IRSA Inversiones y Representaciones Sociedad Anónima Q4 2026 Earnings Recap

IRSA’s fiscal 2026 results were mixed but broadly resilient, with the stock rising 2.0% after earnings. Record rental-segment EBITDA and portfolio expansion were offset by an 8.5% real decline in tenant sales amid weaker consumption, although occupancy remained high and revenue grew 1.5%.

Key Takeaways

• Net gain reached ARS 421 billion for fiscal 2026; rental-segment EBITDA approached $200 million, a record for the company.
• Shopping mall tenant sales fell 8.5% in real terms, while mall revenue increased 1.5%, supported by fixed components representing 87% of revenue.
• Mall occupancy remained stable at 97%, and dollar EBITDA was nearly 4% above the prior year; the portfolio expanded 20% in GLA through acquisitions.
• The company expects to reach 432,000 sq m across 19 shopping centers next year, including Al Oeste, Los Gallegos, and the planned Distrito Diagonal development.
• Office occupancy reached 100%, while hotels reported nearly 65% occupancy and an average rate of $218; IRSA raised $230 million during the year and plans to announce a new dividend proposal.