IRSA Inversiones y Representaciones (IRSA) Q2 2026 earnings summary

Executive summary

• Net gain of ARS 248,817 million for the first half of FY2026, reversing a loss in the prior year, mainly due to fair value gains on investment properties.

• Shopping malls and offices delivered revenue and EBITDA growth, with office occupancy at 100% and hotels showing recovery in rates and margins.

• Major developments advanced, including Ramblas del Plata and Distrito Diagonal, with new acquisitions and swaps expanding the portfolio.

• Series XXIV Additional Notes issued for USD 180 million to refinance debt and fund investments.

• Cash dividend of ARS 173,788 million (10% yield) distributed in November 2025.

Financial highlights

• Revenues for the first half of FY2026 increased 4.7% year-over-year to ARS 292,081 million.

• Adjusted EBITDA from rental segments rose 4.9% year-over-year to ARS 147,190 million; total adjusted EBITDA was ARS 131,518 million, down 2.3%.

• Net financial results improved to ARS 65,231 million from ARS 15,062 million in 6M25.

• Dividend yield of 10% paid in 2025, totaling ARS 173,788 million.

• Market capitalization as of February 4, 2026, was USD 1,296.77 million.

Outlook and guidance

• Management expects greater economic stability and predictability in Argentina post-election, supporting improved investment and planning.

• Plans include strengthening the shopping mall portfolio, maintaining high office occupancy, and advancing major developments such as Distrito Diagonal and Ramblas del Plata.

• Distrito Diagonal shopping center in La Plata projected to open in IVQ 2027, with 22,000 sqm GLA and 78% of works contracted.

• Ramblas del Plata development progressing, with 15 lots commercialized for USD 93 million and infrastructure works at 20% completion.

• Continued focus on cost optimization, liquidity management, and exploring asset disposals or new financing tools.