Cementos Argos 2Q 2026 Net Income Drops 37% Year-on-Year
Medellin-based multinational cement/concrete giant Cementos Argos announced August 11 that its second quarter (2Q) 2026 net income fell 37% year-on-year, to COP$154 billion (US$49 million), from COP$245 billion (US$78 million) in 2Q 2025.
Despite the profits decline, 2Q 2026 revenues actually rose 2.4% year-on-year, to COP$1.3 trillion (US$415 million), while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 5.3% year-on-year, to COP$279 billion (US$89 million), according to the company.
“Cement volumes for the [latest] quarter reached 2.3 million tons, declining 7% versus the same period of the prior year, affected by lower exports and trading volume amid solid demand in operations,” according to the company.
“Concrete volumes stood at 637,000 cubic meters, growing 15%, driven by Colombia’s outstanding performance.
“Given the significant appreciation of the Colombian peso [against the U.S. dollar] during the year and its impact on EBITDA translation, the company holds put options with quarterly payments, acquired toward the end of 2025 . . . which have already generated payments of US$3.6 million and will continue to provide hedging protection for the remainder of the year.
“Net interest income declined by approximately COP$17 billion [US$5.4 million], given a lower cash balance following the initial disbursements for Argos Materials, debt repayment and shareholder distributions, partially offset by lower financial expense.
“A positive foreign exchange difference of COP$25 billion [US$7.9 million ] was recorded, explained by a 7% appreciation of the Colombian peso during the quarter.
“Given the strengthening of the peso, the peso value of our U.S. dollar-denominated debt decreased; as this debt was mostly unhedged, or hedged under schemes designed for peso-appreciation scenarios,” the company added.
In Colombia, “cement volumes in the local market reached 1.035 million tons, growing 10.5% and outperforming the market, driven by the retail segment, which grew 8% versus the same period of the prior year,” according to Cementos Argos.
“Concrete volumes [in Colombia] reached 600,000 cubic meters, growing 15.9%, driven by large-scale projects such as the Túnel de Oriente [connecting Medellin to its international airport] and the ‘Metro de la 80’ [tram project in Medellin],” the company added.
On the other hand, exports from Colombia “declined 10.2%, to 261,000 tons amid lower demand from the U.S.,” the company explained.
