Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY): BCG Matrix [Dec-2025 Updated]

You're looking for the hard truth on Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s portfolio as of late 2025, so I've mapped their diverse assets using the BCG Matrix framework. Honestly, it's a classic story: high-flyers like their Shopping Malls (via IRSA) boasting 98% occupancy are generating the cash flow that supports the bedrock Farmland Bank (Cash Cows), while the core Crop production is definitely struggling under low commodity prices (Dogs). The real strategic pivot hinges on whether the planned 7.4% increase in planted area for FY 2026 can successfully convert those high-risk Question Marks into tomorrow's Stars. Let's see exactly where CRESY needs to place its next dollar.

Background of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)

You're looking at Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, which we call CRESY, a major player in the Latin American agribusiness space. Honestly, the company's structure is complex because it blends core agricultural operations with significant real estate holdings, often managed through its subsidiary, IRSA. This dual focus is key to understanding its performance profile.

For the fiscal year ending June 30, 2025, CRESY reported a net income of ARS 224,366 million, a solid jump from the ARS 163,826 million seen in 2024. That year also marked a dramatic turnaround in operating results, with Consolidated Operating Income hitting ARS 220,945 million after posting a loss the prior year. The agribusiness segment itself contributed ARS 49,166 million to that operating income.

In terms of production for the 2025 campaign, CRESY planted about 300,000 hectares across its region, yielding approximately 830,000 tons of grain. The livestock business was doing quite well, showing strong margins thanks to firm cattle prices and lower feeding costs. Plus, management executed some smart real estate moves, like selling the entire 17,799-hectare Preferencia farm in Brazil, which generated substantial gains.

Looking at the very latest figures, for the first quarter of fiscal year 2026, which ended September 30, 2025, the company posted a net income of ARS 110,133 million, a significant improvement over the loss of ARS 77,887 million in the same period of 2025. However, the Adjusted EBITDA for the period was ARS 58,764 million, which was 39.7% lower than the prior year's quarter.

It's important to note the segment split in that recent quarter: the agribusiness segments accounted for only ARS 5,648 million in Adjusted EBITDA, while the urban properties and investments business, via IRSA, contributed a much larger ARS 57,589 million. For the upcoming 2026 campaign, CRESY expects to plant around 321,000 hectares, representing a 7.4% increase compared to the 2025 campaign.

Government actions in Argentina have also played a role; for instance, the temporary elimination of export taxes on main crops and beef in September 2025 helped boost prices and improve margins for the remaining stock of the prior campaign. This context of fluctuating commodity prices, government policy shifts, and the relative stability of the real estate/investment side is what we need to map out strategically. Finance: draft 13-week cash view by Friday.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - BCG Matrix: Stars

You're looking at the business units within Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) that dominate their respective markets and are in high-growth phases, demanding significant investment to maintain that leadership. These are the Stars right now, and the goal is to ensure they transition smoothly into Cash Cows as market growth moderates.

The real estate assets managed through IRSA are clearly leading the pack here, showing strong market share capture and growth in profitability metrics for Fiscal Year 2025.

Shopping Malls (via IRSA)

The shopping mall portfolio demonstrates market dominance, evidenced by high occupancy and solid Adjusted EBITDA growth for the full Fiscal Year 2025 ended June 30, 2025.

• Portfolio occupancy remained close to 98% for Fiscal Year 2025.
• Occupancy reached 98.1% for the nine-month period of FY 2025 ended March 31, 2025.
• Segment Adjusted EBITDA grew by 10% in FY 2025 compared to the previous year.
• Rental Adjusted EBITDA for Shopping Malls reached ARS 210,741 million in FY 2025.

Premium Office Portfolio (via IRSA)

The premium office segment is capturing the recovering demand for high-quality urban space, effectively achieving maximum market penetration.

• IRSA maintained full occupancy of its premium office portfolio during the third quarter of FY 2025.
• For the first quarter of Fiscal Year 2026 (ended September 30, 2025), the office segment maintained 100% occupancy.
• Rents in this segment were reported at $25 per square meter per month in Q1 FY 2026.

Urban Land Development Projects (e.g., Ramblas del Plata)

These projects are actively converting high-potential land into realized value, indicating success in capturing early-stage growth in targeted real estate segments.

The company is actively monetizing these assets, for instance, signing 13 transactions in the full FY 2025 for Ramblas del Plata Stage I.

Livestock Division

The agricultural arm, specifically cattle operations, is performing as a Star due to favorable external conditions boosting internal margins, even if overall agricultural revenue dipped slightly in FY 2025.

• The division generated an operating income contribution of ARS 49,166 million in Fiscal Year 2025.
• Cattle activity in Argentina developed with very good prices, margins, and production levels during the nine-month period of FY 2025.
• The business continues to benefit from firm cattle prices and lower feeding costs, driving strong margins in 2025 and generating very attractive margins in Q1 FY 2026.

The agribusiness Adjusted EBITDA for the nine-month period of FY 2025 was ARS 31,072 million.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - BCG Matrix: Cash Cows

You're looking at the core engine of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) here-the segments that generate more cash than they consume, even if the overall market growth is modest. These are the established assets that provide the financial ballast for the entire organization.

The extensive, diversified Farmland Bank acts as a resilient, inflation-hedging real asset, which is key to its Cash Cow status. Cresud Sociedad Anónima manages approximately 863,000 ha across the region, with 427,600 ha held specifically as Land Reserves as of the latest reports. This massive, mature asset base provides a stable foundation, even when commodity prices fluctuate.

Strategic land sales are another way these cash cows are 'milked' for significant, non-operational gains. For instance, a notable transaction in Fiscal Year 2025 involved the sale of the entire 17,799-hectare Preferencia farm in Brazil by its subsidiary Brasilagro. This kind of divestiture converts a mature, high-value asset into immediate cash flow. Separately, during the first quarter of FY 2025, a fraction of the Los Pozos farm in Argentina was sold for USD 2.2 million.

The core rental income from established commercial properties, managed through its stake in IRSA, provides a predictable, low-reinvestment cash flow stream. For the first half of Fiscal Year 2025, ending December 31, 2024, the Urban Properties Revenues reached ARS 170,141 million. This segment represents the stable, high-market-share component in the real estate sector.

The overall financial health reflecting this stability is evident in the bottom line. Cresud Sociedad Anónima's strong FY 2025 Net Income reached ARS 224,366 million, a significant year-over-year increase from $\text{ARS } 163,826 \text{ million}$ in 2024. This performance was largely driven by asset revaluations and those strategic divestitures we just mentioned, which are characteristic of managing mature, high-value assets.

Here's a quick look at the scale of these cash-generating components for the fiscal year:

These Cash Cow units are what you want to maintain and protect. They fund the rest of the portfolio. You should focus on optimizing their efficiency, not necessarily on aggressive growth spending.

• The Farmland Bank offers inherent protection against local currency devaluation.
• The Urban Portfolio provides stable, dollar-linked revenue streams.
• FY 2025 Net Income was 37% higher than the prior year.
• The company approved a large dividend distribution in October 2025: ARS 93,782 million total, with ARS 65,080 million in cash.

Investments here should target efficiency improvements, like better infrastructure, to further boost that cash flow. Finance: draft 13-week cash view by Friday.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - BCG Matrix: Dogs

Dogs, are units or products with a low market share and low growth rates. They frequently break even, neither earning nor consuming much cash. Dogs are generally considered cash traps because businesses have money tied up in them, even though they bring back almost nothing in return. These business units are prime candidates for divestiture.

You're looking at the parts of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) that are struggling to gain traction or are in structurally low-growth areas, which is exactly what the Dogs quadrant captures. Expensive turn-around plans usually do not help here, so divestiture is often the logical next step.

The primary candidates for this quadrant involve specific agricultural operations facing margin pressure and certain mature real estate holdings. Here's the quick math on the financial reality for these units as of the latest full fiscal year data.

Crop production, specifically soybean and corn operations, fits the Dog profile due to market dynamics in FY 2025. You saw this pressure manifest through specific operational challenges.

• Ongoing droughts in North Argentina and Paraguay affecting yields of corn and soybean.
• The 2025 campaign progressed with historically low commodity prices, despite some government support measures like export duty reductions until June 30, 2025 (soybean from 33% to 26%, wheat/corn from 12% to 9.5%).
• Costs that remained high compared to prices in the first quarter of FY 2025.

The Hotels segment, managed through IRSA, is another area showing weakness, aligning with the low-growth/low-share characteristic when tourism is depressed. While the overall Urban segment shows significant adjusted EBITDA, the hotel component specifically faced headwinds.

For the nine-month period of FY 2025, the Hotels segment experienced lower revenues due to reduced tourism. The overall Urban adjusted EBITDA for the nine-month period ending March 31, 2025, was ARS 156,380 million. To be fair, the Q3 FY2025 call transcript noted a profit of ARS 35 billion in IRSA overall, driven by malls, but explicitly cited the hotel segment decline.

Divestiture activity points toward managing the portfolio away from these lower-return assets. The sale of a fraction of the "Los Pozos" farm in Argentina for USD 2.2 million during the first half of FY 2025, and the sale of the "Alto Taquari" farm by BrasilAgro for BRL 189.4 million, are concrete examples of shedding assets that may be categorized as mature or non-core, which is the recommended action for Dogs.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - BCG Matrix: Question Marks

You're looking at business units that are in markets growing fast but where Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) hasn't yet captured a dominant position. These are cash consumers right now, but they hold the potential to become future Stars.

The Planned Planted Area Expansion

The drive for scale in the core agribusiness segment represents a high-growth play, demanding capital to secure future production capacity. For the 2025 campaign, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) planted 303,000 hectares in the region, representing a 9% increase over the prior season. Alternatively, another report indicates 300,000 hectares were planted for the 2025 campaign, with an expected grain production of approximately 867,000 tons, which is 23% more than the previous campaign. This aggressive planting strategy, while aiming for higher output, is subject to the inherent volatility of commodity prices and Argentine operational costs, making the return on this increased area a Question Mark until harvest and sale realization.

New Urban Projects Under Commercialization

The real estate segment, managed through its stake in IRSA, involves new urban projects that require significant upfront capital for infrastructure and commercialization before market dominance is established. While the prompt suggests a figure of USD 81 million in signed transactions for a project like Ramblas del Plata, the latest reported sales from the first half of fiscal year 2025 show Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) sold a fraction of the "Los Pozos" farm in Argentina for USD 2.2 million. The urban segment's contribution to profitability is substantial, as the adjusted EBITDA from urban properties and investments (through IRSA) reached ARS 103,136 million in the first half of fiscal year 2025, and ARS 156,380 million over the nine-month period of the 2025 fiscal year.

Technology Investments for Sustainable Farming

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) is actively deploying advanced agricultural technologies, which necessitate high initial capital expenditure with returns that are not immediate or guaranteed. These investments are aimed at sustainability and efficiency, aligning with global trends where Agtech spending is significant. Global sustainable agriculture investments are projected to surpass $30 billion by 2025. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) is implementing systems such as:

• No-till farming & Cover cropping.
• Precision planting and agriculture by environments.
• Drones for digital harvest control and satellite use.
• AGROBIT & SAP ERP systems.

The success of these technologies in quickly translating into market share gains or cost reductions remains to be fully proven, classifying the associated capital outlay as a Question Mark investment.

Argentine Peso Volatility and Financial Exposure

The financial line of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) is inherently exposed to the macroeconomic environment of Argentina, where peso appreciation or depreciation can cause large, volatile accounting effects. For the nine-month period of the 2025 fiscal year, the net result was a profit of ARS 57,895 million, a significant swing from the ARS 39,987 million loss reported in the same period of 2024. This volatility is underscored by the fact that standalone operations faced challenges in Q2 2025 due to an appreciated currency, alongside low prices and high costs. The company's agribusiness segment generated an adjusted EBITDA of ARS 31,072 million over the nine months. The company also recently accessed capital markets, issuing notes in July 2025 for an amount equivalent to USD 43.7 million.

Here's a look at some key financial metrics from recent reporting periods:

If onboarding takes 14+ days, churn risk rises; similarly, if the peso continues to appreciate without corresponding operational efficiency gains, the profitability of the agricultural base erodes quickly.