IRSA Inversiones y Representaciones (IRSA) Q3 2025 earnings summary

Executive summary

• Net gain of ARS 35,063 million for the nine months ended March 2025, reversing a prior loss of ARS 174,216 million, with strong recovery in shopping malls and 100% premium office occupancy.

• Tenant sales in shopping malls grew 13.4% year-over-year in Q3, with record-high EBITDA in dollar terms for the last decade.

• Hotel segment faced revenue and occupancy declines due to macroeconomic factors and ARS appreciation.

• Ramblas del Plata project showed strong commercialization, with eleven lots sold or swapped for USD 66.1 million since launch.

• Issued USD 300 million in 10-year international notes to refinance liabilities, extend debt maturity, and fund investments.

Financial highlights

• Shopping malls achieved an EBITDA of nearly USD 160 million, a 10-year record, and Adjusted EBITDA for shopping malls rose 9.7% year-over-year to ARS 200,881 million.

• Rental segment EBITDA reached USD 177 million over the last 12 months, the highest in a decade.

• Adjusted EBITDA for rental segment dropped 4.9% year-over-year, mainly due to hotels.

• Change in fair value of investment properties was a negative ARS 141,903 million, a 76.4% improvement from the prior year.

• Net financial results improved to ARS 52,360 million from ARS 111,611 million in 9M24.

Outlook and guidance

• Positive trend expected to continue in tenant sales and shopping mall performance, with optimism for future growth and plans to launch new projects.

• Residential prices in Buenos Aires projected to keep rising, supporting development pipeline.

• Continued focus on commercialization and development of Ramblas del Plata and other mixed-use projects.

• Ongoing investment in infrastructure to enable further land sales and residential development.

• Optimism for rental segments and real estate sector due to inflation reduction, tax amnesty, and new mortgage loans.