Group 1 - Cresud (NASDAQ: CRESY) is granted a Buy rating, indicating a positive outlook for the company in the coming years [1] - The Argentinian Government has reduced export taxes on agricultural products, which is expected to benefit Cresud [1] Group 2 - The analyst, Daniel Mellado, has a background in economics and statistics, with experience in analyzing agricultural commodities and managing trading and data analysis teams [1] - Mellado's expertise includes developing strategies for algorithmic trading and providing analysis and valuation for sectors such as commodities, banking, technology, and pharmaceuticals [1]

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2025 and for the nine and three- month periods ended as of that date, presented comparatively. Legal information Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Fiscal year N°: 92, beginning on July 1, 2024 Legal address: Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina Company activ ...

BUENOS AIRES, Argentina, May 9, 2025 /PRNewswire/ -- Cresud S.A.C.I.F. y A. (NASDAQ: CRESY, BYMA: CRES), leading Argentine agricultural company, announces today its results for the third quarter of FY 2025 ended March 31, 2025.HIGHLIGHTS The net result for the nine-month period of the 2025 fiscal year recorded a profit of ARS 57,895 million, compared to a loss of ARS 39,987 million in the same period of 2024. The adjusted EBITDA of the segments that make up the agricultural business was ARS 31,072 million, ...

Company Overview - CRESUD has been investing in real assets for over 30 years[2] - The company manages 865,600 hectares through CRESUD, BrasilAgro & Subsidiaries, with 71% owned, 14% leased, and 15% under long-term concessions[11] - CRESUD's agribusiness strategy focuses on farming activity, farmland real estate, and agricultural commercial services[15] Farmland Portfolio and Production - The company's farmland portfolio has evolved since 1994, expanding from Argentina to the region[8] - The planted surface has increased at a CAGR of +10.3%[19] - Grain production in the region has increased at a CAGR of +14.8%[21] Farmland Real Estate - Farmland prices in Argentina have seen significant appreciation[28] - Farmland prices in Brazil have also seen significant appreciation[31] - CRESUD's stake in farmland real estate is 51.2%[34] Agricultural Commercial Services - The company complements traditional farming with services, trading, and AgTech[36] - Traded tons evolution & market share has increased over the years[39] - EBT Evolution reached USD 28.2 million in 2021-2022[41] Financial Performance and Capital Management - Agribusiness Adjusted EBITDA has evolved across farming, farmland sales, and services segments[50] - Stand-alone debt has decreased by -23.4% to USD 323 million in IIQ 25[53] - The company approved a dividend on October 28th, 2024, with a dividend yield of ~7%[58] - Shares repurchase programs were conducted from November to December 2024, with 4,522,623 ordinary shares repurchased for ARS 6,498 million (~USD 6.4 million), representing ~0.75% of Social Capital[60]

Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2024 and for the six and three- month periods ended as of that date, presented comparatively. Legal information Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria Fiscal year N°: 92, beginning on July 1, 2024 Legal address: Carlos Della Paolera 261, 9rd floor – Autonomous City of Buenos Aires, Argentina Company activity: Real estate and agricultural activities Cresud Sociedad Anónima, Come ...

Group 1 - The core investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective rather than market-driven dynamics [1] - The articles emphasize understanding the long-term earnings power of companies and the competitive dynamics within their industries [1] - The majority of recommendations will be holds, indicating a cautious approach to investment opportunities [1] Group 2 - A very small fraction of companies are considered suitable for a buy recommendation at any given time, highlighting a selective investment strategy [1] - Hold articles are intended to provide valuable information for future investors and introduce skepticism in a generally bullish market [1]

Core Insights - Cresud S.A.C.I.F. y A. reported a significant loss of ARS 64,391 million for the first half of FY 2025, primarily due to changes in the fair value of IRSA investment properties [4] - The company experienced a decline in adjusted EBITDA by 15.3% year-over-year, totaling ARS 134,961 million [4] - The Argentine government announced a temporary reduction in crop export taxes, positively impacting crop prices by approximately 5% [4] Financial Highlights - Agricultural Business Revenue increased to ARS 238,715 million from ARS 225,523 million year-over-year [3] - Urban Properties Revenues decreased to ARS 170,141 million from ARS 183,583 million year-over-year [3] - Consolidated Gross Profit fell to ARS 153,481 million from ARS 207,081 million year-over-year [3] - The company's market capitalization was approximately USD 761.8 million as of December 31, 2024 [3] Operational Insights - The company planted 303,000 hectares in the region, representing a 9% increase compared to the previous season [4] - A cash dividend of ARS 45,000 million was distributed in November 2024, yielding approximately 7% [4] - The adjusted EBITDA for agribusiness was ARS 35,262 million, while Urban adjusted EBITDA reached ARS 103,136 million [4]

Group 1 - Argentina's economy has undergone significant changes since Javier Milei took office, impacting various sectors including agriculture and real estate [1] - Cresud (NASDAQ: CRESY) has experienced notable shifts in its operational landscape, largely attributed to Milei's aggressive policy changes [1]

Financial Data and Key Metrics Changes - The company reported a net income of ARS -72.3 billion, with a significant accounting effect due to the valuation of investment properties at fair value, resulting in a negative impact when expressed in pesos [22][23] - The net debt has decreased from $421 million in fiscal year 2021 to $310 million currently, indicating improved financial health [24] Business Line Data and Key Metrics Changes - The agricultural segment is experiencing a 9% increase in planted area, with a total of 303,000 hectares expected to be planted across Argentina, Brazil, Bolivia, and Paraguay [9] - The real estate segment saw significant transactions, including the sale of undeveloped land in Argentina for $2.2 million and a developed area in Brazil for BRL190 million, showcasing strong gains from previous investments [13][14] Market Data and Key Metrics Changes - The company received dividends totaling approximately $53 million, with Brasilagro contributing around $10 million and IRSA providing $43 million, reflecting a healthy return on investments [8] - The occupancy rates for IRSA's shopping malls and offices remain high at 97% and 98% respectively, indicating strong demand in the real estate market [18] Company Strategy and Development Direction - The company is optimistic about the agricultural sector due to favorable government policies aimed at deregulation and support for farmers, which may enhance operational efficiency and profitability [30][32] - The service company FyO has become the largest broker in Argentina for agricultural inputs and services, expanding its operations into Brazil, indicating a strategic focus on growth in commercial services [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the upcoming year, citing improved weather conditions and higher production expectations in beef cattle, which are expected to drive operational performance [40] - The management highlighted the potential benefits from government measures aimed at reducing export taxes and increasing liquidity in the agricultural sector, which could lead to better financial outcomes for the company [32][33] Other Important Information - The company announced a new share buyback program for ARS6.5 billion, with a maximum purchase price of $12 per ADR, indicating a commitment to returning value to shareholders [26] - The company has maintained a dividend yield of 7%, reflecting a consistent approach to shareholder returns over the past three years [25] Q&A Session Summary Question: Opportunities from deregulation in the agricultural sector - Management discussed the potential benefits of government support for the agricultural sector, including reduced export taxes and increased liquidity in land markets, which could enhance profitability for farmers and the company [30][32] Question: Optimal allocation between buybacks and dividends - Management indicated a preference for cash payments in the form of dividends over buybacks, while also acknowledging the limitations imposed by regulatory restrictions on share repurchases [34][35] Question: Impact of drought in northern Brazil - Management noted that the drought has caused delays in planting but does not expect significant material impacts on overall results, with positive expectations for the agricultural operations in Brazil [38]

Core Insights - Cresud S.A.C.I.F. y A. reported a net loss of ARS 72,374 million for Q1 FY 2025, a 129.7% decrease compared to the same period in 2024, primarily due to losses from changes in the fair value of IRSA investment properties [2][3] - The adjusted EBITDA for the period was ARS 73,977 million, reflecting a 68.0% increase year-over-year, with agribusiness adjusted EBITDA at ARS 27,919 million and urban adjusted EBITDA at ARS 47,290 million [3] Financial Performance - Agricultural Business Revenue increased to ARS 136,955 million from ARS 113,392 million year-over-year [4] - Agricultural Business Gross Profit decreased to ARS 8,671 million from ARS 12,373 million [4] - Urban Properties Revenues decreased to ARS 72,495 million from ARS 78,185 million [4] - Urban Properties Gross Profit decreased to ARS 57,846 million from ARS 64,768 million [4] - Consolidated Gross Profit decreased to ARS 65,999 million from ARS 76,809 million [4] - The profit for the period was ARS (72,374) million compared to ARS 244,016 million in the previous year [4] - Basic and diluted EPS were both ARS (66.54) [4] Balance Sheet Highlights - Total Assets decreased to ARS 3,699,441 million from ARS 3,894,432 million [4] - Current Assets increased to ARS 804,851 million from ARS 792,094 million [4] - Non-Current Assets decreased to ARS 2,894,590 million from ARS 3,102,338 million [4] - Total Liabilities decreased to ARS 2,039,477 million from ARS 2,140,805 million [4] - Shareholders' Equity decreased to ARS 1,659,964 million from ARS 1,753,627 million [4] Market Capitalization - As of September 30, 2024, Cresud's market capitalization was approximately USD 512.7 million, based on 59,863,914 ADS priced at USD 8.64 each [5]