Operational weakness persists with declining EBITDA and margins despite modest revenue growth. The sharp net profit improvement is a financial artifact, not a business turnaround. Monitor 2H26 volume recovery from RIGI projects and real wage recovery, but the prior annual report's bearish context suggests structural headwinds remain.
Price Chart
Executive Summary
Loma Negra reported 2Q26 results with net revenue up 2.1% YoY to Ps. 238.1 billion, but adjusted EBITDA fell 2.5% to Ps. 48.2 billion and gross margin contracted 122 bps to 19.2%. Net profit attributable to owners surged to Ps. 7.5 billion from Ps. 0.5 billion, driven by lower financial losses rather than operational improvement. The prior annual report (20-F) showed a sharp FY2025 deterioration with revenue down 7.8% and net profit plunging 88.7%, adding a negative context to this quarter's mixed operational performance.
Key Facts
- Net revenue up 2.1% YoY to Ps. 238.1 billion (US$ 166 million)
- Adjusted EBITDA down 2.5% YoY to Ps. 48.2 billion (US$ 38 million)
- Consolidated adjusted EBITDA margin contracted 97 bps YoY to 20.2%
- Gross profit down 3.9% YoY; gross margin contracted 122 bps to 19.2%
- Net profit attributable to owners surged to Ps. 7.5 billion from Ps. 0.5 billion
- Cement volumes down 1.4% YoY; concrete volumes down 18.6%
- Net debt of US$ 185 million with Net Debt/LTM Adj. EBITDA ratio of 1.30x
- Cancelled US$ 10 million Class 4 Corporate Bond; no remaining debt maturities for the rest of the year
Financial Impact
Revenue up 2.1% but EBITDA down 2.5%; net profit up sharply due to lower financial costs
Risk Factors
- Continued volume weakness in cement and concrete
- Further margin compression from higher costs and depreciation
- Ownership uncertainty from indirect controlling shareholder's judicial reorganization
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001711375-26-000042 |
| Document: earningspresentation2q26.htm | 0001711375-26-000042 |
| Document: 0001711375-26-000042-index-headers.html | 0001711375-26-000042 |
| Document: 0001711375-26-000042-index.html | 0001711375-26-000042 |
| Document: 0001711375-26-000042.txt | 0001711375-26-000042 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 7d ago | 6-K | $9.65 $9.64 | ▲ +0.10% | ▲ +0.63% | $9.35 (+3.06%) |
Aug 12, 2026 10w ago | 6-K | $9.68 $9.50 | ▼ −1.86% | ▼ −2.56% | $9.35 (−3.36%) |
May 8, 2026 24w ago | 6-K | $11.02 $10.95 | ▼ −0.64% | ▼ −0.87% | $9.35 (−15.11%) |
May 5, 2026 24w ago | 6-K | $11.70 $11.10 | ▼ −5.13% | ▼ −4.80% | $9.35 (−20.04%) |
May 4, 2026 25w ago | 6-K | $11.29 $11.70 | ▲ +3.63% | ▲ +2.25% | $9.35 (−17.14%) |
Apr 28, 2026 25w ago | 20-F | $10.86 $11.04 | ▼ −1.66% | ▼ −0.63% | $9.35 (+13.86%) |
Apr 24, 2026 26w ago | 6-K | $11.12 $10.80 | ▼ −2.88% | ▼ −3.04% | $9.35 (−15.87%) |
Apr 6, 2026 29w ago | 6-K | $11.46 $11.45 | ▼ −0.09% | ▼ −0.15% | $9.35 (−18.37%) |
Mar 31, 2026 29w ago | 6-K | $11.09 $11.07 | ▼ −0.18% | ▼ −0.26% | $9.35 (−15.64%) |
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