New Risk • May 11
New major risk - Revenue and earnings growth Earnings have declined by 11% 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. This is currently the only risk that has been identified for the company. Tillkännagivande • Mar 19
Holcim (Argentina) S.A., Annual General Meeting, Apr 20, 2026 Holcim (Argentina) S.A., Annual General Meeting, Apr 20, 2026. Location: fray luis beltran and cardenosa street, province of cordoba, postal code 5008, holiday inn hotel, la cumbre room, cordoba Argentina Reported Earnings • Mar 15
Full year 2025 earnings released: AR$110 loss per share (vs AR$111 profit in FY 2024) Full year 2025 results: AR$110 loss per share (down from AR$111 profit in FY 2024). Revenue: AR$499.3b (up 25% from FY 2024). Net loss: AR$40.2b (down 199% from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has increased by 65% per year, which means it is well ahead of earnings. New Risk • Jan 11
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 11% 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. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 13
Third quarter 2025 earnings released: AR$55.59 loss per share (vs AR$14.56 profit in 3Q 2024) Third quarter 2025 results: AR$55.59 loss per share (down from AR$14.56 profit in 3Q 2024). Revenue: AR$125.5b (up 23% from 3Q 2024). Net loss: AR$20.4b (down 499% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 103% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to AR$1,455, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 12x in the Basic Materials industry in South America. Total returns to shareholders of 695% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$1,230, the stock trades at a trailing P/E ratio of 27.1x. Average trailing P/E is 13x in the Basic Materials industry in South America. Total returns to shareholders of 606% over the past three years. Reported Earnings • Aug 19
Second quarter 2025 earnings released: EPS: AR$0.63 (vs AR$18.99 in 2Q 2024) Second quarter 2025 results: EPS: AR$0.63 (down from AR$18.99 in 2Q 2024). Revenue: AR$107.9b (up 12% from 2Q 2024). Net income: AR$148.0m (down 98% from 2Q 2024). Profit margin: 0.1% (down from 7.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 89% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AR$1,795, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 12x in the Basic Materials industry in South America. Total returns to shareholders of 921% over the past three years. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AR$1,645, the stock trades at a trailing P/E ratio of 14.9x. Average trailing P/E is 11x in the Basic Materials industry in South America. Total returns to shareholders of 879% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AR$1,525, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 9x in the Basic Materials industry in South America. Total returns to shareholders of 1,118% over the past three years. Tillkännagivande • Mar 19
Holcim (Argentina) S.A., Annual General Meeting, Apr 21, 2025 Holcim (Argentina) S.A., Annual General Meeting, Apr 21, 2025. Location: fray luis beltran and cardenosa street, province of cordoba, postal code 5008, holiday inn hotel, la cumbre room, cordoba Argentina Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: AR$111 (vs AR$86.37 in FY 2023) Full year 2024 results: EPS: AR$111 (up from AR$86.37 in FY 2023). Revenue: AR$400.2b (up 68% from FY 2023). Net income: AR$40.5b (up 28% from FY 2023). Profit margin: 10% (down from 13% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to AR$1,715, the stock trades at a trailing P/E ratio of 52.7x. Average trailing P/E is 10x in the Basic Materials industry in South America. Total returns to shareholders of 1,317% over the past three years. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: AR$14.56 (vs AR$5.07 in 3Q 2023) Third quarter 2024 results: EPS: AR$14.56 (up from AR$5.07 in 3Q 2023). Revenue: AR$101.8b (up 140% from 3Q 2023). Net income: AR$5.12b (up 176% from 3Q 2023). Profit margin: 5.0% (up from 4.4% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 119% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Sep 12
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 7.7% 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: Minor Risks Dividend is not well covered by cash flows (114% cash payout ratio). Share price has been volatile over the past 3 months (7.7% average weekly change). Profit margins are more than 30% lower than last year (8.0% net profit margin). Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to AR$2,115, the stock trades at a trailing P/E ratio of 53x. Average trailing P/E is 7x in the Basic Materials industry in South America. Total returns to shareholders of 1,446% over the past three years. New Risk • Aug 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 16% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin). Reported Earnings • Jul 30
Second quarter 2024 earnings released: AR$12.96 loss per share (vs AR$23.16 profit in 2Q 2023) Second quarter 2024 results: AR$12.96 loss per share (down from AR$23.16 profit in 2Q 2023). Net loss: AR$9.88b (down 217% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 18
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 79% to AR$2,105. The fair value is estimated to be AR$1,704, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 52% over the last 3 years. Earnings per share has grown by 46%. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to AR$1,488, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 10x in the Basic Materials industry in South America. Total returns to shareholders of 1,489% over the past three years. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: AR$30.31 (vs AR$11.76 in 1Q 2023) First quarter 2024 results: EPS: AR$30.31 (up from AR$11.76 in 1Q 2023). Revenue: AR$66.6b (up 138% from 1Q 2023). Net income: AR$11.1b (up 158% from 1Q 2023). Profit margin: 17% (up from 15% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 121% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 03
Now 22% overvalued Over the last 90 days, the stock has fallen 16% to AR$1,346. The fair value is estimated to be AR$1,107, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 39% over the last 3 years. Earnings per share has grown by 32%. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AR$988, the stock trades at a trailing P/E ratio of 70x. Average trailing P/E is 10x in the Basic Materials industry in South America. Total returns to shareholders of 1,002% over the past three years. New Risk • Nov 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.7% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 240% Cash payout ratio: 114% Minor Risk Profit margins are more than 30% lower than last year (6.7% net profit margin). Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: AR$5.07 (vs AR$12.80 in 3Q 2022) Third quarter 2023 results: EPS: AR$5.07 (down from AR$12.80 in 3Q 2022). Revenue: AR$42.4m (down 100% from 3Q 2022). Net income: AR$1.85m (down 100% from 3Q 2022). Profit margin: 4.4% (down from 24% in 3Q 2022). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to AR$823, the stock trades at a trailing P/E ratio of 21.2x. Average trailing P/E is 9x in the Basic Materials industry in South America. Total returns to shareholders of 945% over the past three years. New Risk • Oct 24
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 10% 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$719, the stock trades at a trailing P/E ratio of 18.5x. Average trailing P/E is 10x in the Basic Materials industry in South America. Total returns to shareholders of 764% over the past three years. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AR$657, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 9x in the Basic Materials industry in South America. Total returns to shareholders of 741% over the past three years. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to AR$647, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 10x in the Basic Materials industry in South America. Total returns to shareholders of 608% over the past three years. Reported Earnings • Aug 13
Second quarter 2023 earnings released: EPS: AR$14.15 (vs AR$6.41 in 2Q 2022) Second quarter 2023 results: EPS: AR$14.15 (up from AR$6.41 in 2Q 2022). Revenue: AR$29.3b (up 45% from 2Q 2022). Net income: AR$5.17b (up 121% from 2Q 2022). Profit margin: 18% (up from 12% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 17% share price gain to AR$341, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 9x in the Basic Materials industry in South America. Total returns to shareholders of 339% over the past three years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 15% share price gain to AR$175, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 9x in the Basic Materials industry in South America. Total returns to shareholders of 140% over the past three years. Price Target Changed • Apr 27
Price target increased to AR$250 Up from AR$154, the current price target is provided by 1 analyst. New target price is 62% above last closing price of AR$154. Stock is up 21% over the past year. The company posted earnings per share of AR$20.04 last year. Analyst Estimate Surprise Post Earnings • Mar 14
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) also surpassed analyst estimates by 16%. Over the next year, revenue is forecast to grow 48%, compared to a 12% growth forecast for the Basic Materials industry in Argentina. Reported Earnings • Mar 13
Full year 2020 earnings released: EPS AR$8.10 (vs AR$7.62 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: AR$24.6b (up 28% from FY 2019). Net income: AR$2.96b (up 10% from FY 2019). Profit margin: 12% (down from 14% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 8% per year. Is New 90 Day High Low • Dec 18
New 90-day high: AR$129 The company is up 24% from its price of AR$104 on 18 September 2020. The Argentinean market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AR$185 per share. Is New 90 Day High Low • Nov 26
New 90-day high: AR$128 The company is up 5.0% from its price of AR$122 on 28 August 2020. The Argentinean market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AR$158 per share. Reported Earnings • Nov 11
Third quarter 2020 earnings released: EPS AR$3.20 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: AR$6.67b (up 45% from 3Q 2019). Net income: AR$1.17b (up 241% from 3Q 2019). Profit margin: 18% (up from 7.4% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth.