IRSA Inversiones y Representaciones Sociedad Anónima Q1 2027 Earnings Recap

IRSA’s shares rose 1.5%, a roughly flat reaction. The quarter showed mixed operating trends: mall occupancy and visitor numbers improved, while tenant sales fell in real terms and rental EBITDA declined 2% in pesos.

Key Takeaways

• Rental EBITDA was down 2% year over year in pesos but up 20% in dollars. The company reported a net loss, mainly tied to fair-value changes in investment properties.
• Mall occupancy increased to 97.6% from 97%; visitors rose 1.6% to 24 million, while tenant sales declined 6% in real terms.
• Office occupancy edged down after one floor at the Dot building became vacant; rents were stable at $25 per square meter per month.
• Hotel occupancy reached 66% across the portfolio. The company said the hotel segment generates about $10 million of annualized EBITDA.
• Oeste Outlet construction was 90% complete, with all 71 commercial units leased; the La Plata shopping center was 55% complete.