IRSA Inversiones y Representaciones (IRSA) Q3 2026 earnings summary

Executive summary

• Net income for the nine-month period reached ARS 239,741 million, up 415.6% year-over-year, driven by strong rental segment performance and significant fair value adjustments.

• Shopping mall, office, and hotel segments all reported growth in adjusted EBITDA and revenues, with premium office occupancy at 100% and hotels showing improved rates and margins.

• Expansion projects include a new office building at Polo Dot for Mercado Libre and ongoing progress in the Ramblas del Plata mixed-use development, with successful lot swaps and commercialization.

Financial highlights

• Adjusted EBITDA for the period was ARS 232,327 million, up 4.6% year-over-year, with shopping malls at ARS 212,798 million and hotels up 37.4% to ARS 16,523 million.

• Net income for the period was ARS 239,741 million, compared to ARS 46,497 million in the prior year.

• Revenues for the nine months ended March 2026 were ARS 464,366 million, up 4.2% year-over-year.

• Net financial results improved to ARS 69,434 million, with a positive net FX result of ARS 90,729 million.

• Cash and cash equivalents at period-end were ARS 54,472 million, down from ARS 381,846 million a year earlier.

Outlook and guidance

• Management expects continued recovery in line with economic activity, with optimism for new expansions, land acquisitions, and a positive medium-term outlook for inbound tourism.

• Expansion of the Zetta Building for Mercado Libre is underway, with a 30-month execution period.

• Shopping center portfolio to be strengthened through acquisitions, developments, and improvements, despite recent slowdown in tenant sales.

• Real estate development to advance on key projects, supported by revived mortgage lending and favorable market conditions.

• Focus remains on cost efficiency, liquidity, and capital structure strength.