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Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRES) investor relations material
Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Record wheat harvest in Argentina and improved weather supported yields, though summer crops like soybeans and corn faced climate challenges.
Margins declined due to high input costs and low commodity prices, but operational scale and livestock segment strength, especially in Argentina, helped offset some impact.
Cattle operations delivered strong results, with intensification in feedlots and expansion projects underway.
Notable government measures included reductions in export taxes and expanded trade agreements, boosting domestic prices and export potential.
Real estate activity was subdued in the first half but is expected to recover, with IRSA investment properties driving significant gains.
Financial highlights
Net income for H1 FY2026 reached ARS 193,932 million, reversing a prior year loss, mainly due to fair value gains in IRSA investment properties.
Consolidated revenues rose 19.1% year-over-year to ARS 651,055 million, with gross profit up 20.1%.
Dividend payments totaled ARS 93,782 million (~USD 64 million), with ~70% in cash and ~30% in IRSA shares, yielding about 8%.
Net financial results deteriorated due to negative FX results, and adjusted EBITDA declined 19% year-over-year.
Positive fair value adjustment of ARS 184 billion on investment properties, reversing a large negative from the prior year.
Outlook and guidance
Expectation of normal or near-normal crop yields for the four countries, pending favorable weather.
Gradual improvement expected in Brazilagro production, with greater production stability and improved cost absorption in the second half.
Expansion of FYO's trading business in Brazil and intensification of livestock operations are expected to drive future growth.
Real estate segment sees early recovery in land values and increased asset interest.
Continued focus on financial strength through bond issuances, share repurchases, dividends, and asset disposals.
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