The following discussion should be read in conjunction with our audited consolidated financial statements and the related notes included elsewhere in this annual report. This discussion contains forward-looking statements that are subject to known and unknown risks and uncertainties. Actual results and the timing of events may differ significantly from those expressed or implied in such forward-looking statements due to a number of factors, including those set forth in the section entitled “Key Information—Risk Factors” and elsewhere in this annual report. You should read the following discussion in conjunction with “Cautionary Statement with Respect to Forward-Looking Statements” and “Key Information—Risk Factors”. A.Operating Results Principal Factors Affecting Our Results of Operations Macroeconomic Conditions Our business is highly sensitive to factors such as GDP growth (globally and in Argentina, the cement industry has a strong positive correlation with GDP growth). An economic slowdown can lead to a slowdown in the construction industry and consequently decreased cement demand and production. Likewise, an expansion of GDP is expected to drive incremental cement demand, above expected GDP growth. During 2025, according to the INDEC, the Argentine economy increased 4.4%, after decreasing 1.3% and 1.9% in 2024 and 2023, respectively. 66 Table of Contents The following table presents key data of the Argentine economy for the periods indicated. As of and for the Year Ended December 31, 2025 2024 2023 GDP (billions of Ps.) 739.1 708.1 714.6 GDP growth 4.4 % (1.3) % (1.6) % GDP per capita (in thousands of U.S. dollars) 14.1 13.4 12.9 Private consumption growth 7.9 % (2.9) % 1.0 % Average Ps./U.S. dollar exchange rate(1) 1,244.3 916.3 295.2 CPI inflation 31.5 % 117.8 % 211.4 % Private sector salary growth 28.7 % 147.5 % 165.8 % Unemployment rate(2) 7.4 % 7.2 % 6.1 % ________________ Sources: BCRA, INDEC and our company. (1)The average rate is calculated by using the average of the BCRA’s reported exchange rates on a daily basis. (2)As a percentage of Argentina’s economically active population. Quarterly average. Inflation Our audited consolidated financial statements comprehensively recognize the effects of variations in the purchasing power of currency through the application of the method to restate financial statements in constant currency established by the IAS 29. As a result, our financial statements are stated in the unit of currency that was current at the end of the fiscal year that is being reported. See “Presentation of Financial and Other Information”. In accordance with IAS 29, the amounts in the financial statements that have not been stated in constant currency as of the end of the reporting period must be restated by application of a general price index. To that end and in the manner established in FACPCE´s Resolution JG No. 539/18, coefficients have been applied that are calculated on the basis of indices published by the FACPCE, resulting from combining national consumer prices published by the Instituto Nacional de Estadística y Censos (the National Statistics and Census Institute), or INDEC, starting on January 1, 2017 and, looking back, domestic wholesale prices, or IPIM prepared by INDEC or, if none is available, consumer price indices published by the General Directorate of Statistics and Censuses in the Autonomous City of Buenos Aires. The variation, in the index applied to restate our audited consolidated financial statements for the years ended as of December 31, 2025, 2024, 2023, 2022 and 2021 has been 31.5%, 117.8%, 211.4%, 94.8% and 50.9%, respectively. Foreign Currency Exchange Rate Our liabilities that are exposed to foreign currency exchange rate risk are primarily denominated in U.S. dollars. To partially offset our risk of any depreciation of the peso against the U.S. dollar, from time to time we may enter into derivative contracts. Because we borrow in U.S. dollars in international or local markets to fund our operations and investments, we are exposed to market risks from changes in foreign exchange rates and interest rates. Our foreign currency exposure gives rise to market risks associated with exchange rate movements. A significant portion of our borrowings are denominated in foreign currency. As of December 31, 2025, our consolidated foreign currency-denominated borrowings were Ps. 253,981 million, denominated in U.S. dollars. As of December 31, 2025, we did not have foreign currency derivative financial instruments. In the event that the peso were to depreciate by 25% against the U.S. dollar as compared to the peso/U.S. dollar exchange rate as of December 31, 2025, our foreign currency net liability position as of December 31, 2025 would have increased by Ps. 66,093 million. 67 Table of Contents Due to the foreign exchange crisis after the primary elections in August 2019, the Argentine Central Bank reinstated rigid restrictions and foreign exchange controls. For more information about such restrictions see “Item 10.D. Additional Information—Exchange Controls”. Considering the mentioned restrictions based on the current exchange regulations applicable in Argentina, we constantly monitor the alternatives for collecting assets and settling liabilities in foreign currency and the related impact. The gain/loss arising from the use of financial instruments to settle transactions in foreign currency is recognized when we unconditionally commit to or irreversibly executes such settlement. As of December 31, 2025, the use of financial instruments to settle the above transactions would result in an impact of approximately 1.5% as mentioned in note 32.4.1. to the consolidated financial statements as of such date. As of December 31, 2021, the official nominal exchange rate for pesos into U.S. dollars fell to Ps. 102.7500 per US$1.00, a devaluation of approximately 22.1% as compared to the official exchange rate of Ps. 84.1450 per US$1.00 as of December 31, 2020. As of December 31, 2022, the official nominal exchange rate for pesos into U.S. dollars fell to Ps. 177.1283 per US$1.00, a devaluation of approximately 72.4% as compared to the official exchange rate of Ps. 102.7500 per US$1.00 as of December 31, 2021. As of December 31, 2023, the official nominal exchange rate for pesos into U.S. dollars fell to Ps. 808.4833 per US$1.00, a devaluation of approximately 356.44% as compared to the official exchange rate of 177.1283 per US$1.00 as of December 31, 2022. As of December 31, 2024, the official nominal exchange rate for Ps. into U.S. dollars fell to Ps. 1032.50 per US$1.00, a devaluation of approximately 27.7% as compared to the official exchange rate of 808.4833 per US$1.00 as of December 31, 2023. As of December 31, 2025, the official nominal exchange rate for Ps. into U.S. dollars fell to Ps. 1459.4167 per US$1.00, a devaluation of approximately 41.3% as compared to the official exchange rate of Ps. 1,032.5000 per US$1.00 as of December 31, 2024. In the first three months of 2026, the peso appreciated by approximately 5.25% against the U.S. dollar. The following table sets forth the annual high, low, average and period-end exchange rates for the periods indicated, expressed in pesos per U.S. dollar and not adjusted for inflation. There can be no assurance that the peso will not depreciate or appreciate again in the future. The Federal Reserve Bank of New York does not report a non-buying rate for pesos. Official Nominal Exchange Rates High(1) Low(1) Average(1)(2) Period-end(1) 2021 102.7500 84.7033 95.1615 102.7500 2022 177.1283 103.0400 130.8089 177.1283 2023 808.4833 178.1417 295.2123 808.4833 2024 1,032.5000 810.6500 916.2543 1,032.5000 2025 1,487.0833 1,032.7500 1,244.2597 1,459.4167 2026 January 2026 1,472.7348 1,427.0331 1,449.3347 1,447.6657 February 2026 1,451.7010 1,367.2357 1,409.6571 1,408.9662 March 2026 1,418.2781 1,370.2909 1,396.3387 1,382.7578 April 2026 (through April 27) 1,412.9865 1,352.9774 1,379.0891 1,412.9865 ________________ (1)Reference exchange rate published by the Argentine Central Bank. (2)Based on daily averages. Net Capital Expenditures and Other Investments Our most recent material investment is to adjust our cement bags to the 25-kilogram format pursuant to Resolution 54/2018 of the Secretary of Commerce. In line with this initiative, we carried out an investment of approximately US$ 70 million in industrial infrastructure, aimed at adapting and upgrading our production processes. The project included the modernization of seven industrial plants. This milestone represents a significant shift in the Argentine construction industry, which has traditionally relied on 50 kilogram bags, and marks a transition toward safer operating conditions for construction workers. On a consolidated basis, our capital expenditures incurred in property, plant and equipment were Ps. 62,886 million during the year ended December 31, 2025 and Ps. 96,094 million and Ps. 103,280 million during the years ended December 31, 2024 and 2023, respectively. 68 Table of Contents Our Cost Structure The prices that we charge for our cement products are directly related to our production costs. Fluctuations in the price of our thermal energy sources and electricity impact our costs of goods sold and the prices that we charge our customers for our products. Significant increases in the price of natural gas, solid fuels or electricity and, consequently, in our production costs, could reduce our gross margins and our results of operations to the extent that we might not be able to pass a significant portion of these costs on to our customers and could result in reduced sales volumes of our products. Conversely, significant decreases in the price of natural gas, solid fuels or electricity and, consequently, in our production costs, would likely increase our gross margins and our results of operations. Our efforts on increasing the use of co-processing (use of waste as a source of a renewable energy, to replace natural mineral resources and fossil fuels such as coal, petcoke and gas) on our production process aims to decrease both our dependency on certain energy sources and reduce costs. In 2025, the percentage of co-processing used in our production process reached 4.6%. Thermal Energy. Our operating income has been affected by energy price changes. Energy prices may vary in the future, mainly due to market forces and other factors outside our control. We protect ourselves from energy price inflation risks through the diversification of our fuel sources (including solid fuels and the use of co-processing as an alternative energy source) and our ability to transfer all or part of increased costs to our customers via price increases for our products. We also seek to produce different types of cement with lower clinker content, replacing it with other components such as slag, pozzolana, and limestone, which reduce our overall energy costs. Thermal energy is our most utilized source of energy for our operations, representing 11% in the year ended December 31, 2025 and 13% and 16% in the years ended December 31, 2024 and 2023, respectively, of our total cost of sales. Thermal energy is comprised of natural gas, fuel oil, mineral coal and petcoke. Natural gas is the most significant of these energy sources. We enter into several contracts with suppliers, traders and distributors of natural gas. See “ —Supply Contracts”. The cost of petcoke varies in accordance with international market prices, which are quoted in U.S. dollars and fluctuate depending upon the supply and demand for oil and other refined petroleum products. Nevertheless, the incidence of solid fuels in our costs has been decreasing, since we reached a thermal matrix where natural gas prevails as the main source of thermal energy. Electrical power. Electrical power is one of the main drivers of our cost structure and represented 8%, 8% and 8% in the years ended December 31, 2025, 2024, and 2023, respectively, of our total cost of sales. Electrical power is one of the most expensive energy sources that we use. Given our consumption needs and the potentially high cost of electrical power, we have sought to mitigate the risks of supply interruptions and cost increases by contracting electrical power to private companies and entering into agreements to increase the use of renewable energy. Electrical power cost is highly influenced by the government policy applied to fuels used in electrical power generation and by the growing contribution of thermal power generation to the electrical power generation matrix in Argentina. In 2024 and 2025 price signals were introduced that will contribute to strengthening the electricity system and support the transition towards a competitive energy market in the medium term. Consumers with a demand higher than 300kW are required to source a minimum level of their electrical power demand from renewable sources equal to 8% by December 31, 2017, 12% by December 31, 2019, 16% by December 31, 2021, 18% by December 31, 2023 and 20% by December 31, 2025; provided that any consumption of renewable energy for higher levels as of each cut-off date cannot be reduced in the following periods. For purposes of complying with these minimum level requirements of renewable energy, the consumers have the option to enter into individual power purchase agreements with renewable energy generators, marketers or distributors, or to buy the energy through CAMMESA See “ —Supply Contracts”. In 2016, we entered into a 20-year agreement with Genneia S.A., in 2018 entered into a 20-year agreement with Aluar Aluminio Argentino S.A.I.C. and in 2025 a 5-year contract in 2025 with Luz de Tres Picos S.A. and Generación Eléctrica Argentina Renovable I S.A. SDE PEO, which will begin operating in September 2026 to enhance the use of green energy. Through these contracts and other short-term contracts that we signed in 2025, we not only complied with the legal limits but also exceeded the minimum required levels. Co-Processing. During 2025, we continued with our co-processing efforts. Co-processing is the final disposal of waste (agricultural, urban and industrial waste) through its integration in the cement production process as a secondary raw material or alternative fuel, as a source of energy. Co-processing is a technique used for permanently eliminating waste 69 Table of Contents without generating environmental liabilities, by harnessing the energy and/or mineral potential of the material. Co-processing represented 4.6% in the year ended December 31, 2025 and 4.3% and 2.2% in the years ended December 31, 2024 and 2023, respectively, of our total thermal energy consumption. For additional information related to our thermal energy, electrical power and co-processing needs and costs, see “Item 4.B Information on the Company—Business Overview—Energy Sources”. Preservation and maintenance costs. Our industry is capital intensive, and we incur in maintenance costs necessary to preserve the productivity and durability of our cement facilities. In the year ended December 31, 2025 preservation and maintenance costs represented 10% and in the years ended December 31, 2024 and 2023, represented 11% and 9%, respectively, of our total cost of sales. Freight. Our freight includes the cost of transporting raw materials to our production facilities from our quarries or the location of our suppliers. In the year ended December 31, 2025 freight represented 10% and in the years ended December 31, 2024 and 2023, freight represented 9% and 10%, respectively, of our total cost of sales. Salaries, wages and social security charges. Our salaries, wages and social security charges comprise mainly compensation, social contribution and employee benefits. In the year ended December 31, 2025 salaries, wages and social security charges represented 17% and in the years ended December 31, 2024 and 2023, salaries, wages and social security charges represented 17% and 15%, respectively, of our total cost of sales. Raw Material Availability. Our long-term success depends in part on our ability to secure raw materials in sufficient quantities, including limestone, gypsum and other materials necessary for the production of clinker and cement, which are currently available to us from quarries located close to the different industrial units. We generally obtain limestone from the mining of quarries that we own. In some cases, however, we may face the risk of the exhaustion of raw materials in some quarries, most notably limestone, which would require us to find new quarry sources further away from our production units, and result in potential materially higher raw material extraction and freight costs. In the year ended December 31, 2025 raw materials represented 12% and in the years ended December 31, 2024 and 2023, raw materials represented 19% and 18%, respectively, of our total cost of sales. Effects of Taxes on Our Income We are subject to a variety of generally applicable Argentine federal and state taxes on our operations and results. We are subject to Argentine federal Income Tax by applying a sliding scale from 25% to 35%, depending on the accumulated net income obtained during the given year. Dividends paid to Argentine individuals and foreign beneficiaries (both individuals and entities) are subject to a 7% withholding tax made by the paying entity. We are also subject to the following federal and state taxes: •Turnover Tax. The Turnover Tax is a provincial tax and the rate applicable depends on each province. Currently, the Turnover Tax represents approximately 1.45% of our net sales. •Quarry Exploitation Fee. Municipalities establish certain taxes that may have incidence on mining developments. Each jurisdiction in which mining activities are developed has its particular legislation. For example, Municipalities may charge a quarry exploitation quota equivalent to the amount of limestone contained in the cement dispatched or sold from the factory at a rate determined by each municipality. The rate is determined at a fixed amount, which is updated in a monthly basis. This amount represented 1.68% of sales in 2025 of cement, masonry cement and lime. •Tax on Bank Accounts Debits and Credits. The general rate of the tax on bank accounts debits and credits is 0.6% for each debit and each credit, while an increased rate of 1.2% applies in cases in which there has been a substitution for the use of a bank account. Taxpayers (whether at 0.6% or 1.2% rate) may compute 33% of the amounts paid under this tax as a payment on account of the income tax. Law 27,264, in force since August 2016, establishes that micro and small sized companies may apply 100% of this tax as an advance payment of income tax, medium industrial sized may apply 50% of this tax as an advance payment of income tax. Moreover, Law 27,432 establishes that the Executive Branch may increase up to 20% per year the percentage of the payments of this tax that can be computed for as payment on account of Argentine income tax. The government has not exercised this faculty since 2018 and currently it is uncertain if an increase of the computable amounts will take place in the medium term. 70 Table of Contents •Stamp Tax. Stamp tax is a local tax that is levied based on the formal execution of public or private instruments. Documents subject to stamp tax include, among others, all types of contracts, notarial deeds and promissory notes. Each province and the City of Buenos Aires have their own stamp tax legislation. Stamp tax rates vary according to the jurisdiction and agreement involved. In general, stamp tax rates vary from 0.5% to 3.5% and are applied based on the economic value of the instrument. •Personal Assets Tax. An annual net wealth tax applies on the net equity where the shareholder is a nonresident or a resident individual at a rate of 0.50%. We have the right to request reimbursement from the shareholder. The taxable base of the personal assets tax is the book value of the shares as stated in the last financial statements issued on December 31 on the relevant tax period. We are also subject to certain other non-material duties and taxes. Effect of Indebtedness Level and Interest Rates As of December 31, 2025, our total outstanding borrowings on a consolidated basis were Ps. 297,908 million. The level of our indebtedness results in financial results that are reflected in our consolidated statement of profit or loss and other comprehensive income. Financial results consist of interest expense, exchange gains (losses) on U.S. dollar and other foreign currency-denominated debt, and other items as set forth in Note 10 to our audited consolidated financial statements. During 2025, we recorded financial expenses of Ps. 57,960 million, which included Ps. 47,443 million in interest expense related to our loans and financings, and Ps. 85,133 million of exchange losses which included Ps. 91,034 million related to our loans and financings. In addition, a gain on a net monetary position of Ps. 89,083 million of out a total of Ps. 90,039 million is also related to such liabilities. The interest rates we pay on our indebtedness depend on a variety of factors, including prevailing Argentine and international interest rates, any collateral or guarantees and risk assessments of our company, our industry and the economies in Argentina and other markets in which we operate made by our potential lenders, potential purchasers of our debt securities and the rating agencies that assess our debt securities. Financial Presentation and Accounting Practices Presentation of Financial Statements We maintain our financial books and records in pesos. We have prepared our annual audited consolidated financial statements in accordance with IFRS Accounting Standards, as issued by the IASB. We have adopted all new and revised standards and interpretations issued by the IASB that are relevant to our operations and that are mandatorily effective as of December 31, 2025. The application of these amendments has had no impact on the disclosures or amounts recognized in our audited consolidated financial statements. Our audited consolidated financial statements have been prepared on a historical cost basis, which has been restated in end-of-period currency in the case of non-monetary items. Upon estimating the fair value of an asset or a liability, we take into consideration the characteristics of the asset or the liability when market participants do take these features into consideration when valuing the asset or the liability at the date of measurement. Fair value for purposes of measurement and/or disclosure in our financial statements is determined on that basis, except for the transactions consisting in share-based payments that are within the scope of IFRS 2, lease transactions within the scope of IFRS 16 and the measurements that have certain points in common with fair value but are not fair value such as net realizable value in IAS 2 or value in use in IAS 36. Besides, for financial reporting purposes, fair value measurements are categorized as level 1, 2 or 3 on the basis of the degree to which fair value measurement inputs are observable and the impact of inputs for fair value measurements overall as described below: •Level 1: quoted (unadjusted) market prices in active markets for identical assets or liabilities that the entity can access at the measurement date; •Level 2: valuation techniques for which the lowest level input that is significant to their value measurement is directly or indirectly observable; and •Level 3: valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. 71 Table of Contents Classification into current and non-current: We present assets and liabilities in our consolidated statement of financial position classified as current and non-current. Assets are classified as current when: (i)we expect to realize the asset or intend to sell or consume it during its normal operation cycle; (ii)we maintain the asset primarily for trading purposes; (iii)we expect to realize the asset within twelve months after the reporting period; or (iv)the asset is cash or cash equivalents unless the asset is restricted and may not be exchanged or used to settle a liability for at least twelve months after the reporting period. All the other assets are classified as non-current Liabilities are classified as current when: (i)we expect to settle the liability during its normal operation cycle; (ii)we maintain the liability primarily for trading purposes; (iii)the liability must be settled within the twelve months after the reporting period; or (iv)we do not have an unconditional rights to defer settlement of the liability for at least the twelve months after the reporting period. All the other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities in all cases. Use of estimates The preparation of consolidated financial statements requires our board of directors to make judgments, estimates and assumptions that affect the reported amounts of the revenues, expenses, assets and liabilities and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The description of the estimates and significant accounting judgments made by our board of directors in the application of accounting policies as well as areas with a higher degree of complexity that require further judgment are disclosed in Note 4 to our audited consolidated statements. The principal accounting policies are discussed below. Principal Accounting Policies Standards and Interpretations issued but not yet effective The following is a description of the standards and interpretations that have been published but are not yet effective as of the date of issuance of our consolidated financial statements. We intend to adopt these standards, if applicable, when they become effective. Amendments to IFRS 7 and IFRS 9 In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7), in which the Board: –Clarifies that a financial liability is derecognized on the “settlement date,” i.e., when the related obligation is discharged, cancelled, expires or the liability otherwise qualifies for derecognition. It also introduces an 72 Table of Contents accounting policy option to derecognize financial liabilities that are settled through an electronic payment system before the settlement date if certain conditions are met. –Clarifies how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG) and other similar contingent characteristics. –Clarifies the treatment of non-recourse assets and contractually linked instruments. –Requires additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that refer to a contingent event (including those that are linked to ESG) and equity instruments classified at fair value through other comprehensive income. These amendments are effective for reporting periods beginning on or after January 1, 2026, but earlier application is permitted. No impacts are expected from the application of these amendments. •IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the income statement, including specified totals and subtotals. In addition, it requires entities to classify all income and expenses within the income statement into one of five categories: operating, investing, financing, income taxes, and discontinued operations. It also requires disclosure of management-defined performance measures, subtotals of income and expenses, and includes new requirements for the aggregation and disaggregation of financial information based on the identified roles of the primary financial statements and notes. In addition, limited-scope amendments have been made to IAS 7 Statement of Cash Flows, including changing the starting point for determining cash flows from operations under the indirect method from "profit or loss" to "operating profit or loss" and eliminating the optionality surrounding the classification of cash flows from dividends and interest. In addition, there are consequential amendments to several other standards. IFRS 18, and the amendments to the other standards, are effective for reporting periods beginning on or after January 1, 2027, but earlier application is permitted, which must be disclosed. IFRS 18 will be applied retrospectively. The Group is currently working to identify all the impacts that the new standard will have on the primary financial statements and notes to the financial statements. •IFRS 19 Subsidiaries without Public Accountability: Disclosures In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to apply its reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. To be eligible, at the end of the reporting period, an entity must be a subsidiary as defined in IFRS 10, cannot have public accountability and must have a parent (ultimate or intermediate) that prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards. IFRS 19 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. As the Group’s equity instruments are publicly traded, it is not eligible to elect to apply IFRS 19. •Amendment to IAS 21 Translation to a Hyperinflationary Presentation Currency In November 2025, the IASB issued amendments to IAS 21, concerning the translation of amounts from a functional currency that is the currency of a non-hyperinflationary economy to a presentation currency that is the currency of a hyperinflationary economy. The amendments require the translation of a non-hyperinflationary functional currency to a hyperinflationary presentation currency at the closing exchange rate. An entity whose functional and presentation currency is that of a hyperinflationary economy restates the comparative amounts of a foreign operation, whose functional currency is that of a non-hyperinflationary economy, by applying the general price index, in accordance with paragraph 34 of IAS 29, to the comparative figures of the foreign operation. Amendment to IAS 21 will become effective for reporting periods beginning on or after 1 January 2027, with early application permitted. The amendment is not expected to have a material impact on the Group’s financial statements. 73 Table of Contents Adoption of new standards and interpretation We have adopted all the improvements and new standards and interpretations issued by IASB that are relevant to our operations and that are effective for the financial year ended December 31, 2024. As from January 1, 2024, we began to apply the following standards: •Lack of exchangeability - Amendments to IAS 21 In August 2023, the IASB issued amendments to IAS 21 “The Effects of Changes in Foreign Exchange Rates”. The amendments to IAS 21 specify how an entity should assess whether a currency is exchangeable and how it should determine a spot rate when exchangeability is lacking. The amendments also require disclosures that enable users of financial statements to understand how the non-exchangeability of the currency into another currency affects, or is expected to affect, the entity's financial performance, financial position and cash flows. There were no impacts arising from the application of this modification on the Group's consolidated financial statements. Material Accounting Policies Material accounting policies are those that are important to the presentation of our financial condition and results of operations and that require our management to make difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. As the number of variables and assumptions affecting the possible future resolution of the uncertainties increases, those judgments become even more subjective and complex. For more information about our critical accounting policies, see the notes to our audited consolidated financial statements. In order to provide an understanding of how our management forms its judgments about future events, including the variables and assumptions underlying the estimates, and the sensitivity of those judgments to different circumstances, we have identified the following critical accounting policies: •revenue recognition; •leases; •foreign currency and functional currency; •borrowing costs; •taxation (income tax and personal assets tax); •property, plant and equipment; •intangible assets; •impairment of tangible and intangible assets; •inventories; •provisions, including environmental restoration and assets decommissioning obligations, and provision for lawsuits and other contingencies; •financial instruments; •financial assets; •financial liabilities and equity instruments; •short- and long-term employee benefits; •stripping and quarry exploitation costs; •Ferrosur Roca S.A. concession; and •Management’s account estimates and judgments on environmental matters. Revenue recognition We are engaged in the production and distribution of cement, masonry cement, concrete, limestone and aggregates, as well as logistics services through railway concession, and the industrial waste recycling business. The goods 74 Table of Contents to be delivered and the services to be provided arise from agreements with commercial substance (in general, they are not written) where we may identify the right of each one of the parties and the payment terms. Sale of goods Revenues from sales of goods are recognized when control over goods is transferred to the customer for an amount that reflects the consideration that we expect to be entitled to in exchange for such assets. The customer obtains control of the goods when significant risks and rewards of the products sold are transferred in accordance with the specific delivery terms agreed with the customer. Revenues from the sale of goods are measured at fair value of the consideration received or to be collected, net of commercial discounts. No financing components are considered in the transaction since credit terms vary greatly between 20 and 35 days, depending on the specific terms agreed upon, which is consistent with market practices. Some agreements with customers offer commercial discounts or volume-based discounts. If revenues cannot be reliably measured, we defer revenue recognition until the uncertainty is resolved. However, due to the fact that performance obligations relate mainly to the delivery of the acquired goods, and that both the price and any discount granted are specifically agreed between the parties, there are in practice no uncertainties associated with revenue recognition from sales of goods. Variable consideration is recognized when there is a high likelihood that there will not be a significant reversal in the amount of the accumulated revenues recognized in the agreement and is measured using the expected value or the most likely amount method, whichever allows to make a better prediction of the amount based on the terms and conditions of the agreement. The products sold by us in general are not returned by customers once they have approved their quality, which occurs at the time of reception. Services rendered We provide transportation services along with the sale of cement, concrete, limestone, and aggregates. Revenues from transportation services are recognized at the time services are provided, which is usually when revenues from the sale of the transported good are recognized as transportation distance and time is very short. Revenue is measured on the basis of the consideration defined in the contract with customers. Revenues from freight railway services and waste recycling services are recognized at the time such services are rendered. Leases Group as Lessee: The accounting model for the recognition and measurement of all leases is as follows: Right of use assets We recognize a right of use asset at the beginning of each lease (the date on which the underlying asset is available for use). Right of use assets are measured at cost, net of accumulated depreciation and impairment losses, and adjusted to reflect any remeasurement of liabilities and to recognize changes in the purchasing power of currency. The cost of the right of use assets includes the amount of the recognized lease liabilities, initial direct costs incurred, and lease payments made at or before the lease start date, less any incentives received. Unless we are certain that it will acquire the asset at the end of the lease, right of use assets are depreciated on a straight-line basis over the shorter of their estimated useful lives and the lease term (calculated based on the term of the relevant agreements, including renewal provisions in the event that they are highly likely to continue). The right of use assets are subject to impairment. We apply the short-term lease recognition exception (i.e., those leases that have a lease term of 12 months or less from the inception date and do not contain a purchase option). We also apply the recognition exception to leases that are considered to be of low value. Payments under these leases are recognized as expense on a straight-line basis over the lease term. 75 Table of Contents Lease liabilities Lease liabilities are measured at the present value of future lease payments to be made throughout the lease term, for which market rates have been used according to the nature and term of each agreement. Lease payments include fixed payments, less any lease incentives to be received, variable payments depending on an index or rate and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of any purchase option of the leased underlying asset, and any penalties for terminating the lease, provided that it is reasonably likely that we will exercise such options. Variable payments that do not depend on an index or rate are recognized in profit or loss for the year of occurrence of the condition to which they are subject. The unwinding of the discount recognized for each lease is recorded in the comprehensive income of each year. Group as Lessor: The income from the operating lease of buildings and equipment is recognized every month during the lease term. Leases in which we do not transfer substantially all the risks and rewards inherent to the ownership of the asset are classified as operating leases. The initial direct costs incurred in negotiating an operating lease are in addition to the carrying amount of the leased asset and are recognized throughout the lease term on the same basis as lease income. Foreign currency and functional currency For purposes of the consolidated financial statements, the income (loss) and the financial position of the Group are stated in pesos, considered to be functional currency (the currency of the primary economic environment in which an entity operates) for all group companies and this is also the currency of presentation of the consolidated financial statements. For purposes of presentation of our consolidated financial statements, the assets and liabilities nominated in foreign currency are converted to pesos at foreign exchange rates prevailing at the end of the reporting period and their statement of profit or loss and other comprehensive income are translated at the average foreign exchange rate for each month, unless the corresponding foreign exchange rate has fluctuated significantly during the month, in which case, the exchange prevailing on the date of the transaction is used. Transactions in foreign currencies are initially recorded at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Foreign exchange gains / (losses) from monetary items are recognized in profit and loss for the year, restated at year-end currency, except for those arising from borrowings denominated in foreign currency to financing qualifying assets, such as assets under construction for future productive use, which were included in the cost of such assets for being considered as an adjustment to the cost of interest accrued on such foreign currency denominated borrowings. Borrowing costs Borrowing costs, net of the effect of inflation directly attributed to the acquisition, construction or production of qualifying assets, which are assets that take a substantial period of time to get ready for their intended use or sale, are capitalized as part of the cost of the asset until the assets are ready for use or sale. Income earned on short-term investments of specific outstanding borrowings to finance the construction of qualifying assets is deducted from the borrowing costs that may qualify for capitalization. All the other borrowing costs are recognized in profit or loss when incurred, net of the effect of the inflation on the liabilities that generated them. We have not capitalized interest or exchange differences in the fiscal years ended December 31, 2025, 2024 and 2023. 76 Table of Contents Taxation Argentina Income tax We assess the income tax charge to be booked in accordance with the deferred tax method, which considers the effect of timing differences originating in the different basis for measuring assets and liabilities according to accounting and tax criteria and of the existing net losses and unused tax credits susceptible of deduction of future taxable income computed by considering the tax rate in force. Current taxes Current tax payable is based on the taxable profit for the fiscal year. Taxable profit differs from profit before tax as reported in the consolidated statement of profit and loss and other comprehensive income because of items of income, or expenses that are taxable or deductible in other years and items that will never be taxable or deductible. Our liability for current tax is calculated using the tax rates that have been substantially enacted at the end of the reporting period. Deferred tax Deferred tax is recognized on the temporary differences between the carrying amount of the assets and liabilities included in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all future taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences to the extent that we are likely to have future tax profit against which it is possible to account for those deductible temporary differences. Such deferred tax assets and liabilities are not recognized when temporary difference arose from goodwill or the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable nor the accounting profit and does not give rise to equal taxable and deductible temporary differences. The carrying amounts of deferred tax assets are reviewed at the end of each fiscal year and derecognized to the extent it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the fiscal year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantially enacted at the end of the reporting period. Measurement of deferred tax liabilities and deferred tax assets at the end of fiscal year being reported reflects the tax consequences that would stem from the manner in which the entity expects to recover or settle the carrying amount of its assets and liabilities. We offset deferred tax assets and deferred tax liabilities if and only if a) it has legally enforceable right to set off current taxes and current liabilities and b) the deferred tax assets and liabilities relate to income taxes levied by the same tax authority on either the same taxable entity or different taxable entities and we intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries and associates, except where we are able to control the reversal of the temporary difference and it is probable that temporary differences will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are recognized only to the extent it is probable that there will be sufficient taxable profit to use the benefits of temporary differences and they are expected to reverse in a foreseeable future period. Current and deferred taxes Current and deferred taxes are recognized in the statement of profit and loss and other comprehensive income, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred taxes are also recognized in other comprehensive income or directly in equity, respectively. When current tax or deferred taxes arise from a business combination, the tax effect is included in the accounting for the business combination. 77 Table of Contents Personal asset tax—Substitute responsible Argentine resident individuals and non-Argentine resident individuals and entities, are subject to a personal asset tax at a rate of 0.50% over of the equity value of any shares or the American Depositary Shares issued by Argentine entities, held as of December 31 of each year. The tax is on the Argentine issuers of said shares, who must pay for this tax on behalf of the relevant shareholders. In accordance with the Personal Asset Tax Law, we are entitled to obtain a reimbursement of the tax paid from the shareholders levied with the above-mentioned tax through the reimbursement mechanism that the we deem advisable. Property, plant and equipment Property, plant and equipment held for use in the production or supply of goods and services, or for administrative purposes, are recorded at their cost restated in constant currency at the end of the reporting period, in accordance with Note 2.2 to our audited consolidated financial statements, less accumulated depreciation and impairment loss. The cost includes the stripping and initial preparation of the open pit quarries, and the counterpart for the environmental restoration and/or dismantling obligations recognized. It also includes borrowing costs for long-term construction projects if the recognition criteria are met. When significant parts of plant and equipment are required to be replaced at intervals, we depreciate them separately based on their specific useful lives. Likewise, when a major inspection is performed, its cost is recognized in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognized in profit or loss as incurred. The lands owned by Loma Negra are not subject to depreciation. Construction in progress for administrative, production, supply or other purposes are carried at cost restated in constant currency at the end of the reporting period less any recognized impairment loss. Depreciation of Property, Plant and Equipment commences when such assets are ready for their intended use. Property, plant and equipment are depreciated, except for land and assets under construction, over their estimated useful lives using the straight-line method. The estimated useful life, the residual value and the depreciation method are reviewed at the end of each fiscal year, with the effect of any changes in estimates being accounted for on a prospective basis. Gain or loss from the disposal or write-off of an item of property, plant and equipment is calculated as the difference between net disposal proceeds and the carrying amount of the asset and is recognized in profit or loss at its value restated at the year-end currency. We assess the recoverability of the value of its property, plant and equipment items whenever any indication of impairment is identified. The assessments are carried out considering the cash-generating units established by us. Intangible assets Intangible assets with finite useful lives, acquired separately, are recorded at cost, restated in the currency at the closing date less accumulated amortization and less accumulated impairment losses. The estimated useful lives and amortization method are reviewed at each year-end, with the effect of any changes in these estimates recorded prospectively. Intangible assets with indefinite useful lives that are acquired separately are recorded at cost restated in the currency at the closing date less accumulated impairment losses. An intangible asset is derecognized when no future economic benefits are expected from its use or disposal. Gains or losses arising from the derecognition of an intangible asset, measured as the difference between the net proceeds from the derecognition and the asset's carrying amount, are recognized in earnings when the asset is derecognized. 78 Table of Contents Impairment of tangible and intangible assets with finite useful lives At the end of each period, we review if any indication that tangible and intangible assets might be impaired. In case of impairment indicators are observed, we calculate the recoverable amount per cash-generating unit. The recoverable amount of an asset is the higher of the fair value less cost of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessments as of year-end with respect to the time value of money considering the risks that are specific to the asset. If the recoverable value of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying value of the asset (or cash-generating unit) is reduced to its recoverable value. Impairment losses are immediately recognized in profit or loss. When a recognized impairment loss is subsequently reversed, the book value of the asset is increased up to the new recoverable amount but the reversal is limited so that the carrying amount of the asset does not exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset or CGU in prior years. Impairment loss reversals are immediately recognized in profit loss. Impairment losses related to goodwill are not reversed in future periods. Inventories Inventories are stated at the lower of cost restated in constant currency at the end of period and net realizable value. Costs incurred in bringing products to their present condition are accounted for as follows: •Raw materials and spare parts: at acquisition cost according to the weighted average price method. •Finished goods and work in progress: at acquisition cost of raw materials and labor, plus a proportion of manufacturing overheads based on normal operating capacity. The net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. In assessing recoverable amounts of inventories, slow-moving inventories are also considered. The carrying amount of inventories as of the fiscal year-end does not exceed their recoverable value. Provisions We recognize provisions when we have a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Estimated amounts of the obligation are based on the expected outflows that will be required to settle such obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When we expect some or all of a provision to be reimbursed, the reimbursement is recognized as a separate asset (a receivable), but only when the reimbursement is virtually certain and the amount of the receivable can be reliably measured. We use the opinion of our legal advisors to determine if a provision should be recorded as well as to estimate the amounts of the obligations. Environmental restoration and asset decommissioning obligations Under legal provisions and best practices, and the environmental commitments assumed by the Group, land used by the Group for mining and quarrying is subject to environmental restoration, and the fixed assets used in production will be removed at the end of operations. In this context, provisions are recognized as long as they are determinable, in order to afford the estimated expenses for the environmental recovery and restoration of the mining areas and the retirement of the corresponding 79 Table of Contents productive assets. These provisions are recorded simultaneously with the increase in value in the underlying asset and the relevant depreciation of the assets involved is recognized in profit and loss prospectively. The liability recorded is increased due to the unwinding of the discount and this change is charged to net profit or loss. The environmental restoration and asset retirement obligation can also increase or decrease due to changes in the estimated timing of cash flows, changes in the discount rate and/or changes in the original estimated undiscounted costs. In estimating the expected cost, the Group takes into account changes in environmental legislation and regulations, if any, that may impact the process and restoration and dismantling costs. Increases or decreases in the obligation other than the unwinding of discount will result in a corresponding change in the carrying amount of the related asset. Actual costs incurred upon settlement of the asset retirement obligation are charged against the asset retirement obligation to the extent of the liability recorded. We discount the costs related to asset retirement obligations using the discount rate that reflects the current market assessment of the time value of money and risks specific to the liabilities that have not been reflected in the cash flow estimates. Asset retirement obligations are remeasured at each reporting period in order to reflect the discount rates in effect at that time. In addition, we follow the practice of progressively restoring the areas by the removal of quarries using the provisions recognized for that purpose. Provisions for lawsuits and other contingencies The final settlement cost of complaints and litigation may vary due to estimates based on different interpretations of regulations, opinions and final assessments of damages. Therefore, any change in the circumstances related to this type of contingencies may have a significant impact on the amount of the provision for contingencies recorded. In the normal course of its business, we select tax criteria and accounting positions based on a reasonable interpretation of the current regulations, also taking into consideration the opinion of its tax and legal advisors along with evidence available up to the date of issuance of these financial statements. Nevertheless, in the event of situations where the assessment by a third party and the potential occurrence of damage for the Group are uncertain, the Group does not record a provision as it is has not been required under IFRS Accounting Standards. The Group makes judgments and estimates to assess whether it is necessary to record costs and make provisions for environmental cleanup remediation and asset retirement obligations based on the current information related to expected remediation costs and plans. In the case of environmental provisions, costs may differ from estimates due to changes in laws and regulations, discovery and analysis of local conditions, as well as changes in cleanup technologies. Therefore, any change in the factors or circumstances related to this type of provisions, as well as any amendment to the rules and regulations may thus have a significant impact on the provisions recorded our financial statements. Financial instruments A financial instrument arises from any contract that results in the recognition of a financial asset in one entity and a financial liability or equity instrument in another entity. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financials assets and financial liabilities (other than financial assets and liabilities at fair value through profit or loss) are added or deducted from the fair value of the financial assets of financial liabilities, as appropriate, on initial recognition. Transactions costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. Interest and financial income are recognized to the extent the effective interest rate is accrued. In general, the Group may receive short-term advances from its customers. Pursuant to the practical expedient of IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the entity transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. The Group does not receive any long-term advances from its customers. 80 Table of Contents Financial assets According to the provisions under IFRS 9 “Financial instruments”, we classify for purposes of subsequent measurement our financial assets into the following two categories because the company has not asset that are designated as fair value through other comprehensive income: Financial assets at amortized cost A financial asset is measured at amortized cost if both of the following conditions are met: (i) the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and (ii) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. In addition, for the assets that satisfy the conditions mentioned above, IFRS 9 provides the option of designating at the time of initial recognition, an asset as measured at reasonable value if in doing so it eliminates or significantly reduces an inconsistency in valuation or recognition that would have arisen if the valuation of the assets or liabilities or the recognition of their income or loss were effected on different bases. We have not designated any financial asset at fair value using this option. As of December 31, 2025 and 2024, our financial assets at amortized cost comprise certain cash and cash equivalent elements, accounts receivable, trade and other receivables. Financial assets at fair value through profit or loss If one of the criteria mentioned above were not satisfied, the financial asset is classified as an asset measured at “fair value through profit or loss”. At the date of our consolidated financial statement contained herein our financial assets at fair value through profit or loss include mutual funds classified as current investments. Recognition and measurement Acquisitions and disposals of financial assets are recognized on the date on which our promises to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from such instruments and the risks and benefits related to their ownership have been terminated or assigned. Financial assets at amortized cost are initially recognized at fair value plus transaction costs. These assets accrue interest based on the effective interest rate method. Financial assets at fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as expenses in the statement of profit or loss and other comprehensive income. They are subsequently measured at fair value. Changes in fair values and gains or losses on the sale of financial assets at fair value through profit or loss are recognized in “Financial results, net” in the statement of profit or loss and other comprehensive income. In general, we use the transaction price to determine the fair value of a financial instrument at initial recognition. In all other cases, we only records a gain or loss at initial recognition if the fair value of the instrument is evidenced by other comparable and observable market transactions for the same instrument or is based on a valuation technique incorporating only observable market data. Any gains or losses not recognized at initial recognition of a financial asset are subsequently recognized only to the extent that they arise from a change in factors (including time) that market participants would consider in establishing the price. The results of debt instruments that are measured at amortized cost and are not designated in a hedging relationship are recognized in the profit or loss and other comprehensive income statement using the effective interest rate method. The Group reclassifies between categories all investments in debt instruments only when there is a change in the business model used to manage such assets. 81 Table of Contents Financial asset impairment At the end of each period, we assess if there is objective evidence of impairment of a financial asset or group of financial assets measured at amortized cost. Impairment is recorded only if there is objective evidence of the impairment as a consequence of one or more events occurred after the initial recognition of the asset and said impairment may be reliably measured. The Group defined a policy to calculate expected credit losses for trade receivables and record the related allowance for debtors’ impairment. The determination of the expected loss is initially based on the Group’s historical observed default rates and it is complemented by a case by case analysis to identify special circumstances on individual customers and/or transactions. This bad debt percentage must take into account expected future credit collections and, therefore, any estimated changes in behavior. Before accepting any new customer, the Group conducts an internal credit analysis to assess the potential customer's creditworthiness and define their credit limit. The limits and ratings assigned to major customers are reviewed at least once a year. Evidence of impairment includes indications that the debtors or a group of debtors are experiencing serious financial difficulties, default or arrears in interest or principal payments, the likelihood that they will be declared bankrupt or file for reorganization proceedings, and when such observable data indicates that there is a decrease in the estimated future cash flows. The amount of the impairment is measured as the difference between the book value of the asset and the present value of estimated future cash flows (excluding future loan losses that have not been incurred) discounted at the original effective interest rate of the financial asset. The carrying amount of the asset is written down and the amount of the loss is recognized in the profit or loss and other comprehensive income. As a practical measure, we may measure impairment on the basis of the fair value of an instrument, using an observable market price. If, in a subsequent period, the impairment amount decreases and such reduction is related to an event taking place after the original impairment, the reversal of the impairment loss is recognized in the consolidated statement of profit or loss and other comprehensive income. Offsetting of financial instrument Financial assets and financial liabilities are offset if there is a currently enforceable legal right to offset the recognized amounts and when there is an intent to settle on a net basis, to realize the asset and settle the liability simultaneously. Derecognition of a financial asset A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group’s consolidated statement of financial position) when: •The rights to receive cash flows from the asset have expired, or •We transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either (a) we have transferred substantially all the risks and rewards of the asset, or (b) we have neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of its continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. 82 Table of Contents Financial liabilities and equity instruments Classification as debt or equity Debt and equity instruments are classified as financial liabilities or as equity in accordance with the substance of the contractual agreement and the definitions of financial liabilities and equity instruments. Equity instruments An equity instrument consists in a contract evidencing a residual ownership interest over an entity’s net assets after deducting all its liabilities. Equity instruments issued by us are recognized at the amount of proceeds received, net of direct issuance costs. The repurchase of our own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss stemming from purchases, sales, issuance or cancellation of our own equity instruments. Note 3.16 to our audited consolidated financial statements discloses the valuation and classification criterion for all individual equity accounts, including non-controlling interest. Financial Liabilities: Financial liabilities are classified as at fair value through profit or loss or other financial liabilities. The Group does not have financial liabilities that arise from supplier finance arrangement. Financial liabilities at fair value through profit or loss: A financial liability at fair value through profit or loss is a financial liability classified either as held for trading or at fair value through profit or loss. Financial liabilities are classified as held for trading if: a)It has been acquired or incurred principally for the purpose of selling or repurchasing it in the near term; or b)At the time of initial recognition, the liabilities are part of a portfolio of financial instruments that are managed by the Group and there is evidence of a recent current pattern of short-term profit; or c)It is a derivative that has not been designated and is not effective as a hedging instrument or financial guarantee. Financial liabilities at fair value through profit or loss are recorded at fair value, with any gains or losses arising from the remeasurement being recognized in profit or loss. The net gain or loss recognized in profit or loss includes any interest paid on the financial liability and is included in other financial results. Fair value is determined as described in Note 32 of our consolidated financial statements. Financial liabilities (other than financial liabilities held for trading) or contingent consideration to be paid by an acquirer as a part of a business combination may be designated as a liability at fair value through profit and loss upon initial recognition if: •Such designation eliminates or significantly reduces a potential accounting mismatch that would otherwise arise; or •Financial liabilities are part of a group of financial assets or liabilities or both, which is managed and whose performance is assessed on the basis of fair value, in accordance with the Group’s documented risk management or investment strategy, and information about the Group is provided internally on that basis; or •They are part of a contract containing one or more embedded derivatives, and IFRS 9 allows the entire combined contract to be carried at fair value through profit and loss. We have no financial liabilities measured at fair value to be presented in the statement of financial position. Other financial liabilities: Other financial liabilities, including borrowings and trade and other payables, are initially recognized at fair value, net of transaction costs. 83 Table of Contents Subsequent to initial recognition, other financial liabilities are then measured at amortized cost using the effective interest rate method, with interest expense recognized based on actual return. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement for more than twelve months after the date of the financial statements. Financial liabilities in foreign currency: The fair value of financial liabilities in foreign currency is determined in that foreign currency and translated at the exchange rate at the end of each fiscal year. The foreign currency component is part of its profit or loss at fair value. For financial liabilities classified as at fair value through profit or loss, the foreign currency component is recognized in profit or loss. For debt instruments denominated in foreign currency classified at amortized cost, gains and losses in foreign currency are determined on the basis of the amortized cost of the liability and recognized in “Exchange rate differences” under the “Financial results net” in the statement of profit or loss and other comprehensive income. Derecognition of financial liabilities: We derecognize financial liabilities if, and only if, the obligations of the Group expire, are settled or satisfied. Short- and long-term employee benefits Liabilities are recognized for the benefits accrued in favor of employees with respect to the salaries and wages, annual vacations and leaves of absence due to diseases in the period in which the service is rendered in connection with the non-discounted amount of the benefits expected to be paid in exchange for such service. Liabilities recognized with respect to other long-term employee benefits (severance payment plans resulting from specific plans for employees leaving the Group and receiving a compensation payable in installments) are measured at the present value of estimated future cash outflows expected to be paid. See Note 3.17 to our audited consolidated financial statements , and "Item 6.A. Directors, Senior management and Employees" and "Item 6.B. Compensation" of this annual report for information about the current employee benefit plans. Until November 2024, the cost of the share-based payment plans to be settled with equity instruments issued under the existing program was measured at fair value at the date of each grant and it was recognized as "Salaries, wages, and social security contributions" in the comprehensive income over the period in which the performance and/or service conditions were met, with a corresponding entry to “Share-based payment plans” in shareholders' equity. During the month of November 2024, the outstanding balance of the active plans that was maintained in equity was reclassified to liabilities considering that it is the intention of the Group's Management to settle the plans in cash. The liability is measured at fair value at the end of each fiscal year, with a corresponding charge to comprehensive income statement under the account "Salaries, wages, and social security contributions". Stripping and quarry exploitation costs In the ordinary course of business, the company undertakes several exploration and evaluation activities in order to search for mineral ore and determine the technical and commercial feasibility of the resources identified. Exploration and evaluation activities include research and analysis of historical exploration data, the compilation of exploration data through geological studies, exploratory drilling and sampling in several areas, the determination of the volume and qualification of the resources identified, among others. Following the guidelines established by IFRIC 20 "Uncovering costs in the production phase of an open-pit mine", the costs of uncovering and initial preparation of open-pit quarries for subsequent exploitation are capitalized as property, plant and equipment, as part of the development and uncovering costs of the Company's open-pit quarries, and are subsequently depreciated based on the units extracted, considering for this purpose the estimate of the reserves available for extraction and existing in the uncovered area at any given time. Periodically, the Group re-evaluates the estimate of the proven reserves in the uncovered quarries and prospectively adjusts the effects of any differences in the estimate of the tonnes available for extraction. Due to the periodicity of the reviews of the estimates, the risk of significant differences in them is reduced. 84 Table of Contents Extraction costs incurred subsequently during the Company's production phase are recognized as part of the cost of production. Mineral rights acquired in connection with the right to explore existing exploration areas are capitalized and amortized during the term of the right. As soon as a legal right has been acquired to explore, exploration and evaluation costs are expensed as incurred to profit or loss, unless the company’s management arrives at the conclusion that there is a highest likelihood of obtaining future profits; when this is the case, costs are capitalized. In assessing whether the costs satisfy the criteria to be capitalized several information sources are used, including the nature of the assets, the surface area explored and the results of the samples taken, among others. All capitalized stripping, exploration and evaluation costs are subject to impairment testing. In the case of determining a potential impairment indicator, the company carries out an assessment of its recoverability together with the group of related operating assets, which represents the cash-generating unit to which the exploration is attributed. Ferrosur Roca S.A. concession Management has reviewed the Group’s interest in Ferrosur Roca S.A., taking into account the provisions of IFRIC 12 Service Concession Arrangements, which provides guidance on accounting by the operators of public-to-private service concession arrangements. Based on the fact that the grantor neither controls nor regulates which services should be provided by the operator to the infrastructure or to whom it must provide them, and at what price, the company's management concluded that the Ferrosur Roca S.A. concession is out of the scope of IFRIC 12 and, therefore, the Group does not apply its provisions. Accordingly, the Group has recorded the assets received from the concession and those subsequently acquired under IAS 16 - Property, Plant and Equipment. The concession bidding terms and conditions grant an original term of thirty years (1993-2023) and originally provided for the possibility of an extension for ten additional years, which was rejected by the Ministry of Transport for the reasons described in Note 36 to the consolidated financial statements. The Ministry of Transport provisionally issued resolutions granting extensions to the concession for terms of 12 and 18 months to the different concessionaires, including Ferrosur Roca S.A. Therefore, the concession of Ferrosur Roca S.A. has been extended for the third time and will end in September 2026 or an earlier date on which a new contracting model can be established. The Group has reassessed all the accounting estimates affected to the end of the current concession and the continuation of its activities, taking into account available information and has not anticipated significant associated effects to date. Likewise, it has reassessed all the accounting estimates affected to the end of the current concession, especially those associated with the recoverability of certain non-current assets affected by it. See Note 36 to our audited consolidated financial statements. Management’s accounting estimates and judgments on environmental matters The Group is constantly working on a responsible and sustainable business strategy, committed to improving environmental performance on an ongoing basis, minimizing environmental impact caused by its operations, and providing maximum value for society. To this end, we have set various environmental sustainability goals within the medium term (year 2030) and long term (year 2050), in alignment with the 2030 Agenda Sustainable Development Goals (“SDG”) promoted by the United Nations. The main committed goals are related to maximizing energy efficiency and renewable energy, reducing gas emissions and improving air quality, reducing the carbon footprint, maximizing water management, streamlining waste management by promoting circular economy, and improving efficiency in the use of materials. In preparing the consolidated financial statements, the Group's management has considered the potential environmental impact. Therefore, the estimates and judgments made by the Group's management primarily involve assumptions related to future regulations and performance of the industry in which the Group operates. The effects of changes in the estimates and judgments made may primarily relate to impairment tests on property, plant and equipment, the estimated useful life of fixed those assets and therefore the related depreciation recognized annually, as well as the 85 Table of Contents recognition of provisions, such as the environmental provision to afford the estimated expenses for the environmental recovery and restoration of the mining areas exploited by the Group. Components of Certain Statement of Profit or Loss and Other Comprehensive Income Line Items Revenues Our revenues are derived by deducting discounts to clients from our gross sales revenue. Practically all of our gross sales revenue is denominated in pesos and is derived primarily from our sale of cement products, concrete, aggregates and railway services. Cost of Sales Our cost of sales consists of electrical power, manual labor, contractors, depreciation and amortization, freight, packaging and other costs. The following table sets forth the percentage of our total cost of sales that each such component represented for the years ended December 31, 2025, 2024 and 2023. For the Year Ended December 31, 2025 2024 2023 (in percentages) Salaries, wages and social security charges 17.2 17.0 15.3 Depreciation 13.4 12.4 10.1 Thermal energy 11.4 12.8 16.0 Preservation and maintenance costs 10.2 11.4 9.1 Freight 10.0 9.4 10.5 Contractors 9.1 9.3 7.9 Electrical power 7.7 7.7 7.7 Packaging 4.1 3.5 3.3 Taxes, contributions and commissions 2.0 1.9 1.7 Transport and travelling expenses 1.2 1.2 0.9 Fees and compensation for services 1.0 1.0 1.5 Employee benefits 0.7 0.7 0.5 Security 0.7 0.7 0.5 Insurance 0.4 0.4 0.4 Leases 0.1 0.2 0.2 Communications 0.1 0.1 0.1 Canon (concession fee) 0.1 0.1 0.1 Data processing 0.1 0.1 0.1 Others 1.7 1.8 1.1 Production expenses 91.2 91.7 87.0 Cost of sales 100.0 100.0 100.0 Selling and Administrative Expenses Our selling and administrative expenses consist of salaries, benefits and expenses paid to or on behalf of our sales force, advertising and marketing expenses, certain taxes, delivery services and other expenses. The following table 86 Table of Contents sets forth the percentage of our selling and administrative expenses that each such component represented for the years ended December 31, 2025, 2024 and 2023. For the Year Ended December 31, 2025 2024 2023 (in percentages) Salaries, wages and social security charges 26.5 26.2 25.0 Taxes, contributions and commissions 20.0 20.5 21.5 Freight 9.9 12.3 12.1 Managers, directors and trustees’ fees 8.2 6.6 7.3 Fees and compensation for services 7.3 8.3 8.6 Data processing 6.6 5.0 3.6 Depreciation and amortization 5.5 5.5 5.2 Advertising expenses 4.3 5.4 5.5 Insurance 4.0 3.8 4.5 Transport and travelling expenses 1.6 1.6 1.4 Allowance for doubtful accounts 1.5 0.1 0.3 Leases 1.2 0.7 0.4 Employee benefits 1.0 1.4 1.4 Communications 0.5 0.4 0.5 Preservation and maintenance costs 0.2 0.3 0.3 Water, natural gas and energy services 0.1 0.1 0.0 Security 0.0 0.0 0.2 Others 1.6 1.8 2.2 Total selling and administrative expenses 100.0 100.0 100.0 Financial results, net Our financial results principally reflects: (1) interest payments in respect of our short- and long-term indebtedness; (2) income from our financial investments; (3) unwinding on liabilities and receivables; (4) loss from securities transactions; (5) foreign exchange variations related to our foreign currency-denominated indebtedness; (6) gain or loss on net monetary position.; and (7) fees, commissions and other charges paid to financial institutions for borrowings. The non-cash components of our financial income (expenses), net, include foreign exchange variation. For a description of our outstanding indebtedness as of December 31, 2025, see “Item 5.B. Operating and Financial Review and Prospects—Liquidity and Capital Resources”. Income Tax Expense Income tax expense includes current and deferred taxes. Current income tax is measured as the amount expected to be paid (or recovered, to the extent applicable) to tax authorities based on the taxable profit for the period. Deferred taxes includes the effect of temporary differences originating in the different basis for measuring assets and liabilities according to accounting and tax criteria and of the existing net losses and unused tax credits susceptible of deduction of future taxable income computed by considering the tax rate. Results of Operations In the following discussion, references to increases or decreases in any period are made by comparison with the prior period, except as the context otherwise indicates. For a reconciliation of the operating results of our operating segments for the periods indicated to our consolidated results of operations, see Note 31 to our audited consolidated financial statements included elsewhere in this annual report. 87 Table of Contents Year Ended December 31, 2025, compared to the Year Ended December 31, 2024 The following table sets forth our consolidated statement of profit or loss and other comprehensive income for 2025 and 2024: For the Year Ended December 31, Variation 2025 2024 Amount (%) (in millions of Ps., except percentages) Revenue 848,086.6 919,760.9 (71,674.3) (7.8) Cost of sales (663,079.9) (673,789.8) 10,709.9 (1.6) Gross profit 185,006.7 245,971.1 (60,964.4) (24.8) Selling and administrative expenses (94,344.8) (96,261.3) 1,916.5 (2.0) Other gains and losses 4,812.8 5,992.4 (1,179.6) (19.7) Tax on debits and credits to bank accounts (9,032.8) (9,761.4) 728.6 (7.5) Finance costs, net Exchange rate differences (85,133.2) (57,498.0) (27,635.2) 48.1 Gain on net monetary position 90,039.2 345,814.7 (255,775.5) (74.0) Financial income 3,976.7 2,582.2 1,394.5 54.0 Financial expenses (57,959.6) (108,557.4) 50,597.8 (46.6) Profit before taxes 37,365.1 328,282.3 (290,917.2) (88.6) Income tax expense Current (19,511.7) (87,414.4) 67,902.7 (77.7) Deferred 4,967.2 (38,774.1) 43,741.3 (112.8) Net profit 22,820.5 202,093.8 (179,273.3) (88.7) 88 Table of Contents Revenues Our revenues decreased Ps. 71,674 million, or 7.8%, from Ps. 919,761 million in 2024 to Ps. 848,087 million in 2025, mainly driven by lower revenues in our core cement segment, while the other segments delivered mixed performance. The following tables set forth our sales volume and average price for each segment for the years indicated: Sales Volume For the Year Ended December 31, 2025 2024 % Variation Cement, masonry & lime MM Tn 5.02 4.90 2.5 Concrete MM m3 0.56 0.40 42.7 Railroad MM Tn 3.93 3.63 8.2 Aggregates MM Tn 1.15 0.97 19.1 Ps./Sales volumes For the YearEnded December 31, 2025 2024 % Variation Cement, masonry & lime Ps./Tn 146,722 166,512 (11.9) Concrete Ps./m3 140,531 184,907 (24.0) Railroad Ps./Tn 19,788 23,493 (15.8) Aggregates Ps./Tn 18,981 23,482 (19.2) •Cement, masonry cement and lime segment: Revenues from our cement, masonry cement and lime segment, without considering the eliminations between segments, decreased Ps. 79,162 million, from Ps. 815,507 million in 2024 to Ps. 736,345 million in 2025, mainly due to a decrease of 11.9% in sales price, reflecting softer pricing conditions, partially offset by a 2.5% increase in sales volume. The recovery after the first half of the year slowed down amid electoral and financial uncertainties that impacted the level of activity and cement demand recovery in the second half of the year. Bulk cement dispatches showed improved performance driven by increased activity in larger construction or infrastructure projects, while bagged cement, more related to retail consumption, remained lagging in terms of recovery. As our cement segment also includes masonry cement and lime, which performed similarly to bagged cement, this weighed on overall segment growth and resulted in performance below that of the broader cement industry, which only reflects gray cement volumes. •Concrete segment: Revenues from our concrete segment, without considering the eliminations between segments, increased Ps. 6,171 million, from Ps. 73,201 million in 2024 to Ps. 79,372 million in 2025, mainly due to an increase of 42.7% in sales volume, which compensated for softer pricing dynamics in a highly competitive environment, where the average sales price decreased by 24%. In line with bulk cement dispatches, concrete demand showed a stronger recovery, underpinned by industrial projects and a moderate reactivation of public works. •Railroad segment: Revenues from our railroad segment, without considering the eliminations between segments, decreased Ps. 7,578 million, from Ps. 85,380 million in 2024 to Ps. 77,802 million in 2025. The increase of 8.2% in sales volume only partially offset the softer pricing conditions, where the average sales price decreased by 15.8%. While cement volumes transported remained almost flat, the significant increase in granitic aggregates more than offset the decline in gypsum and frac sand, both of which were affected by the disruption of the railway line connecting Bahía Blanca and Neuquén. •Aggregates segment: Revenues from our aggregates segment, without considering the eliminations between segments, decreased Ps. 853 million, from Ps. 22,717 million in 2024 to Ps. 21,864 million in 2025 mainly due to a decrease of 19.2% in average price, partially offset by a 19.1% increase in sales volume. 89 Table of Contents •Others segment: Revenues from Recycomb S.A.U., without considering the eliminations between segments, increased Ps. 2,940 million, from Ps. 9,149 million in 2024 to Ps. 12,089 million in 2025. Cost of sales Our cost of sales decreased Ps. 10,710 million, or 1.6%, from Ps. 673,790 million for 2024 to Ps. 663,080 million for 2025, mostly as a consequence of the decrease in unit costs in our cement segment. The main contributors to our cost of sales decrease during the period were (1) Ps. 11,614 million in thermal and electrical energy costs, due to a lower impact of energy input prices on our cost of sales; (2) Ps. 9,033 million in lower maintenance expenses, mainly due to the lower increase of costs against inflation; and (3) Ps. 2,327 million in lower costs of contractors. These production expense items have decreased more than the impact of cost increases from (1) depreciation and amortization by Ps. 5,206 million, (2) freight and tolls by Ps. 2,831 million and (3) packaging by Ps. 3,309 million. The following table sets forth the reconciliation of our production costs to our cost of sales for the years indicated: As of and for the Year Ended December 31, 2025 2024 (in millions of Ps.) Purchases and production expenses for the year 685,735.6 743,252.8 (+) Inventories at the beginning of the year 353,511.3 284,048.2 (-) Inventories at the end of the year 376,167.0 353,511.3 Cost of sales 663,079.9 673,789.8 The cost of sales of our segments is set forth below, eliminations between segments are not considered: •Cement, masonry cement and lime segment: Cost of sales from our cement, masonry cement and lime segment, without considering the eliminations between segments, decreased Ps. 18,022 million, or 3.2%, from Ps. 565,189 million in 2024 to Ps. 547,167 million in 2025. This decrease in cost of sales was mainly due to (1) lower thermal and electrical energy costs as a consequence of lower unitary costs; (2) a decrease in preservation and maintenance costs; and (3) lower costs of contractors. •Concrete segment: Cost of sales from our concrete segment, without considering the eliminations between segments, increased Ps. 6,706 million, or 8.7%, from Ps. 77,418 million in 2024 to Ps. 84,124 million in 2025. This increase in the cost of sales was mainly due to the higher sales volume partially offset by a decrease in equipment rental and other fixed costs. •Railroad segment: Cost of sales from our railroad segment decreased Ps. 8,394 million, or 9.9%, from Ps. 85,075 million in 2024 to Ps. 76,681 million in 2025, mainly due to lower costs of maintenance materials, depreciation and amortization. •Aggregates segment: Cost of sales from our aggregates segment increased Ps. 1,974 million, or 7.4%, from Ps. 26,612 million in 2024 to Ps. 28,586 million in 2025. This increase was primarily due to the higher volume of sales, partially offset by lower costs of maintenance materials and services and lower equipment rental costs. •Others segment: Cost of sales from Recycomb S.A.U. segment increased Ps. 218 million, or 3.8%, from Ps. 5,689 million in 2024 to Ps. 5,907 million in 2025. Gross profit Due to the factors mentioned above, our gross profit decreased Ps. 60,964 million, or 24.8%, from Ps. 245,971 million in 2024 to Ps. 185,007 million in 2025. Our gross margin (gross profit divided by revenues and expressed as a percentage) contracted by 493 basis points, from 26.7% in 2024 to 21.8% in 2025. 90 Table of Contents Selling and administrative expenses Our selling and administrative expenses decreased Ps. 1,916 million, or 2.0%, from Ps. 96,261 million in 2024 to Ps. 94,345 million in 2025, mainly due to (1) a decrease in freight due to lower input costs; (2) a decrease in advertising expenses; and (3) a decrease in fees and compensation for services, that have compensated the higher charge of data processing expenses and allowance for doubtful accounts. Other gains and losses Our other gains and losses decreased Ps. 1,179 million, or 19.7%, from a net gain of Ps. 5,992 million in 2024 to a net gain of Ps. 4,813 million in 2025, mainly attributable to a decrease in gains on the disposal of property, plant and equipment, which was partially offset by lower gains recognized on the acquisition of tax credits. The remaining components of other gains and losses did not present material variations in the period. Tax on bank accounts debits and credits Our tax on bank accounts debits and credits decreased Ps. 729 million, or 7.5%, from Ps. 9,761 million in 2024 to Ps. 9,033 million in 2025, related to the amount of monetary transactions carried out during 2025, that trigger the mentioned tax. Financial results, net Our total net financial cost increased Ps. 231,418 million, from a gain of Ps. 182,341 million in 2024 to a loss of Ps. 49,077 million in 2025, mainly due to (1) a decrease in gain on net monetary position of Ps. 255,776 million; (2) an increase of Ps. 27,635 million in loss due to exchange rate differences due to the increased devaluation of the local currency; (3) a lower charge of Ps. 28,601 million from interest on borrowings due to lower average interest rates during 2025; (4) a higher profit of Ps 560 million from temporary investments; and (5) a decrease in interest on other payables of Ps. 8,307 million. Our financial expenses decreased Ps. 50,597 million, or 46.6%, from Ps. 108,557 million in 2024 to Ps. 57,960 million in 2025, mainly due to a lower impact of Ps. 28,601 million from interest on borrowings and Ps. 8,307 million in interest on other payables. Our financial income decreased Ps. 1,395 million, or 54%, from Ps. 2,582 million for 2024 to Ps. 3,977 million for 2025. Income tax expense Our income tax expense decreased Ps. 111,643 million, or 88.5%, from Ps. 126,188 million in 2024 to Ps. 14,545 million in 2025 mainly due to the decrease in profit for the year 2025 compared to that of 2024, affected by the hyperinflation adjustments for income tax determination. The resulting effective tax rate was 38.9% in 2025 compared to 38.4% in 2024. 91 Table of Contents The following table presents our effective tax rate reconciliation for each year. For the year ended December 31, 2025 2024 (amounts in millions of Ps.) Profit before income tax expense 37,365.1 328,282.3 Statutory rate 35 % 35 % Income tax at statutory rate (13,077.8) (114,898.8) Adjustments for calculation of the effective income tax: Recovery of tax losses 312.7 575.1 Effects of the inflation adjustment for accounting and tax purposes (1,623.0) (11,715.3) Other non-taxable income or non-deductible expense net (156.5) (149.5) Income tax expense (14,544.5) (126,188.5) Income tax expense Current (19,511.7) (87,414.4) Deferred 4,967.2 (38,774.1) Total (14,544.5) (126,188.5) Our current income tax expense decreased Ps. 67,902 million, or 77.7%, from Ps. 87,414 million in 2024 to Ps. 19,512 million in 2025, mainly explained by a lower profit before taxes. Our deferred income tax expense decreased Ps. 43,741 million or 112.8%, from a loss of Ps. 38,774 million in 2024 to a gain of Ps. 4,967 million in 2025, mainly due to the impact during 2024 of using the tax loss carryforwards existing as of December 31, 2023. Net profit As a result of the foregoing, our net profit decreased Ps. 179,275 million, or 88.7%, from Ps. 202,094 million in 2024 to Ps. 22,821 million in 2025. Our net margin (net profit divided by revenues and expressed as a percentage) decreased by 1,928 basis points, from 22.0% in 2024 to 2.7% in 2025. 92 Table of Contents Year Ended December 31, 2024, compared to the Year Ended December 31, 2023 The following table sets forth our statement of profit or loss and other comprehensive income for 2024 and 2023: For the Year Ended December 31, Variation 2024 2023 Amount (%) (in millions of Ps., except percentages) Revenue 919,760.9 1,209,344.5 (289,583.6) (23.9) Cost of sales (673,789.8) (905,956.9) 232,167.1 (25.6) Gross profit 245,971.1 303,387.6 (57,416.5) (18.9) Selling and administrative expenses (96,261.3) (110,763.9) 14,502.6 (13.1) Other gains and losses 5,992.4 2,629.9 3,362.5 127.9 Tax on debits and credits to bank accounts (9,761.4) (13,396.6) 3,635.2 (27.1) Finance costs, net Exchange rate differences (57,498.0) (335,771.4) 278,273.4 (82.9) Gain on net monetary position 345,814.7 397,500.1 (51,685.4) (13.0) Financial income 2,582.2 16,357.0 (13,774.8) (84.2) Financial expenses (108,557.4) (210,045.5) 101,488.1 (48.3) Profit before taxes 328,282.3 49,897.2 278,385.1 557.9 Income tax expense Current (87,414.4) (10,914.1) (76,500.3) 700.9 Deferred (38,774.1) (11,251.8) (27,522.3) 244.6 Net profit 202,093.8 27,731.3 174,362.5 628.8 93 Table of Contents Revenues Our revenues decreased Ps. 289,584 million, or 23.9%, from Ps. 1,209,345 million in 2023 to Ps. 919,761 million in 2024, primarily due to lower topline performance of our core business, cement, followed by the concrete, aggregates and railroad segments. The following tables set forth our sales volume and average price for each segment for the years indicated: Sales Volume For the Year Ended December 31, 2024 2023 % Variation Cement, masonry & lime MM Tn 4.90 6.42 (23.7) Concrete MM m3 0.40 0.58 (31.8) Railroad MM Tn 3.63 4.20 (13.4) Aggregates MM Tn 0.97 1.29 (24.8) Ps./Sales volumes For the Year Ended December 31, 2024 2023 % Variation Cement, masonry & lime Ps./Tn 166,512 165,175 0.8 Concrete Ps./m3 184,907 199,915 (7.5) Railroad Ps./Tn 23,493 22,698 3.5 Aggregates Ps./Tn 23,482 28,679 (18.1) •Cement, masonry cement and lime segment: Revenues from our cement, masonry cement and lime segment, without considering the eliminations between segments, decreased Ps. 244,406 million, from Ps. 1,059,913 million in 2023 to Ps. 815,507 million in 2024, mainly due to a decrease of 23.7% in sales volume. The transition in the government's administration and the impact of the stabilization plan negatively affected cement demand, especially in the first half of the year. However, as the economy began to recover and stabilize, activity levels improved in the second half. Bagged cement dispatches proved more resilient in this environment, while bulk dispatches were more significantly impacted by the slowdown in activity levels. •Concrete segment: Revenues from our concrete segment, without considering the eliminations between segments, decreased Ps. 42,779 million, from Ps. 115,980 million in 2023 to Ps. 73,201 million in 2024, mainly due to a decrease of 31.8% in sales volume and an average sales price decrease of 7.5%. In line with bulk cement dispatches, concrete demand was more heavily affected by the economic slowdown and the halt in public works, as well as major private projects. •Railroad segment: Revenues from our railroad segment, without considering the eliminations between segments, decreased Ps. 9,914 million, from Ps. 95,294 million in 2023 to Ps. 85,380 million in 2024, mainly due to a decrease of 13.4% in sales volume, partially offset by a 3.5% increase in the average selling price. The significant increase in transported volumes of grains and frac sand helped offset the drop in construction materials and chemicals •Aggregates segment: Revenues from our aggregates segment, without considering the eliminations between segments, decreased Ps. 14,203 million, from Ps. 36,920 million in 2023 to Ps. 22,717 million in 2024 mainly due to a decrease of 24.8% in sales volume and an average price decrease of 18.1%. •Others segment: Revenues from Recycomb S.A.U., without considering the eliminations between segments, increased Ps. 2,330 million, from Ps. 6,819 million in 2023 to Ps. 9,149 million in 2024. Cost of sales Our cost of sales decreased Ps. 232,167 million, or 25.6%, from Ps. 905,957 million for 2023 to Ps. 673,790 million for 2024, mostly as a consequence of the lower sales volume. The main contributors to our cost of sales decrease 94 Table of Contents during the period were (1) Ps. 76,717 million in thermal and electrical energy costs, due to a lower sales volume and a lower impact of energy inputs on our cost of sales; (2) Ps. 31,222 million in lower freight costs, mainly due to lower sales volume; and (3) Ps. 23,963 million in lower costs of salaries, wages and social contributions. The following table sets forth the reconciliation of our production costs to our cost of sales for the years indicated: As of and for the Year Ended December 31, 2024 2023 (in millions of Ps.) Purchases and production expenses for the year 743,252.8 951,070.8 (+) Inventories at the beginning of the year 284,048.2 238,934.3 (-) Inventories at the end of the year 353,511.3 284,048.2 Cost of sales 673,789.8 905,956.9 The cost of sales of our segments is set forth below, eliminations between segments are not considered: •Cement, masonry cement and lime segment: Cost of sales from our cement, masonry cement and lime segment, without considering the eliminations between segments, decreased Ps. 193,887 million, or 25.5%, from Ps. 759,076 million in 2023 to Ps. 565,189 million in 2024. This decrease in cost of sales was mainly due to (1) lower thermal and electrical energy costs as a consequence of decreased sales volume and lower unitary costs in US dollars; (2) a decrease in salaries, wages and social contributions; and (3) lower freight costs mainly due to a decreased outbound and inbound transportation needs. •Concrete segment: Cost of sales from our concrete segment, without considering the eliminations between segments, decreased Ps. 37,534 million, or 32.7%, from Ps. 114,952 million in 2023 to Ps. 77,418 million in 2024. This decrease in the cost of sales was mainly due to a decrease in the cost of raw materials, salaries and social security contributions, maintenance costs and equipment leasing associated with the drop in volume. •Railroad segment: Cost of sales from our railroad segment decreased Ps. 12,824 million, or 13.1%, from Ps. 97,899 million in 2023 to Ps. 85,075 million in 2024, mainly due to lower transported volume coupled with lower costs of salaries, wages, social contributions and maintenance materials. •Aggregates segment: Cost of sales from our aggregates segment decreased Ps. 7,898 million, or 22.9%, from Ps. 34,510 million in 2023 to Ps. 26,612 million in 2024. This decrease was primarily due to lower equipment rental costs and lower salaries and social security contributions associated with the drop in volume. •Others segment: Cost of sales from Recycomb S.A.U. segment increased Ps. 587 million, or 11.5%, from Ps. 5,102 million in 2023 to Ps. 5,689 million in 2024. Gross profit Due to the factors mentioned above, our gross profit decreased Ps. 57,417 million, or 18.9%, from Ps. 303,388 million in 2023 to Ps. 245,971 million in 2024. Our gross margin (gross profit divided by revenues and expressed as a percentage) expanded by 166 basis points, from 25.1% in 2023 to 26.7% in 2024. Selling and administrative expenses Our selling and administrative expenses decreased Ps. 14,503 million, or 13.1%, from Ps. 110,764 million in 2023 to Ps. 96,261 million in 2024, mainly due to (1) a decrease in Taxes, duties, contributions, and commissions due to lower sales volume; (2) a decrease in Freight due to lower volume; (3) a decrease in salaries, wages and social contributions; and (4) a decrease in the remuneration of directors and trustees. Other gains and losses Our other gains and losses increases Ps. 3,362 million, or 127.9%, from a net gain of Ps. 2,630 million in 2023 to a net gain of Ps. 5,992 million in 2024, mainly due to the sale of property, plant and equipment. 95 Table of Contents Tax on bank accounts debits and credits Our tax on bank accounts debits and credits decreased Ps. 3,636 million, or 27.1%, from Ps. 13,397 million in 2023 to Ps. 9,761 million in 2024, related to the amount of monetary transactions carried out the respective fiscal year that trigger such tax. Financial results, net Our total net financial cost decreased Ps. 314,302 million, from a loss of Ps. 131,960 million in 2023 to a gain of Ps. 182,342 million in 2024, principally due to (1) a decrease of Ps. 278,273 million in loss due to exchange rate differences; (2) a decrease in gain on net monetary position of Ps. 51,685 million; (3) a lower charge of Ps. 101,143 million from interest on borrowings; (4) a lower profit of Ps 13,065 million from temporary investments; and (5) a higher loss from other net financial income and expense of Ps. 364 million. Our financial expenses decreased Ps. 101,489 million, or 48.3%, from Ps. 210,046 million in 2023 to Ps. 108,557 million in 2024, mainly due to a lower impact of Ps. 101,143 million from interest on borrowings Our financial income decreased Ps. 13,775 million, or 84.2%, from Ps. 16,357 million for 2023 to Ps. 2,582 million for 2024, mainly due to a lower amount of temporary investments. Income tax expense Our income tax expense increased Ps. 104,022 million, or 469.3%, from Ps. 22,166 million in 2023 to Ps. 126,188 million in 2024 mainly due to the increase in profit for the year 2024 compared to that of 2023. The resulting effective tax rate was 38.4% in 2024 compared to 44.4% in 2023, affected by the hyperinflation adjustments for income tax determination. The following table presents our effective tax rate reconciliation for each year. For the year ended December 31, 2024 2023 (amounts in millions of Ps.) Profit before income tax expense 328,282.3 49,897.2 Statutory rate 35 % 35 % Income tax at statutory rate (114,898.8) (17,464.0) Adjustments for calculation of the effective income tax: Recovery of tax losses 575.1 3,045.9 Effects of the inflation adjustment for accounting and tax purposes (11,715.3) (8,533.9) Other non-taxable income or non-deductible expense net (149.5) 786.1 Income tax expense (126,188.5) (22,165.9) Income tax expense Current (87,414.4) (10,914.1) Deferred (38,774.1) (11,251.8) Total (126,188.5) (22,165.9) Our current income tax increased Ps. 76,500 million, or 700.9%, from Ps. 10,914 million in 2023 to Ps. 87,414 million in 2024, mainly explained by a higher profit before taxes. Our deferred income tax increased Ps. 27,522 million, or 244.6%, from Ps. 11,252 million in 2023 to Ps. 38,774 million in 2024, mainly due to the use of tax loss carryforwards existing as of December 31, 2023. 96 Table of Contents Net profit As a result of the foregoing, our net profit increased Ps. 174,363 million, or 628.8%, from Ps. 27,731 million in 2023 to Ps. 202,094 million in 2024. Our net margin (net profit divided by revenues and expressed as a percentage) increased by 1,968 basis points, from 2.3% in 2023 to 22.0% in 2024. B.Liquidity and Capital Resources Our financial condition and liquidity is and will be influenced by a variety of factors, including: •our ability to generate cash flows from our operations; •the level of our outstanding indebtedness and the interest that we are obligated to pay on our indebtedness, which affect our net financial expenses; •variations in the exchange rate of Argentine pesos versus other currencies; •prevailing domestic and international interest rates, which affect our debt service requirements; and •our capital expenditure requirements, which consist primarily of investments in our operations, maintenance, equipment and plant facilities. Our principal cash requirements consist of the following: •working capital requirements; •the servicing of our indebtedness; and •capital expenditures related to investments in our operations, maintenance, equipment and plant facilities. During 2025, we used cash flow generated by our operations, primarily for capital expenditures, working capital needs and payment of interest on our financial debt. As of December 31, 2025, our cash and cash equivalents (defined as cash and banks and short-term investments as sated in Note 29 to our consolidated financial statements) was Ps. 31,416 million. On January 27, 2023, our board of directors approved the first issuance of simple corporate bonds not convertible into shares under our Global Corporate Bond Issuance Program for up to US$150.0 million which was approved by the general shareholders’ meeting held on April 16, 2020, the terms and conditions of which were approved by our board of directors at its meeting held on the same day. On February 22, 2023, the company issued its Class 1 Corporate Bonds, which resulted in a face value of Ps. 25,636.3 million (equivalent to US$133.3 million), bearing interest at BADLAR + 2% and maturing within 18 months. On April 25, 2023, the general shareholders’ meeting approved the increase in the amount of our Global Corporate Bond Issuance Program to US$500 million. On June 21, 2023, the company issued its Class 2 Corporate Bonds, which resulted in a face value of US$71.7 million, bearing interest at 6.50% and maturing within 30 months. The issue was approved by our board of directors on June 9, 2023. On September 11, 2023, the company issued its Class 3 Corporate Bonds, which resulted in a face value of US$55 million, bearing interest at 7.49% and maturing within 30 months. The issue was approved by our board of directors on August 31, 2023. On November 2, 2023, the company issued its Class 4 Corporate Bonds, which resulted in a face value of US$10 million, bearing interest at 6% and maturing within 30 months. The issue was approved by our board of directors on October 25, 2023. During the fiscal year ended December 31, 2025 and 2024, Loma Negra entered into funding agreements through stock market repurchase agreements (caución bursátil). These borrowings were obtained through Banco de Valores S.A. and were secured by public securities obtained on loan. The cost of these guarantees is included in the 97 Table of Contents borrowing rate and is accrued over the duration of the loan. The Group does not recognize assets or liabilities in connection with the collateral granted, as the associated guarantees do not transfer the rights or obligations of ownership. The Company also entered into fundraising agreements by issuing promissory notes through the EPYME channel of Caja de Valores S.A. On July 24, 2025, the Group issued its Class 5 Corporate Bonds in U.S. dollars for a total amount of US$ 112.9 million, with a fixed annual nominal interest rate of 8% payable semi-annually, and maturing on July 26, 2027. The corporate bonds were subscribed and integrated (i) in kind by delivering Class 2 and Class 3 corporate bonds for an amount of US$ 16.3 million and US$ 11.9 million, respectively, and (ii) in cash in U.S. dollars for a total amount of US$ 84.2 million. The exchange ratio for the Class 2 and Class 3 bonds was 100.91 and 103.10 of face value per 100 bonds tendered, respectively. In both cases, the exchange ratio includes accrued interest from the last interest payment date of the bonds to the date of issue and settlement, exclusive of all other amounts. As approved at the board of directors on January 7, 2026, on January 23, 2026, the Group issued Class 6 Corporate Bonds in U.S. dollars for a total amount of US$ 60,000,000, with a fixed annual nominal interest rate of 6.5% payable semi-annually, and maturing on January 23, 2029. The corporate bonds were subscribed and integrated (i) in kind through the delivery of Class 3 corporate bonds for an amount of US$2,844,941 and (ii) in cash in U.S. dollars for a total amount of US$57,059,291. The exchange ratio of the Class 3 corporate notes was 103.37 of face value for every 100 delivered, respectively. The exchange ratio includes interest accrued from the last interest payment date of the corporate bonds to the issuance and settlement date, exclusive of all other amounts. Details of the outstanding borrowings as of December 2025 are included below. See "Item 5.B. Indebtedness and Financing Strategy." We believe that our cash and cash equivalents on hand, cash from operations and borrowings that we believe are available to us, will be adequate to meet our capital expenditure requirements and liquidity needs at least for the next 12 months. We implement liquidity risk management practices, keeping cash and other liquid instruments, as well as available funds. We may require additional capital to meet our long-term liquidity objectives and future growth requirements. The Group considers that it has adequate sources of liquidity, subject to the information outlined in "Item 3.D. Risk Factors" herein. Capital Resources After the completion of our capacity expansion project with the second line of L'Amalí in 2021, we significantly reduced our capital expenditures needs. During 2025, we principally invested in maintenance capital expenditures and the 25 kilograms project, which were financed mainly from our cash of operations and new debt financings. Regarding future commitments, we have no other material investment plans other than the ones related to maintenance capital expenditures. Cash Flows The table below sets forth our cash flows from continuing operating activities, continuing investing activities and continuing financing activities for the years ended December 31, 2025, 2024 and 2023: For the Year Ended December 31, 2025 2024 2023 (in millions of Ps.) Cash and cash equivalents at the beginning of the year 11,251.8 19,291.0 43,809.0 Net cash generated by operating activities 65,396.2 164,065.1 243,582.1 Net cash used in investing activities (66,711.4) (95,891.0) (102,627.2) Net cash generated by (used in) financing activities 21,398.8 (63,493.2) (117,695.9) Effect of restating in constant currency of cash and cash equivalents (12,102.6) (13,198.1) (66,514.0) Effects of exchange rate differences on cash and cash equivalents in foreign currency 12,182.7 478.0 18,737.1 Cash and cash equivalents at the end of the year 31,415.7 11,251.8 19,291.1 98 Table of Contents Year Ended December 31, 2025 In 2025, our cash resulting from profit before tax, adjusted to reconcile net profit to net cash generated by operating activities, was Ps. 162,126 million. The sum of changes in operating assets and liabilities were Ps. 96,730 million in 2025, which was mainly due to an increase in trade accounts receivable and other receivables of Ps 56,117, an increase in inventories of Ps 13,947 and cash flows of a Ps. 75,321 million in income tax paid, partially offset by cash flows from an increase in accounts payable of Ps. 18,249 million and an increase of Ps. 17,790 from tax liabilities. In 2025, net cash provided by operating activities amounted to Ps. 65,396 million. Our net cash flow used in investing activities was Ps. 66,711 million in 2025, mainly as a result of our acquisition of property, plant and equipment of Ps. 62,886 million. Our net cash flow generated by financing activities was Ps. 21,399 million in 2025, primarily due to net proceeds from borrowings of Ps. 61,141 million partially offset by interest paid to service our debt of Ps. 37,414 million. Our cash and cash equivalents of continuing operations increased by Ps. 20,164 million in 2025. Year Ended December 31, 2024 In 2024, our cash resulting from profit before tax, adjusted to reconcile net profit to net cash generated by operating activities, was Ps. 201,255 million. The sum of changes in operating assets and liabilities used cash by Ps. 37,190 million in 2024, which was mainly due to an increase in inventories of Ps 60,629, an increase in trade accounts receivable of Ps 52,422, a decrease in other liabilities of Ps. 14,794 and cash flow of Ps. 16,437 million in income tax paid, partially offset by cash flows from an increase in accounts payable of Ps. 71,830 million and an increase of Ps. 30,139 from other receivables. In 2024, net cash provided by operating activities amounted to Ps. 164,065 million. Our net cash flow used in investing activities was Ps. 95,891 million in 2024, mainly as a result of our acquisition of property, plant and equipment of Ps. 96,094 million. Our net cash flow used in financing activities was Ps. 63,493 million in 2024, primarily due to interest paid to service our debt of Ps. 81,022 million, partially offset by net proceeds from borrowings of Ps. 20,596 million. Our cash and cash equivalents of continuing operations decreased by Ps. 8,039 million in 2024. Year Ended December 31, 2023 In 2023, our cash resulting from profit before tax, adjusted to reconcile net profit to net cash generated by operating activities, was Ps. 219,772 million. The sum of changes in operating assets and liabilities was Ps. 23,810 million in 2023, which was mainly due to an increase in trade payables of Ps 129,517, an increase in other liabilities of Ps 20,247, and an increase in salaries and social security contributions of Ps 19,314, partially offset by cash flows of Ps. 15,849 million in income tax paid, an increase of Ps. 85,476 million from trade accounts and other receivables and an increase in inventories of Ps. 41,754 million. In 2023, net cash provided by operating activities amounted to Ps. 243,582 million. Our net cash flow used in investing activities was Ps. 102,627 million in 2023, mainly as a result of our acquisition of property, plant and equipment of Ps. 103,280. Our net cash flow used in financing activities was Ps. 117,696 million in 2023, primarily due to dividend payments of Ps. 248,780 million, interest paid to service our debt of Ps. 155,764 million, partially offset by net proceeds from borrowings of Ps. 289,600 million. Our cash and cash equivalents of continuing operations decreased by Ps. 24,518 million in 2023. Indebtedness and Financing Strategy As of December 31, 2025, our total outstanding consolidated borrowings were Ps. 297,908 million, consisting of Ps. 134,273 million of short-term borrowings, including current portion of long-term borrowings (or 45% of our total borrowings) and Ps. 163,635 million of long-term borrowings (or 55% of our total borrowings). 99 Table of Contents Our foreign currency-denominated consolidated borrowings as of December 31, 2025, were Ps. 253,981 million (or 85% of our total borrowings), all of which were denominated in U.S. dollars. Our peso-denominated borrowings were Ps. 43,927 million (or 15% of our total borrowings). As of December 31, 2025, 15% of the company's consolidated loans accrued interest at a variable rate, as it is debt in pesos. The remaining 85% accrued interest at a fixed rate, all of which in foreign currency. The following tables set forth selected information with respect to our principal outstanding borrowings as of December 31, 2025 (expressed in thousands of Ps.), compared with the previous fiscal year: 2025 2024 Ref. Company Rate Last maturity date Amount Amount Borrowings in foreign currency - USD Negotiable promissory notes (1) Loma Negra C.I.A.S.A. - - - 1,350,976 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. - - - 3,371,681 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. - - - 2,328,810 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. - - - 3,849,107 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. - - - 3,182,012 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. 6.80% Jan-26 4,967,452 3,005,289 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. 7.25% Feb-26 157,322 137,208 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. 7.37% Apr-26 1,190,496 1,004,443 Negotiable promissory notes (1) Loma Negra C.I.A.S.A. 7.00% Jul-26 35,160 - Negotiable promissory notes (1) Loma Negra C.I.A.S.A. 7.00% Aug-26 69,703 - Total borrowings in foreign currency 6,420,133 18,229,526 Borrowings in local currency Bank overdrafts (2) Ferrosur Roca S.A. 56.99% Jan-26 14,392,213 6,410,413 Bank overdrafts (2) Loma Negra C.I.A.S.A. 28.00% Jan-26 2,959,086 389,107 Securities-guaranteed borrowing (3) Loma Negra C.I.A.S.A. 72.31% Jan-26 26,575,482 12,321,973 Total borrowings in local currency 43,926,781 19,121,493 2025 2024 Ref. Company Rate Last maturity date Amount Amount Corporate notes - USD Serie – Class 2 (4) Loma Negra C.I.A.S.A. - - - 97,482,336 Serie – Class 3 (4) Loma Negra C.I.A.S.A. 7.49% Mar-26 64,048,636 76,295,087 Serie – Class 4 (4) Loma Negra C.I.A.S.A. 6.00% May-26 14,657,494 13,689,974 Serie – Class 5 (4) Loma Negra C.I.A.S.A. 8.00% Jul-27 168,855,037 - Total corporate bonds in foreing currency 247,561,167 187,467,397 Total 297,908,081 224,818,416 As of December 31, 2025, the average maturity of our indebtedness was 1.0 year. Our financing strategy over the next years principally involves minimizing the firm cost of capital, maintaining an adequate indebtedness level with a debt maturity profile compatible with our anticipated cash flow generation and anticipated capital expenditures. As of December 31, 2025, our Company's debt contracts do not include restrictive clauses that imply an obligation to maintain financial ratios and/or non-financial commitments to which it must adhere. The following is a description of our material indebtedness as of the date of this annual report. 100 Table of Contents (1) As of December 31, 2025 and 2024, Loma Negra entered into fundraising agreements by issuing promissory notes through the EPYME channel of Caja de Valores S.A. These notes bear interest at a fixed rate and are not guaranteed. (2) As of December 31, 2025 and 2024, the Group carries bank overdrafts in the amount of 17,351,299 and 6,799,520, respectively. Bank overdrafts existing at the beginning of the year were canceled regularly during fiscal year 2025. (3) During the fiscal year ended December 31, 2025 and 2024, Loma Negra took a borrowing through Banco de Valores S.A., providing as collateral securities obtained on loan. The cost of these guarantees is included in the borrowing rate and is accrued over their duration. The Group does not recognize assets or liabilities in connection with the collateral granted because its loan conditions do not provide risks and rewards of ownership over them. (4) On June 21, September 11, and November 2, 2023, Loma Negra issued its Class 2, 3 and 4 Corporate Bonds in dollars for a total amount of US$ 71,723 thousand, US$ 55,000 thousand and US$ 10,000 thousand, with an interest rate of 6.5%, 7.49% and 6.00%, and maturing on December 21, 2025, March 11, 2026 and May 2, 2026, respectively. Interest is paid semiannually. On July 24, 2025, the Group issued its Class 5 Corporate Bonds in dollars for a total amount of US$ 112,878,134, with a fixed annual nominal interest rate of 8% payable semi-annually, and maturing on July 26, 2027. The corporate bonds were subscribed and integrated (i) in kind by delivering Class 2 and Class 3 corporate bonds for an amount of US$ 16,265,844 and US$ 11,866,417, respectively, and (ii) in cash in US dollars for a total amount of US$ 84,230,001. The exchange ratio for the Class 2 and Class 3 bonds was 100.91 and 103.10 of face value per 100 bonds tendered, respectively. In both cases, the exchange ratio includes accrued interest from the last interest payment date of the bonds to the date of issue and settlement, exclusive of all other amounts. The issuance of these corporate bonds in foreign currency has been carried out within the scope of the local public offering, without intervention of the single and free exchange market ("MULC"). As of December 31, 2025, the Corporate Bonds Class 2 were totally canceled. Contractual Commitments The following table presents information relating to our contractual obligations as of December 31, 2025: Payments Due by Period Total Less than 1 year 1-3 years 3-5 years More than 5 years (in millions of Ps.) Financial borrowings (1) 297,908.1 134,272.9 163,635.1 - - Accounts payable 118,175.5 118,175.5 - - - Taxes payable 15,805.5 11,360.6 4,444.9 - - Salaries and social security contributions 26,318.8 24,360.4 1,958.5 - - Lease liabilities 3,533.7 2,205.2 1,282.4 46.1 - Severance payment plans 1,111.3 746.1 344.0 21.2 - Other debts(2) 1,260.4 556.7 - - 703.7 Total 464,113.3 291,677.5 171,664.9 67.3 703.7 ________________ (1)See Note 24 to our audited consolidated financial statements. (2)Corresponds to our internal information. 101 Table of Contents Selected Ratios The following table sets forth comparative ratios as of and for the years ended December 31, 2025, 2024 and 2023: As of and for the Year Ended December 31, 2025 2024 2023 Liquidity (1) 1.44 1.02 1.09 Solvency (2) 1.28 1.29 0.85 Non-current assets to total assets ratio (3) 0.77 0.81 0.80 Profitability (4) 0.02 0.21 0.03 (1)Current assets / Current liabilities (2)Shareholder’s equity / Total liabilities (3)Non-current assets / Total assets (4)Net profit / Average shareholder’s equity Supply Contracts In 2007, we entered into a 15-year agreement with Siderar S.A.I.C., Argentina’s largest steel company, for the supply of ground granulated blast-furnace slag. The contract has been extended until 2027. We purchase various sources of energy from several suppliers, traders and distributors of natural gas. The relations with these suppliers ensure that we have the necessary levels of energy to operate and give us flexibility to purchase additional energy, if needed. None of these purchase orders represents a material amount of our total energy supply. In 2016, we entered into 20-year contract with Genneia S.A. and in 2018 we entered into a 20-year contract with Aluar Aluminio Argentino S.A.I.C., for the provision of wind-sourced electric power commencing on January 1, 2018 and in February 1, 2019, respectively, to ensure compliance with the obligations imposed by Law No. 26,190 and Law No. 27,191, and related regulations, whose main objective is to reduce the use of fossil energy by increasing the use of renewable energy for industrial users in Argentina commencing in 2018. In 2025, we entered into a 5-year contract with Luz de Tres Picos S.A. and Generación Eléctrica Argentina Renovable I S.A. SDE PEO, which will begin operating in September 2026. With these contracts, we currently exceed the requirements of the Law No. 27,191, reaching approximately 57% of renewable energy in the energy matrix. C.Research and Development, Patents and Licenses, etc. Intellectual Property As of December 31, 2025, Loma Negra had 121 registered trademarks, one of which is pending trademark application for renewal with the Argentine National Intellectual Property Institute ("INPI" (Instituto Nacional de la Propiedad Industrial)). In addition, Recycomb has two registrations and Ferrosur Roca has one registration and Fundación Loma Negra has two registrations. There are no pending trademarks of these companies. We do not own any registered patents, industrial models or designs. We are required to renew these trademark registrations when they expire at the end of their respective terms. Under the Argentine Trade and Service Marks Law No. 22,362, as amended, the term of duration of a registered trademark is 10 years from its issue date, and a trademark may be indefinitely renewed for equal periods thereafter if, within the five-year period prior to each expiration, the trademark was used in the marketing of a product, in the rendering of a service or as the designation of an activity. In addition, trademark holders must file a sworn declaration of use between the fifth and sixth year following registration, evidencing that the trademark has been used in connection with the relevant goods or services. Failure to comply with such requirement may result in the lapse of the registration. We have no pending litigation related to trademark matters. We have also registered our trademarks in Bolivia, Brazil, Chile, Paraguay and Uruguay. As of December 31, 2025, Loma Negra has 5 oppositions filed against third parties’ trademarks which are currently being resolved under the administrative opposition proceedings at INPI. In addition, Loma Negra is owner of 13 internet domains registered at the Network Information Center Argentina (NIC). We have no records of published works or deposits of unpublished works under copyright. 102 Table of Contents D.Trend Information We believe that the macroeconomic environment and the trends in the Argentine economy have affected and will, for the foreseeable future, continue to affect our results of operations and profitability. Our continued success and ability to increase our value to our shareholders will depend upon, among other factors, economic growth in Argentina. This analysis should be read in conjunction with “Item 5-A”— Operating Results — Principal factors Affecting Our Results of Operations.” In 2023, the Argentine economy faced notable challenges. A severe drought affected the agricultural sector leading to considerable export and tax revenue losses, consequently contributing to a federal budget deficit. These difficulties were exacerbated by the electoral developments within the year. The national consumer price index published by INDEC increased year-on-year by 211.4% in 2023 (as compared to 94.80% in 2022), 117.8% in 2024 and 31.5% in 2025. Additionally, the Argentine peso experienced a depreciation rate of 356.44% against the U.S. dollar in 2023, 27.7% in 2024 and 41.3% in 2025. Moreover, on April 1, 2025, the BCRA recorded a low level of U.S dollars reserves, amounting to US$25.45 billion. Despite a surge in reserves at the end of 2022 thanks to the strong contribution of the "soybean dollar" program for more than US$7,000 million, reserves have been constrained by the commercial commitments and debt payments that Argentina has to meet. Following a renegotiated agreement, the first disbursement of US$12 billion was made on 15 April 2025. This inflow brought Argentina’s international reserves to US$36,799 million. International reserves increased during 2025 and early 2026, primarily driven by financial support from international institutions and the appreciation of certain reserve assets (such as gold and currency revaluations). This growth was also supported by net foreign currency purchases by the BCRA in the professional exchange market and an increase in foreign currency deposits held by financial institutions at the BCRA. However, these inflows were partially offset by the BCRA’s intervention in the securities market to manage exchange rate volatility, interest and principal payments to international organizations (excluding the IMF), and the fulfillment of obligations under government securities, including the amortization of BOPREAL series. Furthermore, net outflows were recorded through the Local Currency Payment System (SML) and other regional settlement mechanisms. Our results of operations and capital resources may be adversely affected by higher costs of electricity or unavailability or shortages of electricity, or an interruption in energy supplies as well as, increased freight costs. For additional information, please see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry.” Political changes and the initial policy actions taken by the current government to stabilize the macroeconomic landscape and curtail public expenditure led to a contraction in cement industry activity, with dispatches declining by 24% year-over-year in 2024. In 2025, cement dispatches have shown a moderate recovery, increasing by 5.6% year-over-year to reach 10.1 million tons, according to the Association of Portland Cement Manufacturers. The trajectory of the construction sector, and accordingly, our company's growth, is contingent upon the effectiveness of the Milei administration's efforts to normalize critical economic factors, curb inflation, and create an environment that fosters economic development. The realization of such conditions would likely foster a resumption in the growth of construction activity. E.Critical Accounting Estimates Not applicable.