Cresud S A C I F Y A Stock Price, News & Analysis

Cresud S.A.C.I.F. y A. (often referred to in English as Cresud Inc.) is an Argentine company engaged in real estate and agricultural activities. According to its filings, the company is incorporated in the Republic of Argentina and operates under the legal name Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria. Its shares are listed in Argentina (BYMA:CRES) and American Depositary Shares trade on NASDAQ under the symbol CRESY, while warrants to subscribe for Cresud shares trade on NASDAQ under the symbol CRESW.

The company reports that its corporate purpose covers both agricultural and urban property activities. In its financial statements, Cresud describes its activity as real estate and agricultural activities and provides segment information that distinguishes an agribusiness segment and an urban properties and investments business conducted through IRSA Inversiones y Representaciones S.A. These activities include investment properties, biological assets, trading properties, inventories and other assets and liabilities associated with its agricultural and real estate operations.

Cresud’s unaudited condensed interim consolidated financial statements as of September 30, 2025, prepared in accordance with International Financial Reporting Standards, show that the group manages investment properties, property, plant and equipment, biological assets, trading properties, intangible assets, right-of-use assets and investments in associates and joint ventures. The company also reports revenues, costs, changes in fair value of biological assets and agricultural products, and fair value adjustments on investment properties, reflecting the combination of agricultural production and real estate investment activities.

The company’s filings indicate that Cresud has a long corporate history. Its by-laws were first registered in the Public Registry of Commerce on February 19, 1937, and the current charter has an expiration date of June 6, 2082. Cresud’s legal domicile is in the Autonomous City of Buenos Aires, Argentina. The company’s capital stock consists of hundreds of millions of ordinary shares with one vote each, and it has also issued warrants that give holders the right to subscribe for additional Cresud shares.

From a financing perspective, Cresud uses both equity and debt instruments. The company issues fixed rate notes in different series and reports on the payment of capital and interest on these notes. Recent Form 6-K reports describe payments related to Series XL, Series XLV and Series XLVII fixed rate notes, including capital installments and periodic interest payments in U.S. dollars or Argentine pesos at the applicable exchange rate. These filings also identify Caja de Valores S.A. as payment agent for certain series.

Cresud’s shareholder base includes a control group. The company discloses that its control group, headed by Eduardo S. Elsztain through various investment vehicles, holds a significant portion of Cresud’s share capital and voting rights. The company also reports the existence of treasury shares, share-based incentive plans involving treasury shares, and the issuance and exercise of warrants that can increase the number of shares in circulation.

Corporate governance information in Cresud’s filings covers the approval of financial statements, allocation of net income, dividend distributions in cash and in kind, and the appointment and compensation of directors, supervisory committee members and external auditors. For example, the Ordinary and Extraordinary General Shareholders’ Meeting held on October 30, 2025, approved the allocation of net income, a combination of cash and in-kind dividends, and the distribution of treasury shares to shareholders. The same meeting also approved compensation for the Board of Directors and Supervisory Committee, renewed board mandates, and appointed external auditors for the following fiscal year.

Cresud’s dividend policy, as reflected in recent filings, may include both cash dividends and dividends in kind. The company has resolved to distribute cash dividends charged to retained earnings and net income, and dividends in kind consisting of shares of IRSA Inversiones y Representaciones S.A. held by Cresud. In addition, Cresud has carried out distributions of its own treasury shares to shareholders in proportion to their holdings, in accordance with Argentine capital markets regulations.

The company’s warrants are an important feature for investors following the CRESW symbol. In a Form 6-K, Cresud explains that warrants were originally issued in connection with a capital increase, and that each subscribed share at that time carried one warrant. These warrants are listed in Argentina and on NASDAQ under the symbol CRESW. The company has disclosed adjustments to the warrant exercise ratio and exercise price following dividend distributions, as well as the possibility of a cashless exercise alternative subject to shareholder and board approvals. Cresud also reports the number of warrants outstanding and the potential increase in the number of shares if all warrants were exercised.

According to its financial statements, Cresud’s results are influenced by revenues and costs from its operating activities, changes in the fair value of biological assets and agricultural products, and fair value adjustments on investment properties. The company also reports financial income and expenses, other financial results, inflation adjustments and income tax, which together determine profit or loss for the period and total comprehensive income. Non-controlling interests represent a substantial portion of total shareholders’ equity, reflecting the presence of minority shareholders in subsidiaries and related entities.

For investors and analysts, Cresud’s filings provide detailed information on segment performance, investment properties, biological assets, borrowings, provisions, lease liabilities, and other key balance sheet and income statement items. The company’s use of IFRS and detailed note disclosures (covering segment information, investments in associates and joint ventures, investment properties, biological assets, financial instruments, related party transactions, and other topics) offers insight into how its agricultural and real estate activities are structured and reported.

Business segments and activities

In its financial reporting, Cresud presents segment information that distinguishes between its agribusiness operations and its urban properties and investments business conducted through IRSA. The agribusiness segment is associated with biological assets, trading properties, inventories and related revenues and costs, while the urban properties and investments business is associated with investment properties and related fair value adjustments. Adjusted EBITDA figures disclosed in a 6-K highlight the contribution of agribusiness and the urban properties and investments business to Cresud’s consolidated performance.

The company also notes seasonal effects on operations in its financial statements, reflecting the nature of agricultural activities. Notes to the financial statements cover topics such as seasonal effects, acquisitions and disposals, financial risk management and fair value estimates, and foreign currency assets and liabilities, all of which are relevant to understanding Cresud’s risk profile and operating environment.

Capital markets instruments and warrants (CRESW)

Cresud’s capital markets presence includes common shares, American Depositary Shares and warrants. The warrants associated with the symbol CRESW give holders the right to subscribe Cresud shares under terms defined in a warrant agreement. The company’s filings describe the initial issuance of warrants, their listing on the Buenos Aires Stock Exchange and NASDAQ, the number of warrants outstanding, and the potential impact on Cresud’s share capital if all warrants are exercised. Adjustments to the warrant exercise ratio and exercise price may occur following dividend distributions, as disclosed in the company’s reports.

In addition, Cresud has sought shareholder approval to incorporate a cashless exercise alternative into the warrant agreement. This alternative would allow warrant holders to exercise options without a cash payment other than the par value of the shares, through the delivery of shares for the differential amount between the cash exercise value and the equivalent market value. The company notes that this alternative is intended to reduce dilution for other shareholders and to limit potential market impacts from warrant exercises.

Dividends and shareholder returns

Cresud’s filings detail the company’s approach to distributing net income and retained earnings. The Ordinary and Extraordinary General Shareholders’ Meeting of October 30, 2025, approved the allocation of a portion of restated net income and unallocated retained earnings to the legal reserve, the distribution of a large dividend payable in cash and in kind, and the creation of a special reserve that may be used for future dividend distributions, share repurchases or new projects related to the company’s business plan. The company also reports that dividend distributions are subject to withholding tax under Argentine income tax law, with the withholding applied to the cash dividend even when part of the distribution is in kind.

For holders of American Depositary Shares, Cresud explains that dividends and share distributions are processed through The Bank of New York Mellon, the depositary for the ADSs, in accordance with applicable regulations in the jurisdictions where the ADSs are listed. The company also notes the treatment of fractional shares in distributions, which are settled in cash according to the regulations of Bolsas y Mercados Argentinos S.A.

Regulatory and reporting framework

Cresud files reports with the U.S. Securities and Exchange Commission on Form 20-F and Form 6-K as a foreign private issuer. It also files information with the Comisión Nacional de Valores and the Buenos Aires Stock Exchange in Argentina. The company’s financial statements are prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and they are presented in millions of Argentine pesos, with certain amounts restated for inflation as required by Argentine regulations.

The company’s filings include a glossary of terms to help readers understand references to subsidiaries, associates, regulatory bodies and financial concepts. Notes to the financial statements address topics such as segment information, investment properties, biological assets, inventories, financial instruments, trade and other receivables and payables, borrowings, taxation, related party transactions and subsequent events. Together, these disclosures provide a detailed picture of Cresud’s financial position, performance and risk exposures.

Position of CRESW in the Cresud capital structure

The NASDAQ-listed CRESW warrants form part of Cresud’s broader capital structure, which includes common shares, ADSs, treasury shares and warrants. The company provides data on the total number of shares issued and subscribed, the number of shares pending registration, and the number of warrants outstanding. It also reports on the potential increase in share capital if all outstanding warrants are exercised and describes how the stake of the control group would change under that scenario.

For investors analyzing CRESW, Cresud’s reports on warrant terms, adjustments, outstanding amounts and potential dilution are essential sources of information. The company’s disclosures on dividends, share distributions and warrant adjustments help explain how corporate actions may affect warrant holders and the underlying shares over time.