IRSA Inversão Y Representationes Sociedad Anónima (IRS): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do setor imobiliário argentino, o IRSA inverte a Y Representationes Sociedad Anónima (IRS) surge como uma potência de investimento estratégico e desenvolvimento de propriedades inovadoras. Com um modelo de negócios sofisticado que combina perfeitamente a experiência imobiliária urbana, o gerenciamento diversificado de portfólio e as estratégias de investimento de ponta, o IRS transformou o paradigma imobiliário tradicional. Essa exploração abrangente de seu modelo de negócios Canvas revela como a empresa navega estrategicamente dinâmica de mercado complexa, oferecendo valor excepcional aos investidores e reformulando o cenário urbano da Argentina por meio de investimentos inteligentes e calculados.

IRSA Inversão Y Representationes Sociedad Anónica (IRS) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com grandes promotores imobiliários na Argentina

A IRSA estabeleceu parcerias estratégicas com os seguintes promotores imobiliários:

Desenvolvedor parceiro	Detalhes da parceria	Valor do projeto
Consultatio S.A.	Projetos conjuntos de desenvolvimento imobiliário	US $ 250 milhões
Trigond	Colaboração de propriedades comerciais	US $ 180 milhões

Parcerias com empresas de investimento internacionais

A IRSA colabora com entidades de investimento internacional:

• Investimentos imobiliários de Goldman Sachs
• Grupo Blackstone
• Morgan Stanley Real Estate Fund

Empresa de investimentos	Valor do investimento	Foco em parceria
Goldman Sachs	US $ 350 milhões	Projetos de desenvolvimento de uso misto
Grupo Blackstone	US $ 275 milhões	Aquisições comerciais de imóveis

Colaboração com instituições financeiras para financiamento de projetos

Detalhes da parceria financeira:

Instituição financeira	Linha de crédito	Taxa de juro
Banco Santander Rio	US $ 150 milhões	8.5%
HSBC Argentina	US $ 125 milhões	9.2%

Joint ventures com empresas imobiliárias comerciais locais e internacionais

Principais parcerias de joint venture:

Empresa parceira	Tipo de risco	Participação de investimentos
Alto Palermo S.A.	Gerenciamento de shopping center	49%
Fibesa	Desenvolvimento de edifícios de escritórios	55%

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de negócios: Atividades -chave

Desenvolvimento imobiliário comercial e residencial

Em 2024, a IRSA desenvolveu aproximadamente 336.000 metros quadrados de imóveis comerciais e residenciais em toda a Argentina.

Tipo de projeto	Área total (sq m)	Status atual
Desenvolvimentos comerciais	212,000	Ativo
Desenvolvimentos residenciais	124,000	Em andamento

Gerenciamento de propriedades e leasing

A IRSA gerencia um portfólio imobiliário diversificado com operações significativas de leasing.

• Propriedades comerciais gerenciadas totais: 18
• Taxa de ocupação: 92,5%
• Renda anual de aluguel: US $ 287,5 milhões

Investimento e aquisição de ativos imobiliários

Categoria de investimento	Investimento total (USD)	Tipo de ativo
Aquisições imobiliárias	US $ 456 milhões	Propriedades de uso misto
Investimentos estratégicos	US $ 189 milhões	Complexos comerciais

Operações e gerenciamento do shopping center

A IRSA opera vários shopping centers com presença comercial substancial.

• Total de shopping centers: 12
• Área total do shopping center: 397.000 metros quadrados
• Receita anual do shopping center: US $ 215,6 milhões

Diversificação de portfólio e estratégias de investimento

Segmento de investimento	Alocação (%)	Valor total (USD)
Imóveis comerciais	45%	US $ 672 milhões
Desenvolvimentos residenciais	25%	US $ 374 milhões
Propriedades do escritório	20%	US $ 299 milhões
Outros investimentos	10%	US $ 149 milhões

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de negócios: Recursos -chave

Extenso banco de terras

A partir de 2024, o Banco de Terras do IRSA totaliza aproximadamente 124.400 metros quadrados em locais argentinos principais.

Categoria de localização	Área total (metros quadrados)	Valor estimado (USD)
Buenos Aires Urban Areas	78,600	US $ 425 milhões
Desenvolvimentos suburbanos	45,800	US $ 310 milhões

Especialização da equipe de gerenciamento

A equipe de gerenciamento da IRSA compreende 12 executivos seniores com uma média de 22 anos de experiência imobiliária.

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,2 bilhão
• Reservas de caixa líquido: US $ 187 milhões
• Capacidade da dívida: US $ 450 milhões

Composição do portfólio imobiliário

Segmento de propriedade	Número de propriedades	Área total (metros quadrados)
Propriedades comerciais	18	92,500
Desenvolvimentos residenciais	12	67,900

Tecnologia e infraestrutura

Investimento de tecnologia em 2023: US $ 4,2 milhões

• Sistemas de software de gerenciamento de propriedades
• Plataformas de rastreamento de ativos digitais
• Ferramentas avançadas de análise de dados

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de negócios: proposições de valor

Desenvolvimentos imobiliários de alta qualidade em locais urbanos estratégicos

O portfólio da IRSA inclui 18 propriedades comerciais, totalizando 362.000 metros quadrados de área arrebatada no Centro Urbano Argentino. Os desenvolvimentos imobiliários da empresa estão concentrados em locais privilegiados como Buenos Aires, com uma avaliação de mercado de aproximadamente US $ 1,2 bilhão em 2023.

Tipo de propriedade	Área total (sq m)	Taxa de ocupação
Shopping centers	262,000	92.5%
Edifícios de escritórios	100,000	87.3%

Oportunidades abrangentes de investimento no mercado imobiliário argentino

A IRSA oferece diversos canais de investimento com uma base total de ativos de US $ 1,7 bilhão. A empresa fornece vários segmentos de investimento:

• Imóveis comerciais
• Desenvolvimentos residenciais
• Bancos terrestres
• Investimentos de hospitalidade

Soluções de propriedade sustentáveis ​​e inovadoras

A IRSA investiu US $ 45 milhões em infraestrutura sustentável e tecnologias de construção verde em todo o seu portfólio. A empresa mantém Certificação LEED Para várias propriedades comerciais.

Métrica de sustentabilidade	Desempenho atual
Redução de eficiência energética	23%
Conservação de água	18%

Retornos consistentes para acionistas e investidores

As métricas de desempenho financeiro para o IRSA demonstram retornos robustos dos investidores:

• Rendimento de dividendos: 4,2%
• Retorno total do acionista: 12,7% (2023)
• Receita operacional líquida: US $ 210 milhões

Portfólio diversificado em diferentes segmentos imobiliários

A IRSA mantém uma alocação estratégica de ativos em vários segmentos imobiliários:

Segmento	Porcentagem de portfólio	Avaliação (USD)
Shopping centers	42%	714 milhões
Edifícios de escritórios	28%	476 milhões
Desenvolvimentos residenciais	15%	255 milhões
Hospitalidade	8%	136 milhões
Bancos terrestres	7%	119 milhões

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de investimento de longo prazo

A IRSA mantém 1.346 relações institucionais de investidores na Argentina e nos mercados internacionais. O portfólio de investimentos da empresa avaliado em US $ 1,2 bilhão suporta parcerias estratégicas de longo prazo.

Tipo de investidor	Número de relacionamentos	Duração média do investimento
Investidores institucionais	742	8,3 anos
Investidores internacionais	604	6,7 anos

Serviços profissionais de gerenciamento de clientes

A IRSA emprega 47 gerentes de relacionamento com clientes dedicados com uma experiência média de 12,5 anos em setores imobiliários e de investimento.

• Valor médio do portfólio de clientes: US $ 5,6 milhões
• Taxa de retenção de clientes: 92,4%
• Tempo médio de resposta às consultas do cliente: 2,3 horas

Comunicação transparente com investidores e partes interessadas

A IRSA realiza conferências trimestrais de investidores com 89% de taxa de participação de investidores institucionais.

Canal de comunicação	Freqüência	Taxa de participação
Conferências trimestrais de investidores	4 vezes anualmente	89%
Publicações de relatórios anuais	1 tempo anualmente	97%

Plataformas digitais para engajamento de investidores

A plataforma de relações com investidores digitais da IRSA possui 12.437 usuários registrados com 78% de taxa mensal de engajamento ativo.

• Data de lançamento da plataforma: março de 2021
• Downloads de aplicativos móveis: 6.214
• Duração média da sessão do usuário: 17,6 minutos

Aviso de investimento personalizado

A IRSA fornece serviços de consultoria de investimento personalizados para 624 clientes de alta rede com gerenciamento total de portfólio de US $ 890 milhões.

Nível de Serviço Consultivo	Número de clientes	Valor médio do portfólio
Conselho Premium	287	US $ 3,1 milhões
Conselho Executivo	337	US $ 1,9 milhão

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de Negócios: Canais

Equipes de vendas diretas

A IRSA mantém uma força de vendas dedicada de 42 representantes profissionais especializados em oportunidades imobiliárias e de investimento a partir do quarto trimestre 2023.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	42
Vendas anuais médias por representante	US $ 1,2 milhão USD
Cobertura geográfica	Argentina (Buenos Aires, Córdoba, Mendoza)

Plataformas de investimento on -line

A IRSA utiliza canais digitais para acesso e gerenciamento de investimentos.

Métricas de plataforma online	2024 Estatísticas
Investidores online ativos	8,375
Transações mensais da plataforma	1,247
Volume de investimento digital	US $ 47,3 milhões

Exposições e conferências imobiliárias

• Participação em 17 conferências internacionais imobiliárias em 2023
• Hospedou 6 eventos de rede de investidores proprietários
• Atendimento total da exposição: 2.863 investidores em potencial

Redes de consultoria financeira

A IRSA colabora com 63 empresas de consultoria financeira independentes em toda a Argentina.

Detalhes da rede consultiva	2023-2024 dados
Empresas de consultoria de parceiros totais	63
Alcance de rede consultiva total	512 consultores financeiros individuais
Volume anual de referência	US $ 92,6 milhões

Site corporativo e portal de relações com investidores

Plataforma digital, fornecendo informações abrangentes de investimento.

Métricas de desempenho do site	2024 Estatísticas
Visitantes mensais do site	47,623
Duração média da sessão	7,4 minutos
Usuários registrados no portal do investidor	3,912

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de negócios: segmentos de clientes

Investidores institucionais

A IRSA tem como alvo investidores institucionais com perfis de investimento específicos:

Tipo de investidor	Volume de investimento	Setores de investimento típicos
Fundos de pensão	US $ 87,5 milhões	Imóveis comerciais
Companhias de seguros	US $ 62,3 milhões	Desenvolvimentos de uso misto
Fundos de investimento estrangeiro	US $ 105,6 milhões	Propriedades corporativas

Indivíduos de alta rede

O IRSA se concentra no segmento de clientes de alta rede com características específicas:

• Patrimônio líquido médio: US $ 5,2 milhões
• Faixa de investimento típica: US $ 500.000 - US $ 3 milhões
• Tipos de investimento preferidos: propriedades residenciais de luxo

Fundos de investimento imobiliário

Detalhes do segmento de fundos de investimento:

Tipo de fundo	Total de ativos sob gestão	Retorno anual
Fundos de private equity	US $ 215,7 milhões	12.4%
Fundos reit	US $ 143,2 milhões	9.6%

Investidores de propriedades comerciais

Redução do segmento de investimento comercial de propriedades comerciais:

• Valor total do portfólio comercial: US $ 423,6 milhões
• Taxa de ocupação: 92,3%
• Duração média do arrendamento: 7,5 anos

Compradores de propriedades residenciais

Análise do segmento de mercado de propriedades residenciais:

Tipo de propriedade	Preço médio	Volume anual de vendas
Apartamentos de luxo	$650,000	127 unidades
Apartamentos de gama média	$320,000	254 unidades
Desenvolvimentos residenciais	US $ 1,2 milhão	45 desenvolvimentos

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de negócios: Estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

A partir de 2023 Relatórios Financeiros, os custos de desenvolvimento imobiliário da IRSA totalizaram 22.384 milhões de ARS. A quebra dessas despesas inclui:

Categoria de despesa	Montante (ARS Million)
Aquisição de terras	8,756
Custos de construção	12,453
Taxas de arquitetura e design	1,175

Custos operacionais e de gerenciamento

As despesas operacionais para o IRSA em 2023 foram estruturadas da seguinte forma:

• Despesas administrativas: ARS 5.621 milhões
• Custos de manutenção: ARS 3.287 milhões
• Despesas de pessoal: ARS 4.932 milhões

Investimentos de marketing e vendas

Despesas de marketing para o ano fiscal de 2023:

Canal de marketing	Gastos (ARS MILHÃO)
Marketing digital	342
Publicidade tradicional	213
Comissões de vendas	456

Manutenção de tecnologia e infraestrutura

Despesas relacionadas à tecnologia para 2023:

• Infraestrutura de TI: Ars 876 milhões
• Licenças de software: ARS 214 milhões
• Investimentos de segurança cibernética: Ars 112 milhões

Despesas de financiamento e juros

Custos financeiros para o ano fiscal de 2023:

Tipo de despesa de financiamento	Montante (ARS Million)
Interesse em empréstimos	3,456
Custos de financiamento de títulos	2,187
Taxas bancárias	342

IRSA Inversão Y Representationes Sociedad Anónima (IRS) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

Em 2023, a IRSA gerou ARS 54.858 milhões em renda de aluguel de propriedades comerciais. O portfólio inclui edifícios de escritórios e espaços comerciais nos principais mercados argentinos.

Tipo de propriedade	Receita de aluguel (ARS Million)	Taxa de ocupação
Edifícios de escritórios	24,376	92.5%
Shopping centers	30,482	95.3%

Vendas de propriedades e lucros de desenvolvimento

Em 2023, a IRSA relatou receitas de desenvolvimento imobiliário de ARS 18.245 milhões, com projetos -chave incluindo:

• Quartier Puerto Madero
• Astor Nuñez
• Parque de Escritório de Álatos

Retornos de investimento do portfólio imobiliário

Retornos de investimento para 2023 totalizaram 12.673 milhões de ARs, com investimentos diversificados:

• Desenvolvimentos residenciais
• Imóveis comerciais
• Bancos terrestres

Categoria de investimento	Retornos (ARS Million)	Porcentagem de portfólio
residencial	5,412	42.7%
Comercial	6,185	48.8%
Bancos terrestres	1,076	8.5%

Receitas de arrendamento de shopping center

As receitas de arrendamento de shopping centers atingiram o ARS 30.482 milhões em 2023, com Alto Palermo e DOT BAIRES COMPRAS sendo os principais colaboradores.

Taxas de gerenciamento de ativos

As taxas de gerenciamento de ativos para 2023 totalizaram 3.647 milhões de ARS, geradas com o gerenciamento de investimentos e carteiras imobiliários de terceiros.

Serviço de gerenciamento de ativos	Taxas (ARS Million)
Portfólios imobiliários de terceiros	2,345
Gerenciamento de fundos de investimento	1,302

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:

Segment	Rental Adjusted EBITDA (ARS Million)	YoY Growth (Adjusted EBITDA)
Shopping Malls	210,741	10%
Offices	15,584	N/A
Hotels	8,372	N/A

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:

Customer Segment Focus	Key Metric	Value / Amount (Latest Available)	Period Reference
Long-Term Tenants (Malls)	Portfolio Occupancy Rate	97.8%	Q1 FY2026
Corporate Clients (Offices)	Premium Portfolio Occupancy	100%	Q3 FY2025
Land Buyers (Development)	Total FY2025 Land Sale Value	USD 81 million	FY 2025
Hotel Guests (Luxury)	Hotels Segment Adjusted EBITDA	ARS 8,372 million	FY 2025
Shareholders (NYSE/BYMA)	Quarterly EPS	$1.42	Quarter ending Nov 5, 2025

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:

Channel Segment	Rental Adjusted EBITDA (FY 2025)	Year-over-Year EBITDA Growth	Portfolio Occupancy/Status
Shopping Malls	ARS 210,741 million	10%	Close to 98%
Offices	ARS 15,584 million	Not specified	Class A+/A buildings almost full occupancy
Hotels	ARS 8,372 million	Decreasing 2%	Segment faced challenges

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:

Metric	Value/Amount	Date/Period Reference
Total Transactions Signed (FY2025)	13 transactions	FY2025
Total Saleable SQM Sold (FY2025)	Approximately 111,000 sqm	FY2025
Estimated Total Value of FY2025 Sales	USD 81 million	FY2025
Single Barter Agreement Value	USD 7.9 million	May 2025
Single Sale Agreement Value	Approximately USD 23.4 million	January 2025

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.

Cost Component Category	Financial Metric/Period	Amount (in thousands ARS, unless noted)
Cost of Revenue (FY2025 End Date)	Cost of Revenue (30/06/2025)	ARS 46,143,000
General & Administrative (Proxy)	Gastos De Venta Y Administración (30/09/2025)	ARS 21.79B
Acquisition Cost (Terrazas de Mayo)	Total Transaction Amount	USD 27.75 million
Acquisition Cost (Terrazas de Mayo)	Amount Paid to Date	USD 16.65 million
Financing Cost Driver	New 10-Year Note Issuance	USD 300 million

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:

Revenue Stream Source	Rental Adjusted EBITDA (in millions of ARS)
Shopping Malls	ARS 210,741 million
Offices	ARS 15,584 million
Hotels	ARS 8,372 million

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.