Fiplasto SA

What it is

Fiplasto operates two industrial plants and more than 2,500 hectares of forestry land, and is the only producer of hardboard in Argentina. Its flagship product, Chapadur, is a chemical-free high-density board made entirely from eucalyptus fibre grown on company and third-party plantations in Buenos Aires, Entre Ríos, and Santa Fe provinces.

The company runs two segments — Hardboard and Furniture — generating the majority of its revenue from Hardboard. It exports to more than 20 countries, including Germany, the United States, Chile, China, and Spain, among others.

Who owns it

In July 2023, a group led by Marcelo Mindlin acquired a 57.2% controlling stake from the prior owner, FV S.A.; co-buyers included Leandro Montero and Ciro Echesortu. Until then, Fiplasto had belonged to the FV group — also owner of ceramics maker Ferrum — controlled by the founding Viegener family.

Ownership within the syndicate is spread across a dozen associates: Mindlin holds roughly 12%, Ricardo Torres approximately 11.4%, and Ciro Echesortu another 11.4%. Damián Mindlin, Gustavo Mariani, Gerardo Tabakman, and Leandro Montero each hold approximately 4%.

The remainder of the shares trade freely on the Buenos Aires exchange.

Who runs it

Ricardo Torres — a co-founder of Pampa Energía and former chairman of electricity distributor Edenor — chairs the Fiplasto board. Gerardo Tabakman has been CEO since October 2023.

Leandro Montero, a fellow board member since October 2023, serves as CFO. Both executives came directly from the Mindlin orbit in the energy sector and have no prior wood-industry background — a deliberate bet that professional management can modernise a niche industrial business.

The money, in plain words

FY2024 was a strong year: sales reached ARS 43.3 bn (~USD 29.6 M, our calculation) and the company kept ARS 6.2 bn (~USD 4.2 M) as net profit — a net profit margin of 14.3% (our calculation). FY2025 reversed that sharply: sales fell 26% to ARS 32.0 bn (~USD 21.9 M, our calculation), and the operating line swung to a loss of ARS 9.8 bn (~USD 6.7 M, our calculation).

The trailing net margin — what the company keeps after all costs on every peso of sales across the most recent rolling twelve months — stands at –24.1%, and the return on equity (how much owners earn on their invested capital) is –19.7%, both per EODHD. The company has attributed part of the FY2025 pressure to a demand collapse among domestic customers in the first half of 2024, which triggered a 21-day production shutdown affecting some 150 workers at a cost of roughly ARS 1.6 bn (US$1 mn).

One cushion: the balance sheet carries ARS 14.5 bn (~USD 9.9 M) in cash and no reported financial debt — net cash of ARS 14.5 bn (~USD 9.9 M, our calculation) — giving the new owners room to manoeuvre.

What it is doing now

In December 2024, Fiplasto acquired an 81.83% controlling stake in Cuyoplacas, closing the deal on 3 December 2024. Cuyoplacas is a Mendoza-based maker of melamine chipboard panels and furniture sold under the “Platinum” brand — adding a second board technology (particleboard) to Fiplasto’s existing hardboard base.

Fiplasto also issued USD 10 M in convertible notes — the first such instrument in Argentina in recent years — carrying a fixed rate of 6% and maturing in February 2028. Together, the acquisition and the bond issuance signal a management team building scale quickly, funded partly by the company’s own cash pile and partly by fresh debt capital.

What to watch

• Demand recovery: Sales fell 26% in FY2025; whether Argentina’s construction and furniture markets recover in 2025–26 will determine whether the operating loss is a one-year dip or something stickier.
• Cuyoplacas integration: Moody’s Local has projected that combined revenues could reach USD 38–45 M annually by 2025–28, driven mainly by growth in the furniture segment. Meeting that range requires smooth integration of a plant in Mendoza run on different technology.
• Convertible-note dilution: The USD 10 M notes can convert into equity; if they do, existing shareholders absorb dilution — the conversion terms are worth tracking through CNV filings.
• New-owner track record: The Mindlin syndicate made its name in energy, not wood. FY2025’s loss is their first full test of crisis management; how quickly they return the company to profit will define the thesis.

This is news, not investment advice.