Announcement • Jan 14
GCDI S.A., Annual General Meeting, Feb 24, 2026 GCDI S.A., Annual General Meeting, Feb 24, 2026. Location: held remotely, buenos aires Argentina Board Change • Dec 24
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. Independent Director Isaac Mochon is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. New Risk • Aug 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (AR$28.5b market cap, or US$30.1m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: AR$4.32 loss per share (vs AR$0.40 profit in 2Q 2023) Second quarter 2024 results: AR$4.32 loss per share (down from AR$0.40 profit in 2Q 2023). Revenue: AR$16.1b (up 58% from 2Q 2023). Net loss: AR$8.16b (down AR$8.52b from profit in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 99% per year, which means it is well ahead of earnings. Reported Earnings • May 12
First quarter 2024 earnings released First quarter 2024 results: Revenue: AR$17.8b (up 125% from 1Q 2023). Net loss: AR$3.32b (loss widened AR$3.32b from 1Q 2023). New Risk • Mar 21
New major risk - Revenue and earnings growth Earnings have declined by 7.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 7.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AR$28.5b market cap, or US$33.4m). Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AR$27.55, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 12x in the Consumer Durables industry in South America. Total returns to shareholders of 641% over the past three years. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to AR$39.05, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 12x in the Consumer Durables industry in South America. Total returns to shareholders of 834% over the past three years. New Risk • Jan 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (AR$32.4b market cap, or US$39.3m). Valuation Update With 7 Day Price Move • Jan 25
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to AR$35.35, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 11x in the Consumer Durables industry in South America. Total returns to shareholders of 746% over the past three years. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 30% After last week's 30% share price gain to AR$21.05, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 10x in the Consumer Durables industry in South America. Total returns to shareholders of 368% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$14.10, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 10x in the Consumer Durables industry in South America. Total returns to shareholders of 151% over the past three years. Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: AR$8.48b (up 199% from 3Q 2022). Net loss: AR$1.32b (loss widened 109% from 3Q 2022). Reported Earnings • Aug 15
Second quarter 2023 earnings released: EPS: AR$5.18 (vs AR$2.34 loss in 2Q 2022) Second quarter 2023 results: EPS: AR$5.18 (up from AR$2.34 loss in 2Q 2022). Revenue: AR$5.50b (up 59% from 2Q 2022). Net income: AR$270.0m (up AR$2.43b from 2Q 2022). Profit margin: 4.9% (up from net loss in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Jun 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AR$1.6b free cash flow). Earnings have declined by 24% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (AR$8.25b market cap, or US$32.6m). Reported Earnings • Mar 16
Full year 2022 earnings released: AR$4.95 loss per share (vs AR$3.28 loss in FY 2021) Full year 2022 results: AR$4.95 loss per share (further deteriorated from AR$3.28 loss in FY 2021). Revenue: AR$13.2b (up 82% from FY 2021). Net loss: AR$4.50b (loss widened 49% from FY 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent There are 9 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Alternate Director Tomás Iavícoli is the most experienced director on the board, commencing their role in 2020. Independent Director Carlos Manfroni was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Sep 01
Second quarter 2022 earnings released: AR$1.75 loss per share (vs AR$2.15 loss in 2Q 2021) Second quarter 2022 results: AR$1.75 loss per share (up from AR$2.15 loss in 2Q 2021). Revenue: AR$2.43b (up 73% from 2Q 2021). Net loss: AR$1.68b (loss narrowed 15% from 2Q 2021). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors There are 9 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Alternate Director Tomás Iavícoli is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 30
Full year 2021 earnings released: AR$3.23 loss per share (vs AR$2.98 loss in FY 2020) Full year 2021 results: AR$3.23 loss per share (down from AR$2.98 loss in FY 2020). Revenue: AR$7.24b (up 59% from FY 2020). Net loss: AR$3.03b (loss widened 10% from FY 2020). Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 20
New 90-day low: AR$3.99 The company is down 30% from its price of AR$5.66 on 20 November 2020. The Argentinean market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 2.0% over the same period. Is New 90 Day High Low • Jan 30
New 90-day low: AR$4.14 The company is down 24% from its price of AR$5.47 on 30 October 2020. The Argentinean market is up 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 12% over the same period. Is New 90 Day High Low • Jan 07
New 90-day low: AR$4.89 The company is down 8.0% from its price of AR$5.34 on 09 October 2020. The Argentinean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 22
New 90-day low: AR$5.06 The company is down 6.0% from its price of AR$5.37 on 22 September 2020. The Argentinean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Consumer Durables industry, which is up 14% over the same period. Reported Earnings • Nov 22
Third quarter 2020 earnings released: AR$0.21 loss per share The company reported a decent third quarter result with reduced losses and improved control over expenses, although revenues were weaker. Third quarter 2020 results: Revenue: AR$797.3m (down 72% from 3Q 2019). Net loss: AR$194.5m (loss narrowed 91% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings.