IRSA Inversiones y Representaciones S.A announces its results for the second quarter of Fiscal Year 2026 ended December 31, 2025
Rhea-AI Summary
IRSA Inversiones y Representaciones (NYSE: IRS) reported results for the six months ended Dec 31, 2025. The company recorded a net result of ARS 248,817 million (vs a loss of ARS 53,896 million year-ago), driven mainly by gains from changes in the fair value of investment properties.
Other highlights: Adjusted EBITDA (rental) ARS 147,190 million (+4.9%); revenues ARS 292,081 million; issued USD 180 million Series XXIV notes maturing 2035; distributed a cash dividend of ARS 173,788 million (10% yield).
Positive
- Net result of ARS 248,817M for 6M FY2026 (vs loss ARS 53,896M)
- Fair value gains of ARS 185,712M recognized in the period
- Issued USD 180M Series XXIV notes due 2035 to refinance and invest
- Distributed cash dividend of ARS 173,788M (10% yield)
- Adjusted EBITDA from rental segments ARS 147,190M (+4.9%)
Negative
- Non-current liabilities rose to ARS 1,885,165M from ARS 1,544,418M
- Total liabilities increased to ARS 2,215,778M, signaling higher leverage
- Reported net result driven largely by fair value gains, which can be volatile
News Market Reaction
On the day this news was published, IRS declined 2.21%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
IRS fell 2.05% while peers were mixed: KW -0.51%, REAX -4.55%, MMI -6.2%, but HOUS +3.64% and HBNB +0.37%, pointing to stock-specific factors around these results.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q1 FY2026 earnings | Positive | -1.1% | Turnaround to large net gain driven by fair value gains and rental EBITDA growth. |
| May 06 | Q3 FY2025 earnings | Positive | +1.8% | Profit recovery, strong tenant sales, high occupancy and Ramblas del Plata lot deals. |
| Feb 07 | Q2 FY2025 earnings | Negative | -7.2% | Shift to net loss mainly from adverse fair value changes in investment properties. |
| Nov 06 | Q1 FY2025 earnings | Negative | +3.4% | Large net loss tied to fair value changes despite acquisitions and high occupancy. |
| Sep 03 | FY2024 results | Neutral | +0.6% | Higher rental EBITDA but net loss, with active portfolio moves and shareholder returns. |
Earnings releases often showed muted to slightly negative average moves (about -0.5%), with both positive and negative reactions regardless of headline results.
Recent earnings for IRSA show a swing between sizable losses and strong profits driven mainly by fair value changes in investment properties. Prior updates highlighted high occupancy in shopping malls and premium offices, active capital markets issuance, and consistent portfolio development. Market reactions to these earnings events have been mixed, sometimes negative even on improving results. Today’s H1 FY2026 report, with a large profit and higher rental EBITDA, continues this theme of operational strength supported by valuation gains.
Historical Comparison
In the past earnings releases, IRS moved on average about -0.5% on the day. A modest -2.05% reaction to this H1 FY2026 report sits within the historical volatility range but on the weaker side.
Earnings history shows a progression from FY2024 net losses driven by negative fair value changes toward FY2025 and FY2026 periods with stronger profits as investment property valuations and rental EBITDA improved, while occupancy in malls and offices stayed high.
Market Pulse Summary
This announcement highlights a strong H1 FY2026, with net income of ARS 248,817 million, rental adjusted EBITDA of ARS 147,190 million, and shopping mall revenue growth. Results remain strongly influenced by fair value changes in investment properties. Historically, earnings updates have produced modest average price moves of about -0.5%. Investors may watch future rental EBITDA trends, occupancy levels, debt issuance like the USD 180 million notes, and dividend actions such as the ARS 173,788 million payout.
Key Terms
adjusted EBITDA financial
AI-generated analysis. Not financial advice.
HIGHLIGHTS
- The net result for the first half of fiscal year 2026 recorded a gain of ARS 248,817 million, compared to a loss of
ARS 53,896 million in the same period of 2025. This was mainly driven by gains from changes in the fair value of investment properties. - Adjusted EBITDA from rental segments reached ARS 147,190 million in the first half of 2026, increasing
4.9% compared to the same period of 2025. - Shopping malls revenues and adjusted EBITDA grew
4.2% and2.0% , respectively, during the first half of fiscal year 2026 compared to the same period of 2025. - Occupancy of the premium office portfolio remained at
100% during the second quarter of the fiscal year, while the Hotels segment recorded an improvement in revenues and EBITDA. - During the quarter, we advanced infrastructure works at Ramblas del Plata, where two additional lots were swapped for a total of
USD 11.8 million . We also acquired a property located in the Flores neighborhood of theCity of Buenos Aires forUSD 6.8 million and continued progress on the development of the Distrito Diagonal project in La Plata. - On December 17, 2025, we issued Series XXIV Additional Notes in the international markets for an aggregate principal amount of
USD 180 million , maturing in 2035. The proceeds will be used to repay existing indebtedness and finance investment projects. - On November 4, 2025, the Company distributed a cash dividend for ARS 173,788 million (
10% dividend yield).
Financial Highlights | ||
(In millions of Argentine Pesos) | ||
6M FY 2026 | ||
Income Statement | 12/31/2025 | 12/31/2024 |
Revenues | 292,081 | 279,069 |
Consolidated Gross Profit | 181,665 | 172,242 |
Net result from changes in the fair value of investment properties | 185,712 | (306,605) |
Consolidated Result from Operations | 321,255 | (197,039) |
Result for the Period | 248,817 | (53,896) |
Attributable to: | ||
IRSA's Shareholders | 235,486 | (53,320) |
Non-Controlling interest | 13,331 | (1,576) |
EPS (Basic) | 310.26 | (71.28) |
EPS (Diluted) | 283.72 | (71.28) |
Balance Sheet | 12/31/2025 | 06/30/2025 |
Current Assets | 715,977 | 643,288 |
Non-Current Assets | 3,463,183 | 3,199,351 |
Total Assets | 4,179,160 | 3,842,639 |
Current Liabilities | 330,613 | 387,265 |
Non-Current Liabilities | 1,885,165 | 1,544,418 |
Total Liabilities | 2,215,778 | 1,931,683 |
Non-Controlling Interest | 108,670 | 107,622 |
Shareholders' Equity | 1,963,382 | 1,910,956 |
The Company's market capitalization as of December 31, 2025, was approximately
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the
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SOURCE IRSA Inversiones y Representaciones S.A.
FAQ
What was IRSA (IRS) net result for the six months ended December 31, 2025?
How much dividend did IRSA (IRS) distribute and what yield was announced?
What financing did IRSA (IRS) complete in December 2025 and its purpose?
How did IRSA (IRS) rental adjusted EBITDA perform in the first half of FY2026?
Did IRSA (IRS) report any major balance sheet changes at Dec 31, 2025?
