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.

 

Share capital: 810,797,120 common shares. (*)

 

Common Stock subscribed, issued and paid-up nominal value (in millions of ARS): 8,108.

 

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: 433,202,111 common shares.

 

Percentage of votes of the Parent Company (direct interest) on the shareholders’ equity: 53.44% (1).

 

Type of stock	CAPITAL STATUS
	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	810,797,120	8,108

 

(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 March 31, 2026, the capital increase and the issuance of shares resolved by the board of directors on April 28, 2026, 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	11
Note 6 – Segment information	11
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	30

  

 

 

 

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		Argentine National Securities Commission
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	03.31.2026	06.30.2025
ASSETS
Non-current assets
Investment properties	8	2,990,015	2,932,846
Property, plant and equipment	9	68,382	67,660
Trading properties	10, 22	209,925	156,007
Intangible assets	11	22,419	22,677
Right-of-use assets	12	19,914	14,866
Investments in associates and joint ventures	7	237,528	222,908
Deferred income tax assets	19	8,171	8,656
Income tax credit		44	73
Trade and other receivables	13, 14	6,702	41,273
Investments in financial assets	13	29,289	34,477
Total non-current assets		3,592,389	3,501,443
Current assets
Trading properties	10, 22	49,097	44,649
Inventories	22	1,697	1,527
Income tax credit		408	439
Trade and other receivables	13, 14	163,980	162,592
Investments in financial assets	13	446,219	273,644
Cash and cash equivalents	13	54,472	221,177
Total current assets		715,873	704,028
TOTAL ASSETS		4,308,262	4,205,471
SHAREHOLDERS’ EQUITY
Equity attributable to owners of the parent (as shown in the statement of changes in equity)		1,922,365	1,973,610
Non-controlling interest		115,884	117,786
TOTAL SHAREHOLDERS’ EQUITY		2,038,249	2,091,396
LIABILITIES
Non-current liabilities
Borrowings	13, 17	798,232	637,678
Lease liabilities	12	7,827	4,088
Deferred income tax liabilities	19	907,852	931,854
Trade and other payables	13, 16	68,735	76,232
Provisions	18	41,430	40,241
Salaries and social security liabilities		129	155
Total non-current liabilities		1,824,205	1,690,248
Current liabilities
Borrowings	13, 17	98,625	171,788
Lease liabilities	12	5,354	6,447
Trade and other payables	13, 16	143,819	151,220
Income tax liabilities		89,665	69,583
Provisions	18	5,794	6,487
Derivative financial instruments	13	82,959	61
Salaries and social security liabilities		19,592	18,241
Total current liabilities		445,808	423,827
TOTAL LIABILITIES		2,270,013	2,114,075
TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES		4,308,262	4,205,471

  

 

 

		Nine months		Three months
	Note	03.31.2026	03.31.2025	03.31.2026	03.31.2025
Revenues	20	464,366	445,596	144,706	140,176
Costs	21, 22	(174,047)	(173,286)	(53,205)	(56,372)
Gross profit		290,319	272,310	91,501	83,804
Net gain / (loss) from fair value adjustment of investment properties	8	30,231	(188,173)	(173,016)	147,382
General and administrative expenses	21	(66,423)	(60,625)	(23,124)	(19,882)
Selling expenses	21	(23,266)	(22,964)	(8,077)	(9,016)
Other operating results, net	23	7,670	(7,786)	(340)	6,118
Profit / (loss) from operations		238,531	(7,238)	(113,056)	208,406
Share of profit / (loss) of associates and joint ventures	7	19,961	13,330	7,605	(22,341)
Profit / (loss) before financial results and income tax		258,492	6,092	(105,451)	186,065
Finance income	24	8,259	4,715	2,920	2,390
Finance costs	24	(67,834)	(37,065)	(22,235)	(750)
Other finance income / (cost)	24	122,350	79,203	81,759	(16,100)
Gain / (loss) on net monetary position (IAS 29)	24	15,487	22,581	(665)	12,500
Financial results, net		78,262	69,434	61,779	(1,960)
Profit / (loss) before income tax		336,754	75,526	(43,672)	184,105
Income tax expense	19	(97,013)	(29,029)	11,104	(78,627)
Profit for the period		239,741	46,497	(32,568)	105,478
Other comprehensive (loss) / income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustments and other comprehensive (loss) / income of subsidiaries and associates (i)		(1,444)	(1,034)	105	986
Total other comprehensive (loss) / income for the period		(1,444)	(1,034)	105	986
Total comprehensive income / (loss) for the period		238,297	45,463	(32,463)	106,464
Profit / (loss) for the period attributable to:
Equity holders of the parent		227,537	44,314	(30,184)	101,575
Non-controlling interest		12,204	2,183	(2,384)	3,903
Total comprehensive profit / (loss) attributable to:
Equity holders of the parent		226,527	43,824	(29,433)	102,548
Non-controlling interest		11,770	1,639	(3,030)	3,916
Profit / (loss) per share attributable to equity holders of the parent: (ii)
Basic		297.05	59.80	(39.40)	137.08
Diluted		283.71	54.31	(39.40) (iii)	124.48

 

 

 

	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 (iv)	Retained earnings	Subtotal	Non-controlling interest	Total Shareholders’ equity
Balance as of June 30, 2025	7,533	92	574,595	31,053	850,705	(80,082)	83,603	323,450	(115,861)	298,522	1,973,610	117,786	2,091,396
Net profit for the period	-	-	-	-	-	-	-	-	-	227,537	227,537	12,204	239,741
Other comprehensive loss for the period	-	-	-	-	-	-	-	-	(1,010)	-	(1,010)	(434)	(1,444)
Total comprehensive (loss) / income for the period	-	-	-	-	-	-	-	-	(1,010)	227,537	226,527	11,770	238,297
Appropriation of retained earnings – Shareholders’ meeting	-	-	-	-	-	-	12,238	-	27,386	(39,624)	-	-	-
Warrants exercise (ii)	483	-	20	(3,974)	90,081	-	-	-	-	-	86,610	-	86,610
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	-	430	430
Dividends declared	-	-	-	-	-	-	-	-	-	(205,141)	(205,141)	(13,859)	(219,000)
Reserve for share-based payments	4	(4)	-	-	-	436	-	-	(436)	-	-	-	-
Changes in non-controlling interest	-	-	-	-	-	-	-	-	243	-	243	(243)	-
Amendment to the exercise terms of warrants issued by the Company (iii)	-	-	-	(27,079)	(132,405)	-	-	-	-	-	(159,484)	-	(159,484)
Balance as of March 31, 2026	8,020	88	574,615	-	808,381	(79,646)	95,841	323,450	(89,678)	281,294	1,922,365	115,884	2,038,249

 

(i) Includes ARS 23 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) As of March 31, 2026, the remaining warrants to exercise amount to 26,392,876. See Note 28 to these Financial Statements.

(iii) See Note 28 to these Financial Statements.

(iv) Group´s other reserves for the period ended March 31, 2026 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	(8,981)	(5,840)	61,900	(162,940)	(115,861)
Other comprehensive loss for the period	-	(1,010)	-	-	(1,010)
Total comprehensive loss for the period	-	(1,010)	-	-	(1,010)
Appropriation of retained earnings – Shareholders’ meeting	-	-	27,386	-	27,386
Reserve for share-based payments	776	-	-	(1,212)	(436)
Changes in non-controlling interest	-	-	-	243	243
Balance as of March 31, 2026	(8,205)	(6,850)	89,286	(163,909)	(89,678)

 

 

 

 

 

 

 

	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)	Retained earnings	Subtotal	Non-controlling interest	Total Shareholders’ equity
Balance as of June 30, 2024	7,181	234	574,516	38,542	834,282	(17,973)	83,603	323,450	13,198	24,068	1,881,101	128,688	2,009,789
Net profit for the period	-	-	-	-	-	-	-	-	-	44,314	44,314	2,183	46,497
Other comprehensive loss for the period	-	-	-	-	-	-	-	-	(490)	-	(490)	(544)	(1,034)
Total comprehensive (loss) / income for the period	-	-	-	-	-	-	-	-	(490)	44,314	43,824	1,639	45,463
Appropriation of retained earnings – Shareholders’ meeting	-	-	-	-	-	-	-	-	(30,309)	30,309	-	-	-
Repurchase of treasury shares	(115)	115	-	-	-	-	-	-	(24,395)	-	(24,395)	-	(24,395)
Warrants exercise	162	-	67	(5,832)	12,794	-	-	-	-	-	7,191	-	7,191
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	-	229	229
Dividends declared	-	-	-	-	-	-	-	-	(136,306)	-	(136,306)	(11,341)	(147,647)
Distribution of treasury shares	257	(257)	-	-	-	(62,190)	-	-	62,190	-	-	-	-
Reserve for share-based payments	-	-	-	-	-	92	-	-	(92)	-	-	-	-
Changes in non-controlling interest	-	-	-	-	-	-	-	-	(22)	-	(22)	22	-
Balance as of March 31, 2025	7,485	92	574,583	32,710	847,076	(80,071)	83,603	323,450	(116,226)	98,691	1,771,393	119,237	1,890,630

 

(i) Includes ARS 98 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 March 31, 2025 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	(46,885)	127,233	(5,084)	101,282	(163,348)	13,198
Other comprehensive loss for the period	-	-	(490)	-	-	(490)
Total comprehensive loss for the period	-	-	(490)	-	-	(490)
Appropriation of retained earnings – Shareholders’ meeting	-	-	-	(30,309)	-	(30,309)
Repurchase of treasury shares	(24,395)	-	-	-	-	(24,395)
Dividends declared	-	(68,153)	-	(68,153)	-	(136,306)
Distribution of treasury shares	62,190	-	-	-	-	62,190
Reserve for share-based payments	109	-	-	-	(201)	(92)
Reallocation of reserves	-	(59,080)	-	59,080	-	-
Changes in non-controlling interest	-	-	-	-	(22)	(22)
Balance as of March 31, 2025	(8,981)	-	(5,574)	61,900	(163,571)	(116,226)

 

 

 

	Note	03.31.2026	03.31.2025
Operating activities:
Net cash generated from operating activities before income tax paid	15	204,298	175,885
Income tax paid		(85,531)	(13,123)
Net cash generated from operating activities		118,767	162,762
Investing activities:
Acquisition of participation in associates		(7,608)	-
Contributions and issuance of capital in associates and joint ventures		-	(44)
Acquisition and improvements of investment properties		(65,174)	(37,880)
Proceeds from sales of investment properties		1,849	9,434
Acquisitions and improvements of property, plant and equipment		(7,288)	(7,362)
Acquisitions of intangible assets		(575)	(2,494)
Dividends collected from associates and joint ventures		2,201	400
Proceeds from sales of interest held in associates and joint ventures		-	7,996
Payment of derivative financial instruments		(946)	(80)
Acquisitions of investments in financial assets		(733,463)	(292,776)
Proceeds from disposal of investments in financial assets		500,439	279,313
Interest received from financial assets		39,369	17,094
Proceeds from loans granted to related parties		1,567	956
Loans granted		(1,044)	-
Net cash used in investing activities		(270,673)	(25,443)
Financing activities:
Borrowings, issuance and new placement of non-convertible notes		288,260	465,796
Payment of borrowings and non-convertible notes		(84,062)	(121,254)
Net (repayment of) / proceeds from short-term borrowings		(5,004)	81,393
Interests paid		(61,306)	(47,753)
Repurchase of non-convertible notes		-	(57,187)
Capital contributions from non-controlling interest in subsidiaries		430	229
Loans received from associates and joint ventures, net		-	396
Dividends paid		(155,332)	(100,877)
Warrants exercise		6,304	7,191
Payment of lease liabilities		(1,470)	(3,260)
Repurchase of treasury shares		-	(24,395)
Net cash (used in) / generated from financing activities		(12,180)	200,279
Net (decrease) / increase in cash and cash equivalents		(164,086)	337,598
Cash and cash equivalents at the beginning of the period	13	221,177	49,348
Loss on net monetary position (IAS 29)		(3,043)	(3,753)
Foreign exchange differences and unrealized fair value gain / (loss) on cash and cash equivalents		424	(1,347)
Cash and cash equivalents at end of the period	13	54,472	381,846

  

 

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

 

 

These Financial Statements have been approved for issuance by the Board of Directors, on May 6, 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 ultimate beneficial owner is Eduardo S. 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 March 31, 2026 and for the interim periods of nine months ended March 31, 2026 and 2025 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 March 31, 2026, 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 March 31, 2026 (nine months)	As of March 31, 2026 (twelve months)
Price variation	25%	33%

 

As a consequence, these Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2026 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 March 31, 2025 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 nine-month period ended March 31, 2026 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 23, 2025, IRSA signed barter agreements for two lots for an approximate total amount of USD 11.8 million, equivalent to ARS 19,213 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

 

Additionally, on February 12 and February 26, 2026, IRSA signed barter agreements for two lots, for a total reference amount of approximately USD 11.3 million, equivalent to ARS 16,611 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 1,516 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 agreements were recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements.

 

 

On September 17, 2025, the Company 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 2026.

 

“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. The remaining balance will be paid in four annual installments.

 

This transaction was recorded as an addition of “Investment properties” for ARS 14,596 million and “Intangible assets” for ARS 16 million, with a recognition of Imputed interest for ARS 1,262 million.

 

 

 

 

On October 17, 2025, 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 sqm. The transaction price amounted to USD 1.2 million, equivalent to ARS 1,972 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 sqm, has an existing built area of approximately 17,000 sqm 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.

 

 

On January 28, 2026, IRSA signed a barter agreement with a local developer for the transfer of a plot of land owned by the Company, located in the City of Córdoba, adjacent to the Córdoba Shopping area, to be used for the development of a corporate office building. As consideration, the Company will receive full ownership of an open-plan office floor of approximately 979 sqm, together with ancillary rights over parking spaces and an option to acquire additional space in the building. The reference value of the transaction amounts to approximately USD 2.4 million, equivalent to ARS 3,472 million.

 

This barter agreement was recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements.

 

 

On February 9, 2026, IRSA signed a lease agreement for an area of approximately 6,200 sqm located on the premises of Soleil Premium Outlet shopping center. The purpose of the agreement is the construction and operation of retail units, which will be integrated into the existing shopping complex.

 

The term of the lease, including automatic renewals, is fifty (50) years, and the transaction was recorded as an addition of “Right-of-use assets” for ARS 4,599 million and “Lease liabilities” for ARS 4,505 million.

 

 

On March 4, 2026, Vista al Muelle S.A. (VAM), a subsidiary of Liveck L.T.D., transferred a plot of land to a trust, which was incorporated into the trust’s assets at an estimated value of approximately USD 3.2 million. As consideration, VAM will receive units of the tower to be constructed on such land.

 

The transaction generated a gain of ARS 4,307 million, resulting from the recognition of revenue from the sale of trading properties amounting to ARS 4,651 million and a related cost of ARS 344 million in these Consolidated Financial Statements. Additionally, a net increase of ARS 4,307 million was recorded in trading properties.

 

 

 

 

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 nine-month periods ended March 31, 2026 and 2025:

 

	03.31.2026
	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	373,352	(2,163)	93,177	-	464,366
Costs	(80,391)	222	(93,878)	-	(174,047)
Gross profit / (loss)	292,961	(1,941)	(701)	-	290,319
Net gain / (loss) from fair value adjustment of investment properties	29,141	1,090	-	-	30,231
General and administrative expenses	(66,866)	264	-	179	(66,423)
Selling expenses	(23,407)	141	-	-	(23,266)
Other operating results, net	7,408	(19)	460	(179)	7,670
Profit / (loss) from operations	239,237	(465)	(241)	-	238,531
Share of profit of associates and joint ventures	19,244	717	-	-	19,961
Segment profit / (loss)	258,481	252	(241)	-	258,492
Reportable assets	3,561,994	(2,397)	-	748,665	4,308,262
Reportable liabilities (i)	-	-	-	(2,270,013)	(2,270,013)
Net reportable assets	3,561,994	(2,397)	-	(1,521,348)	2,038,249

 

	03.31.2025
	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	357,489	(2,003)	90,110	-	445,596
Costs	(82,872)	199	(90,613)	-	(173,286)
Gross profit / (loss)	274,617	(1,804)	(503)	-	272,310
Net (loss) / gain from fair value adjustment of investment properties	(187,876)	(297)	-	-	(188,173)
General and administrative expenses	(61,088)	311	-	152	(60,625)
Selling expenses	(23,073)	109	-	-	(22,964)
Other operating results, net	(7,915)	(5)	286	(152)	(7,786)
(Loss) / profit from operations	(5,335)	(1,686)	(217)	-	(7,238)
Share of profit of associates and joint ventures	12,140	1,190	-	-	13,330
Segment profit / (loss)	6,805	(496)	(217)	-	6,092
Reportable assets	3,252,401	92	-	803,657	4,056,150
Reportable liabilities (i)	-	-	-	(2,165,520)	(2,165,520)
Net reportable assets	3,252,401	92	-	(1,361,863)	1,890,630

 

(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 157 as of March 31, 2026.

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

 

 

 

Below is a summarized analysis of the segments from the Group for the nine-month periods ended March 31, 2026 and 2025:

 

	03.31.2026
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	260,299	21,071	14,651	68,883	8,448	373,352
Costs	(21,518)	(2,434)	(10,483)	(42,768)	(3,188)	(80,391)
Gross profit	238,781	18,637	4,168	26,115	5,260	292,961
Net gain / (loss) from fair value adjustment of investment properties	103,494	(20,273)	(54,134)	-	54	29,141
General and administrative expenses	(30,475)	(1,868)	(13,570)	(9,388)	(11,565)	(66,866)
Selling expenses	(14,486)	(766)	(2,525)	(4,416)	(1,214)	(23,407)
Other operating results, net	1,123	133	8,452	(352)	(1,948)	7,408
Profit / (loss) from operations	298,437	(4,137)	(57,609)	11,959	(9,413)	239,237
Share of profit of associates and joint ventures	-	-	-	-	19,244	19,244
Segment profit / (loss)	298,437	(4,137)	(57,609)	11,959	9,831	258,481
Investment properties and trading properties	1,947,951	299,191	1,009,582	-	2,740	3,259,464
Investment in associates and joint ventures	-	-	-	-	228,928	228,928
Other operating assets	6,124	584	152	58,650	8,092	73,602
Reportable assets	1,954,075	299,775	1,009,734	58,650	239,760	3,561,994

 

 

	03.31.2025
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	254,174	18,556	13,800	65,006	5,953	357,489
Costs	(18,534)	(1,420)	(18,594)	(40,310)	(4,014)	(82,872)
Gross profit / (loss)	235,640	17,136	(4,794)	24,696	1,939	274,617
Net gain / (loss) from fair value adjustment of investment properties	268,128	(138,536)	(316,829)	-	(639)	(187,876)
General and administrative expenses	(29,557)	(2,447)	(11,565)	(11,635)	(5,884)	(61,088)
Selling expenses	(13,262)	(801)	(2,550)	(5,036)	(1,424)	(23,073)
Other operating results, net	(158)	167	(10,677)	(432)	3,185	(7,915)
Profit / (loss) from operations	460,791	(124,481)	(346,415)	7,593	(2,823)	(5,335)
Share of profit of associates and joint ventures	-	-	-	-	12,140	12,140
Segment profit / (loss)	460,791	(124,481)	(346,415)	7,593	9,317	6,805
Investment properties and trading properties	1,529,267	363,354	1,063,212	-	2,957	2,958,790
Investment in associates and joint ventures	-	-	-	-	221,659	221,659
Other operating assets	6,144	564	143	55,924	9,177	71,952
Reportable assets	1,535,411	363,918	1,063,355	55,924	233,793	3,252,401

 

 

Changes in the Group’s investments in associates and joint ventures for the nine-month period ended March 31, 2026 and for the year ended June 30, 2025 were as follows:

 

	03.31.2026	06.30.2025
Beginning of the period / year	222,808	225,592
Sale of interest in associates	-	(4,674)
Capital contributions	-	44
Share of profit	19,961	34,929
Currency translation adjustment	(400)	120
Dividends (Note 25)	(4,998)	(33,455)
Transfers from/to financial assets (ii)	-	437
Decrease of interest (iii)	-	(185)
End of the period / year (i)	237,371	222,808

 

 

 

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 (loss) / income
Name of the entity	03.31.2026	06.30.2025	03.31.2026	06.30.2025	03.31.2026	03.31.2025
Associates and joint ventures
New Lipstick	49.96%	49.96%	1,716	1,841	(126)	(163)
BHSA	29.12%	29.12%	177,531	167,415	10,117	4,426
BACS	37.72%	37.72%	14,166	13,814	351	412
Nuevo Puerto Santa Fe	50.00%	50.00%	8,600	10,636	773	1,284
La Rural SA	50.00%	50.00%	32,851	26,292	8,746	7,234
GCDI	-	-	-	-	-	207
Other joint ventures	N/A	N/A	2,507	2,810	(300)	(204)
Total associates and joint ventures			237,371	222,808	19,561	13,196

 

 

					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	(*)	(2)	(*)	(52)
BHSA	Argentina	Financial	436,780,922	(**)	1,500	(**)	34,742	(**)	594,480
BACS	Argentina	Financial	33,125,751	(**)	88	(**)	932	(**)	37,552
Nuevo Puerto Santa Fe	Argentina	Real estate	138,750		28		1,547		16,477
La Rural SA	Argentina	Organization of events	714,998	(**)	1	(**)	17,731	(**)	65,744

 

(*) Amounts in millions of US Dollars.

(**) Information as of March 31, 2026 according to IFRS.

 

 

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 nine-month period ended March 31, 2026 and for the year ended June 30, 2025 were as follows:

 

	03.31.2026		06.30.2025
	Level 2	Level 3	Level 2	Level 3
Fair value at the beginning of the period / year	1,149,789	1,783,057	1,813,143	1,156,377
Additions	58,686	17,542	33,703	59,500
Capitalized leasing costs	232	117	81	146
Amortization of capitalized leasing costs (i)	(131)	(231)	(164)	(313)
Transfers	(46,487)	(531)	(110,246)	(4,783)
Disposals	(2,259)	-	(11,369)	(23)
Currency translation adjustment	-	-	(80)	-
Net (loss) / gain from fair value adjustment (ii)	(78,857)	109,088	(575,279)	572,153
Fair value at the end of the period / year	1,080,973	1,909,042	1,149,789	1,783,057

 

 

 

 

 

 

 

 

Additionally, due to the impact of the inflation adjustment, ARS 361,170 million were reclassified for shopping malls from “Net gain / (loss) from fair value adjustment” to “Gain / (loss) on net monetary position (IAS 29)” in the Statement of Income and Other Comprehensive Income.

 

The following is the balance by type of investment property of the Group for the nine-month period ended March 31, 2026 and for the year ended June 30, 2025:

 

	03.31.2026	06.30.2025
Shopping Malls (i)	1,937,524	1,800,906
Offices and other rental properties	332,458	363,632
Undeveloped parcels of land	716,577	765,046
Properties under development	830	813
Others	2,626	2,449
Total	2,990,015	2,932,846

 

(i) Includes parking spaces.

 

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

 

	03.31.2026	03.31.2025
Revenues (Note 20)	382,607	368,803
Direct operating costs	(122,058)	(115,674)
Development costs	(6,893)	(15,056)
Net realized gain from fair value adjustment of investment properties (i)	1,869	3,942
Net unrealized gain / (loss) from fair value adjustment of investment properties (ii)	28,362	(192,115)

 

(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 nine-month period ended March 31, 2026 and for the year ended June 30, 2025 were as follows:

 

	Buildings and facilities	Machinery and equipment	Others (i)	03.31.2026	06.30.2025
Costs	158,259	65,455	15,301	239,015	226,919
Accumulated depreciation	(99,109)	(60,331)	(11,915)	(171,355)	(163,164)
Net book amount at the beginning of the period / year	59,150	5,124	3,386	67,660	63,755
Additions	5,681	1,086	574	7,341	10,057
Currency translation adjustment	-	-	(2)	(2)	8
Transfers	-	161	-	161	2,031
Depreciation charges (ii)	(4,359)	(1,847)	(572)	(6,778)	(8,191)
Balances at the end of the period / year	60,472	4,524	3,386	68,382	67,660
Costs	163,940	66,702	15,873	246,515	239,015
Accumulated depreciation	(103,468)	(62,178)	(12,487)	(178,133)	(171,355)
Net book amount at the end of the period / year	60,472	4,524	3,386	68,382	67,660

 

 

 

Changes in the Group’s trading properties for the nine-month period ended March 31, 2026 and for the year ended June 30, 2025 were as follows:

 

	Completed properties	Properties under development	Undeveloped sites	03.31.2026	06.30.2025
Beginning of the period / year	2,703	180,960	16,993	200,656	34,781
Additions	-	10,505	756	11,261	3,761
Currency translation adjustment	-	(1,876)	-	(1,876)	(828)
Transfers	-	46,487	-	46,487	204,266
Reversal / (charge) of impairment (i)	-	8,284	-	8,284	(23,921)
Disposals	-	(5,789)	(1)	(5,790)	(17,403)
End of the period / year	2,703	238,571	17,748	259,022	200,656
Non-current				209,925	156,007
Current				49,097	44,649
Total				259,022	200,656

 

 

 

 

 

Changes in the Group’s intangible assets for the nine-month period ended March 31, 2026 and for the year ended June 30, 2025 were as follows:

 

	Goodwill	Information systems and software	Trademarks, concession rights and others	03.31.2026	06.30.2025
Costs	3,110	26,154	22,138	51,402	138,854
Accumulated amortization	-	(21,332)	(7,393)	(28,725)	(26,211)
Net book amount at the beginning of the period / year	3,110	4,822	14,745	22,677	112,643
Additions	-	1,187	16	1,203	3,816
Transfers	-	370	-	370	(91,269)
Currency translation adjustment	-	-	-	-	1
Amortization charges (i)	-	(1,470)	(361)	(1,831)	(2,514)
Balances at the end of the period / year	3,110	4,909	14,400	22,419	22,677
Costs	3,110	27,711	22,154	52,975	51,402
Accumulated amortization	-	(22,802)	(7,754)	(30,556)	(28,725)
Net book amount at the end of the period / year	3,110	4,909	14,400	22,419	22,677

 

 

 

The Group’s right-of-use assets as of March 31, 2026 and June 30, 2025 are the following:

 

	03.31.2026	06.30.2025
Offices, shopping malls and other rental properties	14,987	9,330
Convention center	4,927	5,536
Total Right-of-use assets	19,914	14,866
Non-current	19,914	14,866
Total	19,914	14,866

 

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

 

	03.31.2026	03.31.2025
Offices, shopping malls and other rental properties	1,333	649
Convention center	609	782
Total depreciation of right-of-use assets (i)	1,942	1,431

 

 

 

 

 

The Group’s lease liabilities as of March 31, 2026 and June 30, 2025 are the following:

 

	03.31.2026	06.30.2025
Offices, shopping malls and other rental properties	10,969	7,646
Convention center	2,212	2,889
Total lease liabilities	13,181	10,535
Non-current	7,827	4,088
Current	5,354	6,447
Total	13,181	10,535

 

 

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 March 31, 2026 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	Leve 2	Level 3
March 31, 2026
Assets as per Statements of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14)	138,920	-	-	-	138,920	36,092	175,012
Investments in financial assets:
- Public companies’ securities	-	34,843	-	-	34,843	-	34,843
- Mutual funds	-	336,020	-	-	336,020	-	336,020
- Bonds	-	75,225	-	-	75,225	-	75,225
- Others	6,255	4,208	17,689	1,268	29,420	-	29,420
Cash and cash equivalents:
- Cash at bank and on hand	37,050	-	-	-	37,050	-	37,050
- Short-term investments	-	17,422	-	-	17,422	-	17,422
Total assets	182,225	467,718	17,689	1,268	668,900	36,092	704,992

  

 

	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
March 31, 2026
Liabilities as per Statements of Financial Position
Trade and other payables (Note 16)	76,987	-	-	-	76,987	135,567	212,554
Borrowings (Note 17)	896,857	-	-	-	896,857	-	896,857
Lease liabilities (Note 12)	13,181	-	-	-	13,181	-	13,181
Derivative financial instruments:
- Warrants	-	82,874	-	-	82,874	-	82,874
- Bond futures	-	85	-	-	85	-	85
Total liabilities	987,025	82,959	-	-	1,069,984	135,567	1,205,551

 

 

 

 

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)	176,457	-	-	176,457	33,146	209,603
Investments in financial assets:
- Public companies’ securities	-	44,162	-	44,162	-	44,162
- Mutual funds	-	165,401	-	165,401	-	165,401
- Bonds	-	69,799	-	69,799	-	69,799
- Others	6,767	4,768	17,224	28,759	-	28,759
Cash and cash equivalents:
- Cash at bank and on hand	209,734	-	-	209,734	-	209,734
- Short-term investments	-	11,443	-	11,443	-	11,443
Total assets	392,958	295,573	17,224	705,755	33,146	738,901

 

 

	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)	76,246	-	-	76,246	151,206	227,452
Borrowings (Note 17)	809,466	-	-	809,466	-	809,466
Lease liabilities (Note 12)	10,535	-	-	10,535	-	10,535
Derivative financial instruments:
- Foreign-currency future contracts	-	25	-	25	-	25
- Bond futures	-	36	-	36	-	36
Total liabilities	896,247	61	-	896,308	151,206	1,047,514

 

As of March 31, 2026, 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 March 31, 2026 and June 30, 2025 are as follows:

 

	03.31.2026	06.30.2025
Sale, leases and services receivables	70,868	86,634
Less: Allowance for doubtful accounts	(4,330)	(5,738)
Total trade receivables	66,538	80,896
Borrowings, deposits and others	62,778	64,121
Advances to suppliers	21,903	15,282
Tax receivables	7,162	11,228
Prepaid expenses	5,258	4,045
Dividends receivable	-	23,392
Others	7,043	4,901
Total other receivables	104,144	122,969
Total trade and other receivables	170,682	203,865
Non-current	6,702	41,273
Current	163,980	162,592
Total	170,682	203,865

 

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:

 

	03.31.2026	06.30.2025
Beginning of the period / year	5,738	5,366
Additions (i)	2,278	1,654
Recovery (i)	(215)	(235)
Exchange rate differences	638	887
Receivables written off during the period / year as uncollectible	(2,765)	(210)
Loss on net monetary position (IAS 29)	(1,344)	(1,724)
End of the period / year	4,330	5,738

 

 

 

Following is a detailed description of cash flows generated by the Group’s operations for the nine-month periods ended March 31, 2026 and 2025:

 

	Note	03.31.2026	03.31.2025
Profit for the period		239,741	46,497
Adjustments for:
Income tax	19	97,013	29,029
Amortization and depreciation	21	10,913	9,708
Gain from disposal of property, plant and equipment	23	(2)	-
Net (gain) / loss from fair value adjustment of investment properties	8	(30,231)	188,173
Gain from lease modification		-	(2,484)
(Reversal) / charge of impairment of trading properties	23	(8,284)	11,057
Gain from disposal of associates and joint ventures	23	-	(3,411)
(Gain) / loss on sale of trading properties and others		(7,116)	2,875
Financial results, net		(109,067)	(93,491)
Provisions and allowances		22,493	20,142
Share of profit of associates and joint ventures	7	(19,961)	(13,330)
Changes in operating assets and liabilities:
(Increase) / decrease in inventories		(170)	278
Decrease in trading properties and under development		1,647	4,450
Decrease in trade and other receivables		20,624	3,731
Decrease in trade and other payables		(12,648)	(27,170)
Increase in salaries and social security liabilities		565	335
Decrease in provisions		(1,219)	(504)
Net cash generated by operating activities before income tax paid		204,298	175,885

 

 

 

The following table presents a detail of significant non-cash transactions occurred in the nine-month periods ended March 31, 2026 and 2025:

 

	03.31.2026	03.31.2025
Increase of investment properties through a decrease of investments in financial assets	4,582	28,384
Increase of property, plant and equipment through an increase of trade and other payables	53	113
Issuance of non-convertible notes	-	73,654
Increase of investments in financial assets through an increase in trade and other payables	-	10,986
Increase of investments in financial assets through a decrease of investments in associates and joint ventures	9,100	3,441
Decrease in investments in associates and joint ventures through a decrease in borrowings	1,305	373
Increase in investment properties through a decrease in trade and other receivables	101	-
Decrease in trading properties through an increase in trade and other receivables	-	4,010
Other comprehensive loss for the period	1,444	1,034
Increase of derivative financial instruments through a decrease in Shareholders’ Equity	159,484	-
Decrease in investment properties through an increase in property, plant and equipment	161	1,640
Increase in intangible assets through an increase in salaries and social security liabilities	612	-
Increase in investments in associates and joint ventures through a decrease in investments in financial assets	-	2,858
Decrease in investments in financial assets through a decrease in trade and other payables	7,757	3,987
Decrease in Shareholders’ Equity through a decrease in trade and other receivables	-	6,158
Decrease in Shareholders’ Equity through a decrease in investments in financial assets	63,668	37,574
Increase in right-of-use assets through an increase in lease liabilities	6,990	6,707
Increase of investments in financial assets through a decrease in trade and other receivables	5,822	-
Decrease of intangible assets through an increase in trading properties	-	94,328
Decrease in Shareholders’ Equity through an increase in trade and other payables	-	3,038
Barter transactions of investment properties	-	21
Decrease in investment properties through an increase in trade and other receivables	410	1,666
Decrease in investments in associates and joint ventures through an increase in trade and other receivables	-	2,563
Increase in intangible assets through a decrease in investment properties	370	3,050
Increase in intangible assets through an increase in trade and other payables	16	995
Increase of investments in financial assets through an increase in borrowings	-	664
Decrease in borrowings through an increase in trade and other payables	-	4,127
Increase in investment properties through an increase in trade and other payables	6,720	15,760
Decrease in right-of-use assets through a decrease in lease liabilities	-	8,533
Decrease of investment in financial assets through an increase in trade and other receivables	-	3,405
Decrease in lease liabilities through an increase in trade and other payables	-	576
Increase of investment in financial assets through a decrease in derivative financial instruments	-	48
Decrease in investment properties through an increase in trading properties	46,487	-
Warrants exercise	80,306	-

 

 

Group’s trade and other payables as of March 31, 2026 and June 30, 2025 were as follows:

 

	03.31.2026	06.30.2025
Customers´ advances (*)	73,867	80,361
Trade payables	38,629	30,119
Accrued invoices	16,798	17,792
Admission fees (*)	52,201	56,709
Other income to be accrued	618	707
Guarantee deposits	1,040	804
Total trade payables	183,153	186,492
Taxes payable	8,881	13,429
Other payables	20,520	27,531
Total other payables	29,401	40,960
Total trade and other payables	212,554	227,452
Non-current	68,735	76,232
Current	143,819	151,220
Total	212,554	227,452

 

(*) 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 March 31, 2026 and June 30, 2025 was as follows:

 

	Book value		Fair value
	03.31.2026	06.30.2025	03.31.2026	06.30.2025
Non-convertible notes	884,442	788,579	913,571	792,484
Bank loans and others	-	5,749	-	5,749
Bank overdrafts	7,109	8,397	7,109	8,397
Other borrowings	1,976	3,171	1,976	3,171
Loans with non-controlling interests	3,330	3,570	3,330	3,570
Total borrowings	896,857	809,466	925,986	813,371
Non-current	798,232	637,678
Current	98,625	171,788
Total	896,857	809,466

 

 

On December 17, 2025, IRSA issued in the international market the Series XXIV Additional Notes for a nominal amount of USD 180 million at an issuance price of 98.503%.

 

The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. Principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035.

 

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)	03.31.2026	06.30.2025
Beginning of the period / year	46,628	100	46,728	43,081
Additions (i)	5,276	-	5,276	6,117
Share of loss of associates	-	57	57	116
Recovery (i)	(608)	-	(608)	(1,796)
Used during the period / year	(1,219)	-	(1,219)	(632)
Loss on net monetary position (IAS 29)	(3,010)	-	(3,010)	(158)
End of the period / year	47,067	157	47,224	46,728
Non-current			41,430	40,241
Current			5,794	6,487
Total			47,224	46,728

 

(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, such deadline was extended to July 7, 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.