Good morning, everyone, and welcome to the Loma Negra 4th Quarter 2025 Conference Call and Webcast. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Also, Mr. Surio Feithman will be responding in Spanish immediately following an English translation. To ask a question, you may press star and then 1 on your telephone keypads. To withdraw your questions, please press star and 2. Please also note today's event is being recorded. At this time, I'd like to turn the conference call over to Mr. Diego Jelon, head of IR. Mr. Diego, please go ahead.

Good morning and welcome to Loma Negra's earnings conference call. By now, everyone should have access to our earnings press release and the presentation for today's call, both of which were distributed yesterday after market close. Joining me on the call this morning are Sergio Feifman, our CEO and Vice President of the Board of Directors, Marcos Gradin, our CFO, and Lucrecia Lebreiro, our Human Capital, Sustainability, and Legal Affairs Director. Sergio and Marcos will be available for the Q&A session. Before we proceed, I would like to make the following safe harbor statements. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filing with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or change events or circumstances. This conference call will also include discussion on non-GAAP financial measures. The full reconciliation to the corresponding financial measures is included in the earnings press release. Now I would like to turn the call over to Sergio.

Thank you, Diego. Hello, everyone, and thank you for joining us this morning. I would like to start my presentation by discussing the highlights of the quarter. Then, Marco will take you to our market review and financial results. Following that, I will share some final remarks, before opening the call to other questions. Starting with slide 2, we are pleased to present Loma Negra's fourth and final quarter of the year. In terms of volume, the fourth quarter, large and mirror, the trend scene in pure quarters, with cement dispatch decline 1.2% year-over-year. Overall, 2025 represents a year of gradual recovery for Argentine economy and to a lesser extent for the cement industry. While volumes over a year-over-year improvement, the rebound progress more slowly than the initially anticipated and loads some momentum in the second half of the year. Again, this backdrop, net revenue total pesos 225 billion for the quarter, equivalent to 152 US dollar million, reflecting a 1.7% year-over-year decline versus four-quarter 2024. On a sequential basis, however, performance remained broadly stable, seeing Vatili now in the gap observer early in the year. In this style challenging demand environments consolidated adjustment FBDA reached 37 million dollars with a margin of 19.7% for the quarter. It is important to note that the comparison base was particularly demanding, as margins in the same period last year were exceptionally strong. Sequently, four-quarter profitability remained in line with recent quarters. For full year 2025, assessment EBDA amounted to $146 million, with a margin of 21.3%, representing a contraction of 454 basis points compared to 2024. According to the balance sheets, net debt declined by $23 million, quarter over quarter to $183 million, resulting in a debt debt to a bid-day ratio of 1.47 times, reforcing the company's solid financial position. I will now turn the call over to Lucrezia, who will present our newly realized sustainability report and its key highlights. Please, Lucrezia, go ahead.

Thank you, Sergio. Good morning, everyone. Please turn to slide three for a review of our ESG highlights for the year. We take great satisfaction in releasing the five editions of our sustainability report. with details our environmental, social, and governance management and the actions we carry out to build a company prepared for the challenges of the future with a focus on ethics, transparency, and long-term sustainable value creation. In 2025, we achieved significant progress across our environmental priorities. Compared to our 2021 baseline, CO2 equivalent emissions were reduced by 22%, reflecting our ongoing decarbonization effort. We also advanced our circular economy strategy by valorizing 85% of the waste generated, recovering more than 270,000 tons of weight and byproducts using alternative materials and fuels, including biomass in cement productions. In terms of water storeship, total water withdrawal decreased by 3.5% with a notable 21% reduction in water stress area compared to 2024. Additionally, air quality improvement continued with PM10 emissions from cement production declined by 9.3% year-over-year, underscoring our commitment to responsible low-impact operations. Turning to our social impact and community engagement, 2025 was a year of strong collaboration and meaningful outreach. We worked alongside 700 partner organizations to implement social programs and projects, while 172 initiatives were supported through the different programs of the Fundación Loma Negra, reaching a total of more than 90 000 beneficiaries. We reached a historic milestone, the launch of a new 25-kilo bag. This initiative safeguards the health and well-being of the industry. Over the course of five years, we invested more than $65 million in our plants. This year marks a significant milestone for our company. Loma Negra celebrates 100 years of contributing to Argentina's sustainable and productive development. We are committed to the principles that have guided our actions for a century in pursuit of our purpose of transforming people's lives through sustainable growth. Built on 100 years of legacy, we honor our past while continuing to build the future with responsibility and vision. Our fifth sustainability report reflects that path. I will now hand off the call to Marcos, who will walk you through our market review and financial results. Please, Marcos, go ahead.

Thank you, Lucrecia. Good morning, everyone. Please turn to slide five. The latest release of the EMAE, Argentine's monthly economic activity indicator, show a 3.5% year-over-year increase, reversing the downtrend trend observed in the previous couple of months. As a result, full-year 2025 economic growth reached 4.4%. However, a deeper look at sector-level performance reveals significant divergences. Agriculture, mining, and financial intermediation ranked among the strongest contributors to growth. In contrast, industry and commerce continue to show construction. As for construction, activity remained broadly flat, showing virtually no change compared to the previous year. Within this macro backdrop, the cement industry posted a broadly flat quarter, reversing the decline recorded in previous period and closing the year with 5.6% growth. After a more encouraging start to the year, growth expectations were affected by the electoral process and the uncertainty surrounding it, together with financial and effect tensions that waited on the recovery momentum. Looking at dispatch dynamics, bulk segment outperformed, supported by larger scale projects, including residential developments, as well as logistic and infrastructure works. In contrast, back cement volumes contracted, reflecting weaker retail demand. The individual and small contractor segment remains more subdued in the current environment of monetary tightening and interest rate volatility. As we move into 2026, we expect the sectors that are lagged behind to gradually catch up, supported by a more flexible monetary stance. Given that these sectors are among the most employment intensive, their recovery should contribute to greater dynamism in overall economic activity. It will also be important to closely monitor cement demand in March and April. The start of the year has been relatively weak, not only due to typical summer seasonality, but also reflecting still cautious activity levels. Looking ahead, we expect recently announced investment initiatives, including infrastructure programs, road corridors and mining and energy projects, to gradually begin supporting dispatch volumes as we move past the summer period. Turning to slide 6 for a review of our top-line performance by segment. Fourth quarter revenues declined 1.7% year-over-year. continuing the sequential improvement trend and meaningful, narrowing the contraction observed early in the year. The performance was mainly explained by the cement segment, while concrete delivered strong growth. In cement, Missouri Cement and Lime, revenues decreased 4.4% year over year, mainly reflecting softer pricing conditions compared to the same period last year. Sequentially, prices improved for the second consecutive quarter, extending the real-term recovery and reducing the year-over-year gap. Volumes declined 1.2% year-over-year. Bulk cement continued to perform, supported by stronger activity from concrete producers, large-scale projects and public works. In contrast, bulk cement volumes continued to lag, as retail demand remains subdued, and economic softening and financial volatility. Since our segment also includes masonry cement and lime, products that tend to follow dynamics similar to back cement, this means the effects wait on our segment performance when compared to industry statistics, which reflects only great cement volumes. Concrete revenues increased 37% year over year, Driven by a 62% expansion in volumes, partially upset by competitive pricing dynamics, growth was mainly supported by infrastructure works in Santa Fe and private logistic-related developments. Aggregate revenues were essentially stable, down 0.9% year-over-year. Volumes increased 8.2%, reflecting stronger road construction and railroad-related activity. However, pricing and product mix, particularly a higher share of fine aggregates with lower average prices, upset the positive volume contribution. Railroad revenues declined 8.9% in the quarter. Although transported volumes increased 2.8%, weaker pricing and the continued disruption of the Vallablanca rail line impacted longer-haul traffic, particularly grain, gypsum, and fraxan, reducing toned kilometers and overall revenues. For full-year 2025, consolidated revenues declined 7.8% to 848 billion pesos from 920 billion in 2024, while segmented volumes increased 2.5%. Moving on to slide 8, consolidated gross profit declined by 29.1%, while gross margin contracted by 906 basis points year-over-year to 23.5%. However, margins show a sequential recovery compared to the previous quarter. Cost of sales increased by 11.5% year-over-year, primarily driven by aggregate costs in the cement segment, along with a greater depreciation impact following the completion of the 25kg bagging project. Additionally, cost performance in Q4 represented a challenging comparison base. Regarding the cement segment, cost of sales increased by 12% year-over-year, Higher maintenance expenses and increased utilization of spare parts and supplies, together with a greater impact from packaging costs related to the implementation of the 25kg program, put upward pressure on our costs. On the other hand, energy inputs continue to support cost management efforts, particularly thermal energy. On a sequential basis, unit costs, including depreciation, remained almost flat, increasing only 0.8% quarter-over-quarter. The contraction in cement was followed by a decline in aggregates, while the concrete and railroad segments posted improvements. Finally, SG&A expenses increased by 6.3%, mainly driven by a higher allowance for doubtful accounts and increased IT expenses, partially upset by lower freight and marketing costs. As a percentage of sales, SG&A stood at 12.9%, up 97 basis points from the fourth quarter of 2024. For fiscal year 2025, gross profit declined by 24.8%, while margin contract tuned by 493 basis points to 21.8%. Please turn to slide 9. Consolidated adjusted EBTA for the quarter stood at $37 million, while in pesos it reached $44 billion, reflecting a 33.4% year-over-year decline. This decrease was primarily driven by lower EBTA generation in the seventh segment, while the remaining segments posted improvements. Consequently, the consolidated BTA margin contracted to 19.7%, representing 938 basis points declined year-over-year. On a sequential basis, the margin remained broadly stable, decreasing 114 basis points quarter-over-quarter. Additionally, the higher contribution from other segments, which operate with structurally lower margins, also weighed on the consolidated margin. In the seventh segment, adjusted EBITDA margin came in at 22.7% compared to 37.7% in the fourth quarter of 2024, which represented a particularly strong comparison base. The year-over-year decline was largely explained by higher cost of sales and softer pricing dynamics, while pricing as shown as sequential improvement still remained below prior year levels. Performance was also impacted by higher SG&A expenses and a lower contribution from other gains and losses during the quarter. In the complete segment, adjusted the BTA margin improved by 326 basis points but remained in negative territory, coming in at negative 2.8% compared to negative 6.1% in the fourth quarter of 2024. The recovery in sales volumes helped diluted fixed costs. However, software pricing dynamics in a highly competitive environment continue to wait on the segment's performance. Turning to aggregates, adjusted APTA margin improved by 80 basis points year over year to negative 8.1%, from negative 8.9% in the same quarter last year. Although volumes continue to expand, profitability remained constrained, by a competitive pricing environment and unfavorable sales mix with a higher share of lower margin products. Finally, in the worldwide segment, adjusted EBITDA margin improved by 233 basis points year-over-year, reaching 1.9% in the fourth quarter of 2025, compared to negative 0.4% in the prior year period. Volumes posted a modest increase, mainly driven by higher shipments of granitic aggregates. However, the continued disruption of Vallablanca Railroad Line constrained longer-haul traffic, particular grains, gypsum and fraxans. These challenges were partially offset by ongoing cost-control initiatives. For fiscal year 2025, adjusted EBITDA totaled $146 million, or P181 billion, down 24% with a margin of traction of 454 basis points to 21.3%. Moving to the bottom line on slide 11. Net profit attributable to the owners of the company totaled 6.2 billion pesos compared to 29.5 billion pesos in the fourth quarter of 2024. The decline was primarily driven by weaker operating performance, along with a lower net financial result, reflecting a reduced impact on inflation. This was partially offset by lower Inca tax expenses. On the financial side, the company reported a net financial loss of 9.8 billion pesos for the quarter, compared to a net financial gain of 1.1 billion pesos in the same period of 2024. The year-over-year variation was mainly explained by a lower gain from the net monetary position reflected a more normalized inflation environment. Additionally, net financial expenses decreased 2.1% to 14.4 billion pesos, primarily driven by higher financial income as a result of stronger average cash during the period. For full year 2025, net income attributable to owners of the company totaled 23.6 billion pesos compared to 202.3 billion pesos in 2024. The year-over-year decline was primarily driven by the negative impact of the financial result, particularly the reduced contribution from the net monetary position, along with a weakened operation performance. Moving on to the balance sheet, as you can see on slide 12, we ended the quarter with net debt of 266 billion pesos and added up to a BTA ratio of 1.47 times, up from 0.89 times at the end of 2024, and maintaining a comfortable maturity profile. Cash flow generated from operation activities totaled 58 billion pesos compared to 62.8 billion pesos in the same period of last year. The weaker operator performance was partially upset by a favorable working capital dynamic. Inventors increased at a lower pace than in fourth quarter 24, releasing cash together with lower income tax payments. This more than upsets the additional cash requirements for higher price receivables and a lower contribution from accounts payback. Regarding investment activities, the company generated 34.9 billion pesos during the quarter. primarily driven by the liquidation of short-term investments that have been funded with the proceeds from the Class V bond issuance and were subsequently used to repay the Class II bond at maturity. CAPEX totaled 17.5 billion pesos, decreasing quarter over quarter, following the completion of the 25-kilogram bagging project. In financial activities, the company used 129 billion pesos during the quarter, mainly related to repayment of borrowings, particularly the December maturity of the Class II corporate bonds. In US dollar terms, net debt stood at $183 million, with an average duration of one year. As of quarter end, 85% of total debt was denominated in US dollars for the remaining balance in pesos. Subsequent to quarter end, in January 2026, the company issued a new classic corporate bond for 60 million us dollar with a 33 month tenure the transaction was multiple times i was described reflecting this strong investor demand and allowed the company to secure a 6.5 percent interest rate this issuance fully covers the company us dollar maturities for this year now for our final remarks i will hand back the call to search you. Thank you.

Thank you, Marcos. Now, to finalize the presentation, I please ask you to time to slide 14. Following a solid third half of the year, the recovery lost momentum in the second semester. As political uncertainty, following the election period, together with financial and effects tension, affect overall activity level. Although, the economy is estimated to have expanding by around 4% in 2025. The rebound in the seminal industry was more moderate than anticipated, with Simbadine room still the recovery from the sharp contraction of 2024. Within this context of time monetary condition, margin reminded under pressure. Loma Negra, a strong focus on cost discipline, operationally efficient was essential to preserving profitability in a challenging demand environment. We remain confident that the structural growth drivers of the Hindus are intact. However, the normalization process and the full transmission of macroeconomic improvement to the real economy may take longer than previously expected. Looking ahead to 2026, we are optimistic the continuing macro-stabilization and a gradual easing of monetary constraints will help restore dynamics to economic activity. That's it, with several investment initiatives have been announced, particularly in infrastructure, road corridors, meaning and energy. These projects have not yet translated into higher volume. We expect their impact to materialize progressively as execution advanced throughout the year. Argentina continues to face significant infrastructure gaps that must be addressed to sustain long-term growth, and Loma Negra is well positioned to play a central role in this next phase of development. This is the end of our prepared remarks. We are now ready to take questions. Operator, please open the call for questions.

Thank you. We will now conduct a question and answer session. If you would like to ask a question, please press star and then the number 1 on your telephone keypads. Confirmation tone will indicate that your line is in the question queue. You may press star and 2 if you would like to remove your line. For participants using speaker equipment, it may be necessary to pick up your handset prior to pressing the keys. Once again, star and then 1 on your telephone keypad will join you into the question queue. We would also like to ask that you please limit your questions to one question and one follow-up. If you have additional questions, you may re-queue for those questions and they will be addressed. Also, please note that Mr. Sergio Feifman will be responding in Spanish immediately following an English translation. Please hold momentarily while we assemble our roster. And our first question comes from Alejandra Obregón from Morgan Stanley. Please go ahead with your question.

Good morning, everyone. My question is on the energy side. I was wondering if you can talk about your approach on energy management this year, particularly in terms of energy mix, fuel contracting, hedging, perhaps shifting into renewables and alternatives. and all these sorts of things, and what energy cash cost trends should we be thinking about for the year ahead of perhaps additional volatility in this particular thing?

Hi, Alejandra. Thank you for the question. Con respecto a combustibles, diría que desde hace años venimos con una matriz que es básicamente gas.

With respect to thermal energy, in the last few years, we are utilizing an energy matrix that is primarily natural gas.

El costo del gas producto del avance de vaca muerta y demás viene diminuyendo.

The cost of natural gas due to the improvements in production with vaca muerta, it's been lowering. And we commented last year that we started signing contracts at the lower prices this year. Generally, our contracts go from October to April of the next year. We already closed our contracts in April of 2027, with prices even lower. Punctually and lower percentage, we already signed contracts for two.

In the case of electric electricity, we are also having some improvements.

We are already having some improvements. We have the participation of Pacific Islands last year, and we are probably in the...

Thank you. That was very clear.

Our next question comes from Andres Caldona from Citigroup. Please go ahead with your question.

Good morning, everyone. I have a question about 2026 guidance, if you could comment a bit about volumes and margins. Maybe in addition to that, give us some color of the first queue specifically. Thank you.

As you know, I believe that it's mainly due to the activities for this year lagged in time, and we did have some festivities during February, but the average daily dispatches are similar to the ones we saw last year. In terms of margins, we expect this process to continue and this will have an impact in the recovery of margins.

And our next question comes from Marcelo Serlon from Itayu. Please go ahead with your question. Yes.

Hi, everyone. Good morning. Thanks for taking my questions. But just to follow up, the first regarding the sales volume is expected for 2026. When you look into the AFCP's data, it is showing a 6% decline for the first two months and a year later date. So I'd like to hear from you guys what would we expect in terms of sales volumes for Argentina in 2026. And my second point, you guys posed the price realization in the form Q. And I just would like to understand, you know, what are the company's expectations regarding a group of 2026? That's pretty much it.

Hi, Marcelo. Thank you for the question. Con respecto al volumen, lo que comenté, en el caso de industria está a los primeros meses, los primeros meses 6% abajo del año pasado.

Well, regarding volumes, as I just mentioned, we are seeing the first two months of the year, 6% below on the year and year comparison.

If you see historical figures, January of last year, was a pretty sound month in terms of volume dispatches.

And we are seeing that the activity levels are lagging, are still lagging after the holiday season. And the start of the year has been a little bit delayed. In regarding, specifically in February, we have holidays that last year were in March, so that impacted the year for February.

Y lo que dije, creo que cuando uno espera los volúmenes que podamos esperar para marzo, abril y para adelante, deberían tener una recuperación respecto del año pasado.

And what we are expecting for the volumes for the upcoming months, we are expecting to see a recovery from the volumes we saw last year.

Respecto al precio, como saben, no damos números específicos de precios de aumentos.

Regarding prices, as you know, we don't give any guidance in terms of pricing. But as we commented last year, by the second half of the year, we started a recovery process that you could see in the figures of the fourth queue. The situation will continue in the first month of this year. And we expect this tendency to continue, sudden changes in the effects.

And this concludes the question and answer session. I'd like to turn the floor back over to Diego for closing remarks.

Thanks again for joining us today. We appreciate your continued interest. I look forward to reconnecting with you and our next call. Have a great day.

The conference has now concluded. We do thank you for attending today's presentation. You may now disconnect your lines.