Core Insights - IRSA Inversiones y Representaciones S.A. reported a net income of ARS 196,118 million for FY 2025, a significant recovery from a loss of ARS 32,141 million in FY 2024 [4] - Revenues increased by 2.3% year-over-year, reaching ARS 468,526 million, while the consolidated gross profit decreased to ARS 284,790 million from ARS 305,755 million [3][4] - The company successfully returned to international capital markets with the issuance of Series XXIV Notes for USD 300 million, marking a significant milestone after nearly a decade [4] Financial Performance - Revenues for FY 2025 were ARS 468,526 million compared to ARS 458,059 million in FY 2024, indicating a growth of 2.3% [3] - Consolidated gross profit decreased to ARS 284,790 million from ARS 305,755 million [3] - The net result from changes in the fair value of investment properties improved to a loss of ARS 2,500 million from a loss of ARS 488,794 million [3] - The consolidated result from operations showed a significant recovery to ARS 172,615 million from a loss of ARS 265,867 million [3] Segment Performance - Rental Adjusted EBITDA reached ARS 234,697 million, with contributions from Shopping Malls (ARS 210,741 million), Offices (ARS 15,584 million), and Hotels (ARS 8,372 million), reflecting a 2% decrease compared to FY 2024 [4] - The Shopping Malls segment saw revenues and Adjusted EBITDA grow by 8% and 10% respectively, with portfolio occupancy remaining close to 98% [4] - The Offices segment benefited from increased demand for premium spaces, achieving nearly full occupancy in Class A+ and A buildings [4] Strategic Developments - The company acquired the Terrazas de Mayo shopping center and an adjoining property, and commenced construction of a new open-air shopping mall in La Plata [4] - Infrastructure works and commercialization progressed for the flagship project, Ramblas del Plata, with 13 transactions signed totaling approximately 111,000 saleable sqm valued at USD 81 million [4]