Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRES) Q4 2025 earnings summary

Executive summary

• Fiscal year 2025 saw a significant agricultural campaign with a near 50/50 split between leased and owned land, a larger regional planted area (approx. 300,000 hectares), and expectations for further expansion next year.

• Weather was generally favorable, though northern Argentina and Paraguay experienced drought and irregular rains, impacting yields.

• Commodity prices stabilized but remained historically low, while input costs stayed high; partial removal of capital controls and reduction in export taxes in Argentina improved operational margins.

• Cattle operations delivered strong results, with higher prices, margins, and herd size, making it a more relevant business segment.

• Real estate and farmland sales generated significant gains, particularly from transactions in Argentina and Brazil.

Financial highlights

• Net income for the year reached ARS 224,366 million, up 37% year-over-year from ARS 163,826 million.

• Revenues decreased 4.7% year-over-year to ARS 914,157 million, while gross profit declined 9.5% to ARS 368,054 million.

• Adjusted EBITDA was ARS 265,981 million, down 25.2% year-over-year.

• IRSA, the controlled subsidiary, posted a net gain of ARS 196 billion, reversing a loss of ARS 32 billion last year.

• Net debt for the agricultural business stood at USD 354.7 million as of June 30, 2025.

Outlook and guidance

• Forecasting over 300,000 hectares planted for the next campaign, with further growth expected and optimism for a strong year in agriculture and cattle, supported by favorable climate and technological advancements.

• Expectation of continued government reduction in export taxes and elimination of capital controls, further benefiting margins.

• Anticipating expansion in real estate and irrigation projects, especially in Argentina, and continued growth in agribusiness services and urban properties.