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
Share capital: 709,308,309 common shares
Common stock subscribed, issued and paid up nominal value (millions of ARS): 709
Control Group: Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Agroinvestment 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.) - Zabala 1422, 2nd floor, Montevideo, Uruguay (Agroinvestment S.A.)
Parent companies' activity: Investment
Direct and indirect participation of the Control Group over the capital: 277,485,211 shares
Voting stock (direct and indirect equity interest): 39.12% (*)
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	709,308,309 (**)	709
(*) 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	11
Note 6 - Segment information	12
Note 7 - Investments in associates and joint ventures	16
Note 8 - Investment properties	17
Note 9 - Property, plant and equipment	18
Note 10 - Trading properties	18
Note 11 - Intangible assets	19
Note 12 - Right-of-use assets and lease liabilities	19
Note 13 - Biological assets	20
Note 14 - Inventories	20
Note 15 - Financial instruments by category	21
Note 16 - Trade and other receivables	23
Note 17 - Cash flow and cash equivalents information	24
Note 18 - Trade and other payables	25
Note 19 - Provisions	25
Note 20 - Borrowings	27
Note 21 - Taxation	28
Note 22 - Revenues	29
Note 23 - Costs	29
Note 24 - Expenses by nature	29
Note 25 - Other operating results, net	30
Note 26 - Financial results, net	30
Note 27 - Related parties transactions	30
Note 28 - CNV General Resolution N° 622	32
Note 29 - Cost of sales and services provided	32
Note 30 - Foreign currency assets and liabilities	33
Note 31 - Other relevant events of the period	34
Note 32 - Subsequent Events	36

 

 

 

 

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				Argentine National Securities Commission
CODM				Chief operating decision maker
Cresud, “the Company”, “us”				Cresud S.A.C.I.F. y 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
VAM				Vista al Muelle S.A.

 

 

 

 

 

	Note	03.31.2026	06.30.2025
ASSETS
Non-current assets
Investment properties	8	3,054,359	3,007,207
Property, plant and equipment	9	884,289	891,462
Trading properties	10	209,925	156,007
Intangible assets	11	35,016	35,649
Right-of-use assets	12	174,801	152,650
Biological assets	13	62,512	54,479
Investment in associates and joint ventures	7	251,151	234,584
Deferred income tax assets	21	18,458	16,112
Income tax credit		62	95
Restricted assets	15	5,199	-
Trade and other receivables	16	158,875	219,810
Investment in financial assets	15	29,546	34,813
Derivative financial instruments	15	2,303	3,088
Total non-current assets		4,886,496	4,805,956
Current assets
Trading properties	10	49,097	44,649
Biological assets	13	225,219	132,193
Inventories	14	153,144	221,913
Income tax credit		1,000	1,515
Trade and other receivables	16	519,771	553,941
Investment in financial assets	15	517,098	282,961
Derivative financial instruments	15	15,748	8,483
Cash and cash equivalents	15	139,923	313,784
Total current assets		1,621,000	1,559,439
TOTAL ASSETS		6,507,496	6,365,395
SHAREHOLDERS’ EQUITY
Equity attributable to owners of the parent (as shown in the statement of changes in equity)		1,307,042	1,214,066
Non-controlling interest		1,507,749	1,555,075
TOTAL SHAREHOLDERS' EQUITY		2,814,791	2,769,141
LIABILITIES
Non-current liabilities
Trade and other payables	18	69,155	96,786
Borrowings	20	1,287,332	1,009,883
Deferred income tax liabilities	21	1,045,957	1,080,183
Provisions	19	42,190	40,567
Payroll and social security liabilities		807	156
Lease liabilities	12	110,503	110,635
Derivative financial instruments	15	4,923	4,962
Total non-current liabilities		2,560,867	2,343,172
Current liabilities
Trade and other payables	18	425,898	413,432
Borrowings	20	488,374	670,159
Provisions	19	5,865	6,559
Payroll and social security liabilities		40,574	47,616
Income tax liabilities		95,725	70,984
Lease liabilities	12	57,557	39,851
Derivative financial instruments	15	17,845	4,481
Total Current liabilities		1,131,838	1,253,082
TOTAL LIABILITIES		3,692,705	3,596,254
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		6,507,496	6,365,395

 

 

 

 

 

		Nine months		Three months
	Note	03.31.2026	03.31.2025 Restated (i)	03.31.2026	03.31.2025 Restated (i)
Revenues	22	965,514	838,799	252,687	240,579
Costs	23	(593,922)	(520,191)	(144,877)	(139,242)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		8,729	22,615	15,025	16,320
Changes in the net realizable value of agricultural products after harvest		2,988	2,358	(4,852)	4,958
Gross profit		383,309	343,581	117,983	122,615
Net gain / (loss) from fair value adjustment of investment properties	8	31,216	(182,253)	(170,699)	145,794
Gain from disposal of farmlands		782	34,175	782	17
General and administrative expenses	24	(104,351)	(102,087)	(35,293)	(34,020)
Selling expenses	24	(82,465)	(77,564)	(22,071)	(25,047)
Other operating results, net	25	3,061	(3,163)	(2,615)	(1,439)
Management fees		(19,964)	(2,301)	(12,153)	(2,301)
Profit / (loss) from operations		211,588	10,388	(124,066)	205,619
Share of profit / (loss) of associates and joint ventures	7	20,761	13,275	9,301	(20,780)
Profit / (loss) before financial results and income tax		232,349	23,663	(114,765)	184,839
Finance income	26	12,200	7,807	4,845	2,984
Finance cost	26	(130,215)	(69,128)	(45,490)	(15,701)
Other finance income	26	188,957	153,816	165,316	19,795
Gain on net monetary position (IAS 29)	26	19,576	22,822	4,922	11,243
Financial results, net	26	90,518	115,317	129,593	18,321
Profit before income tax		322,867	138,980	14,828	203,160
Income tax	21	(91,559)	(61,622)	4,238	(94,228)
Profit for the period		231,308	77,358	19,066	108,932
Other comprehensive (loss) / income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustments and other comprehensive income of subsidiaries and associates (ii)		(36,822)	(102,626)	(67,990)	20,339
Revaluation surplus		4,974	408	-	10
Total other comprehensive (loss) / income for the period		(31,848)	(102,218)	(67,990)	20,349
Total comprehensive income / (loss) for the period		199,460	(24,860)	(48,924)	129,281
Profit / (loss) for the period attributable to:
Equity holders of the parent		121,665	30,061	40,188	57,530
Non-controlling interest		109,643	47,297	(21,122)	51,402
Total comprehensive income / (loss) attributable to:
Equity holders of the parent		110,631	(6,440)	16,394	65,114
Non-controlling interest		88,829	(18,420)	(65,318)	64,167
Profit for the period per share attributable to equity holders of the parent (iii):
Basic		189.99	49.97	62.76	95.62
Diluted		189.99	44.53	62.76	85.21

 

 

 

	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	355,722	27,458	456,151	(39,174)	54,056	258,198	101,041	1,214,066	1,555,075	2,769,141
Profit for the period	-	-	-	-	-	-	-	-	121,665	121,665	109,643	231,308
Other comprehensive loss for the period	-	-	-	-	-	-	-	(11,034)	-	(11,034)	(20,814)	(31,848)
Total comprehensive (loss) / income for the period	-	-	-	-	-	-	-	(11,034)	121,665	110,631	88,829	199,460
Appropriation of retained earnings – Shareholders’ meeting	-	-	-	-	-	-	5,947	2,294	(8,241)	-	-	-
Distribution of treasury shares	5	(5)	-	-	-	(11,688)	-	11,661	-	(27)	-	(27)
Reserve for share-based payments	-	-	-	-	-	-	-	3	-	3	141	144
Dividends declared	-	-	-	-	-	-	-	-	(110,701)	(110,701)	(85,936)	(196,637)
Exercise of warrants (ii)	95	-	5	(8,844)	128,598	-	-	-	-	119,854	11,807	131,661
Amendment to the exercise terms of warrants issued by the Company (ii)	-	-	-	(18,614)	(66,885)	-	-	-	-	(85,499)	(10,550)	(96,049)
Changes in non-controlling interest	-	-	-	-	-	-	-	58,715	-	58,715	(58,715)	-
Other changes in shareholders' equity	-	-	-	-	-	-	-	-	-	-	(54)	(54)
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	7,152	7,152
Balance as of March 31, 2026	707	2	355,727	-	517,864	(50,862)	60,003	319,837	103,764	1,307,042	1,507,749	2,814,791

 

 

(i) Includes ARS 1 of Inflation adjustment of treasury shares as of March 31, 2026. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) 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 March 31, 2026 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	(14,026)	(33,427)	3,421	326,855	(24,625)	258,198
Other comprehensive (loss) / income for the period	-	(11,121)	-	-	87	(11,034)
Total comprehensive (loss) / income for the period	-	(11,121)	-	-	87	(11,034)
Appropriation of retained earnings - Shareholders’ meeting	-	-	-	2,294	-	2,294
Reserve for share-based payments	-	-	-	-	3	3
Treasury shares distribution	11,661	-	-	-	-	11,661
Changes in non-controlling interest	-	-	-	-	58,715	58,715
Balance as of March 31, 2026	(2,365)	(44,548)	3,421	329,149	34,180	319,837

 

 

 

	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	355,716	32,222	440,895	(38,983)	47,883	268,935	104,242	1,211,506	1,513,166	2,724,672
Gain for the period restated (i)	-	-	-	-	-	-	-	-	30,061	30,061	47,297	77,358
Other comprehensive loss for the period	-	-	-	-	-	-	-	(36,501)	-	(36,501)	(65,717)	(102,218)
Total comprehensive (loss) / income for the period restated (i)	-	-	-	-	-	-	-	(36,501)	30,061	(6,440)	(18,420)	(24,860)
Appropriation of retained earnings – Shareholders’ meeting	-	-	-	-	-	-	6,173	49,143	(55,316)	-	-	-
Repurchase of treasury shares	(5)	5	-	-	-	-	-	(9,382)	-	(9,382)	(10,962)	(20,344)
Reserve for share-based payments	-	-	-	-	-	(191)	-	195	-	4	237	241
Exercise of warrants	9	-	4	(2,373)	7,634	-	-	-	-	5,274	7,191	12,465
Changes in non-controlling interest	-	-	-	-	-	-	-	(24,738)	-	(24,738)	2,003	(22,735)
Dividends declared	-	-	-	-	-	-	-	-	(68,153)	(68,153)	(92,393)	(160,546)
Other changes in shareholders' equity	-	-	-	-	-	-	-	11,110	-	11,110	-	11,110
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	229	229
Balance as of March 31, 2025 restated (i)	598	7	355,720	29,849	448,529	(39,174)	54,056	258,762	10,834	1,119,181	1,401,051	2,520,232

 

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

(iii) Group’s other reserves for the period ended March 31, 2025, 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)	(4,837)	(12,803)	48,125	3,421	229,587	5,442	268,935
Other comprehensive (loss) / income for the period	-	(36,982)	-	-	-	481	(36,501)
Total comprehensive (loss) / income for the period	-	(36,982)	-	-	-	481	(36,501)
Appropriation of retained earnings - Shareholders’ meeting	-	-	(48,125)	-	97,268	-	49,143
Repurchase of treasury shares	(9,382)	-	-	-	-	-	(9,382)
Reserve for share-based payments	193	-	-	-	-	2	195
Changes in non-controlling interest	-	-	-	-	-	(24,738)	(24,738)
Other changes in shareholders' equity	-	330	-	-	-	10,780	11,110
Balance as of March 31, 2025 restated (i)	(14,026)	(49,455)	-	3,421	326,855	(8,033)	258,762

 

 

 

	Note	03.31.2026	03.31.2025 Restated (i)
Operating activities:
Net cash generated from operating activities before income tax paid	15	138,241	14,785
Income tax paid		(92,650)	(16,576)
Net cash generated from / (used in) operating activities		45,591	(1,791)
Investing activities:
Proceeds from the sale of participation in associates and joint ventures		-	7,996
Capital contributions to associates and joint ventures		(750)	(44)
Acquisition of participation in associates		(7,608)	-
Acquisition and improvement of investment properties		(65,174)	(37,880)
Proceeds from sales of investment properties		1,849	9,434
Acquisitions and improvements of property, plant and equipment		(38,939)	(38,997)
Acquisition of intangible assets		(1,687)	(3,465)
Proceeds from sales of property, plant and equipment		30,843	25,909
Dividends collected from associates and joint ventures		2,234	400
Loans granted		(1,044)	-
Proceeds from loans granted		1,567	956
Acquisitions of investments in financial assets		(1,552,307)	(614,782)
Proceeds from disposal of investments in financial assets		1,255,327	586,674
Interest received from financial assets		41,513	19,347
Payments of derivative financial instruments, net		(12)	(518)
Net cash used in investing activities		(334,188)	(44,970)
Financing activities:
Borrowings, issuance and new placement of non-convertible notes		806,031	837,134
Payment of borrowings and non-convertible notes		(523,529)	(334,743)
Net (repayment of) / proceeds from short-term borrowings		(8,845)	79,073
Interest paid		(103,524)	(90,555)
Capital contributions from non-controlling interest in subsidiaries		7,152	229
Lease liabilities paid		(4,959)	(6,014)
Repurchase of treasury shares		-	(20,344)
Dividends paid		(96,935)	(108,590)
Exercise of warrants		43,500	12,465
Distribution of treasury shares		(27)	-
Repurchase of non-convertible notes		(6,159)	(72,707)
Net cash generated from financing activities		112,705	295,948
(Decrease) / Net increase in cash and cash equivalents		(175,892)	249,187
Cash and cash equivalents at the beginning of the period	15	313,784	199,918
Foreign exchange differences and unrealized fair value gains on cash and cash equivalents.		4,494	13,272
Loss on net monetary position (IAS 29)		(2,463)	(9,965)
Cash and cash equivalents at the end of the period	15	139,923	452,412

 

 

 

 

 

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.

 

The 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 whose ultimate beneficial owner is Eduardo S. Elsztain.

 

The Board of Directors has approved these Condensed Interim Consolidated Financial Statements for issuance on May 07, 2026.

 

As of March 31, 2026, 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 March 31, 2025, are detailed below:

 

	03.31.2025 As previously reported	RECPAM (Inflationary effect)	03.31.2025	Error correction	03.31.2025 Restated
Current liabilities
Trade and other payables	284,605	92,800	377,405	2,123	379,528
Total Current liabilities	936,607	305,397	1,242,004	2,123	1,244,127
TOTAL LIABILITIES	2,719,665	886,794	3,606,459	2,123	3,608,582
SHAREHOLDERS’ EQUITY
Shareholders' equity	845,583	275,721	1,121,304	(2,123)	1,119,181
TOTAL SHAREHOLDERS' EQUITY	1,902,131	620,224	2,522,355	(2,123)	2,520,232

 

	03.31.2025 As previously reported	RECPAM (Inflationary effect)	03.31.2025	Error correction	03.31.2025 Restated
Management fees	(1,686)	(550)	(2,236)	(65)	(2,301)
Profit for operations	7,882	2,571	10,453	(65)	10,388
Gain on net monetary position (IAS 29)	16,720	5,452	22,172	650	22,822
Financial results, net	86,472	28,195	114,667	650	115,317
Profit for the period	57,895	18,878	76,773	585	77,358
Profit for the period per share attributable to equity holders of the parent:
Basic	36.95	12.05	49.00	0.97	49.97
Diluted	32.92	10.75	43.67	0.86	44.53

 

 

	03.31.2025 As previously reported	RECPAM (Inflationary effect)	03.31.2025	Error correction	03.31.2025 Restated
Profit for the period	57,895	18,878	76,773	585	77,358
Financial results, net	(86,364)	(28,158)	(114,522)	(4,610)	(119,132)
Management fees	1,686	550	2,236	65	2,301
Net cash generated from / (used in) operating activities	1,634	535	2,169	(3,960)	(1,791)
Exercise of warrants	6,414	2,091	8,505	3,960	12,465
Net cash generated from financing activities	220,191	71,797	291,988	3,960	295,948

 

 

 

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 March 31, 2026 and for the interim periods of nine months ended March 31, 2026 and 2025 have not been audited. Management considers that they include all the necessary adjustments to fairly state the results of each period. Interim period results do not necessarily reflect the proportion of the Group's results for the entire fiscal year.

 

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

 

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

 

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

 

The table below presents the index for the period between the last fiscal year and as of March 31, 2026, and for the 12-month period ending on the same date, according to official statistics (INDEC) and following the guidelines described in Resolution 539/18.

 

	As of March 31, 2026 (nine months)	As of March 31, 2026 (twelve months)
Price variation	25%	33%

 

As a consequence of the aforementioned, these condensed interim consolidated financial statements as of March 31, 2026, 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 March 31, 2025, 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 nine-month period ended March 31, 2026 are detailed below.

 

 

 

During the quarter, BrasilAgro completed the final stage of the transfer of 1,964 hectares (1,422 productive hectares) of the “Rio do Meio II” farm, a rural property located in the municipality of Correntina, State of Bahia, Brazil. As a result of the transaction, a gain was recognized under the line “Gain from disposal of farmlands” in the Consolidated Statement of Income and Other Comprehensive Income, amounting to ARS 190 million.

 

 

 

 On March 17, 2026, Agropecuaria Morotí S.A., a subsidiary of BrasilAgro, completed the sale to Agro Global del Paraguay S.A. of 373 hectares (200.5 productive hectares) of the “Marangatú” farm, a rural property located in the district of Mariscal Estigarribia.The total transaction value was agreed at USD 0.6 million, equivalent to ARS 824 million, of which USD 0.3 million (ARS 412 million) was received upon closing. The remaining balance will be collected through three annual installments of USD 0.1 million each (ARS 137 million), maturing on February 28, 2027, 2028 and 2029.

 

The gain on this sale was recognized under the line “Gain from disposal of farmlands” in the Consolidated Statement of Income and Other Comprehensive Income for a total amount of ARS 592 million.

 

 

 

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

 

On November 7 and December 23, 2025, IRSA signed barter agreements for two lots, for an approximate total amount of USD 11.8 million, equivalent to ARS 19,213 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

 

Additionally, on February 12 and February 26, 2026, IRSA signed barter agreements for two lots, for a total reference amount of approximately USD 11.3 million, equivalent to ARS 16,611 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

 

The sale transaction was recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements, and generated a gain of ARS 1,516 million, which has been recognized in the line item “Net gain / (loss) from fair value changes of investment properties” of these Consolidated Financial Statements. The barter agreements were recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements.

 

 

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

 

The shopping mall is currently operating below its potential, so the Company plans to reconvert into an outlet center to be relaunched during 2026.

 

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

 

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

 

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

 

 

 

On October 17, 2025, 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 sqm. The transaction price amounted to USD 1.2 million, equivalent to ARS 1,972 million.

 

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

 

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

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

 

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

 

 

 

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

 

	03.31.2026
	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	505,820	373,352	879,172	(2,163)	93,177	(4,672)	965,514
Costs	(420,369)	(80,614)	(500,983)	222	(93,878)	717	(593,922)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	5,620	-	5,620	-	-	3,109	8,729
Changes in the net realizable value of agricultural products after harvest	2,988	-	2,988	-	-	-	2,988
Gross profit / (loss)	94,059	292,738	386,797	(1,941)	(701)	(846)	383,309
Net gain from fair value adjustment of investment properties	-	30,126	30,126	1,090	-	-	31,216
Gain from disposal of farmlands	782	-	782	-	-	-	782
General and administrative expenses	(37,999)	(66,863)	(104,862)	264	-	247	(104,351)
Selling expenses	(59,565)	(23,407)	(82,972)	141	-	366	(82,465)
Other operating results, net	(4,888)	7,408	2,520	(19)	460	100	3,061
Management fees	-	-	-	-	(19,964)	-	(19,964)
(Loss) / profit from operations	(7,611)	240,002	232,391	(465)	(20,205)	(133)	211,588
Share of profit / (loss) of associates and joint ventures	800	19,244	20,044	717	-	-	20,761
Segment (loss) / profit	(6,811)	259,246	252,435	252	(20,205)	(133)	232,349
Reportable assets	1,314,403	3,585,753	4,900,156	(2,344)	-	1,609,684	6,507,496
Reportable liabilities (*)	-	-	-	-	-	(3,692,705)	(3,692,705)
Net reportable assets	1,314,403	3,585,753	4,900,156	(2,344)	-	(2,083,021)	2,814,791

 

 

 

Below is a summarized analysis of the lines of business of the Group for the period ended March 31, 2025:

 

	03.31.2025
	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 Restated (iv)
Revenues	395,890	357,489	753,379	(2,003)	90,110	(2,687)	838,799
Costs	(346,674)	(83,103)	(429,777)	199	(90,613)	-	(520,191)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	20,191	-	20,191	-	-	2,424	22,615
Changes in the net realizable value of agricultural products after harvest	2,358	-	2,358	-	-	-	2,358
Gross profit / (loss)	71,765	274,386	346,151	(1,804)	(503)	(263)	343,581
Net loss from fair value adjustment of investment properties	(1,752)	(180,204)	(181,956)	(297)	-	-	(182,253)
Gain from disposal of farmlands	34,175	-	34,175	-	-	-	34,175
General and administrative expenses	(41,563)	(61,048)	(102,611)	311	-	213	(102,087)
Selling expenses	(54,652)	(23,073)	(77,725)	109	-	52	(77,564)
Other operating results, net	4,514	(7,915)	(3,401)	(5)	286	(43)	(3,163)
Management fees	-	-	-	-	(2,301)	-	(2,301)
Profit / (loss) from operations	12,487	2,146	14,633	(1,686)	(2,518)	(41)	10,388
Share of (loss) / profit of associates and joint ventures	(55)	12,140	12,085	1,190	-	-	13,275
Segment profit / (loss)	12,432	14,286	26,718	(496)	(2,518)	(41)	23,663
Reportable assets	1,249,306	3,271,629	4,520,935	479	-	1,607,400	6,128,814
Reportable liabilities (*)	-	-	-	-	-	(3,608,582)	(3,608,582)
Net reportable assets	1,249,306	3,271,629	4,520,935	479	-	(2,001,182)	2,520,232

 

 

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

 

 

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

 

	03.31.2026
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	348,501	-	-	157,319	505,820
Costs	(307,927)	(378)	-	(112,064)	(420,369)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	5,620	-	-	-	5,620
Changes in the net realizable value of agricultural products after harvest	2,988	-	-	-	2,988
Gross profit / (loss)	49,182	(378)	-	45,255	94,059
Gain from disposal of farmlands	-	782	-	-	782
General and administrative expenses	(22,234)	(193)	(3,547)	(12,025)	(37,999)
Selling expenses	(36,935)	(47)	-	(22,583)	(59,565)
Other operating results, net	(13,219)	5,532	-	2,799	(4,888)
(Loss) / profit from operations	(23,206)	5,696	(3,547)	13,446	(7,611)
Share of profit / (loss) of associates and joint ventures	1,992	-	-	(1,192)	800
Segment (loss) / profit	(21,214)	5,696	(3,547)	12,254	(6,811)
Investment properties	-	81,567	-	-	81,567
Property, plant and equipment	721,525	54,121	-	3,566	779,212
Investments in associates and joint ventures	13,365	-	-	205	13,570
Other reportable assets	387,053	-	-	53,001	440,054
Reportable assets	1,121,943	135,688	-	56,772	1,314,403

 

 

	03.31.2025
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	292,735	-	-	103,155	395,890
Costs	(247,225)	(285)	-	(99,164)	(346,674)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	20,191	-	-	-	20,191
Changes in the net realizable value of agricultural products after harvest	2,358	-	-	-	2,358
Gross profit / (loss)	68,059	(285)	-	3,991	71,765
Net loss from fair value adjustment of investment properties	-	(1,752)	-	-	(1,752)
Gain from disposal of farmlands	-	34,175	-	-	34,175
General and administrative expenses	(22,456)	(85)	(6,292)	(12,730)	(41,563)
Selling expenses	(32,722)	(1,095)	-	(20,835)	(54,652)
Other operating results, net	(349)	2,183	-	2,680	4,514
Profit / (loss) from operations	12,532	33,141	(6,292)	(26,894)	12,487
Share of profit / (loss) of associates and joint ventures	1,500	-	-	(1,555)	(55)
Segment profit / (loss)	14,032	33,141	(6,292)	(28,449)	12,432
Investment properties	-	77,003	-	-	77,003
Property, plant and equipment	749,310	2,264	-	4,851	756,425
Investments in associates and joint ventures	13,180	-	-	500	13,680
Other reportable assets	330,013	496	-	71,689	402,198
Reportable assets	1,092,503	79,763	-	77,040	1,249,306

 

 

 

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

 

	03.31.2026
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	260,299	21,071	14,651	68,883	8,448	373,352
Costs	(21,518)	(2,418)	(10,483)	(43,007)	(3,188)	(80,614)
Gross profit	238,781	18,653	4,168	25,876	5,260	292,738
Net gain / (loss) from fair value adjustment of investment properties (i)	103,494	(20,273)	(53,149)	-	54	30,126
General and administrative expenses	(30,475)	(1,865)	(13,570)	(9,388)	(11,565)	(66,863)
Selling expenses	(14,486)	(766)	(2,525)	(4,416)	(1,214)	(23,407)
Other operating results, net	1,123	133	8,452	(352)	(1,948)	7,408
Profit / (Loss) from operations	298,437	(4,118)	(56,624)	11,720	(9,413)	240,002
Share of profit of associates and joint ventures	-	-	-	-	19,244	19,244
Segment profit / (loss)	298,437	(4,118)	(56,624)	11,720	9,831	259,246
Investment and trading properties	1,947,951	299,191	992,359	-	2,740	3,242,241
Property, plant and equipment	5,610	584	33,418	61,131	4,370	105,113
Investment in associates and joint ventures	-	-	-	-	228,928	228,928
Other reportable assets	2,582	2,218	-	949	3,722	9,471
Reportable assets	1,956,143	301,993	1,025,777	62,080	239,760	3,585,753

 

(i) For the nine-month period ended March 31, 2026, the net gain from fair value adjustment of investment properties was ARS 30,126. 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 361,170 were reclassified for shopping malls from “Net gain / (loss) from fair value adjustment” to “Gain / (loss) on net monetary position (IAS 29)” in the Statement of Income and Other Comprehensive Income.

 

	03.31.2025
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	254,174	18,556	13,800	65,006	5,953	357,489
Costs	(18,534)	(1,420)	(18,594)	(40,541)	(4,014)	(83,103)
Gross profit / (loss)	235,640	17,136	(4,794)	24,465	1,939	274,386
Net gain / (loss) from fair value adjustment of investment properties	268,128	(138,536)	(309,157)	-	(639)	(180,204)
General and administrative expenses	(29,557)	(2,407)	(11,565)	(11,635)	(5,884)	(61,048)
Selling expenses	(13,262)	(801)	(2,550)	(5,036)	(1,424)	(23,073)
Other operating results, net	(158)	167	(10,677)	(432)	3,185	(7,915)
Profit / (Loss) from operations	460,791	(124,441)	(338,743)	7,362	(2,823)	2,146
Share of profit of associates and joint ventures	-	-	-	-	12,140	12,140
Segment profit / (loss)	460,791	(124,441)	(338,743)	7,362	9,317	14,286
Investment and trading properties	1,529,267	363,354	1,041,284	-	2,957	2,936,862
Property, plant and equipment	5,591	564	33,409	58,892	5,413	103,869
Investment in associates and joint ventures	-	-	-	-	221,659	221,659
Other reportable assets	2,557	2,148	-	770	3,764	9,239
Reportable assets	1,537,415	366,066	1,074,693	59,662	233,793	3,271,629

 

 

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

 

	03.31.2026	06.30.2025
Beginning of period	234,382	239,941
Share capital increase and contributions (Note 27)	750	44
Sale of interest in associates and joint ventures	-	(4,674)
Share of profit	20,761	33,635
Other comprehensive income / (loss)	132	(597)
Dividends (Note 27)	(5,031)	(34,219)
Transfers to/from financial assets (ii)	-	437
Decrease of interest (iii)	-	(185)
End of the period (i)	250,994	234,382

 

(i) As of March 31, 2026, and June 30, 2025, includes ARS (157) and ARS (202) 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	03.31.2026	06.30.2025	03.31.2026	06.30.2025	03.31.2026	03.31.2025
New Lipstick	49.96%	49.96%	1,716	1,841	(126)	(163)
BHSA	29.12%	29.12%	177,531	167,415	10,117	4,426
BACS	37.72%	37.72%	14,166	13,814	351	412
Nuevo Puerto Santa Fe S.A.	50.00%	50.00%	8,600	10,636	773	1,284
GCDI	-	-	-	-	-	207
La Rural S.A.	50.00%	50.00%	32,851	26,292	8,746	7,234
Agrouranga S.A.	34.86%	34.86%	11,328	9,178	2,150	1,583
Other associates and joint ventures	N/A	N/A	4,802	5,206	(1,118)	(2,074)
Total associates and joint ventures			250,994	234,382	20,893	12,909

 

 

				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	(*)	(2)	(*)	(52)
BHSA	Argentina	Financing	436,780,922	(**)	1,500	(**)	34,742	(**)	594,480
BACS	Argentina	Financing	33,125,751	(**)	88	(**)	932	(**)	37,552
Nuevo Puerto Santa Fe S.A.	Argentina	Real estate	138,750		28		1,547		16,477
La Rural S.A.	Argentina	Organization of events	714,998	(**)	1	(**)	17,731	(**)	65,744
Agrouranga S.A.	Argentina	Agriculture	2,532,206		7		6,168		10,935

 

(*) Amounts expressed in dollars.

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

 

 

 

 

 

 

 

 

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

 

	03.31.2026		06.30.2025
	Level 2	Level 3	Level 2	Level 3
Fair value at the beginning of period / year	1,224,150	1,783,057	1,896,062	1,156,377
Additions	58,686	17,542	33,703	59,500
Disposals	(2,259)	-	(11,369)	(23)
Transfers	(59,907)	(531)	(139,020)	(4,783)
Net (loss) / gain from fair value adjustment	(77,872)	109,088	(548,292)	572,153
Additions of capitalized leasing costs	232	117	80	146
Amortization of capitalized leasing costs (i)	(132)	(231)	(164)	(313)
Currency translation adjustment	2,419	-	(6,850)	-
Fair value at the end of the period / year	1,145,317	1,909,042	1,224,150	1,783,057

 

 

(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 March 31, 2026 and June 30, 2025:

 

	03.31.2026	06.30.2025
Leased out farmland	81,567	92,570
Offices and other rental properties	315,235	345,423
Shopping malls (i)	1,937,524	1,800,906
Undeveloped parcels of land	716,577	765,046
Properties under development	830	813
Others	2,626	2,449
Total	3,054,359	3,007,207

 

(i) Includes parking spaces.

 

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

 

	03.31.2026	03.31.2025
Revenues	386,818	375,778
Direct operating expenses	(125,567)	(121,846)
Development expenses	(6,893)	(15,056)
Net unrealized gain / (loss) from fair value adjustment of investment property (i)	29,347	(186,195)
Net realized gain from fair value adjustment of investment property (ii)	1,869	3,942

 

 

(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 nine-month period ended March 31, 2026 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)	03.31.2026	06.30.2025
Costs	806,412	93,467	206,448	81,444	50,453	1,238,224	1,196,481
Accumulated depreciation	(97,017)	(56,653)	(90,008)	(70,637)	(32,447)	(346,762)	(306,228)
Net book amount at the beginning of the period / year	709,395	36,814	116,440	10,807	18,006	891,462	890,253
Additions	19,489	5,582	9,269	2,079	2,640	39,059	55,966
Incorporation by business combination	-	-	-	-	-	-	6,109
Disposals	(687)	(263)	(221)	-	(306)	(1,477)	(14,572)
Currency translation adjustment	(33,732)	(1,529)	(1,033)	(10)	(475)	(36,779)	(37,203)
Transfers	20,279	158	499	165	16	21,117	31,443
Depreciation charges (ii)	(11,144)	(5,199)	(7,238)	(3,008)	(2,504)	(29,093)	(40,534)
Balances at the end of the period / year	703,600	35,563	117,716	10,033	17,377	884,289	891,462
Costs	811,761	97,415	214,962	83,678	52,328	1,260,144	1,238,224
Accumulated depreciation	(108,161)	(61,852)	(97,246)	(73,645)	(34,951)	(375,855)	(346,762)
Net book amount at the end of the period / year	703,600	35,563	117,716	10,033	17,377	884,289	891,462

 

 

 

 

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

 

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

 

 

 

 

 

 

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

 

	Goodwill	Information systems and software	Concession rights, brands and others	03.31.2026	06.30.2025
Costs	8,326	37,435	35,087	80,848	167,302
Accumulated amortization	-	(29,620)	(15,579)	(45,199)	(40,896)
Net book amount at the beginning of the period / year	8,326	7,815	19,508	35,649	126,406
Additions	-	2,299	16	2,315	4,977
Disposals	-	-	-	-	(18)
Transfers	-	370	-	370	(91,268)
Currency translation adjustment	(33)	(70)	-	(103)	(145)
Amortization charges (i)	-	(2,580)	(635)	(3,215)	(4,303)
Balances at the end of the period / year	8,293	7,834	18,889	35,016	35,649
Costs	8,293	40,034	35,103	83,430	80,848
Accumulated amortization	-	(32,200)	(16,214)	(48,414)	(45,199)
Net book amount at the end of the period / year	8,293	7,834	18,889	35,016	35,649

 

(i) As of March 31, 2026, amortization charge was recognized in the amount of ARS 2,288 under "Costs", in the amount of ARS 915 under "General and administrative expenses" and in the amount of ARS 12 under “Selling expenses”, in the Statement of Income and Other Comprehensive Income (Note 24).

 

 

 

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

 

	03.31.2026	06.30.2025
Farmland	147,792	129,609
Convention center	4,927	5,536
Offices, shopping malls and other buildings	17,667	12,655
Machinery and equipment	4,415	4,850
Right-of-use assets	174,801	152,650
Non-current	174,801	152,650
Total	174,801	152,650

 

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

 

	03.31.2026	03.31.2025
Farmland	15,991	15,896
Convention center	609	782
Offices, shopping malls and other buildings	2,359	1,655
Machinery and equipment	1,658	992
Depreciation charge of right-of-use assets (i)	20,617	19,325

 

(I) As of March 31, 2026, the amortization charge has been allocated ARS 1,551 within "Costs", ARS 729 in "General and administrative expenses" and ARS 689 in “Selling expenses” in the Statement of Income and Other Comprehensive Income (Note 24), ARS 17,648 were capitalized as part of the cost of biological assets.

 

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

 

	03.31.2026	06.30.2025
Farmland	153,885	138,771
Convention center	2,212	2,889
Offices, shopping malls and other buildings	11,963	8,826
Lease liabilities	168,060	150,486
Non-current	110,503	110,635
Current	57,557	39,851
Total	168,060	150,486

 

 

 

 

 

 

Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the nine-month period ended March 31, 2026 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	03.31.2026	06.30.2025
Net book amount at the beginning of the period / year	11,160	51,644	34,465	87,571	1,065	767	186,672	150,520
Purchases	-	-	-	38,021	83	-	38,104	26,211
Transfers	(1,333)	1,333	-	-	-	-	-	-
Initial recognition and changes in the fair value of biological assets	-	8,008	(6,135)	6,376	(215)	-	8,034	24,453
Decrease due to harvest	-	(176,245)	(53,476)	-	-	-	(229,721)	(342,163)
Sales	-	-	-	(68,011)	(34)	-	(68,045)	(46,781)
Consumes	-	-	-	(177)	(2)	(99)	(278)	(612)
Costs for the period / year	39,242	212,057	65,329	40,675	-	170	357,473	392,720
Currency translation adjustment	6,458	(9,867)	(1,860)	761	-	-	(4,508)	(17,676)
Balances at the end of the period / year	55,527	86,930	38,323	105,216	897	838	287,731	186,672
Non-current (Production)	-	-	-	60,930	749	833	62,512	54,479
Current (Consumable)	55,527	86,930	38,323	44,286	148	5	225,219	132,193
Net book amount at the end of the period / year	55,527	86,930	38,323	105,216	897	838	287,731	186,672

 

 

 

During the nine-month period ended March 31, 2026, transfers occurred between fair value hierarchy Levels 1 and 3 related to sown land‑crop amounting to ARS 1,333. 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 (204,049) and ARS (265,736) for the nine-month period ended March 31, 2026, 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 March 31, 2026, the better and maximum use of biological assets shall not significantly differ from the current use.

 

Capitalized cost of production as of March 31, 2026 and 2025 are as follows:

 

	03.31.2026	03.31.2025
Supplies and labors	272,232	236,981
Salaries, social security costs and other personnel expenses	17,459	14,827
Depreciation and amortization	36,954	37,224
Fees and payments for services	1,788	1,285
Maintenance, security, cleaning, repairs and others	2,861	1,991
Taxes, rates and contributions	671	440
Leases and service charges	531	201
Freights	3,273	2,896
Travelling, library expenses and stationery	1,822	1,904
Other expenses	19,712	15,250
	357,303	312,999