CRESUD INC Schedule 13G shows Kopernik Global Investors, LLC and David B. Iben jointly report beneficial ownership of 4,523,081 American Depositary Shares, representing 6.38% of common stock based on 709,308,309 common shares outstanding as of March 31, 2026. Each ADS represents ten shares of common stock. The filing states the ADS are held for investment advisory clients; no single client is reported to own over 5%. The reporting persons disclose shared voting power of 4,427,273 ADS and shared dispositive power of 4,523,081.
Positive
None.
Negative
None.
Insights
Kopernik and its CIO report a 6.38% aggregated ADS stake in CRESUD.
What the filing states: The Reporting Persons beneficially own 4,523,081 ADS, representing 6.38% of common stock based on 709,308,309 shares outstanding as of March 31, 2026. Each ADS equals ten underlying common shares.
Dependencies and implications: Ownership is disclosed as held for investment advisory clients with no single client >5%. Voting and disposition powers are reported as shared, not sole. Subsequent filings or trading activity would clarify whether this position changes over time.
Key Figures
ADS owned:4,523,081 ADSPercent of class:6.38%Shares outstanding:709,308,309 common shares+3 more
6 metrics
ADS owned4,523,081 ADSaggregate beneficial ownership reported by Kopernik and David B. Iben
Percent of class6.38%percentage of common stock based on outstanding shares as of March 31, 2026
Shares outstanding709,308,309 common sharesoutstanding as of March 31, 2026 per issuer financial statements
ADS conversion1 ADS = 10 common shareseach American Depositary Share represents ten shares of common stock
Shared voting power4,427,273 ADSshared power to vote reported by the Reporting Persons
Shared dispositive power4,523,081 ADSshared power to dispose reported by the Reporting Persons
Key Terms
American Depositary Shares, Beneficially own, Shared dispositive power, Schedule 13G
4 terms
American Depositary Sharesfinancial
"American Depositary Shares, each representing ten shares of Common Stock"
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
Beneficially ownregulatory
"The Reporting Persons beneficially own, in the aggregate, 4,523,081 ADS"
Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.
Shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition of: 4,523,081"
Schedule 13Gregulatory
"This is jointly filed by Kopernik Global Investors, LLC and David B. Iben"
A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
CRESUD INC
(Name of Issuer)
American Depositary Shares, each representing ten shares of Common Stock
(Title of Class of Securities)
226406106
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
226406106
1
Names of Reporting Persons
Kopernik Global Investors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,427,273.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,523,081.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,523,081.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.38 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: Based on 709,308,309 common shares outstanding as of March 31, 2026 as set forth in the Issuer's Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on May 7, 2026. Each share reported above represents ten shares of Common Stock.
SCHEDULE 13G
CUSIP Number(s):
226406106
1
Names of Reporting Persons
David B. Iben
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,427,273.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,523,081.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,523,081.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.38 %
12
Type of Reporting Person (See Instructions)
HC
Comment for Type of Reporting Person: Based on 709,308,309 common shares outstanding as of March 31, 2026 as set forth in the Issuer's Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on May 7, 2026. Each share reported above represents ten shares of Common Stock.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
CRESUD INC
(b)
Address of issuer's principal executive offices:
Carlos Della Paolera 261 (C1001ADA) Buenos Aires, Argentina
Item 2.
(a)
Name of person filing:
This Schedule 13G is jointly filed by Kopernik Global Investors, LLC ("Kopernik Global Investors") and David B. Iben (collectively, the "Reporting Persons"). Kopernik Global Investors is an investment adviser. Mr. Iben is the controlling member and Chief Investment Officer of Kopernik Global Investors.
(b)
Address or principal business office or, if none, residence:
2502 N. Rocky Point Drive, Suite 300
Tampa, FL 33607
(c)
Citizenship:
Kopernik Global Investors is a limited liability company organized under the laws of Delaware. Mr. Iben is a citizen of the United States of America.
(d)
Title of class of securities:
American Depositary Shares, each representing ten shares of Common Stock
(e)
CUSIP Number(s):
226406106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The Reporting Persons beneficially own, in the aggregate, 4,523,081 ADS. None of the securities are held by the Reporting Persons. The filing of this statement shall not be construed as an admission that either of the Reporting Persons is the beneficial owner of any of the securities covered by this Schedule 13G for any other purpose.
(b)
Percent of class:
The number of ADS beneficially owned by the Reporting Persons represents 6.38% of the Issuer's outstanding Common Stock based on 709,308,309 common shares outstanding as of March 31, 2026 as set forth in the Issuer's Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2026 filed by the Issuer on Form 6-K with the Securities and Exchange Commission on May 7, 2026. Each share reported represents ten shares of Common Stock.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
4,427,273
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
4,523,081
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Securities reported on this Schedule 13G are beneficially owned by investment advisory clients which may include investment companies registered under the Investment Company Act and/or other separately managed accounts. No such person beneficially owns over 5%.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Kopernik Global Investors, LLC
Signature:
/s/Sarah L. Bertrand
Name/Title:
Sarah L. Bertrand General Counsel and Chief Compliance Officer
Date:
06/18/2026
David B. Iben
Signature:
/s/ David B. Iben by Sarah L. Bertrand, power of attorney
Name/Title:
David B. Iben by Sarah L. Bertrand, power of attorney
Date:
06/18/2026
Exhibit Information
99.1 Joint Filing Agreement, dated June 17, 2026, by and between Kopernik Global Investors, LLC and David B. Iben.
99.2 Power of Attorney appointing Sarah L. Bertrand, dated October 25, 2024, signed by David B. Iben.
What stake does Kopernik report in CRESUD (CRESY)?
Kopernik and David B. Iben report beneficial ownership of 4,523,081 ADS, equal to 6.38% of common stock as of March 31, 2026. Each ADS represents ten common shares, and holdings are for advisory clients.
How many common shares outstanding does CRESUD report in this filing?
The filing cites 709,308,309 common shares outstanding as of March 31, 2026. That figure is taken from the issuer's unaudited condensed interim consolidated financial statements referenced in the filing.
Do the reporting persons hold sole voting or dispositive power?
No; the filing reports 0 sole voting and dispositive power, with 4,427,273 shared voting and 4,523,081 shared dispositive ADS. Rights are reported as shared, not sole.
Are the ADS held personally by Kopernik or clients?
The filing states the ADS are beneficially owned by investment advisory clients of Kopernik Global Investors and are not held personally by the Reporting Persons. No single client is reported to exceed 5%.
Does the filing indicate plans to buy or sell CRESUD shares?
The Schedule 13G discloses current beneficial ownership of 4,523,081 ADS and does not state any intended purchases or sales. It identifies the holdings as held for investment advisory clients.
