economies like Nigeria and South Africa are experiencing positive trends such as reduced inflation and increased fiscal revenues, contributing to overall economic growth [5] - The region benefits from factors like stable electricity supply, recovery in agriculture, and expansion in the service sector, particularly in finance and information technology [5] - Improved financial conditions have allowed several economies, including Angola and Kenya, to regain access to international capital markets [5] Challenges and Risks - Economic growth in the region is still vulnerable to domestic security and geopolitical conflicts, which may hinder progress [7] - The anticipated growth rates are insufficient to make significant strides in reducing extreme poverty, particularly in conflict-affected areas [7] - A significant reduction in official development assistance (ODA) since 2024 has limited fiscal space for many countries, weakening their ability to withstand adverse shocks [7] - The region's economies remain heavily reliant on a limited number of export markets, particularly the United States, which poses risks to economic stability [7] - Employment generation remains a challenge, with growth not keeping pace with labor force increases, leading to limited job opportunities [7]

Group 1 - The Russian government, represented by spokesperson Peskov, is planning to engage in discussions with U.S. representatives at the Davos meeting, although there is no confirmation of a potential meeting with Trump [1] - Peskov emphasized the importance of understanding the negotiations between the U.S., EU, and Kyiv regarding solutions to the Ukraine issue [1] - Russia is monitoring the rising prices domestically and is taking measures to maintain macroeconomic stability, with no current concerns about inflation exceeding the predicted range of 4% to 5% [3] Group 2 - Peskov stated that Russia advocates for the restoration of trade and economic cooperation with the United States [2] - Russia has not yet received an invitation to participate in the G7 summit in Paris [3] - Regarding Moldova's announcement to withdraw from the CIS, Peskov indicated that this development was not surprising [2]

（原标题：加纳完成IMF贷款计划后仍将获得持续支持与监督） 据"乐在网"1月16日报道，加纳即将完成国际货币基金组织（IMF）支持的"扩展信贷安排"计划。 IMF近日明确表示，计划期满不意味着合作终止，双方将继续保持伙伴关系，其中经济监督与技术援助 将成为未来互动的核心内容。 国际货币基金组织驻加纳代表阿德里安·阿尔特博士指出，IMF将持续监测加纳在计划结束后的经 济发展与改革实施情况，其监督职能不取决于贷款计划是否存续。此外，承诺将继续通过技术援助等方 式支持加纳应对可能出现的政策挑战。 加纳当前推进的改革旨在实现宏观经济稳定与财政纪律强化。分析认为，IMF此番表态既是对该国 改革进展的认可，也体现了国际社会对加纳长期经济治理保持持续关注的立场。如何在政策自主与国际 协作间取得平衡，将成为观察该国经济转型成效的重要维度。 ...

Economic Growth - Vietnam's GDP is projected to grow by 8.02% in 2025, reaching approximately 12.847 trillion VND (about 514 billion USD), which is an increase of 38 billion USD year-on-year [1] - The per capita GDP is expected to be around 1.255 million VND (approximately 5,026 USD), reflecting a year-on-year increase of 326 USD [1] Sector Contributions - Agriculture, forestry, and fishery sectors are expected to grow by 3.78%, contributing 5.3% to GDP [1] - The industrial and construction sectors are projected to grow by 8.95%, contributing 43.62% to GDP, achieving the highest growth rate since 2019 [1] - The services sector is anticipated to grow by 8.62%, contributing 51.08% to GDP [1] Trade and Consumption - Final consumption is expected to grow by 7.95%, while asset accumulation is projected to increase by 8.68% [1] - Exports of goods and services are expected to grow by 16.27%, with imports increasing by 17.12% [1] Labor Productivity - Labor productivity is estimated at 2.45 million VND per person (approximately 9,809 USD per person), with a year-on-year increase of 626 USD [2] - When calculated at constant prices, labor productivity is expected to grow by 6.83%, primarily due to improvements in worker skill levels [2] Future Economic Goals - For 2026, the government aims for a double-digit GDP growth while maintaining macroeconomic stability and controlling inflation, which presents a significant challenge requiring collective efforts from the government, businesses, and the public [2]

Core Viewpoint - The International Monetary Fund (IMF) has proposed a three-month extension of Ghana's Extended Credit Facility (ECF) program to allow for the implementation of reforms necessary for the sixth and final review of the program [1][2] Group 1: ECF Program Extension - The proposed extension would move the end date of the ECF program from May 2026 to August 2026 [1] - The extension aims to facilitate consensus on policies needed to complete the sixth review and to provide adequate time for the preparation and distribution of board documents [1] Group 2: Program Modifications - The IMF has suggested modifications to Ghana's program, including changes to indicative targets (IT) and monetary policy consultation clauses (MPCC) [1] - Adjustments to the basic balance and non-oil revenue investment targets are expected by the end of March 2026 to align with macroeconomic developments [1] Group 3: Economic Performance and Risks - Ghana's ECF arrangement, approved in May 2023, allows access to funds equivalent to 303.8% of its quota, approximately $3 billion [2] - Despite satisfactory execution of the program, the IMF expressed concerns about Ghana's economic outlook, citing risks from external factors such as commodity price volatility and potential policy missteps [2] - Delays in comprehensive debt restructuring pose additional risks, alongside vulnerabilities related to regional conflicts and energy sector recovery plans [2]

Core Viewpoint - The Cuban government is planning its 2026 economic strategy focused on crisis management, mitigating the impact of economic warfare, and achieving gradual recovery, with an expected GDP growth of approximately 1% at constant prices [1] Group 1: Economic Strategy - The 2026 economic plan will prioritize macroeconomic stability, increasing foreign exchange income, and enhancing domestic food production and import substitution [1] - The plan includes deepening state enterprise reforms and restoring the national power system [1] - Promoting technological innovation is also a key objective of the economic strategy [1]

Group 1 - The International Monetary Fund (IMF) approved Ghana's fifth review, confirming the country has largely met its planned targets, which will trigger the sixth disbursement of $385 million, bringing the total loans from the IMF to approximately $2.8 billion [1] - Ghana's economic situation is stabilizing and cautiously recovering, supported by a $3 billion aid program, with all performance criteria and indicative targets for June 2025 being met [1] - The IMF has raised Ghana's GDP growth forecast for 2025 to 4.8%, with expectations of growth returning to around 5% in the medium term [1] Group 2 - The Ghanaian Parliament approved the mid-year budget review for 2025, fully aligning with IMF targets and committing to a primary surplus target of 1.5% of GDP [2] - Non-oil revenues and increased fuel taxes have supported the budget adjustments, with audits enhancing government credibility by disqualifying a portion of outstanding commitments due to procedural violations [2] Group 3 - The fifth review indicates mixed progress in structural reforms, with some previously delayed indicators now implemented, including a strategy for state-owned banks and the completion of taxpayer registration cleanup [3] - Debt restructuring has seen some progress, but remains incomplete, with the IMF warning that any delays could reverse recent gains in debt sustainability [3] Group 4 - The IMF's fifth review suggests that Ghana has temporarily avoided a crisis but must adhere to established policies to convert macroeconomic stability into long-term benefits [4] - The IMF recommends that the central bank rely more on open market operations to absorb liquidity and enhance policy effectiveness as the program approaches its conclusion in 2026 [4]