Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRES) Q1 2027 earnings summary

Executive summary

• Q1 FY2027 net income was ARS 26,331 million, down from ARS 146,866 million YoY, primarily due to investment-property fair-value losses; Adjusted EBITDA rose 66.4% to ARS 130,401 million.

• Adjusted EBITDA contributions were ARS 49,194 million from agricultural businesses and ARS 84,016 million from urban properties and investments.

Financial highlights

• Revenue fell 2.6% YoY to ARS 413,548 million; gross profit increased 10.9% to ARS 168,792 million.

• Reported EBITDA was ARS 54,988 million versus ARS 360,085 million YoY; Adjusted EBITDA was ARS 130,401 million versus ARS 78,362 million.

• Operating income was ARS 42,550 million versus ARS 353,371 million; net financial results were a loss of ARS 7,419 million, improving from a loss of ARS 92,659 million.

Outlook and guidance

• The 2027 regional campaign is expected to cover ~324,000 hectares, up 3.3% from the 2026 campaign, with favorable production prospects overall.

• Argentina’s wheat and barley crops have favorable yield prospects; El Niño-linked conditions and soil moisture support the summer outlook, particularly for corn and, to a lesser extent, soybeans.

• Cattle production is expected to remain high, with strong margins supported by firm cattle prices, beef demand and feedlot intensification.

• Priorities include operational efficiency, cost control and margins per hectare; IRSA expects solid rental performance while advancing key development projects.