Loma Negra Compania Industrial Argentina Sociedad Anonima (8LN) Q2 2026 Earnings Report

The call presented a balanced picture: financial and balance-sheet metrics showed meaningful improvement (positive net income swing, sharply lower FX losses, improved operating cash flow, stronger EBITDA per tonne, and a healthier leverage profile with no near-term structured maturities). However, operating performance was mixed — volumes lagged (impacted by weather and delayed projects), consolidated EBITDA slipped and margins compressed amid rising costs (depreciation, packaging, freight, wages). Some segments (concrete and aggregates) remain loss-making despite material margin improvements. Management emphasized cost discipline, operational efficiency, and cautious optimism for a gradual recovery in H2.

Management guided that volumes came in below expectations in H1 and the recovery for H2 is expected to be gradual and volatile (possible short‑term declines) but "cautiously optimistic" that the underlying trend will turn positive, supported by RIGI project approvals, advancing road concessions, potential easing of monetary policy, improving real wages and recovering credit, and seasonally stronger dispatches from September. They pointed to resilient financials underpinning this view: consolidated adjusted EBITDA of Ps.48.2bn (down 2.5% YoY) / $38m, EBITDA per tonne $32.10 (+14% YoY) and an EBITDA margin around 20.2 (contracted roughly 90–100 bps YoY); improved liquidity and balance‑sheet metrics include net debt of Ps.274bn ($185m) with net‑debt/adjusted‑EBITDA of 1.3x (down from 1.47x), average debt duration 1.4 years, 87% of debt in USD and no remaining structured debt maturities after cancelling the $10m class‑4 bond; operating cash flow was Ps.18.1bn (vs. a Ps.29.7bn outflow prior year) with CapEx of Ps.9.7bn.