Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRES) Q4 2026 earnings summary

Executive summary

• FY26 saw record grain and cattle production, with Argentina achieving exceptional yields and margins, while Brazil faced challenges in sugarcane due to adverse weather and operational issues.

• Consolidated revenues reached ARS 1,379,363 million, and net income for FY26 was ARS 372,280 million, reflecting strong agribusiness and real estate contributions.

• Real estate milestones included the first sale of productive lots in Los Pozos, Argentina, a partial sale in Morotí, Paraguay, and IRSA's high occupancy and new development projects.

• USD 256 million in notes were issued, reducing financing costs and extending maturities; ARS 93.8 billion distributed in dividends, yielding approximately 8%.

• Sustainability initiatives expanded, with increased RTRS certification for soy and corn, and further integration of technology and digitalization.

Financial highlights

• Consolidated revenues rose 13% year-over-year to ARS 1,379,363 million; net income increased 24.2% to ARS 372,280 million.

• Adjusted EBITDA reached ARS 273,263 million, though it declined 23.1% year-over-year due to lower farmland sales and agribusiness margins.

• Gross profit increased 24.5% to ARS 139,957 million; net gain from fair value adjustment on investment properties was ARS 190,239 million.

• Operating income surged 77.2% to ARS 428,104 million; cash generated from operating activities was ARS 62,938 million.

• Dividend distribution totaled ARS 93,782 million, with a yield of approximately 8%.

Outlook and guidance

• Favorable climate outlook for the 2027 campaign, with El Niño expected to bring above-average precipitation and continued macroeconomic improvements in Argentina.

• Focus on increasing planted area, operational efficiency, and profitability per hectare, especially in Argentina.

• Anticipates recovery in Brazil’s agricultural output and continued strong performance in livestock and real estate segments.

• IRSA to maintain solid performance in rental segments and advance major development projects.