The Q1 beat is largely non-operational (FX swing), and the underlying business shows flat gross profit and margin compression. The controlling shareholder's reorganization introduces a potential overhang via a marketing process for Loma Negra shares through 2028. Monitor for any update on the Ferrosur Roca concession renewal and the shareholder sale process.
Price Chart
Executive Summary
Loma Negra reported Q1 2026 results with net revenue up 1.1% YoY to Ps. 218,739 million and net profit surging 44.2% to Ps. 40,627 million, driven by a sharp swing in exchange rate differences to a gain of Ps. 11,955 million versus a loss of Ps. 11,409 million a year ago. However, gross profit was essentially flat (down 0.3%) and gross margin contracted 30bps to 26.1%, while the cement segment's revenue growth was inflated by hyperinflation accounting. The indirect controlling shareholder's judicial reorganization was completed, introducing new shareholders and a potential sale process for Loma Negra shares, adding ownership uncertainty.
Key Facts
- Q1 2026 net revenue Ps. 218,739 million vs Ps. 216,350 million YoY (+1.1%)
- Q1 2026 net profit Ps. 40,627 million vs Ps. 28,178 million YoY (+44.2%)
- Gross profit Ps. 57,032 million vs Ps. 57,201 million YoY (-0.3%)
- Gross margin 26.1% vs 26.4% YoY (-30bps)
- EPS Ps. 70.27 vs Ps. 48.80 YoY (+44.0%)
- Exchange rate differences swung to a gain of Ps. 11,955 million from a loss of Ps. 11,409 million YoY
- Cement segment external revenue Ps. 179,650 million vs Ps. 134,105 million YoY (+34.0%) in historical pesos before inflation restatement
- Railroad segment (Ferrosur Roca) posted a loss of Ps. 2,028 million vs loss of Ps. 1,624 million YoY
- InterCement Participações judicial reorganization completed on April 6, 2026; Loma Negra may be subject to a marketing process until September 30, 2028 for sale of indirect equity interest
- Annual shareholders meeting on April 23, 2026 approved allocating Ps. 23,585 million to Optional Reserve for Future Dividends
Financial Impact
Net profit increased 44% YoY to Ps. 40,627 million, but this was driven by a non-cash swing in exchange rate gains; gross profit was flat. The cement segment showed strong revenue growth in historical pesos (+34%), but this is before hyperinflation restatement.
Risk Factors
- Ownership uncertainty from InterCement judicial reorganization and potential sale of Loma Negra shares
- Ferrosur Roca concession expiring September 2026 with no long-term renewal in place
- Argentine macroeconomic volatility including inflation and FX controls
- Gross margin compression despite revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001711375-26-000038 |
| Document: consolidatedcondensedinter.htm | 0001711375-26-000038 |
| Document: 0001711375-26-000038-index-headers.html | 0001711375-26-000038 |
| Document: 0001711375-26-000038-index.html | 0001711375-26-000038 |
| Document: 0001711375-26-000038.txt | 0001711375-26-000038 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 19, 2026 6d ago | 6-K | $9.65 $9.64 | ▲ +0.10% | ▲ +0.63% | $9.42 (+2.38%) |
Aug 12, 2026 10w ago | 6-K | $9.68 $9.50 | ▼ −1.86% | ▼ −2.56% | $9.42 (−2.69%) |
May 8, 2026 24w ago | 6-K | $11.02 $10.95 | ▼ −0.64% | ▼ −0.87% | $9.42 (−14.52%) |
May 5, 2026 24w ago | 6-K | $11.70 $11.10 | ▼ −5.13% | ▼ −4.80% | $9.42 (−19.49%) |
May 4, 2026 24w ago | 6-K | $11.29 $11.70 | ▲ +3.63% | ▲ +2.25% | $9.42 (−16.56%) |
Apr 28, 2026 25w ago | 20-F | $10.86 $11.04 | ▼ −1.66% | ▼ −0.63% | $9.42 (+13.26%) |
Apr 24, 2026 26w ago | 6-K | $11.12 $10.80 | ▼ −2.88% | ▼ −3.04% | $9.42 (−15.29%) |
Apr 6, 2026 29w ago | 6-K | $11.46 $11.45 | ▼ −0.09% | ▼ −0.15% | $9.42 (−17.80%) |
Mar 31, 2026 29w ago | 6-K | $11.09 $11.07 | ▼ −0.18% | ▼ −0.26% | $9.42 (−15.06%) |
US Market Status
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