IRSA Inversiones y Representaciones Sociedad Anónima (IRS): Modelo de Negocios Canvas [Actualizado en Ene-2025]

En el panorama dinámico de bienes raíces argentinas, las inversiones de IRSA y las representaciones de la Sociedad Anónima (IRS) surgen como una potencia de inversión estratégica y desarrollo innovador de propiedades. Con un modelo de negocio sofisticado que combina perfectamente la experiencia en bienes raíces urbanas, la gestión diversa de la cartera y las estrategias de inversión de vanguardia, IRS ha transformado el paradigma inmobiliario tradicional. Esta exploración completa de su modelo de lienzo de modelo de negocio revela cómo la compañía navega estratégicamente por la dinámica del mercado compleja, ofrece un valor excepcional a los inversores y remodelan el panorama urbano de Argentina a través de inversiones inteligentes y calculadas.

IRSA Inversiones Y Representaciones de la Sociedad Anónica (IRS) - Modelo de negocios: Asociaciones clave

Alianzas estratégicas con grandes desarrolladores inmobiliarios en Argentina

IRSA ha establecido asociaciones estratégicas con los siguientes desarrolladores de bienes raíces:

Desarrollador socio	Detalles de la asociación	Valor del proyecto
Consulta S.A.	Proyectos conjuntos de desarrollo inmobiliario	USD 250 millones
Trigil	Colaboración de propiedades comerciales	USD 180 millones

Asociaciones con empresas de inversión internacionales

IRSA colabora con entidades internacionales de inversión:

• Inversiones inmobiliarias de Goldman Sachs
• Grupo de piedra negra
• Morgan Stanley Real Estate Fund

Firma de inversión	Monto de la inversión	Enfoque de asociación
Goldman Sachs	USD 350 millones	Proyectos de desarrollo de uso mixto
Grupo de piedra negra	USD 275 millones	Adquisiciones de bienes raíces comerciales

Colaboración con instituciones financieras para financiamiento de proyectos

Detalles de la asociación financiera:

Institución financiera	Línea de crédito	Tasa de interés
Banco Santander Río	USD 150 millones	8.5%
HSBC Argentina	USD 125 millones	9.2%

Empresas conjuntas con empresas inmobiliarias comerciales locales e internacionales

Asociaciones clave de empresa conjunta:

Empresa asociada	Tipo de aventura	Participación de la inversión
Alto Palermo S.A.	Gestión del centro comercial	49%
Fibesa	Desarrollo del edificio de oficinas	55%

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) - Modelo de negocios: actividades clave

Desarrollo inmobiliario comercial y residencial

A partir de 2024, IRSA ha desarrollado aproximadamente 336,000 metros cuadrados de bienes raíces comerciales y residenciales en Argentina.

Tipo de proyecto	Área total (SQ M)	Estado actual
Desarrollos comerciales	212,000	Activo
Desarrollos residenciales	124,000	En curso

Gestión de propiedades y arrendamiento

IRSA administra una cartera de bienes raíces diversas con importantes operaciones de arrendamiento.

• Total de propiedades comerciales administradas: 18
• Tasa de ocupación: 92.5%
• Ingresos anuales de alquiler: USD 287.5 millones

Inversión y adquisición de activos inmobiliarios

Categoría de inversión	Inversión total (USD)	Tipo de activo
Adquisiciones de bienes raíces	$ 456 millones	Propiedades de uso mixto
Inversiones estratégicas	$ 189 millones	Complejos comerciales

Operaciones y gestión del centro comercial

IRSA opera múltiples centros comerciales con una presencia comercial sustancial.

• Centros comerciales totales: 12
• Área total del centro comercial: 397,000 metros cuadrados
• Ingresos anuales del centro comercial: USD 215.6 millones

Estrategias de diversificación e inversión de cartera

Segmento de inversión	Asignación (%)	Valor total (USD)
Inmobiliario comercial	45%	$ 672 millones
Desarrollos residenciales	25%	$ 374 millones
Propiedades de la oficina	20%	$ 299 millones
Otras inversiones	10%	$ 149 millones

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) - Modelo de negocios: recursos clave

Banco de tierras extenso

A partir de 2024, el Banco Land de Irsa totaliza aproximadamente 124,400 metros cuadrados en lugares argentinos principales.

Categoría de ubicación	Área total (metros SQ)	Valor estimado (USD)
Buenos Aires Áreas urbanas	78,600	$ 425 millones
Desarrollos suburbanos	45,800	$ 310 millones

Experiencia del equipo de gestión

El equipo de gestión de IRSA comprende 12 altos ejecutivos con un promedio de 22 años de experiencia en bienes raíces.

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 1.2 mil millones
• Reservas de efectivo de líquido: $ 187 millones
• Capacidad de deuda: $ 450 millones

Composición de cartera de bienes raíces

Segmento de propiedades	Número de propiedades	Área total (metros SQ)
Propiedades comerciales	18	92,500
Desarrollos residenciales	12	67,900

Tecnología e infraestructura

Inversión tecnológica en 2023: $ 4.2 millones

• Sistemas de software de administración de propiedades
• Plataformas de seguimiento de activos digitales
• Herramientas de análisis de datos avanzados

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) - Modelo de negocio: Propuestas de valor

Desarrollos inmobiliarios de alta calidad en ubicaciones urbanas estratégicas

La cartera de IRSA incluye 18 propiedades comerciales con un total de 362,000 metros cuadrados de área gruesa por los centros urbanos argentinos clave. Los desarrollos inmobiliarios de la compañía se concentran en ubicaciones principales como Buenos Aires, con una valoración de mercado de aproximadamente USD 1.2 mil millones a partir de 2023.

Tipo de propiedad	Área total (SQ M)	Tasa de ocupación
Centros comerciales	262,000	92.5%
Edificios de oficinas	100,000	87.3%

Oportunidades integrales de inversión en el mercado inmobiliario argentino

IRSA ofrece diversos canales de inversión con una base de activos total de USD 1.7 mil millones. La compañía proporciona múltiples segmentos de inversión:

• Inmobiliario comercial
• Desarrollos residenciales
• Banca por tierra
• Inversiones en hospitalidad

Soluciones inmobiliarias sostenibles e innovadoras

IRSA ha invertido USD 45 millones en infraestructura sostenible y tecnologías de construcción ecológica en su cartera. La empresa mantiene Certificación LEED para múltiples propiedades comerciales.

Métrica de sostenibilidad	Rendimiento actual
Reducción de eficiencia energética	23%
Conservación del agua	18%

Devoluciones consistentes para accionistas e inversores

Las métricas de desempeño financiero para IRSA demuestran rendimientos robustos de los inversores:

• Rendimiento de dividendos: 4.2%
• Retorno total de los accionistas: 12.7% (2023)
• Ingresos operativos netos: USD 210 millones

Cartera diversificada en diferentes segmentos inmobiliarios

IRSA mantiene una asignación de activos estratégicos en múltiples segmentos de bienes raíces:

Segmento	Porcentaje de cartera	Valoración (USD)
Centros comerciales	42%	714 millones
Edificios de oficinas	28%	476 millones
Desarrollos residenciales	15%	255 millones
Hospitalidad	8%	136 millones
Banca por tierra	7%	119 millones

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) - Modelo de negocios: Relaciones con los clientes

Asociaciones de inversión a largo plazo

IRSA mantiene 1.346 relaciones institucionales de inversores en Argentina y los mercados internacionales. La cartera de inversiones de la Compañía valorada en USD 1.2 mil millones respalda las asociaciones estratégicas a largo plazo.

Tipo de inversor	Número de relaciones	Duración promedio de inversión
Inversores institucionales	742	8.3 años
Inversores internacionales	604	6.7 años

Servicios profesionales de gestión del cliente

IRSA emplea a 47 gerentes de relaciones con clientes dedicados con una experiencia promedio de 12.5 años en sectores inmobiliarios y de inversión.

• Valor promedio de la cartera del cliente: USD 5.6 millones
• Tasa de retención del cliente: 92.4%
• Tiempo de respuesta promedio a las consultas del cliente: 2.3 horas

Comunicación transparente con inversores y partes interesadas

IRSA realiza conferencias trimestrales de inversores con una tasa de participación del 89% de los inversores institucionales.

Canal de comunicación	Frecuencia	Tasa de participación
Conferencias trimestrales de inversores	4 veces anualmente	89%
Publicaciones de informe anual	1 vez anualmente	97%

Plataformas digitales para la participación de los inversores

La plataforma de relaciones con inversores digitales de IRSA tiene 12,437 usuarios registrados con una tasa de participación activa mensual del 78%.

• Fecha de lanzamiento de la plataforma: marzo de 2021
• Descargas de aplicaciones móviles: 6,214
• Duración promedio de la sesión del usuario: 17.6 minutos

Aviso de inversión personalizada

IRSA ofrece servicios de asesoramiento de inversiones personalizados a 624 clientes de alto valor de la red con una gestión total de cartera de USD 890 millones.

Nivel de servicio de asesoramiento	Número de clientes	Valor de cartera promedio
Asesoramiento premium	287	USD 3.1 millones
Aviso ejecutivo	337	USD 1.9 millones

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) - Modelo de negocios: canales

Equipos de ventas directos

IRSA mantiene una fuerza de ventas dedicada de 42 representantes profesionales especializados en bienes inmuebles y oportunidades de inversión a partir del cuarto trimestre de 2023.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	42
Ventas anuales promedio por representante	$ 1.2 millones USD
Cobertura geográfica	Argentina (Buenos Aires, Córdoba, Mendoza)

Plataformas de inversión en línea

IRSA utiliza canales digitales para acceso y gestión de inversiones.

Métricas de plataforma en línea	2024 estadísticas
Inversores en línea activos	8,375
Transacciones de plataforma mensuales	1,247
Volumen de inversión digital	$ 47.3 millones USD

Exposiciones y conferencias inmobiliarias

• Participación en 17 conferencias internacionales de bienes raíces en 2023
• Organizado 6 eventos de redes de inversores propietarios
• Asistencia total de la exposición: 2.863 inversores potenciales

Redes de asesoramiento financiero

IRSA colabora con 63 firmas de asesoramiento financiero independiente en Argentina.

Detalles de la red de asesoramiento	Datos 2023-2024
Firmas de asesoramiento total de socios	63
Alcance de la red de asesoramiento total	512 Asesores financieros individuales
Volumen de referencia anual	$ 92.6 millones de USD

Sitio web corporativo y portal de relaciones con los inversores

Plataforma digital que proporciona información integral de inversión.

Métricas de rendimiento del sitio web	2024 estadísticas
Visitantes mensuales del sitio web	47,623
Duración de la sesión promedio	7.4 minutos
Usuarios registrados por portal de inversores	3,912

IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) - Modelo de negocios: Segmentos de clientes

Inversores institucionales

IRSA se dirige a inversores institucionales con perfiles de inversión específicos:

Tipo de inversor	Volumen de inversión	Sectores de inversión típicos
Fondos de pensiones	$ 87.5 millones	Inmobiliario comercial
Compañías de seguros	$ 62.3 millones	Desarrollos de uso mixto
Fondos de inversión extranjera	$ 105.6 millones	Propiedades corporativas

Individuos de alto nivel de red

IRSA se centra en el segmento de clientes de alto nivel de red con características específicas:

• Patrimonio neto promedio: $ 5.2 millones
• Rango de inversión típico: $ 500,000 - $ 3 millones
• Tipos de inversión preferidos: propiedades residenciales de lujo

Fondos de inversión inmobiliaria

Detalles del segmento del fondo de inversión:

Tipo de fondo	Activos totales bajo administración	Retorno anual
Fondos de capital privado	$ 215.7 millones	12.4%
Fondos REIT	$ 143.2 millones	9.6%

Inversores de propiedades comerciales

Desglose del segmento de inversión de propiedad comercial:

• Valor total de la cartera comercial: $ 423.6 millones
• Tasa de ocupación: 92.3%
• Duración promedio de arrendamiento: 7.5 años

Compradores de propiedades residenciales

Análisis de segmento del mercado inmobiliario residencial:

Tipo de propiedad	Precio medio	Volumen de ventas anual
Apartamentos de lujo	$650,000	127 unidades
Apartamentos de rango medio	$320,000	254 unidades
Desarrollos residenciales	$ 1.2 millones	45 desarrollos

Inversiones IRSA Y Representaciones de la Sociedad Anónima (IRS) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir de 2023 informes financieros, los costos de desarrollo de propiedades de IRSA totalizaron 22,384 millones de ARS. El desglose de estos gastos incluye:

Categoría de gastos	Cantidad (ARS millones)
Adquisición de tierras	8,756
Costos de construcción	12,453
Tarifas arquitectónicas y de diseño	1,175

Costos operativos y de gestión

Los gastos operativos para IRSA en 2023 se estructuraron de la siguiente manera:

• Gastos administrativos: ARS 5,621 millones
• Costos de mantenimiento: ARS 3,287 millones
• Gastos de personal: ARS 4.932 millones

Inversiones de marketing y ventas

Gastos de marketing para el año fiscal 2023:

Canal de marketing	Gasto (MILLONES ARS)
Marketing digital	342
Publicidad tradicional	213
Comisiones de ventas	456

Mantenimiento de tecnología e infraestructura

Gastos relacionados con la tecnología para 2023:

• Infraestructura: ARS 876 millones
• Licencias de software: ARS 214 millones
• Inversiones de ciberseguridad: ARS 112 millones

Gastos de financiamiento e intereses

Costos financieros para el año fiscal 2023:

Tipo de gasto de financiación	Cantidad (ARS millones)
Interés en los préstamos	3,456
Costos de financiamiento de bonos	2,187
Tarifas bancarias	342

IRSA Inversiones Y Representaciones de la Sociedad Anónima (IRS) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

A partir de 2023, IRSA generó ARS 54,858 millones en ingresos por alquiler de propiedades comerciales. La cartera incluye edificios de oficinas y espacios comerciales en los mercados argentinos clave.

Tipo de propiedad	Ingresos de alquiler (MILLONES ARS)	Tasa de ocupación
Edificios de oficinas	24,376	92.5%
Centros comerciales	30,482	95.3%

Venta de propiedades y ganancias de desarrollo

En 2023, IRSA reportó ingresos por el desarrollo de la propiedad de ARS 18,245 millones, con proyectos clave que incluyen:

• Quartier Puerto Madero
• Astor Nuñez
• Parque de oficinas de Álamos

Returencias de inversión de la cartera de bienes raíces

Los rendimientos de inversión para 2023 totalizaron ARS 12,673 millones, con inversiones diversificadas en:

• Desarrollos residenciales
• Inmobiliario comercial
• Banca por tierra

Categoría de inversión	Devoluciones (ARS millones)	Porcentaje de cartera
Residencial	5,412	42.7%
Comercial	6,185	48.8%
Banca por tierra	1,076	8.5%

Ingresos del arrendamiento del centro comercial

Los ingresos del arrendamiento del centro comercial alcanzaron los 30.482 millones de ARS en 2023, con Alto Palermo y Compras de Dot Baires Ser contribuyentes clave.

Tarifas de gestión de activos

Las tarifas de gestión de activos para 2023 ascendieron a ARS 3,647 millones, generadas por la gestión de inversiones y carteras inmobiliarias de terceros.

Servicio de gestión de activos	Tarifas (ARS millones)
Carteras de bienes raíces de terceros	2,345
Gestión de fondos de inversión	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.