Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY): Business Model Canvas [Dec-2025 Updated]

You're looking at Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY), and honestly, untangling this Latin American holding company-spanning agriculture, property, and finance-is the first challenge. As someone who's mapped these structures for years, I can tell you their model is built on capturing value from land and commodity cycles, which is clear when you see their ARS 448,266 million in agricultural sales for FY2025, or the 300,000 hectares they planted that same year, all contributing to a reported Net Income of ARS 224,366 million. It's a complex beast, but the Business Model Canvas below breaks down exactly how Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) balances high leverage with diversified asset plays, so you can see the levers they pull.

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

You're mapping out Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s structure, and its partnerships are central to how it operates across agribusiness and real estate. These aren't just handshake deals; they involve significant, measurable equity stakes that drive performance.

The core of the urban exposure is the strategic stake in IRSA, which manages shopping malls and office buildings. For the fiscal year 2025, the urban properties and investments business, consolidated through IRSA, contributed an adjusted EBITDA of approximately ARS 207,283 million. In the first quarter of fiscal year 2026 (ended September 30, 2025), the urban segment through IRSA contributed ARS 57,589 million to the adjusted EBITDA.

For Brazilian agricultural land operations, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) partners via its ownership in Brasilagro. As of September 11, 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) held a 34.22% interest in Brasilagro. Brasilagro's Total Net Debt stood at USD 132.9 million based on September 2025 data points.

The agricultural brokerage, advisory, and input/output services are channeled through Futuros y Opciones S.A. (FyO). As of June 30, 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) owned 51.26% of FyO. Management expected FyO to generate an EBITDA of about $15 million for the year, positioning it as the largest broker in the country.

The partnership structure involving the stakes in these key entities is laid out below. Note that the specific 29.9% stake in Banco Hipotecario was not confirmed in the latest filings, so we use the known equity percentages for the other major associates.

For short-term credit lines and export refinancing, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) relies on local and international banks. While specific credit line amounts aren't detailed, the company actively accesses capital markets. For instance, in December 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) issued Series L notes for $29.6 million. Earlier in the year, it issued Series XLIX notes for USD 31.3 million and Series XLVIII notes for USD 43.7 million.

The overall debt structure reflects this reliance on external funding sources. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s Total Debt was reported at USD 396.8 million, resulting in a Total Net Debt of USD 348.9 million.

The company's financial sector exposure, historically through Banco Hipotecario, remains a structural element, even if the specific 29.9% stake isn't recently confirmed. The ability to secure financing, evidenced by the recent note issuances, shows the ongoing importance of these banking relationships.

• FyO provides an ecosystem of services for grain commercialization.
• FyO owns 96.37% of Amauta Agro S.A. and 96.37% of Fyo Acopio S.A..
• Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY)'s local issuer rating was upgraded to AAA(arg) in March 2025.

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

You're looking at the core operational engines that drive Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) as of late 2025. The company runs a dual-focus model, balancing hard assets in agriculture with significant urban real estate holdings, primarily through its subsidiary IRSA.

Large-scale production of agricultural commodities (crops, cattle)

The agricultural business is foundational, involving the production of crops like soybean, sugarcane, and wheat, alongside livestock operations. The 2025 campaign faced headwinds from historically low commodity prices and irregular weather in Argentina, but the company still managed significant scale. For the Fiscal Year 2025 ended June 30, 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) planted approximately 300,000 hectares across the region. This effort yielded crop production of 830,000 tons. The livestock activity during FY2025 was a bright spot, recording an increase in beef production with firm cattle prices and lower feeding costs driving strong margins. Anyway, the segment's Operating Income for the full fiscal year 2025 was ARS 49,166 million. Looking ahead to the start of FY2026, the expectation was to plant approximately 321,000 hectares, marking a 7.4% increase compared to the 2025 campaign. The agribusiness segments' Adjusted EBITDA for the first quarter of FY2026 (ended September 30, 2025) totaled ARS 5,648 million.

Here are the key financial figures for the agricultural operations in FY2025:

Strategic land bank management and monetization (selling farms)

Monetizing large land holdings is a key activity, often executed strategically to realize value from the asset base. During the Fiscal Year 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) actively managed this by selling several significant parcels. The company sold a 3,630-hectare parcel of Los Pozos in Argentina. Plus, its subsidiary Brasilagro sold its entire Preferencia farm, which spanned 17,799 ha, in Brazil, generating very strong results. The company also finalized the sales of Alto Taquari (1,157 ha) and Rio do Meio (852 ha). To give you context on earlier activity, during the first half of FY2025, a fraction of Los Pozos sold for USD 2.2 million, and a fraction of Alto Taquari sold for BRL 189.4 million.

Real estate development, leasing, and management of commercial properties

This activity, largely conducted through the Urban Properties and Investments segment (via IRSA), involves owning and managing prime commercial assets like shopping malls and office buildings. For the full Fiscal Year 2025, the Urban Properties segment brought in revenues of ARS 374,662 million, with a Gross Profit of ARS 287,056 million. The segment is a major contributor to the consolidated results, even when property revaluations create accounting volatility. For the first quarter of FY2026 (ended September 30, 2025), the urban properties and investments business contributed Adjusted EBITDA of ARS 57,589 million. The segment showed some recovery in Q3 FY2025, with revenue growing 0.8% YoY, while drastically reducing operating losses to ARS 302 billion from over ARS 420 billion in 2024.

The segment's financial performance in FY2025 was:

Financial management of subsidiaries and investment portfolio

This involves managing the overall capital structure, realizing gains/losses from investments (like the IRSA stake), and handling financing obligations. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) reported a consolidated Net Income for FY2025 of ARS 224,366 million, a significant improvement from ARS 163,826 million in 2024. The Consolidated Operating Income for FY2025 reached ARS 220,945 million, reversing a loss from the previous fiscal year. The financial management is also evident in capital returns; on October 30, 2025, the Shareholders' Meeting approved a total dividend distribution of ARS 93,782 million, which included ARS 65,080 million in cash, representing an approximate 8% dividend yield based on the distribution date. The company's total net debt at the end of Q3 FY2025 stood at approximately $582 million, split between the agricultural sector ($350 MM) and the urban segment via IRSA ($232 MM).

Key consolidated financial outcomes for FY2025 include:

• Net Income: ARS 224,366 million.
• Consolidated Operating Income: ARS 220,945 million.
• Consolidated Gross Profit: ARS 368,054 million.
• Q1 FY2026 Net Income: ARS 110,133 million, largely driven by the gain from changes in the fair value of IRSA investment properties.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core assets Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) relies on to run its dual-focus business. These aren't just line items; they are the physical and financial foundations supporting their operations as of late 2025.

The agricultural land bank is perhaps the most tangible asset. Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) manages an extensive portfolio across four key South American nations, providing geographic diversification against localized weather or regulatory shocks. This land base is the engine for their primary commodity production.

The financial strength of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) is underpinned by its ability to tap various funding sources. This access is critical for both funding agricultural working capital and real estate development.

• Access to local and international capital markets for debt issuance is a proven capability.
• In December 2025, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) issued Series L notes in the local markets for an amount equivalent to USD 29.6 million.
• The company also announced plans to offer hard-dollar bonds in August 2025.

These resources-the vast land holdings, the income-generating real estate stake, the recent profitability, and the market access-form the bedrock of the Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) business model.

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:

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:

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:

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:

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:

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:

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.