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- **Record Malls Performance**: 10% EBITDA growth, 98% occupancy
- **Debt Resilience**: 1x EBITDA net debt, $300M 10-year notes
- **Risks**: Hotel segment under pressure, election volatility
- **Growth Drivers**: Ramblas del Plata sales acceleration, office expansion plans

**【CEO Summary Section】**
- Fiscal Year 2025 net gain of ARS 196 billion (vs. ARS 32 billion loss in FY24)
- Shopping Malls: Adjusted EBITDA +10% YoY, occupancy 98% (excluding recently acquired Terrazas de Mayo)
- Key developments: Terrazas de Mayo (34,000 sqm), La Plata shopping center (22,000 sqm), and Ramblas del Plata transactions totaling 111,000 sqm
- Financial resilience: $300M Series XXIV notes issuance, 8% dividend distribution

**【CFO Financial Commentary】**
- Net income ARS 196 billion, Banco Hipotecario contribution ARS 13.6 billion (vs. ARS 40.8 billion FY24)
- Shopping Malls valuation improvement: ARS 500M appreciation, 7.5x EBITDA multiple
- Debt structure: $184M net debt (1x EBITDA), 12% coverage ratio
- Challenges: Hotel segment occupancy decline to 61%, inflation-adjusted office tariffs

**【Q&A Highlights】**
- Residential demand: Mortgage market recovery driving 20-50% price increases, but construction costs rising
- Election uncertainty: Potential impact on consumer financing rates
- Project pipeline: Manzana 35 office tower launch in Q1 2026, new office developments in Dot district
- Liquidity: No need for market funding with current projects, but open to strategic acquisitions

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) Q4 2025 Earnings Call Transcript

- **Record EBITDA Growth**: Shopping malls post $160M EBITDA (10-year high), up 10% YoY in USD terms.
- **Debt Optimization**: $300M bond issuance reduces short-term debt, maintaining 1.3x Debt/EBITDA ratio.
- **Project Momentum**: Ramblas del Plata swaps/signings reach $166M, with 25-30% land participation upside.
- **Residential Recovery**: Buenos Aires housing prices rise 12-22% YoY, supporting project valuations.
- **Dividend Sustainability**: 15%+ dividend yield maintained if Q4 results support payout.


**【CFO Matias Gaivironsky - Q3 2025 Financial Highlights】**
- **Revenue Recovery**: ARS35 billion net gain vs. ARS40 billion loss in Q2, driven by 13.4% YoY tenant sales growth in malls.
- **EBITDA Record**: Shopping malls post $160 million EBITDA (10-year high), 10% YoY increase. Offices & land EBITDA down 20% due to peso appreciation impact.
- **Debt Optimization**: Issued $300M 10-year bonds at 8.5% yield, reducing short-term debt from $100M to $58M. Debt/EBITDA ratio remains conservative at 1.3x.

**【Shopping Malls Performance】**
- **Tenant Sales Growth**: 13.4% QoQ, 4.6% below 9-month YoY trend but improving. 98.1% occupancy (excluding new acquisition).
- **Currency Impact**: Malls valued at official exchange rate, shielding from Blue Chip swap volatility. 10-year EBITDA in USD up 10% YoY.

**【Ramblas del Plata Project】**
- **Sales Progress**: $166.1M in swaps/signings (95,000 sqm) since launch. Stage 1 expanded to 164,000 sqm with $120M sales target.
- **Construction Milestones**: 40% sheet piling complete, Phase A infrastructure ($27M) on track for Q2 2026 completion.
- **Residential Upside**: 25-30% land participation in developments, benefiting from Buenos Aires housing prices up 12-22% YoY.

**【Capital Allocation】**
- **Conservative Leverage**: 10% LTV, 1.3x Debt/EBITDA. $232M net bond proceeds allocated to debt reduction & M&A opportunities.
- **Dividend Policy**: 15%+ dividend yield maintained if Q4 results support payout. Share buybacks considered post-October shareholder meeting.

**【Risks & Challenges】**
- **Currency Volatility**: 4.9% EBITDA drop in Q3 due to peso appreciation. Offices & hotels most impacted by FX adjustments.
- **Hotel Sector Weakness**: 65% occupancy vs. prior records, affected by peso depreciation vs. USD.

**【Strategic Initiatives】**
- **Logistics Expansion**: Exploring entry into growing logistics sector, leveraging real estate expertise.
- **Non-Core Asset Review**: Evaluating sale of 30% stake in Banco Hipotecario & underperforming hotels in rising market.


IRSA Inversiones y Representaciones Sociedad Anónima (IRS) Q3 2025 Earnings Call Transcript

- **Mall Recovery**: Q2 tenant sales +21.4% QoQ, nearing pre-pandemic levels; 100% office portfolio occupancy.
- **Major Projects**: 
  - Ramblas Del Plata first phase infrastructure underway, $23.4M plots sold.
  - Alto Rosario mixed-use success replicated in La Plata.
- **Financial Strength**: 
  - $255M net debt (1.6x EBITDA), 8% dividend yield.
  - Returning to paying taxes, signaling financial normalization.
- **Risk Management**: 
  - Diversified revenue streams mitigate hotel sector weakness.
  - Conservative debt structure supports growth without dilution.

**【CFO Opening Remarks】**
- Q2 FY2025 net loss of 41 billion Pesos due to non-cash valuation effects of investment properties.
- Shopping malls show steady recovery: occupancy and tenant sales improving, with Q2 sales up 21.4% vs. Q1, though still 8.5% below Q2 2024 levels.
- Completed acquisition of 16th mall, Terrazas De Mayo (34,000 sqm GLA), with 82.3% initial occupancy.
- Full occupancy achieved in premium office portfolio (100%), with stable rents at $25/sqm/month.
- Hotels face challenges: occupancy down to 67% (from 72%), driven by peso appreciation and reduced international tourism.
- Major milestone: first two plots sold in Ramblas Del Plata project ($23.4M), with 14 swaps in progress ($120M potential).

**【CIO Project Updates】**
- **Ramblas Del Plata**: 
  - 700,000 sqm sellable area, $1.8B investment.
  - Stage 1 (125,000 sqm) infrastructure underway ($23M investment).
  - 40,000 sqm sold to developer, $23.4M received.
  - Average price $4,000/sqm for 100+ reserved apartments.
- **La Plata Project**: 
  - 330 single-family lots, 125 owned by IRSA (target $23M sales).
  - 33 lots sold to date ($5M revenue).
- **Alto Rosario**: 
  - 40,000 sqm residential towers approved, 330 lots in development.
  - Became one of Rosario's trendiest mixed-use areas.

**【Financial Highlights】**
- Adjusted EBITDA stable vs. Q2 2024 in malls and offices, down 67% in hotels (15B to 5B Pesos).
- Net debt $255M (1.6x EBITDA, 12% LTV), with $77.6M dividend paid (8% yield).
- Returning to paying income taxes after using credits from prior years.
- Positive outlook for mall valuations due to reduced country risk and improving operations.

**【Q&A Key Points】**
- **Ramblas Del Plata Pricing**: 
  - Low-end $4,000/sqm, high-end $6,000/sqm for towers; prices expected to rise with inflation.
- **Project Financing**: 
  - IRSA will not invest cash; swaps and plot sales cover costs.
  - Office and mall cash flow ($25M/yr) will fund developments.
- **Debt Management**: 
  - Ample liquidity to meet 2025 maturities; conservative capital structure allows flexibility.


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