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IRSA Inversiones y Representaciones
IRSA Inversiones y Representaciones (IRSA) investor relations material
IRSA Inversiones y Representaciones Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary7 May, 2026
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 portfolio maintaining 100% occupancy and hotels improving rates and margins.
Expansion plans include a new office building at Polo Dot/Zetta for Mercado Libre, with construction underway and a 30-month execution period.
Ramblas del Plata project advanced with two additional lots swapped for USD 11.3 million, bringing total deals to USD 105 million and infrastructure works at 23% completion.
Financial highlights
Net result for 9M26 reached ARS 239,741 million, up from ARS 46,497 million in the prior year.
Adjusted EBITDA for the period was ARS 212,798 million, up 3.5% year-over-year; shopping malls' adjusted EBITDA up 2.0% to ARS 199,993 million, hotels' adjusted EBITDA up 37.4% to ARS 16,523 million.
Operating income (excluding fair value changes) increased by 15.1% year-over-year to ARS 208,300 million.
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 high occupancy in premium offices, gradual hotel recovery, and positive medium-term outlook for inbound tourism.
Shopping center portfolio to be strengthened through acquisitions, developments, and improvements, despite recent slowdown in tenant sales.
Expansion of the Zetta Building for Mercado Libre underway, with a 30-month execution period.
Real estate development to advance on key projects, supported by revived mortgage lending and favorable market conditions.
Plans to increase net debt as new developments and CapEx are executed, but with conservative leverage.
Base rent vs percentage rent revenue trends
Polo Dot expansion and Mercado Libre integration
Ramblas del Plata swap agreements and timeline
Mall EBITDA resilience despite sales decline
Polo DOT expansion and Mercado Libre agreement
Logistics market entry strategy and timeline
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Latest events from IRSA Inversiones y Representaciones
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Q2 20263 Mar 2026 - Net loss from property revaluations, EBITDA down, high occupancy, and major capital actions.IRSAQ1 20253 Mar 2026
- Net loss of ARS 40,971 million offset by strong mall and office recovery and 8% dividend yield.IRSAQ2 20253 Mar 2026
- Net income surged to ARS 196,118 million, led by shopping mall growth and strategic investments.IRSAQ4 20253 Mar 2026
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- Net income of ARS 163,438 million, strong occupancy, and 10% dividend amid portfolio growth.IRSAQ1 20263 Mar 2026
- Net gain of ARS 35,063 million in 9M25, led by shopping malls and full office occupancy.IRSAQ3 20253 Mar 2026
Next IRSA Inversiones y Representaciones earnings date
Q4 20263 Sep, 2026
IRSA Inversiones y Representaciones
Next IRSA Inversiones y Representaciones earnings date
Q4 20263 Sep, 2026
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