Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRES) Q1 2025 earnings summary

Executive summary

• Planted area increased 9% year-over-year for the 2025 campaign, mainly in Argentina, with expansion across Argentina, Brazil, Bolivia, and Paraguay, supported by favorable climate and stable commodity prices.

• Significant land sales in Argentina and Brazil generated substantial gains, including the sale of Los Pozos (USD 2.2–2.23 million) and Alto Taquari (BRL 189.4–525.4 million).

• Cash dividend of ARS 45,000 million (yield ~7%) approved and distributed in November 2024.

• Adjusted EBITDA rose 68% year-over-year to ARS 73,977 million, with agribusiness and IRSA contributing strongly.

• Revenues increased 8.6% year-over-year to ARS 226,507 million.

Financial highlights

• Net loss for Q1 FY2025 was ARS 72,374 million, mainly due to non-cash losses from fair value adjustments of investment properties.

• Consolidated operating income (excluding fair value changes) rose 3.6% year-over-year to ARS 49,585 million.

• Net financial results improved to ARS 32,263 million from ARS 5,824 million year-over-year.

• Net debt reduced to USD 298–310 million as of September 2024.

• Gross profit declined 14.1% year-over-year to ARS 65,999 million.

Outlook and guidance

• 2025 campaign expects a 9% increase in planted area, stable commodity prices, and input costs beginning to decline.

• Good rainfall and weakening La Niña expected to support crop progress; wheat sowing completed in Argentina, soybean sowing at 45% in Brazil.

• Real estate market in Argentina and Brazil showing increased activity and liquidity.

• Continued focus on cost reduction, asset sales, and maintaining liquidity.

• Anticipate further benefits from government deregulation and potential export tax reductions in Argentina.