Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRES) Q3 2025 earnings summary

Executive summary

• Net profit for the nine months of FY2025 was ARS 57,895 million, reversing a loss of ARS 39,987 million in the same period of 2024, mainly due to improved operational and financial results and lower losses from fair value changes in investment properties.

• Regional planted area for 2025 increased by 8% over 2024, with significant recovery in yields, especially in Argentina and Brazil, and strong performance in sugarcane and corn.

• Partial removal of capital controls in Argentina and FX convergence improved the outlook for agricultural exports and land values.

• IRSA, the real estate segment, posted ARS 35,063 million profit, with record-high EBITDA in shopping malls and 100% office occupancy.

• Cattle activity in Argentina benefited from strong prices, margins, and production levels.

Financial highlights

• Revenues for 9M25: ARS 687,161 million, down 2.2% year-over-year; adjusted EBITDA: ARS 179,723 million, down 29.4% year-over-year.

• Net financial results positive at ARS 86,472 million, though lower than ARS 145,905 million last year, reflecting FX gains and financial asset revaluation.

• Agribusiness operating results declined 44.5% year-over-year to ARS 9,448 million, with sugarcane and cattle segments delivering higher prices and productivity, offsetting weaker results in soybeans and cotton.

• Change in fair value of investment properties was a loss of ARS 588,975 million, down 76.7% from 9M24.

• IRSA tenant sales up 13.4% year-over-year in the quarter, but down 4.6% for the nine months.

Outlook and guidance

• Expecting continued growth in planted area and yields, with a 33% regional yield increase forecasted year-over-year and corn in Argentina up 14%.

• Stable international commodity prices and input costs expected, with optimism for corn and sugarcane, though soybean and cotton remain challenged.

• Anticipate positive results for FyO and further expansion in Brazil, with ongoing asset sales planned.

• Monitoring Argentine policy changes, with potential for further land value appreciation and selective farmland acquisitions.

• Continued focus on cost reduction, liquidity management, and asset disposals to strengthen financial position.