IRSA Inversiones y Representaciones SA, one of the main companies in the real estate sector in Argentina, has presented its financial results for the first half of the 2025 fiscal year. Compared to the previous year, revenues and occupancy have decreased, partly affected by the appreciation of the Argentine peso against the dollar, which has negatively impacted international tourism and affected the sector. Despite these negative accounting results, the company maintains a strong net worth of over 1.2 trillion pesos.
Market analysts explained that the decrease in revenues is due to the way assets are valued on paper, without implying an actual cash loss for the company. Adjusted EBITDA, which measures operational profitability without considering financial or accounting factors, stood at $94.539 million, just 2% lower than the previous year, demonstrating that the business remains profitable despite the complicated environment.
During the analyzed quarter, IRSA carried out several important actions to strengthen its asset portfolio, such as the acquisition of the Terrazas de Mayo shopping mall in Malvinas Argentinas for $27.75 million. Sales in shopping malls increased by 21.4% in the second quarter of this year compared to the January-March period, reflecting a recovery in consumption after the end of the recession.
Although sales of stores within IRSA's shopping malls grew compared to the previous quarter, they are still 8.5% below the same period in 2024. In the premium office segment, IRSA managed to occupy all its available spaces and sold an additional floor of the Della Paolera 261 building for $7.1 million.
However, the company's hotel segment did not perform well in the analyzed semester. After the end of the quarter, IRSA also completed the sale of two lots of the Ramblas del Plata project for $23.4 million to a local developer. The loss of $40.971 million recorded in the balance sheet was due to an accounting adjustment in the value of investment properties, not to a decrease in sales or cash flow issues. In the same period of the previous year, the company had recorded a profit of $319.226.
