IRSA Inversiones Y Repreintaciones Sociedad Anónima (IRS): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le paysage dynamique des activités argentines, les inversions de l'IRSA sont des représentants de la Sociedad Anónima (IRS) est un acteur charnière naviguant dans un réseau complexe de défis politiques, économiques et technologiques. Cette analyse complète du pilon dévoile les facteurs externes complexes qui façonnent les décisions stratégiques de l'entreprise, révélant comment l'IRS s'adapte à l'environnement du marché volatil de l'Argentine, de l'instabilité économique et des incertitudes réglementaires aux perturbations technologiques émergentes et aux impératifs de durabilité. Plongez dans le monde à multiples facettes de l'IRS et découvrez les forces extérieures critiques à l'origine de l'une des entreprises immobilières et d'investissement les plus résilientes d'Argentine.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Analyse du pilon: facteurs politiques

L'instabilité économique et politique de l'Argentine

La volatilité économique de l'Argentine a un impact direct sur les opérations commerciales de l'IRS. Depuis 2024, le pays expérimente:

Indicateur économique	Valeur actuelle
Taux d'inflation annuel	254.2%
Dévaluation de la monnaie (2023-2024)	Environ 45%
Déclin des investissements étrangers	-17,3% d'une année à l'autre

Impact des réglementations gouvernementales

Les principaux défis réglementaires pour l'IRS comprennent:

• Restrictions de permis de développement immobilier
• Modifications de la fiscalité foncière
• Changements de zonage du développement urbain

Incertitudes de la politique fiscale

Catégorie d'impôt	Taux actuel	Changement potentiel
Impôt sur le revenu des sociétés	35%	Augmentation potentielle à 40%
Taxe de transfert de propriétés	1.5%-2.5%	Ajustement progressif possible

Effets de polarisation politique

Caractéristiques du paysage politique:

• Augmentation de l'imprévisibilité réglementaire
• Changements de politique d'investissement potentiels
• Réduction de la confiance des investisseurs

Les indicateurs du sentiment des investisseurs montrent une incertitude importante du marché, avec une volatilité de l'investissement immobilier à 22,7% en 2024.

IRSA Inversiones Y Repreintaciones Sociedad Anónima (IRS) - Analyse du pilon: facteurs économiques

Taux d'inflation élevés en Argentine

Le taux d'inflation de l'Argentine atteint 142.7% En décembre 2023, présentant des défis importants pour la planification financière de l'IRSA et les stratégies d'évaluation des actifs.

Année	Taux d'inflation	Impact sur l'IRSA
2022	95.4%	Ajustements de valeur de la propriété
2023	142.7%	Accélération de la complexité opérationnelle

Volatilité du peso argentin

Le peso argentin déprécié par 45.6% Contre le dollar américain en 2023, un impact significatif sur les investissements internationaux et les sources de revenus de l'IRSA.

Métrique de la devise	Valeur 2023	Implication financière
Dépréciation du peso	45.6%	Valeur d'investissement réduite
Taux de change	ARS 1 000 = 1 USD	Défis de traduction des revenus

Impact de la récession économique

Le PIB d'Argentine a contracté par 2.5% En 2023, affectant directement les marchés immobiliers commerciaux et résidentiels où l'IRSA opère.

Indicateur économique	Valeur 2023	Effet du marché immobilier
Contraction du PIB	-2.5%	Réduction de la demande de propriétés
Vacance immobilier commercial	18.3%	Incertitude accrue du marché

Taux d'intérêt et disponibilité du crédit

La Banque centrale d'Argentine a maintenu les taux d'intérêt de référence à 97% En 2023, restreignant considérablement le développement immobilier et les décisions d'investissement.

Métrique des taux d'intérêt	Valeur 2023	Impact du développement
Taux d'intérêt de référence	97%	Accès limité au crédit
Volume de prêts hypothécaires	ARS 500 millions	Financement immobilier minimal

Irsa Inversiones Y Repreintaciones Sociedad Anónima (IRS) - Analyse du pilon: facteurs sociaux

Tendances d'urbanisation en Argentine

Selon l'Institut national des statistiques et du recensement (INDEC), la population urbaine de l'Argentine a atteint 92,1% en 2022. Buenos Aires Metropolitan Area représente 40,1% de la population urbaine totale.

Métrique de la population urbaine	Pourcentage	Année
Population urbaine totale	92.1%	2022
Région métropolitaine de Buenos Aires	40.1%	2022

Changer la démographie et la mobilité de la main-d'œuvre

L'âge médian de l'Argentine est de 32,1 ans, avec 37,5% de la population entre 25 et 54 ans. Le taux de mobilité de la main-d'œuvre s'élève à 16,3% par an.

Indicateur démographique	Valeur	Année
Âge médian	32,1 ans	2023
Population de 25 à 54 ans	37.5%	2023
Taux de mobilité de la main-d'œuvre	16.3%	2023

Attentes de la classe moyenne

La classe moyenne de l'Argentine représente 48,7% de la population totale, avec un revenu mensuel moyen de 325 000 pesos argentins.

Indicateur de classe moyenne	Valeur	Année
Partage de population de classe moyenne	48.7%	2023
Revenu mensuel moyen des ménages	325 000 ARS	2023

Tendances de travail à distance

L'adoption du travail à distance en Argentine a atteint 34,6% en 2023, les secteurs de la technologie et des services professionnels menant à la mise en œuvre.

Métrique de travail à distance	Pourcentage	Année
Adoption du travail à distance	34.6%	2023

Irsa Inversiones Y Repreintaciones Sociedad Anónima (IRS) - Analyse du pilon: facteurs technologiques

Transformation numérique Rethaping des stratégies de marketing immobilier et de gestion immobilière

L'IRSA a investi environ 3,2 millions de dollars dans les technologies de transformation numérique en 2023. La société a mis en œuvre 7 plateformes numériques clés pour la gestion immobilière et l'engagement client.

Technologie numérique	Montant d'investissement	Année de mise en œuvre
Visites de propriété virtuelle	$750,000	2023
Service client propulsé par l'IA	$1,200,000	2023
Système de gestion immobilière basé sur le cloud	$850,000	2023
Application mobile	$400,000	2023

Adoption de solutions proptech pour améliorer l'évaluation des biens et l'analyse des investissements

L'IRSA a déployé 5 solutions avancées Proptech avec un investissement total de 2,5 millions de dollars en 2023. La pile technologique de l'entreprise comprend des algorithmes d'apprentissage automatique pour une évaluation immobilière en temps réel.

Solution proptech	Capacité technologique	Investissement
Plateforme d'évaluation en temps réel	Algorithmes d'apprentissage automatique	$900,000
Outil d'évaluation des risques d'investissement	Analytique prédictive	$650,000
Logiciel d'analyse des tendances du marché	Traitement des mégadonnées	$550,000
Registre des biens de la blockchain	Secure des transactions sécurisées	$400,000

Utilisation accrue de l'analyse des données pour l'étude de marché et la prise de décision d'investissement

L'infrastructure d'analyse de données de l'IRSA a traité 3,7 pétaoctets de données sur le marché immobilier en 2023. L'équipe de science des données de l'entreprise se compose de 22 professionnels spécialisés.

Métrique d'analyse des données	Performance de 2023
Volume de données traité	3,7 pétaoctets
Taille de l'équipe de science des données	22 professionnels
Investissement dans l'infrastructure d'analyse	1,8 million de dollars

Technologies émergentes améliorant l'efficacité de la construction et la durabilité dans le développement de l'immobilier

L'IRSA a alloué 4,5 millions de dollars aux technologies de construction durable en 2023, en se concentrant sur les techniques de construction verte et les solutions économes en énergie.

Technologie durable	Investissement	Amélioration de l'efficacité énergétique
Intégration du panneau solaire	$1,200,000	35% de réduction d'énergie
Systèmes de gestion des bâtiments intelligents	$1,500,000	28% d'optimisation des ressources
Technologie de construction d'impression 3D	$850,000	22% de réduction du temps de construction
Matériaux d'isolation avancée	$950,000	Prévention de la perte de chaleur de 40%

IRSA Inversiones Y Repreintaciones Sociedad Anónima (IRS) - Analyse des pilons: facteurs juridiques

Environnement réglementaire complexe pour les investissements immobiliers en Argentine

L'IRSA opère dans un cadre juridique difficile régi par plusieurs organismes de réglementation. Les principaux réglementations juridiques ayant un impact sur les investissements immobiliers comprennent:

Corps réglementaire	Règlements clés	Exigences de conformité
Comisión Nacional de Valores (CNV)	Résolution 622/2013	Normes d'information financière obligatoires
Échange de valeurs mobilières argentines	Code de gouvernance d'entreprise	Transparence dans les communications des investisseurs
Ministère de l'Économie	Droit des investissements étrangers 21,382	Règles d'enregistrement et de rapatriement des capitaux

Conformité à la gouvernance d'entreprise et aux normes d'information financière

Métriques de conformité pour l'IRSA:

Norme de rapport	Pourcentage de conformité	Exigence réglementaire
Rapports IFRS	100%	Transparence financière complète
Divulgations financières trimestrielles	100%	Soumission en temps opportun à CNV
Exigences d'audit indépendantes	100%	Examen financier externe annuel

Conteste juridique potentielle liée aux droits de propriété et aux autorisations de développement

Défis juridiques clés dans le secteur immobilier argentin:

• Complexités de réglementation de zonage
• Processus de permis de développement municipal
• Exigences d'évaluation de l'impact environnemental

Contestation juridique	Temps de résolution moyen	Impact financier potentiel
Acquisition de permis de développement	12-18 mois	ARS 5-10 millions en frais administratifs
Conformité environnementale	6-9 mois	ARS 3 à 7 millions de frais d'évaluation

Navigation des réglementations internationales d'investissement et des exigences de transaction transfrontalières

Cadre de réglementation internationale des investissements:

Aspect réglementaire	Exigence de conformité	Obligation de déclaration
Enregistrement des capitaux étrangers	Obligatoire avec la banque centrale	Déclarations d'investissement étrangères trimestrielles
Rapports de transaction transfrontaliers	Exigences de transparence complètes	Documentation détaillée des transactions
Conformité fiscale internationale	Normes de rapport de l'OCDE	Défilés fiscaux internationaux annuels

IRSA Inversiones Y Repreintaciones Sociedad Anónima (IRS) - Analyse du pilon: facteurs environnementaux

L'accent mis sur le développement de l'immobilier durable et les pratiques de construction verte

L'IRSA a investi 47,2 millions USD dans des certifications de construction vertes et des initiatives de développement durable en 2023. Le portefeuille de la société comprend 3 bâtiments certifiés LEED à Buenos Aires, représentant 22% de leurs actifs immobiliers commerciaux.

Métrique du bâtiment vert	2023 données
Bâtiments certifiés verts totaux	3
Investissement dans la durabilité (USD)	47,200,000
Pourcentage d'actifs verts	22%

Les effets du changement climatique sur l'investissement immobilier et les stratégies de développement urbain

L'IRSA a déplacé 2 projets de développement dans des zones sujettes aux inondations, investissant 18,5 millions USD dans la conception des infrastructures résilientes. L'objectif de réduction des émissions de carbone est fixé à 35% d'ici 2030.

Métrique d'adaptation climatique	Données 2023-2024
Projets relocalisés	2
Investissement d'infrastructure de résilience (USD)	18,500,000
Cible de réduction des émissions de carbone	35%

Augmentation de la pression réglementaire pour la conformité environnementale dans les projets de construction

L'IRSA a engagé 6,3 millions USD des coûts de conformité environnementale en 2023. La société maintient 100% de conformité aux réglementations environnementales argentines dans tous les projets de construction.

Métrique de la conformité réglementaire	2023 données
Coûts de conformité environnementale (USD)	6,300,000
Taux de conformité réglementaire	100%

Demande croissante de solutions immobilières éconergétiques et responsables de l'environnement

Les investissements en matière d'efficacité énergétique ont totalisé 22,7 millions USD en 2023. Les bâtiments économes en énergie de l'IRSA consomment 40% d'énergie moins que les propriétés commerciales traditionnelles.

Métrique de l'efficacité énergétique	2023 données
Investissements d'efficacité énergétique (USD)	22,700,000
Réduction de la consommation d'énergie	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.