IRSA Inversiones y Representaciones (IRSA) Q4 2025 earnings summary

Executive summary

• Net income for FY2025 reached ARS 196,118 million, reversing a loss of ARS 32,141 million in FY2024.

• Shopping malls led the recovery, with adjusted EBITDA up 10.1% year-over-year and portfolio expansion through acquisitions and developments.

• Office segment maintained stable rents and nearly full occupancy, while hotels faced revenue and occupancy declines due to FX appreciation.

• Major real estate activity included 13 deals in Ramblas del Plata totaling USD 81 million and significant acquisitions and developments.

• Returned to international debt markets, issuing USD 300 million in 10-year notes, and distributed an 8% dividend plus treasury shares equal to 3.6% of capital stock.

Financial highlights

• Revenues increased 2.3% year-over-year to ARS 468,526 million; net income reached ARS 196,118 million, compared to a loss of ARS 32,141 million in FY2024.

• Adjusted EBITDA for shopping malls rose 10.1% year-over-year to ARS 210,741 million; rental EBITDA margin for malls at 77.9%.

• Office segment: rents stable at $25/sqm/month, occupancy near 100% for premium assets.

• Hotel segment: occupancy dropped to 60-61%, with lower margins and flat USD rates.

• Net debt at USD 194.3 million, net debt-to-EBITDA ratio at 1.0x–1.2x, and coverage ratio at 12.0x.

Outlook and guidance

• Expect continued recovery in shopping malls, with growing interest from international brands and improvement at Terrazas de Mayo.

• Plan to increase renewable energy exposure in malls and further ESG initiatives.

• Anticipate continued strong sales at Ramblas del Plata, aiming to sell all 20 lots within 6-8 months.

• New office construction near Dot shopping mall may begin next year, adding 15,000 sqm.

• Monitoring macroeconomic and political developments, including upcoming legislative elections.