IRSA Inversiones y Representaciones (IRSA) Q1 2026 earnings summary

Executive summary

• Net gain of ARS 163,438 million in Q1 FY2026, reversing a loss of ARS 143,662 million in Q1 FY2025, mainly due to fair value gains on investment properties and strong rental segment results.

• Revenues increased 9.2% year-over-year to ARS 129,259 million, driven by shopping malls and office segments.

• Acquired Al Oeste Shopping Mall for USD 9 million, expanding the portfolio to 17 malls and nearly 390,000 sq m of GLA, with further expansion potential.

• Dividend distribution of ARS 173,788 million (~USD 116 million), yielding 10%, was approved and paid in November 2025.

• Optimism for improved economic stability and consumer confidence following elections, with expectations for recovery in mall activity.

Financial highlights

• Net gain of ARS 163,438 million for the quarter, compared to a loss of ARS 143,662 million year-over-year.

• Revenues: ARS 129,259 million, up 9.2% year-over-year.

• Adjusted EBITDA declined 7.5% overall; rental segment EBITDA rose 3.5%, with shopping malls up 4.1% and offices up 16.2%.

• Hotel segment EBITDA declined 22% due to lower occupancy and FX effects.

• Market capitalization as of Nov 5, 2025: USD 1.13 billion.

Outlook and guidance

• Expectation of gradual improvement in consumer confidence and mall activity as economic policy stabilizes post-elections.

• Projected GLA growth of 16.4% by FY26E and 17.1% by FY28E, driven by new developments.

• Distrito Diagonal shopping center expected to open in 4Q27, with a USD 42 million investment.

• CapEx planned at USD 75 million for the next year, excluding new acquisitions.

• Sufficient cash position (USD 180 million post-dividend) to fund ongoing and planned projects.