Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
Fiscal year N°: 92, beginning on July 1, 2024
Legal address: Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina
Company activity: Real estate and agricultural activities
Date of registration of the by-laws in the Public Registry of Commerce: February 19, 1937
Date of registration of last amendment of the by-laws in the Public Registry of Commerce: Ordinary and Extraordinary General Assembly of October 28, 2022 registered in the General Inspection of Justice on December 5, 2022 under Number 22602 of Book 110 T- of Stock Companies.
Expiration of Company charter: June 6, 2082
Registration number with the Supervisory Board of Companies: 26, folio 2, book 45, Stock Companies
Stock: 605,049,182 common shares
Common stock subscribed, issued and paid up nominal value (millions of ARS): 605
Control Group: Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Consultores Asset Management S.A..
Legal addresses: Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (Consultores Venture Capital Uruguay S.A.) - Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Consultores Asset Management S.A.).
Parent companies' activity: Investment
Direct and indirect participation of the Control Group over the capital: 230,771,688 shares
Voting stock (direct and indirect equity interest): 38.55% (*)
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 face value and 1 vote each	605,049,182 (**)	605
(*) 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	7
Note 3 - Seasonal effects on operations	8
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	18
Note 12 - Right-of-use assets and lease liabilities	19
Note 13 - Biological assets	19
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		Securities Exchange Commission (Argentina)
CODM		Chief operating decision maker
Cresud, “the Company”, “us”		Cresud S.A.C.I.F. y A.
Financial Statements		Unaudited Condensed Interim Consolidated Financial Statements
EHSA		Entertainment Holdings S.A.
CPF		Collective Promotion Funds
GCDI		GCDI S.A.
IASB		International Accounting Standards Board
IDBD		IDB Development Corporation Ltd.
IFISA		Inversiones Financieras del Sur S.A.
IPC		Consumer's price index
IRSA		IRSA Inversiones y Representaciones S.A.
MEP		Electronic Payment Market
New Lipstick		New Lipstick LLC
IAS		International Accounting Standards
IFRS		International Financial Reporting Standards
NIS		New Israeli Shekel
Puerto Retiro		Puerto Retiro S.A.
Quality		Quality Invest S.A.
U.S.		United States
VAM		Vista al Muelle S.A.
Zetol		Zetol Ltd.

 

 

 

 

	Note	03.31.2025	06.30.2024
ASSETS
Non-current assets
Investment properties	8	2,188,573	2,301,873
Property, plant and equipment	9	648,722	671,349
Trading properties	10	51,042	25,688
Intangible assets	11	27,324	95,325
Group of assets held for sale		374	3,414
Right-of-use assets	12	115,503	105,191
Biological assets	13	44,017	36,857
Investment in associates and joint ventures	7	184,216	180,964
Deferred income tax assets	21	13,920	12,827
Income tax credit		27	18
Restricted assets	15	4,837	3,577
Trade and other receivables	16	160,585	186,331
Investment in financial assets	15	8,225	13,553
Derivative financial instruments	15	643	1,612
Total non-current assets		3,448,008	3,638,579
Current assets
Trading properties	10	27,156	541
Biological assets	13	132,916	76,652
Inventories	14	126,552	152,924
Income tax credit		2,107	3,024
Trade and other receivables	16	364,036	344,120
Investment in financial assets	15	171,388	192,144
Derivative financial instruments	15	8,465	8,843
Cash and cash equivalents	15	341,168	150,760
Total current assets		1,173,788	929,008
TOTAL ASSETS		4,621,796	4,567,587
SHAREHOLDERS’ EQUITY
Shareholders' equity (according to corresponding statement)		845,583	915,648
Non-controlling interest		1,056,548	1,141,092
TOTAL SHAREHOLDERS' EQUITY		1,902,131	2,056,740
LIABILITIES
Non-current liabilities
Trade and other payables	18	65,165	66,526
Borrowings	20	825,119	625,464
Deferred income tax liabilities	21	786,179	839,269
Provisions	19	26,468	28,382
Payroll and social security liabilities		122	1,760
Lease liabilities	12	75,081	80,541
Derivative financial instruments	15	4,924	4,068
Total non-current liabilities		1,783,058	1,646,010
Current liabilities
Trade and other payables	18	284,605	326,802
Borrowings	20	492,494	456,275
Provisions	19	4,247	6,041
Payroll and social security liabilities		30,268	26,549
Income tax liabilities		70,821	8,813
Lease liabilities	12	36,073	24,377
Derivative financial instruments	15	18,099	15,980
Total Current liabilities		936,607	864,837
TOTAL LIABILITIES		2,719,665	2,510,847
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES		4,621,796	4,567,587

 

 

 

 

		Nine months		Three months
	Note	03.31.2025	03.31.2024	03.31.2025	03.31.2024
Revenues	22	687,161	702,952	199,509	218,887
Costs	23	(446,896)	(395,500)	(123,090)	(120,784)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest		17,054	9,022	12,307	9,913
Changes in the net realizable value of agricultural products after harvest		1,778	4,752	3,739	(11,618)
Gross profit		259,097	321,226	92,465	96,398
Net (loss) / gain from fair value adjustment of investment properties	8	(137,439)	(588,975)	109,945	(919,253)
Gain / (loss) from disposal of farmlands		25,772	9,752	13	(232)
General and administrative expenses	24	(76,985)	(63,720)	(25,655)	(25,409)
Selling expenses	24	(58,491)	(56,597)	(18,888)	(18,064)
Other operating results, net	25	(2,386)	16,030	(1,085)	3,004
Management fees		(1,686)	(1,378)	(1,686)	11,951
Profit / (loss) from operations		7,882	(363,662)	155,109	(851,605)
Share of profit / (loss) of associates and joint ventures	7	10,010	46,279	(15,670)	(705)
Profit / (loss) before financial results and income tax		17,892	(317,383)	139,439	(852,310)
Finance income	26	5,887	70,966	2,250	50,486
Finance cost	26	(52,130)	(73,744)	(11,841)	(29,582)
Other financial results	26	115,995	173,062	14,928	467,712
Inflation adjustment	26	16,720	(24,379)	54,088	(185,803)
Financial results, net	26	86,472	145,905	59,425	302,813
Profit / (loss) before income tax		104,364	(171,478)	198,864	(549,497)
Income tax	21	(46,469)	131,491	(71,058)	220,587
Profit / (loss) for the period		57,895	(39,987)	127,806	(328,910)
Other comprehensive (loss) / income:
Items that may be reclassified subsequently to profit or loss:
Currency translation adjustment and other comprehensive results from subsidiaries and associates (i)		(77,391)	21,392	15,338	(303,061)
Revaluation surplus		308	2,319	8	(177)
Total other comprehensive (loss) / income for the period		(77,083)	23,711	15,346	(303,238)
Total comprehensive (loss) / income for the period		(19,188)	(16,276)	143,152	(632,148)
Profit / (loss) for the period attributable to:
Equity holders of the parent		22,228	34,835	89,042	(80,541)
Non-controlling interest		35,667	(74,822)	38,764	(248,369)
Total comprehensive (loss) / income attributable to:
Equity holders of the parent		(5,298)	43,466	94,761	(189,147)
Non-controlling interest		(13,890)	(59,742)	48,391	(443,001)
Profit / (loss) for the period per share attributable to equity holders of the parent (ii):
Basic		37.27	58.83	149.29	(136.01)
Diluted		31.14	49.76	124.74	(136.01) (iii)

 

 

 

	Attributable to equity holders of the parent
	Share capital
	Outstanding shares	Treasury shares	Inflation adjustment of share capital and treasury shares (i)	Warrants (ii)	Share premium	Additional paid-in capital from treasury shares	Legal reserve	Other reserves (iii)	Accumulated deficit	Subtotal	Non-controlling interest	Total Shareholders' equity
Balance as of June 30, 2024	594	2	268,102	24,299	352,901	(29,397)	36,109	202,804	60,234	915,648	1,141,092	2,056,740
Profit for the period	-	-	-	-	-	-	-	-	22,228	22,228	35,667	57,895
Other comprehensive loss for the period	-	-	-	-	-	-	-	(27,526)	-	(27,526)	(49,557)	(77,083)
Total comprehensive (loss) / income for the period	-	-	-	-	-	-	-	(27,526)	22,228	(5,298)	(13,890)	(19,188)
Assignment of results - Shareholders’ meeting	-	-	-	-	-	-	4,655	37,060	(41,715)	-	-	-
Repurchase of treasury shares	(5)	5	-	-	-	-	-	(7,075)	-	(7,075)	(8,267)	(15,342)
Reserve for share - based payments	-	-	-	-	-	(144)	-	147	-	3	179	182
Dividends distribution	-	-	-	-	-	-	-	-	(51,395)	(51,395)	(69,674)	(121,069)
Exercise of warrants (ii)	9	-	1	(1,789)	5,756	-	-	-	-	3,977	2,437	6,414
Changes in non-controlling interest	-	-	-	-	-	-	-	(18,655)	-	(18,655)	4,498	(14,157)
Other changes in shareholders' equity	-	-	-	-	-	-	-	8,378	-	8,378	-	8,378
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	173	173
Balance as of March 31, 2025	598	7	268,103	22,510	358,657	(29,541)	40,764	195,133	(10,648)	845,583	1,056,548	1,902,131

 

(i) 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, 2024.

(ii) As of March 31, 2025, the remaining warrants to exercise amount to 79,706,994. See Note 31 to these Financial Statements.

(iii) Group’s other reserves for the period ended March 31, 2025, are comprised 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	(3,648)	(9,655)	36,291	2,580	173,134	4,102	202,804
Other comprehensive (loss) / income for the period	-	(27,889)	-	-	-	363	(27,526)
Total comprehensive (loss) / income for the period	-	(27,889)	-	-	-	363	(27,526)
Assignment of results - Shareholders’ meeting	-	-	(36,291)	-	73,351	-	37,060
Repurchase of treasury shares	(7,075)	-	-	-	-	-	(7,075)
Changes in non-controlling interest	-	-	-	-	-	(18,655)	(18,655)
Reserve for share-based payments	145	-	-	-	-	2	147
Other changes in shareholders' equity	-	249	-	-	-	8,129	8,378
Balance as of March 31, 2025	(10,578)	(37,295)	-	2,580	246,485	(6,059)	195,133

 

 

 

 

	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, 2023	586	7	268,054	24,948	331,656	(18,723)	25,644	220,081	164,186	1,016,439	1,329,522	2,345,961
Profit / (loss) for the period	-	-	-	-	-	-	-	-	34,835	34,835	(74,822)	(39,987)
Other comprehensive income for the period	-	-	-	-	-	-	-	8,631	-	8,631	15,080	23,711
Total comprehensive income / (loss) for the period	-	-	-	-	-	-	-	8,631	34,835	43,466	(59,742)	(16,276)
Assignment of results - Shareholders’ meeting	-	-	-	-	-	-	10,465	77,551	(88,016)	-	-	-
Issuance of shares	6	(6)	-	-	-	(9,940)	-	9,940	-	-	-	-
Repurchase of treasury shares	(1)	1	-	-	-	-	-	(1,683)	-	(1,683)	(12,002)	(13,685)
Reserve for share-based payments	-	-	-	-	-	(733)	-	190	-	(543)	(998)	(1,541)
Exercise of warrants	1	-	15	(208)	7,213	-	-	-	-	7,021	522	7,543
Changes in non-controlling interest	-	-	-	-	-	-	-	(38,604)	-	(38,604)	64,591	25,987
Dividends distribution	-	-	-	-	-	-	-	-	(121,280)	(121,280)	(150,295)	(271,575)
Other changes in shareholders' equity	-	-	-	-	-	-	-	5,883	(5,883)	-	-	-
Capitalization of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	111	111
Integration of irrevocable contributions	-	-	-	-	-	-	-	-	-	-	4,347	4,347
Balance as of March 31, 2024	592	2	268,069	24,740	338,869	(29,396)	36,109	281,989	(16,158)	904,816	1,176,056	2,080,872

 

(i) Includes ARS 25 nof Inflation adjustment of treasury shares as of March 31, 2024. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2024.

(ii) Group’s other reserves for the period ended March 31, 2024, are comprised 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, 2023	(12,648)	29,069	-	2,580	167,251	33,829	220,081
Other comprehensive income for the period	-	6,926	-	-	-	1,705	8,631
Total comprehensive income for the period	-	6,926	-	-	-	1,705	8,631
Assignment of results - Shareholders’ meeting	-	-	77,551	-	-	-	77,551
Repurchase of treasury shares	(1,683)	-	-	-	-	-	(1,683)
Issuance of shares	9,940	-	-	-	-	-	9,940
Changes in non-controlling interest	-	-	-	-	-	(38,604)	(38,604)
Reserve for share-based payments	743	-	-	-	-	(553)	190
Other changes in shareholders' equity	-	-	-	-	5,883	-	5,883
Balance as of March 31, 2024	(3,648)	35,995	77,551	2,580	173,134	(3,623)	281,989

 

 

 

 

	Note	03.31.2025	03.31.2024
Operating activities:
Net cash generated from operating activities before income tax paid	17	14,136	103,785
Income tax paid		(12,502)	(9,142)
Net cash generated from operating activities		1,634	94,643
Investing activities:
Proceeds from the sale of participation in associates and joint ventures		6,030	31,075
Capital contributions to associates and joint ventures		(33)	-
Proceeds from sales of intangible assets		-	12
Acquisition and improvement of investment properties		(28,566)	(11,537)
Proceeds from sales of investment properties		7,114	47,013
Acquisitions and improvements of property, plant and equipment		(29,408)	(82,981)
Acquisition of intangible assets		(2,613)	(2,111)
Proceeds from sales of property, plant and equipment		19,538	71,379
Dividends collected from associates and joint ventures		302	773
Proceeds from loans granted		721	1,951
Acquisitions of investments in financial assets		(463,613)	(424,792)
Proceeds from disposal of investments in financial assets		442,417	502,987
Interest received from financial assets		14,590	16,706
Payments of derivative financial instruments		(391)	(1,789)
Net cash (used in) / generated from investing activities		(33,912)	148,686
Financing activities:
Borrowings, issuance and new placement of non-convertible notes		631,291	334,707
Payment of borrowings and non-convertible notes		(252,433)	(283,019)
Obtaining of short term loans, net		59,630	6,596
Interest paid		(68,289)	(131,175)
Capital contributions from non-controlling interest in subsidiaries		173	9,123
Lease liabilities paid		(4,535)	(2,245)
Repurchase of treasury shares		(15,342)	(13,685)
Dividends paid		(81,889)	(224,290)
Exercise of warrants		6,414	7,543
Repurchase of non-convertible notes		(54,829)	(6,603)
Net cash generated from / (used in) financing activities		220,191	(303,048)
Net increase / (decrease) in cash and cash equivalents		187,913	(59,719)
Cash and cash equivalents at the beginning of the period	15	150,760	190,247
Foreign exchange gain on cash and unrealized fair value result for cash equivalents		10,009	49,650
Inflation adjustment		(7,514)	(18,552)
Cash and cash equivalents at the end of the period	15	341,168	161,626

 

 

 

 

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. This entities are companies incorporated in Uruguay and belong to the same controlling group and the ultimate beneficiary is Eduardo S. Elsztain.

 

The Board of Directors has approved these Financial Statements for issuance on May 8, 2025.

 

As of March 31, 2025, the Group operates in two major business lines: (i) agricultural business and (ii) urban property and investment business.

 

 

 

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, 2024 prepared in accordance with IFRS Accounting Standards, issued by the IASB. Also, these financial statements include additional information required by Law No. 19,550 and / or regulations of the CNV. Such information is included in the notes to these financial statements, as accepted by IFRS Accounting Standards.

 

These financial statements as of March 31, 2025 and for the interim periods of nine months ended March 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 years.

 

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

 

In order to conclude on whether an economy is categorized as highly 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%. For that reason, in accordance with IAS 29, Argentina must be considered a country with a highly inflationary 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 is 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, 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 March 31, 2025 (nine months)	As of March 31, 2025 (twelve months)
Price variation	32%	56%

 

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

 

 

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

 

 

Balance items as of June 30, 2024, and March 31, 2024, presented in these Financial Statements for comparative purposes arise from the financial statements as of and for such periods, restated according to IAS 29 (See Note 2.1).

 

 

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

 

 

 

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

 

 

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

 

 

 

 

 

Significant acquisitions and disposals for the nine-month period ended March 31, 2025 are detailed below. Significant acquisitions and disposals for the fiscal year ended June 30, 2024, are detailed in Note 4 to the Annual Financial Statements.

 

 

 

On May 20, 2024, BrasilAgro acquired Agrícola Nova Horizonte S.A., an agricultural company focused on grain production, with 4,767 hectares leased for 16 years, at an average price of 13 bags per hectare. This acquisition aligns with the Group’s strategy to expand its presence in the sector, increase market share, and optimize agricultural operations.

 

On August 6, 2024, after fulfilment of the conditions precedent, the closing agreement was signed and BrasilAgro assumed control of the operations. As of that date, the assets and liabilities of the acquired company will be consolidated.

 

The total value of the acquisition was BRL 6.2 million, as stipulated in the contract. The contract provided for a price adjustment to reflect the variation between June 30, 2024 and the date of the transaction, in accordance with the criteria previously established between the parties.

 

 

Sale of fraction of “Alto Taquari” farm - Brasilagro

 

On September 26, 2024, Brasilagro completed the sale of the remaining balance of 1,157 hectares of the Alto Taquari farm, a rural property located in the municipalities of Alto Taquari and Araputanga - Mato Grosso. The contract was signed on September 1, 2021 and established the transfer of possession in two stages, the first being on October 10, 2021.

 

The amount to be paid was set at 1,272,274 bags of soybeans, equivalent to BRL 189.4 million on the date of the transaction. The gain has been recognized during the current period.

 

Sale of fraction of “Rio do meio” farm – Brasilagro

 

On September 30, 2024, Brasilagro transferred 190 hectares due to the sale of the Rio do Meio farm, a rural property located in the municipality of Correntina-Bahia. The contract was signed on November 8, 2022 and established the transfer of ownership in four stages, this being the third, the deadline for the fourth and final transfer is set for July 2025.

 

The amount to be paid was set at 54,053 bags of soybeans, equivalent to BRL 7 million on the date of the transaction. The gain has been recognized during the current period.

 

 

On September 30, 2024, Cresud signed the transfer of ownership deed for the sale of a fraction of the farmland of the establishment called “Los Pozos” located in the province of Salta, with a total area of ​​3,630 hectares, leaving a remainder of approximately 231,700 hectares of said establishment in the hands of the Company. The total price was USD 2.23 million (USD/ha 614), of which USD 1.1 million have been collected to date. The remaining balance of USD 1.13 million, guaranteed with a mortgage on the property, will be collected in a single installment in September 2025.

 

 

 

 

 

On July 12, 2024, the payment of the installments for the purchase of shares in Zetol, corresponding to Towers 3 and 4, was completed for a total amount of USD 8.9 million, including units, parking spaces, and credits in favor of VAM and Zetol for Towers 1 and 2.

 

 

 

On August 1, 2024, IRSA acquired a property adjacent to its Alto Avellaneda shopping mall, located at Gral. Güemes 861, Avellaneda, Province of Buenos Aires.

 

The property has a total area of 86,861 square meters and a built-up area of 32,660 square meters, with potential for future expansion.

 

The purchase price was set at USD 12.2 million, of which USD 9.2 million has already been paid, and the remaining USD 3 million will be settled upon the transfer of the title deed, which will be granted within 3 years from the signing of the preliminary sales agreement. The transaction includes the assignment to IRSA of the existing lease agreements until their original expiration and the signing of a new lease agreement with the supermarket for 3 years.

 

 

 

On September 11, 2024, IRSA and Centro de Entretenimiento La Plata S.A. (CELAP) Boards of Directors approved the prior merger agreement between both companies and the corresponding special financial statements as of June 30, 2024, initiating the corporate reorganization process under the terms of art. 82 et seq. of the General Law of Companies. The merger process has particular characteristics given that IRSA is included in the public offering regime, reason why, not only apply the current provisions of the General Law of Companies but also the procedures established regarding reorganization of companies of the Regulations of the CNV and the markets, both national and foreign, where its shares are listed.

 

The merger was carried out in order to streamline the technical, administrative, operational and economic resources of both Companies.

 

On October 14 and 28, 2024, the Shareholders' Meetings of IRSA and CELAP, respectively, were held, approving the merger by absorption, whose effective date was established on July 1, 2024. As of that date, the transfer of the entire equity of the absorbed company to the absorbing company, thereby incorporating all its rights and obligations, assets and liabilities into the equity of the absorbing company.

 

Likewise, and in accordance with the prior merger agreement, there is no exchange ratio, since IRSA, in its capacity as the controlling company of CELAP with a 100% share, does not receive its own shares given that its holding in CELAP is already incorporated into its equity.

 

 

 

On October 15, 2024, IRSA sold a floor of the “261 Della Paolera” tower located in the Catalinas district of the Autonomous City of Buenos Aires for a total leasable area of approximately 1,197 square meters and 8 parking lots located in the building.

 

The transaction price was approximately USD 7.1 million (MEP) (See Note 8) (USD/ square meters 6,000), of which USD 6.0 million has already been paid and the balance of USD 1.1 million, granted with a mortgage, will be paid in 24 monthly installments accruing an interest rate of 8% annually.

 

After this operation, IRSA retains ownership of 3 floors of the building with an approximate leasable area of 3,670 square meters in addition to parking lots and other complementary spaces.

 

 

On December 3, 2024, IRSA signed an agreement to acquire the business assets of the “Terrazas de Mayo” shopping mall located at the intersection of routes 8 and 202, in front of Campo de Mayo, in the Malvinas Argentinas district, in the northwest of Greater Buenos Aires. The shopping mall has 86 stores, 20 stands and a built-up area of 33,700 square meters, which includes 15 gastronomic stores and 10 movie theaters.

 

The amount of the operation was set at USD 27.75 million, of which 60% was paid at the time of signing the bill with possession, 20% will be paid at the time of signing the final deed and 20% remaining 36 months from the signing of the deed. Implicit interests have been segregated for a total of USD 1.5 million.

 

 

On January 27, 2025, IRSA signed two sales agreements for two lots. The total price of both transactions was approximately USD 23.4 million, of which 30% was paid at the time of signing the bill. The remaining balance of approximately USD 16.4 million will be paid upon signing the deeds and transferring possession.

 

Additionally, during February and March 2025, IRSA signed two barter agreements for eight lots, for a total amount of approximately USD 38.5 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

 

 

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

 

From June 30, 2024 and up to the date of issuance of these Financial Statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities, (either measured at fair value or amortized cost).

 

 

 

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

 

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

 

	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
Revenues	353,159	269,586	622,745	(1,510)	67,952	(2,026)	687,161
Costs	(316,046)	(62,669)	(378,715)	151	(68,332)	-	(446,896)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	15,226	-	15,226	-	-	1,828	17,054
Changes in the net realizable value of agricultural products after harvest	1,778	-	1,778	-	-	-	1,778
Gross profit / (loss)	54,117	206,917	261,034	(1,359)	(380)	(198)	259,097
Net (loss) / gain from fair value adjustment of investment properties	(1,322)	(135,893)	(137,215)	(224)	-	-	(137,439)
Gain from disposal of farmlands	25,772	-	25,772	-	-	-	25,772
General and administrative expenses	(31,344)	(46,036)	(77,380)	233	-	162	(76,985)
Selling expenses	(41,214)	(17,400)	(58,614)	83	-	40	(58,491)
Other operating results, net	3,403	(5,969)	(2,566)	(2)	214	(32)	(2,386)
Management fees	-	-	-	-	(1,686)	-	(1,686)
Profit / (loss) from operations	9,412	1,619	11,031	(1,269)	(1,852)	(28)	7,882
Share of (loss) / profit of associates and joint ventures	(42)	9,155	9,113	897	-	-	10,010
Segment profit / (loss)	9,370	10,774	20,144	(372)	(1,852)	(28)	17,892
Reportable assets	942,111	2,467,166	3,409,277	361	-	1,212,158	4,621,796
Reportable liabilities (*)	-	-	-	-	-	(2,719,665)	(2,719,665)
Net reportable assets	942,111	2,467,166	3,409,277	361	-	(1,507,507)	1,902,131

 

 

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

 

	03.31.2024
	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
Revenues	371,988	276,363	648,351	(1,456)	58,106	(2,049)	702,952
Costs	(287,572)	(48,710)	(336,282)	176	(59,394)	-	(395,500)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	8,256	-	8,256	-	-	766	9,022
Changes in the net realizable value of agricultural products after harvest	4,752	-	4,752	-	-	-	4,752
Gross profit / (loss)	97,424	227,653	325,077	(1,280)	(1,288)	(1,283)	321,226
Net loss from fair value adjustment of investment properties	(68)	(589,004)	(589,072)	97	-	-	(588,975)
Gain from disposal of farmlands	9,752	-	9,752	-	-	-	9,752
General and administrative expenses	(31,903)	(32,347)	(64,250)	177	-	353	(63,720)
Selling expenses	(39,177)	(18,651)	(57,828)	148	-	1,083	(56,597)
Other operating results, net	22,037	(6,318)	15,719	(24)	488	(153)	16,030
Management fees	-	-	-	-	(1,378)	-	(1,378)
Profit / (loss) from operations	58,065	(418,667)	(360,602)	(882)	(2,178)	-	(363,662)
Share of profit / (loss) of associates and joint ventures	1,723	44,085	45,808	471	-	-	46,279
Segment profit / (loss)	59,788	(374,582)	(314,794)	(411)	(2,178)	-	(317,383)
Reportable assets	1,133,018	2,431,615	3,564,633	6,722	-	1,084,603	4,655,958
Reportable liabilities (*)	-	-	-	-	-	(2,575,086)	(2,575,086)
Net reportable assets	1,133,018	2,431,615	3,564,633	6,722	-	(1,490,483)	2,080,872

 

 

 

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

 

	03.31.2025
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	220,754	-	-	132,405	353,159
Costs	(186,435)	(215)	-	(129,396)	(316,046)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	15,226	-	-	-	15,226
Changes in the net realizable value of agricultural products after harvest	1,778	-	-	-	1,778
Gross profit / (loss)	51,323	(215)	-	3,009	54,117
Net loss from fair value adjustment of investment properties	-	(1,322)	-	-	(1,322)
Gain from disposal of farmlands	-	25,772	-	-	25,772
General and administrative expenses	(16,935)	(64)	(4,745)	(9,600)	(31,344)
Selling expenses	(24,676)	(826)	-	(15,712)	(41,214)
Other operating results, net	(264)	1,646	-	2,021	3,403
Profit / (loss) from operations	9,448	24,991	(4,745)	(20,282)	9,412
Share of profit / (loss) of associates and joint ventures	1,131	-	-	(1,173)	(42)
Segment profit / (loss)	10,579	24,991	(4,745)	(21,455)	9,370
Investment properties	-	58,069	-	-	58,069
Property, plant and equipment	565,061	1,707	-	3,658	570,426
Investments in associates and joint ventures	9,938	-	-	377	10,315
Other reportable assets	248,866	374	-	54,061	303,301
Reportable assets	823,865	60,150	-	58,096	942,111

 

 

	03.31.2024
	Agricultural production	Land transformation and sales	Corporate	Others	Total Agricultural business
Revenues	255,544	-	-	116,444	371,988
Costs	(216,051)	(228)	-	(71,293)	(287,572)
Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest	8,256	-	-	-	8,256
Changes in the net realizable value of agricultural products after harvest	4,752	-	-	-	4,752
Gross profit / (loss)	52,501	(228)	-	45,151	97,424
Net loss from fair value adjustment of investment properties	-	(68)	-	-	(68)
Gain from disposal of farmlands	-	9,752	-	-	9,752
General and administrative expenses	(18,648)	(58)	(4,156)	(9,041)	(31,903)
Selling expenses	(26,766)	(128)	-	(12,283)	(39,177)
Other operating results, net	9,938	6,044	-	6,055	22,037
Profit / (loss) from operations	17,025	15,314	(4,156)	29,882	58,065
Share of profit / (loss) of associates and joint ventures	4,340	-	-	(2,617)	1,723
Segment profit / (loss)	21,365	15,314	(4,156)	27,265	59,788
Investment properties	-	108,321	-	-	108,321
Property, plant and equipment	671,364	1,664	-	4,732	677,760
Investments in associates and joint ventures	12,320	-	-	2,443	14,763
Other reportable assets	257,957	9,473	-	64,744	332,174
Reportable assets	941,641	119,458	-	71,919	1,133,018

 

 

 

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

 

	03.31.2025
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	191,675	13,993	10,407	49,022	4,489	269,586
Costs	(13,977)	(1,071)	(14,022)	(30,572)	(3,027)	(62,669)
Gross profit / (loss)	177,698	12,922	(3,615)	18,450	1,462	206,917
Net gain / (loss) from fair value adjustment of investment properties (i)	202,198	(104,471)	(233,138)	-	(482)	(135,893)
General and administrative expenses	(22,289)	(1,815)	(8,721)	(8,774)	(4,437)	(46,036)
Selling expenses	(10,001)	(604)	(1,923)	(3,798)	(1,074)	(17,400)
Other operating results, net	(119)	126	(8,052)	(326)	2,402	(5,969)
Profit / (Loss) from operations	347,487	(93,842)	(255,449)	5,552	(2,129)	1,619
Share of profit of associates and joint ventures	-	-	-	-	9,155	9,155
Segment profit / (loss)	347,487	(93,842)	(255,449)	5,552	7,026	10,774
Investment and trading properties	1,153,235	274,009	785,241	-	2,231	2,214,716
Property, plant and equipment	4,216	425	25,194	44,411	4,082	78,328
Investment in associates and joint ventures	-	-	-	-	167,155	167,155
Other reportable assets	1,928	1,620	-	581	2,838	6,967
Reportable assets	1,159,379	276,054	810,435	44,992	176,306	2,467,166

 

(i) For the nine-month period ended March 31, 2025, the net loss from fair value adjustment of investment properties was ARS 135,893. The net impact of the values in pesos of our properties was mainly a consequence of the change in macroeconomic conditions:

 

 

(a) The value of our office buildings, undeveloped parcels of land and other rental properties measured in real terms decreased by 24.94% during the nine-month period ended March 31, 2025, due to the variation of the implicit exchange rate which was well below inflation. Likewise, there is an impact for the sales and acquisitions of the period.

 

 

(a) gain of ARS 57,630 as a consequence of the variation in the projected income growth rate increase and the conversion to dollars of the projected cash flow in pesos according to the exchange rate estimates used in the cash flow from shopping malls.

(b) positive impact of ARS 144,106 resulting from the conversion into pesos of the value of the shopping malls in dollars based on the exchange rate at the end of the period.

(c) a decrease of 346 basis points in the discount rate used for cash flows and a decrease of 288 basis points in the discount rate used for perpetuity, mainly due to a decrease in the country-risk rate component and cost of debt components of the WACC discount rate used to discount the cash flow, which led to an increase in the value of the shopping malls of ARS 228,317.

 

Additionally, due to the impact of the inflation adjustment, ARS 216,173 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.

 

	03.31.2024
	Shopping Malls	Offices	Sales and developments	Hotels	Others	Total
Revenues	176,528	16,787	11,492	67,996	3,560	276,363
Costs	(10,131)	(904)	(6,484)	(28,387)	(2,804)	(48,710)
Gross profit	166,397	15,883	5,008	39,609	756	227,653
Net loss from fair value adjustment of investment properties	(20,711)	(176,572)	(391,663)	-	(58)	(589,004)
General and administrative expenses	(22,286)	(2,111)	(8,823)	(9,443)	10,316	(32,347)
Selling expenses	(9,102)	(449)	(3,964)	(4,469)	(667)	(18,651)
Other operating results, net	(1,994)	(161)	(4,845)	(1,300)	1,982	(6,318)
Profit / (Loss) from operations	112,304	(163,410)	(404,287)	24,397	12,329	(418,667)
Share of profit of associates and joint ventures	-	-	-	-	44,085	44,085
Segment profit / (loss)	112,304	(163,410)	(404,287)	24,397	56,414	(374,582)
Investment and trading properties	892,985	354,636	892,218	-	3,527	2,143,366
Property, plant and equipment	2,836	451	(24,968)	44,661	4,029	27,009
Investment in associates and joint ventures	-	-	-	-	183,876	183,876
Other reportable assets	1,400	1,104	71,135	895	2,830	77,364
Reportable assets	897,221	356,191	938,385	45,556	194,262	2,431,615

 

 

 

Changes in the Group’s investments in associates and joint ventures for the nine-month period ended March 31, 2025 and for the year ended June 30, 2024 were as follows:

 

	03.31.2025	06.30.2024
Beginning of the period / year	180,945	193,876
Share capital increase and contributions (Note 27)	33	-
Sale of interest in associates and joint ventures (Note 27)	(3,458)	(34,450)
Share of profit	10,010	43,343
Other comprehensive (loss) / income	(275)	863
Dividends (Note 27)	(5,111)	(22,687)
Increase of participation in associates (ii)	2,155	-
Decrease of interest (iii)	(140)	-
End of the period / year (i)	184,159	180,945

 

(i) As of March 31, 2025 and June 30, 2024 includes ARS (57) and ARS (19) respectively, reflecting interests in companies with negative equity, which were disclosed in “Provisions” (Note 19).

(ii) Corresponds to the participation in Challenger Gold Ltd.

(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	03.31.2025	06.30.2024	03.31.2025	06.30.2024	03.31.2025	03.31.2024
New Lipstick	49.96%	49.96%	1,298	1,420	(123)	115
BHSA	29.13%	29.89%	136,385	136,497	3,338	36,131
BACS (1)	55.86%	56.35%	10,304	9,993	311	2,290
Nuevo Puerto Santa Fe S.A.	50.00%	50.00%	6,455	5,853	968	481
GCDI	27.35%	27.39%	1,839	1,691	156	(5,035)
La Rural S.A.	50.00%	50.00%	15,256	13,964	5,455	10,084
Agrouranga S.A.	34.86%	34.86%	8,190	6,996	1,193	3,965
Other associates and joint ventures	N/A	N/A	4,432	4,531	(1,563)	(491)
Total associates and joint ventures			184,159	180,945	9,735	47,540

 

 

				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)	(*) (49)
BHSA	Argentina	Financing	437,003,209	(**) 1,500	(**) 11,178	(**) 456,680
BACS (1)	Argentina	Financing	33,125,751	(**) 88	(**) 824	(**) 27,315
Nuevo Puerto Santa Fe S.A.	Argentina	Real estate	138,750	28	1,936	12,365
GCDI	Argentina	Real estate	250,293,070	915	71	6,727
La Rural S.A.	Argentina	Organization of events	714,998	1	11,140	30,287
Agrouranga S.A.	Argentina	Agriculture	2,532,206	7	3,425	7,235

 

(*) Amounts expressed in dollars.

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

(1) Includes participation through BHSA, which owns a 62.28% stake in BACS.

 

 

Regarding the information provided in Note 7 to the Annual Financial Statements as of June 30, 2024, the following should be noted:

 

 

The procedural deadlines in this case have been suspended since December 13, 2024, pending the referral of the case file “ARCOS DEL GOURMET SA AND ANOTHER V. EN-AABE KNOWLEDGE PROCESS (CAF 030002/2015)”.

 

 

 

 

Changes in the Group’s investment properties for the nine-month period ended March 31, 2025 and for the year ended June 30, 2024 were as follows:

 

	03.31.2025		06.30.2024
	Level 2	Level 3	Level 2	Level 3
Fair value at the beginning of the period / year	1,429,838	872,035	2,000,434	864,367
Additions	18,423	43,289	5,862	11,697
Disposals	(8,369)	(17)	(52,103)	-
Transfers	(17,967)	(1,597)	(53,723)	(9)
Net (loss) / gain from fair value adjustment	(345,781)	208,342	(454,483)	(4,070)
Additions of capitalized leasing costs	61	99	21	281
Amortization of capitalized leasing costs (i)	(94)	(177)	(177)	(231)
Currency translation adjustment	(9,512)	-	(15,993)	-
Fair value at the end of the period / year	1,066,599	1,121,974	1,429,838	872,035

 

(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, 2025 and June 30, 2024:

 

	03.31.2025	06.30.2024
Leased out farmland	58,068	84,853
Offices and other rental properties	298,503	419,265
Shopping malls (i)	1,139,894	902,157
Undeveloped parcels of land	689,704	892,898
Properties under development	2,404	2,700
Total	2,188,573	2,301,873

 

 

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

 

	03.31.2025	03.31.2024
Revenues	283,377	268,324
Direct operating expenses	(91,885)	(80,616)
Development expenses	(11,354)	(1,325)
Net unrealized loss from fair value adjustment of investment property (i)	(140,412)	(622,594)
Net realized gain from fair value adjustment of investment property (ii)	2,973	33,619

 

(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" in Note 9 to the Annual Consolidated Financial Statements as of June 30, 2024, mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

(ii) As of March 31, 2025 corresponds (ARS 5,047) to the realized result from fair value adjustment for the period ((ARS 5,037) for the sale of floors in the “261 Della Paolera” building and (ARS 10) for the sale of parking spaces in Libertador 498) and ARS 8,020 for realized result from fair value adjustment made in previous years (ARS 7,943 for the sale of floors in the “261 Della Paolera” building and ARS 77 for the sale of parking spaces in Libertador 498). As of March 31, 2024 corresponds (ARS 21,973) to the realized result from fair value adjustment for the period ((ARS 24,027) for the Ezpeleta land plot barter agreement, ARS 9,727 for the sale of floors in the “261 Della Paolera” building, (ARS 7,581) for the sale of Maple Building, (ARS 80) for the sale of parking spaces located at 1020 Madero Avenue and (ARS 12) for the sale of parking spaces in Libertador 498) and ARS 55,592 for realized result from fair value adjustment made in previous years (ARS 26,159 for the Ezpeleta land plot barter agreement, ARS 19,524 for the sale of floors in the “261 Della Paolera” building, ARS 9,404 for the sale of Maple Building, ARS 239 for the sale of parking spaces located at 1020 Madero Avenue and ARS 266 for the sale of parking spaces in Libertador 498).

 

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, 2025 and for the year ended June 30, 2024 were as follows:

 

	Owner occupied farmland	Bearer plant (iii)	Buildings and facilities	Machinery and equipment	Others (i)	03.31.2025	06.30.2024
Costs	602,956	61,626	148,707	56,459	32,528	902,276	912,482
Accumulated depreciation	(63,448)	(35,493)	(61,110)	(50,654)	(20,222)	(230,927)	(201,296)
Net book amount at the beginning of the period / year	539,508	26,133	87,597	5,805	12,306	671,349	711,186
Additions	12,657	5,047	7,332	2,526	2,145	29,707	63,976
Incorporation by business combination	706	-	-	-	3,901	4,607	-
Disposals	(514)	-	(310)	-	(1,017)	(1,841)	(29,461)
Currency translation adjustment	(45,727)	(3,033)	(1,836)	(5)	301	(50,300)	(66,427)
Transfers	16,412	-	(1)	1,513	(196)	17,728	25,391
Transfers to assets held for sale	(379)	-	-	-	-	(379)	(3,685)
Depreciation charges (ii)	(7,210)	(4,604)	(4,874)	(1,899)	(3,562)	(22,149)	(29,631)
Balances at the end of the period / year	515,453	23,543	87,908	7,940	13,878	648,722	671,349
Costs	586,111	63,640	153,892	60,493	37,662	901,798	902,276
Accumulated depreciation	(70,658)	(40,097)	(65,984)	(52,553)	(23,784)	(253,076)	(230,927)
Net book amount at the end of the period / year	515,453	23,543	87,908	7,940	13,878	648,722	671,349

 

 

 

 

Changes in the Group’s trading properties for the nine-month period ended March 31, 2025 and for the year ended June 30, 2024 were as follows:

 

	Completed properties	Properties under development	Undeveloped sites	03.31.2025	06.30.2024
Beginning of the period / year	2,807	11,769	11,653	26,229	30,191
Additions	-	1,212	794	2,006	1,197
Currency translation adjustment	-	(1,763)	-	(1,763)	(1,397)
Transfers	-	71,134	-	71,134	-
Impairment (i)	-	(8,339)	-	(8,339)	-
Disposals	(485)	(10,582)	(2)	(11,069)	(3,762)
End of the period / year	2,322	63,431	12,445	78,198	26,229
Non-current				51,042	25,688
Current				27,156	541
Total				78,198	26,229

 

(i) IRSA makes a quarterly comparison between the replacement cost and the net realizable value of its properties held for sale. As of the end of the current period, the value of these assets recorded at their inflation-adjusted cost is ARS 41,163, while the net realizable value amounts to ARS 32,824, resulting in an impairment loss of ARS 8,339. The impairment charge has been recognized under "Other operating results, net" in the statement of income and other comprehensive income (Note 25).

 

 

 

Changes in the Group’s intangible assets for the nine-month period ended March 31, 2025 and for the year ended June 30, 2024 were as follows:

 

	Goodwill	Information systems and software	Future units to be received from barters and others	03.31.2025	06.30.2024
Costs	6,330	22,994	96,842	126,166	77,513
Accumulated amortization	-	(19,584)	(11,257)	(30,841)	(28,814)
Net book amount at the beginning of the period / year	6,330	3,410	85,585	95,325	48,699
Additions	2	2,611	750	3,363	13,218
Disposals	(12)	(2)	-	(14)	(312)
Transfers	-	2,300	(71,134)	(68,834)	36,050
Currency translation adjustment	(79)	(138)	-	(217)	(303)
Amortization charges (i)	-	(2,039)	(260)	(2,299)	(2,027)
Balances at the end of the period / year	6,241	6,142	14,941	27,324	95,325
Costs	6,241	27,765	26,458	60,464	126,166
Accumulated amortization	-	(21,623)	(11,517)	(33,140)	(30,841)
Net book amount at the end of the period / year	6,241	6,142	14,941	27,324	95,325

 

(i) As of March 31, 2025, amortization charge was recognized in the amount of ARS 1,874 under "Costs", in the amount of ARS 415 under "General and administrative expenses" and in the amount of ARS 10 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, 2025, and June 30, 2024, are the following:

 

	03.31.2025	06.30.2024
Farmland	97,642	85,631
Convention center	4,299	11,325
Offices, shopping malls and other buildings	10,046	5,921
Machinery and equipment	3,516	2,314
Right-of-use assets	115,503	105,191
Non-current	115,503	105,191
Total	115,503	105,191

 

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

 

	03.31.2025	03.31.2024
Farmland	11,987	10,889
Convention center	590	550
Offices, shopping malls and other buildings	1,248	1,329
Machinery and equipment	748	746
Depreciation charge of right-of-use assets (i)	14,573	13,514

 

(I) As of March 31, 2025, the amortization charge has been allocated ARS ARS 1,154 within "Costs", ARS 395 in "General and administrative expenses" and ARS 427 in “Selling expenses” in the Statement of Income and Other Comprehensive Income (Note 24), ARS 12,597 were capitalized as part of the cost of biological assets.

 

The Group’s lease liabilities as of March 31, 2025, and June 30, 2024, are the following:

 

	03.31.2025	06.30.2024
Farmland	102,205	89,356
Convention center	2,173	11,798
Offices, shopping malls and other buildings	6,776	3,764
Lease liabilities	111,154	104,918
Non-current	75,081	80,541
Current	36,073	24,377
Total	111,154	104,918

 

 

 

 

Changes in the Group’s biological assets and their allocation to the fair value hierarchy for the nine-month period ended March 31, 2025 and for the year ended June 30, 2024 were as follows:

 

	Agricultural business
	Sown land-crops		Sugarcane fields	Breeding cattle and cattle for sale (i)	Other cattle (i)	Others	03.31.2025	06.30.2024
	Level 1	Level 3	Level 3	Level 2	Level 2	Level 1
Net book amount at the beginning of the period / year	20,420	18,138	25,399	48,658	379	515	113,509	136,805
Purchases	-	-	-	15,728	27	-	15,755	9,770
Transfers	(1,503)	1,503	-	-	-	-	-	-
Initial recognition and changes in the fair value of biological assets	-	6,448	4,988	4,937	465	-	16,838	7,678
Decrease due to harvest	-	(110,585)	(50,945)	-	-	-	(161,530)	(288,531)
Sales	-	-	-	(26,494)	(14)	-	(26,508)	(26,834)
Consumes	-	-	-	(85)	(2)	12	(75)	(242)
Costs for the period / year	19,915	146,096	48,649	21,374	-	242	236,276	327,090
Currency translation adjustment	(8,623)	(4,507)	(2,589)	(1,613)	-	-	(17,332)	(52,227)
Balances at the end of the period / year	30,209	57,093	25,502	62,505	855	769	176,933	113,509
Non-current (Production)	-	-	-	42,555	697	765	44,017	36,857
Current (Consumable)	30,209	57,093	25,502	19,950	158	4	132,916	76,652
Net book amount at the end of the period / year	30,209	57,093	25,502	62,505	855	769	176,933	113,509

 

 

During the nine-month period ended March 31, 2025, there were transfers for ARS 1,503 between the fair value hierarchies 1 and 3 of sown land-crops. Likewise, 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 (139,643) and ARS (210,131) for the nine-month period ended March 31, 2025, and the year ended June 30, 2024, respectively.

 

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

 

As of March 31, 2025, the better and maximum use of biological assets shall not significantly differ from the current use.

 

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

 

	03.31.2025	03.31.2024
Supplies and labors	178,710	189,090
Salaries, social security costs and other personnel expenses	11,181	12,456
Depreciation and amortization	28,071	27,275
Fees and payments for services	969	747
Maintenance, security, cleaning, repairs and others	1,502	1,771
Taxes, rates and contributions	332	202
Leases and service charges	152	123
Freights	2,184	1,353
Travelling, library expenses and stationery	1,436	1,332
Other expenses	11,497	13,655
	236,034	248,004

 

 

Breakdown of Group’s inventories as of March 31, 2025 and June 30, 2024 are as follows:

 

	03.31.2025	06.30.2024
Crops	71,413	68,742
Materials and supplies	53,480	81,957
Sugarcane	1,078	1,331
Agricultural inventories	125,971	152,030
Supplies for hotels	581	894
Total inventories	126,552	152,924

 

 

 

 

 

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 March 31, 2025 are as follows:

 

		Financial assets at fair value through profit or loss		Subtotal financial assets	Non-financial assets	Total
	Financial assets at amortized cost	Level 1	Level 2
March 31, 2025
Assets as per Statement of Financial Position
Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16)	369,591	57,880	-	427,471	103,013	530,484
Investment in financial assets:
- Public companies’ securities	98	23,121	-	23,219	-	23,219
- Bonds	-	52,034	-	52,034	-	52,034
- Mutual funds	-	96,149	-	96,149	-	96,149
- Others	4,883	3,273	55	8,211	-	8,211
Derivative financial instruments:
- Commodities options contracts	-	6,245	-	6,245	-	6,245
- Commodities futures contracts	-	645	-	645	-	645
- Bonds futures contracts	-	38	-	38	-	38
- Foreign-currency options contracts	-	576	-	576	-	576
- Foreign-currency future contracts	-	959	-	959	-	959
- Swaps	-	-	645	645	-	645
Restricted assets (i)	4,837	-	-	4,837	-	4,837
Cash and cash equivalents (excluding bank overdrafts):
- Cash on hand and at bank	303,258	-	-	303,258	-	303,258
- Short-term investments	-	37,910	-	37,910	-	37,910
Total assets	682,667	278,830	700	962,197	103,013	1,065,210