Good day, welcome to the Loma Negra second quarter 2026 conference call and webcast. All participants will be in 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. Sergio Faifman will be responding in Spanish immediately following an English translation. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Mr. Diego Jalón, Head of IR. Please, Diego, go ahead. Thank you. Good day, 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 today are Sergio Faifman, our CEO and Vice Chairman of the Board of Directors, and Marcos Gradin, our CFO. 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. 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 changed 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. I would like to turn the call over to Sergio. Thank you, Diego. Hello, everyone, thank you for joining us today. I would like to start my presentation by discussing the highlights of the quarter. Marcos will take you through our market review and financial results. Following that, I will share some final remarks before opening the call to your questions. Starting with slide two. As we move through the second quarter, industry volume have not yet fully regained the momentum we were expecting. Performance during the quarter was mainly affected by weak April, impacted by heavy rains. May and June trends were more in line with the level registered a year ago. Cement volume decreased 1.4% year-over-year, while consolidated net revenue increased 2.1%, reaching ARS 238.1 billion. In terms of quarterly performance, margin in pesos showed some compression, mainly reflecting higher costs and depreciation, while our top line continued to show positive trends even as volumes remained lagging. Consolidated adjusted EBITDA reached ARS 48.2 billion, down 2.5% year-over-year, with margin contracting 97 basis points to 20.2%. In dollar terms, however, EBITDA generation per ton stood at $32.1, up 14% year-over-year, underscoring the resilience of our operation even as demand recovery remains gradual. During the quarter, we cancelled our Class 4 corporate bonds for a total of $10 million, and we have no remaining structured debt maturity for the rest of the year. As of quarter end, net debt stood at $185 million, representing a net debt to LTM adjusted EBITDA ratio of 1.3x. I will now hand off the call to Marcos, who will lead you through our market review and financial results. Please, Marcos, go ahead. Thank you, Sergio. Good day, everyone. Please turn to slide four. The most recent economic data shows a more moderate growth trajectory in the second quarter. The EMAE, Argentina's monthly economic activity indicator, grew 1.6% year-over-year in April, before slowing to 0.2% in May, with a monthly decline of 0.5% versus April. On a cumulative basis, the indicator is up 1.7% through the first five months of the year, although the pace of growth has clearly moderated compared to earlier in the year. Construction activity has shown a similar mixed trend. The ISAC declined 2.8% year-over-year in April, weighed down by the same heavy rains that affected our cement volumes before rebounding 4.1% year-over-year in May. Leading indicators remain constructive. Registered private sector employment in construction grew 1.2% year-over-year in April, and building permits authorized in the same month expanded by 17% year-over-year with a 7.6% decrease on a cumulative basis on the first four months of the year. Within this context, industry cement dispatches declined 5% year-over-year during the quarter, mainly reflecting the impact of heavy rains in April across the country's main urban centers. Our own volumes follow a similar trend, of a more moderate decline, down 1.4% year-over-year, outperforming the industry as May and June trends normalize closer to last year levels. In terms of product mix, bulk cement continued to outperform, supported by larger scale projects, while bag segment, which represents the majority of the industry mix, remained relatively weak, consistent with more cautious behavior in the retail and small contractor segment. Looking ahead, we expect a continued and even recovery path we have been describing, rather than a change in the underlying demand trend. That said, we remain cautiously optimistic going forward as we believe this recovery path remains intact. Turning to slide five for a review of our top-line performance by segment. Second quarter revenues increased by 2.1% year-over-year, with growth led by the cement business, followed by the railroad segment, partially offset by lower revenues in the concrete and aggregate segments. In the cement, masonry cement, and lime segments, revenues increased by 2.2% year-over-year, while volumes decreased by 1.4%. Bulk cement dispatches continued to outperform, supported by higher activities from concrete producers, industrial clients, and construction companies. While bag cements remain under pressure, with the retail segment showing the weakest performance as demand for self-construction and refurbishing projects remain delayed. Pricing dynamics remain positive, supporting the segment top-line performance. Concrete revenues decreased by 11.2% year-over-year, as an 18.6% decline in volumes was only partially offset by favorable pricing dynamics. Volumes were mainly affected by lower demand from special projects, particularly those linked to port infrastructure and wind farms, which are now in their final stages of completion. The start of new projects have been gradually pushed back, though we expect them to break ground in the near terms. Volumes in Rosario remain more stable, supported by a combination of public and private works. Aggregates revenues decreased by 10.3% year-over-year as a 12.2% decline in volumes was only partially offset by favorable pricing dynamics. Volumes were mainly affected by the same dynamics impacted in concrete segment, particularly weaker demand for public works and construction companies. Railroad revenues increased by 8.6% year-over-year as higher transported volumes, up 10.1%, were partially offset by softer pricing conditions. Volume growth was mainly driven by higher transportation of grain, cements, and frac sand. The latter reflecting the resumption of operations in Neuquén following the repair of the rail section in Bahía Blanca that had been affected by last year's storm. Moving on to slide seven. Consolidated gross profit decreased by 3.9% year-over-year, with gross margin contracting 122 basis points to 19.2%, mainly reflecting higher costs and depreciations. Cost of sales increased by 3.7% year-over-year, reflecting higher costs in the cement and railroad segments, partially offset by lower costs in the concrete and aggregate businesses. In the cement segment, cost of sales increased on a pro forma basis, mainly driven by higher depreciation following the capitalization of the 25 kg bagging project after June of last year, along with higher packaging costs associated with its implementation. Maintenance and freight costs also rose, the latter reflecting the pass-through of higher fuel prices, while thermal and electric energy costs remained broadly in line. As planned, most kilns were shut down in May to avoid operating during the winter months, helping to limit our exposure to higher energy costs. In railroad, the increase in cost of sales was mainly related to higher transported volumes together with higher salaries, fuel prices, and depreciation. The concrete and aggregate segments both contributed positively to the consolidated result, posting gross margin expansion, although they remained in negative territory. Finally, SG&A expenses increased by 15.7% year-over-year, mainly driven by higher salary expenses. As a percentage of sales, SG&A stood at 12.1%, up 132 basis points compared to the second quarter of 2025. Please turn to slide eight. Consolidated adjusted EBITDA for the quarter stood at $38 million, while in pesos it reached ARS 48.2 billion, reflecting a 2.5% year-over-year decline. This decrease was mainly driven by a weaker result in the railroad segment, together with, to a lesser extent, a contraction in cement, partially offset by improved results in concrete and aggregates. As a result, the consolidated EBITDA margin contracted to 20.2%, representing a 97 basis point decrease year-over-year. In the cement segment, adjusted EBITDA margins stood at 23.9%, down 81 basis points year-over-year, a smaller decline in the consolidated construction. As higher cost of sales and SG&A, as discussed in the previous slide, were partially cushioned by favorable pricing dynamics. The concrete segment's adjusted EBITDA margin expanded by 867 basis points to -4.3% from -13% in the second quarter of 2025, supported by favorable pricing dynamics and lower costs, although it remained in negative territory. Similarly, the aggregate segment improved its margin by 877 basis points, reaching -18.6% in the quarter from -27% in the same period last year, also supported by increasing price and cost control, although it likewise remains in negative territory. Finally, in the railroad segment, the adjusted EBITDA margin turned negative, reaching -5.2% in the second quarter, compared to a positive 9.8% in the same period of 2025. This was mainly due to a higher cost of sales, primarily driven by increased fuel and labor costs, while SG&A expenses remained broadly in line. Moving on to the bottom line on slide 10, net profit attributable to owners of the company totaled ARS 7.5 billion for the quarter, compared to ARS 0.5 billion in the second quarter of last year. The improvement was mainly driven by lower financial expenses despite softer operating performance, was partially offset by higher income tax expenses. On the financial side, the company reported a total net financial loss of ARS 5.6 billion for the quarter, compared to a net financial loss of ARS 22.3 billion in the same period of last year. The year-over-year improvement was mainly attributable to a lower foreign exchange loss on our U.S. dollar-denominated liabilities, as the peso continued to depreciate during the quarter, though at a more moderate pace than in the second quarter of last year. Additionally, net financial expenses decreased by 27% to ARS 9.5 billion, mainly driven by improved financial income coupled with lower financial expenses. Moving on to the balance sheet, as you can see on slide 11, we ended the quarter with net debt of ARS 274 billion and a net debt to adjusted EBITDA ratio of 1.3x, down from 1.47x at the end of 2025. Cash flow from operating activities totaled ARS 18.1 billion in the quarter, compared to a cash outflow of ARS 29.7 billion in the second quarter of 2025. This year-over-year improvement was mainly driven by a significant improvement in working capital, primarily reflecting lower income tax payments during the quarter, together with a strong increase in tax liabilities. This was partially offset by higher working capital requirements in trade receivables as well as account payables. Regarding investing activities, the company used ARS 9.9 billion, with CapEx totaling ARS 9.7 billion, remaining lower following the completion of the 25 kg bagging project. On the financing side, the company used ARS 13.2 billion during the quarter, mainly related to the repayments of borrowings. In May 2026, the company completed the cancellation of the Class 4 corporate bond for $10 million, leaving no remaining structured debt maturities for the rest of the year. In U.S. dollar terms, net debt stood at $185 million, with an average duration of one point four years. As of quarter end, 87% of total debt was denominated in U.S. dollars, with the remaining balance in ARS. For our final remarks, I will hand the call back to Sergio. Thank you. Thank you, Marcos. To finalize the presentation, I please ask you to turn to slide 13. Volume during the first half of the year came in below our initial expectation. Going forward, we may continue to see some volatility, including potential short-term decline, the recovery path is unlikely to be a straight line. That said, we remain cautiously optimistic that the underlying trend for the second half of the year and beyond is a positive one. We are beginning to see some of the projects approved under the RIGI regime starting to move forward. Beyond that, we see additional factors that could future-support volume in the second half of the year, a potential easing of monetary condition, an expected improvement in RIGI, and a possible recovery in credit availability. Our top line continued to performance well during the quarter, we remain focused on cost discipline and operational efficiency as we navigate a graduated demand recovery. Finally, on August 5th, Loma celebrated its 100th anniversary, an important milestone that fills us with pride. We look forward to continuing to support the country's development over the next 100 years, just as we have through this past century. 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 then one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star then two 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 one on your telephone keypad. We also would like to ask that you please limit your questions to one question and one follow-up, please. If you have additional questions, you may re-queue for those questions, and they will be addressed. Also, please note that Mr. Sergio Faifman will be responding in Spanish immediately following an English translation. Please hold momentarily while we assemble our roster. The first question is from Sofía Vatta with Latin Securities. Please go ahead. Hi, Loma team. Thank you for taking my question. It's regarding the second semester. If credit access remains limited, would the other [audio distortion] Good morning, Sofía. Thank you for your question. [Non-English content] Yes. Actually, we believe that it's difficult to see a significant credit improvement in the second half of the year. [Non-English content] We do believe there are other factors that should start to impact positively our level of activity. [Non-English content] Several of the projects that were presented with the RIGI regime, we are working on some of those. We expect them to start showing some impact on our volumes in the upcoming months. [Non-English content] Additionally, all the roads concessions that the government has been granting in the past few months. [Non-English content] None of those are already backing our volumes, but they're starting to move forward. We are expecting to see some more volumes driven by that in the second half of the year. [Non-English content] Always remember that the months starting September are the strongest months in terms of selling dispatches. Okay. Thank you. The next question is from Alejandra Obregón with Morgan Stanley. Please go ahead. Hi. Good morning, Loma Negra team. Thank you for taking my question. Mine is on your unit costs, actually. You mentioned in the release and across your remarks that these are up, and you're starting to see some pressures on margins. I was hoping to understand if you can help us break those trends down. In terms of the cost headwinds, which ones do you think are a one-off or perhaps just seasonally related vis-à-vis those that are recurring? If you think of perhaps the second half in 2027, what do you think are the levers that could help margins recover from these levels? Thank you. Hi, Alejandra. Thank you for your question. [Non-English content] Just to be clear, separate the unitary costs that are impacting in the Q. [Non-English content] As we remarked, some of those that are permanent, some of those will remain, and some of those are new. [Non-English content] During the quarter, we saw some increase in freights due to the increase in gas due to the impact of the war. [Non-English content] Additionally, we also had the impact of the 25 kg bags that we started to dispatch on July last year. [Non-English content] Here we have two types of impacts. One is related to the bags themselves, all the energy and the people working on these new dispatching lines. [Non-English content] On the other side, we have the impact of the depreciation of the investment that we did in the structures. [Non-English content] Also looking forward, the impact of the 25 kg bags was fully translated to an increase in prices. [Non-English content] Additionally, looking forward, starting on September, we're going to start our kilns again. [Non-English content] We have already signed contracts to start using in that period, with terms better than the ones that we used in our last production cycle. That is going to have a positive impact on our costs. [Non-English content] Additionally, if volumes increase, that leverage should dilute our fixed costs and give us in terms of margin. Thank you. That was very clear. You're welcome. The next question is from Daniel Rojas with Bank of America. Please go ahead. Good morning. Thank you for taking my question. I wanted to go back to the 25 kg bag project. Could you give us details on the implementation, on how it has impacted the commercial strategy and of course, your pricing? You did mention it has been positive and you've been able to push for higher pricing, but just a little bit more color on how it was implemented. Has it been fully implemented? Did it surpass your expectations? Just anything you can give us. Thank you. Hi, Daniel. Thank you for the question. [Non-English content] First of all, I would like to remark that this change of moving from 50 kg bags- 25 kg bags was due to a regulation. [Non-English content] This is related to improve the conditions of the workers that need to handle these heavy bags. [Non-English content] Firstly, the regulation was aiming to supply some sort of mechanical support in order to handle this type of bags. Because that is not feasible, the decision was to move from 50 kg- 25 kg bags. [Non-English content] Given that the cost of two bags, two 25 kg bags is higher than one 50 kg bags, only to the packaging and of the operation necessary. [Non-English content] The market is not willing to accept that increased cost, you need to change the whole production or the whole distribution to the new bagging package. [Non-English content] The regulation demanded that on a specific date, all the industry needed to change to this new bagging format. [Non-English content] All the operational needs and the financial requirements, all was investment of more than $5 million]. We were able to fulfill it in time, there was a full success. [Non-English content] [Non-English content] This concludes our question- and- answer session. I would like to turn the conference back over to Diego Jalón for any closing remarks. Thank you all for joining us today. We hope to meet you again in our next quarterly call. Thank you very much and have a nice day. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.