Eduardo Elsztain discloses sizable Cresud (CRESY) direct and indirect stakes

Rhea-AI Filing Summary

CRESUD INC director Eduardo S. Elsztain has filed an initial ownership report showing substantial positions in the company’s securities. He reports direct ownership of 3,327,222 Common Shares and 9,786,683 American Depositary Shares (ADS). He also reports significant indirect holdings, including 45,759,999 Common Shares and 12,581,641 ADS, attributed to entities he controls. A footnote explains that he reports shares held by IFISA due to his control of that entity and disclaims beneficial ownership of those IFISA-held shares except to the extent of his pecuniary interest.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

ELSZTAIN EDUARDO S

(Last) (First) (Middle)

BOLIVAR 108

1ST FLOOR

(Street)

BUENOS AIRES BUENOS AIRES 1066

(City) (State) (Zip)

ARGENTINA

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
CRESUD INC [ CRESY ]

3a. Foreign Trading Symbol
[CRES]

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	3,327,222	D
American Depositary Shares (ADS)	9,786,683	D
American Depositary Shares (ADS)	471,344	I	See footnote(1)
Common Shares	45,759,999	I	See Footnote(1)
American Depositary Shares (ADS)	12,581,641	I	See Footnote(1)
Common Shares	20	I	See Footnote(1)
American Depositary Shares (ADS)	129	I	See Footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person reports the shares held by IFISA due to his control over IFISA. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

Remarks:

	/s/ Amalia Cristina Sternheim by POA for Eduardo Sergio Elsztain	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Eduardo Elsztain’s Form 3 filing show for CRESUD (CRESY)?

The Form 3 shows Eduardo S. Elsztain’s initial ownership in CRESUD INC. He reports direct stakes in Common Shares and ADS, plus large indirect positions through controlled entities, giving investors a clear picture of his reported economic exposure and related-party holdings.

How many CRESUD Common Shares does Eduardo Elsztain report directly owning?

He reports direct ownership of 3,327,222 CRESUD Common Shares. This figure reflects only his direct holdings, separate from much larger indirect positions held through entities he controls, which are disclosed in additional rows in the same Form 3 filing.

What indirect CRESUD holdings does Eduardo Elsztain report on the Form 3?

He reports several indirect positions, including 45,759,999 Common Shares and 12,581,641 ADS. These are attributed to entities he controls, such as IFISA, and are reported because of that control relationship rather than as purely personal, directly held investments.

What does the IFISA footnote mean in Eduardo Elsztain’s CRESUD filing?

The footnote states he reports shares held by IFISA due to his control over that entity. It also says he disclaims beneficial ownership of those IFISA-held shares except to the extent of his pecuniary interest, clarifying the nature of his economic stake and legal ownership claims.

Are there buy or sell transactions in Eduardo Elsztain’s CRESUD Form 3?

The Form 3 reflects holdings as of the reporting date, not new trades. All entries are categorized as holdings with unknown transaction codes, so it functions as a baseline ownership statement rather than evidence of recent purchases or sales in CRESUD securities.

How many CRESUD ADS does Eduardo Elsztain report holding directly and indirectly?

He reports 9,786,683 ADS held directly and multiple indirect ADS positions, including 12,581,641 ADS. Additional smaller indirect ADS holdings, such as 471,344 and 129 ADS, are also listed, providing detail on how his ADS exposure is distributed across direct and indirect accounts.