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    Marcelo Furlan Palhares

    Research Analyst at Itau BBA

    Marcelo Furlan Palhares is an Equity Analyst at Itaú BBA specializing in the metals and mining sector, with direct coverage of major publicly traded companies such as Vale and Usiminas. He has been part of the Itaú BBA equities team since 2016, where he has established a track record using fundamental analysis, with ratings distribution showing 57% Outperform, 36% Market Perform, and 7% Underperform calls across his coverage list. Palhares began his equities research career after completing his undergraduate studies at the University of São Paulo, and his research is cited in the investment community and within regulatory filings. He has completed regulatory analyst certification relevant for capital markets roles in Brazil and regularly co-authors sector outlook reports for institutional investors.

    Marcelo Furlan Palhares's questions to Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA) leadership

    Marcelo Furlan Palhares's questions to Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA) leadership • Q2 2025

    Question

    Marcelo Furlan Palhares from Itau BBA sought clarification on the double-digit volume growth forecast for 2025, asking if it would be closer to low-double-digits or mid-teens. He also inquired about expected cost efficiencies, margin performance for H2 2025, and the company's dividend policy for the year.

    Answer

    Diego Jalón, Manager of Investor Relations, reaffirmed the double-digit volume growth forecast for the year. He anticipates a recovery in margins in the upcoming months, especially in Q4, despite some seasonal cost impacts in Q3. Regarding capital allocation, he mentioned that while all financial alternatives are under review, there is currently no provision for paying dividends this year.

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    Marcelo Furlan Palhares's questions to CEMENTOS PACASMAYO SAA (CPAC) leadership

    Marcelo Furlan Palhares's questions to CEMENTOS PACASMAYO SAA (CPAC) leadership • Q2 2025

    Question

    Marcelo Furlan Palhares of Itau BBA inquired about Cementos Pacasmayo's outlook for the second half of the year, specifically regarding sales volumes, CapEx expectations, potential EBITDA margin improvements, and future dividend distributions.

    Answer

    Humberto Nadal Del Caprio, CEO, projected that the high single-digit volume growth trend would continue, driven by infrastructure projects. He clarified that sustaining CapEx is around 100 million soles annually with no major growth projects planned. Mr. Nadal expects the EBITDA margin to remain stable at 28-29% and noted that while dividend decisions rest with the board, the company's policy is to return excess cash to shareholders, making a dividend increase more likely than a decrease.

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    Marcelo Furlan Palhares's questions to CEMENTOS PACASMAYO SAA (CPAC) leadership • Q2 2025

    Question

    Marcelo Furlan Palhares from Itau BBA inquired about Cementos Pacasmayo's outlook for the second half of the year, specifically asking for expectations on sales volumes, capital expenditures, EBITDA margins, and the company's dividend policy for 2025.

    Answer

    Humberto Nadal Del Caprio, GM, CEO & Director, projected that the high single-digit volume growth trend would continue, contingent on infrastructure project timelines. He stated that sustaining CapEx is around 100 million soles annually with no major growth projects planned. Nadal also expects EBITDA margins to remain stable at 28-29% and suggested that the dividend would likely remain consistent with previous years, with a higher probability of increasing than decreasing, as excess cash is returned to shareholders.

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    Marcelo Furlan Palhares's questions to CEMENTOS PACASMAYO SAA (CPAC) leadership • Q2 2025

    Question

    Marcelo Furlan Palhares from Itau BBA inquired about Cementos Pacasmayo's outlook for the second half of the year, specifically asking for expectations on sales volumes, capital expenditures, EBITDA margins, and the company's dividend policy.

    Answer

    Humberto Nadal Del Caprio, GM, CEO & Director, projected continued high single-digit volume growth driven by infrastructure. He stated that sustaining CapEx is around 100 million soles annually with no major growth projects planned. Nadal also expects EBITDA margins to hold steady around 28-29% and affirmed the company's policy of returning excess cash to shareholders, suggesting dividends would likely remain stable or increase.

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    Marcelo Furlan Palhares's questions to CEMENTOS PACASMAYO SAA (CPAC) leadership • Q2 2025

    Question

    Marcelo Furlan Palhares of Itau BBA inquired about Cementos Pacasmayo's outlook for the second half of 2025, specifically asking for expectations on sales volumes, capital expenditures, EBITDA margins, and dividend distributions.

    Answer

    CEO Humberto Nadal Del Caprio projected that sales volume growth would remain in the high single-digits, driven by infrastructure projects. He stated that sustaining CapEx is approximately 100 million soles annually with no major growth projects planned. Mr. Nadal expects EBITDA margins to hold steady between 28-29% and suggested that the dividend policy will remain consistent, with a higher probability of an increase than a decrease as excess cash is returned to shareholders.

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