IRSA Inversiones y Representaciones S.A. posts H1 FY26 turnaround on valuation gains

IRSA posts turnaround on property revaluations and balance‑sheet moves

IRSA Inversiones y Representaciones S.A. delivers a consolidated turnaround in the first half of fiscal 2026, reporting a net result of ARS 248,817 million for the period ended Dec. 31, 2025, compared with a loss of ARS 53,896 million a year earlier. The swing is driven principally by gains from changes in the fair value of investment properties, which total ARS 185,712 million versus a loss of ARS 306,605 million in the comparable period. Revenue rises to ARS 292,081 million, consolidated gross profit is ARS 181,665 million, and consolidated result from operations reaches ARS 321,255 million, underscoring a recovery in core activity alongside valuation effects.

The company’s rental portfolio shows operating resilience that underpins the valuation shift. Adjusted EBITDA from rental segments increases 4.9% year‑over‑year to ARS 147,190 million, shopping mall revenues climb 4.2% with adjusted mall EBITDA up 2.0%, and premium office occupancy remains at 100% in the quarter. The Hotels segment also posts improved revenues and EBITDA, signalling broader demand recovery across IRSA’s asset classes and stronger cash generation from recurring operations.

IRSA pairs the valuation gains with active balance‑sheet management as it pursues deleveraging while funding new projects. Current assets rise to ARS 715,977 million from ARS 643,288 million at June 30, 2025, reflecting improved liquidity. On Dec. 17, 2025 the company issues Series XXIV Additional Notes for an aggregate USD 180 million maturing in 2035 to refinance debt and support investments, and on Nov. 4, 2025 it distributes a cash dividend of ARS 173,788 million, showing a focus on returning cash while advancing the development pipeline.

Active portfolio rotation and project progress

IRSA advances several developments and portfolio moves during the quarter. The Ramblas del Plata infrastructure project progresses, Distrito Diagonal in La Plata continues development, and the company swaps two lots for USD 11.8 million while acquiring a Flores property for USD 6.8 million. These transactions reflect a strategy of reshaping the portfolio to prioritise higher‑value development opportunities.

Financial metrics and shareholder outcomes

Attributable profit to IRSA shareholders stands at ARS 235,486 million with non‑controlling interest of ARS 13,331 million; basic EPS is ARS 310.26 and diluted EPS ARS 283.72. The results show IRSA balancing valuation gains, operational recovery and targeted financing to stabilise its capital structure as it executes on its real estate development and investment agenda.