Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
Fiscal year N°: 93, beginning on July 1, 2025
Legal address: Carlos Della Paolera 261, 9th 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: 648,742,437 common shares
Common stock subscribed, issued and paid up nominal value (millions of ARS): 649
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: 233,323,903 shares
Voting stock (direct and indirect equity interest): 35.97% (*)
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	648,742,437 (**)	649
(*) 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	18
Note 12 - Right-of-use assets and lease liabilities	18
Note 13 - Biological assets	19
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	35

 

 

 

 

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.
GCDI				GCDI S.A.
GLA				Gross Leasable Area
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.
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	12.31.2025	06.30.2025
ASSETS
Non-current assets
Investment properties	8	2,889,523	2,747,757
Property, plant and equipment	9	933,646	814,549
Trading properties	10	172,042	142,547
Intangible assets	11	32,477	32,573
Right-of-use assets	12	169,712	139,480
Biological assets	13	51,668	49,779
Investment in associates and joint ventures	7	221,577	214,345
Deferred income tax assets	21	16,609	14,722
Income tax credit		81	87
Restricted assets	15	4,977	-
Trade and other receivables	16	202,313	200,846
Investment in financial assets	15	35,982	31,809
Derivative financial instruments	15	2,003	2,822
Total non-current assets		4,732,610	4,391,316
Current assets
Trading properties	10	48,120	40,797
Biological assets	13	187,748	120,788
Inventories	14	157,584	202,768
Income tax credit		546	1,385
Trade and other receivables	16	460,912	506,149
Investment in financial assets	15	285,319	258,548
Derivative financial instruments	15	11,623	7,751
Cash and cash equivalents	15	434,767	286,711
Total current assets		1,586,619	1,424,897
TOTAL ASSETS		6,319,229	5,816,213
SHAREHOLDERS’ EQUITY
Shareholders' equity (according to corresponding statement)		1,103,635	1,109,320
Non-controlling interest		1,503,300	1,420,908
TOTAL SHAREHOLDERS' EQUITY		2,606,935	2,530,228
LIABILITIES
Non-current liabilities
Trade and other payables	18	70,713	88,436
Borrowings	20	1,345,597	922,754
Deferred income tax liabilities	21	1,013,025	986,989
Provisions	19	47,579	37,067
Payroll and social security liabilities		466	142
Lease liabilities	12	118,849	101,089
Derivative financial instruments	15	3,614	4,534
Total non-current liabilities		2,599,843	2,141,011
Current liabilities
Trade and other payables	18	434,366	377,762
Borrowings	20	533,492	612,340
Provisions	19	6,417	5,994
Payroll and social security liabilities		30,307	43,511
Income tax liabilities		54,868	64,859
Lease liabilities	12	49,308	36,413
Derivative financial instruments	15	3,693	4,095
Total Current liabilities		1,112,451	1,144,974
TOTAL LIABILITIES		3,712,294	3,285,985
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		6,319,229	5,816,213

 

 

 

 

		Six months		Three months
	Note	12.31.2025	12.31.2024 Restated (i)	12.31.2025	12.31.2024 Restated (i)
Revenues	22	651,055	546,608	307,501	255,717
Costs	23	(410,032)	(348,082)	(183,677)	(150,891)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		(5,752)	5,751	(3,855)	8,536
Changes in the net realizable value of agricultural products after harvest		7,164	(2,376)	(680)	(5,251)
Gross profit		242,435	201,901	119,289	108,111
Net gain / (loss) from fair value adjustment of investment properties	8	184,494	(299,744)	(49,841)	16,039
Gain from disposal of farmlands		-	31,211	-	-
General and administrative expenses	24	(63,100)	(62,195)	(33,070)	(33,876)
Selling expenses	24	(55,183)	(47,986)	(25,156)	(21,934)
Other operating results, net	25	5,187	(1,575)	13,604	(1,411)
Management fees		(7,137)	-	(3,936)	-
Profit / (loss) from operations		306,696	(178,388)	20,890	66,929
Share of profit of associates and joint ventures	7	10,472	31,116	15,501	20,928
Profit / (loss) before financial results and income tax		317,168	(147,272)	36,391	87,857
Finance income	26	6,720	4,407	2,085	(1,510)
Finance cost	26	(77,416)	(48,817)	(37,966)	(23,163)
Other financial results	26	21,602	122,458	60,559	47,056
Inflation adjustment	26	13,390	10,580	14,559	1,556
Financial results, net	26	(35,704)	88,628	39,237	23,939
Profit / (loss) before income tax		281,464	(58,644)	75,628	111,796
Income tax	21	(87,532)	29,793	(484)	(56,638)
Profit / (loss) for the period		193,932	(28,851)	75,144	55,158
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)		28,479	(112,357)	(34,609)	(86,170)
Revaluation surplus		4,545	364	4,545	9
Total other comprehensive income / (loss) for the period		33,024	(111,993)	(30,064)	(86,161)
Total comprehensive income / (loss) for the period		226,956	(140,844)	45,080	(31,003)
Profit / (loss) for the period attributable to:
Equity holders of the parent		74,448	(25,103)	34,709	12,278
Non-controlling interest		119,484	(3,748)	40,435	42,880
Total comprehensive income / (loss) attributable to:
Equity holders of the parent		86,107	(65,383)	24,119	(18,915)
Non-controlling interest		140,849	(75,461)	20,961	(12,088)
Profit / (loss) for the period per share attributable to equity holders of the parent (iii):
Basic		119.00	(41.76)	55.48	20.42
Diluted		110.18	(41.76)(iv)	51.37	18.20

 

(ii) The components of other comprehensive income/ (loss) do not generate an impact on income tax.

(iii) See Note 30 to the Annual Consolidated Financial Statements as of June 30, 2025.

(iv) Given that the result for the period showed losses, there is no diluted effect of such result.

 

 

 

	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	324,979	25,089	416,796	(35,794)	49,392	235,921	92,323	1,109,320	1,420,908	2,530,228
Profit for the period	-	-	-	-	-	-	-	-	74,448	74,448	119,484	193,932
Other comprehensive income for the period	-	-	-	-	-	-	-	11,659	-	11,659	21,365	33,024
Total comprehensive income for the period	-	-	-	-	-	-	-	11,659	74,448	86,107	140,849	226,956
Assignment of results - Shareholders’ meeting	-	-	-	-	-	-	5,434	2,096	(7,530)	-	-	-
Distribution of treasury shares	5	(5)	-	-	-	(10,679)	-	10,655	-	(24)	-	(24)
Reserve for share-based payments	-	-	-	-	-	-	-	1	-	1	69	70
Dividends distribution	-	-	-	-	-	-	-	-	(101,150)	(101,150)	(76,805)	(177,955)
Exercise of warrants (ii)	35	-	1	(8,081)	27,337	-	-	-	-	19,292	4,952	24,244
Changes in non-controlling interest	-	-	-	-	-	-	-	(9,911)	-	(9,911)	9,911	-
Other changes in shareholders' equity	-	-	-	-	-	-	-	-	-	-	(50)	(50)
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	3,466	3,466
Balance as of December 31, 2025	647	2	324,980	17,008	444,133	(46,473)	54,826	250,421	58,091	1,103,635	1,503,300	2,606,935

 

(i) Includes ARS 1 of Inflation adjustment of treasury shares as of December 31, 2025. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) As of December 31, 2025, the remaining warrants to exercise amount to 49,708,631. See Note 31 to these Condensed Interim Consolidated 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 December 31, 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	(12,816)	(30,544)	3,126	298,655	(22,500)	235,921
Other comprehensive income for the period	-	11,610	-	-	49	11,659
Total comprehensive income for the period	-	11,610	-	-	49	11,659
Assignment of results - Shareholders’ meeting	-	-	-	2,096	-	2,096
Reserve for share-based payments	-	-	-	-	1	1
Treasury shares distribution	10,655	-	-	-	-	10,655
Changes in non-controlling interest	-	-	-	-	(9,911)	(9,911)
Balance as of December 31, 2025	(2,161)	(18,934)	3,126	300,751	(32,361)	250,421

 

 

 

 

	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	324,974	29,441	402,856	(35,620)	43,751	245,732	95,248	1,106,978	1,382,615	2,489,593
Loss for the period restated (i)	-	-	-	-	-	-	-	-	(25,103)	(25,103)	(3,748)	(28,851)
Other comprehensive loss for the period	-	-	-	-	-	-	-	(40,280)	-	(40,280)	(71,713)	(111,993)
Total comprehensive loss for the period restated (i)	-	-	-	-	-	-	-	(40,280)	(25,103)	(65,383)	(75,461)	(140,844)
Assignment of results - Shareholders’ meeting	-	-	-	-	-	-	5,641	44,903	(50,544)	-	-	-
Repurchase of treasury shares	(5)	5	-	-	-	-	-	(8,572)	-	(8,572)	(9,859)	(18,431)
Reserve for share-based payments	-	-	-	-	-	(174)	-	177	-	3	148	151
Exercise of warrants	7	-	135	(1,691)	5,424	-	-	-	-	3,875	3,029	6,904
Changes in non-controlling interest	-	-	-	-	-	-	-	(14,346)	-	(14,346)	(8,132)	(22,478)
Dividends distribution	-	-	-	-	-	-	-	-	(62,273)	(62,273)	(81,442)	(143,715)
Other changes in shareholders' equity	-	-	-	-	-	-	-	10,151	-	10,151	-	10,151
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	171	171
Balance as of December 31, 2024 restated (i)	596	7	325,109	27,750	408,280	(35,794)	49,392	237,765	(42,672)	970,433	1,211,069	2,181,502

 

(ii) Includes ARS 1 of Inflation adjustment of treasury shares as of December 31, 2024. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(iii) Group’s other reserves for the period ended December 31, 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)	(4,420)	(11,697)	43,973	3,126	209,779	4,971	245,732
Other comprehensive (loss) / income for the period	-	(40,675)	-	-	-	395	(40,280)
Total comprehensive (loss) / income for the period	-	(40,675)	-	-	-	395	(40,280)
Assignment of results - Shareholders’ meeting	-	-	(43,973)	-	88,876	-	44,903
Repurchase of treasury shares	(8,572)	-	-	-	-	-	(8,572)
Reserve for share-based payments	176	-	-	-	-	1	177
Changes in non-controlling interest	-	-	-	-	-	(14,346)	(14,346)
Other changes in shareholders' equity	-	328	-	-	-	9,823	10,151
Balance as of December 31, 2024 restated (i)	(12,816)	(52,044)	-	3,126	298,655	844	237,765

 

 

 

	Note	12.31.2025	12.31.2024 Restated (i)
Operating activities:
Net cash generated from operating activities before income tax paid	15	162,528	35,994
Income tax paid		(64,194)	(9,054)
Net cash generated from operating activities		98,334	26,940
Investing activities:
Proceeds from the sale of participation in associates and joint ventures		-	6,435
Capital contributions to associates and joint ventures		(685)	(41)
Acquisition of participation in associates		(6,952)	-
Acquisition and improvement of investment properties		(46,173)	(25,523)
Proceeds from sales of investment properties		1,490	8,610
Acquisitions and improvements of property, plant and equipment		(35,727)	(22,954)
Acquisition of intangible assets		(853)	(2,722)
Proceeds from sales of property, plant and equipment		17,937	22,357
Dividends collected from associates and joint ventures		39	-
Loans granted		(954)	-
Proceeds from loans granted		992	605
Acquisitions of investments in financial assets		(867,477)	(426,842)
Proceeds from disposal of investments in financial assets		747,862	348,930
Interest received from financial assets		94,751	7,948
Payments of derivative financial instruments, net		(669)	1,272
Net cash used in investing activities		(96,419)	(81,925)
Financing activities:
Borrowings, issuance and new placement of non-convertible notes		547,936	297,926
Payment of borrowings and non-convertible notes		(309,509)	(112,302)
Obtaining / (payment) of short-term loans, net		23,510	(1,280)
Interest paid		(53,603)	(61,592)
Capital contributions from non-controlling interest in subsidiaries		3,466	171
Lease liabilities paid		(2,492)	(2,997)
Repurchase of treasury shares		-	(18,431)
Dividends paid		(87,197)	(76,377)
Exercise of warrants		24,244	6,904
Distribution of treasury shares		(24)	-
Repurchase of non-convertible notes		(5,627)	(32,694)
Net cash generated from / (used in) financing activities		140,704	(672)
Net increase / (decrease) in cash and cash equivalents		142,619	(55,657)
Cash and cash equivalents at the beginning of the period	15	286,711	182,670
Foreign exchange gain on cash and unrealized fair value result for cash equivalents		5,173	9,995
Inflation adjustment		264	(8,185)
Cash and cash equivalents at the end of the period	15	434,767	128,823

 

 

 

 

 

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 Condensed Interim Consolidated Financial Statements for issuance on February 09, 2026.

 

As of December 31, 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 December 31, 2024, are detailed below:

 

	12.31.2024 As previously reported	RECPAM (Inflationary effect)	12.31.2024	Error correction	12.31.2024 Restated
Current liabilities
Trade and other payables	308,582	97,354	405,936	2,044	407,980
Total Current liabilities	818,215	258,137	1,076,352	2,044	1,078,396
TOTAL LIABILITIES	2,295,450	724,186	3,019,636	2,044	3,021,680
SHAREHOLDERS’ EQUITY
Shareholders' equity	739,254	233,223	972,477	(2,044)	970,433
TOTAL SHAREHOLDERS' EQUITY	1,659,876	523,670	2,183,546	(2,044)	2,181,502

 

	12.31.2024 As previously reported	RECPAM (Inflationary effect)	12.31.2024	Error correction	12.31.2024 Restated
Inflation adjustment	(34,418)	(10,859)	(45,277)	55,857	10,580
Financial results, net	24,913	7,858	32,771	55,857	88,628
(Loss) / profit for the period	(64,391)	(20,317)	(84,708)	55,857	(28,851)
(Loss) / profit for the period per share attributable to equity holders of the parent:
Basic	(102.38)	(32.32)	(134.70)	92.94	(41.76)
Diluted	(102.38)	(32.32)	(134.70)	92.94	(41.76)

 

 

 

	12.31.2024 As previously reported	RECPAM (Inflationary effect)	12.31.2024	Error correction	12.31.2024 Restated
Net cash (used in) / generated from operating activities before income tax paid	(13,487)	(4,255)	(17,742)	53,736	35,994
Net cash (used in) / generated from operating activities	(20,371)	(6,425)	(26,796)	53,736	26,940
Exercise of warrants	46,098	14,542	60,640	(53,736)	6,904
Net cash generated from / (used in) financing activities	40,338	12,726	53,064	(53,736)	(672)

 

 

 

 

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 condensed interim consolidated financial statements, as accepted by IFRS Accounting Standards.

 

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

 

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

 

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

 

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

 

The table below presents the index for the period between the last fiscal year and as of December 31, 2025, and for the 12-month period ending on the same date, according to official statistics (INDEC) and following the guidelines described in Resolution 539/18.

 

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

 

As a consequence of the aforementioned, these condensed interim consolidated financial statements as of December 31, 2025, were restated in accordance with IAS 29.

 

 

 

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

 

 

Balance items as of June 30, 2025, and December 31, 2024, presented in these 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). 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 condensed interim consolidated 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 six-month period ended December 31, 2025 are detailed below.

 

 

 

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

 

 

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

 

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

 

 

On September 17, 2025, IRSA 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 13,323 million, “Intangible assets” for ARS 15 million, and “Accrued interest” for ARS 1,153 million.

 

 

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

 

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

 

 

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

 

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

 

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

 

 

These Condensed Interim Consolidated 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 the previous year-end.

 

From June 30, 2025 and up to the date of issuance of these 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).

 

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 six-month periods ended December 31, 2025 and 2024:

 

	12.31.2025
	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	362,192	234,536	596,728	(1,366)	58,911	(3,218)	651,055
Costs	(299,911)	(51,652)	(351,563)	145	(59,063)	449	(410,032)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	(8,191)	-	(8,191)	-	-	2,439	(5,752)
Changes in the net realizable value of agricultural products after harvest	7,164	-	7,164	-	-	-	7,164
Gross profit / (loss)	61,254	182,884	244,138	(1,221)	(152)	(330)	242,435
Net gain from fair value adjustment of investment properties	-	183,831	183,831	663	-	-	184,494
General and administrative expenses	(23,582)	(39,842)	(63,424)	160	-	164	(63,100)
Selling expenses	(41,612)	(13,957)	(55,569)	79	-	307	(55,183)
Other operating results, net	(2,290)	7,136	4,846	(12)	316	37	5,187
Management fees	-	-	-	-	(7,137)	-	(7,137)
(Loss) / profit from operations	(6,230)	320,052	313,822	(331)	(6,973)	178	306,696
Share of (loss) / profit of associates and joint ventures	(818)	10,706	9,888	584	-	-	10,472
Segment (loss) / profit	(7,048)	330,758	323,710	253	(6,973)	178	317,168
Reportable assets	1,257,359	3,414,572	4,671,931	(2,532)	-	1,649,830	6,319,229
Reportable liabilities (*)	-	-	-	-	-	(3,712,294)	(3,712,294)
Net reportable assets	1,257,359	3,414,572	4,671,931	(2,532)	-	(2,062,464)	2,606,935

 

 

 

 

 

Below is a summarized analysis of the lines of business of the Group for the period ended December 31, 2024:

 

	12.31.2024
	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	269,767	223,819	493,586	(1,250)	56,500	(2,228)	546,608
Costs	(241,107)	(50,275)	(291,382)	116	(56,816)	-	(348,082)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	3,665	-	3,665	-	-	2,086	5,751
Changes in the net realizable value of agricultural products after harvest	(2,376)	-	(2,376)	-	-	-	(2,376)
Gross profit / (loss)	29,949	173,544	203,493	(1,134)	(316)	(142)	201,901
Net loss from fair value adjustment of investment properties	(850)	(298,613)	(299,463)	(281)	-	-	(299,744)
Gain from disposal of farmlands	31,211	-	31,211	-	-	-	31,211
General and administrative expenses	(25,038)	(37,489)	(62,527)	207	-	125	(62,195)
Selling expenses	(35,254)	(12,823)	(48,077)	79	-	12	(47,986)
Other operating results, net	11,069	(12,789)	(1,720)	(11)	177	(21)	(1,575)
Profit / (loss) from operations	11,087	(188,170)	(177,083)	(1,140)	(139)	(26)	(178,388)
Share of (loss) / profit of associates and joint ventures	(1,477)	31,652	30,175	941	-	-	31,116
Segment profit / (loss)	9,610	(156,518)	(146,908)	(199)	(139)	(26)	(147,272)
Reportable assets	1,089,061	2,866,352	3,955,413	1,193	-	1,246,576	5,203,182
Reportable liabilities (*)	-	-	-	-	-	(3,021,680)	(3,021,680)
Net reportable assets	1,089,061	2,866,352	3,955,413	1,193	-	(1,775,104)	2,181,502

 

 

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

 

 

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

 

	12.31.2025
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	245,391	-	-	116,801	362,192
Costs	(214,925)	(221)	-	(84,765)	(299,911)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	(8,191)	-	-	-	(8,191)
Changes in the net realizable value of agricultural products after harvest	7,164	-	-	-	7,164
Gross profit / (loss)	29,439	(221)	-	32,036	61,254
General and administrative expenses	(14,145)	(125)	(1,955)	(7,357)	(23,582)
Selling expenses	(25,487)	(33)	-	(16,092)	(41,612)
Other operating results, net	(2,322)	(1,807)	-	1,839	(2,290)
(Loss) / profit from operations	(12,515)	(2,186)	(1,955)	10,426	(6,230)
Share of profit / (loss) of associates and joint ventures	290	-	-	(1,108)	(818)
Segment (loss) / profit	(12,225)	(2,186)	(1,955)	9,318	(7,048)
Investment properties	-	12,116	-	-	12,116
Property, plant and equipment	785,317	49,474	-	3,433	838,224
Investments in associates and joint ventures	10,680	-	-	198	10,878
Other reportable assets	315,214	-	-	80,927	396,141
Reportable assets	1,111,211	61,590	-	84,558	1,257,359

 

 

	12.31.2024
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	195,695	-	-	74,072	269,767
Costs	(164,078)	(176)	-	(76,853)	(241,107)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	3,665	-	-	-	3,665
Changes in the net realizable value of agricultural products after harvest	(2,376)	-	-	-	(2,376)
Gross profit / (loss)	32,906	(176)	-	(2,781)	29,949
Net loss from fair value adjustment of investment properties	-	(850)	-	-	(850)
Gain from disposal of farmlands	-	31,211	-	-	31,211
General and administrative expenses	(14,158)	(49)	(3,443)	(7,388)	(25,038)
Selling expenses	(21,374)	(991)	-	(12,889)	(35,254)
Other operating results, net	(2,198)	11,750	-	1,517	11,069
(Loss) / profit from operations	(4,824)	40,895	(3,443)	(21,541)	11,087
Share of loss of associates and joint ventures	(416)	-	-	(1,061)	(1,477)
Segment (loss) / profit	(5,240)	40,895	(3,443)	(22,602)	9,610
Investment properties	-	85,718	-	-	85,718
Property, plant and equipment	653,211	2,015	-	4,790	660,016
Investments in associates and joint ventures	10,255	-	-	774	11,029
Other reportable assets	238,184	435	-	93,679	332,298
Reportable assets	901,650	88,168	-	99,243	1,089,061

 

 

 

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

 

	12.31.2025
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	165,708	13,200	7,300	42,611	5,717	234,536
Costs	(14,591)	(1,362)	(7,120)	(26,472)	(2,107)	(51,652)
Gross profit	151,117	11,838	180	16,139	3,610	182,884
Net gain / (loss) from fair value adjustment of investment properties (i)	124,743	19,061	40,165	-	(138)	183,831
General and administrative expenses	(19,961)	(1,238)	(8,988)	(5,976)	(3,679)	(39,842)
Selling expenses	(8,204)	(548)	(1,738)	(2,630)	(837)	(13,957)
Other operating results, net	795	206	12,034	(219)	(5,680)	7,136
Profit / (Loss) from operations	248,490	29,319	41,653	7,314	(6,724)	320,052
Share of profit of associates and joint ventures	-	-	-	-	10,706	10,706
Segment profit	248,490	29,319	41,653	7,314	3,982	330,758
Investment and trading properties	1,800,754	310,166	994,229	-	2,237	3,107,386
Property, plant and equipment	5,029	534	30,542	55,218	4,135	95,458
Investment in associates and joint ventures	-	-	-	-	202,908	202,908
Other reportable assets	2,365	2,027	-	966	3,462	8,820
Reportable assets	1,808,148	312,727	1,024,771	56,184	212,742	3,414,572

 

(i) For the six-month period ended December 31, 2025, the net gain from fair value adjustment of investment properties was ARS 183,831. 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 205,794 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.

 

	12.31.2024
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	159,099	11,432	9,069	40,182	4,037	223,819
Costs	(11,130)	(834)	(10,770)	(25,217)	(2,324)	(50,275)
Gross profit / (loss)	147,969	10,598	(1,701)	14,965	1,713	173,544
Net gain / (loss) from fair value adjustment of investment properties	156,861	(137,750)	(317,499)	-	(225)	(298,613)
General and administrative expenses	(18,081)	(1,463)	(7,068)	(7,187)	(3,690)	(37,489)
Selling expenses	(7,150)	(295)	(1,356)	(3,101)	(921)	(12,823)
Other operating results, net	(368)	74	(15,241)	(389)	3,135	(12,789)
Profit / (Loss) from operations	279,231	(128,836)	(342,865)	4,288	12	(188,170)
Share of profit of associates and joint ventures	-	-	-	-	31,652	31,652
Segment profit / (loss)	279,231	(128,836)	(342,865)	4,288	31,664	(156,518)
Investment and trading properties	1,308,304	323,396	840,420	-	3,073	2,475,193
Property, plant and equipment	4,609	518	30,527	53,392	4,413	93,459
Investment in associates and joint ventures	-	-	-	-	225,803	225,803
Other reportable assets	2,317	2,027	63,245	791	3,517	71,897
Reportable assets	1,315,230	325,941	934,192	54,183	236,806	2,866,352

 

 

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

 

	12.31.2025	06.30.2025
Beginning of period	214,160	219,241
Share capital increase and contributions (Note 27)	685	40
Sale of interest in associates and joint ventures	-	(4,271)
Share of profit	10,472	30,733
Other comprehensive income / (loss)	688	(546)
Dividends (Note 27)	(4,597)	(31,267)
Transfers to/from financial assets (ii)	-	399
Decrease of interest (iii)	-	(169)
End of the period (i)	221,408	214,160

 

(i) As of December 31, 2025, and June 30, 2025, includes ARS (169) and ARS (185) 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	12.31.2025	06.30.2025	12.31.2025	06.30.2025	12.31.2025	12.31.2024
New Lipstick	49.96%	49.96%	1,788	1,682	105	(99)
BHSA	29.12%	29.12%	157,991	152,971	5,021	19,351
BACS	37.72%	37.72%	12,613	12,622	(10)	280
Nuevo Puerto Santa Fe S.A.	50.00%	50.00%	7,774	9,719	622	1,003
GCDI	-	-	-	-	-	3,969
La Rural S.A.	50.00%	50.00%	27,709	24,023	5,685	7,928
Agrouranga S.A.	34.86%	34.86%	8,776	8,386	390	(223)
Other associates and joint ventures	N/A	N/A	4,757	4,757	(653)	(1,582)
Total associates and joint ventures			221,408	214,160	11,160	30,627

 

 

				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	(**)	17,242	(**)	528,687
BACS	Argentina	Financing	33,125,751	(**)	88	(**)	(26)	(**)	33,435
Nuevo Puerto Santa Fe S.A.	Argentina	Real estate	138,750		28		1,245		14,887
La Rural S.A.	Argentina	Organization of events	714,998	(**)	1	(**)	11,556	(**)	55,427
Agrouranga S.A.	Argentina	Agriculture	2,532,206		7		1,119		5,474

 

(*) Amounts expressed in dollars.

(**) Information as of December 31, 2025, according to IFRS.

 

 

 

 

 

 

 

 

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

 

	12.31.2025		06.30.2025
	Level 2	Level 3	Level 2	Level 3
Fair value at the beginning of period / year	1,118,535	1,629,222	1,732,478	1,056,609
Additions	45,364	11,151	30,795	54,366
Disposals	(1,864)	-	(10,388)	(21)
Transfers	(102,798)	(459)	(127,026)	(4,371)
Net gain / (loss) from fair value adjustment	62,939	121,555	(500,988)	522,791
Additions of capitalized leasing costs	28	86	74	134
Amortization of capitalized leasing costs (i)	(77)	(142)	(150)	(286)
Currency translation adjustment	5,983	-	(6,260)	-
Fair value at the end of the period / year	1,128,110	1,761,413	1,118,535	1,629,222

 

(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 December 31, 2025 and June 30, 2025:

 

	12.31.2025	06.30.2025
Leased out farmland	12,116	84,584
Offices and other rental properties	339,080	315,621
Shopping malls (i)	1,778,746	1,645,530
Undeveloped parcels of land	756,654	699,041
Properties under development	751	743
Others	2,176	2,238
Total	2,889,523	2,747,757

 

(i) Includes parking spaces.

 

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

 

	12.31.2025	12.31.2024
Revenues	246,432	234,379
Direct operating expenses	(80,310)	(74,765)
Development expenses	(4,434)	(8,263)
Net unrealized gain / (loss) from fair value adjustment of investment property (i)	183,033	(303,346)
Net realized gain from fair value adjustment of investment property (ii)	1,461	3,602

 

(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 six-month period ended December 31, 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)	12.31.2025	06.30.2025
Costs	736,839	85,402	188,636	74,418	46,098	1,131,393	1,093,253
Accumulated depreciation	(88,647)	(51,764)	(82,242)	(64,543)	(29,648)	(316,844)	(279,807)
Net book amount at the beginning of the period / year	648,192	33,638	106,394	9,875	16,450	814,549	813,446
Additions	24,539	2,558	6,543	869	1,280	35,789	51,136
Incorporation by business combination	-	-	-	-	-	-	5,581
Disposals	(44)	(240)	(169)	-	(162)	(615)	(13,315)
Currency translation adjustment	15,305	1,407	624	(7)	400	17,729	(33,980)
Transfers	84,777	77	456	120	15	85,445	28,718
Depreciation charges (ii)	(6,711)	(4,660)	(4,525)	(1,833)	(1,522)	(19,251)	(37,037)
Balances at the end of the period / year	766,058	32,780	109,323	9,024	16,461	933,646	814,549
Costs	861,416	89,204	196,090	75,400	47,631	1,269,741	1,131,393
Accumulated depreciation	(95,358)	(56,424)	(86,767)	(66,376)	(31,170)	(336,095)	(316,844)
Net book amount at the end of the period / year	766,058	32,780	109,323	9,024	16,461	933,646	814,549

 

 

 

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

 

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

 

 

 

 

 

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

 

	Goodwill	Information systems and software	Concession rights, brands and others	12.31.2025	06.30.2025
Costs	7,607	34,205	32,060	73,872	152,868
Accumulated amortization	-	(27,066)	(14,233)	(41,299)	(37,367)
Net book amount at the beginning of the period / year	7,607	7,139	17,827	32,573	115,501
Additions	-	1,215	15	1,230	4,548
Disposals	-	-	-	-	(16)
Transfers	-	339	-	339	(83,395)
Currency translation adjustment	28	53	-	81	(133)
Amortization charges (i)	-	(1,533)	(213)	(1,746)	(3,932)
Balances at the end of the period / year	7,635	7,213	17,629	32,477	32,573
Costs	7,635	35,812	32,075	75,522	73,872
Accumulated amortization	-	(28,599)	(14,446)	(43,045)	(41,299)
Net book amount at the end of the period / year	7,635	7,213	17,629	32,477	32,573

 

(i) As of December 31, 2025, amortization charge was recognized in the amount of ARS 1,373 under "Costs", in the amount of ARS 365 under "General and administrative expenses" and in the amount of ARS 8 under “Selling expenses”, in the Statement of Income and Other Comprehensive Income (Note 24).

 

 

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

 

	12.31.2025	06.30.2025
Farmland	147,348	118,427
Convention center	4,688	5,059
Offices, shopping malls and other buildings	12,680	11,563
Machinery and equipment	4,996	4,431
Right-of-use assets	169,712	139,480
Non-current	169,712	139,480
Total	169,712	139,480

 

 

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

 

	12.31.2025	12.31.2024
Farmland	11,386	11,632
Convention center	371	530
Offices, shopping malls and other buildings	1,415	981
Machinery and equipment	747	783
Depreciation charge of right-of-use assets (i)	13,919	13,926

 

(I) As of Dectember 31, 2025, the amortization charge has been allocated ARS 936 within "Costs", ARS 449 in "General and administrative expenses" and ARS 401 in “Selling expenses” in the Statement of Income and Other Comprehensive Income (Note 24), ARS 12,133 were capitalized as part of the cost of biological assets.

 

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

 

	12.31.2025	06.30.2025
Farmland	157,742	126,798
Convention center	2,607	2,639
Offices, shopping malls and other buildings	7,808	8,065
Lease liabilities	168,157	137,502
Non-current	118,849	101,089
Current	49,308	36,413
Total	168,157	137,502

 

 

 

 

Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the six-month period ended December 31, 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	12.31.2025	06.30.2025
Net book amount at the beginning of the period / year	10,197	47,189	31,491	80,017	972	701	170,567	137,534
Purchases	-	-	-	22,186	59	-	22,245	23,949
Transfers	(733)	733	-	-	-	-	-	-
Initial recognition and changes in the fair value of biological assets	-	(3,979)	(3,600)	1,589	(146)	-	(6,136)	22,343
Decrease due to harvest	-	(88,543)	(48,664)	-	-	-	(137,207)	(312,643)
Sales	-	-	-	(43,712)	-	-	(43,712)	(42,744)
Consumes	-	-	-	(115)	(1)	(59)	(175)	(560)
Costs for the period / year	39,602	107,787	52,734	28,675	-	34	228,832	358,840
Currency translation adjustment	388	1,536	1,186	1,892	-	-	5,002	(16,152)
Balances at the end of the period / year	49,454	64,723	33,147	90,532	884	676	239,416	170,567
Non-current (Production)	-	-	-	50,284	713	671	51,668	49,779
Current (Consumable)	49,454	64,723	33,147	40,248	171	5	187,748	120,788
Net book amount at the end of the period / year	49,454	64,723	33,147	90,532	884	676	239,416	170,567

 

 

During the six-month period ended December 31, 2025, transfers occurred between fair value hierarchy Levels 1 and 3 related to sown land‑crop amounting to ARS 733. 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 (111,766) and ARS (242,811) for the six-month period ended December 31, 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 December 31, 2025, the better and maximum use of biological assets shall not significantly differ from the current use.

 

Capitalized cost of production as of December 31, 2025 and 2024 are as follows:

 

	12.31.2025	12.31.2024
Supplies and labors	176,369	148,123
Salaries, social security costs and other personnel expenses	11,164	8,308
Depreciation and amortization	25,404	27,779
Fees and payments for services	1,071	596
Maintenance, security, cleaning, repairs and others	1,889	1,173
Taxes, rates and contributions	414	255
Leases and service charges	221	101
Freights	2,211	1,975
Travelling, library expenses and stationery	1,092	1,142
Other expenses	8,963	6,125
	228,798	195,577

 

 

Breakdown of Group’s inventories as of December 31, 2025 and June 30, 2025 are as follows:

 

	12.31.2025	06.30.2025
Crops	75,299	112,761
Materials and supplies	79,879	87,874
Sugarcane	1,440	1,466
Agricultural inventories	156,618	202,101
Supplies for hotels	966	667
Total inventories	157,584	202,768

 

 

 

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 December 31, 2025 are as follows:

 

		Financial assets at fair value through profit or loss
	Financial assets at amortized cost	Level 1	Level 2	Level 3	Subtotal financial assets	Non-financial assets	Total
December 31, 2025
Assets as per Statement of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16)	496,784	48,645	-	-	545,429	126,711	672,140
Investment in financial assets:
- Public companies’ securities	-	37,156	-	-	37,156	-	37,156
- Bonds	-	115,708	-	-	115,708	-	115,708
- Mutual funds	-	135,066	-	-	135,066	-	135,066
- Others	7,530	8,014	16,056	1,771	33,371	-	33,371
Derivative financial instruments:
- Commodities options contracts	-	1,085	-	-	1,085	-	1,085
- Commodities futures contracts	-	2,256	-	-	2,256	-	2,256
- Bonds futures contracts	-	206	-	-	206	-	206
- Foreign-currency options contracts	-	6,714	-	-	6,714	-	6,714
- Foreign-currency future contracts	-	38	-	-	38	-	38
- Swaps	-	-	2,046	-	2,046	-	2,046
- Others	-	1,281	-	-	1,281	-	1,281
Restricted assets (i)	4,977	-	-	-	4,977	-	4,977
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank	332,643	-	-	-	332,643	-	332,643
- Short-term investments	1,817	100,307	-	-	102,124	-	102,124
Total assets	843,751	456,476	18,102	1,771	1,320,100	126,711	1,446,811