IRSA Inversiones y Representaciones Sociedad Anónima

IRSA Inversiones y Representaciones Sociedad Anónima Earnings Recaps

IRS Financials 2 recaps
Q3 2026 May 11, 2026

The stock edged up slightly by 0.3% following Q3 results that showed resilient rental income despite softer tenant sales and consumption trends; no clear catalyst emerged to drive a stronger market response.

Key takeaways
  • Shopping mall GLA increased to 373,000 square meters with occupancy near 98%, but tenant sales declined by 10% in real terms this quarter.
  • Shopping mall revenues and adjusted EBITDA grew modestly by approximately 2.5% and 2.2% respectively, largely supported by fixed rental components making up 87% of revenues.
  • Office portfolio maintained 100% occupancy with a slight rise in rents and EBITDA; expansion underway with Mercado Libre leasing the majority of the new Zetta building space.
  • Hotel segment showed improvement with Buenos Aires occupancy reaching 74%, aided by tourism and corporate events; some negative impact at Llao Llao Resort due to renovation-related room closures.
  • Significant ongoing development projects include Zetta building expansion and Ramblas del Plata, with recent land swaps totaling $11.3 million contributing to the pipeline.
Full recap
Q2 2026 Feb 7, 2026

IRSA reported a net gain of ARS 248.8 billion for Q2 FY2026, a significant turnaround from the prior year's loss, driven primarily by an increase in the fair value of investment properties.

Key takeaways
  • Shopping Malls segment revenue and EBITDA up 4% and 2% respectively, despite real sales decline of tenants indicating inflationary pressures.
  • Office portfolio maintains full occupancy with stable rent at $25-$26 per square meter, enhancing overall revenue predictability.
  • Hotel sector shows recovery with a 69% occupancy rate and improved margins, particularly in Buenos Aires driven by corporate events.
  • Strong cash position bolstered by $180 million bond issuance, positioning IRSA well for future growth opportunities.
  • Progress on major developments, including the upcoming La Plata shopping mall expected to add 22,000 sqm of GLA by May 2027.
Full recap