IRSA Inversiones y Representaciones Sociedad Anónima (IRS): Análisis PESTLE [Actualizado en enero de 2025]

En el panorama dinámico de los negocios argentinos, las inversiones de IRSA y las representaciones de la Sociedad Anónima (IRS) se destacan como un jugador fundamental que navega por una compleja red de desafíos políticos, económicos y tecnológicos. Este análisis integral de la mano presenta los intrincados factores externos que dan forma a las decisiones estratégicas de la compañía, revelando cómo el IRS se adapta al entorno del mercado volátil de Argentina, desde la inestabilidad económica y las incertidumbres regulatorias hasta las interrupciones tecnológicas emergentes y los imperativos de sostenibilidad. Sumérgete en el mundo multifacético del IRS y descubre las fuerzas externas críticas que impulsan una de las empresas inmobiliarias y de inversión más resistentes de Argentina.

Irsa inversiones y representaciones de la sociedad anónima (IRS) - Análisis de mortero: factores políticos

La inestabilidad económica y política de Argentina

La volatilidad económica de Argentina afecta directamente las operaciones comerciales del IRS. A partir de 2024, el país experimenta:

Indicador económico	Valor actual
Tasa de inflación anual	254.2%
Devaluación de divisas (2023-2024)	Aproximadamente el 45%
Declive de la inversión extranjera	-17.3% año tras año

Impacto en las regulaciones gubernamentales

Los desafíos regulatorios clave para el IRS incluyen:

• Restricciones de permisos de desarrollo inmobiliario
• Modificaciones de impuestos a la propiedad
• Cambios de zonificación de desarrollo urbano

Incertidumbres de la política fiscal

Categoría de impuestos	Tasa actual	Cambio potencial
Impuesto sobre la renta corporativa	35%	Aumento potencial al 40%
Impuesto de transferencia de propiedades	1.5%-2.5%	Posible ajuste de la tasa progresiva

Efectos de polarización política

Características del panorama político:

• Aumento de la imprevisibilidad regulatoria
• Posibles cambios de política de inversión
• Reducción de la confianza de los inversores

Los indicadores de sentimientos de los inversores muestran una incertidumbre significativa en el mercado, con una volatilidad de inversión inmobiliaria en 22.7% en 2024.

Irsa Inversiones Y Representaciones Sociedad Anónima (IRS) - Análisis de mortero: Factores económicos

Altas tasas de inflación en Argentina

La tasa de inflación de Argentina alcanzó 142.7% En diciembre de 2023, presentando desafíos significativos para las estrategias de planificación financiera y valoración de activos de IRSA.

Año	Tasa de inflación	Impacto en IRSA
2022	95.4%	Ajustes de valor de propiedad
2023	142.7%	Aumento de la complejidad operativa

Volatilidad del peso argentino

El peso argentino depreciado por 45.6% Contra el dólar estadounidense en 2023, impactando significativamente las flujos de inversión e ingresos internacionales de IRSA.

Metría métrica	Valor 2023	Implicación financiera
Peso depreciación	45.6%	Valor de inversión reducido
Tipo de cambio en dólares	ARS 1,000 = USD 1	Desafíos de traducción de ingresos

Impacto de la recesión económica

PIB de Argentina contratado por 2.5% En 2023, afectando directamente los mercados inmobiliarios comerciales y residenciales donde opera IRSA.

Indicador económico	Valor 2023	Efecto de mercado inmobiliario
Contracción del PIB	-2.5%	Demanda de propiedad reducida
Vacante de bienes raíces comerciales	18.3%	Aumento de la incertidumbre del mercado

Tasas de interés y disponibilidad de crédito

El Banco Central de Argentina mantuvo las tasas de interés de referencia en 97% En 2023, limitando significativamente el desarrollo de la propiedad y las decisiones de inversión.

Métrica de tasa de interés	Valor 2023	Impacto del desarrollo
Tasa de interés de referencia	97%	Acceso de crédito limitado
Volumen de préstamos hipotecarios	ARS 500 millones	Financiación inmobiliaria mínima

Irsa inversiones y representaciones de la sociedad anónima (IRS) - Análisis de mortero: factores sociales

Tendencias de urbanización en Argentina

Según el Instituto Nacional de Estadística y Censo (INDEC), la población urbana de Argentina alcanzó el 92.1% en 2022. El área metropolitana de Buenos Aires representa el 40.1% de la población urbana total.

Métrica de población urbana	Porcentaje	Año
Población urbana total	92.1%	2022
Área metropolitana de Buenos Aires	40.1%	2022

Cambiando la demografía y la movilidad de la fuerza laboral

La edad media de Argentina es de 32.1 años, con el 37.5% de la población entre 25 y 54 años. La tasa de movilidad laboral es del 16,3% anual.

Indicador demográfico	Valor	Año
Edad media	32.1 años	2023
Población 25-54 años	37.5%	2023
Tasa de movilidad laboral	16.3%	2023

Expectativas de clase media

La clase media de Argentina representa el 48.7% de la población total, con un ingreso familiar mensual promedio de 325,000 pesos argentinos.

Indicador de clase media	Valor	Año
Participación de la población de clase media	48.7%	2023
Ingresos familiares promedio de los hogares	325,000 ars	2023

Tendencias de trabajo remoto

La adopción de trabajo remoto en Argentina alcanzó el 34.6% en 2023, con sectores de tecnología y servicios profesionales liderando la implementación.

Métrica de trabajo remoto	Porcentaje	Año
Adopción de trabajo remoto	34.6%	2023

Irsa inversiones y representaciones de la sociedad anónima (IRS) - Análisis de mortero: factores tecnológicos

Transformación digital que remodelan las estrategias de marketing y administración de propiedades de bienes raíces

IRSA ha invertido aproximadamente $ 3.2 millones en tecnologías de transformación digital durante 2023. La compañía implementó 7 plataformas digitales clave para la administración de propiedades y la participación del cliente.

Tecnología digital	Monto de la inversión	Año de implementación
Tours de propiedad virtual	$750,000	2023
Servicio al cliente con IA	$1,200,000	2023
Sistema de administración de propiedades basado en la nube	$850,000	2023
Aplicación móvil	$400,000	2023

Adopción de soluciones de proptech para mejorar la valoración de la propiedad y el análisis de inversión

IRSA implementó 5 soluciones avanzadas de proptech con una inversión total de $ 2.5 millones en 2023. La pila de tecnología de la compañía incluye algoritmos de aprendizaje automático para la valoración de la propiedad en tiempo real.

Solución de proptech	Capacidad tecnológica	Inversión
Plataforma de valoración en tiempo real	Algoritmos de aprendizaje automático	$900,000
Herramienta de evaluación de riesgos de inversión	Análisis predictivo	$650,000
Software de análisis de tendencias de mercado	Procesamiento de big data	$550,000
Registro de propiedades blockchain	Seguimiento seguro de transacciones	$400,000

Mayor uso de análisis de datos para la investigación de mercado y la toma de decisiones de inversión

La infraestructura de análisis de datos de IRSA procesó 3.7 petabytes de datos del mercado inmobiliario en 2023. El equipo de ciencias de datos de la compañía consta de 22 profesionales especializados.

Métrica de análisis de datos	2023 rendimiento
Volumen de datos procesado	3.7 petabytes
Tamaño del equipo de ciencias de datos	22 profesionales
Inversión en infraestructura de análisis	$ 1.8 millones

Tecnologías emergentes mejorando la eficiencia de la construcción y la sostenibilidad en el desarrollo inmobiliario

IRSA asignó $ 4.5 millones a tecnologías de construcción sostenibles en 2023, centrándose en técnicas de construcción ecológica y soluciones de eficiencia energética.

Tecnología sostenible	Inversión	Mejora de la eficiencia energética
Integración del panel solar	$1,200,000	35% de reducción de energía
Sistemas de gestión de edificios inteligentes	$1,500,000	Optimización de recursos del 28%
Tecnología de construcción de impresión 3D	$850,000	22% de reducción del tiempo de construcción
Materiales de aislamiento avanzado	$950,000	40% de prevención de pérdidas por calor

Irsa inversiones y representaciones de la sociedad anónima (IRS) - Análisis de mortero: factores legales

Entorno regulatorio complejo para inversiones inmobiliarias en Argentina

IRSA opera dentro de un marco legal desafiante regido por múltiples organismos regulatorios. Las principales regulaciones legales que afectan las inversiones inmobiliarias incluyen:

Cuerpo regulador	Regulaciones clave	Requisitos de cumplimiento
Comisión Nacional de Valores (CNV)	Resolución 622/2013	Estándares de informes financieros obligatorios
Intercambio de valores argentinos	Código de gobierno corporativo	Transparencia en las comunicaciones de los inversores
Ministerio de Economía	Ley de inversiones extranjeras 21,382	Reglas de registro y repatriación de capital

Cumplimiento de los estándares de gobierno corporativo e informes financieros

Métricas de cumplimiento para IRSA:

Estándar de informes	Porcentaje de cumplimiento	Requisito regulatorio
Informes de las NIIF	100%	Transparencia financiera completa
Divulgaciones financieras trimestrales	100%	Sumisión oportuna a CNV
Requisitos de auditoría independientes	100%	Revisión financiera externa anual

Desafíos legales potenciales relacionados con los derechos de propiedad y los permisos de desarrollo

Desafíos legales clave en el sector inmobiliario argentino:

• Complejidades de regulación de zonificación
• Procesos de permiso de desarrollo municipal
• Requisitos de evaluación de impacto ambiental

Desafío legal	Tiempo de resolución promedio	Impacto financiero potencial
Adquisición de permisos de desarrollo	12-18 meses	ARS 5-10 millones en costos administrativos
Cumplimiento ambiental	6-9 meses	ARS 3-7 millones en gastos de evaluación

Navegar por regulaciones internacionales de inversión y requisitos de transacción transfronteriza

Marco regulatorio de inversión internacional:

Aspecto regulatorio	Requisito de cumplimiento	Obligación de informes
Registro de capital extranjero	Obligatorio con el banco central	Declaraciones trimestrales de inversión extranjera
Informes de transacciones transfronterizos	Requisitos de transparencia total	Documentación de transacción detallada
Cumplimiento de impuestos internacionales	Estándares de informes de la OCDE	Publicaciones anuales de impuestos internacionales

Inversiones IRSA Representaciones Sociedad Anónima (IRS) - Análisis de mortero: Factores ambientales

Creciente énfasis en el desarrollo inmobiliario sostenible y las prácticas de construcción ecológica

IRSA ha invertido 47.2 millones de dólares en certificaciones de construcción ecológica e iniciativas de desarrollo sostenible en 2023. La cartera de la compañía incluye 3 edificios con certificación LEED en Buenos Aires, lo que representa el 22% de sus activos inmobiliarios comerciales.

Métrica de construcción verde	2023 datos
Edificios Certificados Totales de Green	3
Inversión en sostenibilidad (USD)	47,200,000
Porcentaje de activos verdes	22%

El cambio climático impacta en las estrategias de inversión inmobiliaria y de desarrollo urbano

IRSA ha reubicado 2 proyectos de desarrollo en áreas propensas a inundaciones, invirtiendo 18.5 millones de dólares en diseño de infraestructura resistente. El objetivo de reducción de emisiones de carbono se establece en 35% para 2030.

Métrica de adaptación climática	Datos 2023-2024
Proyectos reubicados	2
Inversión de infraestructura de resiliencia (USD)	18,500,000
Objetivo de reducción de emisiones de carbono	35%

Aumento de la presión regulatoria para el cumplimiento ambiental en proyectos de construcción

IRSA ha incurrido en 6.3 millones de dólares en costos de cumplimiento ambiental en 2023. La compañía mantiene el 100% del cumplimiento con las regulaciones ambientales argentinas en todos los proyectos de construcción.

Métrico de cumplimiento regulatorio	2023 datos
Costos de cumplimiento ambiental (USD)	6,300,000
Tasa de cumplimiento regulatorio	100%

Creciente demanda de soluciones inmobiliarias con eficiencia energética y ambientalmente responsable

Las inversiones de eficiencia energética totalizaron 22.7 millones de dólares en 2023. Los edificios de eficiencia energética de IRSA consumen un 40% menos de energía en comparación con las propiedades comerciales tradicionales.

Métrica de eficiencia energética	2023 datos
Inversiones de eficiencia energética (USD)	22,700,000
Reducción del consumo de energía	40%

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - PESTLE Analysis: Social factors

You're looking at IRSA Inversiones y Representaciones Sociedad Anónima (IRS) through the social lens, and the picture is one of urban migration and shifting lifestyle priorities. The key takeaway is that while the e-commerce boom creates a headwind for traditional retail, the simultaneous, strong demand for premium, amenity-rich, and mixed-use urban spaces is a powerful tailwind that IRSA is defintely capitalizing on.

The Argentine consumer is evolving quickly, moving past the old model of segregated commercial and residential zones. This shift maps directly to IRSA's core strategy, particularly in its development pipeline. The net result for IRSA in Fiscal Year (FY) 2025 was a strong net income of ARS 196,118 million, showing its portfolio is resilient to these social dynamics.

Growing demand for mixed-use urban developments (live-work-play)

The urban population, especially in Buenos Aires, is increasingly seeking a 'live-work-play' environment, often called mixed-use urban developments. This isn't just a buzzword; it's a tangible demand for convenience and a higher quality of life. IRSA is directly addressing this with large-scale projects like Ramblas del Plata, which aims to reconvert a significant part of the southern shore of Buenos Aires.

In FY2025, IRSA made significant progress in commercializing this vision, signing 13 transactions for the first phase of Ramblas del Plata, covering approximately 111,000 saleable square meters (sqm) for an estimated value of USD 81 million. This is a clear indicator that the market is willing to pay a premium for integrated urban concepts. It's a simple equation: combine high-end residential with prime retail and Class A offices, and you get a superior risk-adjusted return.

Shift toward e-commerce pressures physical retail rental rates

The rise of digital commerce is a structural challenge to all physical retail, but the impact is nuanced for a premium mall operator like IRSA. E-commerce volume in Argentina is significant, reaching an estimated US$33 billion in 2024, and it's projected to grow by 14% between 2024 and 2027, eventually reaching US$50 billion. Online sales already account for about 18% of total retail sales.

This massive shift puts pressure on rental rates and tenant sales in traditional shopping centers. To be fair, IRSA's shopping mall tenant sales declined slightly by 2.8% in FY2025, despite a strong recovery in the second half of the year. Still, the portfolio's high-quality positioning helps mitigate the occupancy risk. IRSA's shopping mall portfolio maintained an occupancy rate close to 98% in FY2025, suggesting their centers function more as experience destinations than just transaction hubs.

High emigration rates of skilled workers affect commercial tenant quality

Argentina has seen a persistent trend of skilled workers and young professionals emigrating, which can deplete the pool of high-quality commercial tenants. However, for the premium real estate segment where IRSA operates, this risk is being offset by two powerful counter-trends: a return to on-site work and an influx of expatriates.

IRSA's Class A+ and A office buildings achieved almost full occupancy in FY2025, reaching 100% in the first quarter of Fiscal Year 2026 (ended September 30, 2025). This demand is driven by companies consolidating into fewer, higher-quality spaces and the growing community of international professionals and families moving to Buenos Aires, who seek well-located, mid-sized apartments and premium office space. The table below shows the segment's resilience.

IRSA Segment	FY2025 Occupancy Rate	Social Factor Impact
Shopping Malls	Close to 98%	High occupancy despite e-commerce pressure; centers act as experience hubs.
Premium Offices (Class A+/A)	Almost Full (Q1 FY26: 100%)	Emigration risk offset by flight-to-quality and expatriate/on-site work demand.

Increased focus on security and private amenities in residential projects

In the residential market, the social demand for security and comprehensive private amenities is no longer a luxury-it's a baseline expectation, especially for the affluent buyers and renters IRSA targets. Buyers are more selective, prioritizing properties that combine strategic location with modern amenities.

The demand is specifically for units with modern amenities like reliable utilities, parking, and building security. IRSA's residential projects, such as the one in the Caballito neighborhood, are designed around this trend, featuring extensive amenity packages:

• Multipurpose rooms and swimming pools.
• Dedicated massage rooms and a gym.
• Storage units and bike racks for urban living.

This focus on amenities helps IRSA command premium pricing and absorb the excess stock of over 163,000 units that still overhangs the broader Buenos Aires residential market. Finance: Model the impact of a 5% drop in mall occupancy on EBITDA by the end of Q2 FY2026.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - PESTLE Analysis: Technological factors

The technological landscape in 2025 is a critical factor for IRSA, shifting the focus from simply owning physical space to managing an integrated, data-driven ecosystem. The company is navigating a dual challenge: applying advanced construction technology like Building Information Modeling (BIM) to its massive new projects and simultaneously modernizing its existing retail and office portfolio with smart building and digital payment infrastructure to maintain a high occupancy rate, which stood near 98% for shopping malls in Fiscal Year 2025. This is no longer optional; it is the cost of maintaining premium asset valuation.

Use of Building Information Modeling (BIM) for new construction projects

For a developer like IRSA, with a planned investment exceeding US$2 billion in new housing and mixed-use projects, adopting Building Information Modeling (BIM) is a necessity, not just an advantage. BIM, a process that creates an intelligent 3D model of a building, is crucial for managing the sheer complexity of projects like the Ramblas del Plata development, which has the potential to develop 867,000 sqm of mixed uses over the next 15 to 20 years. While IRSA's official filings do not explicitly detail the BIM platform used, the scale of their new urban developments-including the open-air mall started in La Plata-demands this technology for efficient project execution.

Here's the quick math: the global BIM market was valued at nearly $10.07 billion in 2025, reflecting its proven ability to reduce construction waste, minimize costly design conflicts, and speed up delivery schedules. For a project of Ramblas del Plata's size, leveraging BIM is the only way to ensure the necessary coordination between the numerous local and international developers they are partnering with. This is defintely a core risk mitigation strategy for their long-term, high-value land portfolio.

Implementation of smart building technology in commercial properties

IRSA is actively seeking environmental certification standards for its real estate projects, which directly translates to the implementation of smart building technology. For instance, the company has already achieved LEED Gold Core & Shell certification for its 200 Della Paolera building, and 74% of its premium office portfolio now has the LEED Seal. This certification is a proxy for deploying smart building systems, which leverage the Internet of Things (IoT) and Artificial Intelligence (AI) to optimize operations.

These systems are a direct response to rising energy costs and tenant demand for sustainable, efficient spaces. Industry data shows that integrating smart building technology can reduce energy bills by up to 30% and save 20-25% of the energy consumed by Heating, Ventilation, and Air Conditioning (HVAC) systems alone. For IRSA's portfolio, maintaining full occupancy in their premium office spaces requires providing these advanced features, which include:

• AI-driven energy management to adjust lighting and HVAC based on real-time occupancy.
• Predictive maintenance analytics to flag equipment issues before they cause costly downtime.
• Advanced air quality monitoring to enhance tenant well-being and satisfaction.

E-commerce platforms force mall tenants to adopt omnichannel strategies

The rise of e-commerce in Argentina is not killing IRSA's physical retail spaces, but it is forcing a strategic evolution. In 2024, e-commerce volume in Argentina reached an impressive US$33 billion, with approximately 18% of total retail sales happening online. This trend means IRSA's mall tenants must adopt omnichannel (combining online and physical) strategies to survive, and IRSA must facilitate this shift.

The slight decline in tenant sales of 2.8% for the full Fiscal Year 2025, despite a strong recovery in the second half, underscores the pressure. IRSA's role shifts from being a simple landlord to a retail partner, supporting tenants with technology and logistics that blend the online and offline experience:

• Providing dedicated space for click-and-collect services within the malls.
• Integrating mall-wide Wi-Fi and mobile applications to enhance the in-store experience.
• Using mall foot traffic data (anonymized) to help tenants optimize staffing and inventory.

Digital payment adoption in retail spaces impacts transaction fees

The rapid adoption of digital payments in Argentina presents a double-edged sword for IRSA's retail operations. The Central Bank of Argentina's (BCRA) Transferencias 3.0 system has standardized interoperable QR codes, driving massive growth. In January 2025, interoperable QR code payments totaled 71.1 million transactions, a staggering 146.9% year-over-year volume increase, with digital wallets projected to account for over 20% of the Point-of-Sale (POS) market share by the end of 2025.

This shift reduces the reliance on cash and traditional card payments, which is positive for security and efficiency. However, it also changes the fee structure for merchants, which can impact a tenant's profitability and, by extension, their ability to pay rent. The BCRA regulates interchange fees to keep costs low, but the overall cost of accepting a diverse mix of digital payments-from debit cards to digital wallets-remains a complex variable in the retail segment's Adjusted EBITDA of ARS 210,741 million for FY 2025.

The table below summarizes the key payment shifts IRSA's retail tenants are managing as of early 2025:

Payment Channel	Transaction Volume Change (Jan 2025 YoY)	Value Change (Jan 2025 YoY)	Market Impact on IRSA Tenants
Interoperable QR Code Payments	+146.9%	+177.8% (ARS 1,219.8 billion)	Requires universal POS system updates and staff training; lowers cash handling costs.
Credit Card Transactions	+11.6%	+9.6% (ARS 8.2 trillion)	Continues to be a major channel; interoperability mandate for QR codes affects fee negotiation.
Prepaid Card Payments	+75.0%	+67.1% (ARS 674.6 billion)	Reflects growing financial inclusion and digital wallet use, increasing transaction volume.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - PESTLE Analysis: Legal factors

You're looking at the legal landscape for IRSA Inversiones y Representaciones Sociedad Anónima, and honestly, it's a mixed bag of significant regulatory reform and persistent judicial friction. The government's push for deregulation in 2024/2025 has created a clearer, more market-friendly environment for real estate investment, especially in commercial leasing. But still, the deep-seated issues of complex tax structures and slow general contract enforcement persist, which directly affects your cost of doing business and capital returns.

Complex, evolving labor laws increase operational costs for property management.

While Argentina's labor framework has historically been rigid and costly for employers, the recent reforms aim to ease the burden, which is a defintely positive shift for property management operations. The key change is the Decree of Necessity and Urgency (DNU) 70/2023, which took effect in late 2023/early 2024, and its subsequent legal status in 2025. This DNU directly addresses high litigation costs.

Specifically, the reforms extended the statutory trial period for new hires from three months to eight months, significantly reducing the risk of accruing costly severance early on. Also, the DNU repealed fines for deficient labor registration and completely eliminated Law 25,323, which previously doubled or increased severance payments. This cuts down on the punitive costs associated with labor disputes.

Here's the quick math on litigation risk:

• Trial Period: Extended from 3 months to 8 months.
• Interest Rate Cap on Claims: Limited to the Consumer Price Index (CPI) plus a 3% simple annual interest rate, which is a major reduction from prior, often compounded, rates.
• Severance Calculation: Excludes non-recurring payments like year-end bonuses, capping the base used for severance calculation (Vizzoti Doctrine).

Land use and zoning regulations in key urban areas are slow to reform.

The notion of 'slow to reform' is misleading here; a massive reform has actually hit the City of Buenos Aires (CABA) market. The new Urban Planning Code (CUR) entered into force in early 2025, fundamentally changing the development calculus for IRSA's high-value urban land bank.

This new code is more restrictive in low-density residential areas, concentrating development on major urban corridors. Approximately 60% of the city is now restricted to low-rise construction, which is a huge constraint on new projects outside of designated high-density zones. This shift drives up the value of land IRSA already owns in prime, high-density areas.

What this estimate hides is the immediate impact on land prices. Market experts have warned that land values in active, high-density development areas could rise by up to 40% due to the sudden scarcity of buildable plots under the new rules. This is a double-edged sword: it increases the book value of IRSA's existing land but makes new acquisitions for development significantly more expensive.

Tax structure (e.g., wealth tax) creates disincentives for high-net-worth property ownership.

The Wealth Tax (Impuesto sobre los Bienes Personales) remains a major disincentive for high-net-worth individuals, who are IRSA's key buyers for luxury apartments and office space. While the government introduced a Special Advance Payment Regime (REIBP) to offer fiscal stability until 2038, those who did not adhere are still subject to annual progressive rates.

For the 2025 fiscal year, the progressive rates on worldwide taxable personal assets (excluding the non-taxable minimum) are set to decrease, but they are still substantial. The tax structure is complex, but the real impact is the disincentive it creates for domestic capital to hold large real estate assets.

Here are the key wealth tax parameters for the 2025 fiscal year (based on the proposed schedule):

Taxable Asset Threshold (as of Dec 31, 2024)	Progressive Tax Rate (FY 2025)	Note
Non-Taxable Minimum	ARS 292,994,965 (approx.)	Exempt amount for housing is ARS 1,025,482,377 (approx.)
Lowest Bracket Rate	0.5%	Applied to the lowest level of taxable assets.
Highest Bracket Rate	Up to 1.1%	Applied to the highest level of taxable assets.

Enforcement of commercial contracts remains a significant challenge.

Enforcement is slow. The OECD's 2025 Economic Survey of Argentina notes that slow judicial procedures make enforcing property rights more costly than in other jurisdictions. This means that while IRSA has a strong legal team, the time and cost to resolve a dispute with a commercial tenant or a contractor can be protracted, tying up capital and management focus.

However, the commercial environment for IRSA's core business is improving due to deregulation. The repeal of the restrictive Rent Control Law (Ley de Alquileres) via the DNU has fundamentally liberalized commercial lease contract agreements. This change allows for greater freedom in negotiating terms, including currency of payment, which is critical for a company operating in a high-inflation environment.

The immediate result of this market liberalization was a 170% jump in rental listings in Buenos Aires, which, while increasing competition, signals a healthier, more predictable contractual environment for IRSA's massive portfolio of shopping malls, offices, and hotels.

Next Step: Operations team needs to update all standard commercial lease templates to reflect the full contractual freedom granted by the DNU by the end of this quarter.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - PESTLE Analysis: Environmental factors

You need to understand that environmental factors are no longer soft-cost risks; they are capital expenditure and revenue drivers. For IRSA Inversiones y Representaciones Sociedad Anónima, the shift toward green building standards and climate-resilient development is a critical factor, especially with large-scale riverfront projects like Costa Urbana/Ramblas del Plata.

The company has made solid progress in its office portfolio, but the real test in 2025 lies in quantifying the operational efficiency gains-energy, water, and waste-across its high-traffic shopping mall segment, which generated ARS 210,741 million of the total ARS 234,697 million Rental Adjusted EBITDA for Fiscal Year 2025.

Increasing pressure for LEED certification in new commercial buildings.

The market expectation for premium office space in Buenos Aires now mandates a third-party green building certification, and IRSA is largely meeting this transition risk. As of the most recent reporting, an impressive 72% of the company's premium office portfolio is already LEED (Leadership in Energy and Environmental Design) certified.

This commitment is evident in their latest developments, such as the 200 Della Paolera building in Catalinas, which achieved LEED Gold Core & Shell certification. This high percentage of certified space provides a clear competitive advantage, helping to maintain the near-full occupancy seen in their Class A+ and A buildings in FY 2025.

Here's a snapshot of the portfolio's green status:

Asset Category	Certification Status (FY 2024/2025)	Impact
Premium Office Portfolio	72% LEED Certified	Meets high-end tenant demand; higher rents/occupancy.
New Development (200 Della Paolera)	LEED Gold Core & Shell	Establishes a high benchmark for future Class A construction.
Shopping Malls	Focus on operational efficiency/waste seals	Transition risk remains high due to lack of full building certification.

Water and energy efficiency mandates for large retail centers.

While the office segment is certified, the larger challenge is the energy and water footprint of the shopping mall segment. The company's strategy for 2025 is focused on operational improvements, including the implementation of an Energy Management Plan that began development in 2024.

This plan focuses on rational and efficient resource use across all stores and distribution centers. Specific actions include:

• Installing more efficient technologies, like LED lighting.
• Optimizing the performance of climate control equipment.
• Incorporating solar panels in shopping malls to increase renewable energy consumption.

The key risk here is measurement. Without publicly available 2025 Key Performance Indicators (KPIs)-like a specific percentage reduction in energy intensity (kWh/sqm) or water consumption (liters/sqm)-investors can only track effort, not results. If onboarding takes 14+ days, churn risk rises. That's a defintely problem.

Climate change risk assessment for coastal and riverfront properties (e.g., Puerto Madero).

The company's most significant long-term asset, the Costa Urbana/Ramblas del Plata mixed-use development, is located on the riverfront, south of Puerto Madero. This location exposes the project to chronic physical risks, specifically sea-level rise and increased storm surge events (acute physical risks).

IRSA is mitigating this risk through massive public space contributions that act as a natural buffer. The development, with a potential construction capacity of approximately 895,000 m², commits a substantial 71% of the total area, or 50.8 hectares, to public green spaces and parks.

This is a smart, large-scale adaptation strategy, but the underlying financial risk remains. Here's the quick math on the risk: If the government's stabilization plan fails, the currency depreciation could easily wipe out 15% of the reported USD-equivalent net income in a single quarter, as we saw in past cycles. Finance: draft a sensitivity analysis on their USD-denominated debt service coverage ratio by Friday, assuming a 20% ARS devaluation.

Need for sustainable waste management in high-traffic shopping malls.

The high foot traffic in IRSA's shopping malls-the core of their rental business-creates a significant waste management challenge. The company is addressing this with a 'Circular Economy project' that focuses on reducing, reusing, and recycling waste.

They are building proprietary Recycling Centers within the shopping malls and are collaborating with social organizations and recyclers for differentiated collection. Furthermore, flagship malls like Alto Palermo, Patio Bullrich, and Alcorta have obtained a 'seal' for their proper waste management systems.

However, the lack of a public, consolidated waste diversion rate for FY 2025 is a transparency gap. To be fair, setting up a robust, audited waste management system across a portfolio of high-volume retail centers is complex. But until the company reports a number-like a 40% waste diversion rate-the market cannot accurately price the operational efficiency and regulatory compliance risk.

Next step: Operations: establish a baseline Q2 FY2026 waste diversion rate for the top three shopping malls (Alto Palermo, Abasto, Patio Bullrich) and prepare for public disclosure.