Irsa Inversiones Y Representaciones Sa Stock Earnings Reports

IRSA reported a quarterly net gain (ARS35 billion) reversing prior losses, driven by strong mall performance — tenant sales +13.4% YoY in the quarter and record 10-year-high mall EBITDA (~$158–177M depending on wording) in dollar terms. Office occupancy is robust (~100% historically, portfolio ~58k sqm) and residential momentum in Buenos Aires is strengthening (mortgage activity rising, prices +12–22% in neighborhoods). Hotels are under pressure due to FX movement and some renovation-related downtime, but are a marginal part of the portfolio. The company is advancing large developments, led by Ramblas del Plata (massive riverside masterplan: ~693k sellable sqm, ~10k homes, ~$1.8bn estimated investment) with early parcel sales and swaps already generating cash and square-meter consideration. IRSA tapped international markets with a $300M 10-year bond (yield ~8.5%), used partly to refinance short-term debt; the company emphasizes a conservative balance sheet (rental EBITDA leverage ~1.3x, LTV ~10%) while signaling readiness to selectively deploy capital into developments and M&A (favoring developer-financed swaps for speed and limited upfront cash outlay). Management reiterated willingness to return cash to shareholders when accounting results permit, and noted interest in potentially entering logistics over time.