IRSA Inversiones y Representaciones S.A. posts ARS 248.8bn H1 net profit on property revaluations
- IRSA Inversiones y Representaciones S.A. reported H1 FY2026 net profit ARS 248,817m, driven by ARS 185,712m fair‑value gains. • Core operations improved: revenues ARS 292,081m, gross profit ARS 181,665m, higher adjusted EBITDA and 100% premium office occupancy. • Refinanced with USD 180m notes, paid ARS 173,788m dividend, and advanced acquisitions and development projects.
IRSA posts half-year turnaround led by property revaluations
Fair-value gains reverse losses, reshape balance sheet
IRSA Inversiones y Representaciones S.A. reports a consolidated turnaround for the first half of fiscal 2026, posting a net result of ARS 248,817 million for the period ended December 31, 2025, compared with a loss a year earlier. The recovery is driven primarily by gains from changes in the fair value of investment properties, which reach ARS 185,712 million versus a loss of ARS 306,605 million in the prior comparable period. Management frames these valuation gains as central to restoring profitability and strengthening the company’s balance sheet position.
The company’s core operating metrics show parallel improvement, with revenues at ARS 292,081 million and consolidated gross profit rising to ARS 181,665 million. IRSA reports a consolidated result from operations of ARS 321,255 million, a swing from a negative ARS 197,039 million a year earlier. Attributable profit to IRSA shareholders stands at ARS 235,486 million, producing basic earnings per share of ARS 310.26 and diluted EPS of ARS 283.72, figures that reflect both operating recovery and non‑cash valuation effects.
While fair-value adjustments are non-cash, IRSA says they materially improve reported equity and liquidity metrics, aiding its focus on deleveraging and advancing an active development pipeline. Current assets increase to ARS 715,977 million as of December 31, 2025, up from ARS 643,288 million at June 30, 2025, a change the company attributes to improved cash management and stronger asset valuations that support financing and investment plans.
Operations steady as occupancy and retail performance improve
IRSA’s rental segments deliver adjusted EBITDA of ARS 147,190 million, up 4.9% year‑over‑year, with shopping mall revenues and adjusted EBITDA increasing by 4.2% and 2.0%, respectively. Premium office space records 100% occupancy in the quarter and the Hotels segment posts improved revenues and EBITDA, signaling resilient demand across the company’s commercial real estate portfolio. The operational momentum underpins management’s confidence in recurring cash flow generation.
Refinancing, acquisitions and project progress underpin strategy
On Dec. 17, 2025 IRSA issues Series XXIV Additional Notes totaling USD 180 million maturing in 2035 to refinance debt and fund investments, while on Nov. 4, 2025 it distributes a cash dividend of ARS 173,788 million (about a 10% yield). During the quarter IRSA progresses developments—advancing the Ramblas del Plata infrastructure, swapping two lots for USD 11.8 million, acquiring a Flores property for USD 6.8 million and moving forward on the Distrito Diagonal project in La Plata—consistent with a strategy that pairs balance‑sheet repair with selected capital deployment.