Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

 

 

 

 

 

Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
Fiscal year N°: 93, beginning on July 1, 2025
Legal address: Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina
Company activity: Real estate and agricultural activities
Date of registration of the by-laws in the Public Registry of Commerce: February 19, 1937
Date of registration of last amendment of the by-laws in the Public Registry of Commerce: Ordinary and Extraordinary General Assembly of October 28, 2022 registered in the General Inspection of Justice on December 5, 2022 under Number 22602 of Book 110 T- of Stock Companies.
Expiration of Company charter: June 6, 2082
Registration number with the Supervisory Board of Companies: 26, folio 2, book 45, Stock Companies
Stock: 631,844,155 common shares
Common stock subscribed, issued and paid up nominal value (millions of ARS): 632
Control Group: Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Consultores Asset Management S.A..
Legal addresses: Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (Consultores Venture Capital Uruguay S.A.) - Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Consultores Asset Management S.A.).
Parent companies' activity: Investment
Direct and indirect participation of the Control Group over the capital: 230,771,688 shares
Voting stock (direct and indirect equity interest): 36.84% (*)
Type of stock	CAPITAL STATUS
	Authorized to be offered publicly (Shares)	Subscribed, Issued and Paid-in (millions of ARS)
Ordinary certified shares of ARS 1 nominal value and 1 vote each	631,844,155 (**)	632
(*) For computation purposes, treasury shares have been subtracted.
(**) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition.

 

 

 

 

 

Glossary of terms	1
Unaudited Condensed Interim Consolidated Statements of Financial Position	2
Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income	3
Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity	4
Unaudited Condensed Interim Consolidated Statements 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	8
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	11
Note 7 - Investments in associates and joint ventures	15
Note 8 - Investment properties	16
Note 9 - Property, plant and equipment	17
Note 10 - Trading properties	17
Note 11 - Intangible assets	17
Note 12 - Right-of-use assets and lease liabilities	18
Note 13 - Biological assets	18
Note 14 - Inventories	19
Note 15 - Financial instruments by category	20
Note 16 - Trade and other receivables	22
Note 17 - Cash flow and cash equivalents information	23
Note 18 - Trade and other payables	24
Note 19 - Provisions	24
Note 20 - Borrowings	26
Note 21 - Taxation	27
Note 22 - Revenues	28
Note 23 - Costs	28
Note 24 - Expenses by nature	28
Note 25 - Other operating results, net	29
Note 26 - Financial results, net	29
Note 27 - Related parties transactions	29
Note 28 - CNV General Resolution N° 622	31
Note 29 - Cost of sales and services provided	31
Note 30 - Foreign currency assets and liabilities	32
Note 31 - Other relevant events of the period	33
Note 32 - Subsequent Events	33

 

 

 

 

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.
BACS		Banco de Crédito y Securitización S.A.
BHSA		Banco Hipotecario S.A.
CAMSA		Consultores Assets Management S.A.
CNV		Securities Exchange Commission (Argentina)
CODM		Chief operating decision maker
Cresud, “the Company”, “us”		Cresud S.A.C.I.F. y A.
Financial Statements		Unaudited Condensed Interim Consolidated Financial Statements
EHSA		Entertainment Holdings S.A.
CPF		Collective Promotion Funds
GCDI		GCDI S.A.
IASB		International Accounting Standards Board
IDBD		IDB Development Corporation Ltd.
IFISA		Inversiones Financieras del Sur S.A.
IPC		Consumer's price index
IRSA		IRSA Inversiones y Representaciones S.A.
MEP		Electronic Payment Market
New Lipstick		New Lipstick LLC
IAS		International Accounting Standards
IFRS		International Financial Reporting Standards
NIS		New Israeli Shekel
Puerto Retiro		Puerto Retiro S.A.
U.S.		United States

 

 

 

 

	Note	09.30.2025	06.30.2025
ASSETS
Non-current assets
Investment properties	8	2,784,876	2,547,600
Property, plant and equipment	9	803,282	755,215
Trading properties	10	140,930	132,164
Intangible assets	11	30,447	30,201
Right-of-use assets	12	163,491	129,319
Biological assets	13	48,718	46,152
Investment in associates and joint ventures	7	192,278	198,731
Deferred income tax assets	21	14,128	13,650
Income tax credit		76	81
Restricted assets	15	4,394	-
Trade and other receivables	16	196,134	186,215
Investment in financial assets	15	37,373	29,492
Derivative financial instruments	15	2,861	2,616
Total non-current assets		4,418,988	4,071,436
Current assets
Trading properties	10	35,621	37,825
Biological assets	13	83,858	111,989
Inventories	14	218,242	187,997
Income tax credit		626	1,284
Trade and other receivables	16	448,266	469,279
Investment in financial assets	15	395,369	239,715
Derivative financial instruments	15	13,440	7,186
Cash and cash equivalents	15	224,748	265,826
Total current assets		1,420,170	1,321,101
TOTAL ASSETS		5,839,158	5,392,537
SHAREHOLDERS’ EQUITY
Shareholders' equity (according to corresponding statement)		1,085,491	1,028,513
Non-controlling interest		1,439,959	1,317,404
TOTAL SHAREHOLDERS' EQUITY		2,525,450	2,345,917
LIABILITIES
Non-current liabilities
Trade and other payables	18	71,290	81,994
Borrowings	20	1,014,472	855,537
Deferred income tax liabilities	21	968,721	915,093
Provisions	19	44,519	34,367
Payroll and social security liabilities		126	132
Income tax liabilities		23,458	-
Lease liabilities	12	118,392	93,726
Derivative financial instruments	15	5,496	4,204
Total non-current liabilities		2,246,474	1,985,053
Current liabilities
Trade and other payables	18	414,938	350,245
Borrowings	20	500,071	567,735
Provisions	19	4,650	5,557
Payroll and social security liabilities		40,477	40,339
Income tax liabilities		58,258	60,134
Lease liabilities	12	44,817	33,761
Derivative financial instruments	15	4,023	3,796
Total Current liabilities		1,067,234	1,061,567
TOTAL LIABILITIES		3,313,708	3,046,620
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		5,839,158	5,392,537

 

 

 

 

 

	Note	09.30.2025	09.30.2024 Restated (i)
Revenues	22	318,529	269,701
Costs	23	(209,867)	(182,827)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		(1,759)	(2,582)
Changes in the net realizable value of agricultural products after harvest		7,272	2,666
Gross profit		114,175	86,958
Net gain / (loss) from fair value adjustment of investment properties	8	217,265	(292,780)
Gain from disposal of farmlands		-	28,938
General and administrative expenses	24	(27,842)	(26,256)
Selling expenses	24	(27,840)	(24,155)
Other operating results, net	25	(7,805)	(152)
Management fees		(2,968)	-
Profit / (loss) from operations		264,985	(227,447)
Share of (loss) / profit of associates and joint ventures	7	(4,663)	9,446
Profit / (loss) before financial results and income tax		260,322	(218,001)
Finance income	26	4,298	5,487
Finance cost	26	(36,577)	(23,785)
Other financial results	26	(36,119)	69,910
Inflation adjustment	26	(1,084)	8,367
Financial results, net	26	(69,482)	59,979
Profit / (loss) before income tax		190,840	(158,022)
Income tax	21	(80,707)	80,135
Profit / (loss) for the period		110,133	(77,887)
Other comprehensive income / (loss):
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment and other comprehensive results from subsidiaries and associates (ii)		58,492	(24,278)
Revaluation surplus		-	329
Total other comprehensive income / (loss) for the period		58,492	(23,949)
Total comprehensive income / (loss) for the period		168,625	(101,836)
Profit / (loss) for the period attributable to:
Equity holders of the parent		36,844	(34,655)
Non-controlling interest		73,289	(43,232)
Total comprehensive income / (loss) attributable to:
Equity holders of the parent		57,472	(43,081)
Non-controlling interest		111,153	(58,755)
Profit / (loss) for the period per share attributable to equity holders of the parent (iii):
Basic		60.53	(58.29)
Diluted		55.80	(58.29) (iv)

  

 

 

 

 

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares	Treasury shares (iii)	Inflation adjustment of share capital and treasury shares (i)	Warrants (ii)	Share premium	Additional paid-in capital from treasury shares	Legal reserve	Other reserves (iv)	Retained earnings	Subtotal	Non-controlling interest	Total Shareholders' equity
Balance as of June 30, 2025	607	7	301,261	23,261	386,435	(33,186)	45,794	218,736	85,598	1,028,513	1,317,404	2,345,917
Profit for the period	-	-	-	-	-	-	-	-	36,844	36,844	73,289	110,133
Other comprehensive income for the period	-	-	-	-	-	-	-	20,628	-	20,628	37,864	58,492
Total comprehensive income for the period	-	-	-	-	-	-	-	20,628	36,844	57,472	111,153	168,625
Reserve for share-based payments	-	-	-	-	-	-	-	1	-	1	66	67
Dividends distribution	-	-	-	-	-	-	-	-	-	-	(3,004)	(3,004)
Exercise of warrants (ii)	18	-	-	(4,011)	13,631	-	-	-	-	9,638	4,199	13,837
Changes in non-controlling interest	-	-	-	-	-	-	-	(10,133)	-	(10,133)	10,133	-
Other changes in shareholders' equity	-	-	-	-	-	-	-	-	-	-	(43)	(43)
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	51	51
Balance as of September 30, 2025	625	7	301,261	19,250	400,066	(33,186)	45,794	229,232	122,442	1,085,491	1,439,959	2,525,450

 

(i) Includes ARS 1 of Inflation adjustment of treasury shares as of September 30, 2025. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) As of September 30, 2025, the remaining warrants to exercise amount to 60,669,566. See Note 31 to these Financial Statements.

(iii) On September 26, 2025, the Company transferred 1,054,383 treasury shares to a trust with the purpose of allocating them to a new long-term incentive plan for certain employees.

(iv) Group’s other reserves for the period ended September 30, 2025 were as follows:

 

	Cost of treasury shares	Reserve for currency translation adjustment	Reserve for the acquisition of securities issued by the Company	Special reserve	Other reserves (i)	Total other reserves
Balance as of June 30, 2025	(11,883)	(28,317)	2,898	276,900	(20,862)	218,736
Other comprehensive income / (loss) for the period	-	20,639	-	-	(11)	20,628
Total comprehensive income / (loss) for the period	-	20,639	-	-	(11)	20,628
Reserve for share-based payments	-	-	-	-	1	1
Changes in non-controlling interest	-	-	-	-	(10,133)	(10,133)
Balance as of September 30, 2025	(11,883)	(7,678)	2,898	276,900	(31,005)	229,232

 

 

 

 

	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	Other reserves (ii)	Retained earnings	Subtotal	Non-controlling interest	Total Shareholders' equity
Balance as of June 30, 2024 restated (i)	594	2	301,259	27,297	373,510	(33,025)	40,564	227,832	88,310	1,026,343	1,281,900	2,308,243
Loss for the period restated (i)	-	-	-	-	-	-	-	-	(34,655)	(34,655)	(43,232)	(77,887)
Other comprehensive loss for the period	-	-	-	-	-	-	-	(8,426)	-	(8,426)	(15,523)	(23,949)
Total comprehensive loss for the period restated (i)	-	-	-	-	-	-	-	(8,426)	(34,655)	(43,081)	(58,755)	(101,836)
Repurchase of treasury shares	-	-	-	-	-	-	-	-	-	-	(9,118)	(9,118)
Reserve for share-based payments	-	-	-	-	-	(161)	-	162	-	1	71	72
Exercise of warrants	2	-	42	(552)	1,763	-	-	-	-	1,255	2,293	3,548
Changes in non-controlling interest	-	-	-	-	-	-	-	(2,695)	-	(2,695)	(8,854)	(11,549)
Dividends distribution	-	-	-	-	-	-	-	-	-	-	(4,390)	(4,390)
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	113	113
Balance as of September 30, 2024 restated (i)	596	2	301,301	26,745	375,273	(33,186)	40,564	216,873	53,655	981,823	1,203,260	2,185,083

 

(ii) Includes ARS 1 of Inflation adjustment of treasury shares as of September 30, 2024. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(iii) Group’s other reserves for the period ended September 30, 2024, were as follows:

 

	Cost of treasury shares	Reserve for currency translation adjustment	Reserve for future dividends	Reserve for the acquisition of securities issued by the Company	Special reserve	Other reserves (i)	Total other reserves
Balance as of June 30, 2024 restated (i)	(4,098)	(10,846)	40,770	2,898	194,498	4,610	227,832
Other comprehensive (loss) / income for the period	-	(8,749)	-	-	-	323	(8,426)
Total comprehensive (loss) / income for the period	-	(8,749)	-	-	-	323	(8,426)
Reserve for share-based payments	163	-	-	-	-	(1)	162
Changes in non-controlling interest	-	-	-	-	-	(2,695)	(2,695)
Balance as of September 30, 2024 restated (i)	(3,935)	(19,595)	40,770	2,898	194,498	2,237	216,873

 

 

 

 

 

	Note	09.30.2025	09.30.2024 Restated (i)
Operating activities:
Net cash generated from operating activities before income tax paid	15	156,066	56,655
Income tax paid		(4,099)	(3,328)
Net cash generated from operating activities		151,967	53,327
Investing activities:
Proceeds from the sale of participation in associates and joint ventures		-	3,206
Capital contributions to associates and joint ventures		(315)	-
Acquisition of participation in associate		(6,319)	-
Acquisition and improvement of investment properties		(17,574)	(18,277)
Proceeds from sales of investment properties		-	138
Acquisitions and improvements of property, plant and equipment		(12,596)	(14,291)
Acquisition of intangible assets		(340)	(1,590)
Proceeds from sales of property, plant and equipment		16,550	3,654
Loans granted		(306)	-
Proceeds from loans granted		476	293
Acquisitions of investments in financial assets		(405,825)	(121,359)
Proceeds from disposal of investments in financial assets		244,497	75,249
Interest received from financial assets		22,300	4,577
Payments of derivative financial instruments, net		638	(273)
Net cash used in investing activities		(158,814)	(68,673)
Financing activities:
Borrowings, issuance and new placement of non-convertible notes		147,329	47,369
Payment of borrowings and non-convertible notes		(154,704)	(72,397)
(Payment) / obtaining of short term loans, net		(6,368)	50,005
Interest paid		(33,036)	(26,711)
Capital contributions from non-controlling interest in subsidiaries		51	113
Lease liabilities paid		(1,098)	(1,854)
Repurchase of treasury shares		-	(9,118)
Exercise of warrants		13,837	3,548
Repurchase of non-convertible notes		(5,199)	(18,340)
Net cash used in financing activities		(39,188)	(27,385)
Net decrease in cash and cash equivalents		(46,035)	(42,731)
Cash and cash equivalents at the beginning of the period	15	265,826	169,364
Foreign exchange gain on cash and unrealized fair value result for cash equivalents		1,760	4,386
Inflation adjustment		3,197	(1,749)
Cash and cash equivalents at the end of the period	15	224,748	129,270

 

 

 

 

 

Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier’s shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

 

In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud’s direct principal subsidiary.

 

Cresud and its subsidiaries are collectively referred to hereinafter as the Group.

 

Main shareholders´ of the Company are jointly Inversiones Financieras del Sur S.A., Agroinvestment S.A and Consultores Venture Capital Uruguay S.A. These entities are companies incorporated in Uruguay and belong to the same controlling group and the ultimate beneficiary is Eduardo S. Elsztain.

 

The Board of Directors has approved these Financial Statements for issuance on November 10, 2025.

 

As of September 30, 2025, the Group operates in two major lines of business: (i) agricultural business and (ii) urban property and investment business.

 

 

While preparing the financial statements for the year ended June 30, 2025, the Company’s management identified an error in the computation of the inflation adjustment of the share premium arising from the exercise of warrants during the fiscal years ended June 30, 2024, 2023, and 2022.

 

This error resulted in a duplication of the recognition of the inflation adjustment of the share premium related to the exercise of warrants, which led to an incorrect inflation adjustment loss reported in the income statement for those years. This error also impacts other items such as management fees, which should have resulted in a higher income tax carryforward. However, since tax loss carryforwards are provided for, this correction did not affect the income tax charge for the years presented.

 

As a result of the foregoing, the Company retroactively restated the affected items of its previously issued financial statements, correcting the identified error in accordance with IAS 8. The impacts on the Condensed Interim Consolidated Financial Statements as of September 30, 2024, are detailed below:

 

	09.30.2024 As previously reported	RECPAM (Inflationary effect)	09.30.2024	Error correction	09.30.2024 Restated
Current liabilities
Trade and other payables	290,352	92,209	382,561	2,045	384,606
Total Current liabilities	736,545	233,909	970,454	2,045	972,499
TOTAL LIABILITIES	2,039,477	647,688	2,687,165	2,045	2,689,210
SHAREHOLDERS’ EQUITY
Shareholders' equity	746,726	237,142	983,868	(2,045)	981,823
TOTAL SHAREHOLDERS' EQUITY	1,659,964	527,164	2,187,128	(2,045)	2,185,083

 

	09.30.2024 As previously reported	RECPAM (Inflationary effect)	09.30.2024	Error correction	09.30.2024 Restated
Inflation adjustment	(6,909)	(2,194)	(9,103)	17,470	8,367
Financial results, net	32,263	10,246	42,509	17,470	59,979
Profit for the year	(72,374)	(22,983)	(95,357)	17,470	(77,887)
Profit for the year per share attributable to equity holders of the parent:
Basic	(66.54)	(21.11)	(87.65)	29.36	(58.29)
Diluted	(66.54)	(21.11)	(87.65)	29.36	(58.29)

 

 

 

 

	09.30.2024 As previously reported	RECPAM (Inflationary effect)	09.30.2024	Error correction	09.30.2024 Restated
Net cash generated from operating activities before income tax paid	30,901	9,813	40,714	15,941	56,655
Net cash generated from operating activities	28,374	9,012	37,386	15,941	53,327
Exercise of warrants	14,791	4,698	19,489	(15,941)	3,548
Net cash used in financing activities	(8,686)	(2,758)	(11,444)	(15,941)	(27,385)

 

 

 

 

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 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 September 30, 2025 and for the interim periods of three months ended September 30, 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 years.

 

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 September 30, 2025, and for the 12 month period ending on the same date, according to official statistics (INDEC) and following the guidelines described in Resolution 539/18.

 

	As of September 30, 2025 (three months)	As of September 30, 2025 (twelve months)
Price variation	6%	32%

 

As a consequence of the aforementioned, these financial statements as of September 30, 2025, 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 September 30, 2024, presented in these 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). Certain figures have been corrected and adjusted for the purposes of comparative presentation with those of the current financial period (See Note 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.

 

 

 

Some of the Group’s businesses are more affected by seasonal effects than others. The operations of the Group’s agricultural business are subject to seasonal effects. The harvests and sale of grains in Argentina generally take place each year since June in the case of corn and soybean since March, since October in the case of wheat, and since December in the case of sunflower. In Brazil, the harvest and sale of soybean take place since February, and in the case of corn weather conditions make it possible to have two seasons, therefore the harvest take place between March and July. In Bolivia, weather conditions also make it possible to have two soybean, corn and sorghum seasons and, therefore, these crops are harvested in July and May, whereas wheat is harvested in August and September, respectively. In the case of sugarcane, harvest and sale take place between April and November of each year. Other segments of the agricultural business, such as beef cattle production tend to be more stable. However, beef cattle production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results across quarters.

 

 

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 three-month period ended September 30, 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.

 

 

This 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 1,285 million, which has been recognized in the line item “Net gain / (loss) from fair value changes of investment 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, therefore, it is planned to be converted 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 in the line item “Investment properties” for ARS 12,352 million, “Intangible assets” for ARS 14 million, and “Accrued interest” for ARS 1,069 million of these Consolidated Financial Statements.

 

 

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 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).

 

 

As explained in Note 6 to the Annual Consolidated Financial Statements, segment information is reported from the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business.

 

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 Statement of Income and Other Comprehensive Income of the Group for the three-month periods ended September 30, 2025 and 2024:

 

 

	09.30.2025
	Agricultural business (I)	Urban Properties and Investment business (II)	Total segment information	Joint ventures (i)	Adjustments (ii)	Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)	Total Statement of Income and Other Comprehensive Income/ Financial Position
Revenues	190,163	103,202	293,365	(610)	26,667	(893)	318,529
Costs	(159,906)	(23,236)	(183,142)	64	(26,795)	6	(209,867)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	(2,500)	-	(2,500)	-	-	741	(1,759)
Changes in the net realizable value of agricultural products after harvest	7,272	-	7,272	-	-	-	7,272
Gross profit / (loss)	35,029	79,966	114,995	(546)	(128)	(146)	114,175
Net gain / (loss) from fair value adjustment of investment properties	-	216,995	216,995	270	-	-	217,265
General and administrative expenses	(11,555)	(16,441)	(27,996)	71	-	83	(27,842)
Selling expenses	(21,651)	(6,321)	(27,972)	26	-	106	(27,840)
Other operating results, net	(5,487)	(2,479)	(7,966)	(3)	128	36	(7,805)
Management fees	-	-	-	-	(2,968)	-	(2,968)
(Loss) / profit from operations	(3,664)	271,720	268,056	(182)	(2,968)	79	264,985
Share of loss of associates and joint ventures	(736)	(4,492)	(5,228)	565	-	-	(4,663)
Segment (loss) / profit	(4,400)	267,228	262,828	383	(2,968)	79	260,322
Reportable assets	1,156,589	3,160,430	4,317,019	(2,218)	-	1,524,357	5,839,158
Reportable liabilities (*)	-	-	-	-	-	(3,313,708)	(3,313,708)
Net reportable assets	1,156,589	3,160,430	4,317,019	(2,218)	-	(1,789,351)	2,525,450

 

 

 

Below is a summarized analysis of the lines of business of the Group for the period ended September 30, 2024:

 

	09.30.2024
	Agricultural business (I)	Urban Properties and Investment business (II)	Total segment information	Joint ventures (i)	Adjustments (ii)	Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)	Total Statement of Income and Other Comprehensive Income/ Financial Position Restated (iv)
Revenues	151,710	95,517	247,227	(560)	23,457	(423)	269,701
Costs	(139,990)	(19,301)	(159,291)	55	(23,591)	-	(182,827)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	(2,960)	-	(2,960)	-	-	378	(2,582)
Changes in the net realizable value of agricultural products after harvest	2,666	-	2,666	-	-	-	2,666
Gross profit / (loss)	11,426	76,216	87,642	(505)	(134)	(45)	86,958
Net loss from fair value adjustment of investment properties	(606)	(292,352)	(292,958)	178	-	-	(292,780)
Gain from disposal of farmlands	28,938	-	28,938	-	-	-	28,938
General and administrative expenses	(11,658)	(14,746)	(26,404)	87	-	61	(26,256)
Selling expenses	(18,408)	(5,767)	(24,175)	36	-	(16)	(24,155)
Other operating results, net	5,151	(5,348)	(197)	(4)	62	(13)	(152)
Management fees	-	-	-	-	-	-	-
Profit / (loss) from operations	14,843	(241,997)	(227,154)	(208)	(72)	(13)	(227,447)
Share of (loss) / profit of associates and joint ventures	(1,308)	10,444	9,136	310	-	-	9,446
Segment profit / (loss)	13,535	(231,553)	(218,018)	102	(72)	(13)	(218,001)
Reportable assets	1,042,439	2,603,356	3,645,795	1,046	-	1,227,452	4,874,293
Reportable liabilities (*)	-	-	-	-	-	(2,689,210)	(2,689,210)
Net reportable assets	1,042,439	2,603,356	3,645,795	1,046	-	(1,461,758)	2,185,083

 

 

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

 

 

The following tables present the reportable segments of the agriculture line of business:

 

	09.30.2025
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	137,523	-	-	52,640	190,163
Costs	(122,794)	(62)	-	(37,050)	(159,906)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	(2,500)	-	-	-	(2,500)
Changes in the net realizable value of agricultural products after harvest	7,272	-	-	-	7,272
Gross profit / (loss)	19,501	(62)	-	15,590	35,029
General and administrative expenses	(7,003)	(47)	(1,149)	(3,356)	(11,555)
Selling expenses	(13,482)	(15)	-	(8,154)	(21,651)
Other operating results, net	3,976	(10,168)	-	705	(5,487)
Profit / (loss) from operations	2,992	(10,292)	(1,149)	4,785	(3,664)
Share of loss of associates and joint ventures	(669)	-	-	(67)	(736)
Segment profit / (loss)	2,323	(10,292)	(1,149)	4,718	(4,400)
Investment properties	-	82,126	-	-	82,126
Property, plant and equipment	665,427	45,884	-	3,634	714,945
Investments in associates and joint ventures	8,966	-	-	256	9,222
Other reportable assets	240,090	-	-	110,206	350,296
Reportable assets	914,483	128,010	-	114,096	1,156,589

 

 

	09.30.2024
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	118,826	-	-	32,884	151,710
Costs	(102,339)	(87)	-	(37,564)	(139,990)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	(2,960)	-	-	-	(2,960)
Changes in the net realizable value of agricultural products after harvest	2,666	-	-	-	2,666
Gross profit / (loss)	16,193	(87)	-	(4,680)	11,426
Net loss from fair value adjustment of investment properties	-	(606)	-	-	(606)
Gain from disposal of farmlands	-	28,938	-	-	28,938
General and administrative expenses	(6,706)	(24)	(1,125)	(3,803)	(11,658)
Selling expenses	(11,407)	(903)	-	(6,098)	(18,408)
Other operating results, net	4,624	(212)	-	739	5,151
Profit / (loss) from operations	2,704	27,106	(1,125)	(13,842)	14,843
Share of loss of associates and joint ventures	(647)	-	-	(661)	(1,308)
Segment profit / (loss)	2,057	27,106	(1,125)	(14,503)	13,535
Investment properties	-	90,093	-	-	90,093
Property, plant and equipment	654,498	1,862	-	4,717	661,077
Investments in associates and joint ventures	9,248	-	-	1,030	10,278
Other reportable assets	169,033	-	-	111,958	280,991
Reportable assets	832,779	91,955	-	117,705	1,042,439

 

 

 

Below is a summarized analysis of the lines of business of Group’s in the urban properties and investments line of business:

 

 

	09.30.2025
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	72,823	6,085	4,052	17,787	2,455	103,202
Costs	(6,322)	(574)	(3,368)	(12,174)	(798)	(23,236)
Net gain / (loss) from fair value adjustment of investment properties (i)	63,953	45,623	107,624	-	(205)	216,995
General and administrative expenses	(8,050)	(497)	(3,625)	(2,628)	(1,641)	(16,441)
Selling expenses	(3,716)	(217)	(723)	(1,268)	(397)	(6,321)
Other operating results, net	468	147	70	(169)	(2,995)	(2,479)
Profit / (Loss) from operations	119,156	50,567	104,030	1,548	(3,581)	271,720
Share of loss of associates and joint ventures	-	-	-	-	(4,492)	(4,492)
Segment profit / (loss)	119,156	50,567	104,030	1,548	(8,073)	267,228
Investment and trading properties	1,610,386	314,334	961,704	-	2,040	2,888,464
Property, plant and equipment	4,950	534	28,302	50,446	4,138	88,370
Investment in associates and joint ventures	-	-	-	-	175,660	175,660
Other reportable assets	2,200	1,879	-	668	3,189	7,936
Reportable assets	1,617,536	316,747	990,006	51,114	185,027	3,160,430

 

(i) For the three-month period ended September 30, 2025, the net gain from fair value adjustment of investment properties was ARS 216,995. The net impact of the values in pesos of our properties was mainly a consequence of the change in macroeconomic conditions:

 

 

 

Additionally, due to the impact of the inflation adjustment, ARS 85,927 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.

 

	09.30.2024
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	68,304	5,403	1,926	18,212	1,672	95,517
Costs	(4,829)	(378)	(1,821)	(11,198)	(1,075)	(19,301)
Gross profit	63,475	5,025	105	7,014	597	76,216
Net loss from fair value adjustment of investment properties	(7,344)	(89,257)	(195,506)	-	(245)	(292,352)
General and administrative expenses	(6,685)	(538)	(2,609)	(3,231)	(1,683)	(14,746)
Selling expenses	(3,256)	(126)	(555)	(1,390)	(440)	(5,767)
Other operating results, net	(96)	(86)	(9,039)	(71)	3,944	(5,348)
Profit / (Loss) from operations	46,094	(84,982)	(207,604)	2,322	2,173	(241,997)
Share of profit of associates and joint ventures	-	-	-	-	10,444	10,444
Segment profit / (loss)	46,094	(84,982)	(207,604)	2,322	12,617	(231,553)
Investment and trading properties	1,022,759	353,143	872,230	-	2,914	2,251,046
Property, plant and equipment	4,494	511	28,308	45,539	4,283	83,135
Investment in associates and joint ventures	-	-	-	-	192,336	192,336
Other reportable assets	1,272	933	70,522	995	3,117	76,839
Reportable assets	1,028,525	354,587	971,060	46,534	202,650	2,603,356

 

 

 

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

 

	09.30.2025	06.30.2025
Beginning of period	198,559	203,272
Share capital increase and contributions (Note 27)	315	37
Sale of interest in associates and joint ventures	-	(3,961)
Share of (loss) / profit	(4,663)	28,494
Other comprehensive income / (loss)	377	(506)
Dividends (Note 27)	(2,409)	(28,990)
Transfers to/from financial assets (ii)	-	370
Decrease of interest (iii)	-	(157)
End of the period (i)	192,179	198,559

 

(i) As of September 30, 2025, and June 30, 2025, includes ARS (99) and ARS (172) respectively, reflecting interests in companies with negative equity, which were disclosed in “Provisions” (Note 19).

(ii) Corresponds to the participation in Challenger Gold Ltd. and GCDI S.A.

(iii) Corresponds to the decrease of interest due to the liquidation of Cyrsa S.A.

 

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

 

	% ownership interest		Value of Group's interest in equity		Group's interest in comprehensive income
Name of the entity	09.30.2025	06.30.2025	09.30.2025	06.30.2025	09.30.2025	09.30.2024
New Lipstick	49.96%	49.96%	1,677	1,560	117	(84)
BHSA	29.12%	29.12%	135,019	141,828	(6,809)	5,795
BACS	37.72%	37.72%	11,137	11,703	(566)	(117)
Nuevo Puerto Santa Fe S.A.	50.00%	50.00%	7,212	9,011	581	317
GCDI	-	-	-	-	-	912
La Rural S.A.	50.00%	50.00%	25,166	22,273	2,892	4,038
Agrouranga S.A.	34.86%	34.86%	7,123	7,775	(652)	(514)
Other associates and joint ventures	N/A	N/A	4,845	4,409	151	(1,009)
Total associates and joint ventures			192,179	198,559	(4,286)	9,338

 

 

				Last financial statement issued
Name of the entity	Location of business / Country of incorporation	Main activity	Common shares 1 vote		Share capital (nominal value)		(Loss)/ profit for the period		Shareholders' equity
New Lipstick	U.S.	Real estate	23,631,037	(*)	47	(*)	(1)	(*)	(51)
BHSA	Argentina	Financing	436,780,922	(**)	1,500	(**)	(23,383)	(**)	450,806
BACS	Argentina	Financing	33,125,751	(**)	88	(**)	(1,501)	(**)	29,522
Nuevo Puerto Santa Fe S.A.	Argentina	Real estate	138,750		28		1,162		13,810
La Rural S.A.	Argentina	Organization of events	714,998	(**)	1	(**)	5,870	(**)	50,252
Agrouranga S.A.	Argentina	Agriculture	2,532,206		7		(1,872)		2,167

 

(*) Amounts expressed in dollars.

(**) Information as of September 30, 2025, according to IFRS.

 

 

 

 

 

 

 

 

 

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

 

	09.30.2025		06.30.2025
	Level 2	Level 3	Level 2	Level 3
Fair value at the beginning of period / year	1,037,057	1,510,543	1,606,277	979,642
Additions	17,813	5,380	28,552	50,406
Disposals	-	-	(9,631)	(19)
Transfers	(10,229)	(410)	(117,773)	(4,051)
Net gain / (loss) from fair value adjustment	161,477	55,788	(464,494)	484,707
Additions of capitalized leasing costs	4	66	69	124
Amortization of capitalized leasing costs (i)	(36)	(65)	(139)	(266)
Currency translation adjustment	7,488	-	(5,804)	-
Fair value at the end of the period / year	1,213,574	1,571,302	1,037,057	1,510,543

 

 

(i) Amortization charges of capitalized leasing costs were included in “Costs” in the Statement of Income and Other Comprehensive Income (Note 24).

 

The following is the balance by type of investment property of the Group as of September 30, 2025 and June 30, 2025:

 

	09.30.2025	06.30.2025
Leased out farmland	82,126	78,423
Offices and other rental properties	341,920	292,630
Shopping malls (i)	1,590,380	1,525,663
Undeveloped parcels of land	767,892	648,120
Properties under development	689	689
Others	1,869	2,075
Total	2,784,876	2,547,600

 

(i) Includes parking spaces.

 

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

 

	09.30.2025	09.30.2024
Revenues	108,931	100,707
Direct operating expenses	(35,638)	(32,347)
Development expenses	(1,601)	(675)
Net unrealized gain / (loss) from fair value adjustment of investment property (i)	217,265	(292,794)
Net realized gain from fair value adjustment of investment property (ii)	-	14

 

 

(i) It includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. It has been generated in accordance with what is described in the section called "valuation techniques", mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

(ii) 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.

 

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 three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

 

	Owner occupied farmland	Bearer plant (iii)	Buildings and facilities	Machinery and equipment	Others (i)	09.30.2025	06.30.2025
Costs	683,164	79,182	174,896	68,995	42,742	1,048,979	1,013,616
Accumulated depreciation	(82,190)	(47,994)	(76,252)	(59,841)	(27,487)	(293,764)	(259,425)
Net book amount at the beginning of the period / year	600,974	31,188	98,644	9,154	15,255	755,215	754,191
Additions	6,670	882	3,820	351	929	12,652	47,412
Incorporation by business combination	-	-	-	-	-	-	5,175
Disposals	-	(223)	(26)	-	(78)	(327)	(12,345)
Currency translation adjustment	37,015	2,871	1,528	(4)	873	42,283	(31,504)
Transfers	3,699	72	(14)	96	14	3,867	26,625
Depreciation charges (ii)	(3,021)	(3,867)	(1,999)	(846)	(675)	(10,408)	(34,339)
Balances at the end of the period / year	645,337	30,923	101,953	8,751	16,318	803,282	755,215
Costs	730,548	82,784	180,204	69,438	44,480	1,107,454	1,048,979
Accumulated depreciation	(85,211)	(51,861)	(78,251)	(60,687)	(28,162)	(304,172)	(293,764)
Net book amount at the end of the period / year	645,337	30,923	101,953	8,751	16,318	803,282	755,215

 

 

 

 

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

 

	Completed properties	Properties under development	Undeveloped sites	09.30.2025	06.30.2025
Beginning of the period / year	2,290	153,303	14,396	169,989	29,466
Additions	-	1,106	215	1,321	3,186
Currency translation adjustment	-	987	-	987	(702)
Transfers	-	6,458	-	6,458	173,047
Impairment	-	-	-	-	(20,266)
Disposals	-	(2,203)	(1)	(2,204)	(14,742)
End of the period / year	2,290	159,651	14,610	176,551	169,989
Non-current				140,930	132,164
Current				35,621	37,825
Total				176,551	169,989

 

 

 

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

 

	Goodwill	Information systems and software	Future units to be received from barters and others	09.30.2025'	06.30.2025'
Costs	7,053	31,715	29,724	68,492	141,733
Accumulated amortization	-	(25,093)	(13,198)	(38,291)	(34,645)
Net book amount at the beginning of the period / year	7,053	6,622	16,526	30,201	107,088
Additions	-	515	14	529	4,217
Disposals	-	-	-	-	(15)
Transfers	-	314	-	314	(77,320)
Currency translation adjustment	63	116	-	179	(123)
Amortization charges (i)	-	(677)	(99)	(776)	(3,646)
Balances at the end of the period / year	7,116	6,890	16,441	30,447	30,201
Costs	7,116	32,660	29,738	69,514	68,492
Accumulated amortization	-	(25,770)	(13,297)	(39,067)	(38,291)
Net book amount at the end of the period / year	7,116	6,890	16,441	30,447	30,201

 

(i) As of September 30, 2025, amortization charge was recognized in the amount of ARS 618 under "Costs", in the amount of ARS 154 under "General and administrative expenses" and in the amount of ARS 4 under “Selling expenses”, in the Statement of Income and Other Comprehensive Income (Note 24).

 

 

 

 

 

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

 

	09.30.2025	06.30.2025
Farmland	143,943	109,800
Convention center	4,518	4,690
Offices, shopping malls and other buildings	10,156	10,721
Machinery and equipment	4,874	4,108
Right-of-use assets	163,491	129,319
Non-current	163,491	129,319
Total	163,491	129,319

 

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

 

	09.30.2025	09.30.2024
Farmland	3,360	4,857
Convention center	172	321
Offices, shopping malls and other buildings	566	455
Machinery and equipment	190	332
Depreciation charge of right-of-use assets (i)	4,288	5,965

 

(I) As of September 30, 2025, the amortization charge has been allocated ARS 453 within "Costs", ARS 136 in "General and administrative expenses" and ARS 149 in “Selling expenses” in the Statement of Income and Other Comprehensive Income (Note 24), ARS 3,550 were capitalized as part of the cost of biological assets.

 

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

 

	09.30.2025	06.30.2025
Farmland	153,451	117,563
Convention center	2,528	2,447
Offices, shopping malls and other buildings	7,230	7,477
Lease liabilities	163,209	127,487
Non-current	118,392	93,726
Current	44,817	33,761
Total	163,209	127,487

 

 

 

Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

 

	Sown land-crops		Sugarcane fields	Breeding cattle and cattle for sale (i)	Other cattle (i)	Others
	Level 1	Level 3	Level 3	Level 2	Level 2	Level 1	09.30.2025	06.30.2025
Net book amount at the beginning of the period / year	9,455	43,751	29,197	74,186	902	650	158,141	127,517
Purchases	-	-	-	8,413	-	-	8,413	22,204
Initial recognition and changes in the fair value of biological assets	-	(2,890)	1,051	(110)	(65)	-	(2,014)	20,715
Decrease due to harvest	-	(64,154)	(38,352)	-	-	-	(102,506)	(289,869)
Sales	-	-	-	(18,083)	-	-	(18,083)	(39,632)
Consumes	-	-	-	(65)	(1)	(27)	(93)	(518)
Costs for the period / year	17,911	19,879	31,523	10,713	-	32	80,058	332,701
Currency translation adjustment	677	3,414	2,617	1,952	-	-	8,660	(14,977)
Balances at the end of the period / year	28,043	-	26,036	77,006	836	655	132,576	158,141
Non-current (Production)	-	-	-	47,347	722	649	48,718	46,152
Current (Consumable)	28,043	-	26,036	29,659	114	6	83,858	111,989
Net book amount at the end of the period / year	28,043	-	26,036	77,006	836	655	132,576	158,141

 

 

 

During the three-month period ended September 30, 2025, there were no transfers between the fair value hierarchies. There were no reclassifications among their respective categories.

The fair value less estimated point of sale costs of agricultural produce at the point of harvest (which have been harvested during the period/year) amount to ARS (22,769) and ARS (225,124) for the three-month period ended September 30, 2025, and the year ended June 30, 2025, respectively.

 

See information on valuation processes used by the entity in Note 14 to the Annual Financial Statements.

 

As of September 30, 2025, the better and maximum use of biological assets shall not significantly differ from the current use.

 

Capitalized cost of production as of September 30, 2025 and 2024 are as follows:

 

	09.30.2025	09.30.2024
Supplies and labors	57,139	48,795
Salaries, social security costs and other personnel expenses	4,011	4,560
Depreciation and amortization	11,268	14,392
Fees and payments for services	530	88
Maintenance, security, cleaning, repairs and others	767	542
Taxes, rates and contributions	158	110
Leases and service charges	102	59
Freights	1,213	823
Travelling, library expenses and stationery	516	565
Other expenses	4,322	2,853
	80,026	72,787

 

 

Breakdown of Group’s inventories as of September 30, 2025 and June 30, 2025 are as follows:

 

	09.30.2025	06.30.2025
Crops	109,340	104,547
Materials and supplies	106,841	81,473
Sugarcane	1,393	1,358
Agricultural inventories	217,574	187,378
Supplies for hotels	668	619
Total inventories	218,242	187,997

  

 

 

 

 

 

In accordance with IFRS 7, the present note shows 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 16 to the Annual Financial Statements.

 

Financial assets and financial liabilities as of September 30, 2025 are as follows:

 

		Financial assets at fair value through profit or loss			Subtotal financial assets	Non-financial assets	Total
	Financial assets at amortized cost	Level 1	Level 2	Level 3
September 30, 2025
Assets as per Statement of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16)	476,957	49,221	-	-	526,178	125,952	652,130
Investment in financial assets:
- Public companies’ securities	-	26,918	-	-	26,918	-	26,918
- Bonds	-	212,944	-	-	212,944	-	212,944
- Mutual funds	-	158,719	-	-	158,719	-	158,719
- Others	6,233	11,425	13,709	2,794	34,161	-	34,161
Derivative financial instruments:
- Commodities options contracts	-	788	-	-	788	-	788
- Commodities futures contracts	-	3,313	-	-	3,313	-	3,313
- Bonds futures contracts	-	97	-	-	97	-	97
- Foreign-currency options contracts	-	7,857	-	-	7,857	-	7,857
- Foreign-currency future contracts	-	1,207	-	-	1,207	-	1,207
- Swaps	-	-	1,833	-	1,833	-	1,833
- Others	-	1,206	-	-	1,206	-	1,206
Restricted assets (i)	4,394	-	-	-	4,394	-	4,394
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank	64,257	-	-	-	64,257	-	64,257
- Short-term investments	7,229	153,262	-	-	160,491	-	160,491
Total assets	559,070	626,957	15,542	2,794	1,204,363	125,952	1,330,315

 

		Financial liabilities at fair value through profit or loss		Non-financial liabilities	Total
	Financial liabilities at amortized cost	Level 1	Subtotal financial liabilities
September 30, 2025
Liabilities as per Statement of Financial Position
Trade and other payables (Note 18)	327,768	-	327,768	158,460	486,228
Borrowings (Note 20)	1,514,543	-	1,514,543	-	1,514,543
Derivative financial instruments:
- Commodities futures contracts	-	2,977	2,977	-	2,977
- Foreign-currency options contracts	-	58	58	-	58
- Foreign-currency future contracts	-	221	221	-	221
- Swaps	-	6,263	6,263	-	6,263
Lease liabilities (Note 12)	163,209	-	163,209	-	163,209
Total liabilities	2,005,520	9,519	2,015,039	158,460	2,173,499