Denomination: IRSA Inversiones y Representaciones Sociedad Anónima.

 

Fiscal year N°: 83, beginning on July 1st, 2025.

 

Legal address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina.

 

Company activity: Real estate investment and development.

 

Date of registration of the by-laws in the Public Registry of Commerce: June 23, 1943.

 

Date of registration of last amendment of the by-laws in the Public Registry of Commerce: General Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2023 and registered in the Superintendence on September 12, 2023 with the number 15555, Book 114 Volume – of Joint Stock Companies.

 

Expiration of the Company’s by-laws: April 5, 2043.

 

Registration number with the Superintendence: 213,036.

 

Capital: 774,190,153 shares. (*)

 

Common Stock subscribed, issued and paid-up nominal value (in millions of ARS): 7,742.

 

Parent Company: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

(Cresud S.A.C.I.F. y A.).

 

Legal Address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina.

 

Main activity of parent Company: Real estate and agricultural activities.

 

Direct interest of the Parent Company on the capital stock: 399,476,035 common shares.

 

Percentage of votes of the Parent Company (direct interest) on the shareholders’ equity: 51.61% (1).

 

	CAPITAL STATUS
Type of stock	Shares authorized for Public Offering (2)	Subscribed, issued and paid-up nominal value (in millions of Argentine Pesos)
Common stock with a face value of ARS 10 per share and entitled to 1 vote each	774,190,153	7,742

 

(1) For computation purposes, treasury shares have been subtracted.

(2) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition.

 

(*) As of December 31, 2025, the capital increase and the issuance of shares resolved by the board of directors on December 22, 2025, was in process of being registered in the “Inspección General de Justicia” (General Inspection of Justice).

 

 

 

Glossary	1
Unaudited Condensed Interim Consolidated Statement of Financial Position	2
Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income	3
Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders’ Equity	4
Unaudited Condensed Interim Consolidated Statement of Cash Flows	6
Notes to the Unaudited Condensed Interim Consolidated Financial Statements:
Note 1 – The Group’s business and general information	7
Note 2 – Summary of significant accounting policies	7
Note 3 – Seasonal effects on operations	9
Note 4 – Acquisitions and disposals	9
Note 5 – Financial risk management and fair value estimates	10
Note 6 – Segment information	10
Note 7 – Investments in associates and joint ventures	12
Note 8 – Investment properties	13
Note 9 – Property, plant and equipment	15
Note 10 – Trading properties	15
Note 11 – Intangible assets	16
Note 12 – Right-of-use assets and lease liabilities	16
Note 13 – Financial instruments by category	17
Note 14 – Trade and other receivables	19
Note 15 – Cash flow and cash equivalent information	19
Note 16 – Trade and other payables	20
Note 17 – Borrowings	21
Note 18 – Provisions	21
Note 19 – Taxes	23
Note 20 – Revenues	23
Note 21 – Expenses by nature	24
Note 22 – Costs	24
Note 23 – Other operating results, net	25
Note 24 – Financial results, net	25
Note 25 – Related party transactions	25
Note 26 – CNV General Resolution N° 622	27
Note 27 – Foreign currency assets and liabilities	28
Note 28 – Other relevant events of the period	29
Note 29 – Subsequent events	29

 

 

 

 

The following are not technical definitions, but help the reader to understand certain terms used in the wording of the notes to the Group´s Financial Statements.

 

Terms		Definitions
ARCOS		Arcos del Gourmet S.A.
Annual Financial Statements		Consolidated Financial Statements as of June 30, 2025
BACS		Banco de Crédito y Securitización S.A.
BCRA		Central Bank of the Argentine Republic
BHSA		Banco Hipotecario S.A.
BYMA		Buenos Aires Stock Exchange
CNV		Securities Exchange Commission (Argentina)
CODM		Chief Operating Decision Maker
CPI		Consumer Price Index
Cresud		Cresud S.A.C.I.F. y A.
Financial Statements		Unaudited Condensed Interim Consolidated Financial Statements
GCDI		GCDI S.A.
GLA		Gross Leasable Area
IAS		International Accounting Standards
IASB		International Accounting Standards Board
IDBD		IDB Development Corporation Ltd.
IFRS		International Financial Reporting Standards
INDEC		Argentine Institute of Statistics and Census
IRSA, The Company”, “Us”, “We”		IRSA Inversiones y Representaciones Sociedad Anónima
NIS		New Israeli Shekel
New Lipstick		New Lipstick LLC
Puerto Retiro		Puerto Retiro S.A.
USA		United States of America

 

 

	Note	12.31.2025	06.30.2025
ASSETS
Non-current assets
Investment properties	8	2,895,263	2,679,811
Property, plant and equipment	9	61,828	61,823
Trading properties	10, 22	172,042	142,547
Intangible assets	11	20,814	20,720
Right-of-use assets	12	14,607	13,584
Investments in associates and joint ventures	7	210,680	203,676
Deferred income tax assets	19	7,595	7,909
Income tax credit		63	66
Trade and other receivables	13, 14	45,561	37,712
Investments in financial assets	13	34,730	31,503
Total non-current assets		3,463,183	3,199,351
Current assets
Trading properties	10, 22	48,120	40,797
Inventories	22	1,718	1,396
Income tax credit		353	402
Trade and other receivables	13, 14	146,092	148,564
Investments in financial assets	13	223,309	250,035
Derivative financial instruments	13	244	-
Cash and cash equivalents	13	296,141	202,094
Total current assets		715,977	643,288
TOTAL ASSETS		4,179,160	3,842,639
SHAREHOLDERS’ EQUITY
Shareholders' equity attributable to equity holders of the parent (according to corresponding statement)		1,854,712	1,803,334
Non-controlling interest		108,670	107,622
TOTAL SHAREHOLDERS’ EQUITY		1,963,382	1,910,956
LIABILITIES
Non-current liabilities
Borrowings	13, 17	872,134	582,661
Lease liabilities	12	3,687	3,735
Deferred income tax liabilities	19	890,869	851,457
Trade and other payables	13, 16	71,113	69,655
Provisions	18	47,234	36,769
Salaries and social security liabilities		128	141
Total non-current liabilities		1,885,165	1,544,418
Current liabilities
Borrowings	13, 17	113,180	156,967
Lease liabilities	12	5,606	5,891
Trade and other payables	13, 16	140,553	138,173
Income tax liabilities		49,244	63,581
Provisions	18	6,350	5,927
Derivative financial instruments	13	-	56
Salaries and social security liabilities		15,680	16,670
Total current liabilities		330,613	387,265
TOTAL LIABILITIES		2,215,778	1,931,683
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		4,179,160	3,842,639

  

 

		Six months		Three months
	Note	12.31.2025	12.31.2024	12.31.2025	12.31.2024
Revenues	20	292,081	279,069	152,667	151,352
Costs	21, 22	(110,416)	(106,827)	(56,593)	(60,700)
Gross profit		181,665	172,242	96,074	90,652
Net gain / (loss) from fair value adjustment of investment properties	8	185,712	(306,605)	(51,503)	13,850
General and administrative expenses	21	(39,563)	(37,227)	(21,974)	(21,446)
Selling expenses	21	(13,878)	(12,744)	(7,089)	(6,563)
Other operating results, net	23	7,319	(12,705)	9,926	(6,955)
Profit / (loss) from operations		321,255	(197,039)	25,434	69,538
Share of profit of associates and joint ventures	7	11,290	32,593	15,526	20,995
Profit / (loss) before financial results and income tax		332,545	(164,446)	40,960	90,533
Finance income	24	4,879	2,124	1,740	1,098
Finance costs	24	(41,665)	(33,182)	(20,926)	(16,635)
Other financial results	24	37,090	87,080	49,712	56,255
Inflation adjustment	24	14,758	9,209	10,370	3,174
Financial results, net		15,062	65,231	40,896	43,892
Profit / (loss) before income tax		347,607	(99,215)	81,856	134,425
Income tax expense	19	(98,790)	45,319	(9,318)	(33,372)
Profit / (loss) for the period		248,817	(53,896)	72,538	101,053
Other comprehensive (loss) / income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment and other comprehensive loss from subsidiaries and associates (i)		(1,415)	(1,847)	141	(1,141)
Total other comprehensive (loss) / income for the period		(1,415)	(1,847)	141	(1,141)
Total comprehensive income / (loss) for the period		247,402	(55,743)	72,679	99,912
Profit / (loss) for the period attributable to:
Equity holders of the parent		235,486	(52,320)	69,553	97,813
Non-controlling interest		13,331	(1,576)	2,985	3,240
Total comprehensive profit / (loss) attributable to:
Equity holders of the parent		233,876	(53,658)	69,718	96,880
Non-controlling interest		13,526	(2,085)	2,961	3,032
Profit / (loss) per share attributable to equity holders of the parent: (ii)
Basic		310.26	(71.28)	91.64	133.26
Diluted		283.72	(71.28) (iii)	83.80	115.76

 

 

 

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares	Treasury shares	Inflation adjustment of share capital and treasury shares (i)	Warrants (ii)	Share premium	Additional paid-in capital from treasury shares	Legal reserve	Special reserve Resolution CNV 609/12	Other reserves (iii)	Retained earnings	Subtotal	Non-controlling interest	Total Shareholders’ equity
Balance as of June 30, 2025	7,533	92	524,363	28,374	777,309	(73,172)	76,390	295,545	(105,865)	272,765	1,803,334	107,622	1,910,956
Net profit for the period	-	-	-	-	-	-	-	-	-	235,486	235,486	13,331	248,817
Other comprehensive (loss) / income for the period	-	-	-	-	-	-	-	-	(1,610)	-	(1,610)	195	(1,415)
Total comprehensive (loss) / income for the period	-	-	-	-	-	-	-	-	(1,610)	235,486	233,876	13,526	247,402
Assignment of results according to Shareholders´ Meeting	-	-	-	-	-	-	11,183	-	25,023	(36,206)	-	-	-
Warrants exercise (ii)	117	-	8	(3,632)	8,459	-	-	-	-	-	4,952	-	4,952
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	-	173	173
Dividend distribution	-	-	-	-	-	-	-	-	-	(187,442)	(187,442)	(12,659)	(200,101)
Reserve for share-based payments	-	-	-	-	-	57	-	-	(57)	-	-	-	-
Changes in non-controlling interest	-	-	-	-	-	-	-	-	(8)	-	(8)	8	-
Balance as of December 31, 2025	7,650	92	524,371	24,742	785,768	(73,115)	87,573	295,545	(82,517)	284,603	1,854,712	108,670	1,963,382

 

(i) Includes ARS 13 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) As of December 31, 2025, the remaining warrants to exercise amount to 53,161,206. See Note 28 to these Financial Statements.

(iii) Group´s other reserves for the period ended December 31, 2025 are comprised as follows:

 

	Cost of treasury shares	Currency translation adjustment reserve	Special reserve	Other reserves (1)	Total Other reserves
Balance as of June 30, 2025	(8,206)	(5,337)	56,559	(148,881)	(105,865)
Other comprehensive loss for the period	-	(1,610)	-	-	(1,610)
Total comprehensive loss for the period	-	(1,610)	-	-	(1,610)
Assignment of results according to Shareholders´ Meeting	-	-	25,023	-	25,023
Reserve for share-based payments	71	-	-	(128)	(57)
Changes in non-controlling interest	-	-	-	(8)	(8)
Balance as of December 31, 2025	(8,135)	(6,947)	81,582	(149,017)	(82,517)

 

 

 

 

 

 

 

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares	Treasury shares	Inflation adjustment of share capital and treasury shares (i)	Warrants	Share premium	Additional paid-in capital from treasury shares	Legal reserve	Special reserve Resolution CNV 609/12	Other reserves (ii)	Accumulated deficit	Subtotal	Non-controlling interest	Total Shareholders’ equity
Balance as of June 30, 2024	7,181	234	524,309	35,217	762,303	(16,422)	76,390	295,545	12,060	21,991	1,718,808	117,586	1,836,394
Net loss for the period	-	-	-	-	-	-	-	-	-	(52,320)	(52,320)	(1,576)	(53,896)
Other comprehensive loss for the period	-	-	-	-	-	-	-	-	(1,338)	-	(1,338)	(509)	(1,847)
Total comprehensive loss for the period	-	-	-	-	-	-	-	-	(1,338)	(52,320)	(53,658)	(2,085)	(55,743)
Assignment of results according to Shareholders´ Meeting	-	-	-	-	-	-	-	-	(27,694)	27,694	-	-	-
Repurchase of treasury shares	(115)	115	-	-	-	-	-	-	(22,291)	-	(22,291)	-	(22,291)
Warrants exercise	68	-	27	(2,376)	5,310	-	-	-	-	-	3,029	-	3,029
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	-	171	171
Dividend distribution	-	-	-	-	-	-	-	-	(124,546)	-	(124,546)	(10,359)	(134,905)
Distribution of treasury shares	256	(256)	-	-	-	(56,638)	-	-	56,638	-	-	-	-
Reserve for share-based payments	-	-	-	-	-	(90)	-	-	90	-	-	-	-
Changes in non-controlling interest	-	-	-	-	-	-	-	-	(20)	-	(20)	20	-
Balance as of December 31, 2024	7,390	93	524,336	32,841	767,613	(73,150)	76,390	295,545	(107,101)	(2,635)	1,521,322	105,333	1,626,655

 

(i) Includes ARS 65 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) Group’s other reserves for the period ended December 31, 2024 are comprised as follows:

 

	Cost of treasury shares	Reserve for future dividends	Currency translation adjustment reserve	Special reserve	Other reserves (1)	Total Other reserves
Balance as of June 30, 2024	(42,840)	116,256	(4,645)	92,544	(149,255)	12,060
Other comprehensive loss for the period	-	-	(1,338)	-	-	(1,338)
Total comprehensive loss for the period	-	-	(1,338)	-	-	(1,338)
Assignment of results according to Shareholders´ Meeting	-	-	-	(27,694)	-	(27,694)
Repurchase of treasury shares	(22,291)	-	-	-	-	(22,291)
Dividend distribution	-	(62,273)	-	(62,273)	-	(124,546)
Distribution of treasury shares	56,638	-	-	-	-	56,638
Reserve for share-based payments	89	-	-	-	1	90
Reallocation of reserves	-	(53,983)	-	53,983	-	-
Changes in non-controlling interest	-	-	-	-	(20)	(20)
Balance as of December 31, 2024	(8,404)	-	(5,983)	56,560	(149,274)	(107,101)

 

 

 

	Note	12.31.2025	12.31.2024
Operating activities:
Net cash generated from operating activities before income tax paid	15	147,241	112,486
Income tax paid		(63,006)	(8,277)
Net cash generated from operating activities		84,235	104,209
Investing activities:
Acquisition of participation in associates		(6,952)	-
Contributions and issuance of capital in associates and joint ventures		-	(40)
Acquisition and improvements of investment properties		(46,173)	(25,523)
Proceeds from sales of investment properties		1,490	8,610
Acquisitions and improvements of property, plant and equipment		(4,108)	(3,429)
Proceeds from sales of property, plant and equipment		2	-
Acquisitions of intangible assets		(288)	(1,951)
Dividends collected from associates and joint ventures		9	-
Proceeds from sales of interest held in associates and joint ventures		-	6,435
(Payment) / proceeds from derivative financial instruments		(1,395)	33
Acquisitions of investments in financial assets		(415,629)	(187,773)
Proceeds from disposal of investments in financial assets		345,738	177,127
Interest received from financial assets		93,623	6,379
Proceeds from loans granted to related parties		992	605
Loans granted		(954)	-
Net cash used in investing activities		(33,645)	(19,527)
Financing activities:
Borrowings, issuance and new placement of non-convertible notes		263,390	110,031
Payment of borrowings and non-convertible notes		(77,204)	(20,157)
Obtaining / (payments) of short-term loans, net		22,271	(701)
Interests paid		(26,955)	(31,847)
Repurchase of non-convertible notes		-	(24,038)
Capital contributions from non-controlling interest in subsidiaries		173	171
Loans received from associates and joint ventures, net		-	87
Dividends paid		(141,754)	(92,171)
Warrants exercise		4,952	3,029
Payment of lease liabilities		(878)	(1,332)
Repurchase of treasury shares		-	(22,291)
Net cash generated from / (used in) financing activities		43,995	(79,219)
Net increase in cash and cash equivalents		94,585	5,463
Cash and cash equivalents at the beginning of the period	13	202,094	45,091
Inflation adjustment of cash and cash equivalents		(1,653)	(2,222)
Foreign exchange gain / (loss) on cash and cash equivalents and unrealized fair value result for cash equivalents		1,115	(108)
Cash and cash equivalents at end of the period	13	296,141	48,224

 

 

(Amounts in millions of Argentine pesos, except otherwise indicated)

 

 

These Financial Statements have been approved for issuance by the Board of Directors, on February 3, 2026.

 

IRSA was founded in 1943, and it has engaged in diverse real estate activities in Argentina since 1991. IRSA and its subsidiaries are collectively referred to hereinafter as “the Group”.

 

Cresud is our direct parent company, whose main shareholders are Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A., and whose final beneficiary is Eduardo Sergio Elsztain.

 

As of the date of these Financial Statements, the Group owns 16 shopping malls, 5 office buildings, 3 hotels and an extensive land reserve for future mixed-use developments. Additionally, the Group holds a 29.12% interest in Banco Hipotecario S.A. (BHSA) (see note 7), which is a leading commercial bank in the provision of mortgaged loans in Argentina. BHSA's shares are listed on the BYMA.

 

The Group operates and holds a majority interest (with the exception of La Ribera Shopping Center, of which it has a 50% ownership interest) in a portfolio of fifteen shopping malls in Argentina, six of which are located in the Autonomous City of Buenos Aires (Abasto Shopping, Paseo Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), three in Buenos Aires Province (Alto Avellaneda, Soleil Premium Outlet and Terrazas de Mayo) and the rest are situated in different provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, Alto Comahue in the City of Neuquén and La Ribera Shopping in the City of Santa Fe). The Group also owns the historic building where the Patio Olmos Shopping Mall is located, operated by a third party.

 

Likewise, the Group manages a portfolio of five office buildings and has majority stakes in three luxury hotels including the Libertador and Intercontinental hotels in the Autonomous City of Buenos Aires and the exclusive Llao Llao resort, in the city of San Carlos de Bariloche, in southern Argentina. Additionally, the Group participates in the development of residential properties for sale, as well as in other investments.

 

 

 

These financial statements have been prepared in accordance with IAS 34 “Interim financial reporting” and should therefore be read in conjunction with the Group's Annual Consolidated Financial Statements as of June 30, 2025 prepared in accordance with IFRS Accounting Standards issued by the IASB. Also, these financial statements include additional information required by General Companies Law No. 19,550 and / or regulations of the CNV. Such information is included in the notes to these financial statements, as accepted by IFRS Accounting Standards.

 

These financial statements as of December 31, 2025 and for the interim periods of six months ended December 31, 2025 and 2024 have not been audited. Management considers that they include all the necessary adjustments to fairly state the results of each period. Interim period results do not necessarily reflect the proportion of the Group's results for the entire fiscal year.

 

 

 

 

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated by non-monetary items. This requirement also includes the comparative information of the financial statements.

 

In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that approximates or exceeds 100%. Accumulated inflation in Argentina in three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.

 

In relation to the inflation index to be used and in accordance with Argentine Federation of Professional Councils in Economic Sciences (FACPCE) Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering the average variation of the Consumer Price Index (CPI) of the Autonomous City of Buenos Aires for the months of November and December 2015, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) is considered.

 

The table below presents the index for the period between the last fiscal year and as of December 31, 2025, and for the 12-month period ending on the same date, according to official statistics (INDEC) and following the guidelines described in Resolution No. 539/18.

 

	As of December 31, 2025 (six months)	As of December 31, 2025 (twelve months)
Price variation	14%	32%

 

As a consequence, these Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2025 and their comparative information were restated in accordance with IAS 29.

 

 

The accounting policies applied in the presentation of these Financial Statements are consistent with those applied in the preparation of the Annual Financial Statements, as described in Note 2 to those Financial Statements.

 

 

Balance items as of June 30, 2025 and December 31, 2024 presented in these Unaudited Condensed Interim Consolidated Financial Statements for comparative purposes arise from the financial statements as of and for such periods restated according to IAS 29 (See note 2.1).

 

 

The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements. In the preparation of these financial statements, the significant judgments made by Management in applying the Group’s accounting policies and the main sources of uncertainty were the same as the ones applied by the Group in the preparation of the Annual Financial Statements described in Note 3 to those Financial Statements.

 

 

 

 

The operations of the Group’s shopping malls are subject to seasonal effects, which affect the level of sales recorded by lessees. During summertime in Argentina (January and February), the lessees of shopping malls experience the lowest sales levels in comparison with the winter holidays (July) and Christmas and year-end holidays celebrated in December, when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping malls sales. Sale discounts at the end of each season also affect the business. As a consequence, for shopping mall operations, a higher level of business activity is expected in the period from July through December, compared to the period from January through June.

 

 

Significant acquisitions and disposals for the six-month period ended December 31, 2025 are detailed below.

 

 

On July 17, 2025, IRSA signed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the lots, with an additional cash payment of USD 3.5 million and the inclusion in the price of sellable square meters valued at USD 3.6 million. This transaction added USD 7.1 million, equivalent to ARS 8,953 million, to the original agreement, corresponding to 5,000 additional sellable square meters as a result of the substitution of the lot in question.

 

On November 7 and December 26, 2025, IRSA signed barter agreements for two lots, for an approximate total amount of USD 11.8 million, equivalent to ARS 17,555 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

 

The sale transaction was recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements, and generated a gain of ARS 1,386 million, which has been recognized in the line item “Net gain / (loss) from fair value changes of investment properties” of these Consolidated Financial Statements. The barter agreement was recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements.

 

 

On September 17, 2025, we informed that the Company has acquired “Al Oeste” shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.

 

The shopping mall is currently operating below its potential, so the Company plans to reconvert it into an outlet center to be relaunched during next year.

 

“Al Oeste Shopping” has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

 

The purchase price was USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.

 

This transaction was recorded as an addition of “Investment properties” for ARS 13,323 million and “Intangible assets” for ARS 15 million, with a recognition of Imputed interest for ARS 1,153 million.

 

 

 

 

On October 17, the Company signed a purchase agreement for a plot of land located in the Municipality of Pilar, Province of Buenos Aires, with a total surface area of approximately 609,343 square meters. The transaction price amounted to USD 1.2 million, equivalent to ARS 1,802 million.

 

This transaction was recorded as a disposal of “Investment properties” and generated a gain of ARS 98 million, which was recognized in the line item “Net gain / (loss) from fair value changes of investment properties” of these Consolidated Financial Statements.

 

 

On October 30, 2025, IRSA acquired, through a judicial process, a property located on Av. Gaona, between Nazca and Terrada, in the Flores neighborhood of the Autonomous City of Buenos Aires.

 

The property, on a plot of land of 8,856 square meters, has an existing built area of approximately 17,000 square meters and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid. IRSA intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires.

 

As of the date of issuance of these Financial Statements, the execution of the deed of transfer of ownership remains pending.

 

 

These Financial Statements do not include all the information and disclosures on financial risk management; therefore, they should be read along with Note 5 to the Annual Financial Statements. There have been no changes in risk management or risk management policies applied by the Group since year-end.

 

From June 30, 2025 and up to the date of issuance of these Unaudited Condensed Interim Consolidated Financial Statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities (either measured at fair value or amortized cost).

 

 

Segment information was prepared and classified according to the business in which the Group operates, as described in Note 6 to the Annual Financial Statements. 

 

 

 

Below is a summary of the Group’s operating segments and a reconciliation between the operating income according to segment information and the operating income of the Statements of Income and Other Comprehensive Income of the Group for the six-month periods ended December 31, 2025 and 2024:

 

	12.31.2025
	Total	Joint ventures (1)	Expenses and collective promotion funds	Elimination of inter-segment transactions and non-reportable assets / liabilities (2)	Total as per statement of income / statement of financial position
Revenues	234,536	(1,366)	58,911	-	292,081
Costs	(51,498)	145	(59,063)	-	(110,416)
Gross profit / (loss)	183,038	(1,221)	(152)	-	181,665
Net gain / (loss) from fair value adjustment of investment properties	185,049	663	-	-	185,712
General and administrative expenses	(39,844)	160	-	121	(39,563)
Selling expenses	(13,957)	79	-	-	(13,878)
Other operating results, net	7,136	(12)	316	(121)	7,319
Profit from operations	321,422	(331)	164	-	321,255
Share of profit of associates and joint ventures	10,706	584	-	-	11,290
Segment profit / (loss)	332,128	253	164	-	332,545
Reportable assets	3,394,915	(2,551)	-	786,796	4,179,160
Reportable liabilities (i)	-	-	-	(2,215,778)	(2,215,778)
Net reportable assets	3,394,915	(2,551)	-	(1,428,982)	1,963,382

 

	12.31.2024
	Total	Joint ventures (1)	Expenses and collective promotion funds	Elimination of inter-segment transactions and non-reportable assets / liabilities (2)	Total as per statement of income / statement of financial position
Revenues	223,819	(1,250)	56,500	-	279,069
Costs	(50,127)	116	(56,816)	-	(106,827)
Gross profit / (loss)	173,692	(1,134)	(316)	-	172,242
Net (loss) / gain from fair value adjustment of investment properties	(306,324)	(281)	-	-	(306,605)
General and administrative expenses	(37,516)	207	-	82	(37,227)
Selling expenses	(12,823)	79	-	-	(12,744)
Other operating results, net	(12,789)	(11)	177	(82)	(12,705)
(Loss) / profit from operations	(195,760)	(1,140)	(139)	-	(197,039)
Share of profit of associates and joint ventures	31,652	941	-	-	32,593
Segment (loss) / profit	(164,108)	(199)	(139)	-	(164,446)
Reportable assets	2,847,895	853	-	442,350	3,291,098
Reportable liabilities (i)	-	-	-	(1,664,443)	(1,664,443)
Net reportable assets	2,847,895	853	-	(1,222,093)	1,626,655

 

(1) Represents the equity value of joint ventures that were proportionately consolidated for segment information.

(2) Includes deferred income tax assets, income tax credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 128 as of December 31, 2025.

(i) The CODM focuses its review on reportable assets.

 

 

 

Below is a summarized analysis of the segments from the Group for the six-month periods ended December 31, 2025 and 2024:

 

	12.31.2025
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	165,708	13,200	7,300	42,611	5,717	234,536
Costs	(14,591)	(1,362)	(7,120)	(26,318)	(2,107)	(51,498)
Gross profit	151,117	11,838	180	16,293	3,610	183,038
Net gain / (loss) from fair value adjustment of investment properties	124,743	19,061	41,383	-	(138)	185,049
General and administrative expenses	(19,961)	(1,240)	(8,988)	(5,976)	(3,679)	(39,844)
Selling expenses	(8,204)	(548)	(1,738)	(2,630)	(837)	(13,957)
Other operating results, net	795	206	12,034	(219)	(5,680)	7,136
Profit / (loss) from operations	248,490	29,317	42,871	7,468	(6,724)	321,422
Share of profit of associates and joint ventures	-	-	-	-	10,706	10,706
Segment profit	248,490	29,317	42,871	7,468	3,982	332,128
Investment properties and trading properties	1,800,754	310,166	1,012,084	-	2,237	3,125,241
Investment in associates and joint ventures	-	-	-	-	202,908	202,908
Other operating assets	5,504	534	146	52,985	7,597	66,766
Reportable assets	1,806,258	310,700	1,012,230	52,985	212,742	3,394,915

 

 

	12.31.2024
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	159,099	11,432	9,069	40,182	4,037	223,819
Costs	(11,130)	(834)	(10,770)	(25,069)	(2,324)	(50,127)
Gross profit / (loss)	147,969	10,598	(1,701)	15,113	1,713	173,692
Net gain / (loss) from fair value adjustment of investment properties	156,861	(137,750)	(325,210)	-	(225)	(306,324)
General and administrative expenses	(18,081)	(1,490)	(7,068)	(7,187)	(3,690)	(37,516)
Selling expenses	(7,150)	(295)	(1,356)	(3,101)	(921)	(12,823)
Other operating results, net	(368)	74	(15,241)	(389)	3,135	(12,789)
Profit / (loss) from operations	279,231	(128,863)	(350,576)	4,436	12	(195,760)
Share of profit of associates and joint ventures	-	-	-	-	31,652	31,652
Segment profit / (loss)	279,231	(128,863)	(350,576)	4,436	31,664	(164,108)
Investment properties and trading properties	1,308,304	323,396	859,758	-	3,073	2,494,531
Investment in associates and joint ventures	-	-	-	-	225,803	225,803
Other operating assets	5,034	518	63,377	50,702	7,930	127,561
Reportable assets	1,313,338	323,914	923,135	50,702	236,806	2,847,895

 

 

Changes in the Group’s investments in associates and joint ventures for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

 

	12.31.2025	06.30.2025
Beginning of the period / year	203,586	206,129
Sale of interest in associates	-	(4,271)
Capital contributions	-	40
Share of profit	11,290	31,915
Currency translation adjustment	243	110
Dividends (Note 25)	(4,567)	(30,567)
Transfers from/to financial assets (ii)	-	399
Decrease of interest (iii)	-	(169)
End of the period / year (i)	210,552	203,586

 

 

 

Below is additional information about the Group’s main investments in associates and joint ventures:

 

	% ownership interest		Value of Group's interest in equity		Group's interest in comprehensive income / (loss)
Name of the entity	12.31.2025	06.30.2025	12.31.2025	06.30.2025	12.31.2025	12.31.2024
Associates and joint ventures
New Lipstick	49.96%	49.96%	1,788	1,682	105	(99)
BHSA	29.12%	29.12%	157,991	152,971	5,021	19,351
BACS	37.72%	37.72%	12,613	12,622	(10)	280
Nuevo Puerto Santa Fe	50.00%	50.00%	7,774	9,719	622	1,003
La Rural SA	50.00%	50.00%	27,709	24,023	5,685	7,928
GCDI	-	-	-	-	-	3,969
Other joint ventures	N/A	N/A	2,677	2,569	110	(59)
Total associates and joint ventures			210,552	203,586	11,533	32,373

 

 

					Financial information
Name of the entity	Place of business / Country of incorporation	Main activity	Common shares 1 vote		Share capital (nominal value)		(Loss) / profit for the period		Shareholders’ equity
Associates and joint ventures
New Lipstick	USA	Real estate	23,631,037	(*)	47	(*)	(1)	(*)	(51)
BHSA	Argentina	Financial	436,780,922	(**)	1,500	(**)	17,242	(**)	528,687
BACS	Argentina	Financial	33,125,751	(**)	88	(**)	(26)	(**)	33,435
Nuevo Puerto Santa Fe	Argentina	Real estate	138,750		28		1,245		14,887
La Rural SA	Argentina	Organization of events	714,998	(**)	1	(**)	11,556	(**)	55,427

 

(*) Amounts in millions of US Dollars.

(**) Information as of December 31, 2025 according to IFRS, pending issuance as of the date of these Financial Statements.

 

 

There have been no changes to what disclosed in Note 8 to the Annual Financial Statements.

 

 

 

 

 

 

Changes in the Group’s investment properties for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

 

	12.31.2025		06.30.2025
	Level 2	Level 3	Level 2	Level 3
Fair value at the beginning of the period / year	1,050,589	1,629,222	1,656,711	1,056,609
Additions	45,364	11,151	30,795	54,366
Capitalized leasing costs	28	86	74	134
Amortization of capitalized leasing costs (i)	(77)	(142)	(150)	(286)
Transfers	(24,359)	(459)	(100,734)	(4,371)
Disposals	(1,864)	-	(10,388)	(21)
Currency translation adjustment	12	-	(73)	-
Net gain / (loss) from fair value adjustment (ii)	64,157	121,555	(525,646)	522,791
Fair value at the end of the period / year	1,133,850	1,761,413	1,050,589	1,629,222

 

 

 

 

 

 

 

 

Additionally, due to the impact of the inflation adjustment, ARS 205,794 million were reclassified for shopping malls from “Net gain / (loss) from fair value adjustment” to “Inflation Adjustment” in the Statement of Income and Other Comprehensive Income.

 

The following is the balance by type of investment property of the Group for the six-month period ended December 31, 2025 and for the year ended June 30, 2025:

 

	12.31.2025	06.30.2025
Shopping Malls (i)	1,778,746	1,645,530
Offices and other rental properties	356,936	332,259
Undeveloped parcels of land	756,654	699,041
Properties under development	751	743
Others	2,176	2,238
Total	2,895,263	2,679,811

 

(i) Includes parking spaces.

 

The following amounts have been recognized in the Statements of Income and Other Comprehensive Income:

 

	12.31.2025	12.31.2024
Revenues (Note 20)	243,267	231,589
Direct operating costs	(78,045)	(71,549)
Development costs	(4,434)	(8,264)
Net realized gain from fair value adjustment of investment properties (i)	1,461	3,602
Net unrealized gain / (loss) from fair value adjustment of investment properties (ii)	184,251	(310,207)

 

(i) Corresponds to the result from changes in the fair value realized from sales that occurred during the fiscal year of properties considered as investment properties.

(ii) Includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. This was generated in accordance with what is described in the section named "valuation techniques" in Note 9 to the Annual Consolidated Financial Statements as of June 30, 2025, mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

 

Valuation techniques are described in Note 9 to the Annual Financial Statements. There were no changes to such techniques.

 

 

 

 

 

Changes in the Group’s property, plant and equipment for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

 

	Buildings and facilities	Machinery and equipment	Others (i)	12.31.2025	06.30.2025
Costs	144,604	59,809	13,982	218,395	207,343
Accumulated depreciation	(90,558)	(55,126)	(10,888)	(156,572)	(149,087)
Net book amount at the beginning of the period / year	54,046	4,683	3,094	61,823	58,256
Additions	3,391	524	194	4,109	9,189
Currency translation adjustment	-	-	13	13	7
Transfers	-	120	-	120	1,856
Depreciation charges (ii)	(2,761)	(1,121)	(355)	(4,237)	(7,485)
Balances at the end of the period / year	54,676	4,206	2,946	61,828	61,823
Costs	147,995	60,453	14,189	222,637	218,395
Accumulated depreciation	(93,319)	(56,247)	(11,243)	(160,809)	(156,572)
Net book amount at the end of the period / year	54,676	4,206	2,946	61,828	61,823

 

 

 

Changes in the Group’s trading properties for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

 

	Completed properties	Properties under development	Undeveloped sites	12.31.2025	06.30.2025
Beginning of the period / year	2,470	165,347	15,527	183,344	31,781
Additions	-	3,041	533	3,574	3,437
Currency translation adjustment	-	1,010	-	1,010	(757)
Transfers	-	24,359	-	24,359	186,643
Reversal / (charge) of impairment (i)	32	11,981	-	12,013	(21,858)
Disposals	-	(4,137)	(1)	(4,138)	(15,902)
End of the period / year	2,502	201,601	16,059	220,162	183,344
Non-current				172,042	142,547
Current				48,120	40,797
Total				220,162	183,344

 

 

 

 

 

Changes in the Group’s intangible assets for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

 

	Goodwill	Information systems and software	Trademarks, concession rights and others	12.31.2025	06.30.2025
Costs	2,841	23,898	20,228	46,967	126,874
Accumulated amortization	-	(19,492)	(6,755)	(26,247)	(23,950)
Net book amount at the beginning of the period / year	2,841	4,406	13,473	20,720	102,924
Additions	-	650	15	665	3,487
Transfers	-	339	-	339	(83,395)
Currency translation adjustment	-	-	-	-	1
Amortization charges (i)	-	(864)	(46)	(910)	(2,297)
Balances at the end of the period / year	2,841	4,531	13,442	20,814	20,720
Costs	2,841	24,887	20,243	47,971	46,967
Accumulated amortization	-	(20,356)	(6,801)	(27,157)	(26,247)
Net book amount at the end of the period / year	2,841	4,531	13,442	20,814	20,720

 

 

 

The Group’s right-of-use assets as of December 31, 2025 and June 30, 2025 are the following:

 

	12.31.2025	06.30.2025
Offices, shopping malls and other rental properties	9,919	8,525
Convention center	4,688	5,059
Total Right-of-use assets	14,607	13,584
Non-current	14,607	13,584
Total	14,607	13,584

 

The depreciation charge of the right-of use-assets is detailed below:

 

	12.31.2025	12.31.2024
Offices, shopping malls and other rental properties	790	366
Convention center	371	530
Total depreciation of right-of-use assets (i)	1,161	896

 

 

 

 

 

The Group’s lease liabilities as of December 31, 2025 and June 30, 2025 are the following:

 

	12.31.2025	06.30.2025
Offices, shopping malls and other rental properties	6,686	6,987
Convention center	2,607	2,639
Total lease liabilities	9,293	9,626
Non-current	3,687	3,735
Current	5,606	5,891
Total	9,293	9,626

 

 

In accordance with IFRS 7, this note presents the financial assets and financial liabilities by category of financial instrument and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. For further information related to fair value hierarchy refer to Note 14 to the Annual Financial Statements.

 

Financial assets and financial liabilities as of December 31, 2025 are the following:

 

	Financial assets at amortized cost	Financial assets at fair value through profit or loss			Subtotal financial assets	Non-financial assets	Total
		Level 1	Level 2	Level 3
December 31, 2025
Assets as per Statements of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14)	164,518	-	-	-	164,518	33,223	197,741
Investments in financial assets:
- Public companies’ securities	-	37,148	-	-	37,148	-	37,148
- Mutual funds	-	116,780	-	-	116,780	-	116,780
- Bonds	-	71,991	-	-	71,991	-	71,991
- Others	6,385	7,908	16,056	1,771	32,120	-	32,120
Derivative financial instruments:
- Foreign-currency future contracts	-	38	-	-	38	-	38
- Bond futures	-	206	-	-	206	-	206
Cash and cash equivalents:
- Cash at bank and on hand	284,404	-	-	-	284,404	-	284,404
- Short-term investments	1,766	9,971	-	-	11,737	-	11,737
Total assets	457,073	244,042	16,056	1,771	718,942	33,223	752,165

 

 

	Financial liabilities at amortized cost	Financial liabilities at fair value through profit or loss			Subtotal financial liabilities	Non-financial liabilities	Total
		Level 1	Level 2	Level 3
December 31, 2025
Liabilities as per Statements of Financial Position
Trade and other payables (Note 16)	79,507	-	-	-	79,507	132,159	211,666
Borrowings (Note 17)	985,314	-	-	-	985,314	-	985,314
Lease liabilities (Note 12)	9,293	-	-	-	9,293	-	9,293
Total liabilities	1,074,114	-	-	-	1,074,114	132,159	1,206,273

 

 

 

 

Financial assets and financial liabilities as of June 30, 2025 were as follows:

 

	Financial assets at amortized cost	Financial assets at fair value through profit or loss		Subtotal financial assets	Non-financial assets	Total
		Level 1	Level 2
June 30, 2025
Assets as per Statements of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14)	161,232	-	-	161,232	30,287	191,519
Investments in financial assets:
- Public companies’ securities	-	40,351	-	40,351	-	40,351
- Mutual funds	-	151,131	-	151,131	-	151,131
- Bonds	-	63,777	-	63,777	-	63,777
- Others	6,183	4,357	15,739	26,279	-	26,279
Cash and cash equivalents:
- Cash at bank and on hand	191,639	-	-	191,639	-	191,639
- Short-term investments	-	10,455	-	10,455	-	10,455
Total assets	359,054	270,071	15,739	644,864	30,287	675,151

 

 

	Financial liabilities at amortized cost	Financial liabilities at fair value through profit or loss		Subtotal financial liabilities	Non-financial liabilities	Total
		Level 1	Level 2
June 30, 2025
Liabilities as per Statements of Financial Position
Trade and other payables (Note 16)	69,667	-	-	69,667	138,161	207,828
Borrowings (Note 17)	739,628	-	-	739,628	-	739,628
Lease liabilities (Note 12)	9,626	-	-	9,626	-	9,626
Derivative financial instruments:
- Foreign-currency future contracts	-	23	-	23	-	23
- Bond futures	-	33	-	33	-	33
Total liabilities	818,921	56	-	818,977	138,161	957,138

 

As of December 31, 2025, there have been no significant changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the Group.

 

The carrying amount of assets and liabilities measured at amortized cost does not differ significantly from their fair value, except for loans, whose fair value is disclosed in Note 17.

 

The Group uses a range of valuation models for the measurement of Level 3 instruments, details of which may be obtained from the following table. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods.

 

Description	Pricing model / method	Parameters	Fair value hierarchy	Range
Purchase option - Warrant (Others)	Black & Scholes without dilution	Underlying asset price and volatility	Level 3	-

 

 

 

 

 

Group’s trade and other receivables as of December 31, 2025 and June 30, 2025 are as follows:

 

	12.31.2025	06.30.2025
Sale, leases and services receivables	84,639	79,160
Less: Allowance for doubtful accounts	(6,088)	(5,243)
Total trade receivables	78,551	73,917
Borrowings, deposits and others	67,011	58,589
Advances to suppliers	20,740	13,963
Tax receivables	6,699	10,259
Prepaid expenses	3,644	3,696
Dividends receivable	8,929	21,374
Others	6,079	4,478
Total other receivables	113,102	112,359
Total trade and other receivables	191,653	186,276
Non-current	45,561	37,712
Current	146,092	148,564
Total	191,653	186,276

 

The carrying amounts of the Group’s trade and other receivables denominated in foreign currencies are detailed in Note 27.

 

Movements on the Group’s allowance for doubtful accounts were as follows:

 

	12.31.2025	06.30.2025
Beginning of the period / year	5,243	4,903
Additions (i)	1,137	1,511
Recovery (i)	(135)	(215)
Exchange rate differences	598	810
Receivables written off during the period / year as uncollectible	-	(192)
Inflation adjustment	(755)	(1,574)
End of the period / year	6,088	5,243

 

 

 

Following is a detailed description of cash flows generated by the Group’s operations for the six-month periods ended December 31, 2025 and 2024:

 

	Note	12.31.2025	12.31.2024
Profit / (loss) for the period		248,817	(53,896)
Adjustments for:
Income tax	19	98,790	(45,319)
Amortization and depreciation	21	6,527	5,836
Gain from disposal of property, plant and equipment	23	(2)	-
Net (gain) / loss from fair value adjustment of investment properties	8	(185,712)	306,605
Gain from lease modification		-	(2,210)
(Reversal) / charge of impairment of trading properties	23	(12,013)	15,586
Gain from disposal of associates and joint ventures	23	-	(2,711)
(Gain) / loss on sale of trading properties and others		(2,082)	1,252
Financial results, net		(19,635)	(76,371)
Provisions and allowances		18,971	11,817
Share of profit of associates and joint ventures	7	(11,290)	(32,593)
Changes in operating assets and liabilities:
(Increase) / decrease in inventories		(322)	168
Decrease in trading properties and under development		2,647	5,643
(Increase) / decrease in trade and other receivables		(8,945)	2,282
Increase / (decrease) in trade and other payables		14,074	(22,480)
Decrease in salaries and social security liabilities		(1,466)	(744)
Decrease in provisions		(1,118)	(379)
Net cash generated by operating activities before income tax paid		147,241	112,486

 

 

The following table presents a detail of significant non-cash transactions occurred in the six-month periods ended December 31, 2025 and 2024:

 

	12.31.2025	12.31.2024
Increase of investment properties through a decrease of investments in financial assets	4,187	23,889
Increase of property, plant and equipment through an increase of trade and other payables	1	12
Increase of investments in financial assets through a decrease of investments in associates and joint ventures	8,315	3,144
Decrease in investments in associates and joint ventures through a decrease in borrowings	1,193	-
Other comprehensive loss for the period	1,415	1,847
Decrease in investment properties through an increase in property, plant and equipment	120	1,500
Increase in intangible assets through an increase in salaries and social security liabilities	362	-
Increase in investments in associates and joint ventures through a decrease in investments in financial assets	-	2,611
Decrease in investments in financial assets through a decrease in trade and other payables	7,087	3,644
Decrease in Shareholders’ Equity through a decrease in trade and other receivables	-	5,626
Decrease in Shareholders’ Equity through a decrease in investments in financial assets	58,175	34,332
Increase in right-of-use assets through an increase in lease liabilities	2,184	-
Increase of investments in financial assets through a decrease in trade and other receivables	4,885	-
Decrease in Shareholders’ Equity through an increase in trade and other payables	172	2,776
Barter transactions of investment properties	-	18
Decrease in investment properties through an increase in trade and other receivables	374	1,522
Decrease in investments in associates and joint ventures through an increase in trade and other receivables	2,002	-
Increase in intangible assets through a decrease in investment properties	339	2,786
Increase in intangible assets through an increase in trade and other payables	15	909
Increase of investments in financial assets through an increase in borrowings	-	608
Decrease in borrowings through an increase in trade and other payables	-	3,491
Increase in investment properties through an increase in trade and other payables	6,269	16,308
Decrease in right-of-use assets through a decrease in lease liabilities	-	7,798
Decrease of investment in financial assets through an increase in trade and other receivables	-	3,111
Decrease in lease liabilities through an increase in trade and other payables	-	526
Increase of investment in financial assets through a decrease in derivative financial instruments	-	45
Decrease in investment properties through an increase in trading properties	24,359	-

 

 

Group’s trade and other payables as of December 31, 2025 and June 30, 2025 were as follows:

 

	12.31.2025	06.30.2025
Customers´ advances (*)	70,804	73,428
Trade payables	38,813	27,521
Accrued invoices	16,722	16,257
Admission fees (*)	48,842	51,816
Other income to be accrued	592	646
Guarantee deposits	1,160	735
Total trade payables	176,933	170,403
Taxes payable	11,921	12,271
Other payables	22,812	25,154
Total other payables	34,733	37,425
Total trade and other payables	211,666	207,828
Non-current	71,113	69,655
Current	140,553	138,173
Total	211,666	207,828

 

(*) Mainly, corresponds to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years.

 

The carrying amounts of the Group’s trade and other payables denominated in foreign currencies are detailed in Note 27.

 

 

 

 

The breakdown of the Group’s borrowings as of December 31, 2025 and June 30, 2025 was as follows:

 

	Book value		Fair value
	12.31.2025	06.30.2025	12.31.2025	06.30.2025
Non-convertible notes	945,378	720,543	960,021	724,111
Bank loans and others	5,051	5,253	5,051	5,253
Bank overdrafts	29,335	7,673	29,335	7,673
Other borrowings	2,064	2,897	2,064	2,897
Loans with non-controlling interests	3,486	3,262	3,486	3,262
Total borrowings	985,314	739,628	999,957	743,196
Non-current	872,134	582,661
Current	113,180	156,967
Total	985,314	739,628

 

 

 

 

The Series XXIV Additional Notes have terms and conditions identical to the original Series XXIV Notes issued on March 31, 2025.

 

The total nominal amount outstanding of the Series XXIV Notes amounts to USD 480.5 million.

 

 

The table below shows the movements in the Group's provisions categorized by type:

 

	Legal claims (iii)	Investments in associates and joint ventures (ii)	12.31.2025	06.30.2025
Beginning of the period / year	42,606	90	42,696	39,363
Additions (i)	8,565	-	8,565	5,589
Share of loss of associates	-	38	38	106
Recovery (i)	(35)	-	(35)	(1,641)
Used during the period / year	(1,118)	-	(1,118)	(577)
Inflation adjustment	3,438	-	3,438	(144)
End of the period / year	53,456	128	53,584	42,696
Non-current			47,234	36,769
Current			6,350	5,927
Total			53,584	42,696

 

(i) Additions and recovery of legal claims are included in "Other operating results, net" in the Statement of Income and Other Comprehensive Income.

(ii) Corresponds to investments in Puerto Retiro, a joint venture with negative equity.

(iii) Includes the provision for the IDBD demand.

 

 

 

The Group lost control of IDBD on September 25, 2020.

 

On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. (“Dolphin BV”) and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conducting an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

 

On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million, plus interest and costs.

 

On January 30, 2023, a copy of the lawsuit was sent to us and we evaluated the legal defense alternatives for the company's interests. During the fiscal year 2023 and to date, the process has followed its natural course and the Company has responded to all the requirements that have been made.

 

On January 17, 2024, the Court rejected the request for inhibition of assets and seizure of IRSA requested by IDBD. A hearing date has been set in the file dealing with the appeal of jurisdiction and the notification of the lawsuit. A hearing date has also been set in the main claim file, which is currently in the evidentiary stage.

 

On April 9, 2024, the Court rejected the appeal filed by IRSA regarding the applicable jurisdiction and the form of notification of the claim, ordering that IRSA and Dolphin pay IDBD the sum of NIS 25,000 as expenses. The Court's decision was appealed to the Supreme Court on June 16, 2024 and on June 18, 2024, the Supreme Court refused to address the issue raised.

 

September 15, 2024 has been set as the deadline for IDBD, IRSA and Dolphin to report to the Court the status of the documentation exchange process. In this process, the parties present the requested documentation as part of the evidentiary stage. A preliminary hearing was held in which the parties discussed document requests and agreed to attempt to reach a consensus on certain facts of the case. In the hearing, the parties were granted a deadline until October 2024 to present witnesses. A list of witnesses has been submitted, and the parties are negotiating to agree on certain facts of the case, to be reflected in a document to be submitted to the Court within the evidentiary stage. On March 30, 2025, a hearing was held in which the Court ordered IDBD to provide all documents requested by IRSA and Dolphin and, if necessary, to request the relevant documentation from the bondholders, setting a deadline of the end of April 2025. Should the bondholders refuse, IRSA and Dolphin would be entitled to file a judicial request to obtain such documentation. In July 2025, IDBD provided additional documentation to the defendants, who reserved the right to request further documents through legal proceedings that may be in the possession of the bondholders. During November 2025, IDBD, IRSA and Dolphin were required to file affidavits regarding the main aspects of their claims or defenses, identifying the documents in their possession; however, by a ruling dated December 28, 2025, the Court extended the deadline to January 11, 2026. IDBD filed its affidavits in January 2026, and the Court granted IRSA and Dolphin an extension to file theirs until May 5, 2026. The Court has suggested that the parties engage in private negotiations or mediation to reach a resolution. In this regard, the parties have informed the Court of their intention to hold a private meeting to initiate negotiations aimed at resolving the dispute, although the date for such a meeting has not yet been determined.

 

The company is discussing the admissibility of the claim in terms of its passive legitimacy and, subsidiarily, refuting the substantive arguments raised by IDBD. Notwithstanding this, based on the analysis of the Company's legal advisors and the actions taken to date, an accounting provision related to this claim has been recorded in accordance with the applicable accounting standards. As of the date of issuance of these condensed interim consolidated financial statements, the legal process is still ongoing.

 

 

 

 

The details of the Group’s income tax, is as follows:

	12.31.2025	12.31.2024
Current income tax	(59,064)	(77,729)
Deferred income tax	(39,726)	123,048
Income tax	(98,790)	45,319

 

Below is a reconciliation between income tax recognized and the amount which would result from applying the prevailing tax rate on profit before income tax for the six-month periods ended December 31, 2025 and 2024:

 

	12.31.2025	12.31.2024
(Profit) / loss for the period at tax rate applicable in the respective countries	(118,854)	34,341
Permanent differences:
Share of profit of associates and joint ventures	3,688	12,998
Provision of tax loss carry forwards	(2,756)	1,123
Accounting Inflation adjustment permanent difference	2,058	8,818
Difference between provision and tax return	966	(5,607)
Non-taxable profit, non-deductible expenses and others	11,516	11,042
Tax inflation adjustment permanent difference	4,592	(17,396)
Income tax	(98,790)	45,319