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Cresud (CRESW) swings to strong profit and details equity, ownership and projects

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(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Cresud reported sharply stronger results for the nine months ended March 31, 2026. Results of the period reached ARS 231,308 million, up from ARS 77,358 million a year earlier, and total comprehensive income was ARS 199,460 million versus a loss of ARS 24,860 million.

Net income for the first nine months of 2026 was ARS 239,741 million, compared with ARS 46,497 million in the prior-year period, while Adjusted EBITDA from rental segments reached ARS 232,327 million, rising 4.6% year-over-year, supported by shopping malls, offices and hotels.

Shareholders’ equity increased to ARS 2,814,791 million, with ARS 1,307,042 million attributable to controlling shareholders. The company also disclosed it identified and corrected an error in the inflation adjustment of share premium related to prior warrant exercises, restating prior financial statements with a positive adjustment.

Capital stock totaled 709,308,309 shares (including treasury shares), with total shares outstanding of 709,251,964 and a market capitalization of about USD 902.2 million as of March 31, 2026. Principal shareholder Eduardo Sergio Elsztain held 277,485,211 shares, or 39.12% of the share capital net of treasury shares.

Positive

  • Strong earnings turnaround: Net income for the first nine months of 2026 rose to ARS 239,741 million from ARS 46,497 million, and total comprehensive income swung to ARS 199,460 million from a loss of ARS 24,860 million, materially improving Cresud’s profitability profile.

Negative

  • None.

Insights

Cresud shows a major swing to profit with stronger equity and rental cash flow.

Cresud reported a large improvement in profitability, with net income for the first nine months of 2026 at ARS 239,741 million versus ARS 46,497 million a year earlier. Total comprehensive income also moved from a loss to a gain of ARS 199,460 million, indicating a broad-based turnaround.

Adjusted EBITDA from rental segments reached ARS 232,327 million, up 4.6% year-over-year, supported by shopping malls, offices and hotels. Shareholders’ equity rose to ARS 2,814,791 million, suggesting a stronger balance sheet alongside improved earnings.

The company disclosed an error in the inflation adjustment of share premium linked to prior warrant exercises and retroactively restated financial statements, recognizing a positive adjustment. Future company filings for periods after June 30, 2025 will be important for understanding the ongoing impact of this correction and the sustainability of higher earnings.

Results of fiscal period ARS 231,308 million Nine months ended March 31, 2026 vs ARS 77,358 million in 2025
Net income ARS 239,741 million First nine months of 2026 vs ARS 46,497 million prior year
Adjusted EBITDA rental segments ARS 232,327 million First nine months of 2026, up 4.6% year-over-year
Total comprehensive income ARS 199,460 million Nine months ended March 31, 2026 vs loss of ARS 24,860 million
Total shareholders’ equity ARS 2,814,791 million As of March 31, 2026
Market capitalization USD 902.2 million As of March 31, 2026, 70,930,830 ADS at USD 12.72
Principal shareholder stake 277,485,211 shares (39.12%) Held by Eduardo Sergio Elsztain, net of treasury shares
Shares outstanding 709,251,964 shares Total shares outstanding as of March 31, 2026
Adjusted EBITDA financial
"Adjusted EBITDA from rental segments reached ARS 232,327 million in the first nine months of 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Other comprehensive income financial
"Other comprehensive income for the fiscal year ( Nine month period) | (31,848) | (102,218)"
Other comprehensive income is a section of a company’s financial statements that records gains and losses not shown in the regular profit-and-loss line, such as paper gains or losses on certain investments, pension plan adjustments, and changes from converting foreign operations. These items don’t represent cash earned or spent today but change a company’s reported net worth, like value swings in things stored in a closet rather than money in your wallet, and help investors spot hidden strengths or risks to long-term financial health.
Non-controlling interest financial
"Non-controlling interest | 88,829 | (18,420)"
Non-controlling interest represents the portion of ownership in a company held by investors who do not have a controlling stake, meaning they do not have enough voting power to make major decisions. It is similar to owning a minority share of a business partner’s company—while they benefit from profits, they cannot control how the company is run. This matters to investors because it shows how much of the company's value is owned by outside shareholders and affects overall financial reporting.
Treasury shares financial
"Treasury shares | 2 | 7 Comprehensive adjustment of capital stock and of treasury shares"
Treasury shares are a company’s own stock that it has repurchased and keeps on its books instead of canceling or leaving in the hands of outside investors. Think of them like coupons a business puts back in a drawer: they don’t vote or receive dividends while held, but they can be reissued later for employee pay or fundraising. For investors this matters because buybacks change the number of shares that count toward earnings and ownership, can boost per‑share metrics, and use corporate cash that might otherwise go to growth or dividends.
Market capitalization financial
"The Company's market capitalization as of March 31, 2026, was approximately USD 902.2 million"
Market capitalization is the total market value of a company’s outstanding shares, calculated by multiplying the current share price by the number of shares issued. It gives a quick snapshot of a company’s size and how investors value it, influencing perceived risk, index membership, and roughly how much it might cost to buy the whole company — like using a sticker price to compare the relative size and price of different houses.
Share premium financial
"an error in the calculation of the inflation adjustment of the share premium related to the exercise of warrants"
Form 6-K: How Foreign Companies Report to the SEC →
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
 
 FORM 6-K
 REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15b-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2026
 
 
 Cresud Sociedad Anónima, Comercial, Inmobiliaria,
Financiera y Agropecuaria
(Exact name of Registrant as specified in its charter)
 
Cresud Inc.
(Translation of registrant´s name into English)
 
 Republic of Argentina
(Jurisdiction of incorporation or organization)
 
Carlos Della Paolera 261
(C1001ADA)
Buenos Aires, Argentina
 (Address of principal executive offices)
 
 Form 20-F ⌧               Form 40-F  ☐
 
 Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
 
Yes o               No x
 
 
 
 
 
 
CRESUD S.A.C.I.F. and A.
(THE “COMPANY”)
 
REPORT ON FORM 6-K
 
 

Attached is the English translation of the letter filed with the Comision Nacional de Valores and Bolsa de Comercio de Buenos Aires on May 7, 2026.
 
By letter dated May 7, 2026, the company reported that in compliance with Section 63 of the Regulations issued by the Buenos Aires Stock Exchange, this is to report the following information:
 
 
1. Results of the fiscal year
  in million ARS
 
03/31/2026
03/31/2025
Results of the fiscal year (Nine month period)
231,308
77,358
Attributable to:
 
 
Shareholders of the controlling company
121,665
30,061
Non-controlling interest
109,643
47,297
 
 
 
2. Other comprehensive income for the fiscal year
  in million ARS
 
03/31/2026
03/31/2025
Other comprehensive income for the fiscal year  (Nine month period)
(31,848)
(102,218)
Attributable to:
 
 
Shareholders of the controlling company
(11,034)
(36,501)
Non-controlling interest
(20,814)
(65,717)
 
 
 
3. Total comprehensive income for the fiscal year
  in million ARS
 
03/31/2026
03/31/2025
Total comprehensive income for the fiscal year  (Nine month period)
                                                      199,460
(24,860)
Attributable to:
 
 
Shareholders of the controlling company
110,631
(6,440)
Non-controlling interest
88,829
(18,420)
 
 
 
4. Equity details
  in million ARS
 
03/31/2026
03/31/2025
Share Capital
707
598
Treasury shares
2
7
Comprehensive adjustment of capital stock and of treasury shares
355,727
355,720
Warrants 
-
29,849
Share Premium (i)
517,864
448,529
Premium for trading of treasury shares
(50,862)
(39,174)
Legal Reserve
60,003
54,056
Special Reserve (Resolution CNV 609/12)
329,149
326,855
Cost of treasury share
(2,365)
(14,026)
Conversion reserve
(44,548)
(49,455)
Reserve for securities issued by the Company acquisition
3,421
3,421
Other reserves
Retained earnings (i)
34,180
103,764
(8,033)
10,834
Shareholders’ Equity attributable to controlling company’s shareholders
1,307,042
1,119,181
Non-controlling interest
1,507,749
1,401,051
Total shareholder's equity
2,814,791
2,520,232 
 
(i) Within the framework of the analysis and review of certain accounting records related to shareholders’ equity, the Company’s Management detected, as of June 30, 2025, an error in the calculation of the inflation adjustment of the share premium related to the exercise of warrants carried out during the fiscal years ended June 30, 2024, 2023, and 2022. As a result, the previously issued financial statements were retroactively restated with respect to the exercise of warrants, recognizing a positive adjustment (gain).
 
Pursuant to Article 63 Section l) 6) and 8) of the referred Regulations, we report that as of the closing date of the financial statements, the Company’s capital stock was ARS 709,308,309 (including treasury shares) whose shareholding composition is divided into 648,742,437 registered, non-endorsable ordinary shares with a par value of ARS 1 each and entitled to 1 vote each, issued and duly registered, and 60,565,872 registered, non-endorsable ordinary shares with a par value of ARS 1 each and entitled to 1 vote each, pending registration. Total shares outstanding is 709,251,964. 

The Company's market capitalization as of March 31, 2026, was approximately USD 902.2 million (70,930,830 ADS with a price per ADS of USD  12.72).
 
As of March 31, 2026, the Company’s principal shareholder and beneficial owner is Eduardo Sergio Elsztain. Direct or indirectly,  through the vehicles Inversiones Financieras del Sur S.A (IFISA), Consultores Venture Capital Uruguay S.A.(CVCU) and Agroinvestment S.A., owns 277,485,211 shares, accounting for 39.12% of the share capital (net of treasury shares). Eduardo Sergio Elsztain is domiciled at Bolivar 108, 1st floor, Buenos Aires City Center, IFISA is a company incorporated and domiciled at Calle 8, km 17,500, Edificio Zonamérica 1, local 106, Montevideo, Uruguay, Agroinvestment S.A. is a company incorporated and domiciled at Zabala 1422, piso 2, Montevideo, Uruguay and CVCU is a company incorporated and domiciled at Calle 8, km 17,500, Edificio Zonamérica 1, local 106, Montevideo, Uruguay.
 
In addition, we report that as of March 31, 2026, after deducting direct and indirect Eduardo Sergio Elsztain's interest through IFISA, Agroinvestment S.A. and CVCU, and the treasury shares, the remaining shareholders held 431,766,753 common, registered, non-endorsable shares of ARS 1 par value each and entitled to one vote per share, accounting for 60.88% of the issued and subscribed capital stock (substracting treasury shares).
 
 
Below are the highlights for the Second Quarter of the Fiscal Year ended  March 31, 2026:
 
 
●
Net income for the first nine months of 2026 amounted to ARS 239,741 million, compared to ARS 46,497 million in the same period of the previous year, while Adjusted EBITDA from rental segments reached ARS 232,327 million in the first nine months of 2026, increasing 4.6% year-over-year, with solid performance across all three segments: shopping malls, offices, and hotels. 
 
●
In the Shopping Malls segment, revenues and Adjusted EBITDA increased by 2.4% and 2.0%, respectively, during the first nine months of fiscal year 2026, driven by higher base rent and other fixed components.
 
●
We maintained 100% occupancy in our premium office portfolio during the third quarter, while the Hotels segment continued to show a recovery in revenue and EBITDA levels.
 
●
During the quarter, we launched a new 15,350 sqm GLA office building at Polo Dot (northern area of the City of Buenos Aires), which will expand and integrate the Zetta building, with Mercado Libre as the main tenant. We also continued advancing the construction of the Distrito Diagonal shopping mall in La Plata and the Del Plata building in downtown Buenos Aires. 
 
●
During the quarter, we executed swap agreements for two new lots at Ramblas del Plata for USD 11.3 million and continued advancing infrastructure works at the plot, while awaiting project definition and the start of construction of the first buildings, expected in the next fiscal year. 

 
 
 
 

SIGNATURES
 
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.
 
 
 Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
 
 
 
 By:
 /S/ Saúl Zang
 
 
 
 Saúl Zang
 
 
 
 Responsible for the Relationship with the Markets
 
May 7, 2026

 
 
 
 
 
 
 
 
 
 
 

Source: View Original Filing on SEC EDGAR

FAQ

How did Cresud (CRESW) perform in the nine months ended March 31, 2026?

Cresud reported much stronger results, with results of the fiscal period reaching ARS 231,308 million versus ARS 77,358 million a year earlier. Net income rose to ARS 239,741 million from ARS 46,497 million, and total comprehensive income turned positive at ARS 199,460 million.

What was Cresud (CRESW)’s Adjusted EBITDA from rental segments in 2026?

Adjusted EBITDA from Cresud’s rental segments reached ARS 232,327 million in the first nine months of 2026, increasing 4.6% year-over-year. This performance was supported by all three rental areas: shopping malls, offices, and hotels, reflecting stable cash generation from the real estate portfolio.

What is Cresud (CRESW)’s shareholders’ equity and capital structure as of March 31, 2026?

Total shareholders’ equity was ARS 2,814,791 million, including ARS 1,307,042 million attributable to controlling shareholders. Capital stock was 709,308,309 shares (including treasury shares), with 709,251,964 shares outstanding, providing a detailed picture of Cresud’s equity base and share count.

Who is the principal shareholder of Cresud (CRESW) and what is their stake?

The principal shareholder is Eduardo Sergio Elsztain, who directly and indirectly owns 277,485,211 shares through several investment vehicles. This position represents 39.12% of Cresud’s share capital net of treasury shares, leaving the remaining 60.88% held by other shareholders.

What market capitalization did Cresud (CRESW) report as of March 31, 2026?

Cresud reported an approximate market capitalization of USD 902.2 million as of March 31, 2026. This figure was based on 70,930,830 American Depositary Shares (ADS) outstanding, each priced at USD 12.72, giving investors a sense of the company’s equity market value.