IRSA director reports initial share and warrant holdings

Q: What does Eduardo S. Elsztain’s Form 3 show for IRSA (IRS)?

The Form 3 shows existing ownership by director Eduardo S. Elsztain in IRSA securities, including common shares, Global Depositary Shares, and warrants. It is a baseline disclosure of his positions, not a report of new buying or selling activity.

Q: How many IRSA common shares does Eduardo S. Elsztain report on Form 3?

He reports both direct and indirect holdings of IRSA common shares, including one large indirect line of 169,470,987 shares. Additional direct and indirect common share positions appear on separate lines, reflecting different ownership channels and entities associated with him.

Q: What warrants to purchase IRSA shares does the Form 3 disclose?

The filing discloses warrants to purchase 9,710,622 common shares of IRSA with an exercise price of $0.2641 per share. According to the disclosure, these warrants are exercisable until May 12, 2026, and are held indirectly by the reporting person.

Q: Does Eduardo S. Elsztain hold IRSA securities directly or indirectly?

He holds IRSA securities in both direct and indirect forms. Direct positions include common shares and Global Depositary Shares, while indirect holdings run through entities such as IFISA and CRESUD S.A.C.I.F. y A., reflecting different ownership structures and control relationships.

Q: What beneficial ownership disclaimers are included in this IRSA Form 3?

The Form 3 states that he reports shares held by IFISA due to his control of that entity but disclaims beneficial ownership of those shares except to the extent of his pecuniary interest. This limits the extent of ownership attributed personally to him.

Q: Are there any Global Depositary Shares reported on Eduardo S. Elsztain’s Form 3 for IRSA?

Yes. The disclosure includes a direct holding of 518,834 Global Depositary Shares (GDS). These sit alongside his reported common share positions and the warrants, giving a fuller picture of his exposure to IRSA through different security types.

IRSA Investments & Representations Inc director Eduardo S. Elsztain filed an initial Form 3 showing his existing ownership in the company’s securities.

Accepted by SEC EDGAR 03/18/2026 - 09:10 PM EDT

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Form Type

Rhea-AI Filing Summary

IRSA Investments & Representations Inc director Eduardo S. Elsztain filed an initial Form 3 showing his existing ownership in the company’s securities. He reports indirect warrants to purchase 9,710,622 common shares at an exercise price of $0.2641 per share, which are exercisable until May 12, 2026. He also reports direct holdings of 4,487,686 common shares and 518,834 Global Depositary Shares, along with several large indirect stakes in common shares, including one line for 169,470,987 shares. Some indirect positions are held through entities such as IFISA and CRESUD S.A.C.I.F. y A., and he disclaims beneficial ownership of those shares except to the extent of his pecuniary interest.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider ELSZTAIN EDUARDO S

Role Director

Type	Security	Shares	Price	Value
Holding	Warrants to Purchase Common Shares	--	--	--
Holding	Common Shares	--	--	--
Holding	Global Depositary Shares (GDS)	--	--	--
Holding	Common Shares	--	--	--
Holding	Common Shares	--	--	--
Holding	Common Shares	--	--	--
Holding	Common Shares	--	--	--

Holdings: Warrants to Purchase Common Shares — 9,710,622 contracts (Indirect, See Footnote); Common Shares — 4,487,686 shares (Direct); Global Depositary Shares (GDS) — 518,834 shares (Direct); Common Shares — 188,291,573 shares (Indirect, See Footnote)

Footnotes (3)

F1. The reporting person reports the shares held by IFISA due to his control over IFISA. The reporting person disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein
F2. Indirect ownership through CRESUD S.A,C,I,F y A. (39,12% equity interest)
F3. Exercisable until May 12, 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does Eduardo S. Elsztain’s Form 3 show for IRSA (IRS)?

The Form 3 shows existing ownership by director Eduardo S. Elsztain in IRSA securities, including common shares, Global Depositary Shares, and warrants. It is a baseline disclosure of his positions, not a report of new buying or selling activity.

How many IRSA common shares does Eduardo S. Elsztain report on Form 3?

He reports both direct and indirect holdings of IRSA common shares, including one large indirect line of 169,470,987 shares. Additional direct and indirect common share positions appear on separate lines, reflecting different ownership channels and entities associated with him.

What warrants to purchase IRSA shares does the Form 3 disclose?

The filing discloses warrants to purchase 9,710,622 common shares of IRSA with an exercise price of $0.2641 per share. According to the disclosure, these warrants are exercisable until May 12, 2026, and are held indirectly by the reporting person.

Does Eduardo S. Elsztain hold IRSA securities directly or indirectly?

He holds IRSA securities in both direct and indirect forms. Direct positions include common shares and Global Depositary Shares, while indirect holdings run through entities such as IFISA and CRESUD S.A.C.I.F. y A., reflecting different ownership structures and control relationships.

What beneficial ownership disclaimers are included in this IRSA Form 3?

The Form 3 states that he reports shares held by IFISA due to his control of that entity but disclaims beneficial ownership of those shares except to the extent of his pecuniary interest. This limits the extent of ownership attributed personally to him.

Are there any Global Depositary Shares reported on Eduardo S. Elsztain’s Form 3 for IRSA?

Yes. The disclosure includes a direct holding of 518,834 Global Depositary Shares (GDS). These sit alongside his reported common share positions and the warrants, giving a fuller picture of his exposure to IRSA through different security types.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

ELSZTAIN EDUARDO S

(Last)

(First)

(Middle)

BOLIVAR 108

1ST FLOOR

(Street)

BUENOS AIRES

1066

(City)

(State)

(Zip)

ARGENTINA

(Country)

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

3. Issuer Name and Ticker or Trading Symbol
IRSA INVESTMENTS & REPRESENTATIONS INC [ IRS ]

3a. Foreign Trading Symbol
[IRSA]

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

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

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

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	4,487,686	D
Global Depositary Shares (GDS)	518,834	D
Common Shares	1,294,082	I	See Footnote⁽¹⁾
Common Shares	9,173,091	I	See Footnote⁽¹⁾
Common Shares	8,353,413	I	See Footnote⁽¹⁾
Common Shares	169,470,987	I	See Footnote⁽²⁾

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Warrants to Purchase Common Shares	⁽³⁾	⁽³⁾	Common Shares	9,710,622	$0.2641	I	See Footnote⁽²⁾⁽³⁾

Explanation of Responses:

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

2. Indirect ownership through CRESUD S.A,C,I,F y A. (39,12% equity interest)

3. Exercisable until May 12, 2026.

Remarks:

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

Source: View Original Filing on SEC EDGAR