Cresud(CRESY) - 2026 Q1 - Quarterly Report

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