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 prices.

• Significant farmland sales included 3,631 hectares in Argentina for USD 2.2 million and 2,694 hectares in Brazil for BRL 525.4 million, generating substantial gains and high returns.

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

• Service company FyO achieved 6.83 million tons in volume and $25–30 million EBITDA, expanding regionally.

• Adjusted EBITDA rose 68% year-over-year to ARS 73,977 million, with agribusiness and land sales as key drivers.

Financial highlights

• Net loss for Q1 FY2025 was ARS 72,374 million, mainly due to non-cash losses from investment property revaluation.

• 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.

• EBITDA for the 2023-24 agricultural campaign reached USD 29.5 million.

• Net debt reduced to USD 298 million as of September 30, 2024.

Outlook and guidance

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

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

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