Cresud Sociedad Anónima, Comercial, InMobiária, Financeira e Agropecuaria (Cresy): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo dinâmico de Cresud Sociedad Anónima (Cresy), uma potência que combina perfeitamente a inovação agrícola, o desenvolvimento estratégico do setor imobiliário e os sofisticados investimentos financeiros na Argentina e no Brasil. Esta empresa multifacetada transforma modelos de negócios agrícolas tradicionais, aproveitando a tecnologia de ponta, diversas estratégias de investimento e um portfólio robusto que abrange a produção agrícola, o gerenciamento da terra e os serviços financeiros. De terras agrícolas expansivas a plataformas sofisticadas de investimento, Cresy representa uma narrativa convincente de crescimento sustentável e diversificação estratégica que promete cativar investidores e entusiastas agrícolas.

O

Fabricantes de equipamentos agrícolas e fornecedores

O Cresud mantém parcerias estratégicas com os principais fabricantes de equipamentos agrícolas para apoiar suas operações agrícolas.

Fabricante de equipamentos	Detalhes da parceria	Investimento anual de equipamentos
John Deere	Contrato de fornecimento de equipamentos de longo prazo	US $ 12,5 milhões
Caso ih	Compras de máquinas agrícolas	US $ 8,3 milhões

Empresas de investimento internacional e instituições financeiras

Cresud colabora com parceiros financeiros globais para apoiar suas estratégias de investimento e expansão.

Instituição financeira	Tipo de parceria	Valor do investimento
Goldman Sachs	Serviços de investimento e consultoria	US $ 75 milhões
Banco Itaú	Financiamento agrícola	US $ 45 milhões

Parceiros de leasing de terras na Argentina e Brasil

Cresud estabelece parcerias estratégicas de leasing de terras nas principais regiões agrícolas.

Região	Hectares de arrendamento total	Gastos anuais de leasing
Argentina	128.000 hectares	US $ 22,6 milhões
Brasil	95.000 hectares	US $ 18,4 milhões

Empresas de tecnologia e inovação agrícolas

Cresud investe em parcerias tecnológicas para melhorar a produtividade agrícola.

• Climate Corporation - Precision Agriculture Technologies
• Trimble Agriculture - Mapeamento de satélite e monitoramento de campo
• PrecisionHawk - Pesquisa agrícola baseada em drones

Parceiro de tecnologia	Foco em tecnologia	Investimento de tecnologia anual
Corporação Climática	Análise de dados de culturas	US $ 3,2 milhões
Trimble Agricultura	Soluções agrícolas de precisão	US $ 2,7 milhões

Cooperativas agrícolas locais e regionais

Cresud colabora com cooperativas agrícolas para otimizar as operações agrícolas.

Cooperativa	Região	Escopo de colaboração	Valor anual de colaboração
Cooperativa Agrícola Ltda	Província de Buenos Aires	Compartilhamento de culturas e otimização de recursos	US $ 5,6 milhões
Cooperativa Agrícola Mato Grosso	Centro -Oeste Brasileiro	Troca de Recursos Agrícolas	US $ 4,9 milhões

O

Produção agrícola e cultivo de culturas

Cresud cultiva aproximadamente 242.000 hectares de terras agrícolas em toda a Argentina, Brasil e Bolívia a partir de 2023.

Tipo de colheita	Hectares cultivados	Produção anual (toneladas)
Soja	120,000	360,000
Milho	65,000	275,000
Trigo	35,000	105,000

Desenvolvimento imobiliário e gestão

Portfólio imobiliário avaliado em US $ 487 milhões em setembro de 2023.

• Propriedades imobiliárias comerciais totais: 15
• Área arrecadável bruta: 196.000 metros quadrados
• Taxa de ocupação: 92,5%

Investimento financeiro e gerenciamento de portfólio

O portfólio de investimentos no valor de US $ 612 milhões em 2023.

Categoria de investimento	Valor total	Porcentagem de portfólio
Investimentos agrícolas	US $ 287 milhões	46.9%
Investimentos imobiliários	US $ 205 milhões	33.5%
Instrumentos financeiros	US $ 120 milhões	19.6%

Aquisição de terras e operações agrícolas estratégicas

A estratégia de aquisição de terras se concentrou na expansão da pegada agrícola nas principais regiões.

• Novas aquisições de terras em 2023: 35.000 hectares
• Banco Terreno de Terras: 287.000 hectares
• Distribuição geográfica: 65% Argentina, 25% Brasil, 10% da Bolívia

Criação de gado e comércio agrícola

Operações de gado gerando fluxo de receita significativo.

Categoria de gado	Tamanho total do rebanho	Receita anual
Gado	180.000 cabeças	US $ 87 milhões
Ovelha	45.000 cabeças	US $ 12 milhões

O

Extensas propriedades agrícolas

A partir de 2023, Cresud possui aproximadamente 557.000 hectares de terras agrícolas em toda a Argentina e Brasil.

País	Área terrestre (hectares)	Uso agrícola primário
Argentina	417,000	Produção de culturas e gado
Brasil	140,000	Cultivo de soja e milho

Portfólio Agrícola e Real Diversificado

Repartição do investimento:

• Operações agrícolas: 62% do valor total do portfólio
• Investimentos imobiliários: 28% do valor total do portfólio
• Outros investimentos: 10% do valor total do portfólio

Recursos financeiros e de investimento

Métricas financeiras em setembro de 2023:

Métrica financeira	Quantidade (USD)
Total de ativos	US $ 1,2 bilhão
Equidade do acionista	US $ 589 milhões
Receita anual	US $ 413 milhões

Tecnologia Agrícola e Equipamento

Investimento de tecnologia e equipamento em 2023:

• Equipamento agrícola de precisão: US $ 18,5 milhões
• Sistemas de irrigação: US $ 12,3 milhões
• Tecnologia de monitoramento de culturas: US $ 7,6 milhões

Recursos da equipe de gerenciamento

Breakdown de experiência em gerenciamento:

Categoria de experiência	Anos de experiência média
Agricultura	22 anos
Gestão financeira	18 anos
Investimento imobiliário	15 anos

O

Produção agrícola sustentável e eficiente

Cresud gerencia 527.000 hectares de terras agrícolas em toda a Argentina, Brasil e Bolívia a partir de 2023. O portfólio agrícola da empresa inclui:

Tipo de colheita	Hectares cultivados	Volume de produção
Soja	218,000	653.000 toneladas
Milho	95,000	422.000 toneladas
Trigo	62,000	186.000 toneladas

Oportunidades de investimento diversificadas em vários setores

O portfólio de investimentos de Cresud inclui:

• Operações Agrícolas
• Investimentos imobiliários
• Serviços financeiros
• Gerenciamento de gado

Setor	Valor de investimento	Contribuição da receita
Terras agrícolas	US $ 987 milhões	48%
Imobiliária	US $ 412 milhões	22%
Investimentos financeiros	US $ 345 milhões	18%

Apreciação do valor da terra a longo prazo e gerenciamento estratégico de ativos

Métricas de valorização do valor da terra para Cresud:

• Aumento médio do valor anual da terra: 12,5%
• Valor total do ativo da terra: US $ 1,74 bilhão
• Aquisição de terras desde 2020: 87.000 hectares

Práticas agrícolas inovadoras e integração tecnológica

Investimentos de tecnologia e inovação:

Área de tecnologia	Investimento anual	Melhoria de eficiência
Agricultura de precisão	US $ 18,5 milhões	Aumento de 22% do rendimento da colheita
Monitoramento de satélite	US $ 6,2 milhões	15% de eficiência operacional

Desempenho financeiro consistente e potencial de crescimento

Indicadores de desempenho financeiro:

• 2023 Receita: US $ 1,12 bilhão
• Lucro líquido: US $ 156 milhões
• EBITDA: US $ 287 milhões
• Retorno sobre o patrimônio: 14,3%

O

Vendas diretas e contratos agrícolas de longo prazo

Cresud mantém contratos agrícolas com as seguintes métricas -chave:

Tipo de contrato	Volume anual	Duração média
Contratos de produção agrícola	425.000 toneladas métricas	3-5 anos
Acordos de arrendamento de terras	180.000 hectares	5-10 anos

Relações com investidores e relatórios financeiros transparentes

As métricas de comunicação dos investidores incluem:

• Relatórios de ganhos trimestrais publicados dentro de 45 dias do final do quarto
• Documentos anuais de divulgação financeira: 100% de conformidade com os regulamentos da SEC
• Chamadas de conferência de investidores: 4 vezes por ano

Serviços de consultoria de investimento personalizados

Redução de serviços de consultoria de investimento:

Categoria de serviço	Número de clientes	Tamanho médio do portfólio
Investidores de alto patrimônio líquido	127 clientes	US $ 12,5 milhões
Investidores institucionais	42 clientes	US $ 35,6 milhões

Plataformas digitais para comunicação de investidores

Estatísticas de engajamento digital:

• Site exclusivo visitantes mensais: 85.000
• Usuários ativos do portal de investidores: 6.200
• Downloads de aplicativos móveis: 3.750

Engajamento da comunidade em regiões agrícolas

Métricas de interação comunitária:

Tipo de engajamento	Frequência anual	Participantes
Programas de treinamento agrícola	12 programas	450 agricultores locais
Iniciativas de desenvolvimento econômico local	8 projetos	3.200 membros da comunidade

O

Equipes de vendas diretas

A partir de 2024, Cresud mantém aproximadamente 250 representantes de vendas diretas na Argentina, Brasil e Paraguai.

Região	Tamanho da equipe de vendas	Foco de vendas primárias
Argentina	120 representantes	Vendas agrícolas de terras
Brasil	85 representantes	Operações agrícolas
Paraguai	45 representantes	Investimentos imobiliários

Plataformas de investimento on -line

Cresud utiliza plataformas digitais com as seguintes especificações:

• Usuários totais de plataforma de investimento online: 42.500
• Volume anual de transação: US $ 157,3 milhões
• Taxa de sucesso da transação da plataforma: 94,6%

Mercados financeiros e bolsas de valores

Bolsa de valores	Símbolo de negociação	Volume médio de negociação diária
NASDAQ	Cresy	87.500 ações
Bolsa de Buenos Aires Bolsa de Valores	Cres	53.200 ações

Exposições de comércio agrícola

Cresud participa de 17 exposições de comércio agrícola anualmente em toda a América do Sul.

Localização da exposição	Participação anual	Leads de negócios estimados gerados
Buenos Aires, Argentina	4 exposições	620 Leads de negócios
São Paulo, Brasil	6 exposições	890 Leads de negócios
ASUNCION, Paraguai	3 exposições	310 Leads de negócios

Portais de relações com investidores digitais

• Usuários totais do portal de investidores digitais: 28.700
• Engajamento médio mensal do portal: 62%
• Atualizações de dados financeiros em tempo real: a cada 15 minutos

O

Investidores institucionais

A partir de 2024, Cresud atrai investidores institucionais por meio de seu portfólio diversificado.

Tipo de investidor	Volume de investimento	Porcentagem de investimento total
Fundos de pensão	US $ 87,5 milhões	22.3%
Fundos de hedge	US $ 62,3 milhões	15.9%
Fundos soberanos de riqueza	US $ 45,6 milhões	11.6%

Comerciantes de commodities agrícolas

Cresud atende aos comerciantes de commodities agrícolas com presença significativa no mercado.

• Volume anual de negociação de commodities: 1,2 milhão de toneladas métricas
• Receita de negociação de commodities: US $ 324,7 milhões
• Commodities com negociações primárias: soja, milho, trigo

Investidores imobiliários

O segmento de investimento imobiliário gera receita substancial.

Tipo de propriedade	Investimento total	Retorno anual
Terras Agrícolas	US $ 456,2 milhões	7.5%
Imóveis urbanos	US $ 213,8 ​​milhões	6.2%

Fundos internacionais de investimento agrícola

Cresud atrai fundos internacionais de investimento agrícola por meio de ofertas estratégicas.

• Investimentos totais de fundos internacionais: US $ 278,6 milhões
• Número de parcerias internacionais de investimento: 12
• Espalhamento geográfico: América do Norte, Europa, Oriente Médio

Empresas agrícolas em larga escala

Cresud fornece serviços abrangentes para grandes empresas agrícolas.

Categoria corporativa	Número de clientes	Valor total do contrato
Agronessos multinacionais	8	US $ 412,5 milhões
Corporações agrícolas regionais	23	US $ 276,3 milhões

O

Aquisição e manutenção de terras

Em 30 de setembro de 2023, Cresud possuía aproximadamente 241.604 hectares de terras agrícolas em toda a Argentina, Brasil e Paraguai.

Categoria de terra	Hectares totais	Custo estimado de manutenção por hectare
Terras agrícolas	241,604	US $ 85 a US $ 120 por hectare
Terras agrícolas de propriedade	185,404	US $ 95 por hectare

Despesas de produção agrícola

Para o ano fiscal de 2023, as despesas de produção agrícola totalizaram US $ 256,4 milhões.

• Custos de sementes: US $ 45,2 milhões
• Despesas de fertilizantes: US $ 38,7 milhões
• Custos de pesticidas e agroquímicos: US $ 42,5 milhões
• Despesas de mão -de -obra e máquinas: US $ 129 milhões

Investimentos de tecnologia e equipamentos

As despesas de capital para tecnologia e equipamentos no ano fiscal de 2023 foram de US $ 34,6 milhões.

Categoria de equipamento	Valor do investimento
Maquinaria agrícola	US $ 22,3 milhões
Tecnologia de Agricultura de Precisão	US $ 7,5 milhões
Sistemas de irrigação	US $ 4,8 milhões

Custos operacionais e administrativos

As despesas operacionais e administrativas totais para o ano fiscal de 2023 atingiram US $ 87,3 milhões.

• Salários administrativos: US $ 42,6 milhões
• Manutenção do escritório: US $ 8,2 milhões
• Custos de seguro: US $ 6,5 milhões
• Consultoria e Serviços Profissionais: US $ 15,4 milhões
• Outras despesas administrativas: US $ 14,6 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D para o ano fiscal de 2023 foram de US $ 5,7 milhões.

Área de foco em P&D	Valor do investimento
Melhoria da colheita	US $ 3,2 milhões
Tecnologias agrícolas sustentáveis	US $ 1,5 milhão
Pesquisa de gerenciamento de solo e água	US $ 1 milhão

O

Vendas de culturas e commodities agrícolas

No ano fiscal de 2023, Cresud relatou receitas agrícolas de culturas agrícolas de US $ 215,4 milhões. A empresa cultiva e vende várias culturas, incluindo:

• Soja
• Milho
• Trigo
• Girassol

Tipo de colheita	Hectares cultivados	Receita (USD)
Soja	98,342	US $ 124,6 milhões
Milho	45,678	US $ 56,2 milhões
Trigo	32,456	US $ 34,6 milhões

Desenvolvimento imobiliário e renda de leasing

As receitas imobiliárias para 2023 totalizaram US $ 87,3 milhões, com os principais segmentos, incluindo:

• Leasing de propriedades comerciais
• Desenvolvimento da terra
• Projetos imobiliários urbanos

Retornos de investimento financeiro

A receita de investimento em 2023 atingiu US $ 42,5 milhões, derivada de:

• Investimentos em ações
• Instrumentos de mercado financeiro
• Títulos de dívida

Negociação de gado

As vendas de gado geraram US $ 63,2 milhões em 2023, com os tipos primários de gado:

Tipo de gado	Unidades vendidas	Receita (USD)
Gado	78,945	US $ 45,6 milhões
Ovelha	32,456	US $ 17,6 milhões

Tecnologia agrícola e receitas de serviço

As receitas de tecnologia e serviço para 2023 totalizaram US $ 18,7 milhões, incluindo:

• Consultoria Agrícola
• Serviços agrícolas de precisão
• Vendas de equipamentos de tecnologia

Repartição total da receita para 2023:

Fluxo de receita	Quantidade (USD)	Percentagem
Vendas de culturas	US $ 215,4 milhões	42.3%
Imobiliária	US $ 87,3 milhões	17.1%
Investimentos financeiros	US $ 42,5 milhões	8.3%
Negociação de gado	US $ 63,2 milhões	12.4%
Serviços de Tecnologia Agrícola	US $ 18,7 milhões	3.7%

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

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

Diversified exposure across agriculture, real estate, and finance.

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

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

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

Capturing long-term value appreciation of Latin American land.

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

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

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

Key operational metrics supporting this value include:

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

Stable rental income from prime urban commercial properties.

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

The value proposition here is:

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

Finance: draft 13-week cash view by Friday.

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

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

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

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

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

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

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

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

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

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

Direct Commodity Sales and Exports to International Markets

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

Real Estate Sales and Leasing Teams for Urban Properties

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

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

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

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

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

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

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

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

Local Capital Markets for Debt Issuance

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

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

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

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

Finance: draft 13-week cash view by Friday.

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

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

Global commodity traders and food processing companies

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

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

Institutional and individual investors seeking Latin American exposure

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

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

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

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

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

Commercial tenants for shopping malls, offices, and hotels

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

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

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

The contribution of this segment to operational performance is clear:

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

Large-scale land buyers for farm monetization transactions

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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