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 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.