[6-K] IRSA Inversiones y Representaciones S.A. Global Current Report (Foreign Issuer)
IRSA reported a strong turnaround for fiscal year 2025, posting net income of ARS 196,118 million compared with a loss of ARS 32,141 million the prior year, driven by improvements across its portfolio. Revenues rose 2.3% year-over-year and Rental Adjusted EBITDA reached ARS 234,697 million, led by Shopping Malls (ARS 210,741 million), Offices (ARS 15,584 million) and Hotels (ARS 8,372 million). Shopping mall segment revenue and Adjusted EBITDA grew 8% and 10% respectively, with portfolio occupancy near 98% and a modest 2.8% decline in tenant sales for the full year after a second-half recovery.
Balance-sheet and capital structure details include a market capitalization of approximately USD 1,062 million as of June 30, 2025 (76,252,079 GDS at USD 13.93), outstanding shares of 762,358,019, and Cresud as majority shareholder with 412,158,780 shares (54.06%). There are 60,964,074 warrants outstanding; full conversion would raise issued shares to 852,857,373. During the year IRSA issued USD 300 million Series XXIV Notes with a 10-year term and completed acquisitions and development initiatives including Terrazas de Mayo and Stage I of Ramblas del Plata transactions totaling ~111,000 saleable sqm for an estimated USD 81 million.
IRSA ha registrato un netto recupero nell'esercizio 2025, realizzando un utile netto di ARS 196.118 milioni rispetto alla perdita di ARS 32.141 milioni dell'anno precedente, grazie al miglioramento delle performance nell'intero portafoglio. I ricavi sono aumentati del 2,3% su base annua e il Rental Adjusted EBITDA ha raggiunto ARS 234.697 milioni, trainato dai Centri Commerciali (ARS 210.741 milioni), dagli Uffici (ARS 15.584 milioni) e dagli Hotel (ARS 8.372 milioni). Il segmento dei centri commerciali ha visto una crescita dell'8% dei ricavi e del 10% dell'Adjusted EBITDA, con un tasso di occupazione del portafoglio vicino al 98% e una diminuzione contenuta delle vendite dei tenant del 2,8% sull'intero anno dopo una ripresa nella seconda met脿.
I dettagli di bilancio e della struttura patrimoniale includono una capitalizzazione di mercato di circa 1.062 milioni di USD al 30 giugno 2025 (76.252.079 GDS a 13,93 USD), azioni in circolazione pari a 762.358.019 e Cresud come azionista di maggioranza con 412.158.780 azioni (54,06%). Sono in essere 60.964.074 warrant; la conversione totale porterebbe le azioni emesse a 852.857.373. Nel corso dell'anno IRSA ha emesso Note Series XXIV per 300 milioni di USD con scadenza a 10 anni e ha completato acquisizioni e iniziative di sviluppo tra cui Terrazas de Mayo e la Fase I delle Ramblas del Plata, per un totale di circa 111.000 m虏 vendibili e un investimento stimato di 81 milioni di USD.
IRSA inform贸 una fuerte recuperaci贸n en el ejercicio fiscal 2025, registrando una utilidad neta de ARS 196.118 millones frente a una p茅rdida de ARS 32.141 millones el a帽o anterior, impulsada por mejoras en su cartera. Los ingresos aumentaron un 2,3% interanual y el Rental Adjusted EBITDA alcanz贸 ARS 234.697 millones, liderado por Centros Comerciales (ARS 210.741 millones), Oficinas (ARS 15.584 millones) y Hoteles (ARS 8.372 millones). El segmento de centros comerciales registr贸 un crecimiento del 8% en ingresos y del 10% en Adjusted EBITDA, con una ocupaci贸n de cartera cercana al 98% y una moderada ca铆da del 2,8% en las ventas de los locatarios en el a帽o, tras una recuperaci贸n en la segunda mitad.
Los detalles del balance y la estructura de capital incluyen una capitalizaci贸n de mercado de aproximadamente 1.062 millones de USD al 30 de junio de 2025 (76.252.079 GDS a 13,93 USD), acciones en circulaci贸n por 762.358.019 y Cresud como accionista mayoritario con 412.158.780 acciones (54,06%). Hay 60.964.074 warrants en circulaci贸n; su conversi贸n completa elevar铆a las acciones emitidas a 852.857.373. Durante el a帽o IRSA emiti贸 Notas Serie XXIV por 300 millones de USD a 10 a帽os y complet贸 adquisiciones e iniciativas de desarrollo, incluidas Terrazas de Mayo y la Fase I de Ramblas del Plata, que suman ~111.000 m虏 vendibles por un estimado de 81 millones de USD.
IRSA電� 2025 須岅硠鞐半弰鞐� 韥� 氚橂摫鞚� 氤挫澊氅� 韽姼韽措Μ鞓� 鞝勲皹鞚� 臧滌劆鞙茧 鞝勲厔鞚� ARS 32,141氚彪 靻愳嫟鞐愳劀 ARS 196,118氚彪 靾滌澊鞚奠潉 旮半頄堨姷雼堧嫟. 毵れ稖鞚� 鞝勲厔 雽�牍� 2.3% 歃濌皜頄堨溂氅� Rental Adjusted EBITDA電� ARS 234,697氚彪鞐� 雼枅電旊嵃, 鞚措姅 靽柬晳氇�(ARS 210,741氚彪), 鞓ろ敿鞀�(ARS 15,584氚彪), 順疙厰(ARS 8,372氚彪)鞚� 瓴澑頄堨姷雼堧嫟. 靽柬晳氇� 攵�氍胳潃 毵れ稖瓿� Adjusted EBITDA臧� 臧侁皝 8% 氚� 10% 靹膘灔頄堨溂氅�, 韽姼韽措Μ鞓� 鞝愳湢鞙潃 鞎� 98%鞐� 雼枅瓿� 頃橂皹旮� 須岆车 鞚错泟 鞐瓣皠 鞛勳皑鞚� 毵れ稖鞚� 靻岉彮鞚� 2.8% 臧愳唽頄堨姷雼堧嫟.
雽�彀寑臁绊憸 氚� 鞛愲掣甑“ 靹鸽秬靷暛鞙茧電� 2025雲� 6鞗� 30鞚� 旮办 鞁滉皜齑濎暋 鞎� 10鞏� 6,200毵� USD(76,252,079 GDS, 欤茧嫻 13.93 USD), 氚滍枆欤检嫕靾� 762,358,019欤�, 斓滊寑欤检＜ Cresud臧� 412,158,780欤�(54.06%)毳� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 氙疙枆靷� 鞗岆煱韸鸽姅 60,964,074欤检澊氅� 鞝勲秬 鞝勴櫂 鞁� 氚滍枆欤检嫕鞚� 852,857,373欤茧 電橃柎雮╇媹雼�. 鞐办 IRSA電� 毵岅赴 10雲勳潣 Series XXIV 毂勱秾 3鞏� USD毳� 氚滍枆頄堦碃 Terrazas de Mayo 氚� Ramblas del Plata 1雼硠 霌膘潉 韽暔頃� 鞚胳垬 氚� 臧滊皽鞚� 鞕勲頄堨溂氅�, 齑� 鞎� 111,000銕§潣 韺愲Г 臧�電� 氅挫爜鞐� 雽�頃� 鞎� 8,100毵� USD毳� 韴瀰頄堨姷雼堧嫟.
IRSA a affich茅 un net redressement pour l'exercice 2025, enregistrant un r茅sultat net de ARS 196 118 millions contre une perte de ARS 32 141 millions l'ann茅e pr茅c茅dente, port茅 par des am茅liorations sur l'ensemble de son portefeuille. Les revenus ont augment茅 de 2,3% en glissement annuel et le Rental Adjusted EBITDA a atteint ARS 234 697 millions, principalement gr芒ce aux centres commerciaux (ARS 210 741 millions), aux bureaux (ARS 15 584 millions) et aux h么tels (ARS 8 372 millions). Le segment des centres commerciaux a vu ses revenus et son Adjusted EBITDA cro卯tre respectivement de 8% et 10%, avec un taux d'occupation du portefeuille proche de 98% et une baisse mod茅r茅e de 2,8% des ventes des locataires sur l'ann茅e, apr猫s un redressement au second semestre.
Parmi les 茅l茅ments de bilan et de structure du capital figurent une capitalisation boursi猫re d'environ 1 062 MUSD au 30 juin 2025 (76 252 079 GDS 脿 13,93 USD), 762 358 019 actions en circulation et Cresud en tant qu'actionnaire majoritaire avec 412 158 780 actions (54,06%). 60 964 074 warrants sont en circulation; une conversion compl猫te porterait le nombre d'actions 茅mises 脿 852 857 373. Au cours de l'ann茅e, IRSA a 茅mis 300 MUSD de Series XXIV Notes 脿 10 ans et finalis茅 des acquisitions et des projets de d茅veloppement, notamment Terrazas de Mayo et la phase I de Ramblas del Plata, totalisant ~111 000 m虏 vendables pour environ 81 MUSD.
IRSA verzeichnete f眉r das Gesch盲ftsjahr 2025 eine deutliche Wendung und erzielte einen Nettogewinn von ARS 196.118 Millionen gegen眉ber einem Verlust von ARS 32.141 Millionen im Vorjahr, getrieben durch Verbesserungen im gesamten Portfolio. Die Ums盲tze stiegen um 2,3% im Jahresvergleich und das Rental Adjusted EBITDA erreichte ARS 234.697 Millionen, angef眉hrt von Shopping Malls (ARS 210.741 Millionen), B眉ros (ARS 15.584 Millionen) und Hotels (ARS 8.372 Millionen). Der Shopping-Mall-Segmentumsatz und das Adjusted EBITDA wuchsen um 8% bzw. 10%, die Portfoliobelegung lag bei nahezu 98% und die Mieterums盲tze fielen im Gesamtjahr nach einer Erholung in der zweiten H盲lfte moderat um 2,8%.
Bilanz- und Kapitalstrukturdetails umfassen eine Marktkapitalisierung von etwa 1.062 Mio. USD zum 30. Juni 2025 (76.252.079 GDS zu 13,93 USD), ausstehende Aktien von 762.358.019 und Cresud als Mehrheitsaktion盲r mit 412.158.780 Aktien (54,06%). Es sind 60.964.074 Warrants ausstehend; eine vollst盲ndige Wandlung w眉rde die ausgegebenen Aktien auf 852.857.373 erh枚hen. Im Jahresverlauf gab IRSA 300 Mio. USD Series XXIV Notes mit 10-j盲hriger Laufzeit aus und schloss Akquisitionen sowie Entwicklungsprojekte ab, darunter Terrazas de Mayo und Phase I von Ramblas del Plata, insgesamt rund 111.000 verkaufbare m虏 bei gesch盲tzten 81 Mio. USD.
- Net income of ARS 196,118 million representing a swing from a prior-year loss of ARS 32,141 million
- Rental Adjusted EBITDA of ARS 234,697 million with Shopping Malls contributing ARS 210,741 million
- Shopping Malls segment growth: revenues +8% and Adjusted EBITDA +10% with ~98% occupancy
- Re-entry to international debt markets via USD 300 million Series XXIV Notes, 10-year term
- Completed acquisitions and development progress including Terrazas de Mayo and initial sales for Ramblas del Plata (~111,000 sqm, USD 81 million)
- Tenant sales declined 2.8% year-over-year for the full fiscal year despite a second-half recovery
- Adjusted EBITDA for consolidated Rental categories decreased 2% year-over-year (overall Rental Adjusted EBITDA decreased 2% vs FY2024)
- Concentrated ownership: Cresud controls 54.06% of shares, limiting minority shareholder influence
- Warrants outstanding (60,964,074) present potential dilution if exercised before expiration in May 2026
Insights
TL;DR: Strong earnings reversal and stable mall fundamentals materially improve operating outlook; capital markets access restored with a USD 300m bond.
The company recorded a material swing to net income of ARS 196,118 million from a prior-year loss of ARS 32,141 million, indicating operating recovery. Rental Adjusted EBITDA of ARS 234,697 million, with Shopping Malls contributing the bulk, shows resilient cash-generating capability supported by ~98% occupancy. Revenue growth of 2.3% and double-digit Adjusted EBITDA growth in malls are positive signs for margin recovery. Access to international debt markets via USD 300 million, 10-year Series XXIV Notes restores funding flexibility. Material items for modeling: the contribution split by segment, occupancy stability, and potential dilution from outstanding warrants (60,964,074).
TL;DR: Majority control by Cresud and outstanding warrants create concentrated ownership and a potential for modest dilution if exercised.
Cresud holds 54.06% of shares net of treasury shares, a controlling stake that supports strategic stability but concentrates shareholder influence. Outstanding warrants (60,964,074) could increase Cresud鈥檚 stake to ~56.96% if exercised proportionally, implying limited change to control dynamics. Disclosure provides clear capital structure metrics including share counts and market cap that are useful for governance assessment. No new board or management changes disclosed in this report.
IRSA ha registrato un netto recupero nell'esercizio 2025, realizzando un utile netto di ARS 196.118 milioni rispetto alla perdita di ARS 32.141 milioni dell'anno precedente, grazie al miglioramento delle performance nell'intero portafoglio. I ricavi sono aumentati del 2,3% su base annua e il Rental Adjusted EBITDA ha raggiunto ARS 234.697 milioni, trainato dai Centri Commerciali (ARS 210.741 milioni), dagli Uffici (ARS 15.584 milioni) e dagli Hotel (ARS 8.372 milioni). Il segmento dei centri commerciali ha visto una crescita dell'8% dei ricavi e del 10% dell'Adjusted EBITDA, con un tasso di occupazione del portafoglio vicino al 98% e una diminuzione contenuta delle vendite dei tenant del 2,8% sull'intero anno dopo una ripresa nella seconda met脿.
I dettagli di bilancio e della struttura patrimoniale includono una capitalizzazione di mercato di circa 1.062 milioni di USD al 30 giugno 2025 (76.252.079 GDS a 13,93 USD), azioni in circolazione pari a 762.358.019 e Cresud come azionista di maggioranza con 412.158.780 azioni (54,06%). Sono in essere 60.964.074 warrant; la conversione totale porterebbe le azioni emesse a 852.857.373. Nel corso dell'anno IRSA ha emesso Note Series XXIV per 300 milioni di USD con scadenza a 10 anni e ha completato acquisizioni e iniziative di sviluppo tra cui Terrazas de Mayo e la Fase I delle Ramblas del Plata, per un totale di circa 111.000 m虏 vendibili e un investimento stimato di 81 milioni di USD.
IRSA inform贸 una fuerte recuperaci贸n en el ejercicio fiscal 2025, registrando una utilidad neta de ARS 196.118 millones frente a una p茅rdida de ARS 32.141 millones el a帽o anterior, impulsada por mejoras en su cartera. Los ingresos aumentaron un 2,3% interanual y el Rental Adjusted EBITDA alcanz贸 ARS 234.697 millones, liderado por Centros Comerciales (ARS 210.741 millones), Oficinas (ARS 15.584 millones) y Hoteles (ARS 8.372 millones). El segmento de centros comerciales registr贸 un crecimiento del 8% en ingresos y del 10% en Adjusted EBITDA, con una ocupaci贸n de cartera cercana al 98% y una moderada ca铆da del 2,8% en las ventas de los locatarios en el a帽o, tras una recuperaci贸n en la segunda mitad.
Los detalles del balance y la estructura de capital incluyen una capitalizaci贸n de mercado de aproximadamente 1.062 millones de USD al 30 de junio de 2025 (76.252.079 GDS a 13,93 USD), acciones en circulaci贸n por 762.358.019 y Cresud como accionista mayoritario con 412.158.780 acciones (54,06%). Hay 60.964.074 warrants en circulaci贸n; su conversi贸n completa elevar铆a las acciones emitidas a 852.857.373. Durante el a帽o IRSA emiti贸 Notas Serie XXIV por 300 millones de USD a 10 a帽os y complet贸 adquisiciones e iniciativas de desarrollo, incluidas Terrazas de Mayo y la Fase I de Ramblas del Plata, que suman ~111.000 m虏 vendibles por un estimado de 81 millones de USD.
IRSA電� 2025 須岅硠鞐半弰鞐� 韥� 氚橂摫鞚� 氤挫澊氅� 韽姼韽措Μ鞓� 鞝勲皹鞚� 臧滌劆鞙茧 鞝勲厔鞚� ARS 32,141氚彪 靻愳嫟鞐愳劀 ARS 196,118氚彪 靾滌澊鞚奠潉 旮半頄堨姷雼堧嫟. 毵れ稖鞚� 鞝勲厔 雽�牍� 2.3% 歃濌皜頄堨溂氅� Rental Adjusted EBITDA電� ARS 234,697氚彪鞐� 雼枅電旊嵃, 鞚措姅 靽柬晳氇�(ARS 210,741氚彪), 鞓ろ敿鞀�(ARS 15,584氚彪), 順疙厰(ARS 8,372氚彪)鞚� 瓴澑頄堨姷雼堧嫟. 靽柬晳氇� 攵�氍胳潃 毵れ稖瓿� Adjusted EBITDA臧� 臧侁皝 8% 氚� 10% 靹膘灔頄堨溂氅�, 韽姼韽措Μ鞓� 鞝愳湢鞙潃 鞎� 98%鞐� 雼枅瓿� 頃橂皹旮� 須岆车 鞚错泟 鞐瓣皠 鞛勳皑鞚� 毵れ稖鞚� 靻岉彮鞚� 2.8% 臧愳唽頄堨姷雼堧嫟.
雽�彀寑臁绊憸 氚� 鞛愲掣甑“ 靹鸽秬靷暛鞙茧電� 2025雲� 6鞗� 30鞚� 旮办 鞁滉皜齑濎暋 鞎� 10鞏� 6,200毵� USD(76,252,079 GDS, 欤茧嫻 13.93 USD), 氚滍枆欤检嫕靾� 762,358,019欤�, 斓滊寑欤检＜ Cresud臧� 412,158,780欤�(54.06%)毳� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 氙疙枆靷� 鞗岆煱韸鸽姅 60,964,074欤检澊氅� 鞝勲秬 鞝勴櫂 鞁� 氚滍枆欤检嫕鞚� 852,857,373欤茧 電橃柎雮╇媹雼�. 鞐办 IRSA電� 毵岅赴 10雲勳潣 Series XXIV 毂勱秾 3鞏� USD毳� 氚滍枆頄堦碃 Terrazas de Mayo 氚� Ramblas del Plata 1雼硠 霌膘潉 韽暔頃� 鞚胳垬 氚� 臧滊皽鞚� 鞕勲頄堨溂氅�, 齑� 鞎� 111,000銕§潣 韺愲Г 臧�電� 氅挫爜鞐� 雽�頃� 鞎� 8,100毵� USD毳� 韴瀰頄堨姷雼堧嫟.
IRSA a affich茅 un net redressement pour l'exercice 2025, enregistrant un r茅sultat net de ARS 196 118 millions contre une perte de ARS 32 141 millions l'ann茅e pr茅c茅dente, port茅 par des am茅liorations sur l'ensemble de son portefeuille. Les revenus ont augment茅 de 2,3% en glissement annuel et le Rental Adjusted EBITDA a atteint ARS 234 697 millions, principalement gr芒ce aux centres commerciaux (ARS 210 741 millions), aux bureaux (ARS 15 584 millions) et aux h么tels (ARS 8 372 millions). Le segment des centres commerciaux a vu ses revenus et son Adjusted EBITDA cro卯tre respectivement de 8% et 10%, avec un taux d'occupation du portefeuille proche de 98% et une baisse mod茅r茅e de 2,8% des ventes des locataires sur l'ann茅e, apr猫s un redressement au second semestre.
Parmi les 茅l茅ments de bilan et de structure du capital figurent une capitalisation boursi猫re d'environ 1 062 MUSD au 30 juin 2025 (76 252 079 GDS 脿 13,93 USD), 762 358 019 actions en circulation et Cresud en tant qu'actionnaire majoritaire avec 412 158 780 actions (54,06%). 60 964 074 warrants sont en circulation; une conversion compl猫te porterait le nombre d'actions 茅mises 脿 852 857 373. Au cours de l'ann茅e, IRSA a 茅mis 300 MUSD de Series XXIV Notes 脿 10 ans et finalis茅 des acquisitions et des projets de d茅veloppement, notamment Terrazas de Mayo et la phase I de Ramblas del Plata, totalisant ~111 000 m虏 vendables pour environ 81 MUSD.
IRSA verzeichnete f眉r das Gesch盲ftsjahr 2025 eine deutliche Wendung und erzielte einen Nettogewinn von ARS 196.118 Millionen gegen眉ber einem Verlust von ARS 32.141 Millionen im Vorjahr, getrieben durch Verbesserungen im gesamten Portfolio. Die Ums盲tze stiegen um 2,3% im Jahresvergleich und das Rental Adjusted EBITDA erreichte ARS 234.697 Millionen, angef眉hrt von Shopping Malls (ARS 210.741 Millionen), B眉ros (ARS 15.584 Millionen) und Hotels (ARS 8.372 Millionen). Der Shopping-Mall-Segmentumsatz und das Adjusted EBITDA wuchsen um 8% bzw. 10%, die Portfoliobelegung lag bei nahezu 98% und die Mieterums盲tze fielen im Gesamtjahr nach einer Erholung in der zweiten H盲lfte moderat um 2,8%.
Bilanz- und Kapitalstrukturdetails umfassen eine Marktkapitalisierung von etwa 1.062 Mio. USD zum 30. Juni 2025 (76.252.079 GDS zu 13,93 USD), ausstehende Aktien von 762.358.019 und Cresud als Mehrheitsaktion盲r mit 412.158.780 Aktien (54,06%). Es sind 60.964.074 Warrants ausstehend; eine vollst盲ndige Wandlung w眉rde die ausgegebenen Aktien auf 852.857.373 erh枚hen. Im Jahresverlauf gab IRSA 300 Mio. USD Series XXIV Notes mit 10-j盲hriger Laufzeit aus und schloss Akquisitionen sowie Entwicklungsprojekte ab, darunter Terrazas de Mayo und Phase I von Ramblas del Plata, insgesamt rund 111.000 verkaufbare m虏 bei gesch盲tzten 81 Mio. USD.
FAQ
What was IRSA's net income for fiscal year 2025 (IRS)?
How large is IRSA's Rental Adjusted EBITDA and its breakdown by segment?
What is IRSA's market capitalization and GDS price as of June 30, 2025?
Who is the main shareholder of IRSA (IRS) and what is their ownership stake?
How many warrants are outstanding and what is the potential share impact?
Did IRSA raise debt capital during the year?
