Property gains lift IRSA (NYSE: IRS) to ARS 248,817M profit
Filing Impact
Filing Sentiment
Form Type
6-K
IRSA Inversiones y Representaciones reported six‑month revenues of ARS 292,081 million, up 4.7% year on year, mainly from its shopping malls. Adjusted EBITDA was ARS 131,518 million, a slight 2.3% decline, showing stable underlying operations in a hyperinflationary environment.
The company swung to a net profit of ARS 248,817 million from a prior loss of ARS 53,896 million, driven by a ARS 185,712 million gain from fair value adjustments on investment properties as the peso depreciated faster than inflation. Investment properties rose to ARS 2,895,263 million, while cash reached ARS 296,141 million and borrowings increased to ARS 985,314 million.
IRSA continued to expand and recycle its portfolio, buying the “Al Oeste” shopping mall and a large property on Av. Gaona, closing land sales and barter deals at Ramblas del Plata, and selling a Pilar lot. It issued additional Series XXIV notes for USD 180 million, paid a cash dividend of ARS 187,442 million, and saw warrant exercises adding 11,669,360 new shares, modestly increasing share capital.
Positive
- None.
Negative
- None.
Insights
IRSA’s profit jump is driven mostly by non‑cash property revaluations, with operating trends relatively stable.
IRSA shows resilient core performance: six‑month revenues grew 4.7% to
The headline swing to a
On the balance sheet, investment properties increased to
IRSA Inversiones y Representaciones Sociedad
Anónima
Unaudited Condensed Interim Consolidated Financial Statements as of
December 31, 2025 and for the six and three-month periods ended as
of that date, presented comparatively.
Legal information
Denomination: IRSA Inversiones y
Representaciones Sociedad Anónima.
Fiscal year N°: 83, beginning on July 1st,
2025.
Legal address: 261 Carlos Della Paolera St., 9th
floor, Autonomous City of Buenos Aires, Argentina.
Company activity: Real estate investment
and development.
Date of registration of the by-laws in the
Public Registry of Commerce: June 23, 1943.
Date of registration of last
amendment of the by-laws in the Public Registry of Commerce:
General Ordinary and Extraordinary
Shareholders’ Meeting held on April 27, 2023 and registered
in the Superintendence on September 12, 2023 with the number 15555,
Book 114 Volume – of Joint Stock
Companies.
Expiration of the
Company’s by-laws: April
5, 2043.
Registration number with
the
Superintendence: 213,036.
Capital: 774,190,153 shares. (*)
Common Stock subscribed, issued and paid-up
nominal value (in millions of ARS): 7,742.
Parent Company: Cresud Sociedad
Anónima, Comercial, Inmobiliaria, Financiera y
Agropecuaria
(Cresud
S.A.C.I.F. y A.).
Legal Address: 261 Carlos Della Paolera
St., 9th floor, Autonomous City of Buenos Aires,
Argentina.
Main activity of parent Company: Real
estate and agricultural activities.
Direct interest of the Parent Company on the
capital stock: 399,476,035 common shares.
Percentage of votes of the Parent Company
(direct interest) on the shareholders’ equity: 51.61%
(1).
|
|
CAPITAL
STATUS
|
|
|
Type of
stock
|
Shares authorized for
Public Offering (2)
|
Subscribed, issued
and paid-up nominal value
(in
millions of Argentine Pesos)
|
|
Common stock with a
face value of ARS 10 per share and entitled to 1 vote
each
|
774,190,153
|
7,742
|
(1) For
computation purposes, treasury shares have been
subtracted.
(2)
Company not included in the Optional Statutory System of Public
Offer of Compulsory Acquisition.
(*) As
of December 31, 2025, the capital increase and the issuance of
shares resolved by the board of directors on December 22, 2025, was
in process of being registered in the “Inspección
General de Justicia” (General Inspection of
Justice).
Index
|
Glossary
|
1
|
|
Unaudited Condensed Interim Consolidated Statement of Financial
Position
|
2
|
|
Unaudited Condensed Interim Consolidated Statement of Income and
Other Comprehensive Income
|
3
|
|
Unaudited Condensed Interim Consolidated Statement of Changes in
Shareholders’ Equity
|
4
|
|
Unaudited Condensed Interim Consolidated Statement of Cash
Flows
|
6
|
|
Notes to the Unaudited Condensed Interim Consolidated Financial
Statements:
|
|
|
Note 1 – The Group’s business and general
information
|
7
|
|
Note 2 – Summary of significant accounting
policies
|
7
|
|
Note 3 – Seasonal effects on operations
|
9
|
|
Note 4 – Acquisitions and disposals
|
9
|
|
Note 5 – Financial risk management and fair value
estimates
|
10
|
|
Note 6 – Segment information
|
10
|
|
Note 7 – Investments in associates and joint
ventures
|
12
|
|
Note 8 – Investment properties
|
13
|
|
Note 9 – Property, plant and equipment
|
15
|
|
Note 10 – Trading properties
|
15
|
|
Note 11 – Intangible assets
|
16
|
|
Note 12 – Right-of-use assets and lease
liabilities
|
16
|
|
Note 13 – Financial instruments by
category
|
17
|
|
Note 14 – Trade and other receivables
|
19
|
|
Note 15 – Cash flow and cash equivalent
information
|
19
|
|
Note 16 – Trade and other payables
|
20
|
|
Note 17 – Borrowings
|
21
|
|
Note 18 – Provisions
|
21
|
|
Note 19 – Taxes
|
23
|
|
Note 20 – Revenues
|
23
|
|
Note 21 – Expenses by nature
|
24
|
|
Note 22 – Costs
|
24
|
|
Note 23 – Other operating results, net
|
25
|
|
Note 24 – Financial results, net
|
25
|
|
Note 25 – Related party transactions
|
25
|
|
Note 26 – CNV General Resolution N°
622
|
27
|
|
Note 27 – Foreign currency assets and
liabilities
|
28
|
|
Note 28 – Other relevant events of the
period
|
29
|
|
Note 29 – Subsequent events
|
29
|
Glossary
The
following are not technical definitions, but help the reader to
understand certain terms used in the wording of the notes to the
Group´s Financial Statements.
|
Terms
|
|
Definitions
|
|
ARCOS
|
|
Arcos
del Gourmet S.A.
|
|
Annual
Financial Statements
|
|
Consolidated
Financial Statements as of June 30, 2025
|
|
BACS
|
|
Banco
de Crédito y Securitización S.A.
|
|
BCRA
|
|
Central
Bank of the Argentine Republic
|
|
BHSA
|
|
Banco
Hipotecario S.A.
|
|
BYMA
|
|
Buenos
Aires Stock Exchange
|
|
CNV
|
|
Securities
Exchange Commission (Argentina)
|
|
CODM
|
|
Chief
Operating Decision Maker
|
|
CPI
|
|
Consumer
Price Index
|
|
Cresud
|
|
Cresud
S.A.C.I.F. y A.
|
|
Financial
Statements
|
|
Unaudited
Condensed Interim Consolidated Financial Statements
|
|
GCDI
|
|
GCDI
S.A.
|
|
GLA
|
|
Gross
Leasable Area
|
|
IAS
|
|
International
Accounting Standards
|
|
IASB
|
|
International
Accounting Standards Board
|
|
IDBD
|
|
IDB
Development Corporation Ltd.
|
|
IFRS
|
|
International
Financial Reporting Standards
|
|
INDEC
|
|
Argentine
Institute of Statistics and Census
|
|
IRSA,
The Company”, “Us”, “We”
|
|
IRSA
Inversiones y Representaciones Sociedad Anónima
|
|
NIS
|
|
New
Israeli Shekel
|
|
New
Lipstick
|
|
New
Lipstick LLC
|
|
Puerto
Retiro
|
|
Puerto
Retiro S.A.
|
|
USA
|
|
United
States of America
|
|
|
|
|
1
IRSA Inversiones y Representaciones Sociedad
Anónima
as of December 31, 2025 and June 30, 2025
(All
amounts in millions of Argentine pesos, except otherwise
indicated)
Free
translation from the original prepared in Spanish for publication
in Argentina
|
|
Note
|
12.31.2025
|
06.30.2025
|
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Investment
properties
|
8
|
2,895,263
|
2,679,811
|
|
Property,
plant and equipment
|
9
|
61,828
|
61,823
|
|
Trading
properties
|
10,
22
|
172,042
|
142,547
|
|
Intangible
assets
|
11
|
20,814
|
20,720
|
|
Right-of-use
assets
|
12
|
14,607
|
13,584
|
|
Investments
in associates and joint ventures
|
7
|
210,680
|
203,676
|
|
Deferred
income tax assets
|
19
|
7,595
|
7,909
|
|
Income
tax credit
|
|
63
|
66
|
|
Trade
and other receivables
|
13,
14
|
45,561
|
37,712
|
|
Investments
in financial assets
|
13
|
34,730
|
31,503
|
|
Total non-current assets
|
|
3,463,183
|
3,199,351
|
|
Current assets
|
|
|
|
|
Trading
properties
|
10,
22
|
48,120
|
40,797
|
|
Inventories
|
22
|
1,718
|
1,396
|
|
Income
tax credit
|
|
353
|
402
|
|
Trade
and other receivables
|
13,
14
|
146,092
|
148,564
|
|
Investments
in financial assets
|
13
|
223,309
|
250,035
|
|
Derivative
financial instruments
|
13
|
244
|
-
|
|
Cash
and cash equivalents
|
13
|
296,141
|
202,094
|
|
Total current assets
|
|
715,977
|
643,288
|
|
TOTAL ASSETS
|
|
4,179,160
|
3,842,639
|
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
Shareholders'
equity attributable to equity holders of the parent (according to
corresponding statement)
|
|
1,854,712
|
1,803,334
|
|
Non-controlling
interest
|
|
108,670
|
107,622
|
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
1,963,382
|
1,910,956
|
|
LIABILITIES
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Borrowings
|
13,
17
|
872,134
|
582,661
|
|
Lease
liabilities
|
12
|
3,687
|
3,735
|
|
Deferred
income tax liabilities
|
19
|
890,869
|
851,457
|
|
Trade
and other payables
|
13,
16
|
71,113
|
69,655
|
|
Provisions
|
18
|
47,234
|
36,769
|
|
Salaries
and social security liabilities
|
|
128
|
141
|
|
Total non-current liabilities
|
|
1,885,165
|
1,544,418
|
|
Current liabilities
|
|
|
|
|
Borrowings
|
13,
17
|
113,180
|
156,967
|
|
Lease
liabilities
|
12
|
5,606
|
5,891
|
|
Trade
and other payables
|
13,
16
|
140,553
|
138,173
|
|
Income
tax liabilities
|
|
49,244
|
63,581
|
|
Provisions
|
18
|
6,350
|
5,927
|
|
Derivative
financial instruments
|
13
|
-
|
56
|
|
Salaries
and social security liabilities
|
|
15,680
|
16,670
|
|
Total current liabilities
|
|
330,613
|
387,265
|
|
TOTAL LIABILITIES
|
|
2,215,778
|
1,931,683
|
|
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES
|
|
4,179,160
|
3,842,639
|
|
|
|
|
|
The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.
|
|
.
Eduardo S. Elsztain
President
|
2
IRSA Inversiones y Representaciones Sociedad
Anónima
for the six and three-month periods ended December 31, 2025 and
2024
(All
amounts in millions of Argentine pesos, except otherwise
indicated)
Free
translation from the original prepared in Spanish for publication
in Argentina
|
|
|
Six months
|
Three months
|
||
|
|
Note
|
12.31.2025
|
12.31.2024
|
12.31.2025
|
12.31.2024
|
|
Revenues
|
20
|
292,081
|
279,069
|
152,667
|
151,352
|
|
Costs
|
21,
22
|
(110,416)
|
(106,827)
|
(56,593)
|
(60,700)
|
|
Gross profit
|
|
181,665
|
172,242
|
96,074
|
90,652
|
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
8
|
185,712
|
(306,605)
|
(51,503)
|
13,850
|
|
General
and administrative expenses
|
21
|
(39,563)
|
(37,227)
|
(21,974)
|
(21,446)
|
|
Selling
expenses
|
21
|
(13,878)
|
(12,744)
|
(7,089)
|
(6,563)
|
|
Other
operating results, net
|
23
|
7,319
|
(12,705)
|
9,926
|
(6,955)
|
|
Profit / (loss) from operations
|
|
321,255
|
(197,039)
|
25,434
|
69,538
|
|
Share
of profit of associates and joint ventures
|
7
|
11,290
|
32,593
|
15,526
|
20,995
|
|
Profit / (loss) before financial results and income
tax
|
|
332,545
|
(164,446)
|
40,960
|
90,533
|
|
Finance
income
|
24
|
4,879
|
2,124
|
1,740
|
1,098
|
|
Finance
costs
|
24
|
(41,665)
|
(33,182)
|
(20,926)
|
(16,635)
|
|
Other
financial results
|
24
|
37,090
|
87,080
|
49,712
|
56,255
|
|
Inflation
adjustment
|
24
|
14,758
|
9,209
|
10,370
|
3,174
|
|
Financial results, net
|
|
15,062
|
65,231
|
40,896
|
43,892
|
|
Profit / (loss) before income tax
|
|
347,607
|
(99,215)
|
81,856
|
134,425
|
|
Income
tax expense
|
19
|
(98,790)
|
45,319
|
(9,318)
|
(33,372)
|
|
Profit / (loss) for the period
|
|
248,817
|
(53,896)
|
72,538
|
101,053
|
|
Other comprehensive (loss) / income:
|
|
|
|
|
|
|
Items that may be reclassified subsequently to profit or
loss:
|
|
|
|
|
|
|
Currency
translation adjustment and other comprehensive loss from
subsidiaries and associates (i)
|
|
(1,415)
|
(1,847)
|
141
|
(1,141)
|
|
Total other comprehensive (loss) / income for the
period
|
|
(1,415)
|
(1,847)
|
141
|
(1,141)
|
|
Total comprehensive income / (loss) for the period
|
|
247,402
|
(55,743)
|
72,679
|
99,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit / (loss) for the period attributable to:
|
|
|
|
|
|
|
Equity
holders of the parent
|
|
235,486
|
(52,320)
|
69,553
|
97,813
|
|
Non-controlling
interest
|
|
13,331
|
(1,576)
|
2,985
|
3,240
|
|
|
|
|
|
|
|
|
Total comprehensive profit / (loss) attributable to:
|
|
|
|
|
|
|
Equity
holders of the parent
|
|
233,876
|
(53,658)
|
69,718
|
96,880
|
|
Non-controlling
interest
|
|
13,526
|
(2,085)
|
2,961
|
3,032
|
|
|
|
|
|
|
|
|
Profit / (loss) per share attributable to equity holders of the
parent: (ii)
|
|
|
|
|
|
|
Basic
|
|
310.26
|
(71.28)
|
91.64
|
133.26
|
|
Diluted
|
|
283.72
|
(71.28)
(iii)
|
83.80
|
115.76
|
(i)
The
components of other comprehensive loss do not generate an impact on
income tax.
(ii)
See
note 28 to the Annual Consolidated Financial Statements as of June
30, 2025.
(iii)
Given
that the result for the period showed losses, there is no diluted
effect of such result.
The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.
|
|
.
Eduardo S. Elsztain
President
|
3
IRSA Inversiones y Representaciones Sociedad
Anónima
for the six-month period ended December 31, 2025
(All
amounts in millions of Argentine pesos, except otherwise
indicated)
Free translation from the original prepared in Spanish for
publication in Argentina
|
|
Attributable to equity holders of the parent
|
|
|
||||||||||
|
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(i)
|
Warrants (ii)
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12
|
Other reserves (iii)
|
Retained earnings
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
|
Balance as of June 30, 2025
|
7,533
|
92
|
524,363
|
28,374
|
777,309
|
(73,172)
|
76,390
|
295,545
|
(105,865)
|
272,765
|
1,803,334
|
107,622
|
1,910,956
|
|
Net
profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
235,486
|
235,486
|
13,331
|
248,817
|
|
Other
comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,610)
|
-
|
(1,610)
|
195
|
(1,415)
|
|
Total comprehensive (loss) / income for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,610)
|
235,486
|
233,876
|
13,526
|
247,402
|
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
-
|
-
|
-
|
11,183
|
-
|
25,023
|
(36,206)
|
-
|
-
|
-
|
|
Warrants
exercise (ii)
|
117
|
-
|
8
|
(3,632)
|
8,459
|
-
|
-
|
-
|
-
|
-
|
4,952
|
-
|
4,952
|
|
Capitalization
of irrevocable contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
173
|
173
|
|
Dividend
distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(187,442)
|
(187,442)
|
(12,659)
|
(200,101)
|
|
Reserve
for share-based payments
|
-
|
-
|
-
|
-
|
-
|
57
|
-
|
-
|
(57)
|
-
|
-
|
-
|
-
|
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8)
|
-
|
(8)
|
8
|
-
|
|
Balance as of December 31, 2025
|
7,650
|
92
|
524,371
|
24,742
|
785,768
|
(73,115)
|
87,573
|
295,545
|
(82,517)
|
284,603
|
1,854,712
|
108,670
|
1,963,382
|
(i)
Includes ARS 13 of Inflation adjustment of treasury shares. See
Note 17 to the Annual Consolidated Financial Statements as of June
30, 2025.
(ii) As of December 31, 2025, the remaining warrants to
exercise amount to 53,161,206. See Note 28 to these Financial Statements.
(iii)
Group´s other reserves for the period ended December 31, 2025
are comprised as follows:
|
|
Cost of treasury shares
|
Currency translation adjustment reserve
|
Special reserve
|
Other reserves (1)
|
Total Other reserves
|
|
Balance as of June 30, 2025
|
(8,206)
|
(5,337)
|
56,559
|
(148,881)
|
(105,865)
|
|
Other
comprehensive loss for the period
|
-
|
(1,610)
|
-
|
-
|
(1,610)
|
|
Total comprehensive loss for the period
|
-
|
(1,610)
|
-
|
-
|
(1,610)
|
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
25,023
|
-
|
25,023
|
|
Reserve
for share-based payments
|
71
|
-
|
-
|
(128)
|
(57)
|
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
(8)
|
(8)
|
|
Balance as of December 31, 2025
|
(8,135)
|
(6,947)
|
81,582
|
(149,017)
|
(82,517)
|
(1) Includes
revaluation surplus.
The
Company does not hold any preferred shares, therefore there are no
unpaid dividends on such shares.
The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.
|
|
.
Eduardo S. Elsztain
President
|
4
IRSA Inversiones y Representaciones Sociedad
Anónima
Unaudited Condensed Interim Consolidated Statement of Changes in
Shareholders’ Equity
for the six-month period ended December 31, 2024
(All
amounts in millions of Argentine pesos, except otherwise
indicated)
Free translation from the original prepared in Spanish for
publication in Argentina
|
|
Attributable to equity holders of the parent
|
|
|
||||||||||
|
|
Share capital
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding shares
|
Treasury shares
|
Inflation adjustment of share capital and treasury shares
(i)
|
Warrants
|
Share premium
|
Additional paid-in capital from treasury shares
|
Legal reserve
|
Special reserve Resolution CNV 609/12
|
Other reserves (ii)
|
Accumulated deficit
|
Subtotal
|
Non-controlling interest
|
Total Shareholders’ equity
|
|
Balance as of June 30, 2024
|
7,181
|
234
|
524,309
|
35,217
|
762,303
|
(16,422)
|
76,390
|
295,545
|
12,060
|
21,991
|
1,718,808
|
117,586
|
1,836,394
|
|
Net
loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(52,320)
|
(52,320)
|
(1,576)
|
(53,896)
|
|
Other
comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,338)
|
-
|
(1,338)
|
(509)
|
(1,847)
|
|
Total comprehensive loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,338)
|
(52,320)
|
(53,658)
|
(2,085)
|
(55,743)
|
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(27,694)
|
27,694
|
-
|
-
|
-
|
|
Repurchase
of treasury shares
|
(115)
|
115
|
-
|
-
|
-
|
-
|
-
|
-
|
(22,291)
|
-
|
(22,291)
|
-
|
(22,291)
|
|
Warrants
exercise
|
68
|
-
|
27
|
(2,376)
|
5,310
|
-
|
-
|
-
|
-
|
-
|
3,029
|
-
|
3,029
|
|
Capitalization
of irrevocable contributions
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
171
|
171
|
|
Dividend
distribution
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(124,546)
|
-
|
(124,546)
|
(10,359)
|
(134,905)
|
|
Distribution
of treasury shares
|
256
|
(256)
|
-
|
-
|
-
|
(56,638)
|
-
|
-
|
56,638
|
-
|
-
|
-
|
-
|
|
Reserve
for share-based payments
|
-
|
-
|
-
|
-
|
-
|
(90)
|
-
|
-
|
90
|
-
|
-
|
-
|
-
|
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(20)
|
-
|
(20)
|
20
|
-
|
|
Balance as of December 31, 2024
|
7,390
|
93
|
524,336
|
32,841
|
767,613
|
(73,150)
|
76,390
|
295,545
|
(107,101)
|
(2,635)
|
1,521,322
|
105,333
|
1,626,655
|
(i) Includes ARS 65
of Inflation adjustment of treasury shares. See Note 17 to the
Annual Consolidated Financial Statements as of June 30,
2025.
(ii) Group’s
other reserves for the period ended December 31, 2024 are comprised
as follows:
|
|
Cost of treasury shares
|
Reserve for future dividends
|
Currency translation adjustment reserve
|
Special reserve
|
Other reserves (1)
|
Total Other reserves
|
|
Balance as of June 30, 2024
|
(42,840)
|
116,256
|
(4,645)
|
92,544
|
(149,255)
|
12,060
|
|
Other
comprehensive loss for the period
|
-
|
-
|
(1,338)
|
-
|
-
|
(1,338)
|
|
Total comprehensive loss for the period
|
-
|
-
|
(1,338)
|
-
|
-
|
(1,338)
|
|
Assignment
of results according to Shareholders´ Meeting
|
-
|
-
|
-
|
(27,694)
|
-
|
(27,694)
|
|
Repurchase
of treasury shares
|
(22,291)
|
-
|
-
|
-
|
-
|
(22,291)
|
|
Dividend
distribution
|
-
|
(62,273)
|
-
|
(62,273)
|
-
|
(124,546)
|
|
Distribution
of treasury shares
|
56,638
|
-
|
-
|
-
|
-
|
56,638
|
|
Reserve
for share-based payments
|
89
|
-
|
-
|
-
|
1
|
90
|
|
Reallocation
of reserves
|
-
|
(53,983)
|
-
|
53,983
|
-
|
-
|
|
Changes
in non-controlling interest
|
-
|
-
|
-
|
-
|
(20)
|
(20)
|
|
Balance as of December 31, 2024
|
(8,404)
|
-
|
(5,983)
|
56,560
|
(149,274)
|
(107,101)
|
(1) Includes
revaluation surplus.
The
Company does not hold any preferred shares, therefore there are no
unpaid dividends on such shares.
The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.
|
|
.
Eduardo S. Elsztain
President
|
5
IRSA Inversiones y Representaciones Sociedad
Anónima
Unaudited Condensed Interim
Consolidated Statement of Cash Flows
for the six-month periods ended December 31, 2025 and
2024
(All
amounts in millions of Argentine pesos, except otherwise
indicated)
Free
translation from the original prepared in Spanish for publication
in Argentina
|
|
Note
|
12.31.2025
|
12.31.2024
|
|
Operating activities:
|
|
|
|
|
Net
cash generated from operating activities before income tax
paid
|
15
|
147,241
|
112,486
|
|
Income
tax paid
|
|
(63,006)
|
(8,277)
|
|
Net cash generated from operating activities
|
|
84,235
|
104,209
|
|
Investing activities:
|
|
|
|
|
Acquisition
of participation in associates
|
|
(6,952)
|
-
|
|
Contributions
and issuance of capital in associates and joint
ventures
|
|
-
|
(40)
|
|
Acquisition
and improvements of investment properties
|
|
(46,173)
|
(25,523)
|
|
Proceeds
from sales of investment properties
|
|
1,490
|
8,610
|
|
Acquisitions
and improvements of property, plant and equipment
|
|
(4,108)
|
(3,429)
|
|
Proceeds
from sales of property, plant and equipment
|
|
2
|
-
|
|
Acquisitions
of intangible assets
|
|
(288)
|
(1,951)
|
|
Dividends
collected from associates and joint ventures
|
|
9
|
-
|
|
Proceeds
from sales of interest held in associates and joint
ventures
|
|
-
|
6,435
|
|
(Payment)
/ proceeds from derivative financial instruments
|
|
(1,395)
|
33
|
|
Acquisitions
of investments in financial assets
|
|
(415,629)
|
(187,773)
|
|
Proceeds
from disposal of investments in financial assets
|
|
345,738
|
177,127
|
|
Interest
received from financial assets
|
|
93,623
|
6,379
|
|
Proceeds
from loans granted to related parties
|
|
992
|
605
|
|
Loans
granted
|
|
(954)
|
-
|
|
Net cash used in investing activities
|
|
(33,645)
|
(19,527)
|
|
Financing activities:
|
|
|
|
|
Borrowings,
issuance and new placement of non-convertible notes
|
|
263,390
|
110,031
|
|
Payment
of borrowings and non-convertible notes
|
|
(77,204)
|
(20,157)
|
|
Obtaining
/ (payments) of short-term loans, net
|
|
22,271
|
(701)
|
|
Interests
paid
|
|
(26,955)
|
(31,847)
|
|
Repurchase
of non-convertible notes
|
|
-
|
(24,038)
|
|
Capital
contributions from non-controlling interest in
subsidiaries
|
|
173
|
171
|
|
Loans
received from associates and joint ventures, net
|
|
-
|
87
|
|
Dividends
paid
|
|
(141,754)
|
(92,171)
|
|
Warrants
exercise
|
|
4,952
|
3,029
|
|
Payment
of lease liabilities
|
|
(878)
|
(1,332)
|
|
Repurchase
of treasury shares
|
|
-
|
(22,291)
|
|
Net cash generated from / (used in) financing
activities
|
|
43,995
|
(79,219)
|
|
Net
increase in cash and cash equivalents
|
|
94,585
|
5,463
|
|
Cash and cash
equivalents at the beginning of the period
|
13
|
202,094
|
45,091
|
|
Inflation
adjustment of cash and cash equivalents
|
|
(1,653)
|
(2,222)
|
|
Foreign
exchange gain / (loss) on cash and cash equivalents and unrealized
fair value result for cash equivalents
|
|
1,115
|
(108)
|
|
Cash and cash equivalents at end of the period
|
13
|
296,141
|
48,224
|
|
|
|
|
|
The
accompanying notes are an integral part of these Unaudited
Condensed Interim Consolidated Financial Statements.
|
|
.
Eduardo S. Elsztain
President
|
6
IRSA Inversiones y Representaciones Sociedad
Anónima
Notes to the Unaudited Condensed Interim Consolidated Financial
Statements
(Amounts
in millions of Argentine pesos, except otherwise
indicated)
Free
translation from the original prepared in Spanish for publication
in Argentina
1.
The Group’s business and
general information
These
Financial Statements have been approved for issuance by the Board
of Directors, on February 3, 2026.
IRSA
was founded in 1943, and it has engaged in diverse real estate
activities in Argentina since 1991. IRSA and its subsidiaries are
collectively referred to hereinafter as “the
Group”.
Cresud
is our direct parent company, whose main shareholders are
Inversiones Financieras del Sur S.A., Agroinvestment S.A. and
Consultores Venture Capital Uruguay S.A., and whose final
beneficiary is Eduardo Sergio Elsztain.
As of
the date of these Financial Statements, the Group owns 16 shopping
malls, 5 office buildings, 3 hotels and an extensive land reserve
for future mixed-use developments. Additionally, the Group holds a
29.12% interest in Banco Hipotecario S.A. (BHSA) (see note 7),
which is a leading commercial bank in the provision of mortgaged
loans in Argentina. BHSA's shares are listed on the
BYMA.
The
Group operates and holds a majority interest (with the exception of
La Ribera Shopping Center, of which it has a 50% ownership
interest) in a portfolio of fifteen shopping malls in Argentina,
six of which are located in the Autonomous City of Buenos Aires
(Abasto Shopping, Paseo Alcorta Shopping, Alto Palermo, Patio
Bullrich, Dot Baires Shopping and Distrito Arcos), three in Buenos
Aires Province (Alto Avellaneda, Soleil Premium Outlet and Terrazas
de Mayo) and the rest are situated in different provinces (Alto Noa
in the City of Salta, Alto Rosario in the City of Rosario, Mendoza
Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera
in the City of Córdoba, Alto Comahue in the City of
Neuquén and La Ribera Shopping in the City of Santa Fe). The
Group also owns the historic building where the Patio Olmos
Shopping Mall is located, operated by a third party.
Likewise, the Group
manages a portfolio of five office buildings and has majority
stakes in three luxury hotels including the Libertador and
Intercontinental hotels in the Autonomous City of Buenos Aires and
the exclusive Llao Llao resort, in the city of San Carlos de
Bariloche, in southern Argentina. Additionally, the Group
participates in the development of residential properties for sale,
as well as in other investments.
2.
Summary of significant
accounting policies
2.1.
Basis
of preparation
These
financial statements have been prepared in accordance with IAS 34
“Interim financial reporting” and should therefore be
read in conjunction with the Group's Annual Consolidated Financial
Statements as of June 30, 2025 prepared in accordance with IFRS
Accounting Standards issued by the IASB. Also, these financial
statements include additional information required by General
Companies Law No. 19,550 and / or regulations of the CNV. Such
information is included in the notes to these financial statements,
as accepted by IFRS Accounting Standards.
These
financial statements as of December 31, 2025 and for the interim
periods of six months ended December 31, 2025 and 2024 have not
been audited. Management considers that they include all the
necessary adjustments to fairly state the results of each period.
Interim period results do not necessarily reflect the proportion of
the Group's results for the entire fiscal year.
7
IRSA Inversiones y Representaciones Sociedad
Anónima
IAS 29
"Financial Reporting in Hyperinflationary Economies" requires that
the financial statements of an entity whose functional currency is
one of a hyperinflationary economy be expressed in terms of the
current unit of measurement at the closing date of the reporting
period, regardless of whether they are based on the historical cost
method or the current cost method. To do so, in general terms, the
inflation produced from the date of acquisition or from the
revaluation date, as applicable, must be calculated by non-monetary
items. This requirement also includes the comparative information
of the financial statements.
In
order to conclude on whether an economy is categorized as
hyper-inflationary in the terms of IAS 29, the standard details a
series of factors to be considered, including the existence of an
accumulated inflation rate in three years that approximates or
exceeds 100%. Accumulated inflation in Argentina in three years is
over 100%. It is for this reason that, in accordance with IAS 29,
Argentina must be considered a country with high inflation economy
starting July 1, 2018.
In
relation to the inflation index to be used and in accordance with
Argentine Federation of Professional Councils in Economic Sciences
(FACPCE) Resolution No. 539/18, it will be determined based on the
Wholesale Price Index (IPIM) until 2016, considering the average
variation of the Consumer Price Index (CPI) of the Autonomous City
of Buenos Aires for the months of November and December 2015,
because during those two months there were no national IPIM
measurements. Then, from January 2017, the National Consumer Price
Index (National CPI) is considered.
The
table below presents the index for the period between the last
fiscal year and as of December 31, 2025, and for the 12-month
period ending on the same date, according to official statistics
(INDEC) and following the guidelines described in Resolution No.
539/18.
|
|
As of
December 31, 2025 (six months)
|
As of
December 31, 2025 (twelve months)
|
|
Price
variation
|
14%
|
32%
|
As a
consequence, these Unaudited Condensed Interim Consolidated
Financial Statements as of December 31, 2025 and their comparative
information were restated in accordance with IAS 29.
2.2.
Significant
accounting policies
The
accounting policies applied in the presentation of these Financial
Statements are consistent with those applied in the preparation of
the Annual Financial Statements, as described in Note 2 to those
Financial Statements.
2.3.
Comparability
of information
Balance
items as of June 30, 2025 and December 31, 2024 presented in these
Unaudited Condensed Interim Consolidated Financial Statements for
comparative purposes arise from the financial statements as of and
for such periods restated according to IAS 29 (See note
2.1).
2.4.
Use
of estimates
The
preparation of Financial Statements at a certain date requires
Management to make estimations and evaluations affecting the amount
of assets and liabilities recorded and contingent assets and
liabilities disclosed at such date, as well as income and expenses
recorded during the period. Actual results might differ from the
estimates and evaluations made at the date of preparation of these
financial statements. In the preparation of these financial
statements, the significant judgments made by Management in
applying the Group’s accounting policies and the main sources
of uncertainty were the same as the ones applied by the Group in
the preparation of the Annual Financial Statements described in
Note 3 to those Financial Statements.
8
IRSA Inversiones y Representaciones Sociedad
Anónima
3.
Seasonal effects on
operations
The
operations of the Group’s shopping malls are subject to
seasonal effects, which affect the level of sales recorded by
lessees. During summertime in Argentina (January and February), the
lessees of shopping malls experience the lowest sales levels in
comparison with the winter holidays (July) and Christmas and
year-end holidays celebrated in December, when they tend to record
peaks of sales. Apparel stores generally change their collections
during the spring and the fall, which impacts positively on
shopping malls sales. Sale discounts at the end of each season also
affect the business. As a consequence, for shopping mall
operations, a higher level of business activity is expected in the
period from July through December, compared to the period from
January through June.
4.
Acquisitions and
disposals
Significant
acquisitions and disposals for the six-month period ended December
31, 2025 are detailed below.
4.1.
Sale
of lots and barter agreements – "Ramblas del
Plata"
On July
17, 2025, IRSA signed an addendum to the purchase agreement dated
January 27, 2025, which consisted of the substitution of one of the
lots, with an additional cash payment of USD 3.5 million and the
inclusion in the price of sellable square meters valued at USD 3.6
million. This transaction added USD 7.1 million, equivalent to ARS
8,953 million, to the original agreement, corresponding to 5,000
additional sellable square meters as a result of the substitution
of the lot in question.
On
November 7 and December 26, 2025, IRSA signed barter agreements for
two lots, for an approximate total amount of USD 11.8 million,
equivalent to ARS 17,555 million, which will be paid to IRSA
through a cash advance and saleable square meters to be received in
the future.
The
sale transaction was recorded as a transfer between the line item
“Investment properties” and “Trading
properties” of these Consolidated Financial Statements, and
generated a gain of ARS 1,386 million, which has been recognized in
the line item “Net gain / (loss) from fair value changes of
investment properties” of these Consolidated Financial
Statements. The barter agreement was recorded as a transfer between
the line item “Investment properties” and
“Trading properties” of these Consolidated Financial
Statements.
4.2.
Acquisition
of the Al Oeste Shopping
On
September 17, 2025, we informed that the Company has acquired
“Al Oeste” shopping mall through the signing of the
deed and the transfer of operations. This property is located at
the intersection of Luis Güemes and Presidente Perón
Avenues, in the town of Haedo, Morón district, west of Greater
Buenos Aires.
The
shopping mall is currently operating below its potential, so the
Company plans to reconvert it into an outlet center to be
relaunched during next year.
“Al Oeste
Shopping” has approximately 20,000 GLA sqm, including 40
stores, 6 food court units, 5 padel courts, 14 cinema theaters, and
1,075 parking spaces. In addition, it has an expansion potential of
12,000 GLA sqm.
The
purchase price was USD 9 million, of which USD 4.5 million has been
paid to date. The remaining balance will be paid in four annual
installments.
This
transaction was recorded as an addition of “Investment
properties” for ARS 13,323 million and “Intangible
assets” for ARS 15 million, with a recognition of Imputed
interest for ARS 1,153 million.
9
IRSA Inversiones y Representaciones Sociedad
Anónima
4.3.
Sale
of lot Pilar
On
October 17, the Company signed a purchase agreement for a plot of
land located in the Municipality of Pilar, Province of Buenos
Aires, with a total surface area of approximately 609,343 square
meters. The transaction price amounted to USD 1.2 million,
equivalent to ARS 1,802 million.
This
transaction was recorded as a disposal of “Investment
properties” and generated a gain of ARS 98 million, which was
recognized in the line item “Net gain / (loss) from fair
value changes of investment properties” of these Consolidated
Financial Statements.
4.4.
Property
acquisition
On
October 30, 2025, IRSA acquired, through a judicial process, a
property located on Av. Gaona, between Nazca and Terrada, in the
Flores neighborhood of the Autonomous City of Buenos
Aires.
The
property, on a plot of land of 8,856 square meters, has an existing
built area of approximately 17,000 square meters and potential for
future expansion. The purchase price was USD 6.8 million, which was
fully paid. IRSA intends to refurbish the property, enhancing an
iconic asset of the City of Buenos Aires.
As of
the date of issuance of these Financial Statements, the execution
of the deed of transfer of ownership remains pending.
5.
Financial risk management and
fair value estimates
These
Financial Statements do not include all the information and
disclosures on financial risk management; therefore, they should be
read along with Note 5 to the Annual Financial
Statements. There
have been no changes in risk management or risk management policies
applied by the Group since year-end.
From
June 30, 2025 and up to the date of issuance of these Unaudited
Condensed Interim Consolidated Financial Statements, there have
been no significant changes in business or economic circumstances
affecting the fair value of the Group's assets or liabilities
(either measured at fair value or amortized cost).
6.
Segment
information
Segment information was prepared and classified
according to the business in which the Group operates, as described
in Note 6 to the Annual Financial Statements.
10
IRSA Inversiones y Representaciones Sociedad
Anónima
Below is a summary of the Group’s operating
segments and a reconciliation between the operating income
according to segment information and the operating income of the
Statements of Income and Other Comprehensive Income of the Group
for the six-month periods ended
December 31, 2025 and 2024:
|
|
12.31.2025
|
||||
|
|
Total
|
Joint ventures (1)
|
Expenses and collective promotion funds
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities (2)
|
Total as per statement of income / statement of financial
position
|
|
Revenues
|
234,536
|
(1,366)
|
58,911
|
-
|
292,081
|
|
Costs
|
(51,498)
|
145
|
(59,063)
|
-
|
(110,416)
|
|
Gross profit / (loss)
|
183,038
|
(1,221)
|
(152)
|
-
|
181,665
|
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
185,049
|
663
|
-
|
-
|
185,712
|
|
General
and administrative expenses
|
(39,844)
|
160
|
-
|
121
|
(39,563)
|
|
Selling
expenses
|
(13,957)
|
79
|
-
|
-
|
(13,878)
|
|
Other
operating results, net
|
7,136
|
(12)
|
316
|
(121)
|
7,319
|
|
Profit from operations
|
321,422
|
(331)
|
164
|
-
|
321,255
|
|
Share
of profit of associates and joint ventures
|
10,706
|
584
|
-
|
-
|
11,290
|
|
Segment profit / (loss)
|
332,128
|
253
|
164
|
-
|
332,545
|
|
Reportable
assets
|
3,394,915
|
(2,551)
|
-
|
786,796
|
4,179,160
|
|
Reportable
liabilities (i)
|
-
|
-
|
-
|
(2,215,778)
|
(2,215,778)
|
|
Net reportable assets
|
3,394,915
|
(2,551)
|
-
|
(1,428,982)
|
1,963,382
|
|
|
|
|
|
|
|
|
|
12.31.2024
|
||||
|
|
Total
|
Joint ventures (1)
|
Expenses and collective promotion funds
|
Elimination of inter-segment transactions and non-reportable assets
/ liabilities (2)
|
Total as per statement of income / statement of financial
position
|
|
Revenues
|
223,819
|
(1,250)
|
56,500
|
-
|
279,069
|
|
Costs
|
(50,127)
|
116
|
(56,816)
|
-
|
(106,827)
|
|
Gross profit / (loss)
|
173,692
|
(1,134)
|
(316)
|
-
|
172,242
|
|
Net
(loss) / gain from fair value adjustment of investment
properties
|
(306,324)
|
(281)
|
-
|
-
|
(306,605)
|
|
General
and administrative expenses
|
(37,516)
|
207
|
-
|
82
|
(37,227)
|
|
Selling
expenses
|
(12,823)
|
79
|
-
|
-
|
(12,744)
|
|
Other
operating results, net
|
(12,789)
|
(11)
|
177
|
(82)
|
(12,705)
|
|
(Loss) / profit from operations
|
(195,760)
|
(1,140)
|
(139)
|
-
|
(197,039)
|
|
Share
of profit of associates and joint ventures
|
31,652
|
941
|
-
|
-
|
32,593
|
|
Segment (loss) / profit
|
(164,108)
|
(199)
|
(139)
|
-
|
(164,446)
|
|
Reportable
assets
|
2,847,895
|
853
|
-
|
442,350
|
3,291,098
|
|
Reportable
liabilities (i)
|
-
|
-
|
-
|
(1,664,443)
|
(1,664,443)
|
|
Net reportable assets
|
2,847,895
|
853
|
-
|
(1,222,093)
|
1,626,655
|
|
|
|
|
|
|
|
(1) Represents the
equity value of joint ventures that were proportionately
consolidated for segment information.
(2) Includes
deferred income tax assets, income tax credits, trade and other
receivables, investment in financial assets, cash and cash
equivalents and intangible assets except for rights to receive
future units under barter agreements, net of
investments in associates with negative equity which are included
in provisions in the amount of ARS 128 as of December 31,
2025.
(i) The CODM
focuses its review on reportable assets.
11
IRSA Inversiones y Representaciones Sociedad
Anónima
Below
is a summarized analysis of the segments from the Group for the
six-month periods ended
December 31, 2025 and 2024:
|
|
12.31.2025
|
|||||
|
|
Shopping Malls
|
Offices
|
Sales and developments
|
Hotels
|
Others
|
Total
|
|
Revenues
|
165,708
|
13,200
|
7,300
|
42,611
|
5,717
|
234,536
|
|
Costs
|
(14,591)
|
(1,362)
|
(7,120)
|
(26,318)
|
(2,107)
|
(51,498)
|
|
Gross profit
|
151,117
|
11,838
|
180
|
16,293
|
3,610
|
183,038
|
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
124,743
|
19,061
|
41,383
|
-
|
(138)
|
185,049
|
|
General
and administrative expenses
|
(19,961)
|
(1,240)
|
(8,988)
|
(5,976)
|
(3,679)
|
(39,844)
|
|
Selling
expenses
|
(8,204)
|
(548)
|
(1,738)
|
(2,630)
|
(837)
|
(13,957)
|
|
Other
operating results, net
|
795
|
206
|
12,034
|
(219)
|
(5,680)
|
7,136
|
|
Profit / (loss) from operations
|
248,490
|
29,317
|
42,871
|
7,468
|
(6,724)
|
321,422
|
|
Share
of profit of associates and joint ventures
|
-
|
-
|
-
|
-
|
10,706
|
10,706
|
|
Segment profit
|
248,490
|
29,317
|
42,871
|
7,468
|
3,982
|
332,128
|
|
|
|
|
|
|
|
|
|
Investment
properties and trading properties
|
1,800,754
|
310,166
|
1,012,084
|
-
|
2,237
|
3,125,241
|
|
Investment
in associates and joint ventures
|
-
|
-
|
-
|
-
|
202,908
|
202,908
|
|
Other
operating assets
|
5,504
|
534
|
146
|
52,985
|
7,597
|
66,766
|
|
Reportable
assets
|
1,806,258
|
310,700
|
1,012,230
|
52,985
|
212,742
|
3,394,915
|
|
|
12.31.2024
|
|||||
|
|
Shopping Malls
|
Offices
|
Sales and developments
|
Hotels
|
Others
|
Total
|
|
Revenues
|
159,099
|
11,432
|
9,069
|
40,182
|
4,037
|
223,819
|
|
Costs
|
(11,130)
|
(834)
|
(10,770)
|
(25,069)
|
(2,324)
|
(50,127)
|
|
Gross profit / (loss)
|
147,969
|
10,598
|
(1,701)
|
15,113
|
1,713
|
173,692
|
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
156,861
|
(137,750)
|
(325,210)
|
-
|
(225)
|
(306,324)
|
|
General
and administrative expenses
|
(18,081)
|
(1,490)
|
(7,068)
|
(7,187)
|
(3,690)
|
(37,516)
|
|
Selling
expenses
|
(7,150)
|
(295)
|
(1,356)
|
(3,101)
|
(921)
|
(12,823)
|
|
Other
operating results, net
|
(368)
|
74
|
(15,241)
|
(389)
|
3,135
|
(12,789)
|
|
Profit / (loss) from operations
|
279,231
|
(128,863)
|
(350,576)
|
4,436
|
12
|
(195,760)
|
|
Share
of profit of associates and joint ventures
|
-
|
-
|
-
|
-
|
31,652
|
31,652
|
|
Segment profit / (loss)
|
279,231
|
(128,863)
|
(350,576)
|
4,436
|
31,664
|
(164,108)
|
|
|
|
|
|
|
|
|
|
Investment
properties and trading properties
|
1,308,304
|
323,396
|
859,758
|
-
|
3,073
|
2,494,531
|
|
Investment
in associates and joint ventures
|
-
|
-
|
-
|
-
|
225,803
|
225,803
|
|
Other
operating assets
|
5,034
|
518
|
63,377
|
50,702
|
7,930
|
127,561
|
|
Reportable assets
|
1,313,338
|
323,914
|
923,135
|
50,702
|
236,806
|
2,847,895
|
7.
Investments in associates and
joint ventures
Changes
in the Group’s investments in associates and joint ventures
for the six-month period ended December 31, 2025 and for the year
ended June 30, 2025 were as follows:
|
|
12.31.2025
|
06.30.2025
|
|
Beginning of the period / year
|
203,586
|
206,129
|
|
Sale
of interest in associates
|
-
|
(4,271)
|
|
Capital
contributions
|
-
|
40
|
|
Share
of profit
|
11,290
|
31,915
|
|
Currency
translation adjustment
|
243
|
110
|
|
Dividends
(Note 25)
|
(4,567)
|
(30,567)
|
|
Transfers
from/to financial assets (ii)
|
-
|
399
|
|
Decrease
of interest (iii)
|
-
|
(169)
|
|
End of the period / year (i)
|
210,552
|
203,586
|
(i)
As of December 31,
2025 and June 30, 2025 includes ARS (128) and ARS (90)
respectively, reflecting interests in companies with negative
equity, which were disclosed in “Provisions” (Note
18).
(ii)
Corresponds to the
participation in GCDI S.A. and Challenger Gold Ltd.
(iii)
Corresponds to the
decrease of interest due to the liquidation of Cyrsa
S.A.
12
IRSA Inversiones y Representaciones Sociedad
Anónima
Below
is additional information about the Group’s main investments
in associates and joint ventures:
|
|
% ownership interest
|
Value of Group's interest in equity
|
Group's interest in comprehensive income / (loss)
|
|||
|
Name of the entity
|
12.31.2025
|
06.30.2025
|
12.31.2025
|
06.30.2025
|
12.31.2025
|
12.31.2024
|
|
Associates and joint ventures
|
|
|
|
|
|
|
|
New
Lipstick
|
49.96%
|
49.96%
|
1,788
|
1,682
|
105
|
(99)
|
|
BHSA
|
29.12%
|
29.12%
|
157,991
|
152,971
|
5,021
|
19,351
|
|
BACS
|
37.72%
|
37.72%
|
12,613
|
12,622
|
(10)
|
280
|
|
Nuevo
Puerto Santa Fe
|
50.00%
|
50.00%
|
7,774
|
9,719
|
622
|
1,003
|
|
La
Rural SA
|
50.00%
|
50.00%
|
27,709
|
24,023
|
5,685
|
7,928
|
|
GCDI
|
-
|
-
|
-
|
-
|
-
|
3,969
|
|
Other
joint ventures
|
N/A
|
N/A
|
2,677
|
2,569
|
110
|
(59)
|
|
Total associates and joint ventures
|
|
|
210,552
|
203,586
|
11,533
|
32,373
|
|
|
|
|
|
|
Financial information
|
||||
|
Name of the entity
|
Place of business / Country of incorporation
|
Main activity
|
Common shares 1 vote
|
|
Share capital (nominal value)
|
|
(Loss) / profit for the period
|
|
Shareholders’ equity
|
|
Associates and joint ventures
|
|
|
|
|
|
|
|
|
|
|
New
Lipstick
|
USA
|
Real
estate
|
23,631,037
|
(*)
|
47
|
(*)
|
(1)
|
(*)
|
(51)
|
|
BHSA
|
Argentina
|
Financial
|
436,780,922
|
(**)
|
1,500
|
(**)
|
17,242
|
(**)
|
528,687
|
|
BACS
|
Argentina
|
Financial
|
33,125,751
|
(**)
|
88
|
(**)
|
(26)
|
(**)
|
33,435
|
|
Nuevo
Puerto Santa Fe
|
Argentina
|
Real
estate
|
138,750
|
|
28
|
|
1,245
|
|
14,887
|
|
La
Rural SA
|
Argentina
|
Organization
of events
|
714,998
|
(**)
|
1
|
(**)
|
11,556
|
(**)
|
55,427
|
(*) Amounts in millions of US
Dollars.
(**) Information as of December 31, 2025 according to
IFRS, pending issuance as of the date of these Financial
Statements.
Puerto Retiro (joint venture)
There
have been no changes to what disclosed in Note 8 to the Annual
Financial Statements.
La Rural (joint venture)
There
have been no changes to what was disclosed in Note 8 to the Annual
Financial Statements.
Arcos
There
have been no changes to what was disclosed in Note 8 to the Annual
Financial Statements.
8.
Investment
properties
Changes
in the Group’s investment properties for the six-month period
ended December 31, 2025 and for the year ended June 30, 2025 were
as follows:
|
|
12.31.2025
|
06.30.2025
|
||
|
|
Level 2
|
Level 3
|
Level 2
|
Level 3
|
|
Fair value at the beginning of the period / year
|
1,050,589
|
1,629,222
|
1,656,711
|
1,056,609
|
|
Additions
|
45,364
|
11,151
|
30,795
|
54,366
|
|
Capitalized
leasing costs
|
28
|
86
|
74
|
134
|
|
Amortization
of capitalized leasing costs (i)
|
(77)
|
(142)
|
(150)
|
(286)
|
|
Transfers
|
(24,359)
|
(459)
|
(100,734)
|
(4,371)
|
|
Disposals
|
(1,864)
|
-
|
(10,388)
|
(21)
|
|
Currency
translation adjustment
|
12
|
-
|
(73)
|
-
|
|
Net
gain / (loss) from fair value adjustment (ii)
|
64,157
|
121,555
|
(525,646)
|
522,791
|
|
Fair value at the end of the period / year
|
1,133,850
|
1,761,413
|
1,050,589
|
1,629,222
|
(i)
Amortization
charges of capitalized leasing costs were recognized in "Costs" in
the Statement of Income and Other Comprehensive Income (Note
21).
(ii)
For the six-month
period ended December 31, 2025, the net gain from fair value
adjustment of investment properties was ARS 185,712 million. The
net impact of the values in pesos of our properties was mainly a
consequence of the change in macroeconomic conditions:
13
IRSA Inversiones y Representaciones Sociedad
Anónima
Level 2:
a)
The value of our
office buildings, undeveloped parcels of land and other rental
properties measured in real terms increased by 7.96% during the
six-month period ended December 31, 2025, due to the variation of
the implicit exchange rate which was above inflation. Likewise,
there is an impact for the sales and acquisitions of the
period.
Level 3:
a)
loss of ARS 55,706
million as a consequence of the variation in the projected income
growth rate increase and the conversion to dollars of the projected
cash flow in pesos according to the exchange rate estimates used in
the cash flow from shopping malls.
b)
positive impact of
ARS 291,927 million resulting from the conversion into pesos of the
value of the shopping malls in dollars based on the exchange rate
at the end of the period.
c)
a decrease of 52
basis points in the discount rate used for cash flows and a
decrease of 54 basis points in the discount rate used for
perpetuity, mainly due to a decrease in the country-risk rate
component of the WACC discount rate used to discount the cash flow,
which led to an increase in the value of the shopping malls of ARS
99,726 million.
Additionally, due
to the impact of the inflation adjustment, ARS 205,794 million were
reclassified for shopping malls from “Net gain / (loss) from
fair value adjustment” to “Inflation Adjustment”
in the Statement of Income and Other Comprehensive
Income.
The
following is the balance by type of investment property of the
Group for the six-month period ended December 31, 2025 and for the
year ended June 30, 2025:
|
|
12.31.2025
|
06.30.2025
|
|
Shopping
Malls (i)
|
1,778,746
|
1,645,530
|
|
Offices
and other rental properties
|
356,936
|
332,259
|
|
Undeveloped
parcels of land
|
756,654
|
699,041
|
|
Properties
under development
|
751
|
743
|
|
Others
|
2,176
|
2,238
|
|
Total
|
2,895,263
|
2,679,811
|
(i)
Includes parking spaces.
The
following amounts have been recognized in the Statements of Income
and Other Comprehensive Income:
|
|
12.31.2025
|
12.31.2024
|
|
Revenues
(Note 20)
|
243,267
|
231,589
|
|
Direct
operating costs
|
(78,045)
|
(71,549)
|
|
Development
costs
|
(4,434)
|
(8,264)
|
|
Net
realized gain from fair value adjustment of investment properties
(i)
|
1,461
|
3,602
|
|
Net
unrealized gain / (loss) from fair value adjustment of investment
properties (ii)
|
184,251
|
(310,207)
|
(i) Corresponds to
the result from changes in the fair value realized from sales that
occurred during the fiscal year of properties considered as
investment properties.
(ii) Includes the result from changes in the fair value of
those investment properties that are in the portfolio and have not
yet been sold. This was generated in accordance with what is
described in the section named "valuation techniques" in Note 9 to
the Annual Consolidated Financial Statements as of June 30, 2025,
mainly affected by the macroeconomic effects of inflation and
changes in the reference exchange rates mentioned
therein.
Valuation
techniques are described in Note 9 to the Annual Financial
Statements. There were no changes to such techniques.
14
IRSA Inversiones y Representaciones Sociedad
Anónima
9.
Property, plant and
equipment
Changes
in the Group’s property, plant and equipment for the
six-month period ended December 31, 2025 and for the year ended
June 30, 2025 were as follows:
|
|
Buildings and facilities
|
Machinery and equipment
|
Others (i)
|
12.31.2025
|
06.30.2025
|
|
Costs
|
144,604
|
59,809
|
13,982
|
218,395
|
207,343
|
|
Accumulated
depreciation
|
(90,558)
|
(55,126)
|
(10,888)
|
(156,572)
|
(149,087)
|
|
Net book amount at the beginning of the period / year
|
54,046
|
4,683
|
3,094
|
61,823
|
58,256
|
|
Additions
|
3,391
|
524
|
194
|
4,109
|
9,189
|
|
Currency
translation adjustment
|
-
|
-
|
13
|
13
|
7
|
|
Transfers
|
-
|
120
|
-
|
120
|
1,856
|
|
Depreciation
charges (ii)
|
(2,761)
|
(1,121)
|
(355)
|
(4,237)
|
(7,485)
|
|
Balances at the end of the period / year
|
54,676
|
4,206
|
2,946
|
61,828
|
61,823
|
|
Costs
|
147,995
|
60,453
|
14,189
|
222,637
|
218,395
|
|
Accumulated
depreciation
|
(93,319)
|
(56,247)
|
(11,243)
|
(160,809)
|
(156,572)
|
|
Net book amount at the end of the period / year
|
54,676
|
4,206
|
2,946
|
61,828
|
61,823
|
|
|
|
|
|
|
|
(i)
Includes furniture
and fixtures and vehicles.
(ii)
As of December 31,
2025, the depreciation charge has been charged to the line "Costs"
for ARS 2,989, "General and administrative expenses" for ARS 1,239
and "Selling expenses" for ARS 9, in the Statement of Income and
Other Comprehensive Income (Note 21).
10.
Trading properties
Changes
in the Group’s trading properties for the six-month period
ended December 31, 2025 and for the year ended June 30, 2025 were
as follows:
|
|
Completed properties
|
Properties under development
|
Undeveloped sites
|
12.31.2025
|
06.30.2025
|
|
Beginning of the period / year
|
2,470
|
165,347
|
15,527
|
183,344
|
31,781
|
|
Additions
|
-
|
3,041
|
533
|
3,574
|
3,437
|
|
Currency
translation adjustment
|
-
|
1,010
|
-
|
1,010
|
(757)
|
|
Transfers
|
-
|
24,359
|
-
|
24,359
|
186,643
|
|
Reversal
/ (charge) of impairment (i)
|
32
|
11,981
|
-
|
12,013
|
(21,858)
|
|
Disposals
|
-
|
(4,137)
|
(1)
|
(4,138)
|
(15,902)
|
|
End of the period / year
|
2,502
|
201,601
|
16,059
|
220,162
|
183,344
|
|
Non-current
|
|
|
|
172,042
|
142,547
|
|
Current
|
|
|
|
48,120
|
40,797
|
|
Total
|
|
|
|
220,162
|
183,344
|
|
|
|
|
|
|
|
(i)
The Company makes a
quarterly comparison between the cost and the net realizable value
of its trading properties. As of the end of the current period, a
partial reversal of the impairment previously recognized on trading
properties was recorded. This recovery is attributable to an
increase in the net realizable value as a result of improvements in
macroeconomic conditions. The value of these assets recorded at
their inflation-adjusted cost is ARS 192,604, while the net
realizable value amounts to ARS 204,617, resulting in an impairment
reversal of ARS 12,013. The reversal / charge of impairment has
been recognized under "Other operating results, net" in the
statement of income and other comprehensive income (Note
23).
15
IRSA Inversiones y Representaciones Sociedad
Anónima
11.
Intangible assets
Changes
in the Group’s intangible assets for the six-month period
ended December 31, 2025 and for the year ended June 30, 2025 were
as follows:
|
|
Goodwill
|
Information systems and software
|
Trademarks, concession rights and others
|
12.31.2025
|
06.30.2025
|
|
Costs
|
2,841
|
23,898
|
20,228
|
46,967
|
126,874
|
|
Accumulated
amortization
|
-
|
(19,492)
|
(6,755)
|
(26,247)
|
(23,950)
|
|
Net book amount at the beginning of the period / year
|
2,841
|
4,406
|
13,473
|
20,720
|
102,924
|
|
Additions
|
-
|
650
|
15
|
665
|
3,487
|
|
Transfers
|
-
|
339
|
-
|
339
|
(83,395)
|
|
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
1
|
|
Amortization
charges (i)
|
-
|
(864)
|
(46)
|
(910)
|
(2,297)
|
|
Balances at the end of the period / year
|
2,841
|
4,531
|
13,442
|
20,814
|
20,720
|
|
Costs
|
2,841
|
24,887
|
20,243
|
47,971
|
46,967
|
|
Accumulated
amortization
|
-
|
(20,356)
|
(6,801)
|
(27,157)
|
(26,247)
|
|
Net book amount at the end of the period / year
|
2,841
|
4,531
|
13,442
|
20,814
|
20,720
|
(i)
As of December 31,
2025, amortization charges were recognized in the amount of ARS 877
in "Costs", ARS 25 in "General and administrative expenses" and ARS
8 in "Selling expenses", in the Statement of Income and Other
Comprehensive Income (Note 21).
12.
Right-of-use assets and lease
liabilities
The
Group’s right-of-use assets as of December 31, 2025 and June
30, 2025 are the following:
|
|
12.31.2025
|
06.30.2025
|
|
Offices,
shopping malls and other rental properties
|
9,919
|
8,525
|
|
Convention
center
|
4,688
|
5,059
|
|
Total Right-of-use assets
|
14,607
|
13,584
|
|
Non-current
|
14,607
|
13,584
|
|
Total
|
14,607
|
13,584
|
|
|
|
|
The
depreciation charge of the right-of use-assets is detailed
below:
|
|
12.31.2025
|
12.31.2024
|
|
Offices,
shopping malls and other rental properties
|
790
|
366
|
|
Convention
center
|
371
|
530
|
|
Total depreciation of right-of-use assets (i)
|
1,161
|
896
|
(i)
As of December 31,
2025, amortization charges were recognized as follows: ARS 640 in
"Costs", ARS 184 in "General and administrative expenses" and ARS
337 in "Selling expenses", respectively in the Consolidated
Statement of Income and Other Comprehensive Income (Note
21).
16
IRSA Inversiones y Representaciones Sociedad
Anónima
The
Group’s lease liabilities as of December 31, 2025 and June
30, 2025 are the following:
|
|
12.31.2025
|
06.30.2025
|
|
Offices,
shopping malls and other rental properties
|
6,686
|
6,987
|
|
Convention
center
|
2,607
|
2,639
|
|
Total lease liabilities
|
9,293
|
9,626
|
|
Non-current
|
3,687
|
3,735
|
|
Current
|
5,606
|
5,891
|
|
Total
|
9,293
|
9,626
|
13.
Financial instruments by
category
In
accordance with IFRS 7, this note presents the financial assets and
financial liabilities by category of financial instrument and a
reconciliation to the corresponding line in the Consolidated
Statements of Financial Position, as appropriate. Financial assets
and liabilities measured at fair value are assigned based on their
different levels in the fair value hierarchy. For further
information related to fair value hierarchy refer to Note 14 to the
Annual Financial Statements.
Financial assets
and financial liabilities as of December 31, 2025 are the
following:
|
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
December 31, 2025
|
|
|
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 14)
|
164,518
|
-
|
-
|
-
|
164,518
|
33,223
|
197,741
|
|
Investments
in financial assets:
|
|
|
|
|
|
|
|
|
-
Public companies’ securities
|
-
|
37,148
|
-
|
-
|
37,148
|
-
|
37,148
|
|
-
Mutual funds
|
-
|
116,780
|
-
|
-
|
116,780
|
-
|
116,780
|
|
-
Bonds
|
-
|
71,991
|
-
|
-
|
71,991
|
-
|
71,991
|
|
-
Others
|
6,385
|
7,908
|
16,056
|
1,771
|
32,120
|
-
|
32,120
|
|
Derivative
financial instruments:
|
|
|
|
|
|
|
|
|
-
Foreign-currency future contracts
|
-
|
38
|
-
|
-
|
38
|
-
|
38
|
|
-
Bond futures
|
-
|
206
|
-
|
-
|
206
|
-
|
206
|
|
Cash
and cash equivalents:
|
|
|
|
|
|
|
|
|
-
Cash at bank and on hand
|
284,404
|
-
|
-
|
-
|
284,404
|
-
|
284,404
|
|
-
Short-term investments
|
1,766
|
9,971
|
-
|
-
|
11,737
|
-
|
11,737
|
|
Total assets
|
457,073
|
244,042
|
16,056
|
1,771
|
718,942
|
33,223
|
752,165
|
|
|
Financial liabilities at amortized cost
|
Financial liabilities at fair value through profit or
loss
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
||
|
|
|
Level 1
|
Level 2
|
Level 3
|
|
|
|
|
December 31, 2025
|
|
|
|
|
|
|
|
|
Liabilities as per Statements of Financial Position
|
|
|
|
|
|
|
|
|
Trade
and other payables (Note 16)
|
79,507
|
-
|
-
|
-
|
79,507
|
132,159
|
211,666
|
|
Borrowings
(Note 17)
|
985,314
|
-
|
-
|
-
|
985,314
|
-
|
985,314
|
|
Lease
liabilities (Note 12)
|
9,293
|
-
|
-
|
-
|
9,293
|
-
|
9,293
|
|
Total liabilities
|
1,074,114
|
-
|
-
|
-
|
1,074,114
|
132,159
|
1,206,273
|
17
IRSA Inversiones y Representaciones Sociedad
Anónima
Financial assets
and financial liabilities as of June 30, 2025 were as
follows:
|
|
Financial assets at amortized cost
|
Financial assets at fair value through profit or
loss
|
Subtotal financial assets
|
Non-financial assets
|
Total
|
|
|
|
|
Level 1
|
Level 2
|
|
|
|
|
June 30, 2025
|
|
|
|
|
|
|
|
Assets as per Statements of Financial Position
|
|
|
|
|
|
|
|
Trade
and other receivables (excluding the allowance for doubtful
accounts and other receivables) (Note 14)
|
161,232
|
-
|
-
|
161,232
|
30,287
|
191,519
|
|
Investments
in financial assets:
|
|
|
|
|
|
|
|
-
Public companies’ securities
|
-
|
40,351
|
-
|
40,351
|
-
|
40,351
|
|
-
Mutual funds
|
-
|
151,131
|
-
|
151,131
|
-
|
151,131
|
|
-
Bonds
|
-
|
63,777
|
-
|
63,777
|
-
|
63,777
|
|
-
Others
|
6,183
|
4,357
|
15,739
|
26,279
|
-
|
26,279
|
|
Cash
and cash equivalents:
|
|
|
|
|
|
|
|
-
Cash at bank and on hand
|
191,639
|
-
|
-
|
191,639
|
-
|
191,639
|
|
-
Short-term investments
|
-
|
10,455
|
-
|
10,455
|
-
|
10,455
|
|
Total assets
|
359,054
|
270,071
|
15,739
|
644,864
|
30,287
|
675,151
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at amortized cost
|
Financial liabilities at fair value through profit or
loss
|
Subtotal financial liabilities
|
Non-financial liabilities
|
Total
|
|
|
|
|
Level 1
|
Level 2
|
|
|
|
|
June 30, 2025
|
|
|
|
|
|
|
|
Liabilities as per Statements of Financial Position
|
|
|
|
|
|
|
|
Trade
and other payables (Note 16)
|
69,667
|
-
|
-
|
69,667
|
138,161
|
207,828
|
|
Borrowings
(Note 17)
|
739,628
|
-
|
-
|
739,628
|
-
|
739,628
|
|
Lease
liabilities (Note 12)
|
9,626
|
-
|
-
|
9,626
|
-
|
9,626
|
|
Derivative
financial instruments:
|
|
|
|
|
|
|
|
-
Foreign-currency future contracts
|
-
|
23
|
-
|
23
|
-
|
23
|
|
-
Bond futures
|
-
|
33
|
-
|
33
|
-
|
33
|
|
Total liabilities
|
818,921
|
56
|
-
|
818,977
|
138,161
|
957,138
|
As of
December 31, 2025, there have been no significant changes to the
economic or business circumstances affecting the fair value of the
financial assets and liabilities of the Group.
The
carrying amount of assets and liabilities measured at amortized
cost does not differ significantly from their fair value, except
for loans, whose fair value is disclosed in Note 17.
The
Group uses a range of valuation models for the measurement of Level
3 instruments, details of which may be obtained from the following
table. When there are no quoted prices available in an active
market, fair values (especially derivative instruments) are based
on recognized valuation methods.
|
Description
|
Pricing model / method
|
Parameters
|
Fair value hierarchy
|
Range
|
|
Purchase
option - Warrant (Others)
|
Black
& Scholes without dilution
|
Underlying
asset price and volatility
|
Level
3
|
-
|
18
IRSA Inversiones y Representaciones Sociedad
Anónima
14.
Trade and other
receivables
Group’s trade
and other receivables as of December 31, 2025 and June 30, 2025 are
as follows:
|
|
12.31.2025
|
06.30.2025
|
|
Sale,
leases and services receivables
|
84,639
|
79,160
|
|
Less:
Allowance for doubtful accounts
|
(6,088)
|
(5,243)
|
|
Total trade receivables
|
78,551
|
73,917
|
|
Borrowings,
deposits and others
|
67,011
|
58,589
|
|
Advances
to suppliers
|
20,740
|
13,963
|
|
Tax
receivables
|
6,699
|
10,259
|
|
Prepaid
expenses
|
3,644
|
3,696
|
|
Dividends
receivable
|
8,929
|
21,374
|
|
Others
|
6,079
|
4,478
|
|
Total other receivables
|
113,102
|
112,359
|
|
Total trade and other receivables
|
191,653
|
186,276
|
|
Non-current
|
45,561
|
37,712
|
|
Current
|
146,092
|
148,564
|
|
Total
|
191,653
|
186,276
|
The
carrying amounts of the Group’s trade and other receivables
denominated in foreign currencies are detailed in Note
27.
Movements on the
Group’s allowance for doubtful accounts were as
follows:
|
|
12.31.2025
|
06.30.2025
|
|
Beginning of the period / year
|
5,243
|
4,903
|
|
Additions
(i)
|
1,137
|
1,511
|
|
Recovery
(i)
|
(135)
|
(215)
|
|
Exchange
rate differences
|
598
|
810
|
|
Receivables
written off during the period / year as uncollectible
|
-
|
(192)
|
|
Inflation
adjustment
|
(755)
|
(1,574)
|
|
End of the period / year
|
6,088
|
5,243
|
(i)
Additions and
recovery of the allowance for doubtful accounts have been included
in “Selling expenses” in the Statement of Income and
Other Comprehensive Income (Note 21).
15.
Cash flow and cash equivalent
information
Following is a
detailed description of cash flows generated by the Group’s
operations for the six-month periods ended December 31, 2025 and
2024:
|
|
Note
|
12.31.2025
|
12.31.2024
|
|
Profit
/ (loss) for the period
|
|
248,817
|
(53,896)
|
|
Adjustments
for:
|
|
|
|
|
Income
tax
|
19
|
98,790
|
(45,319)
|
|
Amortization
and depreciation
|
21
|
6,527
|
5,836
|
|
Gain
from disposal of property, plant and equipment
|
23
|
(2)
|
-
|
|
Net
(gain) / loss from fair value adjustment of investment
properties
|
8
|
(185,712)
|
306,605
|
|
Gain
from lease modification
|
|
-
|
(2,210)
|
|
(Reversal)
/ charge of impairment of trading properties
|
23
|
(12,013)
|
15,586
|
|
Gain
from disposal of associates and joint ventures
|
23
|
-
|
(2,711)
|
|
(Gain)
/ loss on sale of trading properties and others
|
|
(2,082)
|
1,252
|
|
Financial
results, net
|
|
(19,635)
|
(76,371)
|
|
Provisions
and allowances
|
|
18,971
|
11,817
|
|
Share
of profit of associates and joint ventures
|
7
|
(11,290)
|
(32,593)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
(Increase)
/ decrease in inventories
|
|
(322)
|
168
|
|
Decrease
in trading properties and under development
|
|
2,647
|
5,643
|
|
(Increase)
/ decrease in trade and other receivables
|
|
(8,945)
|
2,282
|
|
Increase
/ (decrease) in trade and other payables
|
|
14,074
|
(22,480)
|
|
Decrease
in salaries and social security liabilities
|
|
(1,466)
|
(744)
|
|
Decrease
in provisions
|
|
(1,118)
|
(379)
|
|
Net cash generated by operating activities before income tax
paid
|
|
147,241
|
112,486
|
19
IRSA Inversiones y Representaciones Sociedad
Anónima
The
following table presents a detail of significant non-cash
transactions occurred in the six-month periods ended December 31,
2025 and 2024:
|
|
12.31.2025
|
12.31.2024
|
|
Increase
of investment properties through a decrease of investments in
financial assets
|
4,187
|
23,889
|
|
Increase
of property, plant and equipment through an increase of trade and
other payables
|
1
|
12
|
|
Increase
of investments in financial assets through a decrease of
investments in associates and joint ventures
|
8,315
|
3,144
|
|
Decrease
in investments in associates and joint ventures through a decrease
in borrowings
|
1,193
|
-
|
|
Other
comprehensive loss for the period
|
1,415
|
1,847
|
|
Decrease
in investment properties through an increase in property, plant and
equipment
|
120
|
1,500
|
|
Increase
in intangible assets through an increase in salaries and social
security liabilities
|
362
|
-
|
|
Increase
in investments in associates and joint ventures through a decrease
in investments in financial assets
|
-
|
2,611
|
|
Decrease
in investments in financial assets through a decrease in trade and
other payables
|
7,087
|
3,644
|
|
Decrease
in Shareholders’ Equity through a decrease in trade and other
receivables
|
-
|
5,626
|
|
Decrease
in Shareholders’ Equity through a decrease in investments in
financial assets
|
58,175
|
34,332
|
|
Increase
in right-of-use assets through an increase in lease
liabilities
|
2,184
|
-
|
|
Increase
of investments in financial assets through a decrease in trade and
other receivables
|
4,885
|
-
|
|
Decrease
in Shareholders’ Equity through an increase in trade and
other payables
|
172
|
2,776
|
|
Barter
transactions of investment properties
|
-
|
18
|
|
Decrease
in investment properties through an increase in trade and other
receivables
|
374
|
1,522
|
|
Decrease
in investments in associates and joint ventures through an increase
in trade and other receivables
|
2,002
|
-
|
|
Increase
in intangible assets through a decrease in investment
properties
|
339
|
2,786
|
|
Increase
in intangible assets through an increase in trade and other
payables
|
15
|
909
|
|
Increase
of investments in financial assets through an increase in
borrowings
|
-
|
608
|
|
Decrease
in borrowings through an increase in trade and other
payables
|
-
|
3,491
|
|
Increase
in investment properties through an increase in trade and other
payables
|
6,269
|
16,308
|
|
Decrease
in right-of-use assets through a decrease in lease
liabilities
|
-
|
7,798
|
|
Decrease
of investment in financial assets through an increase in trade and
other receivables
|
-
|
3,111
|
|
Decrease
in lease liabilities through an increase in trade and other
payables
|
-
|
526
|
|
Increase
of investment in financial assets through a decrease in derivative
financial instruments
|
-
|
45
|
|
Decrease
in investment properties through an increase in trading
properties
|
24,359
|
-
|
16.
Trade and other
payables
Group’s trade
and other payables as of December 31, 2025 and June 30, 2025 were
as follows:
|
|
12.31.2025
|
06.30.2025
|
|
Customers´
advances (*)
|
70,804
|
73,428
|
|
Trade
payables
|
38,813
|
27,521
|
|
Accrued
invoices
|
16,722
|
16,257
|
|
Admission
fees (*)
|
48,842
|
51,816
|
|
Other
income to be accrued
|
592
|
646
|
|
Guarantee
deposits
|
1,160
|
735
|
|
Total trade payables
|
176,933
|
170,403
|
|
Taxes
payable
|
11,921
|
12,271
|
|
Other
payables
|
22,812
|
25,154
|
|
Total other payables
|
34,733
|
37,425
|
|
Total trade and other payables
|
211,666
|
207,828
|
|
Non-current
|
71,113
|
69,655
|
|
Current
|
140,553
|
138,173
|
|
Total
|
211,666
|
207,828
|
(*)
Mainly, corresponds to admission rights and rents collected in
advance, which will accrue in an average term of 3 to 5
years.
The
carrying amounts of the Group’s trade and other payables
denominated in foreign currencies are detailed in Note
27.
20
IRSA Inversiones y Representaciones Sociedad
Anónima
17.
Borrowings
The
breakdown of the Group’s borrowings as of December 31, 2025
and June 30, 2025 was as follows:
|
|
Book value
|
Fair value
|
||
|
|
12.31.2025
|
06.30.2025
|
12.31.2025
|
06.30.2025
|
|
Non-convertible
notes
|
945,378
|
720,543
|
960,021
|
724,111
|
|
Bank
loans and others
|
5,051
|
5,253
|
5,051
|
5,253
|
|
Bank
overdrafts
|
29,335
|
7,673
|
29,335
|
7,673
|
|
Other
borrowings
|
2,064
|
2,897
|
2,064
|
2,897
|
|
Loans
with non-controlling interests
|
3,486
|
3,262
|
3,486
|
3,262
|
|
Total borrowings
|
985,314
|
739,628
|
999,957
|
743,196
|
|
Non-current
|
872,134
|
582,661
|
|
|
|
Current
|
113,180
|
156,967
|
|
|
|
Total
|
985,314
|
739,628
|
|
|
Series XXIV Notes Issuance
On
December 17, 2025, IRSA issued in the international market the
Series XXIV Additional Notes for a nominal amount of USD 180
million at an issuance price of 98.503%.
The
Series XXIV Notes were issued under New York Law, will mature on
March 31, 2035, and will accrue interest at a fixed annual nominal
rate of 8.00%, with interest payable semiannually on March 31 and
September 30 of each year until maturity. Principal amortization
will be made in three installments: (i) 33% of the principal on
March 31, 2033, (ii) 33% of the principal on March 31, 2034, and
(iii) 34% of the principal on March 31, 2035.
The
Series XXIV Additional Notes have terms and conditions identical to
the original Series XXIV Notes issued on March 31,
2025.
The
total nominal amount outstanding of the Series XXIV Notes amounts
to USD 480.5 million.
18.
Provisions
The
table below shows the movements in the Group's provisions
categorized by type:
|
|
Legal claims (iii)
|
Investments in associates and joint ventures (ii)
|
12.31.2025
|
06.30.2025
|
|
Beginning of the period / year
|
42,606
|
90
|
42,696
|
39,363
|
|
Additions
(i)
|
8,565
|
-
|
8,565
|
5,589
|
|
Share
of loss of associates
|
-
|
38
|
38
|
106
|
|
Recovery
(i)
|
(35)
|
-
|
(35)
|
(1,641)
|
|
Used
during the period / year
|
(1,118)
|
-
|
(1,118)
|
(577)
|
|
Inflation
adjustment
|
3,438
|
-
|
3,438
|
(144)
|
|
End of the period / year
|
53,456
|
128
|
53,584
|
42,696
|
|
Non-current
|
|
|
47,234
|
36,769
|
|
Current
|
|
|
6,350
|
5,927
|
|
Total
|
|
|
53,584
|
42,696
|
|
|
|
|
|
|
(i) Additions and
recovery of legal claims are included in "Other operating results,
net" in the Statement of Income and Other Comprehensive
Income.
(ii) Corresponds to
investments in Puerto Retiro, a joint venture with negative
equity.
(iii) Includes the
provision for the IDBD demand.
21
IRSA Inversiones y Representaciones Sociedad
Anónima
IDBD
The
Group lost control of IDBD on September 25, 2020.
On
September 21, 2020, IDBD filed a lawsuit against Dolphin
Netherlands B.V. (“Dolphin BV”) and IRSA before the
Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The
amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV
and IRSA breached an alleged legally binding commitment to transfer
to IDBD 2 installments of NIS 70 million. On December 24, 2020, and
following approval by the insolvency court, the IDBD trustee filed
a motion to dismiss the claim, maintaining the right as IDBD
trustee, to file a new inter alia claim in the same matter, after
conducting an investigation into the reasons for IDBD's insolvency.
On December 24, 2020, the court entered a judgment to dismiss the
claim as requested. On October 31, 2021, the Insolvency
Commissioner notified that he did not oppose the motion, and on
that same date, the court affirmed the motion initiated by the
trustee of IDBD.
On
December 26, 2021 IDBD filed the lawsuit against Dolphin BV and
IRSA for the sum of NIS 140 million, plus interest and
costs.
On
January 30, 2023, a copy of the lawsuit was sent to us and we
evaluated the legal defense alternatives for the company's
interests. During the fiscal year 2023 and to date, the process has
followed its natural course and the Company has responded to all
the requirements that have been made.
On
January 17, 2024, the Court rejected the request for inhibition of
assets and seizure of IRSA requested by IDBD. A hearing date has
been set in the file dealing with the appeal of jurisdiction and
the notification of the lawsuit. A hearing date has also been set
in the main claim file, which is currently in the evidentiary
stage.
On
April 9, 2024, the Court rejected the appeal filed by IRSA
regarding the applicable jurisdiction and the form of notification
of the claim, ordering that IRSA and Dolphin pay IDBD the sum of
NIS 25,000 as expenses. The Court's decision was appealed to the
Supreme Court on June 16, 2024 and on June 18, 2024, the Supreme
Court refused to address the issue raised.
September 15, 2024
has been set as the deadline for IDBD, IRSA and Dolphin to report
to the Court the status of the documentation exchange process. In
this process, the parties present the requested documentation as
part of the evidentiary stage. A preliminary hearing was held in
which the parties discussed document requests and agreed to attempt
to reach a consensus on certain facts of the case. In the hearing,
the parties were granted a deadline until October 2024 to present
witnesses. A list of witnesses has been submitted, and the parties
are negotiating to agree on certain facts of the case, to be
reflected in a document to be submitted to the Court within the
evidentiary stage. On March 30, 2025, a hearing was held in which
the Court ordered IDBD to provide all documents requested by IRSA
and Dolphin and, if necessary, to request the relevant
documentation from the bondholders, setting a deadline of the end
of April 2025. Should the bondholders refuse, IRSA and Dolphin
would be entitled to file a judicial request to obtain such
documentation. In July 2025, IDBD provided additional documentation
to the defendants, who reserved the right to request further
documents through legal proceedings that may be in the possession
of the bondholders. During November 2025, IDBD, IRSA and Dolphin
were required to file affidavits regarding the main aspects of
their claims or defenses, identifying the documents in their
possession; however, by a ruling dated December 28, 2025, the Court
extended the deadline to January 11, 2026. IDBD filed its
affidavits in January 2026, and the Court granted IRSA and Dolphin
an extension to file theirs until May 5, 2026. The Court has
suggested that the parties engage in private negotiations or
mediation to reach a resolution. In this regard, the parties have
informed the Court of their intention to hold a private meeting to
initiate negotiations aimed at resolving the dispute, although the
date for such a meeting has not yet been determined.
The
company is discussing the admissibility of the claim in terms of
its passive legitimacy and, subsidiarily, refuting the substantive
arguments raised by IDBD. Notwithstanding this, based on the
analysis of the Company's legal advisors and the actions taken to
date, an accounting provision related to this claim has been
recorded in accordance with the applicable accounting standards. As
of the date of issuance of these condensed interim consolidated
financial statements, the legal process is still
ongoing.
22
IRSA Inversiones y Representaciones Sociedad
Anónima
19.
Taxes
The
details of the Group’s income tax, is as
follows:
|
|
12.31.2025
|
12.31.2024
|
|
Current
income tax
|
(59,064)
|
(77,729)
|
|
Deferred
income tax
|
(39,726)
|
123,048
|
|
Income tax
|
(98,790)
|
45,319
|
|
|
|
|
Below
is a reconciliation between income tax recognized and the amount
which would result from applying the prevailing tax rate on profit
before income tax for the six-month periods ended December 31, 2025
and 2024:
|
|
12.31.2025
|
12.31.2024
|
|
(Profit) / loss for the period at tax rate applicable in the
respective countries
|
(118,854)
|
34,341
|
|
Permanent differences:
|
|
|
|
Share
of profit of associates and joint ventures
|
3,688
|
12,998
|
|
Provision
of tax loss carry forwards
|
(2,756)
|
1,123
|
|
Accounting
Inflation adjustment permanent difference
|
2,058
|
8,818
|
|
Difference
between provision and tax return
|
966
|
(5,607)
|
|
Non-taxable
profit, non-deductible expenses and others
|
11,516
|
11,042
|
|
Tax
inflation adjustment permanent difference
|
4,592
|
(17,396)
|
|
Income tax
|
(98,790)
|
45,319
|
|
|
|
|
The
gross movement in the deferred income tax account as of December
31, 2025 and June 30, 2025 is as follows:
|
|
12.31.2025
|
06.30.2025
|
|
Beginning of period / year
|
(843,548)
|
(883,534)
|
|
Deferred
income tax charge
|
(39,726)
|
39,986
|
|
End of period / year
|
(883,274)
|
(843,548)
|
|
Deferred
income tax assets
|
7,595
|
7,909
|
|
Deferred
income tax liabilities
|
(890,869)
|
(851,457)
|
|
Deferred income tax liabilities, net
|
(883,274)
|
(843,548)
|
|
|
|
|
20.
Revenues
|
|
12.31.2025
|
12.31.2024
|
|
Base
rent
|
120,274
|
103,041
|
|
Contingent
rent
|
27,429
|
40,053
|
|
Admission
rights
|
16,065
|
14,679
|
|
Parking
fees
|
10,758
|
8,836
|
|
Commissions
|
6,076
|
5,140
|
|
Property
management fees
|
1,537
|
1,426
|
|
Others
|
2,405
|
1,912
|
|
Averaging
of scheduled rent escalation
|
75
|
2
|
|
Rentals and services income
|
184,619
|
175,089
|
|
Revenue
from hotels operation and tourism services
|
42,594
|
40,171
|
|
Sale
of trading properties and others
|
6,220
|
7,309
|
|
Total revenues from sales, rentals and services
|
233,433
|
222,569
|
|
Expenses
and collective promotion fund
|
58,648
|
56,500
|
|
Total revenues from expenses and collective promotion
funds
|
58,648
|
56,500
|
|
Total Group’s revenues
|
292,081
|
279,069
|
23
IRSA Inversiones y Representaciones Sociedad
Anónima
21.
Expenses by nature
The
Group discloses expenses in the statements of income by function as
part of the line items “Costs”, “General and
administrative expenses” and “Selling expenses”.
The following table provides additional disclosures regarding
expenses by nature and their relationship to the function within
the Group.
|
|
Costs
|
General and administrative expenses
|
Selling expenses
|
12.31.2025
|
12.31.2024
|
|
Cost
of sale of goods and services
|
7,692
|
-
|
-
|
7,692
|
12,357
|
|
Salaries,
social security costs and other personnel expenses
|
38,511
|
17,490
|
1,524
|
57,525
|
52,486
|
|
Depreciation
and amortization
|
4,725
|
1,448
|
354
|
6,527
|
5,836
|
|
Fees
and payments for services
|
3,373
|
4,700
|
875
|
8,948
|
8,286
|
|
Maintenance,
security, cleaning, repairs and others
|
31,701
|
3,094
|
40
|
34,835
|
32,851
|
|
Advertising
and other selling expenses
|
11,159
|
18
|
2,760
|
13,937
|
14,834
|
|
Taxes,
rates and contributions
|
9,259
|
1,755
|
7,230
|
18,244
|
14,837
|
|
Director´s
fees (Note 25)
|
-
|
9,439
|
-
|
9,439
|
9,199
|
|
Leases
and service charges
|
1,546
|
288
|
8
|
1,842
|
2,021
|
|
Allowance
for doubtful accounts, net
|
-
|
-
|
1,002
|
1,002
|
470
|
|
Other
expenses
|
2,450
|
1,331
|
85
|
3,866
|
3,621
|
|
Total as of December 31, 2025
|
110,416
|
39,563
|
13,878
|
163,857
|
-
|
|
Total as of December 31, 2024
|
106,827
|
37,227
|
12,744
|
-
|
156,798
|
|
|
|
|
|
|
|
22.
Costs
|
|
12.31.2025
|
12.31.2024
|
|
Inventories
at the beginning of the period
|
184,740
|
33,502
|
|
Purchases
and expenses
|
110,174
|
106,498
|
|
Currency
translation adjustment
|
1,010
|
(2,068)
|
|
Transfers
|
24,359
|
-
|
|
Reversal
of impairment
|
12,013
|
-
|
|
Inventories
at the end of the period
|
(221,880)
|
(31,105)
|
|
Total costs
|
110,416
|
106,827
|
|
|
|
|
The
following table presents the composition of the Group’s
inventories as of December 31, 2025 and June 30, 2025:
|
|
12.31.2025
|
06.30.2025
|
|
Real
estate
|
220,162
|
183,344
|
|
Others
|
1,718
|
1,396
|
|
Total inventories at the end of the period (*)
|
221,880
|
184,740
|
(*)
Inventories include trading properties and inventories, net of
impairments.
24
IRSA Inversiones y Representaciones Sociedad
Anónima
23.
Other operating results,
net
|
|
12.31.2025
|
12.31.2024
|
|
Lawsuits
and other contingencies
|
(8,530)
|
(2,148)
|
|
Donations
|
(626)
|
(585)
|
|
Interest
and allowances generated by operating credits
|
1,527
|
804
|
|
Administration
fees
|
750
|
663
|
|
Gain
from disposal of associates and joint ventures
|
-
|
2,711
|
|
Gain
from disposal of property, plant and equipment
|
2
|
-
|
|
Reversal
/ (charge) of impairment of trading properties
|
12,013
|
(15,586)
|
|
Others
|
2,183
|
1,436
|
|
Total other operating results, net
|
7,319
|
(12,705)
|
|
|
|
|
24.
Financial results,
net
|
|
12.31.2025
|
12.31.2024
|
|
Finance
income:
|
|
|
|
-
Interest income
|
4,879
|
2,124
|
|
Total finance income
|
4,879
|
2,124
|
|
Finance
costs:
|
|
|
|
-
Interest expenses
|
(31,974)
|
(28,381)
|
|
-
Other finance costs
|
(9,691)
|
(4,801)
|
|
Total finance costs
|
(41,665)
|
(33,182)
|
|
Other
financial results:
|
|
|
|
-
Fair value gain from financial assets and liabilities at fair value
through profit or loss, net
|
54,065
|
58,919
|
|
-
Exchange rate differences, net
|
(15,949)
|
28,157
|
|
-
Loss from repurchase of non-convertible notes
|
(19)
|
(90)
|
|
-
(Loss) / gain from derivative financial instruments,
net
|
(1,007)
|
94
|
|
Total other financial results
|
37,090
|
87,080
|
|
- Inflation
adjustment
|
14,758
|
9,209
|
|
Total financial results, net
|
15,062
|
65,231
|
|
|
|
|
25.
Related party
transactions
The
following is a summary of the balances with related parties as of
December 31, 2025 and June 30, 2025:
|
Item
|
12.31.2025
|
06.30.2025
|
|
Trade
and other receivables
|
53,835
|
59,857
|
|
Investments
in financial assets
|
34,375
|
9,409
|
|
Borrowings
|
(434)
|
(1,389)
|
|
Trade
and other payables
|
(22,722)
|
(23,227)
|
|
Total
|
65,054
|
44,650
|
25
IRSA Inversiones y Representaciones Sociedad
Anónima
|
Related party
|
12.31.2025
|
06.30.2025
|
Description of transaction
|
Item
|
|
New
Lipstick
|
353
|
334
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
Comparaencasa
Ltd.
|
3,155
|
2,983
|
Other
investments
|
Investments
in financial assets
|
|
|
463
|
417
|
Loans
granted
|
Trade
and other receivable
|
|
Banco
Hipotecario S.A.
|
62
|
59
|
Leases
and/or rights of use receivable
|
Trade
and other receivable
|
|
|
6,928
|
21,374
|
Dividends
receivable
|
Trade
and other receivable
|
|
La
Rural S.A.
|
5,433
|
2,154
|
Canon
|
Trade
and other receivable
|
|
|
1,999
|
-
|
Dividends
receivable
|
Trade
and other receivable
|
|
|
(13)
|
(563)
|
Others
|
Trade
and other payables
|
|
|
15
|
6
|
Others
|
Trade
and other receivable
|
|
|
(8)
|
(1)
|
Leases
and/or rights of use payable
|
Trade
and other payables
|
|
Other
associates and joint ventures (1)
|
-
|
(978)
|
Loans
obtained
|
Borrowings
|
|
|
5
|
10
|
Management
Fee
|
Trade
and other receivable
|
|
|
(55)
|
(69)
|
Others
|
Trade
and other payables
|
|
|
104
|
56
|
Others
|
Trade
and other receivable
|
|
|
1
|
1
|
Share
based payments
|
Trade
and other receivable
|
|
|
-
|
19
|
Loans
granted
|
Trade
and other receivable
|
|
|
2
|
-
|
Dividends
receivable
|
Trade
and other receivable
|
|
Total associates and joint ventures
|
18,444
|
25,802
|
|
|
|
Cresud
|
9
|
-
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
|
(4,642)
|
(3,622)
|
Corporate
services payable
|
Trade
and other payables
|
|
|
7,425
|
3,708
|
Bonds
|
Investments
in financial assets
|
|
|
(3)
|
(4)
|
Share
based payments
|
Trade
and other payables
|
|
Total parent company
|
2,789
|
82
|
|
|
|
Futuros
y Opciones.com S.A.
|
2,447
|
-
|
Bonds
|
Investments
in financial assets
|
|
Amauta
Agro S.A.
|
12
|
3
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
|
-
|
(4)
|
Others
|
Trade
and other payables
|
|
Helmir
S.A.
|
(434)
|
(411)
|
Non-convertible
notes
|
Borrowings
|
|
Total subsidiaries of parent company
|
2,025
|
(412)
|
|
|
|
Directors
|
(6,118)
|
(7,347)
|
Fees
for services received
|
Trade
and other payables
|
|
|
8
|
6
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
Galerias
Pacifico
|
1
|
3
|
Others
|
Trade
and other receivable
|
|
Sutton
|
7,464
|
6,995
|
Loans
granted
|
Trade
and other receivable
|
|
|
(93)
|
(115)
|
Others
|
Trade
and other payables
|
|
Rundel
Global LTD
|
2,872
|
2,718
|
Other
investments
|
Investments
in financial assets
|
|
Yad
Levim LTD
|
30,718
|
28,275
|
Loans
granted
|
Trade
and other receivable
|
|
Golden
Juniors Segregated Portfolio
|
18,476
|
-
|
Mutual
funds
|
Investments
in financial assets
|
|
Sociedad
Rural Argentina S.A.
|
(11,734)
|
(11,125)
|
Others
|
Trade
and other payables
|
|
Others
|
(20)
|
(113)
|
Leases
and/or rights of use receivable
|
Trade
and other payables
|
|
|
184
|
104
|
Others
|
Trade
and other receivable
|
|
|
(36)
|
(35)
|
Others
|
Trade
and other payables
|
|
|
-
|
(229)
|
Dividends
payable
|
Trade
and other payables
|
|
|
74
|
41
|
Reimbursement
of expenses receivable
|
Trade
and other receivable
|
|
Total directors and others
|
41,796
|
19,178
|
|
|
|
Total at the end of the period / year
|
65,054
|
44,650
|
|
|
(1) Includes
Avenida Compras S.A., Avenida Inc., BHN Vida S.A., Puerto Retiro
S.A. and Nuevo Puerto Santa Fe S.A.
26
IRSA Inversiones y Representaciones Sociedad
Anónima
The
following is a summary of the results with related parties for the
six-month periods ended December 31, 2025 and 2024:
|
Related party
|
12.31.2025
|
12.31.2024
|
Description of transaction
|
|
BHN
Seguros Generales S.A.
|
2
|
-
|
Leases
and/or rights of use
|
|
Comparaencasa
Ltd.
|
261
|
(188)
|
Financial
operations
|
|
Other
associates and joint ventures (1)
|
(171)
|
49
|
Financial
operations
|
|
|
(19)
|
(7)
|
Leases
and/or rights of use
|
|
|
299
|
351
|
Corporate
services
|
|
Total associates and joint ventures
|
372
|
205
|
|
|
Cresud
|
459
|
429
|
Leases
and/or rights of use
|
|
|
(7,545)
|
(7,129)
|
Corporate
services
|
|
|
733
|
(19)
|
Financial
operations
|
|
Total parent company
|
(6,353)
|
(6,719)
|
|
|
Helmir
S.A.
|
(50)
|
(1)
|
Financial
operations
|
|
Futuros
y Opciones.com S.A.
|
180
|
-
|
Financial
operations
|
|
Total subsidiaries of parent company
|
130
|
(1)
|
|
|
Directors
|
(9,439)
|
(9,199)
|
Fees
and remunerations
|
|
Senior
Management
|
(246)
|
(642)
|
Fees
and remunerations
|
|
Yad
Leviim LTD
|
867
|
804
|
Financial
operations
|
|
Golden
Juniors Segregated Portfolio
|
10,359
|
-
|
Financial
operations
|
|
Sociedad
Rural Argentina S.A.
|
1,534
|
1,443
|
Financial
operations
|
|
Others
|
69
|
66
|
Corporate
services
|
|
|
(172)
|
(145)
|
Leases
and/or rights of use
|
|
|
468
|
(629)
|
Financial
operations
|
|
|
(402)
|
(495)
|
Donations
|
|
|
(519)
|
(726)
|
Fees
and remuneration
|
|
|
(320)
|
(401)
|
Legal
services
|
|
Total others
|
2,199
|
(9,924)
|
|
|
Total at the end of the period
|
(3,652)
|
(16,439)
|
|
(1)
Includes Avenida Inc., Banco
Hipotecario S.A., Cyrsa S.A., BHN Sociedad de Inversión S.A.,
La Rural S.A. and Nuevo Puerto Santa Fe S.A.
The following is a summary of the transactions
with related parties for the six-month periods ended December 31,
2025 and 2024:
|
Related party
|
12.31.2025
|
12.31.2024
|
Description of the operation
|
|
Puerto
Retiro S.A.
|
-
|
(40)
|
Irrevocable
contributions
|
|
Total irrevocable contributions
|
-
|
(40)
|
|
|
Cresud
|
(99,951)
|
(65,261)
|
Dividend
distributed
|
|
Helmir
S.A.
|
-
|
(3,687)
|
Dividend
distributed
|
|
Total dividends distributed
|
(99,951)
|
(68,948)
|
|
|
La
Rural S.A.
|
1,999
|
2,702
|
Dividends
received
|
|
Nuevo
Puerto Santa Fe S.A.
|
2,568
|
442
|
Dividends
received
|
|
Total dividends received
|
4,567
|
3,144
|
|
26.
CNV General Resolution N°
622
As
required by Section 1°, Chapter III, Title IV of CNV General
Resolution N° 622, below there is a detail of the notes to the
Unaudited Condensed Interim Consolidated Financial Statements that
disclose the information required by the Resolution in
Exhibits.
|
Exhibit
A - Property, plant and equipment
|
Note 8
Investment properties and Note 9 Property, plant and
equipment
|
|
Exhibit
B - Intangible assets
|
Note 11
Intangible assets
|
|
Exhibit
C - Investment in associates
|
Note 7
Investments in associates and joint ventures
|
|
Exhibit
D - Other investments
|
Note 13
Financial instruments by category
|
|
Exhibit
E - Provisions and allowances
|
Note 14
Trade and other receivables and Note 18 Provisions
|
|
Exhibit
F - Cost of sales and services provided
|
Note 22
Costs
|
|
Exhibit
G - Foreign currency assets and liabilities
|
Note 27
Foreign currency assets and liabilities
|
27
IRSA Inversiones y Representaciones Sociedad
Anónima
27.
Foreign currency assets and
liabilities
Book
amounts of foreign currency assets and liabilities are as
follows:
|
Item / Currency (1)
|
Amount (2)
|
Argentinian Peso exchange rate (3)
|
12.31.2025
|
06.30.2025
|
|
Assets
|
|
|
|
|
|
Trade and other receivables
|
|
|
|
|
|
US
Dollar
|
35.72
|
1,446.00
|
51,648
|
40,020
|
|
Euros
|
0.01
|
1,698.91
|
17
|
16
|
|
Uruguayan
pesos
|
0.13
|
37.19
|
5
|
-
|
|
Receivables with related parties:
|
|
|
|
|
|
US
Dollar
|
26.85
|
1,455.00
|
39,068
|
36,117
|
|
Total trade and other receivables
|
|
|
90,738
|
76,153
|
|
Investments in financial assets
|
|
|
|
|
|
US
Dollar
|
74.25
|
1,446.00
|
107,372
|
156,837
|
|
Pounds
|
0.69
|
1,947.18
|
1,344
|
999
|
|
New
Israel Shekel
|
11.67
|
456.26
|
5,323
|
3,071
|
|
Investments with related parties:
|
|
|
|
|
|
US
Dollar
|
21.66
|
1,455.00
|
31,521
|
6,691
|
|
Total investments in financial assets
|
|
|
145,560
|
167,598
|
|
Derivative financial instruments
|
|
|
|
|
|
US
Dollar
|
0.14
|
1,446.00
|
206
|
-
|
|
Total Derivative financial instruments
|
|
|
206
|
-
|
|
Cash and cash equivalents
|
|
|
|
|
|
US
Dollar
|
194.09
|
1,446.00
|
280,652
|
186,827
|
|
Uruguayan
pesos
|
0.08
|
37.19
|
3
|
2
|
|
Pounds
|
-
|
1,947.18
|
4
|
5
|
|
Euros
|
0.01
|
1,698.91
|
22
|
13
|
|
New
Israel Shekel
|
-
|
456.26
|
1
|
1
|
|
Brazilian
Reais
|
0.01
|
264.40
|
2
|
2
|
|
Total cash and cash equivalents
|
|
|
280,684
|
186,850
|
|
Total Assets
|
|
|
517,188
|
430,601
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Trade and other payables
|
|
|
|
|
|
US
Dollar
|
31.06
|
1,455.00
|
45,198
|
37,032
|
|
Uruguayan
pesos
|
0.54
|
37.19
|
20
|
26
|
|
Payables to related parties:
|
|
|
|
|
|
US
Dollar
|
8.00
|
1,455.00
|
11,636
|
11,019
|
|
Total Trade and other payables
|
|
|
56,854
|
48,077
|
|
Borrowings
|
|
|
|
|
|
US
Dollar
|
667.30
|
1,455.00
|
970,922
|
742,376
|
|
Borrowings with related parties
|
|
|
|
|
|
US
Dollar
|
0.30
|
1,455.00
|
434
|
1,388
|
|
Total Borrowings
|
|
|
971,356
|
743,764
|
|
Derivative financial instruments
|
|
|
|
|
|
US
Dollar
|
-
|
1,455.00
|
-
|
33
|
|
Total derivative financial instruments
|
|
|
-
|
33
|
|
Lease liabilities
|
|
|
|
|
|
US
Dollar
|
3.57
|
1,455.00
|
5,199
|
4,943
|
|
Total lease liabilities
|
|
|
5,199
|
4,943
|
|
Provisions
|
|
|
|
|
|
New
Israel Shekel
|
105.09
|
456.26
|
47,946
|
36,417
|
|
Total Provisions
|
|
|
47,946
|
36,417
|
|
Total Liabilities
|
|
|
1,081,355
|
833,234
|
(1) Considering
foreign currencies as those that differ from each Group’s
subsidiaries functional currency at each
period/year-end.
(2) The
Group uses derivative instruments as a complement in order to
reduce its exposure to exchange rate movements (Note
13).
(3) Exchange rates as
of December 31, 2025 according to Banco de la Nación Argentina
and Central Bank of the Argentine Republic.
28
IRSA Inversiones y Representaciones Sociedad
Anónima
28.
Other relevant events of the
period
Warrants exercise
During
the six-month period ended December 31, 2025, certain warrant
holders exercised their right to purchase additional shares. For
this reason, USD 3.4 million, equivalent to ARS 4,952 million, were
received, for converted warrants of 7,802,868 and a total of
11,669,360 common shares of the Company with a nominal value of ARS
10 were issued.
General Ordinary and Extraordinary Shareholders’ Meeting -
IRSA
On
October 30, 2025, the General Ordinary and Extraordinary
Shareholders’ Meeting was held, where it was resolved: (i)
the allocation of 5% of the restated fiscal year result, that is,
the sum of ARS 10,368 million, to the legal reserve, which restated
as of the closing date of these Consolidated Financial Statements
amounts to ARS 11,183 million; (ii) to distribute a dividend to
shareholders in proportion to their shareholdings, payable in cash
for the sum of ARS 173,788 million, which restated as of the
closing date of these Consolidated Financial Statements amounts to
ARS 187,442 million; (iii) the allocation of the remaining balance
of the fiscal year result, after deducting the legal reserve and
the dividend, in the amount of ARS 23,200 million, to the
integration of a facultative reserve named “special
reserve”, which restated as of the closing date of these
Consolidated Financial Statements amounts to ARS 25,023 million,
and which may be used for future dividend distributions, share
buybacks, and/or new projects related to the Company’s
business plan.
On
November 4, 2025, the Company distributed among its shareholders
the cash dividend in an amount of ARS 173,788 million.
Additionally, the
subscription of an addendum to the warrant agreement originally
entered on April 29, 2021, and amended on September 17, 2021, was
approved, within the framework of the capital increase authorized
by the CNV.
The
addendum introduces the possibility for option holders to exercise
them without paying cash (except for the payment of the nominal
value of the shares) for the differential amount between the cash
exercise price and the market value.
Change in Warrants terms and conditions
On
November 6, 2025, the Company announced that the terms and
conditions of the outstanding options (warrants) to subscribe for
the Company’s ordinary shares had been modified because of
the cash dividend payment to its shareholders carried out by the
Company on November 4, 2025. Below are the terms that have been
modified:
●
Number of shares to be issued per warrant:
Pre-dividend ratio: 1.4818 (nominal value ARS 10). Post-dividend
ratio: 1.6367 (nominal value ARS 10).
●
Exercise price per new share to be issued:
Pre-dividend price: USD 0.2917 (nominal value ARS 10).
Post-dividend price: USD 0.2641 (nominal value ARS
10).
The
other terms and conditions of the warrants remain the
same.
29.
Subsequent events
Subsequent to the
end of the period and up to the issuance date of these Unaudited
Condensed Interim Consolidated Financial Statements, no significant
events have occurred that could materially affect the Unaudited
Condensed Interim Consolidated Financial Statements as of December
31, 2025.
29
Report on review of interim financial information
To the
Shareholders, President and Directors of
IRSA
Inversiones y Representaciones Sociedad Anónima
Introduction
We have
reviewed the accompanying unaudited condensed interim consolidated
statement of financial position of IRSA Inversiones y
Representaciones Sociedad Anónima and its subsidiaries (the
‘Group’) as at December 31, 2025 and the related
unaudited condensed interim consolidated statement of income and
other comprehensive income for the six-month and three-month
periods then ended, and unaudited condensed interim consolidated
statements of changes in Shareholders’ equity and cash flows
for the six-month period then ended and selected explanatory
notes.
Responsibilities of the Board of Directors
The
board of Directors is responsible for the preparation and
presentation of this unaudited condensed interim consolidated
financial information in accordance with IFRS Accounting Standards
and is therefore responsible for the preparation and presentation
of the condensed interim financial statements mentioned in the
first paragraph, in accordance with International Accounting
Standard 34 (IAS 34).
Scope of review
We
conducted our review in accordance with International Standard on
Review Engagements 2410, 'Review of interim financial information
performed by the independent auditor of the entity'. A review of
interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. A
review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing and
consequently does not enable us to obtain assurance that we would
become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit
opinion.
|
www.pwc.com.ar
|
Price
Waterhouse & Co. S.R.L. Bouchard 557, 8th floor,
C1106ABG
Autonomous City of
Buenos Aires, Argentina, T: +(54.11) 4850.0000
|
Conclusion
Based
on our review, nothing has come to our attention that causes us to
believe that the accompanying unaudited condensed interim
consolidated financial information is not prepared, in all material
respects, in accordance with IAS 34.
Autonomous
City of Buenos Aires, February 03, 2026
|
PRICE
WATERHOUSE & CO. S.R.L.
(Partner)
|
|
Carlos Martín Barbafina
Contador Público (UCA)
C.P.C.E.C.A.B.A. T° 175 F°65
|
|
|
30
I. Brief comment on the Company’s activities during the
period, including references to significant events occurred after
the end of the period.
Consolidated Results
|
(in millions of ARS)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
6M 26
|
6M 25
|
YoY Var
|
|
Revenues
|
152,667
|
151,352
|
0.9%
|
292,081
|
279,069
|
4.7%
|
|
Result
from fair value adjustment of investment properties
|
(51,503)
|
13,850
|
(471.9)%
|
185,712
|
(306,605)
|
-
|
|
Result from operations
|
25,434
|
69,538
|
(63.4)%
|
321,255
|
(197,039)
|
-
|
|
Depreciation
and amortization
|
3,495
|
3,019
|
15.8%
|
6,527
|
5,836
|
11.8%
|
|
EBITDA (1)
|
28,929
|
72,557
|
(60.1)%
|
327,782
|
(191,203)
|
-
|
|
Adjusted EBITDA (1)
|
69,880
|
67,929
|
2.9%
|
131,518
|
134,590
|
(2.3)%
|
|
Result for the period
|
72,538
|
101,053
|
(28.2)%
|
248,817
|
(53,896)
|
-
|
|
Attributable
to equity holders of the parent
|
69,553
|
97,813
|
(28.9)%
|
235,486
|
(52,320)
|
-
|
|
Attributable
to non-controlling interest
|
2,985
|
3,240
|
(7.9)%
|
13,331
|
(1,576)
|
-
|
(1)
See Point XVI: EBITDA Reconciliation
The Group's revenues increased by 4.7% during the first semester of
fiscal year 2026 compared to the same period in 2025, mainly driven
by growth in the shopping malls.
Rental Adjusted EBITDA reached ARS 147,190 million, 4.9% above the
first semester of the previous fiscal year, of which ARS 126,813
million came from the Shopping Malls segment, ARS 10,496 million
from Offices, and ARS 9,881 million from Hotels. Total adjusted
EBITDA amounted to ARS 131,518 million, representing a 2.3%
decrease compared to the same semester last year.
Net income for the first semester 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 the previous fiscal year. This
performance was mainly explained by the gain from changes in the
fair value of investment properties, driven by the impact of a
currency depreciation higher than inflation on properties valued in
USD.
II. Shopping Malls
Our portfolio’s leasable area totaled 373,020 sqm of GLA.
Real tenants’ sales of our shopping centers reached ARS
1,761,462 million during the first semester of fiscal year 2026,
8.1% lower than in the same period of the previous fiscal
year.
Portfolio occupancy during the second quarter of fiscal year 2026
was 97.8%.
Shopping Malls’ Operating Indicators
|
|
IIQ 26
|
IQ 26
|
IVQ 25
|
IIIQ 25
|
IIQ 25
|
|
Gross
leasable area (sqm)
|
373,020
|
370,801
|
371,242
|
371,186
|
370,897
|
|
Tenants’
sales (3 months cumulative in current currency)
|
956,341
|
805,121
|
834,710
|
749,209
|
1,051,169
|
|
Occupancy
|
97.7%
|
97.8%(1)
|
98.1%(1)
|
97.7%(1)
|
96.8%
|
(1) Excluding
“Terrazas de Mayo” acquired in December
2024.
31
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
Shopping Malls’ Financial Indicators
|
(in millions of ARS)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
6M 26
|
6M 25
|
YoY Var
|
|
Revenues
from sales, leases, and services
|
87,164
|
85,428
|
2.0%
|
165,708
|
159,099
|
4.2%
|
|
Net
result from fair value adjustment on investment
properties
|
55,765
|
164,782
|
(66.2)%
|
124,743
|
156,861
|
(20.5)%
|
|
Result from operations
|
119,972
|
229,516
|
(47.7)%
|
248,490
|
279,231
|
(11.0)%
|
|
Depreciation
and amortization
|
1,688
|
1,132
|
49.1%
|
3,066
|
1,996
|
53.6%
|
|
EBITDA (1)
|
121,660
|
230,648
|
(47.3)%
|
251,556
|
281,227
|
(10.6)%
|
|
Adjusted EBITDA (1)
|
65,895
|
65,866
|
-
|
126,813
|
124,366
|
2.0%
|
(1) See Point XVI: EBITDA
Reconciliation
Income from this segment during the first semester of fiscal year
2026 reached ARS 165,708 million, 4.2% higher compared with the
same period of the previous fiscal year. Adjusted EBITDA reached
ARS 126,813 million, 2.0% higher than the amount recorded in the
same period of 2025.
Operating data of our shopping malls
|
|
Date of acquisition
|
Location
|
Gross Leasable Area (sqm)(1)
|
Stores
|
Occupancy (2)
|
IRSA Interest (3)
|
|
Alto
Palermo
|
Dec-97
|
City
of Buenos Aires
|
20,715
|
133
|
100.0%
|
100%
|
|
Abasto Shopping(4)
|
Nov-99
|
City
of Buenos Aires
|
37,133
|
148
|
97.7%
|
100%
|
|
Alto
Avellaneda
|
Dec-97
|
Province
of Buenos Aires
|
42,334
|
122
|
99.1%
|
100%
|
|
Alcorta
Shopping
|
Jun-97
|
City
of Buenos Aires
|
16,048
|
103
|
100.0%
|
100%
|
|
Patio
Bullrich
|
Oct-98
|
City
of Buenos Aires
|
11,472
|
89
|
90.4%
|
100%
|
|
Dot
Baires Shopping
|
May-09
|
City
of Buenos Aires
|
47,339
|
158
|
98.9%
|
80%
|
|
Soleil
Premium Outlet
|
Jul-10
|
Province
of Buenos Aires
|
15,477
|
71
|
100.0%
|
100%
|
|
Distrito
Arcos
|
Dec-14
|
City
of Buenos Aires
|
14,194
|
62
|
100.0%
|
90%
|
|
Terrazas
de Mayo
|
Dec-24
|
Province
of Buenos Aires
|
33,714
|
81
|
89.4%
|
100%
|
|
Alto
Noa Shopping
|
Mar-95
|
Salta
|
19,417
|
79
|
99.3%
|
100%
|
|
Alto
Rosario Shopping
|
Nov-04
|
Santa
Fe
|
35,016
|
129
|
99.6%
|
100%
|
|
Mendoza
Plaza Shopping
|
Dec-94
|
Mendoza
|
41,637
|
116
|
97.6%
|
100%
|
|
Córdoba
Shopping
|
Dec-06
|
Córdoba
|
15,424
|
98
|
98.4%
|
100%
|
|
La
Ribera Shopping
|
Aug-11
|
Santa
Fe
|
11,166
|
66
|
96.8%
|
50%
|
|
Alto
Comahue
|
Mar-15
|
Neuquén
|
11,934
|
81
|
98.1%
|
99,95%
|
|
Patio Olmos(5)
|
Sep-07
|
Córdoba
|
|
|
|
|
|
Total
|
|
|
373,020
|
1,536
|
97.7%
|
|
(1)
Corresponds to gross leasable area in each property. Excludes
common areas and parking spaces.
(2)
Calculated dividing occupied square meters by leasable area as of
the last day of the fiscal period.
(3)
Company’s effective interest in each of its business
units.
(4)
Excludes Museo de los Niños (3,732 square meters in
Abasto).
(5)
IRSA owns the historic building of the Patio Olmos shopping mall in
the Province of Córdoba, operated by a third
party.
32
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
Quarterly
and cumulative tenants’ sales as of December 31, 2025,
compared to the same period of fiscal years 2025, 2024, 2023, and
2022 (1)
|
(ARS million)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
|
Alto
Palermo
|
116,944
|
128,757
|
(9.2)%
|
|
Abasto
Shopping
|
108,008
|
136,730
|
(21.0)%
|
|
Alto
Avellaneda
|
102,638
|
119,390
|
(14.0)%
|
|
Alcorta
Shopping
|
73,734
|
76,630
|
(3.8)%
|
|
Patio
Bullrich
|
34,470
|
38,495
|
(10.5)%
|
|
Dot
Baires Shopping
|
102,852
|
96,523
|
6.6%
|
|
Soleil
|
53,739
|
66,371
|
(19.0)%
|
|
Distrito
Arcos
|
65,567
|
73,537
|
(10.8)%
|
|
Terrazas
de Mayo
|
30,678
|
10,286
|
0.0%
|
|
Alto
Noa Shopping
|
27,444
|
36,165
|
(24.1)%
|
|
Alto
Rosario Shopping
|
104,368
|
116,712
|
(10.6)%
|
|
Mendoza
Plaza Shopping
|
50,378
|
59,147
|
(14.8)%
|
|
Córdoba
Shopping
|
30,618
|
37,140
|
(17.6)%
|
|
La Ribera Shopping(2)
|
17,578
|
16,226
|
8.3%
|
|
Alto
Comahue
|
37,325
|
39,060
|
(4.4)%
|
|
Patio Olmos(3)
|
-
|
-
|
-
|
|
Total sales
|
956,341
|
1,051,169
|
(9.0)%
|
|
(ARS million)
|
6M 26
|
6M 25
|
YoY Var
|
6M 24
|
6M 23
|
6M 22
|
|
Alto
Palermo
|
205,409
|
232,315
|
(11.6)%
|
290,306
|
260,015
|
198,991
|
|
Abasto
Shopping
|
205,764
|
254,786
|
(19.2)%
|
294,128
|
280,778
|
192,906
|
|
Alto
Avellaneda
|
188,627
|
214,767
|
(12.2)%
|
214,738
|
193,030
|
142,613
|
|
Alcorta
Shopping
|
125,149
|
134,085
|
(6.7)%
|
169,313
|
153,027
|
145,268
|
|
Patio
Bullrich
|
61,383
|
70,192
|
(12.5)%
|
92,313
|
85,028
|
72,727
|
|
Dot
Baires Shopping
|
178,047
|
171,236
|
4.0%
|
176,101
|
153,496
|
127,168
|
|
Soleil
|
101,297
|
125,164
|
(19.1)%
|
120,230
|
103,672
|
95,666
|
|
Distrito
Arcos
|
122,120
|
137,259
|
(11.0)%
|
172,976
|
149,007
|
119,575
|
|
Terrazas
de Mayo
|
61,671
|
10,286
|
-
|
-
|
-
|
-
|
|
Alto
Noa Shopping
|
56,415
|
69,564
|
(18.9)%
|
83,755
|
79,620
|
71,856
|
|
Alto
Rosario Shopping
|
192,354
|
209,608
|
(8.2)%
|
222,170
|
226,757
|
192,970
|
|
Mendoza
Plaza Shopping
|
102,806
|
117,958
|
(12.8)%
|
122,542
|
113,317
|
105,287
|
|
Córdoba
Shopping
|
54,870
|
65,201
|
(15.8)%
|
72,647
|
69,183
|
64,181
|
|
La Ribera Shopping(1)
|
33,000
|
30,149
|
9.5%
|
34,425
|
34,820
|
28,443
|
|
Alto
Comahue
|
72,550
|
74,218
|
(2.2)%
|
67,380
|
56,110
|
43,941
|
|
Patio Olmos(3)
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Total sales
|
1,761,462
|
1,916,788
|
(8.1)%
|
2,133,024
|
1,957,860
|
1,601,592
|
(1)
Retail
sales based upon information provided to us by retailers and prior
owners. The amounts shown reflect 100% of the retail sales of each
shopping mall, although in certain cases we own less than 100% of
such shopping malls. Includes sales from stands and excludes spaces
used for special exhibitions.
(2)
Through
our joint venture Nuevo Puerto Santa Fe S.A.
(3)
IRSA
owns the historic building of the Patio Olmos shopping mall in the
province of Cordoba, operated by a third party.
33
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
Quarterly
and cumulative tenants’ sales per type of business as of
December 31, 2025, compared to the same period of fiscal years
2025, 2024, 2023, and 2022(1)
|
(ARS million)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
|
Clothes
and footwear
|
541,655
|
616,997
|
(12.2)%
|
|
Entertainment
|
19,624
|
20,490
|
(4.2)%
|
|
Home
and decoration
|
32,578
|
24,995
|
30.3%
|
|
Restaurants
|
110,857
|
105,674
|
4.9%
|
|
Miscellaneous
|
137,788
|
151,320
|
(8.9)%
|
|
Services
|
23,268
|
23,552
|
(1.2)%
|
|
Home
Appliances
|
86,376
|
104,648
|
(17.5)%
|
|
Department
Store
|
4,195
|
3,493
|
20.1%
|
|
Total
|
956,341
|
1,051,169
|
(9.0)%
|
|
(ARS million)
|
6M 26
|
6M 25
|
YoY Var
|
6M 24
|
6M 23
|
6M 22
|
|
Clothes
and footwear
|
946,305
|
1,095,954
|
(13.7)%
|
1,257,509
|
1,166,153
|
981,563
|
|
Entertainment
|
56,846
|
48,553
|
17.1%
|
53,732
|
51,929
|
33,787
|
|
Home
and decoration
|
55,888
|
46,588
|
20.0%
|
50,329
|
43,816
|
41,678
|
|
Restaurants
|
230,821
|
213,114
|
8.3%
|
232,011
|
202,310
|
139,522
|
|
Miscellaneous
|
250,396
|
264,347
|
(5.3)%
|
273,036
|
237,693
|
244,479
|
|
Services
|
45,435
|
44,185
|
2.8%
|
45,410
|
32,493
|
24,756
|
|
Home
Appliances
|
167,610
|
197,399
|
(15.1)%
|
220,997
|
223,466
|
135,807
|
|
Department
Store
|
8,161
|
6,648
|
22.8%
|
-
|
-
|
-
|
|
Total
|
1,761,462
|
1,916,788
|
(8.1)%
|
2,133,024
|
1,957,860
|
1,601,592
|
(1) Retail sales based on information provided by
tenants. The figures reflect 100% of the retail sales of each
shopping center, although in certain cases we own a percentage
lower than 100% of said shopping centers. Includes sales from
stands and excludes spaces for special
exhibitions.
(2)
Currently includes Ronda. Multi-purpose store located in Dot
Baires, composed of 70% food service, 25% entertainment, and 5%
apparel.
Revenues from quarterly and cumulative leases as of December 31,
2025, compared to the same period of fiscal year 2025, 2024, 2023
and 2022
|
(ARS million)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
|
Base rent(1)
|
48,047
|
42,653
|
12.6%
|
|
Percentage
rent
|
16,126
|
23,208
|
(30.5)%
|
|
Total rent
|
64,173
|
65,861
|
(2.6)%
|
|
Non-traditional
advertising
|
5,357
|
3,949
|
35.7%
|
|
Revenues
from admission rights
|
8,019
|
7,600
|
5.5%
|
|
Fees
|
735
|
667
|
10.2%
|
|
Parking
|
5,409
|
4,644
|
16.5%
|
|
Commissions
|
2,960
|
2,634
|
12.4%
|
|
Other
|
511
|
73
|
600.0%
|
|
Subtotal(2)
|
87,164
|
85,428
|
2.0%
|
|
Expenses
and Collective Promotion Fund
|
28,431
|
30,144
|
(5.7)%
|
|
Total
|
115,595
|
115,572
|
-
|
34
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
|
(ARS million)
|
6M 26
|
6M 25
|
YoY Var
|
6M 24
|
6M 23
|
6M 22
|
|
Base rent(1)
|
94,006
|
81,751
|
15.0%
|
62,249
|
52,713
|
32,195
|
|
Percentage
rent
|
26,699
|
40,238
|
(33.6)%
|
68,454
|
63,988
|
54,399
|
|
Total rent
|
120,705
|
121,989
|
(1.1)%
|
130,703
|
116,701
|
86,594
|
|
Non-traditional
advertising
|
9,281
|
6,658
|
39.4%
|
4,904
|
3,165
|
2,177
|
|
Revenues
from admission rights
|
16,171
|
14,774
|
9.5%
|
13,330
|
11,061
|
8,118
|
|
Fees
|
1,465
|
1,329
|
10.2%
|
1,252
|
1,214
|
1,355
|
|
Parking
|
10,751
|
8,770
|
22.6%
|
7,511
|
5,789
|
3,418
|
|
Commissions
|
5,722
|
5,101
|
12.2%
|
2,119
|
2,747
|
2,160
|
|
Other
|
1,613
|
478
|
237.4%
|
1,202
|
209
|
267
|
|
Subtotal(2)
|
165,708
|
159,099
|
4.2%
|
161,021
|
140,886
|
104,089
|
|
Expenses
and Collective Promotion Fund
|
55,833
|
54,153
|
3.1%
|
48,682
|
52,256
|
40,205
|
|
Total
|
221,541
|
213,252
|
3.9%
|
209,703
|
193,142
|
144,294
|
(1)
Includes Revenues
from stands for ARS 12,255 million cumulative as of December
2025.
(2)
Includes ARS 163.3
million from Patio Olmos, ARS 190.5 million from sponsorship income
from BAF Production and revenues from Re! Outlet stands for ARS
1,030.5 million.
III. Offices
According to Colliers, the quarter closes with a slight increase in
vacancy standing at 13.7%, in the Buenos Aires City premium market
(A+ & A), while prices remain stable at average levels of USD
22.4 per sqm.
Offices’ Operating Indicators
|
|
IIQ 26
|
IQ 26
|
IVQ 25
|
IIIQ 25
|
IIQ 25
|
|
Gross
Leasable area
|
58,074
|
58,074
|
58,074
|
58,074
|
58,074
|
|
Total
Occupancy
|
98.9%
|
96.8%
|
96.2%
|
96.4%
|
94.3%
|
|
Class
A+ & A Occupancy
|
100.0%
|
100.0%
|
99.6%
|
100.0%
|
100.0%
|
|
Class
B Occupancy
|
90.3%
|
76.5%
|
75.3%
|
69.2%
|
58.7%
|
|
Rent
USD/sqm
|
26.7
|
25.8
|
25.5
|
25.7
|
25.5
|
The gross leasable area in the second quarter of fiscal year 2026
was 58,074 sqm. The average occupancy of the premium portfolio
increased to 100% and of the total portfolio to 98.9%, thanks to
improved occupancy at the Philips building, which is fully
allocated to the Workplace business. The portfolio’s average
rent reached USD 26.7 per sqm.
Offices’ Financial Indicators
|
(in ARS
million)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
6M 26
|
6M 25
|
YoY Var
|
|
Revenues
from sales, leases and services
|
6,637
|
5,604
|
18.4%
|
13,200
|
11,432
|
15.5%
|
|
Net
result from fair value adjustment on investment properties,
PP&E e inventories
|
(30,146)
|
(41,481)
|
(27.3)%
|
19,061
|
(137,750)
|
-
|
|
Result from operations
|
(25,223)
|
(37,192)
|
(32.2)%
|
29,317
|
(128,863)
|
-
|
|
Depreciation
and amortization
|
126
|
107
|
17.8%
|
240
|
197
|
21.8%
|
|
EBITDA(1)
|
(25,097)
|
(37,085)
|
(32.3)%
|
29,557
|
(128,666)
|
-
|
|
Adjusted EBITDA (1)
|
5,049
|
4,396
|
14.9%
|
10,496
|
9,084
|
15.5%
|
(1)
See Point XVI: EBITDA Reconciliation
During the first semester of fiscal year 2026, office revenues
increased by 15.5% and Adjusted EBITDA grew at the same rate
compared to the previous year, mainly driven by the impact of
currency depreciation exceeding inflation on USD-denominated rents
and improved portfolio occupancy. The Adjusted EBITDA margin
reached 79.6%.
35
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
Below is information on our office segment:
|
Offices & Others
|
Date of Acquisition
|
Gross Leasable Area (sqm)(1)
|
Occupancy (2)
|
Actual Interest
|
6M 26 - Rental revenues (ARS million) (4)
|
|
AAA & A Offices
|
|
|
|
|
|
|
Intercontinental Plaza (3)
|
Dec-14
|
2,979
|
100.0%
|
100%
|
671
|
|
Dot
Building
|
Nov-06
|
11,242
|
100.0%
|
80%
|
2,152
|
|
Zetta
Building
|
May-19
|
32,173
|
100.0%
|
80%
|
7,479
|
|
261 Della Paolera(5)
|
Dec-20
|
3,740
|
100.0%
|
100%
|
1,118
|
|
Total AAA & A Offices
|
|
50,134
|
100.0%
|
|
11,420
|
|
|
|
|
|
|
|
|
B Offices
|
|
|
|
|
|
|
Philips Building(6)
|
Jun-17
|
7,940
|
90.3%
|
100%
|
1,780
|
|
Total B Buildings
|
|
7,940
|
90.3%
|
100%
|
1,780
|
|
Total
Offices(7)
|
|
58,074
|
98.9%
|
|
13,200
|
(1)
Corresponds to the total gross leasable area of each property as of
December 31, 2025. Excludes common areas and parking
lots.
(2)
Calculated by dividing occupied square meters by gross leasable
area as of December 31, 2025.
(3)
We own 13.2% of the building that has 22,535 square meters of gross
leasable area.
(4) Corresponds
to the accumulated income of the period.
(5)
We own 10.4% of the building that has 35,872 square meters of gross
leasable area. The gross leasable area includes square meters
corresponding to other common spaces.
(6)
The building is fully dedicated to the workplace business. For
occupancy calculation 1,410 sqm are excluded from the leasable area
because they are under construction.
(7)
For total Offices occupancy calculation, 1,410 sqm are excluded
from the leasable area because they are under
construction.
IV. Hotels
The Company’s hotels are beginning to show signs of recovery
in their revenue and occupancy levels following the decline in
activity observed in recent quarters, although they remain below
the levels recorded in the prior two years, in a context that
continues to be challenging for inbound tourism, mainly due to the
country’s lower exchange rate competitiveness.
|
(in ARS million)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
6M 26
|
6M 25
|
YoY Var
|
|
Revenues
|
23,427
|
20,540
|
14.1%
|
42,611
|
40,182
|
6.0%
|
|
Profit from operations
|
5,729
|
1,856
|
208.7%
|
7,468
|
4,436
|
68.3%
|
|
Depreciation
and amortization
|
1,213
|
1,197
|
1.3%
|
2,413
|
2,388
|
1.0%
|
|
EBITDA
|
6,942
|
3,053
|
127.4%
|
9,881
|
6,824
|
44.8%
|
During the first semester of fiscal year 2026, Hotels segment
recorded an increase in revenues of 6.0% compared with the same
period of fiscal year 2025 while the segment’s EBITDA reached
ARS 9.881 million, a 44.8% increase when compared to the same
period of fiscal year 2025. It is also worth mentioning that 47
rooms at the Llao Llao Hotel are under construction works, directly
affecting occupancy levels.
The
following chart shows certain information regarding our luxury
hotels:
|
Hotels
|
Date of Acquisition
|
IRSA’s Interest
|
Number of rooms
|
Occupancy (4)
|
|
Intercontinental (1)
|
11/01/1997
|
76,34%
|
313
|
78.4%
|
|
Sheraton Libertador (2)
|
03/01/1998
|
100,00%
|
200
|
76.7%
|
|
Llao Llao (3)
|
06/01/1997
|
50,00%
|
205
|
47.1%
|
|
Total
|
-
|
-
|
718
|
69.0%
|
(1) Through Nuevas
Fronteras S.A. (Subsidiary of IRSA).
(2) Through Hoteles
Argentinos S.A.U.
(3) Through Llao Llao
Resorts S.A.
(4) Three months
cumulated average.
36
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
Hotels’ operating and financial indicators.
|
|
IIQ 26
|
IQ 26
|
IVQ 25
|
IIIQ 25
|
IIQ 25
|
|
Average
Occupancy
|
69.0%
|
58.0%
|
56.4%
|
67.1%
|
67.1%
|
|
Average
Rate per Room (USD/night)
|
226,8
|
227.1
|
182.1
|
236.8
|
229.4
|
V. Sales and Developments
|
(in ARS million)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
6M 26
|
6M 25
|
YoY Var
|
|
Revenues
|
2,930
|
6,991
|
(58.1)%
|
7,300
|
9,069
|
(19.5)%
|
|
Net
result from fair value adjustment on investment
properties
|
(77,576)
|
(109,019)
|
(28.8)%
|
41,383
|
(325,210)
|
-
|
|
Result from operations
|
(72,210)
|
(121,342)
|
(40.5)%
|
42,871
|
(350,576)
|
-
|
|
Depreciation
and amortization
|
188
|
64
|
193.8%
|
261
|
124
|
110.5%
|
|
Realized
Net result from fair value adjustment on investment
properties
|
1,461
|
3,586
|
(59.3)%
|
1,461
|
3,602
|
(59.4)%
|
|
Impairment
loss on properties for sale
|
12,013
|
(5,636)
|
-
|
12,013
|
(15,586)
|
-
|
|
EBITDA (1)
|
(72,022)
|
(121,278)
|
(40.6)%
|
43,132
|
(350,452)
|
-
|
|
Adjusted EBITDA (1)
|
(4,998)
|
(3,037)
|
64.6%
|
(8,803)
|
(6,054)
|
45.4%
|
(1)
See Point XVI: EBITDA Reconciliation
Adjusted EBITDA of “Sales and Developments” segment
recorded a loss of ARS 8,803 million during the first semester of
fiscal year 2026 compared with a ARS 6,054 million loss during the
same period in the previous year.
VI. Others
|
(in millions of ARS)
|
IIQ 26
|
IIQ 25
|
YoY Var
|
6M 26
|
6M 25
|
YoY Var
|
|
Revenues
|
3,069
|
2,234
|
37.4%
|
5,717
|
4,037
|
41.6%
|
|
Net
result from fair value adjustment on investment
properties
|
83
|
39
|
112.8%
|
(138)
|
(225)
|
(38.7)%
|
|
Result from operations
|
(2,862)
|
(2,330)
|
22.8%
|
(6,724)
|
12
|
(56,133.3)%
|
|
Depreciation
and amortization
|
278
|
554
|
(49.8)%
|
533
|
1,190
|
(55.2)%
|
|
EBITDA
|
(2,584)
|
(1,776)
|
45.5%
|
(6,191)
|
1,202
|
(615.1)%
|
|
Adjusted EBITDA
|
(2,667)
|
(1,815)
|
46.9%
|
(6,053)
|
1,427
|
(524.2)%
|
VII. Financial Operations and Others
Interest in Banco Hipotecario S.A.
(“BHSA”)
BHSA is a leading bank in the mortgage lending
industry, in which IRSA held an equity interest of 29.12% as of
December 31, 2025. During the first semester of fiscal year 2026,
the investment in Banco Hipotecario generated an ARS 5,021 million
gain compared to ARS 19,351 million gain during the same period of
2025, mainly
due to a lower financial margin generated by lower returns on
government securities during the second quarter of fiscal year
2026. For further information, visit http://www.cnv.gob.ar
or http://www.hipotecario.com.ar.
37
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
VIII. EBITDA by Segment (ARS million)
|
6M 26
|
Shopping Malls
|
Offices
|
Sales and Developments
|
Hotels
|
Others
|
Total
|
|
Result from operations
|
248,490
|
29,317
|
42,871
|
7,468
|
(6,724)
|
321,422
|
|
Depreciation
and amortization
|
3,066
|
240
|
261
|
2,413
|
533
|
6,513
|
|
EBITDA
|
251,556
|
29,557
|
43,132
|
9,881
|
(6,191)
|
327,935
|
|
6M 25
|
Shopping Malls
|
Offices
|
Sales and Developments
|
Hotels
|
Others
|
Total
|
|
Result from operations
|
279,231
|
(128,863)
|
(350,576)
|
4,436
|
12
|
(195,760)
|
|
Depreciation
and amortization
|
1,996
|
197
|
124
|
2,388
|
1,190
|
5,895
|
|
EBITDA
|
281,227
|
(128,666)
|
(350,452)
|
6,824
|
1,202
|
(189,865)
|
|
EBITDA Var
|
(10.6)%
|
-
|
-
|
44.8%
|
(615.1)%
|
-
|
IX. Reconciliation with Consolidated Statements of Income (ARS
million)
Below is an explanation of the reconciliation of the
company’s profit by segment with its Consolidated Statements
of Income. The difference lies in the presence of joint ventures
included in the segment but not in the Statements of
Income.
|
|
Total as per segment
|
Joint ventures*
|
Expenses and CPF
|
Elimination of inter-segment transactions
|
Total as per Statements of Income
|
|
Revenues
|
234,536
|
(1,366)
|
58,911
|
-
|
292,081
|
|
Costs
|
(51,498)
|
145
|
(59,063)
|
-
|
(110,416)
|
|
Gross result
|
183,038
|
(1,221)
|
(152)
|
-
|
181,665
|
|
Result
from sales of investment properties
|
185,049
|
663
|
-
|
-
|
185,712
|
|
General
and administrative expenses
|
(39,844)
|
160
|
-
|
121
|
(39,563)
|
|
Selling
expenses
|
(13,957)
|
79
|
-
|
-
|
(13,878)
|
|
Other
operating results, net
|
7,136
|
(12)
|
316
|
(121)
|
7,319
|
|
Result from operations
|
321,422
|
(331)
|
164
|
-
|
321,255
|
|
Share
of loss of associates and joint ventures
|
10,706
|
584
|
-
|
-
|
11,290
|
|
Result before financial results and income tax
|
332,128
|
253
|
164
|
-
|
332,545
|
*Includes
Puerto Retiro & Nuevo Puerto Santa Fe.
X. Financial Debt and Other Indebtedness
The following table describes our total indebtedness as of December
31, 2025:
|
Description
|
Currency
|
Amount (USD MM) (1)
|
Interest Rate
|
Maturity
|
|
Bank
overdrafts
|
ARS
|
16.2
|
Variable
|
<
360 days
|
|
Series
XX
|
USD
|
21.3
|
6.00%
|
jun-26
|
|
Series
XVIII
|
USD
|
21.4
|
7.00%
|
feb-27
|
|
Series
XXII
|
USD
|
15.8
|
5.75%
|
oct-27
|
|
Series
XIV
|
USD
|
67.1
|
8.75%
|
jun-28
|
|
Series
XXIII
|
USD
|
51.5
|
7.25%
|
oct-29
|
|
Series
XVIV
|
USD
|
473.7
|
8.00%
|
mar-35
|
|
IRSA’s Total Debt
|
USD
|
667.0
|
|
|
|
Cash & Cash Equivalents + Investments
(2)
|
USD
|
364.2
|
|
|
|
IRSA’s Net Debt
|
USD
|
302.8
|
|
|
(1) Principal amount in USD (million) at an exchange
rate of ARS 1,455.0/USD, without considering accrued interest or
eliminations of balances with subsidiaries.
(2) Includes Cash and cash equivalents, Investments in
Current Financial Assets and related companies notes
holding.
38
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
XI. Material and Subsequent Events
October 2025: General Ordinary and Extraordinary
Shareholders’ Meeting
On October 30, 2025, our General Ordinary and Extraordinary
Shareholders’ Meeting was held. The following matters, inter
alia, were resolved by majority of votes:
●
Distribution
of a cash dividend of ARS 173,788 million as of the date of
the Shareholders’ Meeting.
●
Designation
of board members.
●
Compensation
to the Board of Directors for the fiscal year ended June 30,
2025.
●
To
include the possibility of exercising the warrants to subscribe new
shares by delivering shares for the difference between the cash
exercise price and the equivalent market value, paying only the
nominal value of the shares.
On November 4, 2025, the Company distributed among its shareholders
the cash dividend in an amount of ARS 173,787,960,684.31,
equivalent to 2,248.41108587223% of the stock capital, an amount
per share of ARS 224,841108587223 and an amount per GDS of ARS
2.248,41108587223.
October 2025: Property Acquisition.
Dated October 30, 2025, the Company announced that it effected,
within the framework of judicial proceedings, the acquisition of a
property located on Av. Gaona, between Nazca and Terrada, in the
Flores neighborhood of the Autonomous City of Buenos
Aires.
The property, on a plot of land of 8,856 sqm, has an existing built
area of approximately 17,000 sqm and potential for future
expansion. The purchase price was USD 6.8 million, which was fully
paid.
The Company intends to refurbish the property, enhancing an iconic
asset of the City of Buenos Aires.
November 2025: Warrants – Post dividends
distribution
On November 10, 2025, the Company reported that due to the cash
dividend and own shares distributed to the shareholders on November
4, 2025, the terms and conditions of the outstanding warrants for
common shares of the Company have been modified as follows, while
the other terms and conditions remain the same:
Number of shares to be issued per warrant:
●
Ratio
previous to the adjustment: 1.4818 (Nominal Value ARS
10)
●
Ratio
after the adjustment (current): 1.6367 (Nominal Value ARS
10)
Warrant exercise price per new share to be issued:
●
Price
before the adjustment: USD 0.2917 (Nominal Value ARS
10)
●
Price
after adjustment (current): USD 0.2641 (Nominal Value ARS
10)
39
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
November 2025: Warrants Exercise
Between November 17 and 25, 2025, certain warrants holders have
exercised their right to acquire additional shares and 1,132,453
ordinary shares of the Company will be registered, with a face
value of ARS 10. As a result of the exercise, USD 299,081 was
collected by the Company.
After
the exercise of these warrants, the number of shares of the Company
increased from 773,057,700 to 774,190,153 with a face value of ARS
10, and the new number of outstanding warrants decreased from
53,853,144 to 53,161,206.
December 2025: “Ramblas del Plata” Project
Commercialization Progress
During the quarter, the company has signed two barter agreements
for two new lot of 4,400 sqm, with an estimated total saleable area
of 13,570 sqm, belonging to the extended 1st stage and 1st stage of
the “Ramblas del Plata” project. The transactions
amount to USD 11.8 million, paid to IRSA through an upfront cash
payment and saleable sqm to be received in the future.
The Company will continue infrastructure works on the
“Ramblas del Plata” plot while advancing with the
signing of agreements for the commercialization of the
project.
December 2025: Series XXIV Additional Notes Issuance
On
December 17, 2025, IRSA issued in the international market the
Series XXIV Additional Notes for a nominal amount of USD 180
million at an issuance price of 98.503%.
The
Series XXIV Notes were issued under New York Law, will mature on
March 31, 2035, and will accrue interest at a fixed annual nominal
rate of 8.00%, with interest payable semiannually on March 31 and
September 30 of each year until maturity. Principal amortization
will be made in three installments: (i) 33% of the principal on
March 31, 2033, (ii) 33% of the principal on March 31, 2034, and
(iii) 34% of the principal on March 31, 2035.
The
Series XXIV Additional Notes have terms and conditions identical to
the original Series XXIV Notes issued on March 31, 2025. As a
result of this issuance, the total nominal amount outstanding of
the Series XXIV Notes amounts to USD 480.5 million.
XII. Summarized Comparative Consolidated Balance Sheet
|
(in ARS
million)
|
12.31.2025
|
12.31.2024
|
12.31.2023
|
12.31.2022
|
12.31.2021
|
|
Non-current
assets
|
3,463,183
|
2,934,157
|
4,200,580
|
3,950,366
|
4,636,052
|
|
Current
assets
|
715,977
|
356,941
|
529,519
|
413,948
|
374,004
|
|
Total assets
|
4,179,160
|
3,291,098
|
4,730,099
|
4,364,314
|
5,010,056
|
|
Capital
and reserves attributable to the equity holders of the
parent
|
1,854,712
|
1,521,322
|
2,258,640
|
2,090,364
|
2,028,971
|
|
Non-controlling
interest
|
108,670
|
105,333
|
141,139
|
140,672
|
138,085
|
|
Total shareholders’ equity
|
1,963,382
|
1,626,655
|
2,399,779
|
2,231,036
|
2,167,056
|
|
Non-current
liabilities
|
1,885,165
|
1,164,233
|
1,858,549
|
1,630,783
|
2,510,789
|
|
Current
liabilities
|
330,613
|
500,210
|
471,771
|
502,495
|
332,211
|
|
Total liabilities
|
2,215,778
|
1,664,443
|
2,330,320
|
2,133,278
|
2,843,000
|
|
Total liabilities and shareholders’ equity
|
4,179,160
|
3,291,098
|
4,730,099
|
4,364,314
|
5,010,056
|
40
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
XIII. Summarized Comparative Consolidated Income
Statement
|
(in ARS
million)
|
12.31.2025
|
12.31.2024
|
12.31.2023
|
12.31.2022
|
12.31.2021
|
|
Profit from operations
|
321,255
|
(197,039)
|
553,674
|
(155,416)
|
460,685
|
|
Share
of profit of associates and joint ventures
|
11,290
|
32,593
|
57,083
|
11,757
|
(2,088)
|
|
Result from operations before financing and taxation
|
332,545
|
(164,446)
|
610,757
|
(143,659)
|
458,597
|
|
Financial
income
|
4,879
|
2,124
|
13,659
|
2,401
|
2,739
|
|
Financial
cost
|
(41,665)
|
(33,182)
|
(43,281)
|
(46,155)
|
(67,021)
|
|
Other
financial results
|
37,090
|
87,080
|
(97,036)
|
22,705
|
133,043
|
|
Inflation
adjustment
|
14,758
|
9,209
|
93,273
|
76,861
|
7,465
|
|
Financial results, net
|
15,062
|
65,231
|
(33,385)
|
55,812
|
76,226
|
|
Results before income tax
|
347,607
|
(99,215)
|
577,372
|
(87,847)
|
534,823
|
|
Income
tax
|
(98,790)
|
45,319
|
(157,435)
|
225,557
|
-91,357)
|
|
Result of the period
|
248,817
|
(53,896)
|
419,937
|
137,710
|
443,466
|
|
Other
comprehensive results for the period
|
(1,415)
|
(1,847)
|
(12,708)
|
(5,082)
|
(7,536)
|
|
Total comprehensive result for the period
|
247,402
|
(55,743)
|
407,229
|
132,628
|
435,930
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
Equity
holders of the parent
|
233,876
|
(53,658)
|
391,343
|
129,511
|
439,658
|
|
Non-controlling
interest
|
13,526
|
(2,085)
|
15,886
|
3,117
|
(3,728)
|
XIV. Summary Comparative Consolidated Cash Flow
|
(in ARS
million)
|
12.31.2025
|
12.31.2024
|
12.31.2023
|
12.31.2022
|
12.31.2021
|
|
Net
cash generated from operating activities
|
84,235
|
104,209
|
96,095
|
94,920
|
81,537
|
|
Net
cash (used in) / generated from investing activities
|
(33,645)
|
(19,527)
|
147,878
|
30,073
|
110,671
|
|
Net
cash generated from / (used in) financing activities
|
43,995
|
(79,219)
|
(258,617)
|
(234,945)
|
(105,881)
|
|
Net increase / (decrease) in cash and cash equivalents
|
94,585
|
5,463
|
(14,644)
|
(109,952)
|
86,327
|
|
Cash
and cash equivalents at beginning of year
|
202,094
|
45,091
|
51,713
|
163,059
|
40,420
|
|
Inflation
adjustment
|
(1,653)
|
(2,222)
|
(12,771)
|
(2,026)
|
(818)
|
|
Foreign
exchange (loss) / gain on cash and changes in fair value for cash
equivalents
|
1,115
|
(108)
|
21,636
|
(437)
|
308
|
|
Cash and cash equivalents at period-end
|
296,141
|
48,224
|
45,934
|
50,644
|
126,237
|
XV. Comparative Ratios
|
(in ARS
million)
|
12.31.2025
|
|
12.31.2024
|
|
12.31.2023
|
|
12.31.2022
|
|
12.31.2021
|
|
|
Liquidity
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS
|
715,977
|
2.17
|
356,941
|
0.71
|
529,519
|
1.12
|
413,948
|
0.82
|
374,004
|
1.13
|
|
CURRENT
LIABILITIES
|
330,613
|
|
500,210
|
|
471,771
|
|
502,495
|
|
332,211
|
|
|
Solvency
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY
|
1,963,382
|
0.89
|
1,626,655
|
0.98
|
2,399,779
|
1.03
|
2,231,036
|
1.05
|
2,167,056
|
0.76
|
|
TOTAL
LIABILITIES
|
2,215,778
|
|
1,664,443
|
|
2,330,320
|
|
2,133,278
|
|
2,843,000
|
|
|
Capital Assets
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS
|
3,463,183
|
0.83
|
2,934,157
|
0.89
|
4,200,580
|
0.89
|
3,950,366
|
0.91
|
4,636,052
|
0.93
|
|
TOTAL
ASSETS
|
4,179,160
|
|
3,291,098
|
|
4,730,099
|
|
4,364,314
|
|
5,010,056
|
|
41
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
XVI. EBITDA Reconciliation
In
this summary report we present EBITDA and Adjusted EBITDA. We
define EBITDA as profit for the period excluding: (i) interest
income, (ii) interest expense, (iii) income tax expense, and (iv)
depreciation and amortization. We define Adjusted EBITDA as EBITDA
minus (i) total financial results, net excluding interest expense,
net (mainly foreign exchange differences, net gains/losses from
derivative financial instruments; gains/losses of financial assets
and liabilities at fair value through profit or loss; and other
financial results, net) and minus (ii) share of profit of
associates and joint ventures and minus (iii) net profit from fair
value adjustment of investment properties, not
realized.
EBITDA
and Adjusted EBITDA are non-IFRS financial measures that do not
have standardized meanings prescribed by IFRS. We present EBITDA
and adjusted EBITDA because we believe they provide investors with
supplemental measures of our financial performance that may
facilitate period-to-period comparisons on a consistent basis. Our
management also uses EBITDA and Adjusted EBITDA from time to time,
among other measures, for internal planning and performance
measurement purposes. EBITDA and Adjusted EBITDA should not be
construed as an alternative to profit from operations, as an
indicator of operating performance or as an alternative to cash
flow provided by operating activities, in each case, as determined
in accordance with IFRS. EBITDA and Adjusted EBITDA, as calculated
by us, may not be comparable to similarly titled measures reported
by other companies. The table below presents a reconciliation of
profit from operations to EBITDA and Adjusted EBITDA for the
periods indicated:
|
For the six-month period ended December 31 (in ARS
million)
|
||
|
|
2025
|
2024
|
|
Profit
for the period
|
248,817
|
(53,896)
|
|
Interest
income
|
(4,879)
|
(2,124)
|
|
Interest
expense
|
31,974
|
28,381
|
|
Income
tax
|
98,790
|
(45,319)
|
|
Depreciation
and amortization
|
6,527
|
5,836
|
|
EBITDA (unaudited)
|
381,229
|
(67,122)
|
|
Net
gain / (loss) from fair value adjustment of investment
properties
|
(185,712)
|
306,605
|
|
Realized
net gain from fair value adjustment of investment
properties
|
1,461
|
3,602
|
|
Impairment
loss on properties for sale
|
(12,013)
|
15,586
|
|
Share
of profit of associates and joint ventures
|
(11,290)
|
(32,593)
|
|
Inflation
adjustment
|
(14,758)
|
(9,209)
|
|
Other
financial results
|
(27,399)
|
(82,279)
|
|
Adjusted EBITDA (unaudited)
|
131,518
|
134,590
|
XVII. NOI Reconciliation
In addition, we present in this summary report Net Operating Income
or “NOI”. We define NOI as gross profit from
operations, less Selling expenses, plus realized result from fair
value adjustments of investment properties, plus Depreciation and
amortization, plus impairment loss on properties for
sale.
NOI is a non-IFRS financial measure that does not have a
standardized meaning prescribed by IFRS. We present NOI because we
believe it provides investors with a supplemental measure of our
financial performance that may facilitate period-to-period
comparisons on a consistent basis. Our management also uses NOI
from time to time, among other measures, for internal planning and
performance measurement purposes. NOI should not be construed as an
alternative to profit from operations, as an indicator of operating
performance or as an alternative to cash flow provided by operating
activities, in each case, as determined in accordance with IFRS.
NOI, as calculated by us, may not be comparable to similarly titled
measures reported by other companies. The table below presents a
reconciliation of profit from operations to NOI for the periods
indicated:
42
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
|
For the six-month period ended December 31 (in ARS
million)
|
||
|
|
2025
|
2024
|
|
Gross
profit
|
181,665
|
172,242
|
|
Selling
expenses
|
(13,878)
|
(12,744)
|
|
Depreciation
and amortization
|
6,527
|
5,836
|
|
Realized
result from fair value of investment properties
|
1,461
|
3,602
|
|
NOI (unaudited)
|
175,775
|
168,936
|
XVIII. FFO Reconciliation
We also present in this summary report Adjusted Funds From
Operations attributable to the controlling interest (or
“Adjusted FFO”), which we define as Total profit for
the year or period plus depreciation and amortization of property,
plant and equipment, intangible assets and amortization of initial
costs of leases minus total net financial results excluding net
financial interests, minus unrealized result from fair value
adjustments of investment properties minus inflation adjustment
plus deferred tax, and less non-controlling interest net of the
result for fair value, less the result of participation in
associates and joint ventures.
Adjusted FFO is a non-IFRS financial measure that does not have a
standardized meaning prescribed by IFRS. Adjusted FFO is not
equivalent to our profit for the period as determined under IFRS.
Our definition of Adjusted FFO is not consistent and does not
comply with the standards established by the White Paper on funds
from operations (FFO) approved by the Board of Governors of the
National Association of Real Estate Investment Trusts
(“NAREIT”), as revised in February 2004, or the
“White Paper.”
We present Adjusted FFO because we believe it provides investors
with a supplemental measure of our financial performance that may
facilitate period-to-period comparisons on a consistent basis. Our
management also uses Adjusted FFO from time to time, among other
measures, for internal planning and performance measurement
purposes. Adjusted FFO should not be construed as an alternative to
profit from operations, as an indicator of operating performance or
as an alternative to cash flow provided by operating activities, in
each case, as determined in accordance with IFRS. Adjusted FFO, as
calculated by us, may not be comparable to similarly titled
measures reported by other companies. The table below presents a
reconciliation of profit from operations to Adjusted FFO for the
periods indicated:
|
For the six-month period ended December 31 (in ARS
million)
|
||
|
|
2025
|
2024
|
|
Result
for the period
|
248,817
|
(53,896)
|
|
Result
from fair value adjustments of investment properties
|
(185,712)
|
306,605
|
|
Result
from fair value adjustments of investment properties,
realized
|
1,461
|
3,602
|
|
Impairment
loss on properties for sale
|
(12,013)
|
15,586
|
|
Depreciation
and amortization
|
6,527
|
5,836
|
|
Other
financial results
|
(27,399)
|
(82,279)
|
|
Deferred
tax
|
39,726
|
(123,048)
|
|
Non-controlling
interest
|
(13,331)
|
1,576
|
|
Non-controlling
interest related to PAMSA’s fair value
|
6,106
|
(19,525)
|
|
Results
of associates and joint ventures
|
(11,290)
|
(32,593)
|
|
Inflation
adjustment
|
(14,758)
|
(9,209)
|
|
Adjusted FFO (unaudited)
|
38,134
|
12,655
|
43
IRSA Inversiones y Representaciones Sociedad
Anónima
Summary as of December 31, 2025
XIX. Brief comment on prospects for the Next Quarter
Looking ahead to next quarter, we see a scenario of greater
stability and predictability for the Argentine economy following
the October election results, which confirmed the continuity of the
current economic program. This environment is beginning to
translate into a gradual improvement in expectations, greater
visibility for investment decision-making, and a more favorable
setting for medium- and long-term planning in the real estate
sector.
Within this context, we will continue to strengthen and expand our
shopping mall portfolio, focusing on enhancing the visitor
experience and creating value for both tenants and consumers. The
addition of new brands, including international concepts already
under development or soon to open, will help diversify and enrich
the commercial mix of our malls.
In the office segment, we expect occupancy levels to remain high,
supported by sustained demand for premium space in strategic
locations. In the hotel segment, while exchange-rate
competitiveness continues to pose challenges, we maintain a
constructive view regarding the long-term outlook for inbound
tourism.
With respect to developments, we will move forward with projects
currently under construction, including the Distrito Diagonal
shopping center in La Plata, the Edificio del Plata project in
downtown Buenos Aires, and Ramblas del Plata, the Company’s
most ambitious urban development to date. In addition, we plan to
begin construction of a new office building within the Polo Dot
complex, which will integrate with the Zetta building and connect
directly to the DOT Baires Shopping mall, further strengthening the
project’s appeal and scale as a mixed-use urban hub. At the
same time, we will continue to explore strategic real estate
acquisition opportunities that support portfolio growth and
diversification.
We will also continue working on reducing and optimizing our cost
structure and evaluating various financial, economic and/or
corporate tools to strengthen the Company’s competitive
position and ensure adequate liquidity to meet its obligations.
These tools may include the disposal of assets through public
and/or private transactions—both real estate and marketable
securities—as well as the issuance of shares, bonds, share
repurchase programs, among other instruments aligned with our
strategic objectives.
Looking ahead, we will continue to develop innovative projects that
integrate commercial and residential components, with a focus on
experience, quality and sustainability. We are confident in the
strength of our portfolio and in our team’s ability to
continue executing our business strategy successfully.
Eduardo S. Elsztain
Chairman
44
Irsa Inversion