Core Viewpoint - The article emphasizes the importance of investing in safe-haven assets and undervalued dividend-paying consumer staples stocks during periods of market volatility and geopolitical tension [1][2]. Group 1: Investment Strategy - Safe-haven assets like gold, silver, and U.S. Treasuries are recommended for hedging risks, although their effectiveness may vary [1]. - Consumer staples and utilities are considered safe investments due to their inelastic demand and established history of returning capital to shareholders [2]. Group 2: Selected Companies - **United Breweries Co. (CCU)**: - Benzinga Edge Value Score of 98.14, with a current dividend yield of 2.8% and a dividend payout ratio (DPR) of 58.9% [4]. - The stock trades at 16 times earnings and 0.85 times sales, showing positive price action [4]. - CCU shares have increased over 11% recently, with bullish indicators such as a Golden Cross and favorable MACD signals [7]. - **NuSkin Enterprises Inc. (NUS)**: - Benzinga Edge Value Score of 86.96, with a market cap of $540 million and a dividend yield of 2.08% [8]. - The company reduced its dividend payout from $0.39 to $0.06, but the current payout allows for future increases [8]. - NUS shares have risen 15% at the start of the year, indicating bullish momentum [11]. - **Cresud SACIF y A (CRESY)**: - Benzinga Edge Value Score of 93.82, with a dividend yield of over 5% and a DPR of 23.4% [12]. - The company operates in agriculture and real estate, providing diversification during geopolitical tensions [12]. - CRESY shares have formed a Golden Cross, with the 50-day SMA acting as support [15]. - **Weis Markets Inc. (WMK)**: - Benzinga Edge Value Score of 89.87, with a market cap of $1.68 billion and a dividend yield of 2% [16]. - The DPR is 35.79%, allowing potential for future dividend increases [16]. - WMK shares have shown bullish signals, with a breakout above the 50-day SMA and an RSI indicating upward momentum [18]. - **Calavo Growers Inc. (CVGW)**: - Benzinga Edge Value Score of 80.91, with a dividend yield of 3.09% and a DPR of 72% [19]. - The company operates in the fresh produce sector, which is less affected by tariffs [19]. - CVGW shares have surged nearly 20% recently, breaking above key moving averages [21].

Financial Performance - Revenues for the three-month period ended September 30, 2025, increased to ARS 318,529 million, up from ARS 269,701 million in the same period last year, representing an 18.1% growth[17] - Gross profit for the period was ARS 114,175 million, compared to ARS 86,958 million in the prior year, reflecting a 31.4% increase[17] - Profit for the period reached ARS 110,133 million, a significant recovery from a loss of ARS 77,887 million in the same period last year[17] - The profit for the period ended September 30, 2025, was ARS 110,133 million, compared to ARS 73,289 million for the previous period, indicating a year-over-year increase of approximately 50.4%[22] - Total comprehensive income for the period was ARS 168,625 million, which includes ARS 20,628 million in other comprehensive income[22] - The company reported a significant increase in other operating results, netting ARS (7,805) million compared to ARS (152) million in the previous year, a change of 5034.9%[193] - Financial results, net, showed a loss of ARS (69,482) million, a decline of 215.8% compared to a gain of ARS 59,979 million in the previous year[193] Assets and Liabilities - Total assets as of September 30, 2025, amounted to ARS 5,839,158 million, an increase from ARS 5,392,537 million as of June 30, 2025[14] - Total liabilities as of September 30, 2025, were ARS 2,173,499 million, which includes borrowings of ARS 1,514,543 million[116] - Non-current liabilities increased to ARS 2,246,474 million from ARS 1,985,053 million, reflecting a 13.2% rise[14] - The total liabilities increased to ARS 1,493,454 million from ARS 1,389,620 million, representing an increase of about 7.5%[30] Shareholders' Equity - Shareholders' equity rose to ARS 2,525,450 million, compared to ARS 2,345,917 million at the end of the previous quarter, indicating a 7.7% increase[14] - As of September 30, 2025, total shareholders' equity increased to ARS 2,525,450 million, up from ARS 2,345,917 million as of June 30, 2025, reflecting a growth of approximately 7.67%[22] Cash Flow and Investments - Cash and cash equivalents decreased to ARS 224,748 million from ARS 265,826 million, indicating a 15.4% decline[14] - The company reported borrowings and issuance of non-convertible notes totaling ARS 147,329 million for the financing activities in the three-month period ended September 30, 2025[34] - Cash generated from operating activities before income tax paid for the three-month period ended September 30, 2025, was $156,066 million, compared to $56,655 million for the same period in 2024[124] Agricultural Performance - Agricultural revenues increased to ARS 190,163 million in Q3 2025, up from ARS 151,710 million in Q3 2024, representing a growth of 25.4%[75] - The gross profit for the agriculture segment was ARS 35,029 million in Q3 2025, compared to ARS 11,426 million in Q3 2024, indicating a significant increase of 206.5%[75] - The agricultural sector is benefiting from a favorable regulatory framework, including reduced export taxes and a temporary 0% rate for certain crops[199] - The 2026 agricultural campaign is progressing under favorable weather conditions, with strong yield prospects for wheat and early corn[198] Fair Value Adjustments - The company reported a net gain from fair value adjustment of investment properties of ARS 217,265 million, a significant improvement from a loss of ARS 292,780 million in the previous year[17] - The net unrealized gain from fair value adjustments of investment properties was $217,265 million for the period ended September 30, 2025, compared to a loss of $292,794 million for the same period in the previous year[94] Debt and Financing - The Group's total borrowings as of September 30, 2025, amounted to $1.51 billion, an increase from $1.42 billion as of June 30, 2025[139] - The Group issued Series XLVIII Notes for $43.7 million at a fixed rate of 8.0%, maturing on July 11, 2028[140] - The Group also issued Series XLIX Notes for $31.3 million at a fixed annual rate of 7.25%, maturing on September 2, 2027[141] Other Financial Metrics - Total expenses increased to $265,549 million as of September 30, 2025, compared to $233,238 million in the previous year, reflecting a growth of 13.9%[148] - Interest expenses rose to $30,185 million in 2025, up from $21,632 million in 2024, marking an increase of 39.5%[150] - The company reported a significant impairment of intangible assets amounting to $9,226 million in 2024, which was not present in 2025[149]

Group 1 - The article does not provide any specific content related to a company or industry, as it appears to be a technical issue regarding browser settings and ad-blockers [1]

Group 1 - Argentine financial markets experienced a rally following the overwhelming victory of Javier Milei's party in the midterm elections, with voters supporting economic reforms through fiscal tightening and free market measures [1][2] - The election results ensure the continuation of U.S. financial aid to Argentina, as President Trump had previously stated that support would depend on the election outcome [1] - Several Argentine stocks surged in pre-market trading, with Banco BBVA rising over 36%, Galicia Financial up 35%, Grupo Supervielle increasing by 31%, Banco Macro climbing 35%, and YPF and Pampa Energía both recording 26% gains [1] Group 2 - Despite a 17.7% year-to-date decline in the Argentine benchmark S&P MERVAL index, the Global X MSCI Argentina ETF saw a 16% increase in pre-market trading, narrowing its year-to-date loss to 10% [2] - The midterm elections involved the renewal of half of the Chamber of Deputies and one-third of the Senate, with Milei's party receiving approximately 41% of the votes compared to 31% for the leftist opposition [2] - Prior to the election, Argentine assets had experienced a downturn due to political tensions following Milei's party's losses in key local elections [2]

Financial Adjustments and Economic Context - As of June 30, 2025, the company has adjusted its financial statements in accordance with IAS 29 due to Argentina being classified as a hyperinflationary economy [987]. - Argentina's GDP increased by 6.3% interannually in Q2 2025, compared to a decrease of 1.7% in Q2 2024 [1029]. - The average exchange rate per USD was ARS 1,200.5 as of June 30, 2025, compared to ARS 910.5 in 2024 [1029]. - Inflation rates for the fiscal year ended June 30, 2025, were 39.4% for the consumer price index and 21.2% for the wholesale price index [1034]. - The unemployment rate as of June 30, 2025, was 7.6%, unchanged from the previous year [1031]. Revenue Recognition and Sales Performance - Revenue from agricultural activities primarily comes from sales of agricultural produce, biological assets, and related services, with revenue recognized upon service delivery [993]. - Revenue from the sale of grains is recognized when ownership risks are transferred, typically upon delivery, with pricing often determined in U.S. dollars [996]. - Revenue from the sale of farms is recognized when performance obligations are met, including the buyer's down payment and transfer of risks [998]. - Rental income from shopping malls is recognized on a straight-line basis over the lease term, including base rent and contingent rent based on sales [1007]. - The company recognizes revenue from sales and developments of real estate properties only when possession has been transferred to the buyer [1019]. - The company engages in barter transactions, recognizing revenue at the fair value of goods delivered, adjusted for any cash received [1021]. - Total revenues for the agricultural business reached ARS 448,266 million, with ARS 236,332 million generated in Argentina and ARS 211,934 million from other countries, primarily Brazil [1072]. - The urban properties and investments line of business generated total revenues of ARS 374,662 million, with ARS 374,042 million originating in Argentina [1077]. - Revenues decreased to ARS 448,266 million in June 2025 from ARS 503,614 million in June 2024, a decline of 10.96% [1085]. - Revenues from the Shopping Malls segment increased by 8.0% from ARS 250,468 million in FY 2024 to ARS 270,531 million in FY 2025, driven by higher base rental revenues and parking income [1089]. - Revenues from the Offices segment decreased by 11.4% from ARS 22,646 million in FY 2024 to ARS 20,065 million in FY 2025, primarily due to a 12.1% drop in lease revenue [1090]. - Revenues from the Hotels segment decreased by 24.7% from ARS 85,840 million in FY 2024 to ARS 64,596 million in FY 2025, attributed to a decline in international tourism [1092]. - Revenues from the Agricultural Production segment decreased by 12.6% from ARS 374,179 million in FY 2024 to ARS 326,975 million in FY 2025, primarily due to lower crop sales [1088]. Profit and Loss Analysis - For the year ended June 30, 2025, total revenues reached ARS 914,157 million, a decrease from ARS 959,359 million in 2024, reflecting a decline of approximately 4.7% [1063][1064]. - Gross profit for the year ended June 30, 2025, was ARS 368,054 million, compared to ARS 406,483 million in 2024, indicating a decrease of about 9.5% [1063][1065]. - The company reported a profit from operations of ARS 220,945 million for the year ended June 30, 2025, compared to a loss of ARS 191,917 million in 2024 [1063][1065]. - The share of profit from associates and joint ventures was ARS 26,890 million for 2025, compared to ARS 45,943 million in 2024, reflecting a decrease of approximately 41.5% [1063][1065]. - The company reported a net gain from the fair value adjustment of investment properties of ARS 19,075 million for the year ended June 30, 2025 [1063]. - The net profit for the year increased by ARS 75,527 million, from ARS 148,839 million in FY 2024 to ARS 224,366 million in FY 2025, with ARS 201,257 million derived from the Urban Properties and Investment Business [1175]. Costs and Expenses - General and administrative expenses for the year ended June 30, 2025, were ARS 111,002 million, slightly lower than ARS 118,299 million in 2024, indicating a decrease of about 6.9% [1063][1065]. - The total costs for the year ended June 30, 2025, were ARS 570,742 million, down from ARS 571,311 million in 2024, showing a marginal decrease of about 0.1% [1063][1065]. - General and administrative expenses for the Agricultural Production segment decreased by 15.1% from ARS 27,383 million in FY 2024 to ARS 23,258 million in FY 2025 [1128]. - General and administrative expenses for the Shopping Malls segment decreased by 3.7% from ARS 30,126 million in FY 2024 to ARS 28,999 million in FY 2025 [1131]. - Selling expenses for the Agricultural Production segment decreased by 11.5% from ARS 40,340 million in FY 2024 to ARS 35,685 million in FY 2025 [1136]. - Selling expenses in the Sales and Developments segment decreased by 30.9%, from ARS 4,512 million in FY 2024 to ARS 3,116 million in FY 2025, with expenses as a percentage of revenues dropping from 35.0% to 24.4% [1142]. Segment Performance - The segment profit for Urban Properties and Agricultural business was ARS 258,667 million for 2025, down from ARS 247,835 million in 2024, showing an increase of approximately 4.3% [1063][1065]. - The urban properties segment reported a segment loss of ARS 226,038 million, highlighting challenges faced in this area despite overall revenue generation [1078]. - The agricultural business segment profit was ARS 47,554 million, indicating a strong performance in comparison to the previous fiscal year [1071]. - The urban properties segment experienced a gross profit of ARS 287,056 million, despite a net loss from fair value adjustments of investment properties amounting to ARS 570 million [1076]. - The share of profit of associates and joint ventures in the Agricultural Production segment decreased by 83.0%, from ARS 2,161 million in FY 2024 to ARS 368 million in FY 2025 [1163]. - The share of profit from the Others segment decreased by 46.2%, from ARS 47,068 million in FY 2024 to ARS 25,332 million in FY 2025, mainly impacted by macroeconomic conditions in Argentina [1171]. Investment and Asset Management - Reportable assets as of June 30, 2025, totaled ARS 5,088,822 million, compared to ARS 4,842,217 million in 2024, representing an increase of about 5.1% [1063][1065]. - Investment properties in the urban segment totaled ARS 2,499,231 million, showcasing the company's substantial asset base in this area [1076]. - The company holds reportable assets of ARS 1,038,536 million in the agricultural business, with a significant portion located in Argentina [1072]. - BrasilAgro completed the sale of 1,157 hectares of the Alto Taquari farm for BRL 189.4 million (ARS 43,395 million) on September 26, 2024 [1127]. - BrasilAgro sold 12,335 hectares of the Chaparral farm for BRL 364.5 million, subject to variations in soybean bag price, on March 26, 2024 [1139].

Financial Position - Total assets as of June 30, 2025, amounted to ARS 5,088,822 million, a decrease of 8.1% from ARS 5,539,113 million in 2023[14] - Shareholders' equity increased to ARS 2,213,792 million as of June 30, 2025, compared to ARS 2,486,830 million in 2023, reflecting a decline of 10.9%[14] - Non-current liabilities decreased to ARS 1,873,251 million in 2025 from ARS 2,018,874 million in 2023, a reduction of 7.2%[14] - Current assets rose to ARS 1,246,695 million in 2025, up from ARS 1,113,350 million in 2023, representing an increase of 12.0%[14] - Total liabilities stood at ARS 2,875,030 million in 2025, down from ARS 3,052,283 million in 2023, a decrease of 5.8%[14] Revenue and Profitability - The company reported a net income of ARS 970,586 million for the fiscal year ended June 30, 2025, compared to ARS 1,077,368 million in 2023, a decline of 9.9%[18] - Revenues for the year ended June 30, 2024, were ARS 914,157 million, a decrease of 4.7% compared to ARS 959,359 million in 2023[19] - Gross profit for the year was ARS 368,054 million, down 9.5% from ARS 406,483 million in the previous year[19] - Profit for the year attributable to equity holders of the parent was ARS 96,148 million, a decrease of 29.1% compared to ARS 135,726 million in 2023[19] - The profit for the year ended June 30, 2024, is ARS 163,826 million, compared to ARS 135,726 million for the previous year, reflecting a growth of approximately 20.7%[32] Investment Properties - Investment properties were valued at ARS 2,404,115 million as of June 30, 2025, a slight decrease from ARS 3,037,044 million in 2023, down by 20.9%[14] - The company reported a net gain from fair value adjustment of investment properties of ARS 19,075 million, a recovery from a loss of ARS 486,121 million in 2023[19] - The Group's investment properties primarily consist of shopping malls and offices, with a focus on long-term rental income and capital appreciation[123] - Investment properties are initially measured at cost, including purchase price and directly attributable expenditures, and are subsequently carried at fair value[132] - Changes in fair values of investment properties are recognized in the Consolidated Statement of Comprehensive Income under "Net gain from fair value adjustment of investment properties"[137] Cash Flow and Financing Activities - Cash and cash equivalents increased to ARS 250,855 million in 2025, compared to ARS 201,685 million in 2023, marking a growth of 24.3%[14] - The company reported a net cash used in financing activities of ARS (471,725) million, an increase from ARS (470,037) million, showing a rise of 0.4%[72] - The net cash generated from operating activities for the year ended June 30, 2023, was ARS 151,319 million, compared to ARS 115,446 million in the previous year, representing a 31% increase[46] Shareholder Activities - The company repurchased treasury shares amounting to ARS 1,784 million during the fiscal year ended June 30, 2024[34] - Dividends distributed for the year totaled ARS 375,036 million, which includes ARS 172,312 million for the previous year[34] - Dividends paid during the year were ARS 87,431 million, a decrease from ARS 172,303 million in the previous year[46] Economic Environment - The Argentine economy showed a year-on-year growth of 6.6% in the Monthly Economic Activity Estimator (EMAE) during the second half of 2024[61] - Accumulated inflation in Argentina reached 39.4% from July 1, 2024, to June 30, 2025, with a projected annual inflation of 27.3% for December 2025[61] - The Argentine peso depreciated from ARS 912 per dollar to ARS 1,205 per dollar over the fiscal year[61] Accounting and Regulatory Changes - The company has adopted new accounting standards, including amendments to IAS 1 and IFRS 16, which will be mandatory by June 30, 2025[93][94] - The cumulative inflation rate in Argentina over the last three years exceeded 1,017%, necessitating the application of IAS 29 for financial reporting[78][82] - The adjustments for inflation have been calculated based on the indexes reported by the FACPCE, reflecting the economic conditions in Argentina[81] Ownership and Subsidiaries - The Group's ownership interest in BrasilAgro decreased from 37.88% in June 2023 to 35.22% in June 2025[102] - The Group's stake in Futuros y Opciones.Com S.A. increased from 49.55% in June 2023 to 51.21% in June 2025[102] - The Group maintains a 100% ownership interest in Helmir S.A. and several agricultural subsidiaries in Brazil[102] Biological Assets - The company’s biological assets were valued at ARS 149,235 million in 2025, an increase from ARS 145,031 million in 2023, reflecting a growth of 2.0%[14] - Biological assets include unharvested crops and livestock, with the Group maintaining a diverse agricultural portfolio[179] - Biological assets are measured at fair value less costs to sell upon initial recognition and at each reporting date, unless fair value cannot be reliably measured[184]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing the long-term earnings potential of companies [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide valuable information for future investors while maintaining a healthy skepticism towards a generally bullish market [1] - There is a clear distinction made between the author's opinions and professional investment advice, emphasizing the need for readers to conduct their own due diligence [2][3]

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]

[Legal Information](index=2&type=section&id=Legal%20Information) [Company Details](index=2&type=section&id=Company%20Details) Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, founded in 1936, primarily engages in real estate and agricultural activities with its fiscal year beginning July 1, 2024 - Company Name: **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**[3](index=3&type=chunk) - Company Activity: Real estate and agricultural activities[3](index=3&type=chunk) - Fiscal Year N°: 92, beginning on July 1, 2024[3](index=3&type=chunk) [Stock Information](index=2&type=section&id=Stock%20Information) The company has 605,049,182 common shares subscribed, issued, and paid up, with a nominal value of ARS 605 million, and the control group holds a 38.55% voting stock | Metric | Value | | :--- | :--- | | Stock | 605,049,182 common shares | | Common stock subscribed, issued and paid up nominal value (millions of ARS) | 605 | | Voting stock (direct and indirect equity interest) | 38.55% | [Control Group](index=2&type=section&id=Control%20Group) The Control Group is led by Eduardo S. Elsztain, directly and through entities like Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A., and Consultores Asset Management S.A., primarily engaged in investment - Control Group: Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Consultores Asset Management S.A.[4](index=4&type=chunk) - Parent companies' activity: Investment[6](index=6&type=chunk) [Glossary of Terms](index=4&type=section&id=Glossary%20of%20terms) [Terms and Definitions](index=4&type=section&id=Terms%20and%20Definitions) This section provides a glossary of terms to aid in understanding the Group's Financial Statements, including abbreviations for various entities and financial standards - The glossary defines terms such as ARCOS, BACS, BHSA, CAMSA, CNV, CODM, Cresud, Financial Statements, EHSA, CPF, GCDI, IASB, IDBD, IFISA, IPC, IRSA, MEP, New Lipstick, IAS, IFRS, NIS, Puerto Retiro, Quality, U.S., VAM, and Zetol[12](index=12&type=chunk) [Unaudited Condensed Interim Consolidated Financial Statements](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Unaudited Condensed Interim Consolidated Statement of Financial Position](index=5&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, Cresud reported total assets of ARS 4,621,796 million, a slight increase from ARS 4,567,587 million on June 30, 2024, with total liabilities increasing to ARS 2,719,665 million and total shareholders' equity decreasing to ARS 1,902,131 million | Metric | 03.31.2025 (millions of ARS) | 06.30.2024 (millions of ARS) | | :--- | :--- | :--- | | Total non-current assets | 3,448,008 | 3,638,579 | | Total current assets | 1,173,788 | 929,008 | | TOTAL ASSETS | 4,621,796 | 4,567,587 | | TOTAL SHAREHOLDERS' EQUITY | 1,902,131 | 2,056,740 | | Total non-current liabilities | 1,783,058 | 1,646,010 | | Total Current liabilities | 936,607 | 864,837 | | TOTAL LIABILITIES | 2,719,665 | 2,510,847 | | TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 4,621,796 | 4,567,587 | - Investment properties decreased from **ARS 2,301,873 million** to **ARS 2,188,573 million**[14](index=14&type=chunk) - Cash and cash equivalents significantly increased from **ARS 150,760 million** to **ARS 341,168 million**[14](index=14&type=chunk) [Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income](index=7&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statement%20of%20Income%20and%20Other%20Comprehensive%20Income) For the nine-month period ended March 31, 2025, Cresud reported a profit of ARS 57,895 million, a significant turnaround from a loss of ARS 39,987 million in the prior year, largely driven by a reduced net loss from fair value adjustment of investment properties | Metric | Nine months 03.31.2025 (millions of ARS) | Nine months 03.31.2024 (millions of ARS) | | :--- | :--- | :--- | | Revenues | 687,161 | 702,952 | | Gross profit | 259,097 | 321,226 | | Net (loss) / gain from fair value adjustment of investment properties | (137,439) | (588,975) | | Profit / (loss) from operations | 7,882 | (363,662) | | Financial results, net | 86,472 | 145,905 | | Profit / (loss) for the period | 57,895 | (39,987) | | Profit / (loss) for the period attributable to: Equity holders of the parent | 22,228 | 34,835 | | Profit / (loss) for the period attributable to: Non-controlling interest | 35,667 | (74,822) | - Revenues decreased by **2.2% YoY** for the nine-month period[18](index=18&type=chunk) - Basic EPS for equity holders of the parent was **ARS 37.27** for the nine-month period ended March 31, 2025, down from **ARS 58.83** in the prior year[18](index=18&type=chunk) [Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity](index=9&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) For the nine-month period ended March 31, 2025, total shareholders' equity decreased to ARS 1,902,131 million from ARS 2,056,740 million as of June 30, 2024, primarily due to comprehensive loss, share repurchases, and dividend distribution, partially offset by profit and warrant exercises | Metric | 03.31.2025 (millions of ARS) | 06.30.2024 (millions of ARS) | | :--- | :--- | :--- | | Balance as of June 30, 2024 | 2,056,740 | | | Profit for the period | 57,895 | | | Other comprehensive loss for the period | (77,083) | | | Repurchase of treasury shares | (15,342) | | | Dividends distribution | (121,069) | | | Balance as of March 31, 2025 | 1,902,131 | | - Total comprehensive loss for the period was **ARS 19,188 million**[23](index=23&type=chunk) - Dividends distributed amounted to **ARS 121,069 million**[23](index=23&type=chunk) [Unaudited Condensed Interim Consolidated Statement of Cash Flows](index=13&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statement%20of%20Cash%20Flows) For the nine-month period ended March 31, 2025, Cresud generated ARS 1,634 million from operating activities, a significant decrease from ARS 94,643 million in the prior year, with investing activities resulting in a net cash outflow of ARS 33,912 million and financing activities generating ARS 220,191 million, leading to a net increase in cash and cash equivalents of ARS 187,913 million | Metric | 03.31.2025 (millions of ARS) | 03.31.2024 (millions of ARS) | | :--- | :--- | :--- | | Net cash generated from operating activities | 1,634 | 94,643 | | Net cash (used in) / generated from investing activities | (33,912) | 148,686 | | Net cash generated from / (used in) financing activities | 220,191 | (303,048) | | Net increase / (decrease) in cash and cash equivalents | 187,913 | (59,719) | | Cash and cash equivalents at the end of the period | 341,168 | 161,626 | - Operating cash flow decreased significantly due to lower net cash generated before income tax paid[35](index=35&type=chunk) - Financing activities saw a substantial positive shift, driven by higher borrowings and lower dividend payments compared to the prior year[35](index=35&type=chunk) [Notes to the Unaudited Condensed Interim Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Interim%20Consolidated%20Financial%20Statements) [Note 1 - The Group's business and general information](index=14&type=section&id=Note%201%20-%20The%20Group's%20business%20and%20general%20information) Cresud, founded in 1936, evolved from rural and urban lending to exclusively agricultural activities by the late 1970s, with IRSA becoming its principal subsidiary in 2009, and the Group now operates in two major business lines: agricultural and urban property/investment - Cresud was founded in **1936** and initially focused on rural and urban loans, later shifting to agricultural activities[37](index=37&type=chunk) - In **2009**, Cresud increased its ownership in IRSA to **55.64%**, making IRSA its direct principal subsidiary[38](index=38&type=chunk) - As of March 31, 2025, the Group operates in two major business lines: (i) agricultural business and (ii) urban property and investment business[41](index=41&type=chunk) [Note 2 - Summary of significant accounting policies](index=14&type=section&id=Note%202%20-%20Summary%20of%20significant%20accounting%20policies) The financial statements are prepared in accordance with IAS 34 and IFRS, and are restated for hyperinflation in Argentina as per IAS 29, given a three-year accumulated inflation rate exceeding 100%, with accounting policies remaining consistent with the annual financial statements - Financial statements are prepared in accordance with **IAS 34 'Interim financial reporting'** and **IFRS Accounting Standards**[42](index=42&type=chunk) - Argentina is considered a highly inflationary economy since July 1, 2018, requiring financial statements to be restated in accordance with **IAS 29**[45](index=45&type=chunk)[48](index=48&type=chunk) - The accounting policies applied are consistent with those in the Annual Financial Statements as of June 30, 2024[49](index=49&type=chunk) [Basis of preparation](index=14&type=section&id=Basis%20of%20preparation) The interim financial statements are unaudited and prepared under IAS 34, incorporating additional information required by Argentine regulations, reflecting management's necessary adjustments and restated for hyperinflation in Argentina, which has exceeded 100% over three years - Financial statements are unaudited and prepared in accordance with **IAS 34** and **IFRS Accounting Standards**[42](index=42&type=chunk)[43](index=43&type=chunk) - Argentina is categorized as a highly inflationary economy since July 1, 2018, due to an accumulated inflation rate exceeding **100%** in three years, requiring restatement under **IAS 29**[45](index=45&type=chunk)[48](index=48&type=chunk) | Period | Price variation | | :--- | :--- | | As of March 31, 2025 (nine months) | 32% | | As of March 31, 2025 (twelve months) | 56% | [Accounting policies](index=15&type=section&id=Accounting%20policies) The accounting policies used for these interim financial statements are consistent with those applied in the preparation of the Group's annual financial statements - The accounting policies applied are consistent with those described in Note 2 to the Annual Financial Statements[49](index=49&type=chunk) [Comparability of information](index=15&type=section&id=Comparability%20of%20information) Comparative balance items for June 30, 2024, and March 31, 2024, are restated according to IAS 29 to ensure comparability due to hyperinflation - Balance items as of June 30, 2024, and March 31, 2024, are restated according to **IAS 29** for comparative purposes[50](index=50&type=chunk) [Use of estimates](index=15&type=section&id=Use%20of%20estimates) Management's significant judgments and main sources of uncertainty in preparing these financial statements are consistent with those applied in the annual financial statements - Significant judgments and main sources of uncertainty in applying accounting policies were the same as those in the Annual Financial Statements[51](index=51&type=chunk) [Note 3 - Seasonal effects on operations](index=15&type=section&id=Note%203%20-%20Seasonal%20effects%20on%20operations) The Group's agricultural business is highly seasonal, with harvests varying by crop and region, leading to material fluctuations in quarterly results, while the urban properties and investments business, particularly shopping malls, also experiences seasonal sales peaks during winter holidays and year-end, with lower sales in summer - Agricultural business operations are subject to seasonal effects, with harvests and sales of grains (corn, soybean, wheat, sunflower) occurring at different times across Argentina, Brazil, and Bolivia[52](index=52&type=chunk) - Beef cattle production is generally larger during the second quarter due to more favorable conditions[52](index=52&type=chunk) - Shopping mall operations experience seasonal sales peaks during winter holidays (July) and Christmas/year-end (December), with lower sales in January and February[53](index=53&type=chunk) [Agricultural business](index=15&type=section&id=Agricultural%20business) Agricultural operations are seasonal, with specific harvest times for various crops in Argentina, Brazil, and Bolivia, and beef cattle production typically higher in the second quarter, causing quarterly fluctuations in results - Grain harvests in Argentina occur from June (corn, soybean), October (wheat), and December (sunflower)[52](index=52&type=chunk) - Brazilian soybean harvest is in February, and corn has two seasons between March and July[52](index=52&type=chunk) - Bolivia has two soybean, corn, and sorghum seasons (July and May), and wheat in August and September[52](index=52&type=chunk) [Urban properties and investments business](index=15&type=section&id=Urban%20properties%20and%20investments%20business) Shopping mall sales are seasonal, peaking during winter holidays and year-end, and lowest in summer, with apparel collection changes and end-of-season discounts also influencing sales, leading to higher activity from July to December - Shopping mall sales are lowest in January and February (summertime in Argentina)[53](index=53&type=chunk) - Sales peak during winter holidays (July) and Christmas/year-end (December)[53](index=53&type=chunk) - Higher business activity is expected from July through December compared to January through June[53](index=53&type=chunk) [Note 4 - Acquisitions and disposals](index=16&type=section&id=Note%204%20-%20Acquisitions%20and%20disposals) During the nine-month period ended March 31, 2025, Cresud engaged in several significant acquisitions and disposals across both its agricultural and urban property segments, including the acquisition of Agrícola Nova Horizonte and sales of Alto Taquari and Rio do Meio farms, as well as the purchase of a property adjacent to Alto Avellaneda shopping mall, the acquisition of Terrazas de Mayo shopping mall, and sales of floors and lots - BrasilAgro acquired Agrícola Nova Horizonte S.A. for **BRL 6.2 million**, expanding grain production[55](index=55&type=chunk)[57](index=57&type=chunk) - BrasilAgro sold **1,157 hectares** of Alto Taquari farm for **BRL 189.4 million** and **190 hectares** of Rio do Meio farm for **BRL 7 million**[60](index=60&type=chunk)[62](index=62&type=chunk) - IRSA acquired a property adjacent to Alto Avellaneda shopping mall for **USD 12.2 million** and the Terrazas de Mayo shopping mall for **USD 27.75 million**[69](index=69&type=chunk)[79](index=79&type=chunk) - IRSA sold a floor of '261 Della Paolera' tower for **USD 7.1 million** and signed sales agreements for two lots in 'Ramblas del Plata' for **USD 23.4 million**[77](index=77&type=chunk)[80](index=80&type=chunk) [Agricultural business acquisitions and disposals](index=16&type=section&id=Agricultural%20business%20acquisitions%20and%20disposals) In the agricultural sector, BrasilAgro acquired Agrícola Nova Horizonte S.A. for BRL 6.2 million, adding 4,767 leased hectares, while significant disposals included the sale of 1,157 hectares of Alto Taquari farm for BRL 189.4 million, 190 hectares of Rio do Meio farm for BRL 7 million, and Cresud's sale of a 3,630-hectare fraction of 'Los Pozos' farm for USD 2.23 million - BrasilAgro acquired Agrícola Nova Horizonte S.A. for **BRL 6.2 million**, leasing **4,767 hectares** for **16 years**[55](index=55&type=chunk)[57](index=57&type=chunk) - BrasilAgro completed the sale of **1,157 hectares** of Alto Taquari farm for **1,272,274 bags of soybeans (BRL 189.4 million)**[59](index=59&type=chunk)[60](index=60&type=chunk) - BrasilAgro transferred **190 hectares** of Rio do Meio farm for **54,053 bags of soybeans (BRL 7 million)**[61](index=61&type=chunk)[62](index=62&type=chunk) - Cresud sold a **3,630-hectare** fraction of 'Los Pozos' farm for **USD 2.23 million**[63](index=63&type=chunk) [Urban property business and investments acquisitions and disposals](index=17&type=section&id=Urban%20property%20business%20and%20investments%20acquisitions%20and%20disposals) In urban properties, IRSA completed payment for Zetol shares (Towers 3 and 4) for USD 8.9 million, acquired an 86,861 sq.m. property adjacent to Alto Avellaneda shopping mall for USD 12.2 million and the 'Terrazas de Mayo' shopping mall for USD 27.75 million, merged by absorption with Centro de Entretenimiento La Plata S.A., and sold a floor of '261 Della Paolera' tower for USD 7.1 million and lots in 'Ramblas del Plata' for USD 23.4 million and USD 38.5 million (barter) - Payment of installments for Zetol shares (Towers 3 and 4) completed for **USD 8.9 million**[65](index=65&type=chunk) - IRSA acquired a property adjacent to Alto Avellaneda shopping mall (**86,861 sq.m.**) for **USD 12.2 million**[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) - IRSA merged by absorption with Centro de Entretenimiento La Plata S.A. to streamline resources[71](index=71&type=chunk)[72](index=72&type=chunk) - IRSA sold a floor of '261 Della Paolera' tower (**1,197 sq.m.**) for **USD 7.1 million**[76](index=76&type=chunk)[77](index=77&type=chunk) - IRSA acquired 'Terrazas de Mayo' shopping mall for **USD 27.75 million**[78](index=78&type=chunk)[79](index=79&type=chunk) - IRSA signed sales agreements for two lots in 'Ramblas del Plata' for **USD 23.4 million** and two barter agreements for eight lots for **USD 38.5 million**[80](index=80&type=chunk)[81](index=81&type=chunk) [Note 5 - Financial risk management and fair value estimates](index=18&type=section&id=Note%205%20-%20Financial%20risk%20management%20and%20fair%20value%20estimates) This note refers to the Annual Financial Statements for comprehensive financial risk management and fair value disclosures, with no significant changes in risk management policies or economic circumstances affecting fair value of assets or liabilities occurring since June 30, 2024 - Financial risk management and fair value estimates should be read in conjunction with Note 5 to the Annual Financial Statements[82](index=82&type=chunk) - No significant changes in risk management or risk management policies have occurred since year-end[82](index=82&type=chunk) - No significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities have occurred from June 30, 2024, to the issuance date[83](index=83&type=chunk) [Note 6 - Segment information](index=19&type=section&id=Note%206%20-%20Segment%20information) The Group reports segment information based on two primary business lines: agricultural and urban properties/investment, with the agricultural business reporting a profit from operations of ARS 9,412 million and the urban properties and investment business reporting ARS 1,619 million for the nine-month period ended March 31, 2025, on total revenues of ARS 687,161 million and gross profit of ARS 259,097 million - Segment information is reported for (i) agricultural business and (ii) urban properties and investment business[84](index=84&type=chunk) | Metric (9M 2025) | Agricultural business (ARS million) | Urban Properties and Investment business (ARS million) | Total (ARS million) | | :--- | :--- | :--- | :--- | | Revenues | 353,159 | 269,586 | 622,745 | | Gross profit / (loss) | 54,117 | 206,917 | 261,034 | | Profit / (loss) from operations | 9,412 | 1,619 | 11,031 | | Segment profit / (loss) | 9,370 | 10,774 | 20,144 | | Reportable assets | 942,111 | 2,467,166 | 3,409,277 | | Metric (9M 2024) | Agricultural business (ARS million) | Urban Properties and Investment business (ARS million) | Total (ARS million) | | :--- | :--- | :--- | :--- | | Revenues | 371,988 | 276,363 | 648,351 | | Gross profit / (loss) | 97,424 | 227,653 | 325,077 | | Profit / (loss) from operations | 58,065 | (418,667) | (360,602) | | Segment profit / (loss) | 59,788 | (374,582) | (314,794) | | Reportable assets | 1,133,018 | 2,431,615 | 3,564,633 | [Overall Segment Performance](index=19&type=section&id=Overall%20Segment%20Performance) For the nine-month period ended March 31, 2025, total revenues were ARS 687,161 million, with a gross profit of ARS 259,097 million, and profit from operations was ARS 7,882 million, a significant improvement from a loss of ARS 363,662 million in the prior year, mainly due to a lower net loss from fair value adjustment of investment properties | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Revenues | 687,161 | 702,952 | | Gross profit | 259,097 | 321,226 | | Net (loss) / gain from fair value adjustment of investment properties | (137,439) | (588,975) | | Profit / (loss) from operations | 7,882 | (363,662) | | Share of profit / (loss) of associates and joint ventures | 10,010 | 46,279 | | Segment profit / (loss) | 17,892 | (317,383) | [Agriculture line of business](index=21&type=section&id=Agriculture%20line%20of%20business) The agriculture business reported revenues of ARS 353,159 million and a segment profit of ARS 9,370 million for the nine-month period ended March 31, 2025, including agricultural production, land transformation and sales, corporate, and other activities, with a gain from disposal of farmlands of ARS 25,772 million | Metric (9M 2025) | Agricultural production (ARS million) | Land transformation and sales (ARS million) | Corporate (ARS million) | Others (ARS million) | Total Agricultural business (ARS million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | 220,754 | - | - | 132,405 | 353,159 | | Gross profit / (loss) | 51,323 | (215) | - | 3,009 | 54,117 | | Gain from disposal of farmlands | - | 25,772 | - | - | 25,772 | | Profit / (loss) from operations | 9,448 | 24,991 | (4,745) | (20,282) | 9,412 | | Segment profit / (loss) | 10,579 | 24,991 | (4,745) | (21,455) | 9,370 | | Reportable assets | 823,865 | 60,150 | - | 58,096 | 942,111 | | Metric (9M 2024) | Agricultural production (ARS million) | Land transformation and sales (ARS million) | Corporate (ARS million) | Others (ARS million) | Total Agricultural business (ARS million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | 255,544 | - | - | 116,444 | 371,988 | | Gross profit / (loss) | 52,501 | (228) | - | 45,151 | 97,424 | | Gain from disposal of farmlands | - | 9,752 | - | - | 9,752 | | Profit / (loss) from operations | 17,025 | 15,314 | (4,156) | 29,882 | 58,065 | | Segment profit / (loss) | 21,365 | 15,314 | (4,156) | 27,265 | 59,788 | | Reportable assets | 941,641 | 119,458 | - | 71,919 | 1,133,018 | [Urban properties and investments line of business](index=22&type=section&id=Urban%20properties%20and%20investments%20line%20of%20business) The urban properties and investments business generated revenues of ARS 269,586 million and a segment profit of ARS 10,774 million for the nine-month period ended March 31, 2025, including shopping malls, offices, sales and developments, hotels, and other activities, with a net loss from fair value adjustment of investment properties of ARS 135,893 million, mainly due to macroeconomic conditions and exchange rate variations | Metric (9M 2025) | Shopping Malls (ARS million) | Offices (ARS million) | Sales and developments (ARS million) | Hotels (ARS million) | Others (ARS million) | Total (ARS million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | 191,675 | 13,993 | 10,407 | 49,022 | 4,489 | 269,586 | | Gross profit / (loss) | 177,698 | 12,922 | (3,615) | 18,450 | 1,462 | 206,917 | | Net gain / (loss) from fair value adjustment of investment properties | 202,198 | (104,471) | (233,138) | - | (482) | (135,893) | | Profit / (Loss) from operations | 347,487 | (93,842) | (255,449) | 5,552 | (2,129) | 1,619 | | Segment profit / (loss) | 347,487 | (93,842) | (255,449) | 5,552 | 7,026 | 10,774 | | Reportable assets | 1,159,379 | 276,054 | 810,435 | 44,992 | 176,306 | 2,467,166 | - Net loss from fair value adjustment of investment properties was **ARS 135,893 million**, influenced by implicit exchange rate variation, sales/acquisitions, projected income growth, and discount rate changes[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) | Metric (9M 2024) | Shopping Malls (ARS million) | Offices (ARS million) | Sales and developments (ARS million) | Hotels (ARS million) | Others (ARS million) | Total (ARS million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues | 176,528 | 16,787 | 11,492 | 67,996 | 3,560 | 276,363 | | Gross profit | 166,397 | 15,883 | 5,008 | 39,609 | 756 | 227,653 | | Net loss from fair value adjustment of investment properties | (20,711) | (176,572) | (391,663) | - | (58) | (589,004) | | Profit / (Loss) from operations | 112,304 | (163,410) | (404,287) | 24,397 | 12,329 | (418,667) | | Segment profit / (loss) | 112,304 | (163,410) | (404,287) | 24,397 | 56,414 | (374,582) | | Reportable assets | 897,221 | 356,191 | 938,385 | 45,556 | 194,262 | 2,431,615 | [Note 7 - Investments in associates and joint ventures](index=24&type=section&id=Note%207%20-%20Investments%20in%20associates%20and%20joint%20ventures) The Group's investments in associates and joint ventures increased to ARS 184,159 million as of March 31, 2025, from ARS 180,945 million as of June 30, 2024, primarily due to a share of profit of ARS 10,010 million and an increase in participation in Challenger Gold Ltd., partially offset by dividends and sale of interests | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Beginning of the period / year | 180,945 | 193,876 | | Share capital increase and contributions | 33 | - | | Sale of interest in associates and joint ventures | (3,458) | (34,450) | | Share of profit | 10,010 | 43,343 | | Dividends | (5,111) | (22,687) | | Increase of participation in associates | 2,155 | - | | End of the period / year | 184,159 | 180,945 | - Key investments include **BHSA (29.13% ownership, ARS 136,385 million value)** and **La Rural S.A. (50.00% ownership, ARS 15,256 million value)**[101](index=101&type=chunk) - A legal claim against Dolphin BV and IRSA by IDBD for **NIS 140 million** is ongoing, with the court dismissing an asset injunction request and an appeal on jurisdiction[103](index=103&type=chunk)[146](index=146&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) [Note 8 - Investment properties](index=26&type=section&id=Note%208%20-%20Investment%20properties) The fair value of the Group's investment properties decreased to ARS 2,188,573 million as of March 31, 2025, from ARS 2,301,873 million as of June 30, 2024, primarily due to a net loss from fair value adjustment of ARS 137,439 million, partially offset by additions, with shopping malls representing the largest component | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Fair value at the beginning of the period / year | 2,301,873 | | | Additions | 61,712 | 17,559 | | Disposals | (8,386) | (52,103) | | Net (loss) / gain from fair value adjustment | (137,439) | (458,553) | | Fair value at the end of the period / year | 2,188,573 | 2,301,873 | | Type of Property | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Leased out farmland | 58,068 | 84,853 | | Offices and other rental properties | 298,503 | 419,265 | | Shopping malls | 1,139,894 | 902,157 | | Undeveloped parcels of land | 689,704 | 892,898 | | Properties under development | 2,404 | 2,700 | | Total | 2,188,573 | 2,301,873 | - Net unrealized loss from fair value adjustment of investment property was **ARS 140,412 million** for the nine-month period ended March 31, 2025, significantly lower than **ARS 622,594 million** in the prior year[108](index=108&type=chunk) [Note 9 - Property, plant and equipment](index=27&type=section&id=Note%209%20-%20Property,%20plant%20and%20equipment) The net book amount of property, plant and equipment decreased to ARS 648,722 million as of March 31, 2025, from ARS 671,349 million as of June 30, 2024, mainly due to currency translation adjustments and depreciation charges, partially offset by additions and incorporation by business combination | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Net book amount at the beginning of the period / year | 671,349 | 711,186 | | Additions | 29,707 | 63,976 | | Incorporation by business combination | 4,607 | - | | Currency translation adjustment | (50,300) | (66,427) | | Depreciation charges | (22,149) | (29,631) | | Balances at the end of the period / year | 648,722 | 671,349 | - Depreciation charges for the nine-month period ended March 31, 2025, amounted to **ARS 22,149 million**[111](index=111&type=chunk) - Owner occupied farmland constitutes the largest component of property, plant and equipment, with a net book amount of **ARS 515,453 million**[111](index=111&type=chunk) [Note 10 - Trading properties](index=27&type=section&id=Note%2010%20-%20Trading%20properties) The Group's trading properties increased to ARS 78,198 million as of March 31, 2025, from ARS 26,229 million as of June 30, 2024, with this significant increase driven by transfers, partially offset by disposals and an impairment loss of ARS 8,339 million | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Beginning of the period / year | 26,229 | 30,191 | | Additions | 2,006 | 1,197 | | Transfers | 71,134 | - | | Impairment | (8,339) | - | | Disposals | (11,069) | (3,762) | | End of the period / year | 78,198 | 26,229 | | Non-current | 51,042 | 25,688 | | Current | 27,156 | 541 | - An impairment loss of **ARS 8,339 million** was recognized due to the net realizable value being below the inflation-adjusted cost[113](index=113&type=chunk) [Note 11 - Intangible assets](index=28&type=section&id=Note%2011%20-%20Intangible%20assets) The net book amount of intangible assets decreased to ARS 27,324 million as of March 31, 2025, from ARS 95,325 million as of June 30, 2024, primarily due to significant transfers and amortization charges, partially offset by additions | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Net book amount at the beginning of the period / year | 95,325 | 48,699 | | Additions | 3,363 | 13,218 | | Transfers | (68,834) | 36,050 | | Amortization charges | (2,299) | (2,027) | | Balances at the end of the period / year | 27,324 | 95,325 | - Amortization charges for the nine-month period ended March 31, 2025, totaled **ARS 2,299 million**[115](index=115&type=chunk) - The 'Future units to be received from barters and others' category saw a significant decrease due to transfers[115](index=115&type=chunk) [Note 12 - Right-of-use assets and lease liabilities](index=28&type=section&id=Note%2012%20-%20Right-of-use%20assets%20and%20lease%20liabilities) Right-of-use assets increased to ARS 115,503 million as of March 31, 2025, from ARS 105,191 million as of June 30, 2024, primarily driven by farmland, while lease liabilities also increased to ARS 111,154 million from ARS 104,918 million, with a significant portion classified as non-current | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Farmland (Right-of-use assets) | 97,642 | 85,631 | | Total Right-of-use assets | 115,503 | 105,191 | | Depreciation charge of right-of-use assets | 14,573 | 13,514 | | Farmland (Lease liabilities) | 102,205 | 89,356 | | Total Lease liabilities | 111,154 | 104,918 | | Non-current Lease liabilities | 75,081 | 80,541 | | Current Lease liabilities | 36,073 | 24,377 | - Depreciation charge for right-of-use assets for the nine-month period ended March 31, 2025, was **ARS 14,573 million**[116](index=116&type=chunk) - **ARS 12,597 million** of the amortization charge was capitalized as part of the cost of biological assets[116](index=116&type=chunk) [Note 13 - Biological assets](index=30&type=section&id=Note%2013%20-%20Biological%20assets) The net book amount of biological assets increased to ARS 176,933 million as of March 31, 2025, from ARS 113,509 million as of June 30, 2024, primarily due to purchases, initial recognition and changes in fair value, and capitalized production costs, partially offset by decreases due to harvest and sales | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Net book amount at the beginning of the period / year | 113,509 | 136,805 | | Purchases | 15,755 | 9,770 | | Initial recognition and changes in the fair value of biological assets | 16,838 | 7,678 | | Decrease due to harvest | (161,530) | (288,531) | | Sales | (26,508) | (26,834) | | Costs for the period / year | 236,276 | 327,090 | | Balances at the end of the period / year | 176,933 | 113,509 | | Non-current (Production) | 44,017 | 36,857 | | Current (Consumable) | 132,916 | 76,652 | - Capitalized cost of production for the nine-month period ended March 31, 2025, was **ARS 236,034 million**[121](index=121&type=chunk) - Biological assets with a production cycle of more than one year (cattle) generated **ARS 5,402 million** in initial recognition and changes in fair value for the nine-month period ended March 31, 2025[118](index=118&type=chunk) [Note 14 - Inventories](index=30&type=section&id=Note%2014%20-%20Inventories) Total inventories decreased to ARS 126,552 million as of March 31, 2025, from ARS 152,924 million as of June 30, 2024, with this reduction mainly driven by a decrease in materials and supplies | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Crops | 71,413 | 68,742 | | Materials and supplies | 53,480 | 81,957 | | Sugarcane | 1,078 | 1,331 | | Agricultural inventories | 125,971 | 152,030 | | Supplies for hotels | 581 | 894 | | Total inventories | 126,552 | 152,924 | - Materials and supplies decreased by **ARS 28,477 million**[122](index=122&type=chunk) [Note 15 - Financial instruments by category](index=32&type=section&id=Note%2015%20-%20Financial%20instruments%20by%20category) As of March 31, 2025, the Group's total financial assets amounted to ARS 1,065,210 million, with ARS 682,667 million at amortized cost and ARS 278,830 million at fair value through profit or loss (Level 1), and total financial liabilities were ARS 1,801,560 million, with ARS 1,637,554 million at amortized cost, with no significant changes in economic or business circumstances affecting fair value occurring since June 30, 2024 | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Total financial assets | 1,065,210 | 906,568 | | Financial assets at amortized cost | 682,667 | 437,459 | | Financial assets at fair value through profit or loss (Level 1) | 278,830 | 347,573 | | Total financial liabilities | 1,801,560 | 1,600,033 | | Financial liabilities at amortized cost | 1,637,554 | 1,439,018 | | Financial liabilities at fair value through profit or loss (Level 1) | 23,023 | 20,048 | - Cash and cash equivalents (excluding bank overdrafts) increased significantly from **ARS 150,760 million** to **ARS 341,168 million**[14](index=14&type=chunk)[125](index=125&type=chunk) - The Group uses valuation models for Level 2 and 3 instruments, with no changes to these models or economic circumstances affecting fair value since June 30, 2024[128](index=128&type=chunk)[129](index=129&type=chunk) [Note 16 - Trade and other receivables](index=36&type=section&id=Note%2016%20-%20Trade%20and%20other%20receivables) Total trade and other receivables decreased slightly to ARS 524,621 million as of March 31, 2025, from ARS 530,451 million as of June 30, 2024, with trade, leases, and services receivable increasing, while prepayments and borrowings/deposits decreased, and the allowance for doubtful accounts increased to ARS 5,863 million | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Trade, leases and services receivable | 354,258 | 338,246 | | Less: allowance for doubtful accounts | (5,863) | (5,628) | | Total trade receivables | 348,395 | 332,618 | | Prepayments | 48,034 | 77,894 | | Borrowings, deposits and others | 33,433 | 55,519 | | Total trade and other receivables | 524,621 | 530,451 | | Non-current | 160,585 | 186,331 | | Current | 364,036 | 344,120 | | Metric (Allowance for doubtful accounts) | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Beginning of the period / year | 5,628 | 7,390 | | Additions | 1,569 | 1,680 | | Recovery | (170) | (298) | | End of the period / year | 5,863 | 5,628 | - Field sales credits are revalued based on soybean prices, impacting 'Financial results, net'[131](index=131&type=chunk) [Note 17 - Cash flow information](index=37&type=section&id=Note%2017%20-%20Cash%20flow%20information) Net cash generated from operating activities before income tax paid significantly decreased to ARS 14,136 million for the nine-month period ended March 31, 2025, from ARS 103,785 million in the prior year, influenced by a profit for the period of ARS 57,895 million (vs. loss of ARS 39,987 million in 2024) and various adjustments including a lower net loss from fair value adjustment of investment properties | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Profit / (loss) for the period | 57,895 | (39,987) | | Income tax | 46,469 | (131,491) | | Net loss from fair value adjustment of investment properties | 137,439 | 588,975 | | Financial results, net | (86,364) | (191,989) | | Net cash generated from operating activities before income tax paid | 14,136 | 103,785 | | Net cash generated from operating activities | 1,634 | 94,643 | - Significant non-cash transactions included an increase in investment properties through trade and other payables (**ARS 11,885 million**) and currency translation adjustments (**ARS 27,889 million**)[137](index=137&type=chunk) - Decrease in trade and other payables (**ARS 97,884 million**) and increase in income tax (**ARS 46,469 million**) also impacted operating cash flows[135](index=135&type=chunk) [Note 18 - Trade and other payables](index=38&type=section&id=Note%2018%20-%20Trade%20and%20other%20payables) Total trade and other payables decreased to ARS 349,770 million as of March 31, 2025, from ARS 393,328 million as of June 30, 2024, with this reduction mainly driven by decreases in trade payables and dividends payable to non-controlling interests | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Trade payables | 165,965 | 186,577 | | Advances from sales, leases and services | 79,381 | 81,116 | | Admission fees | 37,607 | 38,676 | | Total trade payables | 303,006 | 324,739 | | Dividends payable to non-controlling interests | 499 | 8,642 | | Tax payables | 23,440 | 20,553 | | Total trade and other payables | 349,770 | 393,328 | | Non-current | 65,165 | 66,526 | | Current | 284,605 | 326,802 | - Trade payables decreased by **ARS 20,612 million**[138](index=138&type=chunk) - Dividends payable to non-controlling interests decreased significantly from **ARS 8,642 million** to **ARS 499 million**[138](index=138&type=chunk) [Note 19 - Provisions](index=40&type=section&id=Note%2019%20-%20Provisions) Total provisions decreased to ARS 30,715 million as of March 31, 2025, from ARS 34,423 million as of June 30, 2024, mainly due to inflation adjustments and decreases, partially offset by additions, with a significant provision relating to the ongoing IDBD lawsuit | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Beginning of the period / year | 34,423 | 35,821 | | Additions | 3,170 | 11,091 | | Decreases | (943) | (548) | | Inflation adjustment | (4,547) | (11,068) | | End of the period / year | 30,715 | 34,423 | | Non-current | 26,468 | 28,382 | | Current | 4,247 | 6,041 | - The IDBD lawsuit, claiming **NIS 140 million** against Dolphin BV and IRSA, is in the evidentiary stage, with a provision recorded based on legal analysis[146](index=146&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) - The court dismissed IDBD's request for asset injunction and seizure on IRSA and rejected IRSA's appeal regarding jurisdiction[148](index=148&type=chunk)[149](index=149&type=chunk) [Note 20 - Borrowings](index=42&type=section&id=Note%2020%20-%20Borrowings) Total borrowings increased to ARS 1,317,613 million as of March 31, 2025, from ARS 1,081,739 million as of June 30, 2024, driven by new note issuances by Cresud and IRSA, including Cresud's Series XLVI (USD 28.6 million) and XLVII (USD 64.4 million) Notes, and IRSA's Series XXII, XXIII, and XXIV Notes (totaling USD 379.1 million) | Metric | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Non-convertible notes | 1,023,846 | 968,464 | | Bank loans | 177,433 | 56,229 | | Bank overdrafts | 89,332 | 43,599 | | Total borrowings | 1,317,613 | 1,081,739 | | Non-current | 825,119 | 625,464 | | Current | 492,494 | 456,275 | - Cresud issued Series XLVI Notes for **USD 28.6 million (1.5% fixed rate, due July 2027)** and Series XLVII Notes for **USD 64.4 million (7.0% fixed rate, due November 2028)**[154](index=154&type=chunk)[155](index=155&type=chunk) - IRSA issued Series XXII Notes for **USD 15.8 million (5.75% interest, due October 2027)**, Series XXIII Notes for **USD 51.5 million (7.25% interest, due October 2029)**, and Series XXIV Notes for **USD 300 million (8.00% fixed rate, due March 2035)**[156](index=156&type=chunk)[158](index=158&type=chunk) [Note 21 - Taxation](index=43&type=section&id=Note%2021%20-%20Taxation) The Group reported an income tax expense of ARS 46,469 million for the nine-month period ended March 31, 2025, a significant change from a tax income of ARS 131,491 million in the prior year, primarily due to current income tax of ARS 90,570 million and deferred income tax of ARS 44,101 million, with various permanent differences and inflation adjustments impacting the reconciliation | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Current income tax | (90,570) | (102,925) | | Deferred income tax | 44,101 | 234,416 | | Income tax | (46,469) | 131,491 | - The reconciliation shows significant impacts from tax inflation adjustment (**ARS 43,161 million loss**) and provision for unrecoverability of tax loss carry-forwards (**ARS 19,450 million gain**)[162](index=162&type=chunk) | Metric (Deferred income tax) | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Beginning of the period / year | (826,442) | (938,290) | | Charged to the Statement of Income | 44,105 | 105,697 | | End of the period / year | (772,259) | (826,442) | [Note 22 - Revenues](index=44&type=section&id=Note%2022%20-%20Revenues) Total revenues for the nine-month period ended March 31, 2025, decreased by 2.2% to ARS 687,161 million from ARS 702,952 million in the prior year, with agricultural business revenues decreasing mainly in crops and consignment, while urban properties and investment business revenues slightly increased, driven by rental and services | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Crops | 143,396 | 180,680 | | Sugarcane | 51,119 | 44,942 | | Cattle | 32,285 | 24,699 | | Supplies | 106,245 | 53,168 | | Consignment | (1,786) | 38,142 | | Income from sales and services from agricultural business | 351,520 | 370,055 | | Trading properties and developments | 8,901 | 9,091 | | Rental and services | 277,731 | 255,836 | | Hotel operations, tourism services and others | 49,009 | 67,970 | | Income from sales and services from urban properties and investment business | 335,641 | 332,897 | | Total revenues | 687,161 | 702,952 | - Agricultural business revenues decreased by **ARS 18,535 million (5.0%) YoY**[163](index=163&type=chunk) - Urban properties and investment business revenues increased by **ARS 2,744 million (0.8%) YoY**[163](index=163&type=chunk) [Note 23 - Costs](index=44&type=section&id=Note%2023%20-%20Costs) Total costs for the nine-month period ended March 31, 2025, increased by 13.0% to ARS 446,896 million from ARS 395,500 million in the prior year, with this increase seen across both agricultural and urban properties and investment businesses, with significant rises in costs for supplies and rental/services | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Crops | 114,022 | 151,134 | | Sugarcane | 41,262 | 38,702 | | Cattle | 26,508 | 19,315 | | Supplies | 94,506 | 46,419 | | Consignment | 19,173 | 8,798 | | Cost of sales and services from agricultural business | 315,831 | 287,344 | | Trading properties and developments | 13,047 | 5,832 | | Rental and services | 87,243 | 73,716 | | Hotel operations, tourism services and others | 30,562 | 28,379 | | Cost of sales and services from sales and services from urban properties and investment business | 130,852 | 107,927 | | Total costs | 446,896 | 395,500 | - Agricultural business costs increased by **ARS 28,487 million (9.9%) YoY**[164](index=164&type=chunk) - Urban properties and investment business costs increased by **ARS 22,925 million (21.2%) YoY**[164](index=164&type=chunk) [Note 24 - Expenses by nature](index=44&type=section&id=Note%2024%20-%20Expenses%20by%20nature) Total expenses by nature for the nine-month period ended March 31, 2025, were ARS 582,372 million, with key categories including change in agricultural products and biological assets (ARS 150,477 million), salaries and personnel expenses (ARS 104,343 million), and cost of sale of goods and services (ARS 123,120 million), and director's fees showing a significant change from a recovery in 2024 to an expense in 2025 | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Change in agricultural products and biological assets | 150,477 | 177,901 | | Salaries, social security costs and other personnel expenses | 104,343 | 103,707 | | Fees and payments for services | 50,318 | 54,559 | | Cost of sale of goods and services | 123,120 | 57,891 | | Taxes, rates and contributions | 28,727 | 33,217 | | Director's fees | 14,718 | (8,651) | | Depreciation and amortization | 11,221 | 10,348 | | Total expenses by nature | 582,372 | 515,817 | - Director's fees shifted from a recovery of **ARS 8,651 million** in 2024 to an expense of **ARS 14,718 million** in 2025, following the final approval of fees at IRSA's Shareholders' Meeting[166](index=166&type=chunk)[167](index=167&type=chunk) - Freight expenses increased significantly from **ARS 13,553 million** to **ARS 18,814 million**[166](index=166&type=chunk) [Note 25 - Other operating results, net](index=46&type=section&id=Note%2025%20-%20Other%20operating%20results,%20net) Other operating results, net, for the nine-month period ended March 31, 2025, was a net loss of ARS 2,386 million, a significant decrease from a net gain of ARS 16,030 million in the prior year, primarily due to an impairment of trading properties (ARS 8,339 million loss) and higher lawsuits and contingencies, partially offset by gains from commodity derivative financial instruments | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Gain from commodity derivative financial instruments | 4,515 | 12,761 | | Gain / (loss) from sale of property, plant and equipment | 132 | (2,496) | | Impairment of trading properties | (8,339) | - | | Gain / (loss) from sale of joint ventures | 2,572 | (1,887) | | Lawsuits and other contingencies | (2,260) | (7,746) | | Total other operating results, net | (2,386) | 16,030 | - Impairment of trading properties was a new significant loss item in 2025[169](index=169&type=chunk) - Gain from commodity derivative financial instruments decreased by **ARS 8,246 million YoY**[169](index=169&type=chunk) [Note 26 - Financial results, net](index=46&type=section&id=Note%2026%20-%20Financial%20results,%20net) Net financial results for the nine-month period ended March 31, 2025, decreased by 40.7% to ARS 86,472 million from ARS 145,905 million in the prior year, mainly due to lower finance income and other financial results, despite a positive foreign exchange impact | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Total financial income | 5,887 | 70,966 | | Total finance costs | (52,130) | (73,744) | | Foreign exchange, net | 58,492 | (19,302) | | Fair value gain from financial assets and liabilities at fair value through profit or loss | 68,674 | 237,329 | | Loss from derivative financial instruments (except commodities) | (7,891) | (40,676) | | Inflation adjustment | 16,720 | (24,379) | | Total financial results, net | 86,472 | 145,905 | - Finance income decreased significantly from **ARS 70,966 million** to **ARS 5,887 million**[170](index=170&type=chunk) - Foreign exchange, net, turned positive with a gain of **ARS 58,492 million** compared to a loss of **ARS 19,302 million** in the prior year[170](index=170&type=chunk) [Note 27 - Related parties transactions](index=46&type=section&id=Note%2027%20-%20Related%20parties%20transactions) Balances with related parties as of March 31, 2025, totaled ARS 20,730 million, a slight increase from ARS 20,229 million as of June 30, 2024, and transactions with related parties for the nine-month period ended March 31, 2025, resulted in a net loss of ARS 16,180 million, a significant change from a net gain of ARS 13,901 million in the prior year, primarily due to management fees and director's fees | Item | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Trade and other receivables | 33,009 | 46,190 | | Investments in financial assets | 4,457 | 4,975 | | Trade and other payables | (15,976) | (30,250) | | Borrowings | (760) | (686) | | Total | 20,730 | 20,229 | | Related party | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Total associates and joint ventures | 213 | 2,268 | | CAMSA and its subsidiaries (Management fee) | (1,686) | (1,378) | | Total other related parties | (1,025) | 3,594 | | Total Parent Company | 16 | 9 | | Directors (Management fee) | (14,718) | 8,651 | | Total | (16,180) | 13,901 | - Dividends received from related parties totaled **ARS 5,111 million** for the nine-month period ended March 31, 2025[177](index=177&type=chunk) [Note 28 - CNV General Resolution N° 622](index=48&type=section&id=Note%2028%20-%20CNV%20General%20Resolution%20N%C2%B0%20622) This note details the specific notes within the financial statements that disclose information required by CNV General Resolution N° 622, covering property, plant and equipment, intangible assets, equity investments, other investments, provisions, cost of sales, and foreign currency assets and liabilities | Exhibit | Corresponding Note | | :--- | :--- | | Exhibit A - Property, plant and equipment | Note 8 - Investment properties, Note 9 - Property, plant and equipment | | Exhibit B - Intangible assets | Note 11 - Intangible assets | | Exhibit C - Equity investments | Note 7 - Investments in associates and joint ventures | | Exhibit D - Other investments | Note 15 - Financial instruments by category | | Exhibit E – Provisions and allowances | Note 16 – Trade and other receivables and Note 19 - Provisions | | Exhibit F - Cost of sales and services provided | Note 29 - Cost of sales and services provided | | Exhibit G - Foreign currency assets and liabilities | Note 30 - Foreign currency assets and liabilities | [Note 29 - Cost of goods sold and services provided](index=50&type=section&id=Note%2029%20-%20Cost%20of%20goods%20sold%20and%20services%20provided) Total cost of goods sold and services provided for the nine-month period ended March 31, 2025, was ARS 446,683 million, an increase from ARS 395,271 million in the prior year, influenced by higher acquisitions and classifications, harvest costs, and currency translation adjustments, partially offset by impairment and disposals | Metric | 03.31.2025 (ARS million) | 03.31.2024 (ARS million) | | :--- | :--- | :--- | | Inventories at the beginning of the period | 103,098 | 105,091 | | Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 19,566 | (1,159) | | Acquisitions and classifications | 305,186 | 247,668 | | Harvest | 209,596 | 267,939 | | Impairment | (8,339) | - | | Disposals due to sales | (11,069) | (3,761) | | Inventories at the end of the period | (268,691) | (214,234) | | Cost | 446,683 | 395,271 | - Acquisitions and classifications increased by **ARS 57,518 million YoY**[181](index=181&type=chunk) - The cost includes biological assets and trading properties[181](index=181&type=chunk)[182](index=182&type=chunk) [Note 30 - Foreign currency assets and liabilities](index=51&type=section&id=Note%2030%20-%20Foreign%20currency%20assets%20and%20liabilities) Total foreign currency assets increased to ARS 581,517 million as of March 31, 2025, from ARS 354,730 million as of June 30, 2024, primarily driven by a significant increase in US Dollar cash and cash equivalents, while total foreign currency liabilities also increased to ARS 1,194,696 million from ARS 937,095 million, mainly due to US Dollar denominated borrowings | Item / Currency | 03.31.2025 (ARS million) | 06.30.2024 (ARS million) | | :--- | :--- | :--- | | Total Assets | 581,517 | 354,730 | | US Dollar Trade and other receivables | 131,833 | 109,427 | | US Dollar Investment in financial assets | 104,861 | 136,999 | | US Dollar Cash and cash equivalents | 302,637 | 69,649 | | Total Liabilities | 1,194,696 | 937,095 | | US Dollar Trade and other payables | 80,873 | 81,938 | | US Dollar Borrowings | 1,064,042 | 780,612 | - US Dollar cash and cash equivalents increased by **ARS 232,988 million**[184](index=184&type=chunk) - US Dollar borrowings increased by **ARS 283,430 million**[184](index=184&type=chunk) [Note 31 - Other relevant events of the period](index=53&type=section&id=Note%2031%20-%20Other%20relevant%20events%20of%20the%20period) During the nine-month period ended March 31, 2025, Cresud saw warrant exercises generating USD 3.6 million and issued 8,693,862 common shares, approved a cash dividend of ARS 45,000 million, and completed a share buyback program of ARS 6,500 million, while BrasilAgro and IRSA also approved significant dividend payments and IRSA completed its own share buyback program, and warrant terms for both Cresud and IRSA were modified due to dividend payments - Cresud received **USD 3.6 million** from warrant exercises, issuing **8,693,862 common shares**[187](index=187&type=chunk) - Cresud approved a cash dividend of **ARS 45,000 million** and completed a share buyback program of **ARS 6,500 million**, acquiring **4,522,623 common shares**[188](index=188&type=chunk)[191](index=191&type=chunk)[192](index=192&type=chunk) - BrasilAgro approved a dividend payment of **BRL 155 million**[193](index=193&type=chunk) - IRSA approved a cash dividend of **ARS 90,000 million** and completed a share buyback program of **ARS 15,000 million**, acquiring **11,541,885 common shares**[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) - Warrant terms for both Cresud and IRSA were modified due to cash dividend payments, adjusting the number of shares per warrant and exercise price[190](index=190&type=chunk)[194](index=194&type=chunk)[199](index=199&type=chunk)[201](index=201&type=chunk) [Note 32 - Subsequent Events](index=55&type=section&id=Note%2032%20-%20Subsequent%20Events) Subsequent to March 31, 2025, Argentina's ARCA modified the Income Tax regime, the Executive Power repealed a decree related to foreign exchange settlements for exports, the Central Bank eased foreign exchange market regulations, allowing earlier payment of profits/dividends to non-resident shareholders (from Jan 1, 2025 profits) and earlier payments for imports and services, and IRSA signed a new barter agreement for a lot in 'Ramblas del Plata' for USD 4.2 million - ARCA modified the Income Tax and/or Personal Property Tax regime (General Resolution No. 5672/2025, April 14, 2025)[204](index=204&type=chunk) - Executive Power repealed Decree No. 28/2023, which had allowed **20%** of export foreign exchange to be settled through negotiable securities[205](index=205&type=chunk) - Central Bank eased foreign exchange regulations, allowing payment of profits/dividends to non-resident shareholders from profits realized from January 1, 2025, and earlier payments for imports and services[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - On May 6, 2025, IRSA signed a barter agreement for a new lot in 'Ramblas del Plata' for **USD 4.2 million**[212](index=212&type=chunk)[213](index=213&type=chunk) [Report on review of interim financial information](index=57&type=section&id=Report%20on%20review%20of%20interim%20financial%20information) [Introduction](index=57&type=section&id=Introduction) Price Waterhouse & Co. S.R.L. reviewed Cresud's unaudited condensed consolidated interim financial statements for the nine and three-month periods ended March 31, 2025, including the statement of financial position, income, comprehensive income, changes in equity, cash flows, and selected notes - The report covers the review of Cresud's unaudited condensed consolidated interim financial statements as of March 31, 2025[214](index=214&type=chunk) - The review was conducted by Price Waterhouse & Co. S.R.L.[214](index=214&type=chunk) [Responsibilities of the Board of Directors](index=57&type=section&id=Responsibilities%20of%20the%20Board%20of%20Directors) The Board of Directors is responsible for the preparation and fair presentation of the condensed consolidated interim financial information in accordance with IFRS Accounting Standards and International Accounting Standard 34 (IAS 34) - The Board of Directors is responsible for the preparation and presentation of the condensed consolidated interim financial information[215](index=215&type=chunk) - Preparation is in accordance with **IFRS Accounting Standards** and **IAS 34**[215](index=215&type=chunk) [Scope of review](index=57&type=section&id=Scope%20of%20review) The review was conducted in accordance with International Standard on Review Engagements 2410, involving inquiries and analytical procedures, which is substantially less in scope than an audit, and therefore, an audit opinion is not expressed - The review was conducted in accordance with **International Standard on Review Engagements 2410**[216](index=216&type=chunk) - A review involves inquiries and analytical procedures, but is less extensive than an audit[216](index=216&type=chunk) - No audit opinion is expressed[216](index=216&type=chunk) [Conclusion](index=57&type=section&id=Conclusion) Based on the review, nothing came to the auditor's attention to suggest that the condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34 - The interim financial information is prepared, in all material respects, in accordance with **IAS 34**[217](index=217&type=chunk) [Report on compliance with current regulations](index=58&type=section&id=Report%20on%20compliance%20with%20current%20regulations) The auditor reported that the condensed consolidated interim financial statements were not transcribed into the Inventory and Balance Sheet book, and accounting entries for March 2025 were not transcribed into the General Journal Book, but otherwise comply with General Companies Law and CNV regulations, and the debt to the Argentine Integrated Social Security System was ARS 451,364,614 as of March 31, 2025, which was not due - The condensed consolidated interim financial statements were not transcribed into the Inventory and Balance Sheet book[218](index=218&type=chunk) - Accounting entries for March 2025 were not transcribed into the General Journal Book[218](index=218&type=chunk) - Debt to the Argentine Integrated Social Security System was **ARS 451,364,614** as of March 31, 2025, and was not due[218](index=218&type=chunk) [Summary as of March 31, 2025](index=59&type=section&id=Summary%20as%20of%20March%2031,%202025) [Consolidated Results](index=59&type=section&id=Consolidated%20Results) For the nine-month period of fiscal year 2025, Cresud reported a net gain of ARS 57,895 million, a significant improvement from a loss of ARS 39,987 million in the prior year, primarily driven by a lower loss from fair value adjustment of investment properties, with revenues decreasing by 2.2% and Adjusted EBITDA decreasing by 29.4% | Metric | 9M 25 (ARS million) | 9M 24 (ARS million) | YoY Var | | :--- | :--- | :--- | :--- | | Revenues | 687,161 | 702,952 | (2.2)% | | Gross profit | 259,097 | 321,226 | (19.3)% | | Net gain from fair value adjustment on investment properties | (137,439) | (588,975) | (76.7)% | | Result from operations | 7,882 | (363,662) | - | | Financial results, net | 86,472 | 145,905 | (40.7)% | | Result for the period | 57,895 | (39,987) | - | | Adjusted EBITDA (unaudited) | 179,723 | 254,641 | (29.4)% | - The net result for 9M FY2025 was a **ARS 57,895 million gain**, compared to a **ARS 39,987 million loss** in 9M FY2024, mainly due to lower loss from fair value adjustment of investment properties[221](index=221&type=chunk) - Agribusiness adjusted EBITDA was **ARS 31,072 million**, and urban properties and investments business (through IRSA) adjusted EBITDA was **ARS 156,380 million**[220](index=220&type=chunk) [Description of Operations by Segment](index=60&type=section&id=Description%20of%20Operations%20by%20Segment) The Group's operations are segmented into Agricultural Business and Urban Properties and Investments Business, with the agricultural segment's profit from operations decreasing significantly, while the urban properties segment showed a positive shift from a large loss to a gain, primarily due to improved fair value adjustments | Metric (9M 2025) | Agribusiness (ARS million) | Urban Properties Investments (ARS million) | Total (ARS million) | 9M 25 vs. 9M 24 (YoY Var) | | :--- | :--- | :--- | :--- | :--- | | Revenues | 353,159 | 269,586 | 622,745 | (3.9)% | | Gross profit | 54,117 | 206,917 | 261,034 | (19.7)% | | Net gain from fair value adjustment on investment properties | (1,322) | (135,893) | (137,215) | (76.7)% | | Result from operations | 9,412 | 1,619 | 11,031 | - | | Segment result | 9,370 | 10,774 | 20,144 | - | | Metric (9M 2024) | Agribusiness (ARS million) | Urban Properties Investments (ARS million) | Total (ARS million) | | :--- | :--- | :--- | :--- | | Revenues | 371,988 | 276,363 | 648,351 | | Gross profit | 97,424 | 227,653 | 325,077 | | Net gain from fair value adjustment on investment properties | (68) | (589,004) | (589,072) | | Result from operations | 58,065 | (418,667) | (360,602) | | Segment result | 59,788 | (374,582) | (314,794) | - The 2025 campaign saw good rainfall and sustained commodity prices, with temporary reductions in export taxes positively impacting the agricultural sector[225](index=225&type=chunk) [Agricultural Business](index=61&type=section&id=Agricultural%20Business) The agricultural business manages 728,112 hectares, with 304,257 productive, and its segment profit decreased significantly from ARS 59,788 million in 9M FY2024 to ARS 9,370 million in 9M FY2025, primarily due to losses in agricultural production and other segments, despite gains in land development and sales - Portfolio under management: **728,112 hectares (304,257 productive, 423,855 land reserves)**[226](index=226&type=chunk) | Land Type | Argentina (hectares) | Brazil (hectares) | Bolivia (hectares) | Paraguay (hectares) | Total (hectares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Agricultural | 73,380 | 50,554 | 8,776 | 11,923 | 144,633 | | Cattle | 140,423 | 11,763 | - | 7,438 | 159,624 | | Reserved | 313,133 | 70,118 | 1,244 | 39,360 | 423,855 | | Total Own and under Concession | 526,936 | 132,435 | 10,020 | 58,721 | 728,112 | | Metric | 9M 25 (ARS million) | 9M 24 (ARS million) | YoY Var | | :--- | :--- | :--- | :--- | | Segment profit | 9,370 | 59,788 | (84.3)% | | Adjusted EBITDA | 31,072 | 49,231 | (36.9)% | [Land Development and Sales](index=61&type=section&id=Land%20Development%20and%20Sales) The Land Development and Sales segment profit increased by ARS 9,677 million (63.2%) to ARS 24,991 million in 9M FY2025, primarily driven by gains from farmland sales in the first quarter, with no further fa

Core Insights - Cresud S.A.C.I.F. y A. reported a profit of ARS 57,895 million for the nine-month period ending March 31, 2025, a significant recovery from a loss of ARS 39,987 million in the same period of 2024 [3] - The company experienced a decline in agricultural business revenue, which was ARS 353,159 million compared to ARS 371,988 million in the previous year [2] - The gross profit from the agricultural business also decreased to ARS 54,117 million from ARS 97,424 million year-over-year [2] Financial Performance - Urban properties revenues were ARS 269,586 million, slightly down from ARS 276,363 million in the previous year [2] - Consolidated gross profit fell to ARS 259,097 million from ARS 321,226 million [2] - The earnings per share (EPS) decreased, with basic EPS at ARS 37.27 compared to ARS 58.83 in the previous year [2] Operational Highlights - The adjusted EBITDA for the agricultural business segments was ARS 31,072 million, while urban properties and investments recorded ARS 156,380 million [3] - The company planted 300,000 hectares and expects to produce approximately 867,000 tons of grains, a 23% increase from the previous campaign [3] - Favorable government measures included a temporary reduction in export duties for soybeans and grains, which is expected to positively impact grain prices [3] Balance Sheet Overview - As of March 31, 2025, total assets were ARS 4,621,796 million, with current assets at ARS 1,173,788 million [2] - Total liabilities increased to ARS 2,719,665 million from ARS 2,510,847 million [2] - Shareholders' equity decreased to ARS 1,902,131 million from ARS 2,056,740 million [2] Market Capitalization - The company's market capitalization was approximately USD 653.5 million as of March 31, 2025, based on a price of USD 10.8 per ADS [2]