Taking into account the financial results announced by food producing companies, it does not appear that the second year of the Liberal government has been in favor of the largest group companies in this sector, at least not yet.
At least this is what appears from the analysis of the financial results of groups such as Mastilon Hinus and rio de la plata mills, Among those that showed larger declines in their profitability and even showed numbers in the red, as a result of the recession and the sharp decline in demand so far in 2025.
In the case of an owner serenissima, In the first nine months of this year, it reported losses that were slightly more than that 20 billion dollarswhich is in contrast to the gains for $66,985 million in the same period in 2024.
Meanwhile, the company During the same period, the Perez Family Company achieved a net loss of $37.403 million The first balance corresponding to the January and September periods showed numbers in red over the past four years, previously always showing positive results of $54,184 million (2024); $81.533 million (2023); $70,818 million (2022), and $40,421 million in 2021.
Now it is the turn of Arcor, the largest candy manufacturer in Latin America and one of the major multinational companies born in Argentina.
Not very encouraging results for Arcor
The company is headquartered in the city of Arroeto, Córdoba, and operates with its subsidiaries. They form a multinational group that produces a wide range of foods for mass consumption (candy, chocolate, biscuits, foodstuffs, etc.) and industrial (virgin and recycled paper, corrugated cardboard, flexible film printing, corn syrup, artificial ingredients and sweeteners of plant origin, etc.), in Argentina, Brazil, Chile, Mexico, Peru and Angola, and marketed in a large number of countries around the world.
The Pagani family company, which also wants to retain a majority stake in Mastellone Hnos. In partnership with French dairy group Danone, it has just been published on the company’s website National Securities Commission (CNV), Its balance also corresponds to the first nine months of 2025.
The results contained in the aforementioned document are not at all encouraging for the manufacturer of traditional candy and chocolate brands such as Bon o Bon and others, considering that it recorded net profits of $97.772 million, which is in sharp contrast to those it achieved in the same period last year, which amounted to $378.245 million.
That is, between one balance sheet and another, Arcor saw its profitability collapse by $280,473 million, in addition to recording sales of $3,509 million, which is also less than the $3,884 million it collected in the same period in 2024.
Stagnant companies
The report ensures that sales are in Argentina represents 67.8% of the consolidated group, while those created abroad, By 32.2%.
Regarding the overall performance of companies, the report highlighted that companies obtained an operational result that does not show many changes compared to what was achieved last year, which indicates the stagnation of their business, as this indicator is the one that measures the profitability of the company’s main activity, that is, the difference between the income generated and the operational costs and expenses, without including financial or financial elements.
In the current period, this number was $237,574 millionEquivalent to 6.8% on sales, while during the period of the previous year it amounted to $234,194 million, equivalent to 6% on sales.
Anyway, for the proof Arcor is a number that “reflects the solidity of the company’s vertical integration modelEfficient cost management and strict control of structural expenditures.
They also assert that it demonstrates “a strong market position, coupled with geographic and product diversification, all of which have allowed the company to maintain operating profitability in relative terms, despite the challenging environment.”
Financial losses
Regarding the mass consumption business in Argentina, the report notes a significant recovery in sales volumes of certain categories of candy, chocolate and biscuits, while the food sector showed a decline.
On the other hand, the increase in sales of manufacturing departments stands out positively. Agribusiness, packaging, This allowed us to reach total volumes higher than those recorded in the same period of the previous year.
“It is important to note that as a result of the slowdown in inflation and the development of the price of the Argentine peso against the dollar, a devaluation of the currency in real terms occurred during 2025, causing the financial results to show a loss of $98,698 million When this result in the same period of the previous year was a profit of $421,751 million“.
But despite this situation, Arcor maintained the level of investments allocated, Among other objectives, providing machinery and facilities in the amount of $3,812 million; Furniture, tools, vehicles and other equipment in the amount of $10.093 million; Land and buildings in the amount of $995 million; Work under construction and equipment in transit worth US$135,459 million, with a total total of US$150,359 million.
To analyze its future plans taking into account the current negative scenario, Arcor’s Board of Directors reviews the local and global economic forecasts published by the International Monetary Fund last October, which estimates global growth at 3.2% for this year.
Encouraging a global outlook
This is a slight improvement compared to last July’s publication, driven by the implementation of lower tariff rates than initially planned as part of changes in US and Chinese trade policy.
document Arcur also notes that the International Monetary Fund is warning of uncertainty surrounding potential increases Tariffs could impact global economic growth and geopolitical tensions could lead to disruptions in supply chains and put upward pressure on raw material prices.
According to the report, this is expected The United States will grow by 2.0% in 2025 and 2.1% in 2026.As for China, growth is expected to reach 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% for this year and 2.3% for 2026, maintaining the trend of low growth and slowdown in job creation.
In particular, Brazil and Mexico are expected to grow by 2.5% and 0.6%, respectively, while an economic recovery is expected in Argentina with growth of 4.3% in 2025.
“Although this figure represents a decline compared to April estimates, as a result of macroeconomic fluctuations recorded during the third quarter, the country maintains one of the highest growth rates in the region, driven by a recovery in agricultural exports and signs of a reactivation of consumption and private investment,” the Arcor report highlights.
Prioritize liquidity
In the local economic sphere, the food industry refers to the Market Expectations Survey (REM) published by the Central Bank at the beginning of last October, in which the GDP is expected to grow by 3.9% for this year, with an inflation level of 31.6%.
Against this backgroundArcor executives anticipate that the company’s actions “continue to be consistent with our vision of being a leading food and confectionery company in Latin America.”is recognized in the international market for our sustainable practices and our ability to create new business and strategic partnership projects.”
In addition, they confirm that they will continue to deepen the digital vision to enhance the business and develop capabilities in the field of technology and digital talent and that they will maintain the strategy of recent years, which focuses on their main businesses such as the Packaging, agribusiness and consumer food in bulk.
“This has allowed us to overcome various crises in Argentina, thanks to the strength and position of our brands, coupled with the continuous improvement of our fixed cost structure and improved operational efficiency,” the Arcor paper said.
Likewise, the company will continue its policy of prioritizing liquidity, maintaining effective working capital management and a strong financing structure.
The aim of this process is to ensure compliance with its obligations, maintain the growth of current operations and implement new investment projects aimed at sustainable expansion of its activities.
Insist on Mastelloni
At the same time, its executives maintain… We hope to retain the entire capital of Mastellone Hnos. In cooperation with the French company DanoneAs announced on April 28.
On that day, both companies announced that they were taking advantage of the put option and… Sale of La Serenísima Owner’s Shares between Arcor, Bagley Argentina SA and Bagley Latinoamérica SA The majority shareholders are in dairy products.
To make the transaction official, notice the exercise Option to purchase 51% of the Mastellone share package This was rejected by the founders of the dairy company and the Dallpoint investment fund.
Both have communicated in writing their disagreement with the terms contained in the notification, and the relevant parties are currently continuing to implement the resolution mechanisms set out in the contractual framework.
However, very mucho Arcor such as Bagley Argentina SA and Bagley Latinoamérica SAconsidered that the notified exercise price “is fully consistent with what is stipulated in the above-mentioned contract.”
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