Considering the financial results that food producers are reporting, the second year of the Libertarian administration, at least so far, does not appear to be favorable for the sector’s largest group of companies.
At least that’s what becomes clear when you analyze the financial results of groups such as Mastellone Hnos. rio de la plata mills, These include companies whose profitability has fallen significantly and they are in the red as a result of the economic recession and sharp decline in demand until 2025.
If you are the owner of Serenissima, In the first nine months of this year, the company reported a hefty loss of just over $500. 20 billion dollarsIn contrast to the profits of The same period in 2024 is $66.985 billion.
Meanwhile, the company The Perez-Compans posted a cumulative net loss of $37.403 billion in the same period. And since it previously always showed a positive result of $54.184 billion (2024), it showed the first balance corresponding to the period of January and September with deficit figures for the past four years. 81,533 million dollars (2023). 70,818 million dollars (2022), $40,421 in 2021.
Now it was the turn of Arcor, the largest candy manufacturer in Latin America and considered one of the major multinational companies of Argentine origin.
Not a very encouraging result for Arcor
The company is based in the town of Aloito, Cordoba, and together with its subsidiaries, We form a multinational group that produces a wide range of food products for mass consumption. We sell industrial (candy, chocolate, cookies, food products, etc.) and industrial products (virgin and recycled paper, cardboard, flexible film printing, corn syrup, industrial raw materials and plant-based sweeteners, etc.) in Argentina, Brazil, Chile, Mexico, Peru, Angola, and in many countries around the world.
The Pagani family company also wants to retain a majority stake in Mastellone Nunos. It has been published on the company’s website in partnership with French dairy group Danone. National Securities Commission (CNV); That balance also covers the first nine months of 2025.
The results reflected in the document are not exactly encouraging, especially for the company, which makes traditional candy and chocolate brands such as Bon au Bon, considering that it reported a net profit of $97.772 billion, in sharp contrast to the $378.245 billion it achieved in the same period last year.
So, between one balance sheet and another, Arcor recorded a $280,473 million decline in profitability and an additional $3,509 million in revenue, which was also lower than the $3,884 million it collected in the same period in 2024.
Business stagnation
This report is Argentina 67.8% Group consolidated portion is generated overseas, They accounted for 32.2%.
Concerning the overall performance of the business, the report highlights that it obtained operating results that do not show significant changes compared to last year’s performance, testifying to the stagnation of the business, since this index measures the profitability of the company’s main activities, that is, the difference between the generated revenue and operating costs and expenses, without including financial or financial factors.
This year’s numbers are $237,574 millionequivalent to 6.8% of sales, compared to $234,194 million, or 6% of sales in the same period last year.
Anyway, regarding the directory, Arcor is a number that “reflects the robustness of a company’s vertical integration model”efficient cost management and strict control of structural expenses. ”
It also assures that this “demonstrates a solid market position, together with geographic and product diversification, all of which have enabled us to maintain relative operating profit despite the difficult environment.”
economic loss
Regarding the mass consumption business in Argentina, the report said that sales volumes in certain categories of candy, chocolate and cookies have recovered significantly, while there has been a decline in the food sector.
On the other hand, the increase in sales in the manufacturing sector is noticeable. agribusiness and packaging; As a result, we were able to achieve a total sales volume that exceeded that of the same period last year.
“It is important to note that as a result of slower inflation and changes in the price of the Argentine peso against the dollar, a real devaluation occurred during 2025, resulting in a loss in the financial results.” $98,698 million This performance for the same period last year was a profit. $421.751 billion”.
However, despite this situation, Arcor will maintain its allocated investment level; $3.812 billion for machinery and equipment, among other purposes. furniture, tools, vehicles and other equipment, $10.093 billion; land and buildings, $995 million; Works under construction and equipment in transit cost $135,459 million, bringing the total to $150,359 million.
In order to analyze future plans in light of the current negative scenario, Arcor’s Board of Directors is reviewing the domestic and global economic outlook published by the IMF last October, which estimated global growth at 3.2% this year.
encourage a global outlook
This was a slight improvement compared to last July’s announcement due to lower tariff rates than originally planned within the framework of trade policy changes between the US and China.
documents Mr. Akko also recalled that the IMF had warned of uncertainty surrounding the possible increase. Tariffs can impact global economic growth, and geopolitical tensions can disrupt supply chains and put upward pressure on raw material prices.
According to the report, the following is expected: The US is expected to grow by 2.0% in 2025 and 2.1% in 2026.Meanwhile, China is projected to grow by 4.8% in 2025 and 4.2% in 2026.
In the case of Latin America, the ECLAC report forecasts regional GDP growth of 2.4% this year and 2.3% in 2026, continuing the trend of low growth and slowing job creation.
In particular, Brazil and Mexico are expected to grow by 2.5% and 0.6%, respectively, and Argentina is expected to recover by 4.3% in 2025.
“Although this figure is down compared to the April estimate, as a result of the macroeconomic fluctuations recorded in the third quarter, the country maintains the highest growth rate in the region, driven by a recovery in agricultural exports and signs of reinvigoration in consumption and private investment,” the Alcor report highlights.
Prioritize liquidity
In the local economic field, the food industry cited the Market Expectations Survey (REM) released by the central bank in early October last year, which predicted this year’s GDP growth rate to be 3.9% and inflation rate to be 31.6%.
Against this backgroundArcor executives expect the company’s actions “are consistent with our vision to continue to be the leading food and candy company in Latin America.”our sustainable practices and ability to generate new business and strategic partnership projects are recognized in international markets. ”
Additionally, both companies will continue to deepen their digital vision to strengthen their businesses and develop the capabilities of their technology and digital talent; Packaging, agribusiness, and mass consumption food.
“Thus, thanks to our brand strength and positioning, as well as the continuous optimization of our fixed cost structure and improvements in operational efficiency, we were able to overcome the various crises in Argentina,” Ercor’s paper said.
Similarly, the company will continue its policy of prioritizing liquidity, efficient working capital management and maintaining a strong financial structure.
The purpose of this process is to ensure compliance with obligations, maintain current business growth and implement new investment projects aimed at sustainable expansion of activities.
Claim Mastellone
On the other hand, company executives argue as follows. We want to keep the entire capital of Mastellone Junos. In collaboration with France’s Danoneas announced on April 28th.
On that day, both companies announced that they would take advantage of the purchase option. Sale of La Serenísima owner’s shares held between Arcor, Bagley Argentina SA and Bagley Latinoamérica SA and a major shareholder in dairy products.
The following exercise notices are required to formalize the transaction: 51% purchase option for Mastellone’s stock package This proposal was rejected by the dairy founders and the Dalpoint Investment Fund.
Both companies have given written notice that they do not agree to the terms contained in the notice, and the parties are currently continuing to implement the resolution mechanisms set out in the contractual framework.
But not so mucho Arcor (Bagley Argentina SA and Bagley Latinoamerica SA)Please consider that the notified exercise price is “strictly in accordance with that stipulated in the above contract.”
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