CRESUD INC. 6-K Filing Summary
Business Context and Reporting Period
Company: CRESUD INC (Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria)
Reporting Period: Six months ended December 31, 2025 (Fiscal Year 2026)
Filing Date: February 25, 2026
Business Segments: Agricultural Business (crops, cattle, land sales) and Urban Properties & Investments (via subsidiary IRSA, including shopping malls, offices, and hotels).
Accounting Basis: Unaudited Condensed Interim Consolidated Financial Statements prepared in accordance with IFRS and IAS 29 (Hyperinflationary Economies). All amounts are in millions of Argentine Pesos (ARS) unless otherwise noted.
Key Financial Metrics
| Metric (ARS Millions) | Six Months Ended Dec 31, 2025 | Six Months Ended Dec 31, 2024 (Restated) |
|---|---|---|
| Revenues | 651,055 | 546,608 |
| Gross Profit | 242,435 | 201,901 |
| Profit from Operations | 306,696 | (178,388) |
| Net Profit for the Period | 193,932 | (28,851) |
| Net Profit Attributable to Parent | 74,448 | (25,103) |
| EBITDA (Unaudited) | 320,708 | (154,516) |
| Adjusted EBITDA (Unaudited) | 137,967 | 170,335 |
| Cash and Cash Equivalents | 434,767 | 286,711 |
| Total Borrowings | 1,879,089 | 1,535,094 |
| Net Debt (USD Millions) | 340.3 (Cresud) / 302.8 (IRSA) | N/A |
Material Changes vs. Prior Period
- Profitability Turnaround: The Group reported a net profit of ARS 193.9 billion, a significant improvement from a net loss of ARS 28.9 billion in the prior year. This is primarily driven by a net gain of ARS 184.5 billion from fair value adjustments on investment properties (Urban segment), compared to a loss of ARS 299.7 billion in the prior period.
- Revenue Growth: Consolidated revenues increased 19.1% year-over-year to ARS 651.1 billion. Agricultural revenues rose 34.2% to ARS 362.2 billion, while Urban properties revenues increased 4.8% to ARS 234.5 billion.
- Segment Performance:
- Urban Properties: Generated a segment profit of ARS 330.8 billion, reversing a loss of ARS 156.5 billion in the prior year, largely due to real estate revaluations.
- Agricultural Business: Reported a segment loss of ARS 7.0 billion, compared to a profit of ARS 9.6 billion previously. This was due to lower fair value gains on biological assets and higher costs, despite increased crop volumes.
- Financial Results: Net financial results shifted from a gain of ARS 88.6 billion to a loss of ARS 35.7 billion, driven by foreign exchange impacts and higher interest costs.
- Restatement: Prior period financial statements (Dec 31, 2024) were restated to correct an error in the inflation adjustment of share premium related to warrant exercises, which improved the reported prior-year loss.
Guidance, Outlook, and Risks
- Outlook: Management expects the 2026 agricultural campaign to progress in line with expectations. Soybean yields are expected to be stable, while early corn may face downside risks due to weather. The macroeconomic environment in Argentina is viewed as more stable following recent elections, with reduced export taxes aiding profitability.
- Strategic Initiatives:
- Real Estate: IRSA expects positive momentum in rentals and the start of construction at "Ramblas del Plata." The company plans to rotate its portfolio by selling appreciated farmland.
- Capital Markets: The company continues to access capital markets, issuing Series L and Series LI notes in late 2025/early 2026 totaling USD 87.6 million.
- Risks & Contingencies:
- Legal: An ongoing lawsuit by IDBD Development Corporation Ltd. against IRSA and Dolphin Netherlands B.V. for NIS 140 million remains in the evidentiary stage. A provision has been recorded.
- Weather: Agricultural results remain sensitive to weather conditions, particularly rainfall in Argentina and Brazil.
- Hyperinflation: Financial statements are subject to inflation adjustments under IAS 29, impacting reported values and comparability.
Investor Verification Checklist
- Real Estate Valuation: Verify the assumptions used for the ARS 184.5 billion fair value gain on investment properties, specifically the discount rates and exchange rate projections used for shopping malls.
- Debt Structure: Review the maturity profile of the USD-denominated debt (Series XLVIII, XLIX, L, and IRSA Series XXIV) and the impact of interest rate fluctuations on future cash flows.
- Restatement Impact: Confirm the full impact of the retroactive restatement regarding warrant exercises on historical earnings per share and equity.
- Dividend Distribution: Verify the execution of the cash and in-kind (IRSA shares) dividends approved in October 2025 and distributed in November 2025.
- Legal Provision: Monitor the status of the IDBD lawsuit and the adequacy of the recorded provision.