IRSA Inversiones y Representaciones (IRSA) Q4 2026 earnings summary

Executive summary

• Fiscal year 2026 closed with net income of ARS 420,977 million, up 60.7% year-over-year, and record rental segment EBITDA near $200 million, driven by portfolio expansion, acquisitions, and strong office and hotel performance.

• Shopping mall portfolio expanded to 18 malls and over 410,000 sqm GLA, with major acquisitions including Al Oeste Shopping and Los Gallegos, and the launch of Distrito Diagonal in La Plata.

• Office portfolio achieved 100% occupancy, with new developments such as the Zetta building at Polo Dot and Mercado Libre as anchor tenant.

• Strong shareholder returns with ARS 173 billion in cash dividends distributed, a 10% yield, and completion of warrants program.

• Raised $230 million in financing through international and local markets, maintaining a robust capital structure and liquidity.

Financial highlights

• Revenues for FY26 reached ARS 657,599 million, up 5.1% year-over-year; net income was ARS 420,977 million, up 60.7% year-over-year, mainly due to positive fair value changes in shopping malls.

• Adjusted EBITDA for rentals hit a record high, nearly $200 million, with rental segment EBITDA up 1.4% year-over-year.

• Net financial results were positive at ARS 86,515 million, largely from FX gains on dollar-denominated debt.

• Gross profit was ARS 399,414 million; operating income surged 93.2% to ARS 445,357 million, driven by fair value changes.

• Cash dividends of ARS 173 billion were distributed, representing a yield of approximately 10%.

Outlook and guidance

• Portfolio expansion expected to reach 19 malls and ~432,000 sqm GLA by FY27, with ongoing developments at Distrito Diagonal and Oeste Outlet.

• CapEx guidance for FY2027 is approximately $150 million, covering ongoing developments and remaining acquisition payments.

• Cash position of $390 million ensures all expansion needs are funded without new market financing in the coming year.

• Dividend policy remains opportunistic, with continued high yields anticipated if financial conditions allow.

• Ongoing focus on cost efficiency, liquidity, and capital structure optimization.