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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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

IRS

IRS fundamentals

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