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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

Rental and Service Income

Hotel Operations

Revenues from Sales, Rentals and Services

Revenues from Expenses and Collective Promotion Funds

IRS

IRS fundamentals

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