Cresud posts sharp H1 profit swing as IRSA property revaluation drives results
- Cresud posted ARS 193,932m H1 net income versus ARS 28,851m loss, mainly from IRSA property fair‑value gains.
- Adjusted EBITDA fell 19% to ARS 137,967m; IRSA urban properties ARS 132,333m, agribusiness ARS 15,350m.
- Cresud issued USD 117.2m Series notes and paid ARS 93,782m dividends (cash and IRSA shares), ~8% yield.
Cresud posts sharp profit swing as IRSA property revaluation drives results
Cresud S.A.C.I.F. y A. reports a marked turnaround in the first half of fiscal 2026, posting net income of ARS 193,932 million for the six months to Dec. 31, 2025, compared with a loss of ARS 28,851 million a year earlier. The company attributes the swing primarily to gains from changes in the fair value of investment properties held through its associate IRSA, which materially lift reported earnings for the period.
Fair-value gains underpin headline results and mask mixed operational trends. Adjusted EBITDA for the half totals ARS 137,967 million, down 19.0% year-on-year, with the urban properties and investments business (through IRSA) contributing ARS 132,333 million and the agribusiness segments contributing ARS 15,350 million. Consolidated gross profit reaches ARS 242,435 million and consolidated results from operations amount to ARS 306,696 million; ARS 74,448 million of the period result is attributable to Cresud shareholders and ARS 119,484 million to non‑controlling interests. Reported basic earnings per share stand at 119.00 with diluted EPS at 110.18.
Company statements emphasize the structural importance of its urban property exposure to near-term profitability while noting ongoing attention to underlying agribusiness performance and balance-sheet discipline. Management highlights strengthened liquidity and commits to continued investment in scale, productivity and targeted capital allocation aimed at maximizing shareholder returns. The firm signals that non-cash valuation effects are central to the current earnings profile, and that operational metrics and cash generation remain priorities for management scrutiny.
Agricultural operations show mixed but constructive signs. Cresud reports planting of 316,000 hectares in the 2026 regional campaign, up 5.8% versus 2025, and cites a record wheat harvest in Argentina. Summer crops face some rainfall deficits but recently show improvement, while livestock benefits from firm prices and margins supported by stronger international demand and aligned domestic pricing, supporting agribusiness revenue of ARS 362,192 million and gross profit of ARS 61,254 million for the half.
Capital management and returns continue as priorities. During the quarter and subsequently the company issues Series L and LI notes totaling USD 117.2 million and on Nov. 7, 2025 distributes ARS 93,782 million in dividends (ARS 65,080 million cash and ARS 28,702 million in IRSA shares), representing roughly an 8% yield, underlining Cresud’s focus on liquidity, capital allocation and translating asset value into shareholder returns.