Cresud Sociedad Anónima, Comercial, Inmobiária, Financeira e Agropecuaria (Cresy): Análise de Pestle [Jan-2025 Atualizado]

Na paisagem dinâmica do agronegócio argentino, a Cresud Sociedad Anónima surge como uma empresa complexa e resiliente, navegando em um labirinto de desafios políticos, econômicos e tecnológicos. Esta análise abrangente de pestles revela o ambiente multifacetado em que Cresud opera, revelando uma narrativa convincente de adaptação estratégica em meio a um terreno econômico volátil da Argentina. De tecnologias de agricultura de precisão a estruturas regulatórias complexas, a jornada da empresa reflete uma interação diferenciada de forças externas que moldam sua tomada de decisão estratégica e sustentabilidade a longo prazo em um mercado global cada vez mais competitivo.

Cresud Sociedad Anónima, Comercial, Inmobiária, Financeira e Agropecuaria (Cresy) - Análise de Pestle: Fatores Políticos

A instabilidade política da Argentina afeta o clima de investimento agrícola

O cenário político da Argentina em 2024 demonstra volatilidade significativa. Em janeiro de 2024, o país experimentou uma taxa de inflação anual de 276,2%, a mais alta em 32 anos. A recente eleição do presidente Javier Milei introduziu reformas econômicas radicais, criando incerteza para investimentos agrícolas.

Indicador político	2024 Valor
Taxa de inflação anual	276.2%
Índice de Estabilidade Política	-1.45
Intervenção do governo na agricultura	Alto

Políticas de exportação agrícola do governo

As políticas de exportação agrícola da Argentina afetam significativamente as estratégias comerciais internacionais de Cresud. Em 2023, os impostos de exportação agrícola variaram entre 30-33% para as principais mercadorias.

• Imposto de exportação de soja: 33%
• Imposto de exportação de milho: 30%
• Imposto de exportação de trigo: 31,5%

Regulamentos de propriedade da terra

Potenciais mudanças regulatórias criam incerteza de investimento. Atualmente, a propriedade estrangeira está restrita a 10% do total de terras agrícolas na Argentina.

Regulamentação da propriedade da terra	Status atual
Limite de propriedade da terra estrangeira	10%
Investimento estrangeiro máximo por província	20.000 hectares

Reformas econômicas e investimento estrangeiro

As políticas de liberalização econômica do presidente Milei visam atrair investimentos estrangeiros. As reformas propostas incluem desvalorização da moeda e redução de subsídios governamentais.

• Desvalorização da moeda proposta: 50%
• Redução potencial de subsídios: 70%
• Aumento do investimento direto estrangeiro: 15%

Cresud Sociedad Anónima, Comercial, InMobiária, Financeira Y Agropecuaria (Cresy) - Análise de Pestle: Fatores econômicos

Altas taxas de inflação no planejamento financeiro da Argentina

A taxa de inflação da Argentina alcançada 142.7% em dezembro de 2023, representando uma das maiores taxas de inflação em todo o mundo. Para Cresud, esse ambiente econômico cria desafios significativos de planejamento financeiro.

Ano	Taxa de inflação (%)	Impacto em Cresud
2022	95.4%	Altos custos operacionais
2023	142.7%	Aumento da volatilidade financeira

Taxas de câmbio de moeda volátil afetam operações de mercado internacional

O peso argentino se depreciou 37.5% Contra o dólar americano em 2023, criando um risco monetário significativo para as operações internacionais de Cresud.

Métrica de moeda	2023 valor
Taxa de câmbio do USD/ARS	1 USD = 1.000 ARS
Depreciação anual	37.5%

As flutuações de preços de commodities agrícolas afetam diretamente a receita da empresa

Os preços da soja flutuaram entre $ 12,50 e US $ 15,75 por bushel em 2023, impactando diretamente os fluxos de receita agrícola de Cresud.

Mercadoria	2023 Faixa de preço	Variação anual
Soja	$ 12,50 - $ 15,75/bushel	26%
Milho	$ 4,75 - US $ 6,25/bushel	31.6%

O aumento das taxas de juros influencia as estratégias de investimento e expansão

O Banco Central da Argentina manteve as taxas de juros em 97% Em dezembro de 2023, afetando significativamente as estratégias de investimento e expansão de Cresud.

Métrica da taxa de juros	2023 valor
Taxa base do banco central	97%
Taxa de empréstimos corporativos	110-125%

Cresud Sociedad Anónima, Comercial, InMobiliaria, Financeira Y Agropecuaria (Cresy) - Análise de Pestle: Fatores sociais

Crescente demanda do consumidor por práticas agrícolas sustentáveis

De acordo com o Relatório Global de Mercado de Agricultura Sustentável, 2023, o mercado de agricultura sustentável foi avaliada em US $ 15,2 bilhões em 2022 e deve atingir US $ 24,6 bilhões em 2027, com um CAGR de 10,2%.

Ano	Valor de mercado da Agricultura Sustentável	Porcentagem de preferência do consumidor
2022	US $ 15,2 bilhões	62%
2027 (projetado)	US $ 24,6 bilhões	75%

Mudança de demografia da força de trabalho no setor agrícola

A força de trabalho agrícola argentina mostra mudanças demográficas significativas. Em 2023, a idade média dos agricultores na Argentina é de 53,4 anos, com 38% dos trabalhadores agrícolas com menos de 35 anos.

Faixa etária	Porcentagem de força de trabalho agrícola
Abaixo de 35	38%
35-55	42%
Mais de 55	20%

O aumento da migração urbana afeta a disponibilidade de trabalho rural

A Argentina sofreu um declínio de 17,3% na população rural entre 2010 e 2022, impactando diretamente a disponibilidade do trabalho agrícola. As taxas de migração urbana mostram 68% da população que agora reside em áreas urbanas.

Ano	População rural	Taxa de migração urbana
2010	9,4 milhões	62%
2022	7,8 milhões	68%

Crescente conscientização da sustentabilidade ambiental na agricultura

A conscientização sobre sustentabilidade ambiental no setor agrícola da Argentina aumentou, com 72% das empresas agrícolas implementando práticas sustentáveis ​​em 2023, ante 45% em 2018.

Ano	Consciência da sustentabilidade	Empresas que implementam práticas sustentáveis
2018	45%	38%
2023	72%	62%

Cresud Sociedad Anónima, Comercial, InMobiária, Financeira Y Agropecuaria (Cresy) - Análise de Pestle: Fatores tecnológicos

Tecnologias de Agricultura de Precisão

Cresud investiu US $ 12,4 milhões em tecnologias de agricultura de precisão em 2023. As máquinas agrícolas guiadas por GPS aumentaram a eficiência do rendimento das culturas em 17,6%. As tecnologias agrícolas de precisão reduziram os custos de entrada em 22,3% nas operações agrícolas da empresa.

Tipo de tecnologia	Valor do investimento	Melhoria de eficiência
Máquinas guiadas por GPS	US $ 5,2 milhões	17.6%
Sensores do solo	US $ 3,7 milhões	15.4%
Mapeamento de drones	US $ 3,5 milhões	14.2%

Transformação digital

Cresud implementou uma plataforma de monitoramento digital de US $ 9,6 milhões em 2023. Os investimentos em análise de dados aumentaram a transparência operacional em 28,5%. As tecnologias de monitoramento de culturas em tempo real reduziram o tempo de resposta do gerenciamento agrícola em 35,7%.

Tecnologias de imagem por satélite

O investimento em imagem por satélite atingiu US $ 7,3 milhões em 2023. As tecnologias de sensoriamento remoto melhoraram o monitoramento da saúde da colheita em 24,9%. As imagens multiespectrais de satélite reduziram os erros de previsão de perda de culturas em 19,2%.

Tecnologia de satélite	Investimento	Melhoria de desempenho
Imagem multiespectral	US $ 4,1 milhões	24.9%
Mapeamento de alta resolução	US $ 3,2 milhões	22.6%

Implementação da cadeia de suprimentos blockchain

O investimento em tecnologia da blockchain totalizou US $ 6,5 milhões em 2023. A transparência da cadeia de suprimentos aumentou 33,7%. A rastreabilidade dos produtos agrícolas melhorou em 41,2% através da implementação do blockchain.

Aplicativo Blockchain	Investimento	Melhoria da transparência
Rastreabilidade do produto	US $ 3,8 milhões	41.2%
Rastreamento da cadeia de suprimentos	US $ 2,7 milhões	33.7%

Cresud Sociedad Anónima, Comercial, InMobiária, Financeira Y Agropecuaria (Cresy) - Análise de Pestle: Fatores Legais

Ambiente regulatório complexo para empresas agrícolas na Argentina

A estrutura regulatória agrícola da Argentina envolve várias agências governamentais:

Agência regulatória	Responsabilidades importantes	Impacto regulatório
Ministério da Agricultura, gado e pesca	Supervisão da política agrícola	Controle regulatório direto
Serviço Nacional de Segurança e Qualidade de Alimentos (SenASA)	Regulamentos de segurança alimentar	Requisitos estritos de conformidade
Administração Alfândega Argentina	Regulamentos de importação/exportação	Execução de restrições comerciais

Conformidade com regulamentos e padrões de comércio internacional

Métricas de conformidade de exportação para produtos agrícolas:

Categoria de regulamentação	Requisito de conformidade	Faixa de penalidade
Padrões agrícolas da OMC	100% de verificação de documentação	US $ 50.000 - US $ 500.000 multas potenciais
Certificação fitossanitária	Documentação obrigatória de remessa internacional	Suspensão de licença de exportação possível

Leis de proteção ambiental que afetam o uso da terra e práticas agrícolas

Principais estruturas regulatórias ambientais:

• Lei Ambiental Geral 25.675
• Lei de Proteção Florestal 26.331
• Regulamento de conservação do solo 22.428

Regulamentação ambiental	Requisito específico	Conseqüência potencial
Lei de Proteção Florestal	Conservação Florestal Nativa obrigatória	Até 200.000 ars finos por violações
Regulação da conservação do solo	Práticas sustentáveis ​​de gestão da terra	Potenciais restrições de uso da terra

Regulamentos de propriedade intelectual para inovações agrícolas

Estrutura de propriedade intelectual da Argentina para inovações agrícolas:

Categoria de proteção IP	Duração do registro	Escopo de proteção
Proteção à variedade de plantas	20 anos após o registro	Exclusividade do material genético
Patentes de tecnologia agrícola	15 anos máximo	Proteção de inovação tecnológica

Cresud Sociedad Anónima, Comercial, Inmobiária, Financeira e Agroprecuaria (Cresy) - Análise de Pestle: Fatores Ambientais

Impacto das mudanças climáticas na produtividade agrícola

Argentina experimentou a 38,3% de redução na produção agrícola devido à seca em 2022-2023. As terras agrícolas de Cresud na Argentina enfrentaram desafios significativos de rendimento, com a produção de soja caindo de 4,2 milhões de toneladas para 2,6 milhões de toneladas.

Ano	Redução do rendimento da colheita	Impacto econômico
2022	32.5%	US $ 127 milhões
2023	38.3%	US $ 156 milhões

Gerenciamento de recursos hídricos em regiões agrícolas

Cresud implementado Tecnologias avançadas de irrigação cobrindo 65.000 hectares, reduzindo o consumo de água em 22,4% em comparação com os métodos tradicionais.

Método de irrigação	Economia de água	Cobertura da terra
Irrigação por gotejamento	22.4%	45.000 hectares
Aspersores de precisão	18.7%	20.000 hectares

Foco crescente em práticas agrícolas sustentáveis

Cresud investiu US $ 12,3 milhões Em tecnologias agrícolas sustentáveis, implementando práticas agrícolas regenerativas em 78.000 hectares.

• Cobertura de agricultura regenerativa: 78.000 hectares
• Potencial de seqüestro de carbono: 127.000 toneladas CO2/ano
• Zonas de preservação da biodiversidade: 22.500 hectares

Estratégias de redução de emissão de carbono em operações agrícolas

Cresud reduziu as emissões de carbono por 27.6% por mecanização e integração de energia renovável em operações agrícolas.

Estratégia de redução de emissões	Redução de CO2	Investimento
Máquinas elétricas	15.3%	US $ 7,5 milhões
Integração de energia solar	12.3%	US $ 5,2 milhões

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - PESTLE Analysis: Social factors

You're operating in a global food system facing a fundamental shift, where how you farm is becoming as important as what you harvest. The social factors impacting Cresud are all about transparency, labor dynamics, and the political sensitivity of owning large tracts of land in South America. We need to map these near-term risks and opportunities to your core business model.

Growing global demand for sustainable food production and traceability

The market is defintely pushing for verifiable sustainability, and this is a clear opportunity for Cresud. The global food traceability market is set to hit $25.54 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 9.6% from 2024. Consumers are now willing to pay a premium for transparency, with sustainability-marketed products continuing to grow at a rate above 17%.

This isn't a niche trend anymore; it's a core requirement for access to premium export markets like the European Union. Cresud has already taken concrete steps here, which is smart risk mitigation. For example, the company has certified its soybean production at one of its Argentine farms under the Round Table on Responsible Soy Association (RTRS) standard. Also, starting to measure your carbon footprint is a critical diagnostic tool for future compliance and market access.

• Consumer Expectation: Two-thirds of consumers consider environmental factors when buying.
• Market Size: Global food traceability market is $25.54 billion in 2025.
• Cresud Action: Certified soybean production under RTRS standard.

Rural-to-urban migration affecting labor availability for large-scale farming

The long-term demographic trend in Argentina is a shrinking rural labor pool. Agricultural employment naturally falls as a country urbanizes and mechanizes. Historically, Argentina saw a 41.5% decrease in the number of agricultural holdings (EAPs) over a 30-year period, which shows the scale of this structural change. You can't rely on cheap, abundant manual labor forever; the labor is moving to the cities.

Here's the quick math: Cresud's business model, which focuses on large-scale, highly mechanized operations, is inherently designed to mitigate this risk. By the end of the 2025 campaign, over 60% of Argentine farms are expected to adopt precision agriculture technologies, which reduces the need for manual labor and increases efficiency. This transition from labor-intensive to capital-intensive farming is a necessary adaptation to rural depopulation.

Consumer preference shifts towards plant-based proteins impacting crop mix

The global shift toward plant-based diets is a massive market force, estimated to reach a size of $85,000 million in 2025 globally. While the focus often goes to novel proteins, the core of this trend is still traditional crops. Cresud is a major producer of soybeans and corn, which are foundational ingredients in both plant-based meat alternatives and feed for traditional livestock. The key is to adapt your crop mix to higher-value, specialized pulses.

While flexitarians-who still eat meat but lean toward plant-based options-make up about 46% of the global consumer base, the demand for non-soy proteins like pea, chickpea, and fava bean is rising. This creates an opportunity for Cresud to diversify its crop portfolio beyond commodity soybeans and corn into these higher-margin pulse crops. Cresud plans to plant approximately 303,000 hectares in the 2025 campaign, and a strategic allocation of a small percentage of this land to high-demand plant-protein sources would be a smart move.

Plant-Based Protein Trend (2025)	Global Market Value (2025)	Implication for Cresud's Crop Mix
Global Plant-Based Food Market	$85,000 million	Increases demand for core crops (Soy, Corn) and alternative pulses.
Flexitarian Consumer Base	Approximately 46% globally	Sustains demand for both traditional meat and plant-based ingredients.
Emerging Protein Sources	Pea, Chickpea, Fava Bean proteins	Opportunity to diversify a portion of the 303,000 hectares planted in 2025 into higher-margin specialty crops.

Social pressure regarding large-scale land ownership and land tenure rights

Owning massive land portfolios in South America, especially in Argentina, creates inherent social and political risk. The debate over concentrated land ownership is a constant in the region, centered on national sovereignty and social justice. The historical 'Rural Land Law' (Law No. 26,737) restricted foreign ownership to 15% of rural land at a provincial level and a maximum of 1,000 hectares per foreign person, and while its repeal is a pro-market signal, the underlying social pressure remains.

Cresud's real estate strategy, which involves buying, developing, and selling productive land, is directly exposed to this public scrutiny. In the 2025 fiscal year, the company reported selling a portion of the 'Los Pozos' farm in Argentina for USD 2.2 million and a portion of the 'Alto Taquari' farm in Brazil for BRL 189.4 million. These transactions, while financially sound, fuel the public debate about land speculation versus productive use and land access for rural families. This is a perpetual risk that requires a strong social license to operate, which means proactively engaging with local communities and securing clear land titles, especially in areas like the Gran Chaco where tenure is often informal.

Finance: Draft a risk-adjusted return model for specialty pulse crops (pea, chickpea) on 5% of the 2025 planted area by the end of the quarter.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - PESTLE Analysis: Technological factors

You're managing a massive, diversified land portfolio, so technology isn't just an expense line; it's the operating system for your entire business model. For Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, the key technological factors in 2025 revolve around integrating data from the field to the balance sheet, especially across its 1.1 million hectares of land and its complex real estate holdings.

Increased adoption of precision agriculture (agtech) to boost yields and efficiency.

Cresud is doubling down on precision agriculture (agtech), moving past simple GPS guidance to a more data-intensive approach. The company committed to investing over $20 million in these techniques as of 2024, with a clear goal: boost crop yields by at least 15% over the next three years. That's a massive return on investment, and it shows a clear strategic commitment. This focus is critical, especially as the 2025 campaign saw the planted area increase to 303,000 hectares, a 9% jump from the previous season.

Here's the quick math on the expected impact: The company projects a total grain production of approximately 867,000 tons for the 2025 campaign, a 23% increase over the prior year. While favorable weather helped, precision tools are what lock in the efficiency gains and resource optimization. You can't manage a farm portfolio across four countries-Argentina, Brazil, Bolivia, and Paraguay-without this level of granular control.

• Site-Specific Management: Applying fertilizer and water based on real-time soil and crop data.
• Variable Rate Technology (VRT): Tailoring seed and input application to different zones within a single field.
• Yield Mapping: Using combine monitors to generate high-resolution data for future planning.

Use of satellite imagery and AI for real-time monitoring of CRESY's 1.1 million hectares of land.

Managing 1.1 million hectares of farmland and undeveloped land is impossible with boots on the ground alone. Cresud relies on remote sensing and artificial intelligence (AI) to create a virtual, real-time command center for its vast land base. Satellite imagery provides the Normalized Difference Vegetation Index (NDVI) and other spectral data, essentially giving you a health report for every square meter of your land.

The trend is clear: global satellite imagery use in precision farming is projected to increase by 45% between 2023 and 2025. Cresud's strategy leverages this by feeding the satellite data into AI-powered advisory systems. This allows farm managers to get predictive alerts on potential disease outbreaks, water stress, or nutrient deficiencies, enabling a targeted response rather than a costly, blanket application. This is how you protect your $20 million agtech investment and ensure you hit that 15% yield target.

Need for significant investment in IT infrastructure to manage diversified operations.

The sheer scale of Cresud's diversified operations-from cattle and grain production to urban real estate via its subsidiary IRSA-demands a defintely robust IT infrastructure. Think of the data flow: daily agtech inputs from 303,000 hectares of planted crops, plus the complex financial and operational data from IRSA's shopping malls and offices. This requires a strong backbone of cloud computing and enterprise resource planning (ERP) systems.

The need for IT investment is implicitly huge, even without a specific public budget number. For instance, the Urban properties and investments business (through IRSA) generated an adjusted EBITDA of ARS 103,136 million in the first half of FY2025, while the Agribusiness adjusted EBITDA was ARS 35,262 million. Managing the financial consolidation and compliance for these two vastly different, high-value segments is a major IT undertaking. Your system must handle hyperinflationary accounting (IAS 29) for the Argentine operations, plus the complexities of multi-currency transactions across four Latin American countries. That's a serious data challenge.

Digital platforms streamlining real estate transactions and property management.

In the real estate arm, the focus is on digital platforms to streamline transactions and property management. While the core asset value is in the land and buildings, the transaction layer is where efficiency is gained. The industry is rapidly adopting technologies like Blockchain for secure, transparent property records and AI-powered valuation for real-time market pricing.

For Cresud, this means digitizing the sales process for its land and urban properties. For example, a fraction of the Los Pozos farm was sold for USD 2.2 million, and a portion of the Alto Taquari farm was sold for BRL 189.4 million in the first half of FY2025. These are high-value transactions that benefit immensely from digital platforms that automate due diligence, smart contracts, and legal documentation. The goal is to reduce the time-to-close and lower the transactional friction, which is especially high in the complex regulatory environments of Latin America.

The table below summarizes the technological leverage points across the two main business segments:

Business Segment	Core Technology Focus (2025)	Quantifiable Impact / Metric
Agribusiness (Farms)	Precision Ag (VRT, AI, Satellite Imagery)	Targeting 15% yield increase; 303,000 hectares under cultivation.
Urban Properties & Investments (IRSA)	Digital Platforms, AI Valuation, Smart Contracts	Adjusted EBITDA of ARS 103,136 million (1H FY2025); Transaction examples like the USD 2.2 million Los Pozos sale.

The next step is to ensure your IT and Agribusiness teams are fully integrated, with a clear dashboard that maps the $20 million agtech spend directly to the 23% projected grain production increase.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - PESTLE Analysis: Legal factors

You're operating a large-scale agribusiness like Cresud, which means your legal risks are less about a single law and more about the volatile, interconnected regulatory environment across multiple countries. The biggest near-term factor for Cresud in 2025 is the sweeping, pro-market deregulation in Argentina, which cuts costs but introduces new uncertainty in enforcement and policy permanence.

This shift has immediate, measurable impacts on labor costs and export taxes, but it also creates a defintely less predictable environment for environmental compliance and property rights. You need to map the cost savings against the risk of rapid policy reversal.

Complex and evolving labor laws in Argentina affecting farm worker costs and contracts

The Argentine government's labor reforms, enacted in late 2024 and effective through 2025, have fundamentally altered the cost structure for farm labor. The goal is to reduce the high cost of termination and litigation, which directly benefits a large employer like Cresud.

The key change is the elimination of several fines that previously doubled or tripled severance pay for deficient registration, which often fueled labor claims. Also, the trial period for indefinite-term employment contracts is now extended to six months generally, and up to one year for smaller employers, giving you better flexibility in new hires.

Here's the quick math: Labor litigation costs are set to drop because the interest rate applied to labor court claims is now limited to the Consumer Price Index (IPC) plus a simple annual interest of 3%, a significant reduction from previous, often punitive, rates. Plus, the legal regime for seasonal agricultural workers has been modified, subjecting them to a trial period and allowing them to be hired through temporary agencies, streamlining the workforce management for the agricultural campaign.

• Trial period for new hires: Extended to up to one year for small employers.
• Severance fines: Eliminated, reducing litigation-related termination costs.
• Litigation interest rate: Capped at CPI + 3% simple annual interest.

Environmental impact assessment (EIA) requirements for new land development projects

The legal framework for environmental protection is weakening in Argentina, which presents a short-term opportunity for faster land development but a long-term reputation and climate risk. The national government has significantly downgraded the Ministry of Environment to an Undersecretariat and cut its budget by over 65% in 2024.

The proposed legislative changes, such as the Investment Promotion Regime (RIGI), have been criticized for not explicitly demanding Environmental Impact Assessments (EIAs) or evaluating cumulative impacts for new projects. This suggests a potential relaxation of oversight on new land-use changes, including the conversion of native forests, which saw a loss of 140,000 hectares in 2023.

While this deregulation could accelerate Cresud's real estate development cycle, the company must still navigate provincial-level EIA requirements, which remain in place. Moreover, the global push for sustainability means Cresud's commitment to reducing agricultural carbon emissions by 20% by 2025, a stated national goal, will be scrutinized by international investors regardless of local law.

Property rights enforcement and legal framework stability across operating countries

Cresud's core business relies on the secure enforcement of property rights, particularly across its vast land holdings in Argentina, Brazil, and other regional markets. The stability of the legal framework is a major concern, especially in Argentina, given the rapid legislative changes. The new administration's focus on deregulation and fiscal stability (through the REIBP regime, for example) aims to strengthen investor confidence, but the speed of change itself creates a risk of judicial challenge and policy uncertainty.

The company continues to execute its land rotation model, demonstrating that transactions are still viable. For instance, in the nine-month period of Fiscal Year 2025, Cresud sold a fraction of the Los Pozos farm in Argentina for USD 2.2 million, and its subsidiary BrasilAgro sold a fraction of the Alto Taquari farm for BRL 189.4 million. These sales confirm the mechanism for property rights and transfers remains functional, but the underlying legal stability is a constant monitoring point.

Tax law changes, particularly wealth and income taxes on corporate land holdings

The Argentine government has implemented critical, near-term tax reductions that directly boost Cresud's agricultural segment profitability for the 2025 fiscal year. This is a clear, positive opportunity.

A temporary reduction in export duties (retentions) was announced, effective until June 30, 2025. This lowers the tax on soybeans from 33% to 26%, and on wheat and corn from 12% to 9.5%. This reduction directly increases the net price Cresud receives for its primary commodities.

For corporate land holdings, the Tax on Personal Assets (Wealth Tax) for foreign shareholders on their ownership interests in local entities is paid by the company as a substitute taxpayer at a rate of 0.5%. Furthermore, the general wealth tax rates are scheduled to decrease, ranging from 0.50% to 1.10% in 2025, down from a higher range in prior years. The standard Corporate Income Tax rate for Cresud remains at 25%.

Tax Category	2025 Fiscal Year Rate (Argentina)	Impact on Cresud's Business
Soybean Export Duty (until June 30, 2025)	Reduced from 33% to 26%	Directly increases agricultural revenue.
Wheat/Corn Export Duty (until June 30, 2025)	Reduced from 12% to 9.5%	Improves profitability on grain sales.
Corporate Income Tax (CIT)	25%	Standard rate on net taxable profits.
Wealth Tax on Foreign Shareholder Interests	0.5% (paid by local entity)	A fixed cost on corporate land holdings.

Finance: Draft a 13-week cash view by Friday, incorporating the 6.5% to 7.0% export duty reduction benefit on estimated Q4 2025 soybean/wheat/corn sales to quantify the immediate cash flow impact.

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) - PESTLE Analysis: Environmental factors

You know that in the agribusiness sector, the environment isn't just a compliance issue; it's a core operational risk and a primary driver of long-term asset value. For Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY), managing climate volatility and regulatory shifts around land use is central to their strategy, especially given their expansive, diversified land portfolio across South America.

Increased frequency of extreme weather events (droughts, floods) impacting crop yields.

The most immediate environmental risk you face is climate volatility, which directly hits your top line through crop yield fluctuations. The benefit of CRESY's regional diversification-across Argentina, Brazil, Paraguay, and Bolivia-is clear when you look at the recent past. For example, during the severe drought in Argentina in the 2022/2023 season, the country's overall soybean production plummeted by 50% and corn production by 35% compared to initial estimates.

CRESY's diversification helped mitigate the effect, limiting their overall production drop to just 4% below the prior year's level. Now, for the 2025 campaign, CRESY anticipates a strong rebound, projecting a total grain production of approximately 867,000 tons, representing a substantial 23% increase over the previous campaign. This recovery confirms that geographic spread is your best defense against localized extreme weather.

Metric	FY 2025 Projection/Result	Context/Impact
Expected Grain Production	Approximately 867,000 tons	23% increase over the previous campaign, indicating recovery from drought.
2022/2023 Drought Impact (CRESY)	-4% Production Drop (mitigated)	Argentine national soybean production fell 50% and corn fell 35% in the same period.
2025 Campaign Weather Conditions	Generally favorable, with some irregularity in Northern Argentina.	The core operational outlook is positive, but regional irregularity remains a constant threat.

Pressure to reduce carbon footprint and adopt regenerative agriculture practices.

Stakeholder pressure for climate action is moving from abstract goals to concrete, measurable farming practices. CRESY is positioning itself as a leader by adopting practices that fall under the umbrella of regenerative agriculture, which focuses on soil health and carbon sequestration (capturing and storing carbon dioxide from the atmosphere). You are already using 100% direct seeding (no-till farming) across your operations, which is a foundational regenerative practice, and are increasing your use of cover crops and precision agriculture.

The company has adhered to major industry programs to formalize this commitment:

• Joined the Pro-Carbon and CORTEVA-CARBON GROUP programs, which aim to increase carbon sequestration in the soil.
• Achieved Round Table on Responsible Soy Association (RTRS) certification, guaranteeing best sustainable practices for a portion of your soybean production.
• Started measuring the corporate carbon footprint in Argentine farms to establish a baseline and future reduction roadmap.

Honestly, the market is quickly moving to value carbon-neutral food production, so getting your baseline numbers locked in is defintely the right move.

Water usage regulations becoming stricter, especially in arid farming regions.

Water is a finite resource, and its management is becoming a flashpoint, especially in Argentina, where agriculture accounts for a massive 74% of the country's water withdrawals. The national government's ambitious National Irrigation Plan (NIP) aims to double the irrigated area to 4 million hectares by 2030 while simultaneously pushing for increased water efficiency.

This creates a dual pressure: you need to increase efficiency to meet sustainability demands, but you also face competition for water resources, particularly in areas dependent on glacial meltwater. CRESY's response is to lean heavily on precision agriculture technologies, which use satellite-based monitoring and sensors to optimize every input, including water. This technological adoption is essential for mitigating the risk of future water scarcity and regulatory restrictions on water rights.

Biodiversity protection requirements on undeveloped portions of their land portfolio.

Your vast land portfolio includes significant portions of undeveloped natural ecosystems, which are increasingly subject to national and international conservation mandates. CRESY manages approximately 863,000 hectares of land across the region, and a large portion is designated as reserves.

Specifically, CRESY maintains 100,000 hectares of nature reserves in Argentina alone, which is a key part of your land reserves strategy. The regulatory environment in Argentina, particularly the Forest Law, mandates land-use planning that categorizes forested areas into 'red' (strict conservation) and 'yellow' (sustainable use) zones, which directly affects the monetization potential of your land bank. Furthermore, new mechanisms like Other Effective Conservation Measures (OMECs) are being implemented to recognize and formalize private conservation efforts, which could provide a new framework for managing your approximately 427,600 hectares of Land Reserves (or 465,000 hectares depending on the latest report) outside of intensive agriculture.