IRSA Inversiones y Representaciones S.A. announced its results for the Fiscal Year 2025, ended June 30, 2025, on September 2, 2025. The company reported a significant net gain of ARS 196,118 million, marking a strong turnaround from a loss of ARS 32,141 million in the prior fiscal year. Basic Earnings Per Share (EPS) for the year was ARS 261.29, compared to a loss of ARS 34.53 in FY2024.
The Shopping Malls segment was a primary driver of this success, achieving a record $169 million in EBITDA for FY2025, representing a 10% year-over-year growth in adjusted EBITDA. Revenues in this segment increased by 8%, with occupancy rates remaining close to 98%, excluding the recently acquired Terrazas de Mayo. This performance highlights the resilience and strength of IRSA's retail portfolio.
Revenues for the full fiscal year reached ARS 468,526 million, an increase from ARS 458,059 million in FY2024. The net result from changes in the fair value of investment properties also improved dramatically, showing a minimal loss of ARS 2,500 million compared to a loss of ARS 488,794 million in the previous year. This reduction in fair value impact significantly contributed to the overall profitability.
Strategic real estate developments, particularly the Ramblas del Plata project, made significant strides in FY2025. The company completed 13 transactions, including cash sales and swaps, totaling approximately 111,000 sellable square meters with a combined value of $81 million. Infrastructure work for Stage 1 of Ramblas del Plata commenced in January 2025, with completion anticipated by July 2026.
IRSA maintained a very healthy financial position, reporting only $184 million in net debt, which represents a conservative 1x EBITDA ratio. The successful issuance of $300 million in 10-year Series XXIV notes in March 2025 further extended its debt tenure, providing long-term financial stability. This conservative leverage allows for self-financing of organic growth projects.
The company also demonstrated a strong commitment to shareholder returns, distributing an 8% dividend and treasury shares equivalent to 3.6% of its capital stock in FY2025. This follows an extraordinary period of approximately $250 million in dividends paid over the last three years. These distributions underscore IRSA's focus on delivering value to its shareholders.
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