IRSA's Q3 2025 Earnings Call: Unraveling Contradictions in Financing Strategies and Urban Development Plans

Financing strategy and debt management, urban development and construction at Ramblas Del Plata, diversification and rotation of the office portfolio, recovery of tenant sales and economic factors, debt refinancing and cash management are the key contradictions discussed in IRSA's latest 2025Q3 earnings call.



Rental Segment Performance:
- IRSA's rental segment, particularly shopping malls, showed a record EBITDA of $158 million, a significant improvement from the previous year.
- This recovery was driven by a 13.4% increase in tenant sales, reflecting the economic activity rebound and real wage growth in Argentina.

Ramblas Del Plata Project:
- The commercialization of Ramblas Del Plata, IRSA's main project, has started successfully with two parcels sold for $23.4 million and nine swaps signed for $42.7 million.
- The progress is due to high interest from developers, expanding the first stage of the project, and IRSA's strategy of receiving square meters instead of immediate cash.

International Capital Market Activity:
- IRSA issued 10-year notes for $300 million in international capital markets, aiming to extend the tenure of its debt.
- The issuance was driven by favorable market conditions and IRSA's conservative debt structure, allowing for low leverage and improved debt maturity.

Hotel Segment Challenges:
- The hotel segment faced lower occupancy and revenue due to currency fluctuations and reduced international tourism.
- Despite these challenges, the segment remains important for diversification, and IRSA is mitigating impacts by focusing on construction works.