Q1 2026 IRSA Inversiones y Representaciones SA Earnings Call Transcript
Key Points
- IRSA Inversiones y Representaciones SA (IRS) reported a gain of ARS163.4 million for the first quarter of 2026, compared to a loss of ARS143.6 million in the previous year.
- The company experienced growth in revenues and occupancy in its malls, with an occupancy rate reaching almost 98%.
- IRSA acquired a new mall, Al Oeste Shopping, for $9 million, expanding its shopping mall portfolio to 17 properties.
- The office segment maintained stable rents and achieved 100% occupancy, with a focus on converting spaces to cater to startups and entrepreneurs.
- The company distributed a dividend with a yield of around 10%, reflecting strong cash generation and a conservative debt position.
- Tenant sales in malls declined by 7% during the first quarter of 2026 compared to the same period in 2025.
- The hotel segment continued to show a decline in revenues and occupancy, with occupancy dropping from 67% to 52% due to a weak winter season.
- Adjusted EBITDA saw a decline of 7.5%, with a significant 22% drop in the hotel segment.
- The company faced a loss in net financial results due to the real devaluation of the peso, impacting dollar-denominated debt.
- The economic environment was volatile due to elections, affecting consumer confidence and sales in the malls.
Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the First Quarter 2026 Results Conference Call.
First of all, I would like to remind you that both audio and a slideshow may be accessed through company's Investor Relations website at www.irsa.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website. After management remarks there will be a question-and-answer session for analyst and investors.
If you want to make a question, please use the chat. Before we begin, I would like to remind you that this call is being recorded, and the information discussed today may include forward-looking statements regarding the company's financial and operating performance.
All projections are subject to risks and uncertainties, and actual results may differ materially. Please refer to the detailed
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