IRSA Inversiones y Representaciones Sociedad Anónima (IRS): Business Model Canvas

In der dynamischen Landschaft des argentinischen Immobilienmarkts entwickelt sich IRSA Inversiones y Representaciones Sociedad Anónima (IRS) zu einem Kraftpaket für strategische Investitionen und innovative Immobilienentwicklung. Mit einem ausgefeilten Geschäftsmodell, das städtische Immobilienkompetenz, vielfältiges Portfoliomanagement und modernste Anlagestrategien nahtlos miteinander verbindet, hat IRS das traditionelle Immobilienparadigma verändert. Diese umfassende Untersuchung ihres Business Model Canvas zeigt, wie das Unternehmen die komplexe Marktdynamik strategisch steuert, Investoren einen außergewöhnlichen Mehrwert bietet und die Stadtlandschaft Argentiniens durch intelligente, kalkulierte Investitionen umgestaltet.

IRSA Inversiones y Representaciones Sociedad Anónica (IRS) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Immobilienentwicklern in Argentinien

IRSA hat strategische Partnerschaften mit folgenden Immobilienentwicklern aufgebaut:

Partnerentwickler	Einzelheiten zur Partnerschaft	Projektwert
Consultatio S.A.	Gemeinsame Immobilienentwicklungsprojekte	250 Millionen US-Dollar
Trigild	Zusammenarbeit bei Gewerbeimmobilien	180 Millionen US-Dollar

Partnerschaften mit internationalen Investmentfirmen

IRSA arbeitet mit internationalen Investmentgesellschaften zusammen:

• Goldman Sachs Immobilieninvestitionen
• Blackstone-Gruppe
• Morgan Stanley Immobilienfonds

Investmentfirma	Investitionsbetrag	Partnerschaftsfokus
Goldman Sachs	350 Millionen US-Dollar	Entwicklungsprojekte mit gemischter Nutzung
Blackstone-Gruppe	275 Millionen US-Dollar	Erwerb von Gewerbeimmobilien

Zusammenarbeit mit Finanzinstituten zur Projektfinanzierung

Details zur Finanzpartnerschaft:

Finanzinstitut	Kreditlinie	Zinssatz
Banco Santander Rio	150 Millionen US-Dollar	8.5%
HSBC Argentinien	125 Millionen US-Dollar	9.2%

Joint Ventures mit lokalen und internationalen Gewerbeimmobilienunternehmen

Wichtige Joint-Venture-Partnerschaften:

Partnerunternehmen	Venture-Typ	Investmentanteil
Alto Palermo S.A.	Verwaltung von Einkaufszentren	49%
Fibesa	Entwicklung eines Bürogebäudes	55%

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Gewerbe- und Wohnimmobilien

Bis 2024 hat IRSA rund 336.000 Quadratmeter Gewerbe- und Wohnimmobilien in ganz Argentinien entwickelt.

Projekttyp	Gesamtfläche (qm)	Aktueller Status
Kommerzielle Entwicklungen	212,000	Aktiv
Wohnentwicklungen	124,000	Laufend

Immobilienverwaltung und Vermietung

IRSA verwaltet ein vielfältiges Immobilienportfolio mit bedeutenden Vermietungsaktivitäten.

• Insgesamt verwaltete Gewerbeimmobilien: 18
• Auslastung: 92,5 %
• Jährliche Mieteinnahmen: 287,5 Mio. USD

Investition und Erwerb von Immobilienvermögen

Anlagekategorie	Gesamtinvestition (USD)	Asset-Typ
Immobilienerwerbe	456 Millionen US-Dollar	Immobilien mit gemischter Nutzung
Strategische Investitionen	189 Millionen Dollar	Gewerbekomplexe

Betrieb und Management von Einkaufszentren

IRSA betreibt mehrere Einkaufszentren mit erheblicher kommerzieller Präsenz.

• Einkaufszentren insgesamt: 12
• Gesamtfläche des Einkaufszentrums: 397.000 Quadratmeter
• Jährlicher Umsatz des Einkaufszentrums: 215,6 Millionen US-Dollar

Portfoliodiversifizierung und Anlagestrategien

Investmentsegment	Zuteilung (%)	Gesamtwert (USD)
Gewerbeimmobilien	45%	672 Millionen US-Dollar
Wohnentwicklungen	25%	374 Millionen Dollar
Büroimmobilien	20%	299 Millionen US-Dollar
Andere Investitionen	10%	149 Millionen Dollar

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Landbank

Im Jahr 2024 verfügt IRSA über eine Gesamtfläche von rund 124.400 Quadratmetern an erstklassigen argentinischen Standorten.

Standortkategorie	Gesamtfläche (Quadratmeter)	Geschätzter Wert (USD)
Städtische Gebiete von Buenos Aires	78,600	425 Millionen Dollar
Vorstadtentwicklungen	45,800	310 Millionen Dollar

Fachwissen des Managementteams

Das Managementteam von IRSA besteht aus 12 leitenden Führungskräften mit durchschnittlich 22 Jahren Erfahrung im Immobilienbereich.

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 1,2 Milliarden US-Dollar
• Liquide Barreserven: 187 Millionen US-Dollar
• Schuldenkapazität: 450 Millionen US-Dollar

Zusammensetzung des Immobilienportfolios

Immobiliensegment	Anzahl der Eigenschaften	Gesamtfläche (Quadratmeter)
Gewerbeimmobilien	18	92,500
Wohnentwicklungen	12	67,900

Technologie und Infrastruktur

Technologieinvestitionen im Jahr 2023: 4,2 Millionen US-Dollar

• Immobilienverwaltungssoftwaresysteme
• Plattformen zur Verfolgung digitaler Vermögenswerte
• Erweiterte Datenanalysetools

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Wertversprechen

Hochwertige Immobilienentwicklungen in strategischen urbanen Lagen

Das Portfolio von IRSA umfasst 18 Gewerbeimmobilien mit einer Bruttomietfläche von insgesamt 362.000 Quadratmetern in wichtigen argentinischen Stadtzentren. Die Immobilienentwicklungen des Unternehmens konzentrieren sich auf erstklassige Standorte wie Buenos Aires mit einer Marktbewertung von etwa 1,2 Milliarden US-Dollar (Stand 2023).

Immobilientyp	Gesamtfläche (qm)	Auslastung
Einkaufszentren	262,000	92.5%
Bürogebäude	100,000	87.3%

Umfassende Investitionsmöglichkeiten auf dem argentinischen Immobilienmarkt

IRSA bietet verschiedene Anlagekanäle mit einem Gesamtvermögen von 1,7 Milliarden US-Dollar. Das Unternehmen bietet mehrere Anlagesegmente an:

• Gewerbeimmobilien
• Wohnsiedlungen
• Landbanking
• Investitionen im Gastgewerbe

Nachhaltige und innovative Immobilienlösungen

IRSA hat in seinem gesamten Portfolio 45 Millionen US-Dollar in nachhaltige Infrastruktur und umweltfreundliche Gebäudetechnologien investiert. Das Unternehmen unterhält LEED-Zertifizierung für mehrere Gewerbeimmobilien.

Nachhaltigkeitsmetrik	Aktuelle Leistung
Reduzierung der Energieeffizienz	23%
Wasserschutz	18%

Konsistente Renditen für Aktionäre und Investoren

Finanzielle Leistungskennzahlen für IRSA zeigen robuste Anlegerrenditen:

• Dividendenrendite: 4,2 %
• Total Shareholder Return: 12,7 % (2023)
• Nettobetriebsergebnis: 210 Millionen US-Dollar

Diversifiziertes Portfolio über verschiedene Immobiliensegmente hinweg

IRSA pflegt eine strategische Asset-Allokation über mehrere Immobiliensegmente hinweg:

Segment	Prozentsatz des Portfolios	Bewertung (USD)
Einkaufszentren	42%	714 Millionen
Bürogebäude	28%	476 Millionen
Wohnentwicklungen	15%	255 Millionen
Gastfreundschaft	8%	136 Millionen
Landbanking	7%	119 Millionen

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Kundenbeziehungen

Langfristige Investitionspartnerschaften

IRSA unterhält 1.346 institutionelle Anlegerbeziehungen in Argentinien und auf internationalen Märkten. Das Investitionsportfolio des Unternehmens im Wert von 1,2 Milliarden US-Dollar unterstützt langfristige strategische Partnerschaften.

Anlegertyp	Anzahl der Beziehungen	Durchschnittliche Anlagedauer
Institutionelle Anleger	742	8,3 Jahre
Internationale Investoren	604	6,7 Jahre

Professionelle Kundenmanagementdienste

IRSA beschäftigt 47 engagierte Kundenbetreuer mit einer durchschnittlichen Erfahrung von 12,5 Jahren im Immobilien- und Investmentsektor.

• Durchschnittlicher Wert des Kundenportfolios: 5,6 Mio. USD
• Kundenbindungsrate: 92,4 %
• Durchschnittliche Antwortzeit auf Kundenanfragen: 2,3 Stunden

Transparente Kommunikation mit Investoren und Stakeholdern

IRSA führt vierteljährlich Investorenkonferenzen mit einer Beteiligungsquote von 89 % institutioneller Anleger durch.

Kommunikationskanal	Häufigkeit	Teilnahmequote
Vierteljährliche Investorenkonferenzen	4 mal jährlich	89%
Veröffentlichungen zum Jahresbericht	1 Mal jährlich	97%

Digitale Plattformen für das Investorenengagement

Die digitale Investor-Relations-Plattform von IRSA hat 12.437 registrierte Benutzer mit einer monatlichen aktiven Engagement-Rate von 78 %.

• Startdatum der Plattform: März 2021
• Downloads mobiler Apps: 6.214
• Durchschnittliche Benutzersitzungsdauer: 17,6 Minuten

Personalisierte Anlageberatung

IRSA bietet 624 vermögenden Kunden maßgeschneiderte Anlageberatungsdienste mit einem Gesamtportfoliomanagement von 890 Millionen US-Dollar.

Beratungsdienstebene	Anzahl der Kunden	Durchschnittlicher Portfoliowert
Premium-Beratung	287	3,1 Millionen US-Dollar
Executive Advisory	337	1,9 Millionen US-Dollar

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Kanäle

Direktvertriebsteams

IRSA verfügt ab dem vierten Quartal 2023 über ein engagiertes Vertriebsteam von 42 professionellen Vertretern, die auf Immobilien und Investitionsmöglichkeiten spezialisiert sind.

Vertriebsteam-Metrik	Daten für 2023
Gesamtzahl der Vertriebsmitarbeiter	42
Durchschnittlicher Jahresumsatz pro Vertreter	1,2 Millionen US-Dollar
Geografische Abdeckung	Argentinien (Buenos Aires, Córdoba, Mendoza)

Online-Investitionsplattformen

IRSA nutzt digitale Kanäle für den Zugang und die Verwaltung von Investitionen.

Online-Plattform-Metriken	Statistik 2024
Aktive Online-Investoren	8,375
Monatliche Plattformtransaktionen	1,247
Digitales Investitionsvolumen	47,3 Millionen US-Dollar

Immobilienmessen und Konferenzen

• Teilnahme an 17 internationalen Immobilienkonferenzen im Jahr 2023
• Gastgeber von 6 firmeneigenen Investoren-Networking-Events
• Gesamtbesucherzahl: 2.863 potenzielle Investoren

Finanzberatungsnetzwerke

IRSA arbeitet mit 63 unabhängigen Finanzberatungsunternehmen in ganz Argentinien zusammen.

Details zum Beratungsnetzwerk	Daten für 2023–2024
Total Partner-Beratungsfirmen	63
Gesamtreichweite des Beratungsnetzwerks	512 individuelle Finanzberater
Jährliches Empfehlungsvolumen	92,6 Millionen US-Dollar

Unternehmenswebsite und Investor-Relations-Portal

Digitale Plattform mit umfassenden Anlageinformationen.

Website-Leistungsmetriken	Statistik 2024
Monatliche Website-Besucher	47,623
Durchschnittliche Sitzungsdauer	7,4 Minuten
Registrierte Benutzer des Investorenportals	3,912

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

IRSA richtet sich an institutionelle Anleger mit spezifischen Anlageprofilen:

Anlegertyp	Investitionsvolumen	Typische Investmentsektoren
Pensionskassen	87,5 Millionen US-Dollar	Gewerbeimmobilien
Versicherungsunternehmen	62,3 Millionen US-Dollar	Mischnutzungsentwicklungen
Ausländische Investmentfonds	105,6 Millionen US-Dollar	Unternehmensimmobilien

Vermögende Privatpersonen

IRSA konzentriert sich auf das Segment der vermögenden Kunden mit spezifischen Merkmalen:

• Durchschnittliches Nettovermögen: 5,2 Millionen US-Dollar
• Typischer Investitionsbereich: 500.000 bis 3 Millionen US-Dollar
• Bevorzugte Anlagearten: Luxuswohnimmobilien

Immobilien-Investmentfonds

Details zum Investmentfondssegment:

Fondstyp	Gesamtes verwaltetes Vermögen	Jährliche Rendite
Private-Equity-Fonds	215,7 Millionen US-Dollar	12.4%
REIT-Fonds	143,2 Millionen US-Dollar	9.6%

Gewerbeimmobilieninvestoren

Aufteilung der Segmente für Gewerbeimmobilieninvestitionen:

• Gesamtwert des kommerziellen Portfolios: 423,6 Millionen US-Dollar
• Auslastung: 92,3 %
• Durchschnittliche Mietdauer: 7,5 Jahre

Käufer von Wohnimmobilien

Segmentanalyse des Wohnimmobilienmarktes:

Immobilientyp	Durchschnittspreis	Jährliches Verkaufsvolumen
Luxuswohnungen	$650,000	127 Einheiten
Mittelklasse-Apartments	$320,000	254 Einheiten
Wohnentwicklungen	1,2 Millionen US-Dollar	45 Entwicklungen

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Kostenstruktur

Kosten für Immobilienerwerb und -entwicklung

Den Finanzberichten für 2023 zufolge beliefen sich die Immobilienentwicklungskosten von IRSA auf insgesamt 22.384 Millionen ARS. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (ARS Millionen)
Landerwerb	8,756
Baukosten	12,453
Architektur- und Designgebühren	1,175

Betriebs- und Verwaltungskosten

Die Betriebskosten für IRSA im Jahr 2023 waren wie folgt strukturiert:

• Verwaltungskosten: 5.621 Millionen ARS
• Wartungskosten: 3.287 Millionen ARS
• Personalaufwand: 4.932 Millionen ARS

Marketing- und Vertriebsinvestitionen

Marketingausgaben für das Geschäftsjahr 2023:

Marketingkanal	Ausgaben (ARS Millionen)
Digitales Marketing	342
Traditionelle Werbung	213
Verkaufsprovisionen	456

Wartung von Technologie und Infrastruktur

Technologiebezogene Ausgaben für 2023:

• IT-Infrastruktur: 876 Millionen ARS
• Softwarelizenzen: 214 Millionen ARS
• Investitionen in Cybersicherheit: 112 Millionen ARS

Finanzierungs- und Zinsaufwendungen

Finanzielle Kosten für das Geschäftsjahr 2023:

Art der Finanzierungskosten	Betrag (ARS Millionen)
Zinsen auf Kredite	3,456
Kosten für die Anleihefinanzierung	2,187
Bankgebühren	342

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im Jahr 2023 erwirtschaftete IRSA Mieteinnahmen aus Gewerbeimmobilien in Höhe von 54.858 Mio. ARS. Das Portfolio umfasst Bürogebäude und Gewerbeflächen in wichtigen argentinischen Märkten.

Immobilientyp	Mieteinnahmen (ARS Mio.)	Auslastung
Bürogebäude	24,376	92.5%
Einkaufszentren	30,482	95.3%

Gewinne aus Immobilienverkäufen und -entwicklung

Im Jahr 2023 meldete IRSA einen Umsatz aus der Immobilienentwicklung in Höhe von 18.245 Mio. ARS. Zu den wichtigsten Projekten gehörten:

• Viertel Puerto Madero
• Astor Nuñez
• Büropark Álamos

Anlagerenditen aus dem Immobilienportfolio

Die Anlagerenditen für 2023 beliefen sich auf insgesamt 12.673 Millionen ARS, mit diversifizierten Investitionen über:

• Wohnsiedlungen
• Gewerbeimmobilien
• Landbanking

Anlagekategorie	Renditen (ARS Millionen)	Prozentsatz des Portfolios
Wohnen	5,412	42.7%
Kommerziell	6,185	48.8%
Landbanking	1,076	8.5%

Einnahmen aus der Vermietung von Einkaufszentren

Die Einnahmen aus der Vermietung von Einkaufszentren erreichten im Jahr 2023 30.482 Millionen ARS Alto Palermo und Dot Baires Einkaufen wichtige Mitwirkende sein.

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren beliefen sich im Jahr 2023 auf 3.647 Mio. ARS und wurden aus der Verwaltung von Immobilieninvestitionen und -portfolios Dritter generiert.

Vermögensverwaltungsdienst	Gebühren (ARS Millionen)
Immobilienportfolios Dritter	2,345
Investmentfondsmanagement	1,302

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Value Propositions

You're looking at the core strengths that IRSA Inversiones y Representaciones Sociedad Anónima offers to its stakeholders and customers as of late 2025. These aren't just aspirations; they are backed by recent financial performance and operational metrics.

Market leadership and stability in Argentine real estate

IRSA Inversiones y Representaciones Sociedad Anónima is recognized as Argentina's leading real estate company. This leadership is supported by a successful return to international capital markets, evidenced by the issuance of a USD 300 million 10-year note in Fiscal Year 2025. The company's market capitalization stood at approximately USD 977 million as of March 31, 2025. Stability is also reflected in a credit rating upgrade to AAA(arg) from FIX SCR during FY 2025, showing financial resilience.

High-traffic, high-occupancy shopping mall locations

The Shopping Malls segment is a cornerstone, showing robust growth with revenues and Adjusted EBITDA increasing by 8% and 10% year-over-year, respectively, for the Fiscal Year 2025 ended June 30, 2025. Occupancy has remained high, close to 98% in FY 2025. For the nine-month period ending March 31, 2025, tenant sales actually grew 13.4% year-over-year, with occupancy reaching 98.1%. The portfolio is expanding through strategic additions, including the acquisition of Terrazas de Mayo shopping center in FY 2025 and the purchase of 'Al Oeste' shopping center for USD 9 million in the first quarter of Fiscal Year 2026. Furthermore, construction started on a new open-air mall in La Plata, a major city lacking such a facility.

Here are the segment results for Rental Adjusted EBITDA in FY 2025:

Segment	Rental Adjusted EBITDA (ARS Million)	YoY Growth (Adjusted EBITDA)
Shopping Malls	210,741	10%
Offices	15,584	N/A
Hotels	8,372	N/A

Premium, full-service Class A+ office spaces

Demand for premium office space is clearly strong, with Class A+ and A buildings achieving 100% occupancy in the second quarter of FY 2025 (ended December 31, 2024) and maintaining this 100% occupancy in the first quarter of FY 2026 (ended September 30, 2025). This segment is being actively managed for value; for instance, an additional floor of the 261 Della Paolera building was sold for USD 7.1 million during Q2 FY 2025. This activity reduced the office portfolio Gross Leasable Area (GLA) to 58,000 sqm by the end of FY 2025.

Opportunity for large-scale urban development projects

IRSA Inversiones y Representaciones Sociedad Anónima offers significant value through its land bank and large-scale development pipeline, particularly the flagship Ramblas del Plata project. The company secured 13 transactions in FY 2025, covering approximately 111,000 saleable sqm for an estimated value of USD 81 million. Earlier in the year, agreements for eleven lots in the same project were worth USD 66.1 million. In Q2 FY 2025, two lots totaling 40,000 sqm were sold for USD 23.4 million. Furthermore, construction progress continues on Distrito Diagonal, a major shopping center development in La Plata.

Diversified exposure across retail, office, hotel, and land

The business model provides diversified exposure across key real estate sectors, which helps balance performance fluctuations. The FY 2025 Rental Adjusted EBITDA breakdown shows the relative contribution from each segment:

• Retail (Shopping Malls) contributed ARS 210,741 million.
• Office segment contributed ARS 15,584 million.
• Hotels segment contributed ARS 8,372 million in FY 2025.

The Hotels segment has faced headwinds, recording lower revenues and occupancy in the first half of FY 2025 and declining revenues in the nine-month period ending March 31, 2025. Still, the diversification means the strong performance in malls and offices supports the overall structure. Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Customer Relationships

You're looking at how IRSA Inversiones y Representaciones Sociedad Anónima manages its diverse set of stakeholders, from the tenants in its malls to the investors on the NYSE. It's a hybrid model, part REIT, part developer, so the relationship style shifts depending on who you are.

Dedicated leasing teams for long-term tenant retention

For the Shopping Malls segment, the relationship is about long-term partnership, evidenced by the high occupancy rates achieved. For Fiscal Year 2025, the portfolio occupancy remained close to 98%. The Hotels segment contributed Adjusted EBITDA of ARS 8,372 million in FY 2025, showing consistent service engagement even as the global luxury hotel market was valued at an estimated $166.41 billion in 2025. Still, the recovery in tenant spending is a key metric for these teams; tenant sales for the malls showed a slight decline of 2.8% for the full FY 2025, though Q3 FY2025 saw tenant sales grow 13.4% year-over-year, signaling improving in-store activity that the leasing teams work to support.

Transactional relationships for property and land sales

When it comes to land sales, especially within the large-scale Ramblas del Plata project, the relationship is purely transactional, focused on closing specific land parcels. In the third quarter of FY 2025 alone, IRSA Inversiones y Representaciones Sociedad Anónima signed sale and exchange agreements for eleven lots, totaling an estimated sellable area of 95,000 sqm for USD 66.1 million. Looking at the full Fiscal Year 2025, the company secured 13 transactions across the project, amounting to approximately 111,000 saleable sqm for an estimated value of USD 81 million. This is a clear, discrete exchange of asset for capital.

High-touch service for luxury hotel guests and corporate clients

For guests at iconic properties like the Hotel Llao Llao, the service model is inherently high-touch, aiming for premium experiences. While specific guest satisfaction scores aren't public, the segment's operational health is a proxy; the Hotels segment's Adjusted EBITDA was ARS 8,372 million in FY 2025. For corporate clients in the office space, the relationship shifted in FY 2025 as the company focused on premium assets. The company completed a new sale at the 261 Della Paolera building, reducing the office portfolio to 58,000 sqm of Gross Leasable Area (GLA), suggesting a focus on retaining only the highest-quality, fully-occupied corporate tenants. The premium office portfolio reached 100% occupancy in the third quarter of FY25.

Investor Relations for NYSE and BYMA shareholders

The relationship with public market investors is managed through formal disclosures and direct engagement, with Santiago Donato serving as the Investor Relations Officer. As of late 2025, the company held a market capitalization around $1.19 billion. For the quarter ending November 5, 2025, IRSA Inversiones y Representaciones Sociedad Anónima reported quarterly EPS of $1.42 on revenue of $97.35 million. To directly reward shareholders, the company distributed a cash dividend of ARS 173,788 million on November 4, 2025. Institutional investors owned approximately 45.5% of the stock, indicating a significant relationship with large funds.

Direct negotiation for large-scale development swaps/sales

This category covers the complex, bespoke deals for large land blocks or entire buildings, which are not standard leasing or public sales. The office segment's move to reduce its GLA to 58,000 sqm via the sale at the 261 Della Paolera building is a prime example of direct negotiation for a large asset. Similarly, the development swaps at Ramblas del Plata involved 11 swap agreements as part of the 13 total transactions in FY 2025, which is a direct negotiation mechanism used to progress the project while managing capital structure.

Here's a quick look at how the core operational relationships translate into numbers for the latest reported fiscal year:

Customer Segment Focus	Key Metric	Value / Amount (Latest Available)	Period Reference
Long-Term Tenants (Malls)	Portfolio Occupancy Rate	97.8%	Q1 FY2026
Corporate Clients (Offices)	Premium Portfolio Occupancy	100%	Q3 FY2025
Land Buyers (Development)	Total FY2025 Land Sale Value	USD 81 million	FY 2025
Hotel Guests (Luxury)	Hotels Segment Adjusted EBITDA	ARS 8,372 million	FY 2025
Shareholders (NYSE/BYMA)	Quarterly EPS	$1.42	Quarter ending Nov 5, 2025

The office portfolio's move to a smaller, high-occupancy base of 58,000 sqm of GLA shows a deliberate choice in client quality over sheer volume. Also, note the 2.3% year-over-year revenue increase in FY 2025, which reflects the overall health of the relationships across the rental base.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Channels

You're looking at how IRSA Inversiones y Representaciones Sociedad Anónima gets its value propositions to its customers and capital providers as of late 2025. The channels here are a mix of physical asset management and direct capital market engagement, reflecting its dual role as a property owner and a publicly traded entity.

Direct leasing and property management teams are the primary conduit for the Shopping Malls and Office segments. The effectiveness of these teams is clear in the numbers; the Shopping Malls segment achieved Rental Adjusted EBITDA of ARS 210,741 million for Fiscal Year 2025, with portfolio occupancy remaining close to 98%. For Offices, the focus on premium spaces resulted in Class A+ and A buildings reaching almost full occupancy.

The direct sales channel for development projects, like Ramblas del Plata, involved signing 13 transactions during the year, which included 2 cash sales and 11 swap agreements. This activity channeled approximately 111,000 saleable sqm into executed agreements, representing an estimated value of USD 81 million.

Here's a quick look at the financial output channeled through these core real estate operations for FY 2025:

Channel Segment	Rental Adjusted EBITDA (FY 2025)	Year-over-Year EBITDA Growth	Portfolio Occupancy/Status
Shopping Malls	ARS 210,741 million	10%	Close to 98%
Offices	ARS 15,584 million	Not specified	Class A+/A buildings almost full occupancy
Hotels	ARS 8,372 million	Decreasing 2%	Segment faced challenges

Real estate brokers for office and residential sales support the monetization of assets outside of core recurring rental income. While specific broker commission data isn't public, the results of property sales channel through these intermediaries or direct negotiation are evident in the development progress. For instance, the company completed a new sale at the 261 Della Paolera building, which reduced the office portfolio GLA to 58,000 sqm.

Access to capital markets is a critical channel for IRSA Inversiones y Representaciones Sociedad Anónima, as it is the only real estate company in Argentina listed on both the New York Stock Exchange (NYSE) under the ticker IRS and Bolsas y Mercados Argentinos (BYMA) under IRSA. As of December 5, 2025, the NYSE ADR was trading at 15.150, with a market capitalization of 1.21B USD. The dividend yield as of that date was 9.21%.

For its hospitality assets, the company relies on standard hotel booking platforms and direct hotel sales channels. The performance through this channel was noted in the Rental Adjusted EBITDA for Hotels, which was ARS 8,372 million for FY 2025, representing a 2% decrease compared to fiscal year 2024. The segment saw lower revenues and occupancy in the first half of FY 2025.

Investor roadshows for capital market access are clearly utilized to place debt instruments. During the third quarter of Fiscal Year 2025, the company tapped the international capital markets again, issuing notes for 10 years totaling $300 million. Furthermore, shareholder communication channels, which include investor presentations and events, supported the distribution of an 8% dividend along with 3.6% in treasury shares in FY 2025. You can track these communications via their Investor Resources page, which listed events like a dividend distribution record date on November 14, 2025.

• The company reported a net gain of ARS 196,118 million for the full Fiscal Year 2025.
• The Earnings Per Share (TTM) as of December 5, 2025, stood at 581.05.
• The company's controlling shareholder, Cresud Sociedad Anónima, held a direct participation of 55.06% of the voting rights as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Customer Segments

You're looking at the specific groups IRSA Inversiones y Representaciones Sociedad Anónima serves across its diverse real estate portfolio as of late 2025. It's a mix of traditional retail, high-end corporate users, land developers, and capital providers.

The customer base is segmented across five primary areas, each with distinct performance metrics for the Fiscal Year 2025 ended June 30, 2025, unless otherwise noted.

Retail Tenants (National and International Brands)

This segment centers on the shopping mall portfolio. These tenants are national and international brands seeking high foot traffic and strong consumer spending environments. The performance of this segment has been robust.

• Portfolio occupancy remained close to 98% for Fiscal Year 2025.
• Occupancy specifically reached 98.1% as of the third quarter of FY2025 (ended March 31, 2025).
• Tenant sales in the shopping malls grew 13.4% year-over-year in Q3 2025.
• Rental Adjusted EBITDA for the Shopping Malls segment was ARS 210,741 million in FY2025.

Corporate Tenants for Premium Office Space

IRSA Inversiones y Representaciones Sociedad Anónima targets corporations needing Class A+ and A office space. Demand picked up as more on-site work returned.

• The premium office portfolio maintained 100% occupancy during the second quarter of FY2025 (ended December 31, 2024).
• Class A+ and A buildings reached almost full occupancy for the full Fiscal Year 2025.
• The company completed a new sale at the 261 Della Paolera building for USD 7.1 million during the year.
• The office portfolio GLA (Gross Leasable Area) was reduced to 58,000 sqm after the sale.
• Rental Adjusted EBITDA for Offices in FY2025 totaled ARS 15,584 million.

High-Net-Worth Individuals and Developers Buying Land (e.g., Ramblas del Plata)

This segment involves selling prime land parcels, particularly within the flagship Ramblas del Plata project in Puerto Madero Sur, to developers and high-net-worth buyers.

Here's a look at the commercialization progress for Stage I of Ramblas del Plata during FY2025:

Metric	Value/Amount	Date/Period Reference
Total Transactions Signed (FY2025)	13 transactions	FY2025
Total Saleable SQM Sold (FY2025)	Approximately 111,000 sqm	FY2025
Estimated Total Value of FY2025 Sales	USD 81 million	FY2025
Single Barter Agreement Value	USD 7.9 million	May 2025
Single Sale Agreement Value	Approximately USD 23.4 million	January 2025

The first stage of the project comprises 14 lots, representing 18% of the total saleable area.

Domestic and International Institutional Investors

These are sophisticated capital providers interested in IRSA Inversiones y Representaciones Sociedad Anónima as a publicly traded entity or through its debt instruments. They are key to the company's financial flexibility.

• Institutional investors and hedge funds owned approximately 45.46% of the stock as of a recent report.
• The company issued Series XXIV Notes for USD 300 million, maturing in 2035, to return to international capital markets.
• The company's market capitalization stood at approximately USD 977 million as of March 31, 2025.
• The Debt / Equity ratio was reported as 0.36.

Business and Leisure Travelers (Hotel Segment)

This segment is served through IRSA Inversiones y Representaciones Sociedad Anónima's hotel operations. Performance here has lagged compared to the real estate segments.

• Rental Adjusted EBITDA for the Hotels segment was ARS 8,372 million in FY2025.
• The Hotels segment recorded lower revenues and occupancy in the first half of FY2025 compared to the same period in 2024.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Cost Structure

The Cost Structure for IRSA Inversiones y Representaciones Sociedad Anónima (IRS) is heavily weighted toward asset-intensive activities, reflecting its real estate focus.

Significant property operating and maintenance costs are inherent to managing a large portfolio of shopping centers, offices, and hotels. While specific line items for routine maintenance and utilities for FY2025 are not explicitly detailed in the public summaries, the scale of the portfolio dictates substantial recurring expenditure.

High development and construction costs are a key component, driven by strategic growth initiatives. The company initiated construction of a new open-air shopping mall in La Plata during fiscal year 2025, representing a significant capital outlay.

Interest expense on debt is a material cost. This includes servicing existing obligations and the cost associated with returning to international capital markets with a USD 300 million 10-year note issuance during the fiscal year.

General and administrative expenses reflect the overhead required to manage a large, diversified group spanning retail, office, and hotel assets across Argentina. For the period ending March 30, 2025, the Gastos De Venta Y Administración (Selling and Administrative Expenses) were reported at ARS 21.79B.

Acquisition costs for new assets are realized through strategic purchases. The acquisition of the Terrazas de Mayo shopping center is a concrete example of this cost driver.

• Acquisition cost for Terrazas de Mayo: USD 27.75 million.
• Amount paid at signing (60%): USD 16.65 million.
• Remaining balance payable in 2025 (upon deed transfer): USD 5.55 million (50% of USD 11.1 million).

The following table summarizes key known financial figures relevant to the Cost Structure for the fiscal year ended June 30, 2025, or immediately preceding periods.

Cost Component Category	Financial Metric/Period	Amount (in thousands ARS, unless noted)
Cost of Revenue (FY2025 End Date)	Cost of Revenue (30/06/2025)	ARS 46,143,000
General & Administrative (Proxy)	Gastos De Venta Y Administración (30/09/2025)	ARS 21.79B
Acquisition Cost (Terrazas de Mayo)	Total Transaction Amount	USD 27.75 million
Acquisition Cost (Terrazas de Mayo)	Amount Paid to Date	USD 16.65 million
Financing Cost Driver	New 10-Year Note Issuance	USD 300 million

The company's Rental Adjusted EBITDA for the year was ARS 234,697 million, which is the gross operating profit before certain non-cash items and financing costs.

• Shopping Malls Segment Rental Adjusted EBITDA: ARS 210,741 million.
• Offices Segment Rental Adjusted EBITDA: ARS 15,584 million.
• Hotels Segment Rental Adjusted EBITDA: ARS 8,372 million.

Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Revenue Streams

You're looking at the core ways IRSA Inversiones y Representaciones Sociedad Anónima brings in cash as of its late 2025 reporting. The numbers for the Fiscal Year 2025 ended June 30, 2025, show a clear reliance on recurring rental income, but also significant one-off gains from asset sales.

The overall top-line performance saw total Revenues increase by 2.3% during fiscal year 2025 compared to 2024. The bottom line, however, was much stronger, with Net income for fiscal year 2025 amounting to ARS 196,118 million, a significant swing from the loss of ARS 32,141 million in the previous year.

The recurring rental income, measured by Rental Adjusted EBITDA, totaled ARS 234,697 million for FY 2025. Here's how that breaks down by property type:

Revenue Stream Source	Rental Adjusted EBITDA (in millions of ARS)
Shopping Malls	ARS 210,741 million
Offices	ARS 15,584 million
Hotels	ARS 8,372 million

The Shopping Malls segment is definitely the main revenue driver, contributing the vast majority of the rental earnings. Still, you see the other segments providing consistent, albeit smaller, cash flows.

Property sales and developments provided a notable boost to the year's financial results. Specifically, IRSA Inversiones y Representaciones Sociedad Anónima progressed in the commercialization of Stage I of its flagship project, Ramblas del Plata. During the year, they signed 13 transactions (2 cash sales and 11 swap agreements), totaling approximately 111,000 saleable sqm for an estimated value of USD 81 million.

To give you a clearer picture of the operational performance underpinning those rental earnings, look at these segment highlights for FY 2025:

• Shopping Malls segment revenues grew 8% year-over-year.
• Shopping Malls segment Adjusted EBITDA grew 10% year-over-year.
• Shopping Malls portfolio occupancy remained close to 98%.
• Office portfolio Class A+ and A buildings reached almost full occupancy.
• The Office portfolio was reduced to 58,000 sqm of GLA following a sale at the 261 Della Paolera building.
• Hotel operations revenue is represented by the ARS 8,372 million in Rental Adjusted EBITDA, which decreased 2% compared to fiscal year 2024.