IRSA Inversiones y Representaciones Sociedad Anónima posted a robust first‑quarter 2026 performance, reporting revenue of 129.259 million Argentine pesos—an increase of 9.2 % from the 118.414 million recorded in the same period a year earlier. Gross profit climbed to 79.356 million pesos, while a favorable revaluation of investment properties generated a net result from fair value of 219.935 million pesos, compared with a loss of 297.111 million pesos in the prior year. Consolidated operating results improved to 274.272 million pesos, and the company’s net result for the period rose to 163.438 million pesos, turning a 143.662 million‑peso loss into a profit. Earnings per share reached 204.04 basic and 188.31 diluted, a dramatic turnaround from the negative 192.26 EPS recorded a year earlier.
The 9.2 % revenue growth was largely driven by the shopping‑mall segment, which benefited from higher foot traffic and increased rental rates. However, the company reported a 7.0 % decline in real tenant sales within that segment, reflecting broader consumer spending headwinds in Argentina’s volatile macro‑economic environment. Revenue gains in other segments—particularly office and hotel properties—offset the decline, allowing overall sales to rise. The company’s 100 % occupancy rate in its premium office portfolio further supported stable rental income during the quarter.
Gross profit expansion was supported by two key factors. First, operational efficiencies across the mall and office portfolios reduced cost per square meter, improving margin contribution. Second, the fair‑value revaluation of investment properties added a substantial 219.935 million‑peso gain, which lifted the overall profitability metric. The combination of cost control and asset revaluation explains why gross profit increased even as the company faced a modest decline in tenant sales volume.
The net result and EPS turnaround can be attributed to the same fair‑value gain and operating improvements. The 219.935 million‑peso gain from investment properties more than offset the prior‑year loss and, when combined with the 274.272 million‑peso operating profit, produced a net profit of 163.438 million pesos. This shift from a loss to a profit translated into a positive EPS of 204.04 basic and 188.31 diluted, a stark reversal from the negative 192.26 EPS a year earlier. The earnings improvement underscores the company’s ability to generate value from both its real‑estate portfolio and its operational management.
Beyond the quarterly results, IRSA continued to strengthen its balance sheet and development pipeline. The company approved a cash dividend of 173.788 million pesos, representing a 10 % yield, and completed the acquisition of the “Al Oeste” shopping center for USD 9 million. Construction on the Ramblas del Plata Stage I project has begun, and the company remains focused on expanding its open‑air mall portfolio in La Plata. Despite the macro‑economic challenges, IRSA’s conservative debt profile and robust asset quality position it to fund future development while maintaining shareholder returns.
Management emphasized that the earnings turnaround reflects disciplined cost management, a favorable asset revaluation, and a resilient rental portfolio. While the company did not provide new guidance for the remainder of the fiscal year, it reiterated confidence in its ability to sustain profitability and continue investing in high‑return development projects. The company’s strategic focus on high‑occupancy office spaces and diversified mall assets, coupled with a strong cash position, signals a stable outlook amid Argentina’s uncertain economic backdrop.
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