Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy): Business Model Canvas [Jan-2025 Mis à jour]

Plongez dans le monde dynamique de Cresud Sociedad Anónima (Cresy), une puissance qui mélange de manière transparente l'innovation agricole, le développement de l'immobilier stratégique et les investissements financiers sophistiqués à travers l'Argentine et le Brésil. Cette entreprise à multiplaquette transforme les modèles commerciaux agricoles traditionnels en tirant parti des technologies de pointe, diverses stratégies d'investissement et un portefeuille robuste qui couvre la production agricole, la gestion des terres et les services financiers. Des vastes terres agricoles aux plateformes d'investissement sophistiquées, Cresy représente un récit convaincant de croissance durable et de diversification stratégique qui promet de captiver les investisseurs et les amateurs agricoles.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle commercial: Partenariats clés

Fabricants et fournisseurs d'équipements agricoles

Cresud maintient des partenariats stratégiques avec les principaux fabricants d'équipements agricoles pour soutenir ses opérations agricoles.

Fabricant d'équipements	Détails du partenariat	Investissement annuel sur l'équipement
John Deere	Contrat d'approvisionnement en équipement à long terme	12,5 millions de dollars
Cas ih	Acharnement des machines agricoles	8,3 millions de dollars

Entreprises d'investissement internationales et institutions financières

Cresud collabore avec les partenaires financiers mondiaux pour soutenir ses stratégies d'investissement et d'expansion.

Institution financière	Type de partenariat	Montant d'investissement
Goldman Sachs	Services d'investissement et de conseil	75 millions de dollars
Banco Itaú	Financement agricole	45 millions de dollars

Partenaires de location de terres en Argentine et au Brésil

CRESUD établit des partenariats stratégiques de location de terres dans les principales régions agricoles.

Région	Total des hectares loués	Dépenses de location annuelles
Argentine	128 000 hectares	22,6 millions de dollars
Brésil	95 000 hectares	18,4 millions de dollars

Technologies agricoles et entreprises d'innovation

Cresud investit dans des partenariats technologiques pour améliorer la productivité agricole.

• Climate Corporation - Precision Agriculture Technologies
• Trimble Agriculture - Cartographie des satellites et surveillance du terrain
• Precisionhawk - Arpentage agricole à base de drones

Partenaire technologique	Focus technologique	Investissement technologique annuel
Société climatique	Analyse des données des cultures	3,2 millions de dollars
Trimble Agriculture	Solutions agricoles de précision	2,7 millions de dollars

Coopératives agricoles locales et régionales

Cresud collabore avec les coopératives agricoles pour optimiser les opérations agricoles.

Coopérative	Région	Portée de collaboration	Valeur de collaboration annuelle
Cooperativa agrícola ltda	Province de Buenos Aires	Partage des cultures et optimisation des ressources	5,6 millions de dollars
Mato Grosso Agricultural Cooperative	Midwest brésilien	Échange de ressources agricoles	4,9 millions de dollars

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: Activités clés

Production agricole et culture des cultures

Cresud cultive environ 242 000 hectares de terres agricoles à travers l'Argentine, le Brésil et la Bolivie en 2023.

Type de culture	Hectares cultivés	Production annuelle (tonnes)
Soja	120,000	360,000
Maïs	65,000	275,000
Blé	35,000	105,000

Développement et gestion immobilière

Portefeuille immobilier évalué à 487 millions de dollars en septembre 2023.

• Total des propriétés immobilières commerciales: 15
• Zone le moins brute: 196 000 mètres carrés
• Taux d'occupation: 92,5%

Investissement financier et gestion du portefeuille

Portefeuille d'investissement d'une valeur de 612 millions de dollars en 2023.

Catégorie d'investissement	Valeur totale	Pourcentage de portefeuille
Investissements agricoles	287 millions de dollars	46.9%
Investissements immobiliers	205 millions de dollars	33.5%
Instruments financiers	120 millions de dollars	19.6%

Acquisition de terres et opérations agricoles stratégiques

La stratégie d'acquisition des terres s'est concentrée sur l'expansion de l'empreinte agricole dans les régions clés.

• Nouvelles acquisitions de terres en 2023: 35 000 hectares
• Banque terrestre totale: 287 000 hectares
• Distribution géographique: 65% d'Argentine, 25% du Brésil, 10% de Bolivie

Élevage de bétail et trading agricole

Opérations d'élevage générant des sources de revenus importantes.

Catégorie d'élevage	Taille totale du troupeau	Revenus annuels
Bétail	180 000 têtes	87 millions de dollars
Mouton	45 000 têtes	12 millions de dollars

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: Ressources clés

Extension des terres agricoles

En 2023, Cresud détient environ 557 000 hectares de terres agricoles à travers l'Argentine et le Brésil.

Pays	Superficie (hectares)	Utilisation agricole primaire
Argentine	417,000	Production de cultures et d'élevage
Brésil	140,000	Cultivation du soja et du maïs

Portfolio agricole et immobilier diversifié

Répartition des investissements:

• Opérations agricoles: 62% de la valeur totale du portefeuille
• Investissements immobiliers: 28% de la valeur totale du portefeuille
• Autres investissements: 10% de la valeur totale du portefeuille

Ressources financières et d'investissement

Mesures financières à partir de septembre 2023:

Métrique financière	Montant (USD)
Actif total	1,2 milliard de dollars
Capitaux propres des actionnaires	589 millions de dollars
Revenus annuels	413 millions de dollars

Technologie et équipement agricoles

Investissement technologique et d'équipement en 2023:

• Équipement d'agriculture de précision: 18,5 millions de dollars
• Systèmes d'irrigation: 12,3 millions de dollars
• Technologie de surveillance des cultures: 7,6 millions de dollars

Ressources de l'équipe de gestion

Répartition de l'expertise en gestion:

Catégorie d'expérience	Années d'expérience moyenne
Agriculture	22 ans
Gestion financière	18 ans
Investissement immobilier	15 ans

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: Propositions de valeur

Production agricole durable et efficace

Cresud gère 527 000 hectares de terres agricoles à travers l'Argentine, le Brésil et la Bolivie en 2023. Le portefeuille agricole de la société comprend:

Type de culture	Hectares cultivés	Volume de production
Soja	218,000	653 000 tonnes
Maïs	95,000	422 000 tonnes
Blé	62,000	186 000 tonnes

Opportunités d'investissement diversifiées dans plusieurs secteurs

Le portefeuille d'investissement de Cresud comprend:

• Opérations agricoles
• Investissements immobiliers
• Services financiers
• Gestion du bétail

Secteur	Valeur d'investissement	Contribution des revenus
Terres agricoles	987 millions de dollars	48%
Immobilier	412 millions de dollars	22%
Investissements financiers	345 millions de dollars	18%

Appréciation à long terme de la valeur des terres et gestion des actifs stratégiques

Mesures d'appréciation de la valeur des terres pour Cresud:

• Augmentation moyenne annuelle de la valeur des terres: 12,5%
• Valeur totale de l'actif terrestre: 1,74 milliard de dollars
• Acquisition de terres depuis 2020: 87 000 hectares

Pratiques agricoles innovantes et intégration technologique

Investissements technologiques et d'innovation:

Zone technologique	Investissement annuel	Amélioration de l'efficacité
Agriculture de précision	18,5 millions de dollars	22% d'augmentation du rendement des cultures
Surveillance des satellites	6,2 millions de dollars	15% d'efficacité opérationnelle

Performance financière et potentiel de croissance constant

Indicateurs de performance financière:

• 2023 Revenus: 1,12 milliard de dollars
• Revenu net: 156 millions de dollars
• EBITDA: 287 millions de dollars
• Retour des capitaux propres: 14,3%

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: relations avec les clients

Ventes directes et contrats agricoles à long terme

Cresud maintient les contrats agricoles avec les mesures clés suivantes:

Type de contrat	Volume annuel	Durée moyenne
Contrats de production agricole	425 000 tonnes métriques	3-5 ans
Accords de location foncière	180 000 hectares	5-10 ans

Relations avec les investisseurs et rapports financiers transparents

Les mesures de communication des investisseurs comprennent:

• Rapports de résultats trimestriels publiés dans les 45 jours suivant le trimestre
• Documents annuels de divulgation financière: 100% de conformité aux réglementations SEC
• Conférence téléphonique des investisseurs: 4 fois par an

Services de conseil en investissement personnalisés

Répartition des services de conseil en placement:

Catégorie de service	Nombre de clients	Taille moyenne du portefeuille
Investisseurs à valeur nette élevée	127 clients	12,5 millions de dollars
Investisseurs institutionnels	42 clients	35,6 millions de dollars

Plateformes numériques pour la communication des investisseurs

Statistiques de l'engagement numérique:

• Site Web Visiteurs mensuels uniques: 85 000
• Portail des investisseurs Utilisateurs actifs: 6 200
• Téléchargements d'applications mobiles: 3,750

Engagement communautaire dans les régions agricoles

Métriques d'interaction communautaire:

Type d'engagement	Fréquence annuelle	Participants
Programmes de formation agricole	12 programmes	450 agriculteurs locaux
Initiatives de développement économique locales	8 projets	3 200 membres de la communauté

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle commercial: canaux

Équipes de vente directes

En 2024, Cresud maintient environ 250 représentants des ventes directes à travers l'Argentine, le Brésil et le Paraguay.

Région	Taille de l'équipe de vente	Focus des ventes primaires
Argentine	120 représentants	Ventes de terres agricoles
Brésil	85 représentants	Opérations agricoles
Paraguay	45 représentants	Investissements immobiliers

Plateformes d'investissement en ligne

Cresud utilise des plateformes numériques avec les spécifications suivantes:

• Utilisateurs totaux de plate-forme d'investissement en ligne: 42 500
• Volume de transactions annuel: 157,3 millions de dollars
• Taux de réussite des transactions à plateforme: 94,6%

Marchés financiers et bourses

Bourse	Symbole de trading	Volume de trading quotidien moyen
Nasdaq	Crisser	87 500 actions
Buenos Aires Bourse	Cres	53 200 actions

Expositions commerciales agricoles

Cresud participe à 17 expositions commerciales agricoles chaque année en Amérique du Sud.

Emplacement de l'exposition	Participation annuelle	Les chefs d'entreprise estimés générés
Buenos Aires, Argentine	4 expositions	620 Leads Business
São Paulo, Brésil	6 expositions	890 Leads Business
Asunción, Paraguay	3 expositions	310 Leads Business

Portails de relations avec les investisseurs numériques

• Utilisateurs totaux du portail des investisseurs numériques: 28 700
• Engagement du portail mensuel moyen: 62%
• Mises à jour des données financières en temps réel: toutes les 15 minutes

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

En 2024, Cresud attire les investisseurs institutionnels à travers son portefeuille diversifié.

Type d'investisseur	Volume d'investissement	Pourcentage de l'investissement total
Fonds de pension	87,5 millions de dollars	22.3%
Hedge funds	62,3 millions de dollars	15.9%
Fonds de richesse souverain	45,6 millions de dollars	11.6%

Commerçants de produits agricoles

Cresud sert des commerçants de produits agricoles avec une présence importante sur le marché.

• Volume annuel des échanges de produits de base: 1,2 million de tonnes métriques
• Revenus de négociation sur les matières premières: 324,7 millions de dollars
• Produits commerciaux primaires: soja, maïs, blé

Investisseurs immobiliers

Le segment des investissements immobiliers génère des revenus substantiels.

Type de propriété	Investissement total	Retour annuel
Terre agricole	456,2 millions de dollars	7.5%
Immobilier urbain	213,8 ​​millions de dollars	6.2%

Fonds d'investissement agricole international

Cresud attire des fonds d'investissement agricole internationaux grâce à des offres stratégiques.

• Investissements totaux du Fonds international: 278,6 millions de dollars
• Nombre de partenariats d'investissement internationaux: 12
• Treadage géographique: Amérique du Nord, Europe, Moyen-Orient

Entreprises agricoles à grande échelle

Cresud fournit des services complets aux grandes entreprises agricoles.

Catégorie d'entreprise	Nombre de clients	Valeur totale du contrat
Agro-industrie multinationale	8	412,5 millions de dollars
Sociétés agricoles régionales	23	276,3 millions de dollars

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien des terres

Au 30 septembre 2023, Cresud possédait environ 241 604 hectares de terres agricoles à travers l'Argentine, le Brésil et le Paraguay.

Catégorie de terrain	Hectares totaux	Coût de maintenance estimé par hectare
Terres agricoles	241,604	85 $ - 120 $ par hectare
Terres agricoles possédés	185,404	95 $ par hectare

Frais de production agricole

Pour l'exercice 2023, les frais de production agricole ont totalisé 256,4 millions de dollars.

• Coûts de semences: 45,2 millions de dollars
• Dépenses d'engrais: 38,7 millions de dollars
• Pesticides et coûts agrochimiques: 42,5 millions de dollars
• Dépenses de main-d'œuvre et de machines: 129 millions de dollars

Investissements technologiques et équipements

Les dépenses en capital pour la technologie et l'équipement au cours de l'exercice 2023 étaient de 34,6 millions de dollars.

Catégorie d'équipement	Montant d'investissement
Machines agricoles	22,3 millions de dollars
Technologie d'agriculture de précision	7,5 millions de dollars
Systèmes d'irrigation	4,8 millions de dollars

Coûts opérationnels et administratifs

Les dépenses opérationnelles et administratives totales pour l'exercice 2023 ont atteint 87,3 millions de dollars.

• Salaires administratifs: 42,6 millions de dollars
• Entretien du bureau: 8,2 millions de dollars
• Coûts d'assurance: 6,5 millions de dollars
• Conseil et services professionnels: 15,4 millions de dollars
• Autres frais administratifs: 14,6 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour l'exercice 2023 étaient de 5,7 millions de dollars.

Zone de focus R&D	Montant d'investissement
Amélioration des cultures	3,2 millions de dollars
Technologies agricoles durables	1,5 million de dollars
Recherche de gestion des sols et de l'eau	1 million de dollars

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresy) - Modèle d'entreprise: Strots de revenus

Ventes de cultures et produits agricoles

Depuis l'exercice 2023, Cresud a rapporté des revenus de cultures agricoles de 215,4 millions de dollars. L'entreprise cultive et vend diverses cultures, notamment:

• Soja
• Maïs
• Blé
• Tournesol

Type de culture	Hectares cultivés	Revenus (USD)
Soja	98,342	124,6 millions de dollars
Maïs	45,678	56,2 millions de dollars
Blé	32,456	34,6 millions de dollars

Développement immobilier et revenu de location

Les revenus immobiliers pour 2023 ont totalisé 87,3 millions de dollars, avec des segments clés, notamment:

• Location de propriétés commerciales
• Développement
• Projets immobiliers urbains

Rendements d'investissement financier

Le revenu de placement pour 2023 a atteint 42,5 millions de dollars, dérivé de:

• Investissements en actions
• Instruments du marché financier
• Titres de création

Trading du bétail

Les ventes de bétail ont généré 63,2 millions de dollars en 2023, avec des types d'élevage primaires:

Type d'élevage	Unités vendues	Revenus (USD)
Bétail	78,945	45,6 millions de dollars
Mouton	32,456	17,6 millions de dollars

Technologie agricole et revenus de service

Les revenus de la technologie et des services pour 2023 s'élevaient à 18,7 millions de dollars, notamment:

• Conseil agricole
• Services agricoles de précision
• Ventes de l'équipement technologique

Répartition totale des revenus pour 2023:

Flux de revenus	Montant (USD)	Pourcentage
Ventes de cultures	215,4 millions de dollars	42.3%
Immobilier	87,3 millions de dollars	17.1%
Investissements financiers	42,5 millions de dollars	8.3%
Trading du bétail	63,2 millions de dollars	12.4%
Services technologiques agricoles	18,7 millions de dollars	3.7%

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - Canvas Business Model: Value Propositions

You're looking at how Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) delivers value across its distinct business lines. It's a strategy built on balancing cyclical agriculture with stable real estate assets.

Diversified exposure across agriculture, real estate, and finance.

The core value is derived from this integrated structure, which helps cushion volatility. For Fiscal Year 2025, the company reported a consolidated Net Income of ARS 224,366 million, a 37% year-over-year increase. The operating income split clearly shows this diversification:

Segment	Operating Income (FY 2025)
Agribusiness Segment	ARS 49,166 million
Urban Properties (via IRSA) Adjusted EBITDA (Q3 FY2025)	ARS 156,380 million

This mix means that even when commodity prices are low, the real estate segment provides a significant earnings base. Honestly, that balance is key to their resilience.

Capturing long-term value appreciation of Latin American land.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) positions itself as a long-term holder of prime Latin American land assets, aiming for capital appreciation alongside operational returns. The company maintains a strategic land balance, supported by a 50-50 balance between leased and owned land, which allows for scalable production while managing input cost exposure. This approach is designed to capture the inherent, long-term inflation-hedged value of the underlying real estate.

High-quality, high-volume production of staple commodities.

The agricultural value proposition centers on efficiency and scale, even when facing challenging market conditions. For the 2025 campaign, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) achieved crop production of 830,000 tons, cultivated across approximately 300,000 hectares planted. Furthermore, operational quality improved, with corn yields reaching 5.5 tons per hectare in Q4 2025, up from 5.09 tons per hectare previously.

Key operational metrics supporting this value include:

• Planted area expansion of 9% over the previous season (303,000 hectares planted in H1 FY2025).
• Yield improvement to 5.5 tons per hectare for corn in FY 2025.
• Achieving a 17% increase in overall crop volumes in Q4 2025.

Stable rental income from prime urban commercial properties.

The urban real estate segment, managed through IRSA, provides a counter-cyclical stream of income derived from prime commercial properties in major Latin American cities. This segment is valued for its relative stability compared to volatile commodity markets. For instance, the urban properties and investments business recorded an adjusted EBITDA of ARS 156,380 million for the nine-month period ending March 31, 2025. Tenant sales growth in peso terms of 10% in Q4 2025, despite a physical sales decline of 2.8%, shows the strength of their leasing strategy in an inflationary environment.

The value proposition here is:

• Consistent cash flow generation from established urban assets.
• Successful strategic leasing initiatives driving revenue growth.
• Reversal of prior-year losses in the segment, posting a net gain of ARS 196 billion in Q4 2025.

Finance: draft 13-week cash view by Friday.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - Canvas Business Model: Customer Relationships

Transactional relationships with global commodity buyers (B2B) are central to Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s agricultural segment. For the Fiscal Year 2025 ended June 30, 2025, the company achieved a crop production of 830,000 tons, cultivated across approximately 300,000 hectares planted in the region. The adjusted EBITDA for the agricultural business segments for the nine-month period of FY 2025 ending March 31, 2025, was ARS 31,072 million. Favorable policy changes, such as the temporary reduction of the export duty for soybeans from 33% to 26% and for wheat and corn from 12% to 9.5% (until June 30, 2025), directly impact the pricing and perceived value for these B2B customers.

Dedicated investor relations support both NASDAQ (CRESY) and BYMA (CRES) shareholders, maintaining transparency as the only Argentine agricultural company listed abroad since 1997 (NASDAQ listing). A recent example of capital market engagement involved warrant exercises between November 17 and November 25, 2025, which collected USD 6,199,980. This resulted in the registration of 16,898,282 new ordinary shares, moving the total outstanding shares from 631,844,155 to 648,742,437. Concurrently, the number of outstanding warrants decreased from 60,669,566 to 49,708,631, with the potential for up to 76,635,796 additional shares if all remaining warrants are exercised. Furthermore, shareholder returns were reinforced by the approval of a cash dividend of ARS 45,000 million (dividend yield ~7%) in October 2024 for the FY2025 distribution.

Assisted service characterizes the relationship with real estate tenants, primarily managed through its stake in IRSA. The urban properties segment showed a strong recovery, posting a profit of ARS 35 billion in the nine-month period ending March 31, 2025. The office portfolio segment is a key relationship anchor, maintaining 100% occupancy. Tenant engagement is measured by sales performance, with tenant sales in malls growing by 10% in peso terms during Q4 2025, signaling active customer bases within the managed spaces, which total approximately ~480k sqm of GLA in Argentina.

Engagement with local communities focuses on securing the social license to operate, which is indirectly supported by the company's scale and policy responsiveness. The agribusiness portfolio management structure itself reflects a commitment to operational scale and local presence:

• 863,000 ha Under Management across the region.
• 26 Farms Across the Region in Argentina, Brazil, Bolivia, and Paraguay.
• 435,400 ha of Productive hectares.
• 69% of managed land is owned.

The nature of customer interaction across the main segments can be summarized as follows:

Customer Relationship Type	Primary Segment	Key Metric/Data Point (FY2025 or Latest)
Transactional (B2B Sales)	Agribusiness (Commodities)	830,000 tons of crop production achieved.
Dedicated Investor Relations	Shareholders (NASDAQ/BYMA)	USD 6,199,980 collected from warrant exercises in November 2025.
Assisted Service (Leasing)	Real Estate Tenants (IRSA)	Office portfolio maintained 100% occupancy.
Engagement (Policy Impact)	Local/Government Stakeholders	Soybean export duty reduced from 33% to 26% temporarily.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - Canvas Business Model: Channels

You're looking at how Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) gets its products and services to its customers, which is quite a mix of physical assets and financial instruments.

Direct Commodity Sales and Exports to International Markets

The agricultural output moves through direct sales channels, often tied to international demand and local policy shifts. For the Fiscal Year 2025 ended June 30, 2025, the Agricultural Business segment generated revenues of ARS 448,266 million. This production came from planting approximately 300,000 hectares, yielding a crop production volume of 830,000 tons during the 2025 campaign. The segment's Operating Income for FY 2025 reached ARS 49,166 million. Also, note that in January 2025, the Argentine government temporarily reduced export taxes on soybean from 33% to 26% and on wheat and corn from 12% to 9.5%, which positively impacted prices.

Real Estate Sales and Leasing Teams for Urban Properties

For the urban properties and investments business, managed through its subsidiary IRSA, the channels involve direct sales, leasing, and property management for commercial and office spaces. During fiscal year 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) completed significant land asset sales.

Here are some of the concrete real estate transactions that represent channel activity:

• Sale of a 3,630-hectare parcel of Los Pozos (Argentina) in FY 2025.
• Sale of the entire Preferencia farm (17,799 ha) in Brazil by Brasilagro in FY 2025.
• Sale of a fraction of Los Pozos farm for USD 2.2 million in the first half of FY 2025.
• BrasilAgro sold a fraction of its Alto Taquari farm for BRL 189.4 million in the first half of FY 2025.

The urban segment's performance via these channels is also reflected in its earnings contribution. For the third quarter of FY 2025 (ended March 31, 2025), the urban properties and investments business recorded ARS 156,380 million in Adjusted EBITDA. The hotel operations channel reported an occupancy rate of 64.2% as of August 2025.

Stock Exchanges (NASDAQ: CRESY, BYMA: CRES) for Equity Investors

Equity investors access Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) shares through major exchanges. The primary listings are NASDAQ: CRESY and BYMA: CRES. The company's market capitalization stood at approximately USD 653.5 million as of March 31, 2025. The Price to Earnings Ratio was reported at 5.12 in August 2025. The company also returned capital to investors through this channel.

The dividend distribution channel details from October 30, 2025, are:

Metric	Amount (ARS million)	Notes
Total Approved Distribution	93,782	Approved by Shareholders' Meeting
Cash Component	65,080	Cash portion of the dividend
IRSA Share Component	28,702	Distribution of IRSA shares
Implied Dividend Yield	~8%	Based on the distribution amount

Local Capital Markets for Debt Issuance

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) utilizes local capital markets to raise debt financing, which is a direct channel to institutional and local investors. A very recent example is the Series L Notes issuance.

The terms for the latest debt issuances show the scale of this channel:

• Series L Notes issuance announced December 4, 2025, raised USD 29.6 million.
• Series L Notes carry a 7.25% interest rate and mature on March 10, 2029.
• Series XLIX Notes issuance in September 2025 raised USD 31.3 million.

This debt issuance channel is crucial for funding operations, with the Series L Notes having an issuance price of 100% of face value.

Finance: draft 13-week cash view by Friday.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - Canvas Business Model: Customer Segments

You're looking at the core groups Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) serves across its dual agribusiness and real estate focus as of late 2025. It's a mix of producers, property users, and capital providers.

Global commodity traders and food processing companies

These customers are on the receiving end of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s primary output-grains and beef. The scale of production dictates the volume these counterparties purchase.

For the 2025 campaign, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) planted approximately 300,000 hectares in the region. The expected crop production for that campaign was approximately 867,000 tons of grains. For the upcoming 2026 regional agricultural campaign, the expectation is to plant around 321,000 hectares, a 7.4% increase compared to the 2025 campaign. The livestock business also serves this segment, benefiting from firm cattle prices supported by stronger international demand.

Institutional and individual investors seeking Latin American exposure

This segment includes the shareholders and warrant holders who provide the capital base. Their interest is in the combined performance of the agricultural assets and the real estate holdings managed through its stake in IRSA.

As of March 31, 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s market capitalization stood at approximately USD 653.5 million. The total number of outstanding shares was 631,844,155, with 60,669,566 outstanding warrants. The company approved a significant dividend distribution on October 30, 2025, totaling ARS 93,782 million, split between ARS 65,080 million in cash and ARS 28,702 million in IRSA shares, representing about an 8% dividend yield.

Here's a look at the financial scale relevant to investor perception:

Metric (Nine Months FY2025 Ended March 31, 2025)	Amount (ARS Million)	Segment
Adjusted EBITDA	31,072	Agricultural Business
Adjusted EBITDA	156,380	Urban Properties and Investments (IRSA)

Also, on October 30, 2025, the Shareholders' Meeting approved the distribution of 5,300,000 treasury shares.

Commercial tenants for shopping malls, offices, and hotels

These customers occupy the urban real estate assets, primarily managed by the subsidiary IRSA. Their demand is closely tied to the local economic environment, with Argentina's GDP projected to grow by 5.2% in 2025.

The rental portfolio size gives you a sense of the physical space leased to these commercial entities:

• Managing a rental portfolio of approximately ~480k sqm of GLA (Gross Leasable Area) in Argentina.

The contribution of this segment to operational performance is clear:

• Urban adjusted EBITDA for the first half of FY2025 reached ARS 103,136 million.
• Urban adjusted EBITDA (through IRSA) for the nine-month period of FY2025 was ARS 156,380 million.

Large-scale land buyers for farm monetization transactions

This segment involves sophisticated buyers interested in acquiring large, productive agricultural parcels, often as part of portfolio rotation or direct investment. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) and its subsidiary BrasilAgro actively engage in these monetization events.

Specific transactions completed during the 2025 fiscal year demonstrate this customer activity:

• Sale of a portion of the "Los Pozos" farm in Argentina for USD 2.2 million during the nine-month period of FY2025.
• BrasilAgro sold a portion of the "Alto Taquari" farm for BRL 189.4 million during the nine-month period of FY2025.
• Brasilagro sold the entire 17,799-hectare Preferencia farm in Brazil during FY 2025.

Finance: review the Q4 FY2025 IRSA property valuation adjustments against the 5.2% projected 2025 Argentine GDP growth by Monday.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - Canvas Business Model: Cost Structure

You're looking at the major drains on Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s cash flow, which is heavily weighted toward operational expenses given its asset base of extensive farmland and urban properties. Honestly, for an agribusiness player, the cost structure is dominated by things you buy to grow things and the money owed on those assets.

The most immediate costs are the high variable costs for agricultural inputs. The 2024/2025 campaign highlighted that inputs had a high ratio relative to sales prices, even with some commodity price increases. For the fiscal year ending June 30, 2025 (FY 2024/25), total costs were reported at ARS 570.7 billion. This figure encapsulates the variable spending on seeds, fertilizers, and fuel necessary for planting and harvesting across the operational area.

Next up, you have significant debt service costs due to high leverage. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s financial position shows substantial debt that requires servicing. As of the Fiscal Year 2024 reporting, Cresud's Net Debt stood at USD 297.8 million. This leverage directly translates into interest expenses that must be covered, regardless of the harvest outcome.

Then there are the ongoing operating and maintenance costs for extensive land and urban properties. These are the fixed-to-semi-fixed costs of simply owning and managing the assets. While specific line items for maintenance on the agricultural portfolio and the urban properties (managed via IRSA) aren't broken out separately in the high-level summaries, they form a substantial part of the overall cost base, covering everything from property taxes to upkeep on machinery and buildings.

Finally, you have the labor costs for agricultural operations. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) relies on a significant workforce to manage its diverse operations. The company employs 2,364 employees. [cite: Human Resources Area] The total payroll expense associated with these personnel is a key component of the operating costs, though the exact figure for labor costs in ARS for the latest period isn't explicitly detailed in the available summaries.

Here's a quick look at the scale of the costs versus total revenue for the latest reported period:

Cost Component Category	Latest Reported Value	Period/Context
Total Costs	ARS 570.7 billion	Fiscal Year 2024/25
Net Debt (Driving Service Costs)	USD 297.8 million	As of FY2024
Agricultural Business Adjusted EBITDA Contribution	ARS 80,066 million	Fiscal Year 2024
Total Employees	2,364	Current Headcount

What this estimate hides is the impact of hyperinflation accounting on the standalone operations, which makes separating pure operational costs from accounting adjustments tricky. Finance: draft 13-week cash view by Friday.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - Canvas Business Model: Revenue Streams

You're looking at how Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) brings in the money across its diverse operations as of late 2025. It's a mix of dirt, concrete, and finance, so the numbers reflect that complexity.

Here's a quick look at the major components based on the Fiscal Year 2025 results ended June 30, 2025:

Revenue Stream Component	FY 2025 Amount (In Millions of Argentine Pesos)
Agricultural Business Revenue (Crops, Cattle)	ARS 448,266
Urban Properties Revenues (via IRSA)	ARS 374,662
Consolidated Gross Profit	ARS 368,054
Agribusiness Segment Operating Income	ARS 49,166

Agricultural sales, covering crops and cattle, were a primary driver, contributing ARS 448,266 million in revenue for the full Fiscal Year 2025. This segment's operating income specifically reached ARS 49,166 million for the same period. The company planted approximately 300,000 hectares and harvested about 830,000 tons of crops during the 2025 campaign.

Real estate rental income, primarily channeled through its subsidiary IRSA, is the second major pillar. Urban Properties Revenues for Fiscal Year 2025 totaled ARS 374,662 million. The Urban Properties segment generated a Gross Profit of ARS 287,056 million in FY2025. For the nine-month period ending March 31, 2025, the urban properties and investments business (through IRSA) recorded an adjusted EBITDA of ARS 156,380 million.

Land sales and monetization of the agricultural land bank provide lumpy, but significant, cash inflows. During the fiscal year, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) executed several key property transactions. This included the sale of a 3,630-hectare parcel of the Los Pozos farm in Argentina. Furthermore, its subsidiary Brasilagro completed the sale of the entire Preferencia farm, which spanned 17,799 ha, in Brazil, generating very strong results. The company also finalized the sales of the Alto Taquari (1,157 ha) and Rio do Meio (852 ha) properties.

Financial results from subsidiaries and investments are embedded within the consolidated figures, especially from IRSA. The overall financial performance reflects these contributions. For instance, the consolidated Gross Profit for FY2025 stood at ARS 368,054 million, down from ARS 406,483 million in the prior year. The net income for the full year 2025 was ARS 224,366 million, a significant increase from ARS 163,826 million in 2024.

You should keep an eye on the timing of these land sales, as they aren't recurring monthly income. Finance: draft 13-week cash view by Friday.