Mastellone cuts debt by 64.4% as real sales fall 6.5%

Mastellone’s standalone financial statements for the period ended September 30th, 2026, were submitted to Argentina’s Comisión Nacional de Valores and examined by journalist Andrés Sanguinetti for iProfesional. Gross financial debt stood at 120.207bn Argentine pesos at the end of September, down from 337.579bn pesos in December 2025, with both amounts expressed in constant currency. Short-term financial obligations dropped from 283.622bn pesos to 56.940bn pesos, a reduction of almost 80%. Longer-term financial debt increased from 53.957bn pesos to 63.267bn pesos. Total liabilities, including amounts owed to suppliers, employees and tax authorities, reached 557.769bn pesos.

Capital injections accompanied the reduction in borrowing. On July 23rd, a $70m contribution from Bagley Argentina, which Arcor and Danone own in equal shares, was approved. On August 26th, La Serenísima Unida notified Mastellone of its intention to make an additional irrevocable contribution of $30m towards a future share subscription. Over the nine-month reporting period, Mastellone received 107.603bn pesos in capital contributions and a further 45.838bn pesos in irrevocable contributions. It repaid 339.177bn pesos of financial-debt principal while raising 169.097bn pesos in new financing.

The ownership changes followed Arcor and Danone’s acquisition of the shares previously held by the Mastellone family and Dallpoint Investment. An agreement covering 51.323% of the company’s capital and voting rights was reached on March 24th. The board was notified on July 7th that the transfer to Bagley Argentina had taken effect. The acquisition gave the partners control of Mastellone, completing an investment process that began in 2015. The next stage envisaged transferring the shares held by Arcor and Bagley Argentina to La Serenísima Unida, the company intended to consolidate their dairy-business holdings. According to the information submitted, that transaction was scheduled for November 13th.

Distribution operations were also included in the reorganisation. On September 17th, Mastellone bought an additional 45% stake in Logística La Serenísima from Danone Argentina for 2.045bn pesos. Its ownership and voting rights consequently increased from 5% to 50%, with Danone Argentina retaining the remaining half. The broader integration project encompasses businesses producing milk, cheese, butter, cream, dulce de leche, yoghurt and desserts. Arcor and Danone’s stated objectives include greater operating efficiency, the development of new products and an expansion of the dairy business’s commercial reach.

Revenue for January to September totalled 1,458.580bn pesos, compared with 1,559.868bn pesos in the corresponding period of 2025. This represented a 6.5% decline in real terms. Gross profit amounted to 381.713bn pesos, while selling expenses reached 361.296bn pesos and administrative expenses totalled 56.120bn pesos. The company reported an operating loss of 36.638bn pesos for the nine months.

The standalone net result nevertheless turned positive, reaching a profit of 8.144bn pesos, against a loss of 37.857bn pesos a year earlier. Financial items, income from investments and taxes accounted for the difference between the operating loss and the positive bottom line. Foreign-exchange movements generated a gain of 45.691bn pesos, compared with a loss of 23.356bn pesos in the same period of 2025.

Financing costs fell to 24.939bn pesos from 32.189bn pesos a year earlier. Income from investments in subsidiaries and joint ventures rose to 11.978bn pesos, compared with 653m pesos in the first nine months of 2025.