Helikon Investments reveals 5.25% IRSA (IRS) ADR position in 13G filing

Rhea-AI Filing Summary

IRSA Inversiones y Representaciones S.A. has a new significant shareholder disclosure. Helikon Investments Limited and its principal, Federico Riggio, report beneficial ownership of 4,134,480 American Depositary Receipts (ADRs) of IRSA, representing 5.25% of the class. Each ADR represents ten common shares of the Argentinian company.

The filing states that Helikon and Riggio share voting and dispositive power over all reported ADRs and that the position is held through the Helikon Long Short Equity Fund Master ICAV, managed by Helikon Investments Limited. They certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of IRSA.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

IRSA Inversiones y Representaciones SA

(Name of Issuer)

American Depositary Receipts, or ADRs, each representing ten common shares

(Title of Class of Securities)

450047303

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 450047303

1

Names of Reporting Persons

Helikon Investments Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,134,480.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,134,480.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,134,480.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.25 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 450047303

1

Names of Reporting Persons

Federico Riggio

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ITALY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,134,480.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,134,480.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,134,480.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.25 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: IRSA Inversiones y Representaciones SA
(b)	Address of issuer's principal executive offices: CARLOS M. DELLA PAOLERA 261, 9TH FLOOR, BUENOS AIRES, Argentina, C1C1001ADA
Item 2.
(a)	Name of person filing: (i) Helikon Investments Limited a United Kingdom public limited company ("Helikon UK"), with respect to the common shares without par value (the "Common Shares") of IRSA Inversiones y Representaciones SA., an Argentinian company (the "Company"), held by Helikon Long Short Equity Fund Master ICAV (the "Helikon Fund") managed by Helikon UK; and (ii) Federico Riggio ("Mr. Riggio", and together with Helikon UK, the "Reporting Persons"), with respect to the Common Shares directly held by the Helikon Fund
(b)	Address or principal business office or, if none, residence: (i) Helikon UK; 17 Waterloo Place, London SW1Y 4AR. (ii) Mr. Riggio 17 Waterloo Place, London SW1Y 4AR.
(c)	Citizenship: (i) Helikon UK is a United Kingdom public limited company organized under the laws of the United Kingdom. (ii) Mr. Riggio is a citizen of the Italy.
(d)	Title of class of securities: American Depositary Receipts, or ADRs, each representing ten common shares
(e)	CUSIP No.: 450047303
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	Helikon UK is an investment manager, authorized and regulated by the Financial Conduct Authority in the United Kingdom which is comparable to the regulatory scheme applicable to the investment advisers covered by Item 3(e) above.
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 78,822,079 Shares outstanding.
(b)	Percent of class: 5.25%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Item 2(a).
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Helikon Investments Limited

Signature:	/s/ Paul McLernon
Name/Title:	Paul McLernon - Director
Date:	01/21/2026

Federico Riggio

Signature:	/s/ Federico Riggio
Name/Title:	Federico Riggio
Date:	01/21/2026

Exhibit Information

Exhibit I JOINT FILING STATEMENT PURSUANT TO RULE 13d-1(k) The undersigned acknowledge and agree that the foregoing statement on Schedule 13G, is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G, shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: January 21, 2026 Helikon Investments Limited By: /s/ Paul McLernon Paul McLernon | Director Federico Riggio By: /s/ Federico Riggio

FAQ

What ownership stake in IRSA (IRS) does Helikon report in this Schedule 13G?

Helikon Investments Limited and Federico Riggio report beneficial ownership of 4,134,480 ADRs of IRSA Inversiones y Representaciones S.A., representing 5.25% of the class based on 78,822,079 shares outstanding.

Which securities of IRSA (IRS) are covered by this Helikon Schedule 13G?

The filing covers American Depositary Receipts (ADRs) of IRSA Inversiones y Representaciones S.A., with each ADR representing ten common shares of the company.

Who are the reporting persons in the IRSA (IRS) Schedule 13G filed by Helikon?

The reporting persons are Helikon Investments Limited, a United Kingdom public limited company and investment manager, and Federico Riggio, who together are referred to as the reporting persons for this 5.25% ADR stake.

How much voting and dispositive power does Helikon have over IRSA (IRS) ADRs?

Helikon Investments Limited and Federico Riggio report shared voting power over 4,134,480 ADRs and shared dispositive power over 4,134,480 ADRs, with no sole voting or dispositive power reported.

Does Helikon state any intent to influence control of IRSA (IRS)?

No. The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of IRSA Inversiones y Representaciones S.A.

Through which vehicle does Helikon hold its IRSA (IRS) position?

The ADRs are held by Helikon Long Short Equity Fund Master ICAV, an investment fund managed by Helikon Investments Limited, with Helikon acting as investment manager.