Long-only investment, evaluating companies from an operational, buy-and-hold perspective.Quipus Capital does not focus on market-driven dynamics and future price action. Instead, our articles focus on operational aspects, understanding the long-term earnings power of companies, the competitive dynamics of the industries where they participate, and buying companies that we would like to hold independently of how the price moves in the future. Most QC calls will be holds, and that is by design. Only a very sm ...

Financial Data and Key Metrics Changes - The company reported a net loss of 41 billion Pesos primarily due to non-cash effects from the appraisal of investment properties [3][66] - The adjusted EBITDA for the hotel segment dropped from 15 billion Pesos to 5 billion Pesos, with hotel margins decreasing from 38% to 17% [38][96] - The net financial results showed a significant improvement with a net FX result of a 205 billion Pesos loss last year compared to a gain of 21 billion Pesos this year due to Peso appreciation [100][101] Business Line Data and Key Metrics Changes - Shopping malls experienced a 21.4% increase in tenant sales in Q2 2025 compared to the previous quarter, although still 8.5% below the same quarter last year [11][69] - The office segment achieved full occupancy in its premium portfolio, with stable rents at approximately $25 per square meter per month [14][72] - The hotel segment faced challenges with occupancy rates declining from 70% to 67% compared to the previous year [16][74] Market Data and Key Metrics Changes - The company completed the acquisition of the Terrazas De Mayo shopping mall, adding approximately 34,000 square meters of GLA to its portfolio [12][19] - The overall occupancy rate for the shopping malls remained high at nearly 98%, excluding the newly acquired mall which is currently at 82.3% [12][71] - The company noted a positive outlook for the shopping mall segment in the upcoming quarters, aligning with economic recovery in Argentina [11][61] Company Strategy and Development Direction - The company is focusing on residential developments, with a significant project, Ramblas Del Plata, expected to yield over 10,000 new homes and an estimated investment of $1.8 billion [20][90] - The strategy includes selling plots to cover infrastructure costs and swapping remaining plots with local developers, minimizing cash investment from the company [54][113] - The company anticipates positive developments in the shopping mall segment and the commencement of several construction projects in the next quarters [61][120] Management's Comments on Operating Environment and Future Outlook - Management highlighted the recovery in consumer spending following the Milei administration, expecting improved performance in the shopping mall segment [61][120] - The company is optimistic about the valuation of its mall portfolio increasing due to decreasing country risk and improving operational figures [40][99] - Management expressed confidence in managing debt maturities, citing a strong cash position and liquidity [58][118] Other Important Information - The company paid dividends yielding 8% during the last quarter, maintaining a conservative net debt level of $255 million [44][103] - The company is actively pursuing infrastructure projects, with significant investments planned for the Ramblas Del Plata project [81][82] Q&A Session Summary Question: Can you provide details on the price per square meter for the Ramblas Del Plata project? - The expected price per square meter will start at no less than $4,000, potentially reaching up to $6,000 for taller buildings depending on market conditions [49][109] Question: How does the company plan to finance the upcoming investments? - The company plans to finance projects through cash generation and selling plots to cover infrastructure costs, minimizing cash outflow [54][115] Question: How will the company manage debt maturities in 2025? - The company has sufficient liquidity to manage debt maturities and will evaluate whether to go to the market or raise debt through banking channels [58][118]

Main Events for IIQ 25 and Subsequent 6M 25 NET LOSS OF ARS 40,971 MM 1 Mainly explained by the impact of inflation exposure on FV of Investment Properties HIGHER OCCUPANCY & SALES RECOVERY IN MALLS +21.4% compared to previous quarter (IQ 25), -8.5% compared to IIQ 24 PREMIUM OFFICE OCCUPANCY REACHED 100% 4 HOTELS' REVENUES & OCCUPANCY DROP DURING IIQ25 IIQ 2025 Conference Call February 7, 2025 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG ACQUISITION OF "TERRAZAS DE ...

BUENOS AIRES, Argentina, Feb. 7, 2025 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the second quarter of the Fiscal Year 2025 ended December 31, 2024. HIGHLIGHTS The net result for the first semester of fiscal year 2025 recorded a loss of ARS 40,971 million compared to a gain of ARS 319,226 million in the same period of the previous year, mainly due to the loss recorded from changes in the fai ...

You won't be charged a penny during the free trial, so you have nothing to lose and everything to gain.If you want full access to our Portfolio and all our current Top Picks, feel free to join us at High Yield Landlord for a 2-week free trial.He is the leader of the investing group High Yield Landlord , where he shares his real-money REIT portfolio and transactions in real-time. Features of the group include: three portfolios (core, retirement, international), buy/sell alerts, and a chat room with direct ac ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of ARS 46.9 billion, which is 8.8% lower than the previous quarter in 2024 [3] - A net loss of ARS 109 billion was posted, primarily due to a non-cash effect related to the valuation of investment properties [4][28] - The adjusted EBITDA is 10% lower than the same period last year, with a significant loss of almost ARS 225 billion in fair value adjustments [30][31] Business Line Data and Key Metrics Changes - The Shopping Mall segment remained stable, with tenant sales showing a slight recovery of 7% compared to the previous quarter but still 12% below last year's figures [4][7] - Office occupancy reached 98%, while shopping malls reported an occupancy rate of 97% [5][10] - The Hotel segment faced challenges, with occupancy dropping from 66% to 55% and a 60% decrease in EBITDA due to lower rates and occupancy [12][30] Market Data and Key Metrics Changes - The company experienced a 20% appreciation of the peso in terms of the dollar MEP, impacting the valuation of investment properties [27][28] - The real estate market is showing signs of recovery, with increased interest from developers and a shift towards a more favorable environment for residential purchases [19][49] Company Strategy and Development Direction - The company is focusing on active management of its portfolio, with no specific target for office space recovery but will consider opportunities for acquisition or development [42][43] - New projects are being launched, such as Ramblas Del Plata, which has garnered strong interest from developers [15][49] - The company aims to be more aggressive in development, leveraging its conservative financial structure to capitalize on market opportunities [49] Management's Comments on Operating Environment and Future Outlook - Management noted a new trend in consumption and positive developments in the real estate sector due to tax amnesty and the revival of the mortgage industry [49] - There is an expectation of improved tenant sales in the upcoming quarters, particularly as comparisons shift to the new administration's economic environment [41] Other Important Information - The company announced and paid dividends amounting to ARS 90 billion, representing an 8% dividend yield [6][37] - A new debt issuance was completed, with a conservative net debt to rental EBITDA ratio of 1.8x [36] Q&A Session Summary Question: Expectations for tenant sales recovery and office portfolio expansion - Management anticipates a recovery in tenant sales compared to the previous quarter, but weaker numbers may be seen in December due to comparisons with the previous administration [40][41] - There are no specific plans to rebuild or expand the office portfolio; the focus will be on managing opportunities as they arise [42][43] Question: Progress on Ramblas Del Plata - Strong interest from developers has been noted, with plans to start signing agreements soon; environmental approval is expected shortly [44][45] Question: Environmental processing updates - The environmental approval process is ongoing, with no significant issues anticipated [46][47]

BUENOS AIRES, Argentina, Nov. 6, 2024 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the first quarter of the Fiscal Year 2025 ended September 30, 2024.HIGHLIGHTS The net result for the first quarter of fiscal year 2025 recorded a loss of ARS 109,135 million compared to a gain of ARS 250,538 million in the same period of the previous year, mainly due to the loss recorded due to changes in the fai ...

BUENOS AIRES, Argentina, Oct. 23, 2024 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; ByMA: IRSA), the leading real estate company in Argentina, announces that it has filed with the SEC the 20-F Form for Fiscal Year 2024 ended June 30, 2024.The document has been uploaded on the Company's website www.irsa.com.ar and shareholders can receive a hard copy of the complete audited financial statements free of charge upon request.Find below the link to read the 20-F:https://www.sec.gov/ix?doc ...

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date ...

| --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------|------------|-----------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | FY 2024 Conference Call | | | | | | | | | | | | | | | | September 4, 2024 | | | | | | | | | | Hosted by: | | | | | | | | | Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG | | | | Main Events for FY 24 and | --- | --- | --- | --- | --- | ...