Q4 2026 IRSA Inversiones y Representaciones SA Earnings Call Transcript
Key Points
- IRSA Inversiones y Representaciones SA (IRS) reported a net gain of ARS421 billion for fiscal year 2026, a significant increase from ARS261.9 billion the previous year.
- The rental segment achieved a record high EBITDA of nearly $200 million, with shopping mall revenues growing 1.5% in line with inflation despite weaker consumption.
- IRSA Inversiones y Representaciones SA (IRS) expanded its shopping mall portfolio by acquiring Al Oeste Shopping and Los Gallegos, increasing gross leasable area by 20% and strengthening its market presence.
- The office portfolio reached 100% occupancy, and the company launched the expansion of the Zetta building with Mercado Libre as the main tenant, adding over 15,000 square meters of GLA.
- IRSA Inversiones y Representaciones SA (IRS) maintains a strong cash position of $390 million, with a conservative net-debt-to-EBITDA ratio of 1.4x and an LTV of 10%, providing financial flexibility for future growth.
- Tenant sales in shopping malls decreased by 8.6% in real terms due to a price effect, reflecting a challenging consumption environment in Argentina.
- The shopping mall segment experienced a slight EBITDA margin compression from 67.9% to 66%, partly due to one-shot costs recognized in the fourth quarter.
- Banco Hipotecario, in which IRSA Inversiones y Representaciones SA (IRS) holds a 29% stake, faced a challenging year with increased NPLs and lower margins, impacting its overall results.
- The company posted a negative income tax result of ARS150 billion, partly due to deferred taxes on investment property appreciation and the resumption of income tax payments.
- IRSA Inversiones y Representaciones SA (IRS) anticipates a peak in CapEx of approximately $150 million for fiscal year 2027, which may increase net debt and pressure cash flows.
Good morning, everyone. I'm Santiago Donato, Investor Relations Officer at IRSA, and I welcome you to the fiscal year 2026 results conference call. First of all, I would like to remind you that both audio and a slide show 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. (Event Instructions)
Before we begin, I would like to remind you that this call is being recorded and that 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 note in the company's earnings release regarding forward-looking statements.
I will now turn the call over to Mr. Matias Gaivironsky, CFO.
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