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, Comercial, Inmobiliaria, Financiera y Agropecuaria Consolidated Financial Statements as of June 30, 2025, June 30, 2024 and July 1, 2023, and for the fiscal years ended June 30, 2025, 2024 and 2023. Legal information Denomination: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financ ...

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]

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]

[Legal Information](index=2&type=section&id=Legal%20Information) [Company Overview](index=2&type=section&id=Company%20Overview) Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria, founded in 1936, is an Argentine company focused on real estate and agriculture, with its 92nd fiscal year ending December 31, 2024, controlled by Eduardo S. Elsztain and affiliates - Company Name: **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**[3](index=3&type=chunk) - Company Activities: **Real estate and agricultural activities**[3](index=3&type=chunk) - Control Group: Eduardo S. Elsztain controls the company directly or through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A., and Consultores Asset Management S.A[4](index=4&type=chunk) Company Ownership Structure | Metric | Value | | :--- | :--- | | Fiscal Year Number | 92 (commencing July 1, 2024) | | Company Bylaws Expiration Date | June 6, 2082 | | Ordinary Shares Issued | 603,140,435 shares | | Subscribed, Issued, and Paid-in Capital Par Value | 603 million Argentine Pesos | | Control Group's Direct and Indirect Participation in Capital | 230,771,688 shares | | Voting Shares (Direct and Indirect Equity) | 38.67% | [Glossary](index=4&type=section&id=Glossary) [Terms and Definitions](index=4&type=section&id=Terms%20and%20Definitions) This section provides non-technical definitions for specific terms used in the financial statements to aid reader comprehension, including company names, regulatory bodies, accounting standards, and abbreviations for key affiliates and entities - The glossary aims to help readers understand specific terms used in the notes to the financial statements, not to provide technical definitions[11](index=11&type=chunk) Key Term Examples | Term | Definition | | :--- | :--- | | Cresud, "the Company", "us" | Cresud S.A.C.I.F. y A. | | CNV | Securities Exchange Commission (Argentina) | | IFRS | International Financial Reporting Standards | | IRSA | IRSA Inversiones y Representaciones S.A. | [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 December 31, 2024, total assets decreased to **ARS 3,955,326 million** from ARS 4,207,077 million on June 30, 2024, with total equity at **ARS 1,659,876 million** and total liabilities at **ARS 2,295,450 million** Key Consolidated Statement of Financial Position Data (ARS million) | Metric | December 31, 2024 | June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 3,095,323 | 3,351,393 | -7.64% | | Current assets | 860,003 | 855,684 | 0.50% | | **Total assets** | **3,955,326** | **4,207,077** | **-5.98%** | | Equity attributable to owners of the parent | 739,254 | 843,378 | -12.35% | | Non-controlling interests | 920,622 | 1,051,029 | -12.41% | | **Total equity** | **1,659,876** | **1,894,407** | **-12.38%** | | Non-current liabilities | 1,477,235 | 1,516,093 | -2.56% | | Current liabilities | 818,215 | 796,577 | 2.72% | | **Total liabilities** | **2,295,450** | **2,312,670** | **-0.74%** | - Investment properties decreased from **ARS 2,120,192 million** on June 30, 2024, to **ARS 1,918,764 million** on December 31, 2024[14](index=14&type=chunk) - Biological assets (current) increased from **ARS 70,602 million** on June 30, 2024, to **ARS 109,624 million** on December 31, 2024[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 six months ended December 31, 2024, the company reported a net loss of **ARS 64,391 million**, a significant decline from the prior year's net profit of ARS 266,118 million, primarily due to a **net loss of ARS 227,858 million** from fair value adjustments to investment properties, despite a slight **0.7% increase in operating revenue** and a **25.9% decrease in gross profit** Key Consolidated Statement of Income and Other Comprehensive Income Data (ARS million) | Metric | December 31, 2024 (Six Months) | December 31, 2023 (Six Months) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 449,163 | 445,859 | 0.7% | | Costs | (298,248) | (253,034) | 17.9% | | Gross profit | 153,481 | 207,081 | -25.9% | | Net (loss)/gain from fair value adjustments to investment properties | (227,858) | 304,210 | -174.9% | | Operating (loss)/profit | (135,606) | 449,429 | -130.2% | | (Loss)/profit for the period | (64,391) | 266,118 | -124.2% | | (Loss)/profit attributable to owners of the parent | (61,541) | 106,267 | -157.9% | | Basic (loss)/earnings per share | (103.27) | 179.48 | -157.5% | - Fair value adjustments to investment properties shifted from a **gain of ARS 304,210 million** in the prior year to a **loss of ARS 227,858 million** for the six months ended December 31, 2024, significantly impacting net profit[18](index=18&type=chunk) - Gain on disposal of agricultural land significantly increased by **158.0%**, from **ARS 9,196 million** in the prior year to **ARS 23,726 million**[18](index=18&type=chunk) [Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders' Equity](index=9&type=section&id=Unaudited%20Condensed%20Interim%20Consolidated%20Statement%20of%20Changes%20in%20Shareholders'%20Equity) For the six months ended December 31, 2024, equity attributable to owners of the parent decreased from **ARS 843,378 million** on June 30, 2024, to **ARS 739,254 million**, primarily due to the loss for the period, other comprehensive losses, and dividend distribution, partially offset by the exercise of warrants Key Consolidated Statement of Changes in Shareholders' Equity Data (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 843,378 | 936,215 | | Loss for the period | (61,541) | 106,267 | | Other comprehensive loss | (30,620) | 107,984 | | Dividend distribution | (47,338) | (111,708) | | Exercise of warrants | 45,079 | 5,685 | | Balance at end of period | 739,254 | 843,378 | - The company repurchased treasury shares on December 31, 2024, resulting in a **decrease of ARS 6,517 million** in equity attributable to owners of the parent[24](index=24&type=chunk) - Non-controlling interests decreased from **ARS 1,051,029 million** on June 30, 2024, to **ARS 920,622 million** on December 31, 2024, primarily due to the loss for the period and dividend distribution[24](index=24&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 six months ended December 31, 2024, the company reported a net cash outflow of **ARS 20,371 million** from operating activities and **ARS 62,277 million** from investing activities, offset by a net cash inflow of **ARS 40,338 million** from financing activities, resulting in cash and cash equivalents of **ARS 97,928 million** at period-end Key Consolidated Statement of Cash Flows Data (ARS million) | Metric | December 31, 2024 (Six Months) | December 31, 2023 (Six Months) | Change (%) | | :--- | :--- | :--- | :--- | | Net cash from operating activities | (20,371) | 106,197 | -119.2% | | Net cash from investing activities | (62,277) | 118,217 | -152.7% | | Net cash from financing activities | 40,338 | (244,973) | -116.5% | | Net decrease in cash and cash equivalents | (42,310) | (20,559) | 105.8% | | Cash and cash equivalents at end of period | 97,928 | 221,670 | -55.8% | - Net cash from operating activities shifted from an **inflow of ARS 106,197 million** in the prior year to an **outflow of ARS 20,371 million** for the six months ended December 31, 2024, primarily due to income tax payments and reduced cash flow before taxes from operating activities[38](index=38&type=chunk) - Net cash from financing activities shifted from an **outflow of ARS 244,973 million** in the prior year to an **inflow of ARS 40,338 million** for the six months ended December 31, 2024, driven by the issuance of borrowings, new notes, and the exercise of warrants[38](index=38&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) The Cresud Group, founded in 1936, initially focused on rural and urban loans before transitioning to agricultural activities, later investing in real estate company IRSA in 2002 and making it a primary subsidiary by 2009, now operating two main business lines: agriculture and urban properties and investments - Cresud was founded in 1936 as a subsidiary of the Belgian company Credit Foncier, initially focusing on rural and urban loans and real estate management[40](index=40&type=chunk) - In 2002, Cresud acquired a **19.85% stake in IRSA**, increasing it to **55.64% by 2009**, making IRSA its primary subsidiary[41](index=41&type=chunk) - As of December 31, 2024, the Group primarily operates two business lines: **agricultural business** and **urban properties and investments**[43](index=43&type=chunk) [Note 2 - Summary of Significant Accounting Policies](index=14&type=section&id=Note%202%20-%20Summary%20of%20significant%20accounting%20policies) These financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Group's annual consolidated financial statements as of June 30, 2024, and have been restated under IAS 29 using the National Consumer Price Index due to Argentina's classification as a highly inflationary economy since July 1, 2018 - The financial statements are prepared in accordance with **IAS 34 "Interim Financial Reporting"** and should be read in conjunction with the Group's annual consolidated financial statements as of June 30, 2024[44](index=44&type=chunk) - Argentina has been classified as a highly inflationary economy since **July 1, 2018**, requiring the financial statements to be restated in accordance with **IAS 29**[47](index=47&type=chunk)[50](index=50&type=chunk) - The index used for inflation adjustments is the **National Consumer Price Index (National CPI)** since January 2017[48](index=48&type=chunk) Price Variation Rates | Period | Price Variation Rate | | :--- | :--- | | December 31, 2024 (Six Months) | 21% | | December 31, 2024 (Twelve Months) | 118% | [Note 3 - Seasonal Effects on Operations](index=15&type=section&id=Note%203%20-%20Seasonal%20effects%20on%20operations) Both the Group's agricultural and urban properties and investments businesses are subject to seasonal effects, with grain harvesting and sales occurring in specific regions, cattle production peaking in the second quarter, and shopping center sales reaching their highest levels during winter and year-end holidays while being lowest in summer - Agricultural business is subject to seasonal effects, with corn and soybean harvests in Argentina occurring in June and March, respectively, while Brazilian soybeans are harvested in February, and corn has two seasons[54](index=54&type=chunk) - Cattle production typically sees higher output in the **second quarter** due to more favorable conditions[54](index=54&type=chunk) - Shopping center sales are lowest during the Argentine summer (January and February) and peak during winter holidays (July) and year-end holidays (December)[55](index=55&type=chunk) [Note 4 - Acquisitions and Disposals](index=16&type=section&id=Note%204%20-%20Acquisitions%20and%20disposals) For the six months ended December 31, 2024, the Group executed significant acquisitions and disposals across its agricultural and urban real estate segments, including farm sales and property acquisitions by its subsidiaries - On August 6, 2024, BrasilAgro acquired Agrícola Nova Horizonte S.A., an agricultural company focused on grain production with **4,767 hectares** under lease, for **BRL 6.2 million**[57](index=57&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk) - On September 26, 2024, BrasilAgro completed the sale of the remaining **1,157 hectares** of Alto Taquari farm for the equivalent of **BRL 189.4 million**[61](index=61&type=chunk)[62](index=62&type=chunk) - On September 30, 2024, Cresud sold **3,630 hectares** of Los Pozos farm for a total of **USD 2.23 million**, with **USD 1.1 million** already collected[65](index=65&type=chunk) - On August 1, 2024, IRSA acquired an adjacent property to Alto Avellaneda shopping center for **USD 12.2 million**, having paid **USD 9.2 million**[69](index=69&type=chunk)[71](index=71&type=chunk) - On October 15, 2024, IRSA sold office floors at "261 Della Paolera" for approximately **USD 7.1 million**, with **USD 6.0 million** collected[77](index=77&type=chunk)[80](index=80&type=chunk) - On December 3, 2024, IRSA acquired the business assets of "Terrazas de Mayo" shopping center for **USD 27.75 million**, with **60%** already paid[81](index=81&type=chunk)[82](index=82&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) These financial statements do not include all financial risk management information and should be read in conjunction with the annual financial statements, noting no significant changes in the Group's risk management or policies since the fiscal year-end, nor any material changes in business or economic conditions affecting the fair value of assets or liabilities as of this report's issuance - These financial statements do not contain all financial risk management information and should be read in conjunction with the annual financial statements[83](index=83&type=chunk) - There have been no significant changes in the Group's risk management or risk management policies since June 30, 2024[83](index=83&type=chunk) - As of the date of issuance of these financial statements, no significant changes in business or economic conditions have occurred that would affect the fair value of the Group's assets or liabilities[84](index=84&type=chunk) [Note 6 - Segment Information](index=19&type=section&id=Note%206%20-%20Segment%20information) The Group's operating segment information is reported by product and service, encompassing agricultural business and urban properties and investments, with an operating loss of **ARS 135,606 million** for the six months ended December 31, 2024, primarily due to net losses from fair value adjustments to investment properties in the urban real estate segment - The Group's operating segment information is reported by product and service, including **agricultural business** and **urban properties and investments**[85](index=85&type=chunk) Group Operating Segment Performance (ARS million) - December 31, 2024 (Six Months) | Metric | Agricultural Business | Urban Properties and Investments Business | Total Segment Information | | :--- | :--- | :--- | :--- | | Revenue | 238,715 | 170,141 | 408,856 | | Costs | (216,929) | (38,218) | (255,147) | | Gross profit/(loss) | 22,766 | 131,923 | 154,689 | | Net (loss)/gain from fair value adjustments to investment properties | (646) | (226,998) | (227,644) | | Operating profit/(loss) | 8,429 | (143,043) | (134,614) | | Segment profit/(loss) | 7,306 | (118,982) | (111,676) | Group Operating Segment Performance (ARS million) - December 31, 2023 (Six Months) | Metric | Agricultural Business | Urban Properties and Investments Business | Total Segment Information | | :--- | :--- | :--- | :--- | | Revenue | 225,523 | 183,583 | 409,106 | | Costs | (181,614) | (32,373) | (213,987) | | Gross profit | 57,588 | 151,210 | 208,798 | | Net gain from fair value adjustments to investment properties | 2,079 | 304,614 | 306,693 | | Operating profit | 41,449 | 423,929 | 465,378 | | Segment profit | 41,332 | 465,239 | 506,571 | - On December 31, 2024, the urban properties and investments business reported a net loss of **ARS 226,998 million** from fair value adjustments to investment properties, primarily due to implied exchange rate variations below inflation, resulting in a **28.35% decrease** in the real value of office buildings, undeveloped land, and other leased properties[92](index=92&type=chunk)[93](index=93&type=chunk) [I) Agricultural Business Line](index=21&type=section&id=(I)%20Agriculture%20line%20of%20business) The agricultural business line, comprising agricultural production, land transformation and sales, corporate, and other segments, reported an operating profit of **ARS 8,429 million** for the six months ended December 31, 2024, a significant decrease from ARS 41,449 million in the prior year, primarily due to losses in the agricultural production segment Agricultural Business Line Performance (ARS million) - December 31, 2024 (Six Months) | Metric | Agricultural Production | Land Transformation and Sales | Corporate | Other | Total Agricultural Business | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 148,762 | - | - | 89,953 | 238,715 | | Operating profit/(loss) | (3,667) | 31,088 | (2,617) | (16,375) | 8,429 | | Segment profit/(loss) | (3,983) | 31,088 | (2,617) | (17,182) | 7,306 | Agricultural Business Line Performance (ARS million) - December 31, 2023 (Six Months) | Metric | Agricultural Production | Land Transformation and Sales | Corporate | Other | Total Agricultural Business | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 153,519 | - | - | 72,004 | 225,523 | | Operating profit | 3,306 | 23,151 | (2,633) | 17,625 | 41,449 | | Segment profit | 5,483 | 23,151 | (2,633) | 15,331 | 41,332 | - Operating profit from the land transformation and sales segment increased from **ARS 23,151 million** in the prior year to **ARS 31,088 million** for the six months ended December 31, 2024, primarily driven by gains on disposal of agricultural land[90](index=90&type=chunk) [II) Urban Properties and Investments Business Line](index=22&type=section&id=(II)%20Urban%20properties%20and%20investments%20line%20of%20business) The urban properties and investments business line, comprising shopping centers, office buildings, sales and development, hotels, and other segments, reported an operating loss of **ARS 143,043 million** for the six months ended December 31, 2024, primarily due to net losses from fair value adjustments to investment properties Urban Properties and Investments Business Line Performance (ARS million) - December 31, 2024 (Six Months) | Metric | Shopping Centers | Office Buildings | Sales and Development | Hotels | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 120,943 | 8,690 | 6,894 | 30,545 | 3,069 | 170,141 | | Operating profit/(loss) | 212,264 | (97,938) | (260,638) | 3,260 | 9 | (143,043) | | Segment profit/(loss) | 212,264 | (97,938) | (260,638) | 3,260 | 24,070 | (118,982) | Urban Properties and Investments Business Line Performance (ARS million) - December 31, 2023 (Six Months) | Metric | Shopping Centers | Office Buildings | Sales and Development | Hotels | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 122,405 | 7,648 | 9,858 | 41,094 | 2,578 | 183,583 | | Operating profit | 426,437 | 6,325 | (37,576) | 13,719 | 15,024 | 423,929 | | Segment profit | 426,437 | 6,325 | (37,576) | 13,719 | 56,334 | 465,239 | - Net gain from fair value adjustments to investment properties in the shopping centers segment decreased from **ARS 331,033 million** in the prior year to **ARS 119,242 million** for the six months ended December 31, 2024, while the sales and development segment recorded a **loss of ARS 241,355 million**[92](index=92&type=chunk)[95](index=95&type=chunk) [Note 7 - Investments in Associates and Joint Ventures](index=24&type=section&id=Note%207%20-%20Investments%20in%20associates%20and%20joint%20ventures) As of December 31, 2024, the Group's total investments in associates and joint ventures increased to **ARS 186,740 million** from ARS 166,663 million on June 30, 2024, with a **profit share of ARS 23,654 million** for the period, partially offset by **dividend distributions of ARS 2,390 million** Changes in Investments in Associates and Joint Ventures (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 166,663 | 178,574 | | Share of profit | 23,654 | 39,921 | | Dividends | (2,390) | (20,896) | | Balance at end of period | 186,740 | 166,663 | - Investment in BHSA increased from **ARS 125,724 million** on June 30, 2024, to **ARS 137,603 million** on December 31, 2024, with a share of comprehensive income of **ARS 14,710 million**[100](index=100&type=chunk) - Investment in La Rural S.A. increased from **ARS 12,862 million** on June 30, 2024, to **ARS 16,835 million** on December 31, 2024, with a share of comprehensive income of **ARS 6,027 million**[100](index=100&type=chunk) [Note 8 - Investment Properties](index=25&type=section&id=Note%208%20-%20Investment%20properties) As of December 31, 2024, the fair value of the Group's investment properties decreased to **ARS 1,918,764 million** from ARS 2,120,192 million on June 30, 2024, with a **net loss of ARS 227,858 million** from fair value adjustments for the period, primarily influenced by changes in macroeconomic conditions Changes in Investment Properties (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Fair value at beginning of period | 2,120,192 | 2,638,688 | | Net (loss)/gain from fair value adjustments | (227,858) | (422,361) | | Fair value at end of period | 1,918,764 | 2,120,192 | - As of December 31, 2024, investment property values included **ARS 982,785 million** for shopping centers and **ARS 603,220 million** for undeveloped land[104](index=104&type=chunk) - The net loss of **ARS 230,596 million** from fair value adjustments to investment properties was primarily due to macroeconomic impacts from inflation and changes in reference exchange rates[105](index=105&type=chunk) - The "Ramblas del Plata" project has obtained its environmental suitability certificate for the first stage and is currently tendering for earthworks, infrastructure, and road construction[113](index=113&type=chunk) [Note 9 - Property, Plant and Equipment](index=26&type=section&id=Note%209%20-%20Property,%20plant%20and%20equipment) As of December 31, 2024, the Group's net book value of property, plant, and equipment decreased to **ARS 572,743 million** from ARS 618,361 million on June 30, 2024, with additions of **ARS 20,376 million** for the period, but a net reduction due to currency translation adjustments and depreciation expenses Changes in Property, Plant and Equipment (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Net book value at beginning of period | 618,361 | 655,054 | | Additions | 20,376 | 58,927 | | Disposals | (1,572) | (27,136) | | Currency translation adjustments | (55,648) | (61,184) | | Depreciation expense | (15,764) | (27,290) | | Net book value at end of period | 572,743 | 618,361 | - As of December 31, 2024, the net book value of owned agricultural land was **ARS 454,901 million**, and buildings and facilities were **ARS 80,529 million**[115](index=115&type=chunk) - Of the depreciation expense, **ARS 2,796 million** was recognized in "Costs," **ARS 1,047 million** in "General and administrative expenses," **ARS 242 million** in "Selling expenses," and **ARS 11,679 million** was capitalized as biological asset costs[116](index=116&type=chunk) [Note 10 - Trading Properties](index=27&type=section&id=Note%2010%20-%20Trading%20properties) As of December 31, 2024, the Group's total trading properties decreased to **ARS 22,465 million** from ARS 24,159 million on June 30, 2024, comprising **ARS 22,110 million** in non-current and **ARS 355 million** in current trading properties Changes in Trading Properties (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 24,159 | 27,808 | | Additions | 792 | 1,102 | | Disposals | (914) | (3,466) | | Balance at end of period | 22,465 | 24,159 | | Non-current | 22,110 | 23,660 | | Current | 355 | 499 | - The decrease in trading properties was primarily influenced by currency translation adjustments and disposals[118](index=118&type=chunk) [Note 11 - Intangible Assets](index=27&type=section&id=Note%2011%20-%20Intangible%20assets) As of December 31, 2024, the Group's net book value of intangible assets decreased to **ARS 73,580 million** from ARS 87,801 million on June 30, 2024, with additions of **ARS 2,760 million** for the period, but reduced by **impairment losses of ARS 11,849 million** and **amortization expenses of ARS 1,332 million** Changes in Intangible Assets (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Net book value at beginning of period | 87,801 | 44,856 | | Additions | 2,760 | 12,173 | | Disposals | (5,662) | (287) | | Impairment | (11,849) | - | | Amortization expense | (1,332) | (1,867) | | Net book value at end of period | 73,580 | 87,801 | - The **impairment loss of ARS 11,849 million** was primarily due to the exchange rate variation for the period being lower than accumulated inflation, causing the dollar reference value of units to be received through barter agreements to be lower than their inflation-adjusted cost when converted to Argentine Pesos[121](index=121&type=chunk) - Of the amortization expense, **ARS 1,064 million** was recognized in "Costs" and **ARS 268 million** in "General and administrative expenses"[119](index=119&type=chunk) [Note 12 - Right-of-Use Assets and Lease Liabilities](index=27&type=section&id=Note%2012%20-%20Right-of-use%20assets%20and%20lease%20liabilities) As of December 31, 2024, the Group's total right-of-use assets amounted to **ARS 101,611 million** and total lease liabilities to **ARS 96,472 million**, with right-of-use assets primarily comprising agricultural land, convention centers, and office buildings, and depreciation expense for the period totaling **ARS 10,586 million** Right-of-Use Assets (ARS million) | Asset Type | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Agricultural land | 89,274 | 78,872 | | Convention centers | 4,099 | 10,430 | | Office buildings, shopping centers and other buildings | 5,000 | 5,453 | | Machinery and equipment | 3,238 | 2,134 | | **Total right-of-use assets** | **101,611** | **96,889** | Lease Liabilities (ARS million) | Liability Type | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Agricultural land | 91,376 | 82,304 | | Convention centers | 2,153 | 10,867 | | Office buildings, shopping centers and other buildings | 2,943 | 3,466 | | **Total lease liabilities** | **96,472** | **96,637** | | Non-current | 75,723 | 74,184 | | Current | 20,749 | 22,453 | - As of December 31, 2024, depreciation expense for right-of-use assets totaled **ARS 10,586 million**, of which **ARS 9,437 million** was capitalized as biological asset costs[125](index=125&type=chunk) [Note 13 - Biological Assets](index=29&type=section&id=Note%2013%20-%20Biological%20assets) As of December 31, 2024, the Group's net book value of biological assets increased to **ARS 146,882 million** from ARS 104,550 million on June 30, 2024, comprising **ARS 37,258 million** in non-current and **ARS 109,624 million** in current biological assets, with initial recognition and fair value changes for the period totaling **ARS 4,194 million** Changes in Biological Assets (ARS million) | Metric | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Net book value at beginning of period | 104,550 | 126,007 | | Initial recognition and fair value changes | 4,194 | 7,072 | | Purchases | 7,798 | 8,998 | | Decrease due to harvest | (85,733) | (265,758) | | Sales | (14,489) | (24,716) | | Net book value at end of period | 146,882 | 104,550 | | Non-current (productive) | 37,258 | 33,948 | | Current (consumable) | 109,624 | 70,602 | - Initial recognition and fair value changes for biological assets with a production cycle exceeding one year (i.e., livestock) amounted to **ARS 3,912 million**, with **ARS 5,444 million** attributed to price changes and **(ARS 1,532) million** to physical changes[127](index=127&type=chunk) Production Capitalized Costs as of December 31, 2024 (ARS million) | Item | Amount | | :--- | :--- | | Materials and services | 112,599 | | Salaries, social security costs and other personnel expenses | 6,315 | | Depreciation and amortization | 21,116 | | **Total** | **148,671** | [Note 14 - Inventories](index=31&type=section&id=Note%2014%20-%20Inventories) As of December 31, 2024, the Group's total inventories decreased to **ARS 105,990 million** from ARS 140,854 million on June 30, 2024, comprising **ARS 105,389 million** in agricultural inventories and **ARS 601 million** in hotel supplies Inventory Details (ARS million) | Inventory Type | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Crops | 33,701 | 63,316 | | Materials and supplies | 70,442 | 75,489 | | Sugarcane | 1,246 | 1,225 | | Total agricultural inventories | 105,389 | 140,030 | | Hotel supplies | 601 | 824 | | **Total inventories** | **105,990** | **140,854** | - The decrease in inventories was primarily attributable to a reduction in crop inventories[132](index=132&type=chunk) [Note 15 - Financial Instruments by Category](index=31&type=section&id=Note%2015%20-%20Financial%20instruments%20by%20category) This note presents financial assets and liabilities by category, reconciled with corresponding items in the consolidated statement of financial position, with total financial assets of **ARS 817,300 million** and total financial liabilities of **ARS 1,413,894 million** as of December 31, 2024, classified by fair value hierarchy (Level 1, Level 2, Level 3) - Financial assets and liabilities are classified by fair value hierarchy: **Level 1, Level 2, and Level 3**[133](index=133&type=chunk) Financial Assets (ARS million) - December 31, 2024 | Category | Amortized Cost | Level 1 | Level 2 | Level 3 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Trade and other receivables | 323,849 | 45,874 | - | - | 369,723 | | Investments in financial assets | 4,121 | 216,072 | - | - | 220,193 | | Derivative financial instruments | - | 8,335 | 1,542 | 1 | 9,878 | | Cash and cash equivalents | 28,320 | 41,592 | - | - | 69,912 | | **Total financial assets** | **388,464** | **311,948** | **1,542** | **1** | **701,955** | Financial Liabilities (ARS million) - December 31, 2024 | Category | Amortized Cost | Level 1 | Total | | :--- | :--- | :--- | :--- | | Trade and other payables | 254,239 | - | 254,239 | | Borrowings | 1,016,200 | - | 1,016,200 | | Derivative financial instruments | - | 26,150 | 26,150 | | **Total financial liabilities** | **1,270,439** | **26,150** | **1,296,589** | - As of December 31, 2024, there were no differences in the valuation models used for Level 2 instruments compared to those used on June 30, 2024[138](index=138&type=chunk) [Note 16 - Trade and Other Receivables](index=35&type=section&id=Note%2016%20-%20Trade%20and%20other%20receivables) As of December 31, 2024, the Group's total trade and other receivables slightly decreased to **ARS 479,959 million** from ARS 488,584 million on June 30, 2024, with trade, lease, and service receivables at **ARS 315,281 million** and prepayments at **ARS 77,233 million** Trade and Other Receivables Details (ARS million) | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Trade, lease and service receivables | 315,281 | 311,550 | | Less: Allowance for doubtful accounts | (5,109) | (5,184) | | Total trade receivables | 310,172 | 306,366 | | Prepayments | 77,233 | 71,746 | | Tax receivables | 37,660 | 31,116 | | **Total trade and other receivables** | **479,959** | **488,584** | | Non-current | 158,452 | 171,624 | | Current | 321,507 | 316,960 | Changes in Allowance for Doubtful Accounts (ARS million) | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 5,184 | 6,806 | | Additions | 857 | 1,547 | | Reversals | (191) | (275) | | Currency translation adjustments | 211 | 3,590 | | Used during the period | (149) | (19) | | Inflation adjustment | (803) | (6,465) | | Balance at end of period | 5,109 | 5,184 | - The carrying amounts of trade and other receivables approximate their fair values due to their short-term nature, making the discount effect insignificant[142](index=142&type=chunk) [Note 17 - Cash Flow and Cash Equivalents Information](index=36&type=section&id=Note%2017%20-%20Cash%20flow%20and%20cash%20equivalents%20information) For the six months ended December 31, 2024, the Group reported a net cash outflow of **ARS 13,487 million** from operating activities before tax, a significant shift from the prior year's net inflow of ARS 112,684 million, with non-cash transactions including increases in investment properties, decreases in property, plant, and equipment, and currency translation adjustments for associates and joint ventures Operating Cash Flow Details (ARS million) | Item | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | (Loss)/profit for the period | (64,391) | 266,118 | | Income tax | (22,648) | 82,064 | | Amortization and depreciation | 6,736 | 6,242 | | Net loss/(gain) from fair value adjustments to investment properties | 227,858 | (304,210) | | Net financial results | (96,829) | 147,559 | | Net cash from operating activities before tax | (13,487) | 112,684 | - The significant decrease in operating cash flow was primarily attributable to the loss for the period, net loss from fair value adjustments to investment properties, and the negative impact of net financial results[145](index=145&type=chunk) - Non-cash transactions for the period included an increase in investment properties of **ARS 12,397 million** through trade and other payables, and currency translation adjustments and other comprehensive income for associates and joint ventures of **ARS 30,920 million**[147](index=147&type=chunk) [Note 18 - Trade and Other Payables](index=38&type=section&id=Note%2018%20-%20Trade%20and%20other%20payables) As of December 31, 2024, the Group's total trade and other payables slightly increased to **ARS 371,544 million** from ARS 362,283 million on June 30, 2024, with trade payables at **ARS 209,824 million** and advances from sales, leases, and services at **ARS 54,724 million** Trade and Other Payables Details (ARS million) | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Trade payables | 209,824 | 171,851 | | Advances from sales, leases and services | 54,724 | 74,713 | | Accrued invoices | 21,508 | 15,651 | | Deferred income | 532 | 572 | | Admission fees | 34,635 | 35,623 | | Deposits | 538 | 696 | | **Total trade payables** | **321,761** | **299,106** | | Dividends payable to non-controlling interests | 278 | 7,960 | | Tax payables | 27,414 | 18,931 | | Directors' fees | 4,557 | 6,762 | | Management fees | - | 9,529 | | Other | 17,534 | 19,995 | | **Total other payables** | **49,783** | **63,177** | | **Total trade and other payables** | **371,544** | **362,283** | | Non-current | 62,962 | 61,275 | | Current | 308,582 | 301,008 | - Trade payables significantly increased, while advances from sales, leases, and services decreased[149](index=149&type=chunk) [Note 19 - Provisions](index=38&type=section&id=Note%2019%20-%20Provisions) As of December 31, 2024, the Group's total provisions slightly decreased to **ARS 31,417 million** from ARS 31,706 million on June 30, 2024, comprising **ARS 31,383 million** for legal claims and **ARS 34 million** for investments in associates and joint ventures, with the IDBD lawsuit ongoing and relevant provisions made Changes in Provisions (ARS million) | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | 31,706 | 32,994 | | Additions | 2,662 | 10,216 | | Reductions | (457) | (506) | | Inflation adjustment | (2,195) | (10,194) | | Balance at end of period | 31,417 | 31,706 | | Non-current | 26,382 | 26,142 | | Current | 5,035 | 5,564 | - IDBD filed a lawsuit against Dolphin BV and IRSA on December 26, 2021, claiming **ILS 140 million**, with legal proceedings ongoing and the company having made relevant provisions[155](index=155&type=chunk)[159](index=159&type=chunk) - On April 9, 2024, the court dismissed IRSA's appeal regarding applicable jurisdiction and the form of claim notification, ordering IRSA and Dolphin to pay **ILS 25,000** in costs[157](index=157&type=chunk) [Note 20 - Borrowings](index=40&type=section&id=Note%2020%20-%20Borrowings) As of December 31, 2024, the Group's total borrowings increased to **ARS 1,016,200 million** from ARS 996,360 million on June 30, 2024, with non-convertible notes accounting for **ARS 895,806 million** and bank loans for **ARS 84,451 million**, as both Cresud and IRSA issued new notes for debt refinancing and working capital during the period Borrowings Details (ARS million) | Item | December 31, 2024 (Carrying Amount) | June 30, 2024 (Carrying Amount) | | :--- | :--- | :--- | | Non-convertible notes | 895,806 | 892,026 | | Bank loans | 84,451 | 51,791 | | Bank overdrafts | 27,704 | 40,158 | | Other | 8,239 | 12,385 | | **Total borrowings** | **1,016,200** | **996,360** | | Non-current | 628,242 | 576,097 | | Current | 387,958 | 420,263 | - On July 18, 2024, Cresud issued Series XLVI notes totaling **USD 28.6 million** at a fixed interest rate of **1.5%**[162](index=162&type=chunk) - On November 15, 2024, Cresud issued Series XLVII notes totaling **USD 64.4 million** at a fixed interest rate of **7.0%**, maturing on November 15, 2028[163](index=163&type=chunk) - On October 23, 2024, IRSA issued Series XXII and XXIII notes totaling **USD 67.3 million** with interest rates of **5.75%** and **7.25%**, respectively[164](index=164&type=chunk) [Note 21 - Taxation](index=41&type=section&id=Note%2021%20-%20Taxation) For the six months ended December 31, 2024, the Group's income tax expense was **ARS 22,648 million**, a significant shift from **(ARS 82,064) million** in the prior year, with the net balance of deferred tax assets and liabilities improving to **(ARS 666,014) million** from (ARS 761,213) million on June 30, 2024 Income Tax Details (ARS million) | Item | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current income tax | (62,320) | (25,859) | | Deferred income tax | 84,968 | (56,205) | | **Income tax** | **22,648** | **(82,064)** | Changes in Deferred Income Tax Account (ARS million) | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Balance at beginning of period | (761,213) | (864,233) | | Recognized in profit or loss | 84,968 | 97,354 | | Balance at end of period | (666,014) | (761,213) | - Income tax expense shifted from a negative value in the prior year to a positive value, primarily due to a significant positive impact from deferred income tax[165](index=165&type=chunk) [Note 22 - Revenues](index=42&type=section&id=Note%2022%20-%20Revenues) For the six months ended December 31, 2024, the Group's total revenue slightly increased by **0.7%** to **ARS 449,163 million** from ARS 445,859 million in the prior year, with agricultural business revenue at **ARS 237,291 million** and urban properties and investments business revenue at **ARS 211,872 million** Revenue Details (ARS million) | Revenue Source | December 31, 2024 | December 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Agricultural business sales and services revenue | 237,291 | 225,005 | 5.5% | | Urban properties and investments business sales and services revenue | 211,872 | 220,854 | -4.1% | | **Total revenue** | **449,163** | **445,859** | **0.7%** | - Agricultural business revenue growth was primarily driven by increased sales of supplies and livestock[166](index=166&type=chunk) - Urban properties and investments business revenue decreased primarily due to reduced income from hotel operations and tourism services[166](index=166&type=chunk) [Note 23 - Costs](index=42&type=section&id=Note%2023%20-%20Costs) For the six months ended December 31, 2024, the Group's total costs increased by **17.9%** to **ARS 298,248 million** from ARS 253,034 million in the prior year, with agricultural business sales and services costs at **ARS 216,795 million** and urban properties and investments business sales and services costs at **ARS 81,320 million** Cost Details (ARS million) | Cost Source | December 31, 2024 | December 31, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Agricultural business sales and services costs | 216,795 | 181,470 | 19.5% | | Urban properties and investments business sales and services costs | 81,320 | 71,414 | 13.9% | | **Total costs** | **298,248** | **253,034** | **17.9%** | - Agricultural business cost growth was primarily influenced by increased costs of crops and supplies[167](index=167&type=chunk) - Urban properties and investments business cost growth was primarily influenced by increased lease and service costs[167](index=167&type=chunk) [Note 24 - Expenses by Nature](index=42&type=section&id=Note%2024%20-%20Expenses%20by%20nature) Group expenses are functionally classified under "Costs," "General and administrative expenses," and "Selling expenses," totaling **ARS 382,005 million** for the six months ended December 31, 2024, an increase from ARS 323,813 million in the prior year, with agricultural products and biological asset changes, salaries and social security costs, and cost of goods sold and services provided being the main components Expenses by Nature (ARS million) | Nature of Expense | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Agricultural products and biological assets changes | 98,947 | 108,040 | | Salaries, social security costs and other personnel expenses | 63,146 | 59,878 | | Fees for services and payments | 35,633 | 40,917 | | Cost of goods sold and services provided | 87,579 | 37,636 | | Maintenance, security, cleaning, repairs and others | 26,442 | 22,382 | | Taxes and contributions | 17,731 | 22,618 | | Advertising and other selling expenses | 11,764 | 12,282 | | Freight | 11,954 | 7,812 | | Directors' fees | 9,079 | (6,966) | | Depreciation and amortization | 6,736 | 6,242 | | **Total expenses** | **382,005** | **323,813** | - Cost of goods sold and services provided significantly increased, while agricultural products and biological asset changes costs slightly decreased[169](index=169&type=chunk) - Directors' fees shifted from a negative value (reversal) in the prior year to a positive value for the six months ended December 31, 2024, reflecting the approval of board remuneration[169](index=169&type=chunk)[170](index=170&type=chunk) [Note 25 - Other Operating Results, Net](index=44&type=section&id=Note%2025%20-%20Other%20operating%20results,%20net) For the six months ended December 31, 2024, the Group's other operating results, net, amounted to **(ARS 1,198) million**, a decrease from ARS 11,998 million in the prior year, primarily due to impairment losses on intangible assets and the negative impact of legal proceedings and other contingencies Other Operating Results, Net (ARS million) | Item | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Gain from commodity derivative financial instruments | 3,386 | 2,907 | | Gain/(loss) on disposal of property, plant and equipment | 3 | (2,361) | | Impairment of intangible assets | (11,849) | - | | Gain/(loss) on disposal of joint ventures | 2,061 | (1,883) | | Legal proceedings and other contingencies | (2,236) | (4,546) | | Interest and allowances generated by operating assets | 10,593 | 15,765 | | **Total** | **(1,198)** | **11,998** | - The **impairment loss of ARS 11,849 million** on intangible assets was the primary reason for the negative shift in other operating results, net, for the period[172](index=172&type=chunk) - Interest and allowances generated by operating assets decreased from **ARS 15,765 million** in the prior year to **ARS 10,593 million** for the six months ended December 31, 2024[172](index=172&type=chunk) [Note 26 - Financial Results, Net](index=44&type=section&id=Note%2026%20-%20Financial%20results,%20net) For the six months ended December 31, 2024, the Group's net financial results significantly improved to **ARS 24,913 million** from **(ARS 144,523) million** in the prior year, primarily driven by net exchange gains and fair value gains on financial assets and liabilities, despite negative impacts from inflation adjustments Net Financial Results (ARS million) | Item | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Financial income | 3,350 | 18,864 | | Financial costs | (37,109) | (40,676) | | Other financial results: | | | | Net exchange differences | 36,726 | (455,008) | | Fair value gains on financial assets and liabilities | 68,842 | 206,729 | | Loss from derivative financial instruments (excluding commodities) | (12,401) | (33,064) | | Inflation adjustment | (34,418) | 148,683 | | **Net financial results** | **24,913** | **(144,523)** | - Net exchange differences shifted from a **loss of (ARS 455,008) million** in the prior year to a **gain of ARS 36,726 million** for the six months ended December 31, 2024, serving as a primary driver for the improvement in net financial results[173](index=173&type=chunk) - Fair value gains on financial assets and liabilities decreased from **ARS 206,729 million** in the prior year to **ARS 68,842 million** for the six months ended December 31, 2024[173](index=173&type=chunk) [Note 27 - Related Parties Transactions](index=44&type=section&id=Note%2027%20-%20Related%20parties%20transactions) As of December 31, 2024, the Group's net balance with related parties slightly decreased to **ARS 17,683 million** from ARS 18,632 million on June 30, 2024, with related party transactions for the period resulting in a **loss of (ARS 9,095) million**, a shift from a profit of ARS 3,327 million in the prior year, primarily due to the negative impact of directors' fees Summary of Related Party Balances (ARS million) | Item | December 31, 2024 | June 30, 2024 | | :--- | :--- | :--- | | Trade and other receivables | 29,688 | 42,544 | | Investments in financial assets | 4,282 | 4,582 | | Trade and other payables | (15,288) | (27,861) | | Borrowings | (999) | (633) | | **Total** | **17,683** | **18,632** | Summary of Related Party Transaction Results (ARS million) | Related Party | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total associates and joint ventures | 156 | 1,933 | | Total other related parties | 423 | (5,202) | | Total parent company | 15 | - | | Total directors and key management personnel | (9,689) | 6,596 | | **Total** | **(9,095)** | **3,327** | - Directors' and key management personnel expenses shifted from **ARS 6,966 million** (management fees) in the prior year to **(ARS 9,079) million** (management fees) for the six months ended December 31, 2024, primarily contributing to the negative related party transaction results[179](index=179&type=chunk) [Note 28 - CNV General Resolution N° 622](index=46&type=section&id=Note%2028%20-%20CNV%20General%20Resolution%20N%C2%B0%20622) This note details information disclosed in the financial statements in compliance with CNV General Resolution N° 622, covering property, plant and equipment, intangible assets, equity investments, other investments, provisions and allowances, cost of sales, and foreign currency assets and liabilities Information Required by CNV General Resolution N° 622 | Appendix | Note | | :--- | :--- | | Appendix A - Property, plant and equipment | Note 8 - Investment properties; Note 9 - Property, plant and equipment | | Appendix B - Intangible assets | Note 11 - Intangible assets | | Appendix C - Equity investments | Note 7 - Investments in associates and joint ventures | | Appendix E - Provisions and allowances | Note 16 - Trade and other receivables and Note 19 - Provisions | | Appendix G - Foreign currency assets and liabilities | Note 30 - Foreign currency assets and liabilities | [Note 29 - Cost of Sales and Services Provided](index=48&type=section&id=Note%2029%20-%20Cost%20of%20sales%20and%20services%20provided) For the six months ended December 31, 2024, the Group's total cost of sales and services provided increased to **ARS 298,115 million** from ARS 252,884 million in the prior year, with agricultural business costs at **ARS 216,795 million** and urban properties and investments business costs at **ARS 81,320 million** Cost of Sales and Services Provided Details (ARS million) | Item | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Inventories at beginning of period | 94,961 | 96,796 | | Initial recognition and fair value changes of biological assets | 10,647 | 862 | | Harvest | 149,477 | 176,434 | | Purchases and classification | 207,387 | 191,693 | | Consumption | (30,134) | (20,805) | | Inventories at end of period | (183,226) | (252,660) | | **Total costs** | **298,115** | **252,884** | - The increase in costs was primarily influenced by purchases and classification, as well as initial recognition and fair value changes of biological assets[185](index=185&type=chunk) [Note 30 - Foreign Currency Assets and Liabilities](index=49&type=section&id=Note%2030%20-%20Foreign%20currency%20assets%20and%20liabilities) As of December 31, 2024, the Group's total foreign currency assets amounted to **ARS 319,131 million** and total foreign currency liabilities to **ARS 920,040 million**, with the US Dollar being the primary foreign currency, significantly impacting trade and other receivables, investments in financial assets, and borrowings Foreign Currency Assets (ARS million) - December 31, 2024 | Item | US Dollars | Brazilian Reals | Euros | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Trade and other receivables | 156,001 | 775 | 11 | 212 | 157,074 | | Investments in financial assets | 103,752 | - | - | 2,446 | 106,198 | | Derivative financial instruments | 1,191 | - | - | - | 1,191 | | Cash and cash equivalents | 50,428 | 24 | 11 | 4,205 | 54,668 | | **Total assets** | **311,372** | **799** | **22** | **6,863** | **319,131** | Foreign Currency Liabilities (ARS million) - December 31, 2024 | Item | US Dollars | Brazilian Reals | New Israeli Shekels | Other | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Trade and other payables | 80,967 | 3,439 | - | 3,009 | 87,415 | | Lease liabilities | 6,848 | - | - | - | 6,848 | | Provisions | - | - | 24,411 | - | 24,411 | | Borrowings | 801,360 | - | - | - | 801,360 | | Derivative financial instruments | 6 | - | - | - | 6 | | **Total liabilities** | **889,181** | **3,439** | **24,411** | **3,009** | **920,040** | - The US Dollar is the primary currency for the Group's foreign currency assets and liabilities, with the highest proportion of US Dollar-denominated items in borrowings[189](index=189&type=chunk) [Note 31 - Other Relevant Events of the Period](index=51&type=section&id=Note%2031%20-%20Other%20relevant%20events%20of%20the%20period) During the period, Cresud and its subsidiaries BrasilAgro and IRSA experienced several significant events, including Cresud's warrant exercises, cash dividend approvals and payments, and completion of a new share repurchase plan, alongside BrasilAgro's dividend approvals and payments, and IRSA's cash dividend and treasury share distributions, share repurchase plan completion, and warrant exercises - For the six months ended December 31, 2024, Cresud received **USD 2.8 million** from the exercise of warrants, issuing **6,785,115 ordinary shares**[192](index=192&type=chunk) - On October 28, 2024, Cresud's Shareholders' Meeting approved and paid a cash dividend of **ARS 45,000 million**[193](index=193&type=chunk) - Cresud's Board of Directors approved a new share repurchase plan for a maximum of **ARS 6,500 million**, which was completed on December 19, 2024, repurchasing **4,522,623 ordinary shares**[196](index=196&type=chunk)[197](index=197&type=chunk) - On October 22, 2024, BrasilAgro's Shareholders' Meeting approved and paid a dividend of **BRL 155 million**[198](index=198&type=chunk) - IRSA's Board of Directors approved a new share repurchase plan for a maximum of **ARS 15,000 million**, which was completed on September 12, 2024, repurchasing **11,541,885 ordinary shares**[200](index=200&type=chunk)[201](index=201&type=chunk) - On October 28, 2024, IRSA's Shareholders' Meeting approved and paid a cash dividend of **ARS 90,000 million** and distributed **25,700,000 treasury shares**[202](index=202&type=chunk)[203](index=203&type=chunk) [Note 32 - Subsequent Events](index=53&type=section&id=Note%2032%20-%20Subsequent%20Events) Subsequent to the reporting period, FYO approved a **USD 3.2 million** dividend payment on January 8, 2025, and IRSA signed two sales agreements for "Ramblas del Plata" project plots on January 27, 2025, totaling approximately **USD 23.4 million**, with **30%** paid upon signing - On January 8, 2025, FYO's Shareholders' Meeting approved a dividend payment of **USD 3.2 million**[206](index=206&type=chunk) - On January 27, 2025, IRSA signed two sales agreements for "Ramblas del Plata" project plots totaling approximately **USD 23.4 million**, with **30%** of the amount already collected[207](index=207&type=chunk)[208](index=208&type=chunk) [Report on Review of Interim Financial Information](index=54&type=section&id=Report%20on%20review%20of%20interim%20financial%20information) [Auditor's Review and Conclusion](index=54&type=section&id=Auditor's%20Review%20and%20Conclusion) Price Waterhouse & Co. S.R.L. reviewed Cresud Group's condensed interim consolidated financial information as of December 31, 2024, without issuing an audit opinion due to the limited scope, concluding that no material matters indicated non-compliance with IAS 34, though noting that company financial statements were not transcribed to inventory and balance sheets, and December 2024 accounting entries were not transcribed to the general ledger - The auditors reviewed the condensed interim consolidated financial information, not an audit, and therefore did not express an audit opinion[212](index=212&type=chunk)[213](index=213&type=chunk) - The review concluded that no material matters were identified to suggest the financial information was not prepared in all material respects in accordance with **IAS 34**[213](index=213&type=chunk) - The company's financial statements were not transcribed to the inventory and balance sheets, and December 2024 accounting entries were not transcribed to the general ledger[215](index=215&type=chunk) - As of December 31, 2024, Cresud's debt to the Argentine Integrated Social Security System amounted to **ARS 596,820,390**, which was not yet due on that date[215](index=215&type=chunk) [Brief Comment on Company Activities and Subsequent Significant Events](index=56&type=section&id=Brief%20comment%20on%20the%20Company's%20activities%20during%20the%20period,%20including%20references%20to%20significant%20events%20that%20occurred%20after%20the%20end%20of%20the%20period.) [Consolidated Results Overview](index=56&type=section&id=Consolidated%20Results%20Overview) For the first half of fiscal year 2025, consolidated revenue increased by **0.7%** year-over-year, while adjusted EBITDA decreased by **15.3%**, resulting in a net loss of **ARS 64,391 million**, a **124.2% decline** from the prior year, primarily due to fair value adjustment losses on investment properties in the urban real estate and investments business Key Consolidated Performance Data (ARS million) | Metric | H1 FY2025 | H1 FY2024 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 449,163 | 445,859 | 0.7% | | Costs | (298,248) | (253,034) | 17.9% | | Gross profit | 153,481 | 207,081 | (25.9)% | | Operating results | (135,606) | 449,429 | (130.2)% | | Adjusted EBITDA | 134,961 | 159,389 | (15.3)% | | Results for the period | (64,391) | 266,118 | (124.2)% | | Attributable to owners of the parent | (61,541) | 106,267 | (157.9)% | - Net profit shifted from a **profit of ARS 266,118 million** in H1 FY2024 to a **loss of ARS 64,391 million** in H1 FY2025, primarily due to fair value adjustment losses on investment properties in the urban real estate and investments business[218](index=218&type=chunk) - Adjusted EBITDA for the agricultural business was **ARS 35,262 million**, while for the urban properties and investments business (through IRSA), it was **ARS 103,136 million**[217](index=217&type=chunk) [Description of Operations by Segment](index=57&type=section&id=Description%20of%20Operations%20by%20Segment) This section details the operating performance of the Group's two core business segments: agricultural business and urban properties and investments, highlighting strong land development and sales in agriculture, but losses in agricultural production (especially grains) due to prices lagging inflation, while sugarcane and livestock production improved, and urban properties and investments (via IRSA) saw reduced revenue and adjusted EBITDA due to negative fair value adjustments to investment properties Segment Performance Summary (ARS million) - H1 FY2025 | Metric | Agricultural Business | Urban Properties and Investments Business | Total | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 238,715 | 170,141 | 408,856 | (0.1)% | | Operating results | 8,429 | (143,043) | (134,614) | (128.9)% | | Segment results | 7,306 | (118,982) | (111,676) | (122.0)% | - In H1 FY2025, the Group's land portfolio under management totaled **728,114 hectares**, with **304,189 hectares** as productive land and **423,925 hectares** as land reserves[223](index=223&type=chunk) - In H1 FY2025, the agricultural business's land development and sales segment profit grew by **34.3%**, primarily driven by gains from agricultural land sales[227](index=227&type=chunk) - The agricultural production segment shifted from a **profit of ARS 5,483 million** in H1 FY2024 to a **loss of ARS 3,983 million** in H1 FY2025, primarily due to Argentine grain prices lagging inflation[229](index=229&type=chunk)[237](index=237&type=chunk) - Sugarcane activity profit increased by **352.9%**, primarily due to increased production and improved margins in Brazil[232](index=232&type=chunk)[236](index=236&type=chunk) - Livestock activity profit increased by **617.1%**, primarily due to improved market prices in Brazil and a significant increase in Argentine meat production[241](index=241&type=chunk) [I) Land Development and Sales](index=58&type=section&id=I)%20Land%20Development%20and%20Sales) The Land Development and Sales segment achieved an operating profit of **ARS 31,088 million** in H1 FY2025, a **34.3% year-over-year increase**, primarily driven by agricultural land sales recorded in the first quarter, as the company continues to divest properties at significant valuations to reinvest in new farms with higher appreciation potential Land Development and

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]