IRSA Inversiones y Representaciones Sociedad Anónima (IRS): Business Model Canvas [Dec-2025 Updated]

You're looking to map out the exact mechanics of how IRSA Inversiones y Representaciones Sociedad Anónima generates value in the complex Argentine real estate landscape, and frankly, their model is built on owning the irreplaceable and financing it globally. This isn't just about collecting rent from their high-traffic shopping malls; it's a sophisticated play combining active asset management with significant capital market activity, like that recent USD 300 million note issuance, all while delivering a FY 2025 net income of ARS 196,118 million. The real story, though, is how they monetize their extensive land bank, pulling in USD 81 million from Ramblas del Plata sales alone last fiscal year, all underpinned by their controlling interest with Cresud S.A. and a near 100% occupancy in premium offices. To see the full, precise blueprint of their nine building blocks-from key resources like their stake in Banco Hipotecario S.A. to their core customer segments-read on below.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Key Partnerships

You're looking at the backbone of how IRSA Inversiones y Representaciones Sociedad Anónima (IRS) gets things done-the alliances and relationships that make their real estate empire function. Honestly, in this business, who you work with is almost as important as what you own.

Controlling Interest and Corporate Alignment

The most fundamental partnership is the one at the top. IRSA Inversiones y Representaciones Sociedad Anónima is firmly anchored by its controlling shareholder, Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (Cresud S.A.C.I.F. y A.). As of March 31, 2025, Cresud S.A.C.I.F. y A. held a direct voting interest of 55.06% over IRSA Inversiones y Representaciones Sociedad Anónima's capital. You should also note that some data suggests Cresud SA holds 59.25% of the share ownership overall. This relationship ensures strategic alignment, given Cresud S.A.C.I.F. y A.'s primary activity in agriculture and real estate.

Local Developers for Land Sales and Joint Ventures

Moving into development, IRSA Inversiones y Representaciones Sociedad Anónima relies heavily on local developers, especially for its massive Ramblas del Plata project in Puerto Madero Sur. These agreements are often structured as barter deals, exchanging land for future saleable square meters (sqm) or upfront cash. It shows proactive asset monetization, which is smart when you're managing large land banks. Here's a quick look at the progress in the first stage of Ramblas del Plata, which comprises 14 lots with a total saleable area of 126,000 sqm:

The total value from sales and swaps in the project reached USD 81 Million for the 13 commercialized lots. That's a defintely significant chunk of capital being recycled back into infrastructure work.

Global Financial Institutions for International Debt Issuance

To fund operations and manage its balance sheet, IRSA Inversiones y Representaciones Sociedad Anónima partners with global financial institutions to access international capital markets. A key move in early 2025 involved a major debt restructuring. They completed an exchange offer for their outstanding 8.750% Senior Notes due 2028, which had an aggregate principal amount of approximately US$141,242,322.38.

The resulting transactions included:

• Issuance of US$103,842,808 in new 8.000% Senior Notes due 2035 via early participation in the exchange.
• A concurrent offering of approximately US$242,205,175 million in the new 2035 Notes, bringing the total new issuance to US$300,000,000.
• The new notes carry a lower interest rate of 8.000% compared to the old 8.750% rate.

As of June 30, 2025, the company's total financial debt stood at 527.4 USD million, with Net Debt at 194.3 USD million.

Retail and Corporate Tenants Across the Property Portfolio

The revenue generation engine relies on the quality and commitment of its tenants across Shopping Malls, Offices, and Hotels segments.

• The Shopping Malls segment was responsible for 57% of total sales as of the third quarter of Fiscal Year 2024/25.
• Tenant sales in malls saw a quarterly recovery, increasing by 21.4% over the previous quarter, though they were down 8.5% year-over-year compared to the same period in fiscal year 2024.
• The premium office portfolio achieved 100% occupancy during the second quarter of Fiscal Year 2025.
• The company sold an additional floor of the Della Paolera 261 building for USD 7.1 million during that quarter.
• The company acquired the 'Terrazas de Mayo' shopping mall, which has a leasable area of 33,700 sqm and 86 stores.

Strategic Partners for Hotel Operations and Management

The Hotels segment remains a component of the business, representing 14.6% of total sales as of the third quarter of Fiscal Year 2024/25. You should note that during the first half of fiscal year 2025, this segment recorded lower revenues and occupancy when compared to the same period in 2024. Specific management partners aren't detailed in the latest filings, but the performance data suggests the operational agreements are under pressure in the current economic context.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Key Activities

You're looking at the core engine of IRSA Inversiones y Representaciones Sociedad Anónima's operations as of late 2025, focusing strictly on what they do to generate value.

Acquisition and development of prime real estate assets.

• Completed acquisitions and development initiatives in Fiscal Year 2025 totaled approximately 111,000 saleable sqm.
• These transactions, including Terrazas de Mayo and Stage I of Ramblas del Plata, carried an estimated value of USD 81 million.
• Began construction on a new open-air shopping mall in La Plata during the fiscal year ended June 30, 2025.

Active management and leasing of shopping malls (98% occupancy).

The shopping malls segment is clearly the backbone of the rental portfolio.

Rental Adjusted EBITDA for the Shopping Malls segment in Fiscal Year 2025 was ARS 210,741 million. The portfolio occupancy remained close to 98% during this period. Tenant sales for the year showed a slight decline of 2.8%.

Commercialization of land reserves and development projects.

This activity involves realizing value from land banks, such as the Ramblas del Plata project.

• Signed 13 transactions related to Ramblas del Plata Stage I, comprising 2 cash sales and 11 swap agreements.
• The total saleable sqm commercialized in this stage was approximately 111,000.

Capital market activities, including the USD 300 million note issuance.

IRSA Inversiones y Representaciones Sociedad Anónima returned to international capital markets in early 2025.

• Issued Series XXIV Notes for a total amount of USD 300 million on March 31, 2025.
• The notes carry an annual nominal interest rate of 8.00% and mature on March 31, 2035.
• The first semiannual interest installment paid on September 30, 2025, amounted to USD 12,018,167.92.
• The company's market capitalization was approximately USD 1,062 million as of June 30, 2025.

Management of a diversified portfolio across five segments.

The operational focus is clearly segmented, with rental income being a major driver, as evidenced by the Rental Adjusted EBITDA figures for FY2025. Here's the quick math on the rental performance breakdown:

The five segments IRSA Inversiones y Representaciones Sociedad Anónima operates through are Shopping Malls, Offices, Hotels, Sales and Developments, and Others. The total Rental Adjusted EBITDA across these segments for Fiscal Year 2025 reached ARS 234,697 million. The Offices sector achieved almost full occupancy in its Class A+ and A buildings. The company's net income for the fiscal year 2025 was ARS 196,118 million. The current ratio was 0.85 and the Debt/Equity ratio was 0.36. If onboarding takes 14+ days, churn risk rises, but for IRSA, the focus remains on these core activities.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Key Resources

You're looking at the core assets that power IRSA Inversiones y Representaciones Sociedad Anónima (IRS) in late 2025. These aren't just line items; they are the hard assets and financial muscle that let the company operate and grow, even when the Argentine economy is doing its usual tightrope walk. Honestly, the quality and scale of the real estate holdings are what set IRSA apart.

The foundation is its status as Argentina's largest, most diversified real estate portfolio. This isn't just about size; it's about holding a mix of income-producing assets and massive development potential. For instance, in Fiscal Year 2025, the company reported a net income of ARS 196,118 million, a significant turnaround from the prior year's loss of ARS 32,141 million.

The recurring revenue stream comes from top-tier commercial properties. The office segment, in particular, saw strong demand as corporate on-site work returned. The Class A+ and A buildings achieved almost full occupancy in FY2025. The shopping mall portfolio is just as solid, maintaining a portfolio occupancy rate close to 98% during the same period.

Here's a quick look at the operating performance from the income-generating assets in FY2025:

Beyond the current income, the land bank is a huge resource for future value. The flagship urban transformation project is Ramblas del Plata. The first stage alone covers 126,000 m² of sellable area. During FY2025, IRSA advanced commercialization by signing 13 transactions, which included both cash sales and swap agreements, covering approximately 111,000 saleable sqm for an estimated total value of USD 81 million. This development pipeline, along with about a dozen other housing projects across Argentina, represents a planned investment exceeding USD 2 billion.

Financially, IRSA Inversiones y Representaciones Sociedad Anónima (IRS) has shored up its liquidity. After nearly a decade away, the company returned to the international capital markets in FY2025. This was evidenced by the issuance of USD 300 million in Series XXIV Notes in 2025. This move, coupled with reduced net debt, helped secure a AAA(arg) credit rating upgrade from FIX SCR.

Finally, a key strategic resource is the equity stake in the financial sector, specifically in Banco Hipotecario S.A., Argentina's largest mortgage supplier. As of late 2025, IRSA Inversiones y Representaciones Sociedad Anónima (IRS) held a participation of 29.91% in Banco Hipotecario S.A..

You should check the latest Q1 FY2026 results, due around November 2025, to see the immediate impact of the new acquisitions like Terrazas de Mayo shopping center. Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Value Propositions

You're looking at the core strengths that IRSA Inversiones y Representaciones Sociedad Anónima offers to its stakeholders and customers as of late 2025. These aren't just aspirations; they are backed by recent financial performance and operational metrics.

Market leadership and stability in Argentine real estate

IRSA Inversiones y Representaciones Sociedad Anónima is recognized as Argentina's leading real estate company. This leadership is supported by a successful return to international capital markets, evidenced by the issuance of a USD 300 million 10-year note in Fiscal Year 2025. The company's market capitalization stood at approximately USD 977 million as of March 31, 2025. Stability is also reflected in a credit rating upgrade to AAA(arg) from FIX SCR during FY 2025, showing financial resilience.

High-traffic, high-occupancy shopping mall locations

The Shopping Malls segment is a cornerstone, showing robust growth with revenues and Adjusted EBITDA increasing by 8% and 10% year-over-year, respectively, for the Fiscal Year 2025 ended June 30, 2025. Occupancy has remained high, close to 98% in FY 2025. For the nine-month period ending March 31, 2025, tenant sales actually grew 13.4% year-over-year, with occupancy reaching 98.1%. The portfolio is expanding through strategic additions, including the acquisition of Terrazas de Mayo shopping center in FY 2025 and the purchase of 'Al Oeste' shopping center for USD 9 million in the first quarter of Fiscal Year 2026. Furthermore, construction started on a new open-air mall in La Plata, a major city lacking such a facility.

Here are the segment results for Rental Adjusted EBITDA in FY 2025:

Premium, full-service Class A+ office spaces

Demand for premium office space is clearly strong, with Class A+ and A buildings achieving 100% occupancy in the second quarter of FY 2025 (ended December 31, 2024) and maintaining this 100% occupancy in the first quarter of FY 2026 (ended September 30, 2025). This segment is being actively managed for value; for instance, an additional floor of the 261 Della Paolera building was sold for USD 7.1 million during Q2 FY 2025. This activity reduced the office portfolio Gross Leasable Area (GLA) to 58,000 sqm by the end of FY 2025.

Opportunity for large-scale urban development projects

IRSA Inversiones y Representaciones Sociedad Anónima offers significant value through its land bank and large-scale development pipeline, particularly the flagship Ramblas del Plata project. The company secured 13 transactions in FY 2025, covering approximately 111,000 saleable sqm for an estimated value of USD 81 million. Earlier in the year, agreements for eleven lots in the same project were worth USD 66.1 million. In Q2 FY 2025, two lots totaling 40,000 sqm were sold for USD 23.4 million. Furthermore, construction progress continues on Distrito Diagonal, a major shopping center development in La Plata.

Diversified exposure across retail, office, hotel, and land

The business model provides diversified exposure across key real estate sectors, which helps balance performance fluctuations. The FY 2025 Rental Adjusted EBITDA breakdown shows the relative contribution from each segment:

• Retail (Shopping Malls) contributed ARS 210,741 million.
• Office segment contributed ARS 15,584 million.
• Hotels segment contributed ARS 8,372 million in FY 2025.

The Hotels segment has faced headwinds, recording lower revenues and occupancy in the first half of FY 2025 and declining revenues in the nine-month period ending March 31, 2025. Still, the diversification means the strong performance in malls and offices supports the overall structure. Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Customer Relationships

You're looking at how IRSA Inversiones y Representaciones Sociedad Anónima manages its diverse set of stakeholders, from the tenants in its malls to the investors on the NYSE. It's a hybrid model, part REIT, part developer, so the relationship style shifts depending on who you are.

Dedicated leasing teams for long-term tenant retention

For the Shopping Malls segment, the relationship is about long-term partnership, evidenced by the high occupancy rates achieved. For Fiscal Year 2025, the portfolio occupancy remained close to 98%. The Hotels segment contributed Adjusted EBITDA of ARS 8,372 million in FY 2025, showing consistent service engagement even as the global luxury hotel market was valued at an estimated $166.41 billion in 2025. Still, the recovery in tenant spending is a key metric for these teams; tenant sales for the malls showed a slight decline of 2.8% for the full FY 2025, though Q3 FY2025 saw tenant sales grow 13.4% year-over-year, signaling improving in-store activity that the leasing teams work to support.

Transactional relationships for property and land sales

When it comes to land sales, especially within the large-scale Ramblas del Plata project, the relationship is purely transactional, focused on closing specific land parcels. In the third quarter of FY 2025 alone, IRSA Inversiones y Representaciones Sociedad Anónima signed sale and exchange agreements for eleven lots, totaling an estimated sellable area of 95,000 sqm for USD 66.1 million. Looking at the full Fiscal Year 2025, the company secured 13 transactions across the project, amounting to approximately 111,000 saleable sqm for an estimated value of USD 81 million. This is a clear, discrete exchange of asset for capital.

High-touch service for luxury hotel guests and corporate clients

For guests at iconic properties like the Hotel Llao Llao, the service model is inherently high-touch, aiming for premium experiences. While specific guest satisfaction scores aren't public, the segment's operational health is a proxy; the Hotels segment's Adjusted EBITDA was ARS 8,372 million in FY 2025. For corporate clients in the office space, the relationship shifted in FY 2025 as the company focused on premium assets. The company completed a new sale at the 261 Della Paolera building, reducing the office portfolio to 58,000 sqm of Gross Leasable Area (GLA), suggesting a focus on retaining only the highest-quality, fully-occupied corporate tenants. The premium office portfolio reached 100% occupancy in the third quarter of FY25.

Investor Relations for NYSE and BYMA shareholders

The relationship with public market investors is managed through formal disclosures and direct engagement, with Santiago Donato serving as the Investor Relations Officer. As of late 2025, the company held a market capitalization around $1.19 billion. For the quarter ending November 5, 2025, IRSA Inversiones y Representaciones Sociedad Anónima reported quarterly EPS of $1.42 on revenue of $97.35 million. To directly reward shareholders, the company distributed a cash dividend of ARS 173,788 million on November 4, 2025. Institutional investors owned approximately 45.5% of the stock, indicating a significant relationship with large funds.

Direct negotiation for large-scale development swaps/sales

This category covers the complex, bespoke deals for large land blocks or entire buildings, which are not standard leasing or public sales. The office segment's move to reduce its GLA to 58,000 sqm via the sale at the 261 Della Paolera building is a prime example of direct negotiation for a large asset. Similarly, the development swaps at Ramblas del Plata involved 11 swap agreements as part of the 13 total transactions in FY 2025, which is a direct negotiation mechanism used to progress the project while managing capital structure.

Here's a quick look at how the core operational relationships translate into numbers for the latest reported fiscal year:

The office portfolio's move to a smaller, high-occupancy base of 58,000 sqm of GLA shows a deliberate choice in client quality over sheer volume. Also, note the 2.3% year-over-year revenue increase in FY 2025, which reflects the overall health of the relationships across the rental base.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Channels

You're looking at how IRSA Inversiones y Representaciones Sociedad Anónima gets its value propositions to its customers and capital providers as of late 2025. The channels here are a mix of physical asset management and direct capital market engagement, reflecting its dual role as a property owner and a publicly traded entity.

Direct leasing and property management teams are the primary conduit for the Shopping Malls and Office segments. The effectiveness of these teams is clear in the numbers; the Shopping Malls segment achieved Rental Adjusted EBITDA of ARS 210,741 million for Fiscal Year 2025, with portfolio occupancy remaining close to 98%. For Offices, the focus on premium spaces resulted in Class A+ and A buildings reaching almost full occupancy.

The direct sales channel for development projects, like Ramblas del Plata, involved signing 13 transactions during the year, which included 2 cash sales and 11 swap agreements. This activity channeled approximately 111,000 saleable sqm into executed agreements, representing an estimated value of USD 81 million.

Here's a quick look at the financial output channeled through these core real estate operations for FY 2025:

Real estate brokers for office and residential sales support the monetization of assets outside of core recurring rental income. While specific broker commission data isn't public, the results of property sales channel through these intermediaries or direct negotiation are evident in the development progress. For instance, the company completed a new sale at the 261 Della Paolera building, which reduced the office portfolio GLA to 58,000 sqm.

Access to capital markets is a critical channel for IRSA Inversiones y Representaciones Sociedad Anónima, as it is the only real estate company in Argentina listed on both the New York Stock Exchange (NYSE) under the ticker IRS and Bolsas y Mercados Argentinos (BYMA) under IRSA. As of December 5, 2025, the NYSE ADR was trading at 15.150, with a market capitalization of 1.21B USD. The dividend yield as of that date was 9.21%.

For its hospitality assets, the company relies on standard hotel booking platforms and direct hotel sales channels. The performance through this channel was noted in the Rental Adjusted EBITDA for Hotels, which was ARS 8,372 million for FY 2025, representing a 2% decrease compared to fiscal year 2024. The segment saw lower revenues and occupancy in the first half of FY 2025.

Investor roadshows for capital market access are clearly utilized to place debt instruments. During the third quarter of Fiscal Year 2025, the company tapped the international capital markets again, issuing notes for 10 years totaling $300 million. Furthermore, shareholder communication channels, which include investor presentations and events, supported the distribution of an 8% dividend along with 3.6% in treasury shares in FY 2025. You can track these communications via their Investor Resources page, which listed events like a dividend distribution record date on November 14, 2025.

• The company reported a net gain of ARS 196,118 million for the full Fiscal Year 2025.
• The Earnings Per Share (TTM) as of December 5, 2025, stood at 581.05.
• The company's controlling shareholder, Cresud Sociedad Anónima, held a direct participation of 55.06% of the voting rights as of March 31, 2025.

Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Customer Segments

You're looking at the specific groups IRSA Inversiones y Representaciones Sociedad Anónima serves across its diverse real estate portfolio as of late 2025. It's a mix of traditional retail, high-end corporate users, land developers, and capital providers.

The customer base is segmented across five primary areas, each with distinct performance metrics for the Fiscal Year 2025 ended June 30, 2025, unless otherwise noted.

Retail Tenants (National and International Brands)

This segment centers on the shopping mall portfolio. These tenants are national and international brands seeking high foot traffic and strong consumer spending environments. The performance of this segment has been robust.

• Portfolio occupancy remained close to 98% for Fiscal Year 2025.
• Occupancy specifically reached 98.1% as of the third quarter of FY2025 (ended March 31, 2025).
• Tenant sales in the shopping malls grew 13.4% year-over-year in Q3 2025.
• Rental Adjusted EBITDA for the Shopping Malls segment was ARS 210,741 million in FY2025.

Corporate Tenants for Premium Office Space

IRSA Inversiones y Representaciones Sociedad Anónima targets corporations needing Class A+ and A office space. Demand picked up as more on-site work returned.

• The premium office portfolio maintained 100% occupancy during the second quarter of FY2025 (ended December 31, 2024).
• Class A+ and A buildings reached almost full occupancy for the full Fiscal Year 2025.
• The company completed a new sale at the 261 Della Paolera building for USD 7.1 million during the year.
• The office portfolio GLA (Gross Leasable Area) was reduced to 58,000 sqm after the sale.
• Rental Adjusted EBITDA for Offices in FY2025 totaled ARS 15,584 million.

High-Net-Worth Individuals and Developers Buying Land (e.g., Ramblas del Plata)

This segment involves selling prime land parcels, particularly within the flagship Ramblas del Plata project in Puerto Madero Sur, to developers and high-net-worth buyers.

Here's a look at the commercialization progress for Stage I of Ramblas del Plata during FY2025:

The first stage of the project comprises 14 lots, representing 18% of the total saleable area.

Domestic and International Institutional Investors

These are sophisticated capital providers interested in IRSA Inversiones y Representaciones Sociedad Anónima as a publicly traded entity or through its debt instruments. They are key to the company's financial flexibility.

• Institutional investors and hedge funds owned approximately 45.46% of the stock as of a recent report.
• The company issued Series XXIV Notes for USD 300 million, maturing in 2035, to return to international capital markets.
• The company's market capitalization stood at approximately USD 977 million as of March 31, 2025.
• The Debt / Equity ratio was reported as 0.36.

Business and Leisure Travelers (Hotel Segment)

This segment is served through IRSA Inversiones y Representaciones Sociedad Anónima's hotel operations. Performance here has lagged compared to the real estate segments.

• Rental Adjusted EBITDA for the Hotels segment was ARS 8,372 million in FY2025.
• The Hotels segment recorded lower revenues and occupancy in the first half of FY2025 compared to the same period in 2024.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Cost Structure

The Cost Structure for IRSA Inversiones y Representaciones Sociedad Anónima (IRS) is heavily weighted toward asset-intensive activities, reflecting its real estate focus.

Significant property operating and maintenance costs are inherent to managing a large portfolio of shopping centers, offices, and hotels. While specific line items for routine maintenance and utilities for FY2025 are not explicitly detailed in the public summaries, the scale of the portfolio dictates substantial recurring expenditure.

High development and construction costs are a key component, driven by strategic growth initiatives. The company initiated construction of a new open-air shopping mall in La Plata during fiscal year 2025, representing a significant capital outlay.

Interest expense on debt is a material cost. This includes servicing existing obligations and the cost associated with returning to international capital markets with a USD 300 million 10-year note issuance during the fiscal year.

General and administrative expenses reflect the overhead required to manage a large, diversified group spanning retail, office, and hotel assets across Argentina. For the period ending March 30, 2025, the Gastos De Venta Y Administración (Selling and Administrative Expenses) were reported at ARS 21.79B.

Acquisition costs for new assets are realized through strategic purchases. The acquisition of the Terrazas de Mayo shopping center is a concrete example of this cost driver.

• Acquisition cost for Terrazas de Mayo: USD 27.75 million.
• Amount paid at signing (60%): USD 16.65 million.
• Remaining balance payable in 2025 (upon deed transfer): USD 5.55 million (50% of USD 11.1 million).

The following table summarizes key known financial figures relevant to the Cost Structure for the fiscal year ended June 30, 2025, or immediately preceding periods.

The company's Rental Adjusted EBITDA for the year was ARS 234,697 million, which is the gross operating profit before certain non-cash items and financing costs.

• Shopping Malls Segment Rental Adjusted EBITDA: ARS 210,741 million.
• Offices Segment Rental Adjusted EBITDA: ARS 15,584 million.
• Hotels Segment Rental Adjusted EBITDA: ARS 8,372 million.

Finance: draft 13-week cash view by Friday.

IRSA Inversiones y Representaciones Sociedad Anónima (IRS) - Canvas Business Model: Revenue Streams

You're looking at the core ways IRSA Inversiones y Representaciones Sociedad Anónima brings in cash as of its late 2025 reporting. The numbers for the Fiscal Year 2025 ended June 30, 2025, show a clear reliance on recurring rental income, but also significant one-off gains from asset sales.

The overall top-line performance saw total Revenues increase by 2.3% during fiscal year 2025 compared to 2024. The bottom line, however, was much stronger, with Net income for fiscal year 2025 amounting to ARS 196,118 million, a significant swing from the loss of ARS 32,141 million in the previous year.

The recurring rental income, measured by Rental Adjusted EBITDA, totaled ARS 234,697 million for FY 2025. Here's how that breaks down by property type:

The Shopping Malls segment is definitely the main revenue driver, contributing the vast majority of the rental earnings. Still, you see the other segments providing consistent, albeit smaller, cash flows.

Property sales and developments provided a notable boost to the year's financial results. Specifically, IRSA Inversiones y Representaciones Sociedad Anónima progressed in the commercialization of Stage I of its flagship project, Ramblas del Plata. During the year, they signed 13 transactions (2 cash sales and 11 swap agreements), totaling approximately 111,000 saleable sqm for an estimated value of USD 81 million.

To give you a clearer picture of the operational performance underpinning those rental earnings, look at these segment highlights for FY 2025:

• Shopping Malls segment revenues grew 8% year-over-year.
• Shopping Malls segment Adjusted EBITDA grew 10% year-over-year.
• Shopping Malls portfolio occupancy remained close to 98%.
• Office portfolio Class A+ and A buildings reached almost full occupancy.
• The Office portfolio was reduced to 58,000 sqm of GLA following a sale at the 261 Della Paolera building.
• Hotel operations revenue is represented by the ARS 8,372 million in Rental Adjusted EBITDA, which decreased 2% compared to fiscal year 2024.