Earnings release
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Earnings Release Third Quarter of Fiscal Year 2025
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Earnings Release | IIIQ25 / 2 » MAIN HIGHLIGHTS OF THE PERIOD The NET RESULT FOR THE NINE MONTH PERIOD OF THE FISCAL YEAR 2025 recorded a profit of ARS 57,895 million, compared to a loss of ARS 39,987 million in the same period of 2024. The ADJUSTED EBITDA of the segments that make up the agricultural business was ARS 31,072 million, while the urban properties and investments business (through IRSA) recorded ARS 156,380 million. The 2025 CAMPAIGN progressed with a good level of rainfall in the region, despite some irregularity in frequency specially in Northern Argentina, with sustained commodity prices and stable input costs. We planted 300,000 hectares in the region and expect to produce approxim ately 867,000 tons of grains, 23% more than in the previous campaign. CATTLE ACTIVITY IN ARGENTINA is developing with very good prices, margins, and production levels. During the quarter and after the closing, the Argentine government announced two favorable measures for the agricultural sector. First, A TEMPORARY REDUCTION, until June 30, 2025, IN EXPORT DUTIES for soybeans, from 33% to 26%, and for wheat and corn, from 12% to 9.5%, with a positive impact on available and future grain prices. Second, THE PARTIAL ELIMINATION of capital controls, with a direct impact on the convergence of exchange rates. During the nine -month period of the 2025 fiscal year, we sold a portion of the “LOS POZOS” FARM IN ARGENTINA for USD 2.2 million, and our subsidiary BrasilAgro sold a portion of “Alto Taquari” farm for BRL 189.4 million. Contact Information Join the Conference Call for the Third Quarter of Fiscal Year 2025 May 12, 2025 03:00 PM (Buenos Aires) 02:00 PM (US EST) The call will be hosted by: • Alejandro Elsztain, CEO • Diego Chillado Biaus, General Manager for Argentine Operations • Matias Gaivironsky, CFO To participate the Conference Call*, please register here Webinar ID: 979 5279 7878 Password: 326784 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of May 8, 2025 Outstanding Shares 605,049,182 Treasury 6,397,536 ADS (American Depositary Share) 60,504,918 Outstanding Warrants 79,706,994 Market Capitalization USD 659.5 MM Website www.cresud.com.ar X @CRESUDIR Phone (+54) 911 4323-7449 E-mail ir@cresud.com.ar
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Earnings Release | IIIQ25 / 3 » Brief comment on the Company’s activities during the period, including references to significant events that occurred after the end of the period. Consolidated Results (In ARS million) 9M 25 9M 24 YoY Var Revenues 687,161 702,952 -2,2% Costs -446,896 -395,500 13,0% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 17,054 9,022 89,0% Changes in the net realizable value of agricultural produce after harvest 1,778 4,752 -62,6% Gross profit 259,097 321,226 -19,3% Net gain from fair value adjustment on investment properties -137,439 -588,975 -76,7% Gain from disposal of farmlands 25,772 9,752 164,3% General and administrative expenses -76,985 -63,720 20,8% Selling expenses -58,491 -56,597 3,3% Other operating results, net -2,386 16,030 -114,9% Management Fee -1,686 -1,378 22,4% Result from operations 7,882 -363,662 - Depreciation and Amortization 39,292 37,623 4,4% Rights of use installments -13,473 -16,768 -19,7% EBITDA (unaudited) 33,701 -342,807 - Adjusted EBITDA (unaudited) 179,723 254,641 -29.4% Loss from joint ventures and associates 10,010 46,279 -78,4% Result from operations before financing and taxation 17,892 -317,383 - Financial results, net 86,472 145,905 -40,7% Result before income tax 104,364 -171,478 - Income tax expense -46,469 131,491 -135,3% Result for the period 57,895 -39,987 - Attributable to Equity holder of the parent 22,228 34,835 -36,2% Non-controlling interest 35,667 -74,822 - Consolidated Revenues decreased during the nine -month period of fiscal year 2025 by 2.2% while Adjusted EBITDA decreased by 28.1% compared to the same period of fiscal year 2024. Agribusiness segments adjusted EBITDA was ARS 31,072 and urban properties and investments business (through IRSA) adjusted EBITDA was ARS 156,380 million. The net result for the nine -month period of fiscal year 2025 registered a ARS 57,895 million gain, compared to a ARS 39,987 million loss in the same period of 2024. This result is mainly explained by the lower loss recorded from changes in fair value of investment properties in the urban properties and investment business (IRSA).
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Earnings Release | IIIQ25 / 4 » Description of Operations by Segment 9M 2025 Agribusiness Urban Properties and Investments Total 9M 25 vs. 9M 24 Revenues 353,159 269,586 622,745 -3.9% Costs -316,046 -62,669 -378,715 12.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 15,226 - 15,226 84.4% Changes in the net realizable value of agricultural produce after harvest 1,778 - 1,778 -62.6% Gross profit 54,117 206,917 261,034 -19.7% Net gain from fair value adjustment on investment properties -1,322 -135,893 -137,215 -76.7% Gain from disposal of farmlands 25,772 - 25,772 164.3% General and administrative expenses -31,344 -46,036 -77,380 20.4% Selling expenses -41,214 -17,400 -58,614 1.4% Other operating results, net 3,403 -5,969 -2,566 -116.3% Result from operations 9,412 1,619 11,031 - Share of profit of associates -42 9,155 9,113 -80.1% Segment result 9,370 10,774 20,144 - 9M 2024 Agribusiness Urban Properties and Investments Total Revenues 371,988 276,363 648,351 Costs -287,572 -48,710 -336,282 Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 8,256 - 8,256 Changes in the net realizable value of agricultural produce after harvest 4,752 - 4,752 Gross profit 97,424 227,653 325,077 Net gain from fair value adjustment on investment properties -68 -589,004 -589,072 Gain from disposal of farmlands 9,752 - 9,752 General and administrative expenses -31,903 -32,347 -64,250 Selling expenses -39,177 -18,651 -57,828 Other operating results, net 22,037 -6,318 15,719 Result from operations 58,065 -418,667 -360,602 Share of profit of associates 1,723 44,085 45,808 Segment result 59,788 -374,582 -314,794 2025 Campaign The 2025 campaign progressed with a good level of rainfall in the region, despite some irregularity in frequency, sustained commodity prices, and stable input costs. In Argentina, late and spaced-out rains in the north have impacted crop yields , mainly soybean and corn . In the central and southern regions, weather conditions have been more favourable. In terms of prices, the temporary reduction in soybean export taxes from 33% to 26%, wheat and corn from 12% to 9.5%, and their elimination for regional econo mies have positively impacted available grains and future prices. The recent partial elimination of capital controls, with a direct impact on the convergence of exchange rates also generate good prospects for the agricultural sector. Our Portfolio During the second quarter of fiscal year 2025, our portfolio under management consisted of 728,112 hectares, of which 304,257 hectares are productive, and 423,855 hectares are land reserves distributed in the four countries of the region where we operate.
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Earnings Release | IIIQ25 / 5 » Breakdown of Hectares: Own and under Concession (*) (**) (***) Productive Lands Reserved Total Agricultural Cattle Argentina 73,380 140,423 313,133 526,936 Brazil 50,554 11,763 70,118 132,435 Bolivia 8,776 - 1,244 10,020 Paraguay 11,923 7,438 39,360 58,721 Total 144,633 159,624 423,855 728,112 (*) Includes Brazil, Paraguay, Agro-Uranga S.A. at 34.86% and 132,000 hectares under Concession. (**) Includes 85,000 hectares intended for sheep breeding (***) Excludes double crops. Leased (*) Agricultural Cattle Other Total Argentina 55,713 10,896 - 66,609 Brazil 62,379 - 6,540 68,919 Bolivia 1,065 - - 1,065 Total 119,157 10,896 6,540 136,593 (*) Excludes double crops. Segment Income – Agricultural Business I) Land Development and Sales We periodically sell properties that have reached a considerable appraisal to reinvest in new farms with higher appreciation potential. We analyze the possibility of selling based on a number of factors, including the expected future yield of the farmland for continued agricultural and livestock exploitation, the availability of other investment opportunities and cyclical factors that have a bearing on the global values of farmlands. in ARS million 9M 25 9M 24 YoY Var Revenues - - - Costs -215 -228 -5.7% Gross loss -215 -228 -5.7% Net gain from fair value adjustment on investment properties -1,322 -68 1844.1% Gain from disposal of farmlands 25,772 9,752 164.3% General and administrative expenses -64 -58 10.3% Selling expenses -826 -128 545.3% Other operating results, net 1,646 6,044 -72.8% Profit from operations 24,991 15,314 63.2% Segment profit 24,991 15,314 63.2% EBITDA 25,021 15,351 63.0% Adjusted EBITDA 26,344 15,420 70.8% The Segment profit increased by ARS 9,677 million, primarily driven by the gains from farmland sales recorded in the first quarter of the period. No farmland sales were registered in the region during the subsequent quarters.
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Earnings Release | IIIQ25 / 6 » II) Agricultural Production The result of the Farming segment went from a ARS 21,365 million gain during the nine -month period of fiscal year 2024 to a ARS 10,579 million loss during the same period of the fiscal year 2025. in ARS million 9M 25 9M 24 YoY Var Revenues 220,754 255,544 -13.6% Costs -186,435 -216,051 -13.7% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 15,226 8,256 84.4% Changes in the net realizable value of agricultural produce after harvest 1,778 4,752 -62.6% Gross profit 51,323 52,501 -2.2% General and administrative expenses -16,935 -18,648 -9.2% Selling expenses -24,676 -26,766 -7.8% Other operating results, net -264 9,938 -102.7% Results from operations 9,448 17,025 -44.5% Results from associates 1,131 4,340 -73.9% Segment results 10,579 21,365 -50.5% EBITDA 25,471 28,876 -11.8% Adjusted EBITDA 22,772 17,226 32.2% II.a) Crops and Sugarcane Crops in ARS million 9M 25 9M 24 YoY Var Revenues 131,674 175,431 -24.9% Costs -114,022 -151,134 -24.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 4,621 18,587 -75.1% Changes in the net realizable value of agricultural produce after harvest 1,811 4,727 -61.7% Gross result 24,084 47,611 -49.4% General and administrative expenses -11,756 -13,346 -11.9% Selling expenses -21,080 -23,425 -10.0% Other operating results, net 3,282 10,800 -69.6% Profit from operations -5,470 21,640 - Results from associates 1,129 4,289 -73.7% Activity Profit -4,341 25,929 - Sugarcane in ARS million 9M 25 9M 24 YoY Var Revenues 51,119 44,942 13.7% Costs -41,262 -38,702 6.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 4,988 -5,642 - Gross result 14,845 598 2,382.4% General and administrative expenses -2,721 -2,878 -5.5% Selling expenses -1,277 -1,377 -7.3% Other operating results, net -2,188 -396 452.5% Profit from operations 8,659 -4,053 - Activity profit 8,659 -4,053 -
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Earnings Release | IIIQ25 / 7 » Operations Production Volume (1) 9M 25 9M 24 9M 23 9M 22 9M 21 Corn 138,295 235,400 170,503 240,458 199,438 Soybean 189,216 151,007 153,662 157,916 104,217 Wheat 44,440 28,775 21,594 35,502 36,669 Sorghum 1,078 3,154 1,987 2,921 503 Sunflower - 971 6,021 3,560 4,596 Cotton 20,449 14,684 4,396 3,094 6,818 Other 8,400 15,741 8,693 9,557 5,366 Total Crops (tons) 401,878 449,732 366,856 453,008 357,607 Sugarcane (tons) 1,340,673 1,305,064 1,287,194 1,532,906 1,669,521 (1) Includes BrasilAgro. Excludes Agro-Uranga. Next, we present the total volume sold according to its geographical origin measured in tons: Volume of 9M 25 9M 24 9M 23 9M 22 9M 21 Sales (3) M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total Corn 150.4 20.0 170.4 199.9 94.4 294.3 162.2 92.6 254.8 239.8 65.3 305.1 233.9 70.0 303.9 Soybean 44.7 120.0 164.7 34.4 81.5 115.9 66.4 63.6 130.0 150.3 50.6 200.9 117.5 23.3 140.8 Wheat 23.8 - 23.8 28.4 - 28.4 15.4 - 15.4 31.2 1.3 32.5 29.2 1.3 30.5 Sorghum 12.8 - 12.8 3.7 - 3.7 13.2 - 13.2 22.7 - 22.7 - - - Sunflower 0.6 - 0.6 3.5 - 3.5 1.4 - 1.4 1.6 - 1.6 2.7 - 2.7 Cotton 12.2 5.1 17.3 12.6 3.6 16.2 6.4 - 6.4 4.4 - 4.4 6.4 - 6.4 Others 9.9 - 9.9 13.0 - 13.0 8.2 - 8.2 7.6 1.4 9.0 5.3 1.0 6.3 Total Crops (thousand ton) 254.4 145.1 399.5 295.5 179.5 475.0 273.2 156.2 429.4 457.6 118.6 576.2 395.0 95.6 490.6 Sugarcane (thousands ton) 1,340.7 - 1,340.7 1,305.1 - 1,305.1 1,161.0 - 1,161.0 1,387.7 - 1,387.7 1,560.3 - 1,560.3 (1) Local Market (2) International Market (3) Includes BrasilAgro. Does not include Agro-Uranga S.A The Grains activity presented a negative variation of ARS 30,270 million, from a ARS 25,929 million gain during the nine-month period of fiscal year 2024 to a ARS 4,3410 million loss during the same period of fiscal year 2025, mainly because of: • A holding loss in Argentina due to price performance lagging behind inflation, mainly in soybeans, corn, and wheat. Although international commodity prices in dollar terms have increased slightly since the beginning of the year, the depreciation of the Argentine peso was below inflation. • Partially offset by better results from sales and holdings in Brazil, driven by an increase in soybean volumes sold, despite a fall in prices in BRL/Tn. Additionally, a gain was recorded in commodity derivatives results, as soybean positions taken during the campaign were sold at average prices above market levels. The result of the Sugarcane activity increased by ARS 12,712 million, from a ARS 4,053 million loss in the nine -month period of fiscal year 2024 to a gain of ARS 8,659 million gain in the same period of 2025. This is mainly driven by higher production gains in Brazil, with improved margins due to increased ethanol consumption following the rise in diesel prizes, along with higher production volumes in tons, partially offset by higher fertilizer and transportation costs.
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Earnings Release | IIIQ25 / 8 » Area in Operation (hectares) (1) As of 03/31/25 As of 03/31/24 YoY Var Own farms 113,431 115,083 -1.4% Leased farms 151,231 125,540 20.5% Farms under concession 22,469 22,087 1.7% Own farms leased to third parties 14,507 21,380 -32.1% Total Area Assigned to Production 301,638 284,090 6.2% (1) Includes 34.86% stake in Agro-Uranga and double cropping. II.b) Cattle Production Production Volume 9M 25 9M 24 9M 23 9M 22 9M 21 Cattle herd (tons)(1) 8,910 7,311 7,118 6,538 7,546 (1) Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of each head of livestock we own. Volume of 9M 25 9M 24 9M 23 9M 22 9M 21 Sales (1) D.M F.M Total D.M F.M Total D.M F.M Total D.M F.M Total D.M F.M Total Cattle herd 12.8 - 12.8 9.5 9.5 7.8 - 7.8 8.7 - 8.7 11.9 - 11.9 D.M.: Domestic market F.M.: Foreign market Cattle In ARS Million 9M 25 9M 24 YoY Var Revenues 32,285 24,699 30.7% Costs -26,508 -19,315 37.2% Initial recognition and changes in the fair value of biological assets and agricultural produce 5,617 -4,689 - Changes in the net realizable value of agricultural produce after harvest -33 25 - Gross Profit 11,361 720 1.477.9% General and administrative expenses -1,874 -1,778 5.4% Selling expenses -2,079 -1,512 37.5% Other operating results, net -1,136 -380 198.9% Result from operations 6,272 -2,950 - Results from associates 2 51 -96.1% Activity Result 6,274 -2,899 - Area in operation – Cattle (hectares) (1) As of 03/31/25 As of 03/31/24 YoY Var Own farms 69,034 68,013 1.5% Leased farms 10,896 10,896 0.0% Farms under concession 2,696 2,696 0.0% Own farms leased to third parties 2,895 - - Total Area Assigned to Cattle Production 85,521 81,605 4.8% (1) Includes Agro-Uranga, Brazil and Paraguay, Stock of Cattle Heard As of 03/31/25 As of 03/31/24 YoY Var Breeding stock 66.574 69.677 -4,5% Winter grazing stock 15.579 10.551 47,7% Sheep stock 12.863 13.642 -5,7% Total Stock (heads) 95.016 93.870 1,2% The result of the Cattle activity increased by ARS 9,173 million, from a ARS 2,899 million gain during the nine -month period of fiscal year 2024 to a ARS 6,274 million gain in the same period of fiscal year 2025, mainly driven by improved price performance boosted by the strong international demand and limited supply, along with a significant increase in the volume of meat produced in Argentina.
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Earnings Release | IIIQ25 / 9 » II.c) Agricultural Rental and Services In ARS Million 9M 25 9M 24 YoY Var Revenues 5,676 10,472 -45.8% Costs -4,643 -6,900 -32.7% Gross profit 1,033 3,572 -71.1% General and Administrative expenses -584 -646 -9.6% Selling expenses -240 -452 -46.9% Other operating results, net -222 -86 158.1% Result from operations -13 2,388 - Activity Result -13 2,388 - The result of the activity decreased by ARS 2,401 million, from a ARS 2,388 million gain in the nine -month period of fiscal year 2024 to a ARS 13 million loss in the same period of 2025. III) Other Segments We include within "Others" the results coming from our investment in FyO. The result of the segment decreased by ARS 48,720 million, going from a ARS 27,265 million gain for the nine -month period of fiscal year 2024 to a ARS 21,455 million loss for the same period of fiscal year 2025, due to a loss in stockpiling and consignment operations and on grain brokerage commissions. In ARS Million 9M 25 9M 24 YoY Var Revenues 132,405 116,444 13.7% Costs -129,396 -71,293 81.5% Gross result 3,009 45,151 -93.3% General and administrative expenses -9,600 -9,041 6.2% Selling expenses -15,712 -12,283 27.9% Other operating results, net 2,021 6,055 -66.6% Result from operations -20,282 29,882 -167.9% Profit from associates -1,173 -2,617 -55.2% Segment Result -21,455 27,265 -178.7% EBITDA -18,013 32,107 -156.1% Adjusted EBITDA -18,043 31,985 -156.4% IV) Corporate Segment The negative result went from a loss of ARS 4,156 million in the first nine-month period of the fiscal year 2024 to a ARS 4,745 million in the same period of fiscal year 2025. In ARS Million 9M 25 9M 24 YoY Var General and administrative expenses -4,745 -4,156 14.2% Loss from operations -4,745 -4,156 14.2% Segment loss -4,745 -4,156 14.2% EBITDA -4,745 -4,156 14.2% Adjusted EBITDA -4,745 -4,156 14.2%
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Earnings Release | IIIQ25 / 10 » Urban Properties and Investments Business (through our subsidiary IRSA Inversiones y Representaciones Sociedad Anónima) We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of March 31, 2025, our direct and indirect equity interest in IRSA was 55.06% over stock capital. Consolidated results of our subsidiary IRSA Inversiones y Representaciones S.A. en ARS Millones 9M 25 9M 24 Var a/a Revenues 335,543 332,881 0.8% Results from operations -302 -420,513 -99.9% EBITDA 9,175 -411,767 - Adjusted EBITDA 156,380 192,773 -18.9% Segment results 10,774 -374,582 - Consolidated revenues from sales, rentals and services increased by 0.8% during the nine -month period of fiscal year 2025 compared to the same period of 2024. Adjusted EBITDA reached ARS 156,380 million,18.9% lower than in the same period of the previous fiscal year. Financial Indebtedness and Other The following tables contain a breakdown of the company’s indebtedness as of March 31, 2025: Agricultural Business Description Currency Amount (USD MM)(1)(2) Interest Rate Maturity Loans and bank overdrafts ARS 0.9 Variable < 30 days Series XXXVIII USD 70.4 8.00% Mar-26 Series XLII USD 30.0 0.00% May-26 Series XLV USD 10.2 6.00% Aug-26 Series XL USD 38.2 0.00% Dec-26 Series XLIV USD 39.8 6.00% Jan-27 Series XLVI USD 23.8 1.50% Jul-27 Series XLVII USD 64.4 7.00% Nov-28 Other debt USD 87.3 CRESUD’s Total Debt (3) USD 365.0 Cash and cash equivalents (3) USD 15.3 CRESUD’s Net Debt USD 349.7 Brasilagro’s Total Net Debt USD 137.2 (1) Net of repurchases (2) Principal amount stated in USD (million) at an exchange rate of 1,074.75 ARS/USD and 5.6815 BRL/USD , without considering accrued interest or elimination of balances with subsidiaries. (3) Does not include FyO
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Earnings Release | IIIQ25 / 11 » Urban Properties and Investments Business Description Currency Amount (USD MM) (1) Interest Rate Maturity Bank overdrafts ARS 75.7 Variable < 360 days Series XXI ARS 15.8 Variable Jun-25 Series XVI USD 28.3 7.00% Jul-25 Series XVII USD 25.0 5.00% Dec-25 Series XX USD 21.3 6.00% Jun-26 Series XVIII USD 21.4 7.00% Feb-27 Series XXII USD 15.8 5.75% Oct-27 Series XIV USD 85.7 8.75% Jun-28 Series XXIII USD 51.5 7.25% Oct-29 Series XXIV USD 293.3 8.00% Mar-35 IRSA’s Total Debt USD 633.8 Cash & Cash Equivalents + Investments (2) USD 401.9 IRSA’s Net Debt USD 231.9 (1) Principal amount in USD (million) at an exchange rate of ARS 1, 074.75/USD, without considering accrued interest or eliminations of balances with subsidiaries. (2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies notes holding. Comparative Summary Consolidated Balance Sheet Data In ARS million Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Current assets 1,173,788 1,062,329 1,003,539 1,083,350 1,096,662 Non-current assets 3,448,008 3,593,623 4,123,471 4,170,264 4,579,481 Total assets 4,621,796 4,655,952 5,127,010 5,253,614 5,676,143 Current liabilities 936,607 981,489 856,101 948,527 1,444,098 Non-current liabilities 1,783,058 1,593,603 1,998,829 2,348,044 2,277,052 Total liabilities 2,719,665 2,575,092 2,854,930 3,296,571 3,721,150 Total capital and reserves attributable to the shareholders of the controlling company 845,583 904,815 969,677 711,733 680,181 Minority interests 1,056,548 1,176,045 1,302,403 1,245,310 1,274,812 Shareholders’ equity 1,902,131 2,080,860 2,272,080 1,957,043 1,954,993 Total liabilities plus minority interests plus shareholders’ equity 4,621,796 4,655,952 5,127,010 5,253,614 5,676,143 Comparative Summary Consolidated Statement of Income Data In ARS million Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Gross profit 259,097 321,226 264,853 356,642 302,723 Profit from operations 7,882 -363,662 -109,346 125,370 35,338 Results from associates and joint ventures 10,010 46,279 3,396 -6,526 -38,960 Profit from operations before financing and taxation 17,892 -317,383 -105,950 118,844 -3,622 Financial results, net 86,472 145,905 99,440 208,500 25,056 Profit before income tax 104,364 -171,478 -6,510 327,344 21,434 Income tax expense -46,469 131,491 226,243 63,806 -55,321 Result of the period of continuous operations 57,895 -39,987 219,733 391,150 -33,887 Result of discontinued operations after taxes - - - - -140,769 Result for the period 57,895 -39,987 219,733 391,150 -174,656 Controlling company’s shareholders 22,228 34,835 123,907 242,078 -88,157 Non-controlling interest 35,667 -74,822 95,826 149,072 -86,499
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Earnings Release | IIIQ25 / 12 » Comparative Summary Consolidated Statement of Cash Flow Data In ARS million Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Net cash generated by operating activities 1,634 94,643 39,202 123,169 -96,134 Net cash (used in) / generated by investment activities -33,912 148,686 99,376 134,338 1,110,675 Net cash generated by / (used in) financing activities 220,191 -303,048 -325,760 -386,192 -734,522 Total net cash generated / (used) during the fiscal period 187,913 -59,719 -187,182 -128,685 280,019 Ratios In ARS million Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Liquidity (1) 1.253 1.082 1.172 1.142 0.759 Solvency (2) 0.699 0.808 0.796 0.594 0.525 Restricted capital (3) 0.746 0.772 0.804 0.794 0.807 (1) Current Assets / Current Liabilities (2) Total Shareholders’ Equity/Total Liabilities (3) Non-current Assets/Total Assets Material events of the quarter and subsequent events February 2025: Warrants Exercise The Company informs that between February 17 and 25, 2025, certain warrants holders have exercised their right to acquire additional shares. Therefore, a total of 1,908,747 ordinary shares of the Company will be registered, with a face value of ARS 1. As a result of the exercise, USD 767,125 were collected by the Company. After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 603,140,435 to 605,049,182, and the number of outstanding warrants decreased from 81,063,170 to 79,706,994. March 2025: Credit Rating Upgrade The Company informs that FIX SCR S.A. Risk Rating Agent (affiliate of Fitch Ratings), upgraded the long -term issuer local rating of CRESUD S.A.C.I.F. y A. from AA+(arg) to AAA(arg), with Stable Outlook, and confirmed the short -term issuer rating at category A1+ (arg).
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Earnings Release | IIIQ25 / 13 » EBITDA Reconciliation In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) result of discontinued operations, (ii) income tax expense, (iii) financial results, net iv) results from participation in associates and joint ventures; and (v) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus net profit from changes in the fair value of investment properties, not realized and re alized sales. EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors supplemental measures of our financial performance that ma y facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calcu lated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit for the relevant period to EBITDA and Adjusted EBITDA for the periods indicated: For the nine-month period ended March 31 (in ARS million) 2025 2024 Result for the period 57,895 -39,987 Income tax expense 46,469 -131,491 Net financial results -86,472 -145,905 Share of profit of associates and joint ventures -10,010 -46,279 Depreciation and amortization 39,292 37,623 Rights of use installments -13,473 -16,768 EBITDA (unaudited) 33,701 -342,807 Gain from fair value of investment properties, not realized - agribusiness 1,322 68 Gain from fair value of investment properties, not realized - Urban Properties Business 136,117 588,907 Realized sale – Real Estate 2,973 33,618 Initial recognition and changes in fair value of biological assets -17,006 -8,300 Realized initial recognition and changes in fair value of biological assets 14,277 1,237 Others 8,339 -18,082 Adjusted EBITDA (unaudited) 179,723 254,641
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Earnings Release | IIIQ25 / 14 » Brief comment on prospects for the fiscal year The 2025 campaign progressed with a good level of rainfall in the region despite some irregularity in frequency, sustained commodity prices, and stable input costs. In Argentina, late and spaced-out rains in the north have impacted crop yields , mainly soybean and corn . In the central and southern regions, weather conditions have been more favourable. In terms of prices, the temporary reduction in soybean export taxes from 33% to 26%, wheat and corn from 12% to 9.5%, and their elimination for regional economies have pos itively impacted available grains and future prices. The rec ent partial elimination of capital controls, with a direct impact on the convergence of exchange rates , also generate good prospects for the agricultural sector. Regarding livestock activity, we expect a year of good prices in Argentina with high production and good margins. The feedlots that the company has in La Pampa and Salta are operating at full capacity. On the real estate side, since the new government took office in December 2023, we have begun to see greater interest in our farms in Argentina and operations that are gradually materializing. In Brazil, liquidity in the land market continues, and Brasilagro was able to close good deals in recent quarters. As part of our business strategy, we will continue to sell farms that have reached their maximum appreciation level in Argentina and the region. Our agricultural commercial services business, through FyO, projects continued growth in grain trading, continuing the company’s digital transformation, and advancing the regionalization of the input business in Brazil, Paraguay, Bolivia, and Peru with the aim of increasing sales and margins. The urban properties and investments business, which we own through IRSA, has been showing good operational performance in its rental businesses and launching new mixed-use developments, such as Ramblas del Plata in Puerto Madero Sur, which we expect will drive the company's growth over the next 10 to 15 years. The outlook for the second half of the 2025 fiscal year is positive for consumption in shopping malls and the office portfolio, while the hotel sector presents a greater challenge given the impact of the current lower FX competitiveness in Argentina. We trust in the quality of IRSA's portfolio and the management's ability to adapt to changes in the context and continue offering the best proposals to its tenants and visitors. We will continue working during the 2025 fiscal year on reducing and streamlining the cost structure while continuing to evaluate financial, economic, and/or corporate tools that allow the Company to improve its position in the market in which it operates and have the necessary liquidity to meet its obligations, such as the disposal of assets publicly and/or privately, which may include real estate as well as marketable securities owned by the Company, notes issuance, repurchase of own shares, among other instruments that are useful to the proposed objectives. We believe that Cresud, owner of a diversified rural and urban real estate portfolio, with experienced management team and a great track record in accessing capital markets, will have excellent opportunities to take advantage of the best opportunities in the market. Alejandro G. Elsztain CEO
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Earnings Release | IIIQ25 / 15 » Unaudited Condensed Interim Consolidated Statement of Financial Position as of March 31, 2025 and June 30, 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) 03.31.2025 06.30.2024 ASSETS Non-current assets Investment properties 2,188,573 2,301,873 Property, plant and equipment 648,722 671,349 Trading properties 51,042 25,688 Intangible assets 27,324 95,325 Group of assets held for sale 374 3,414 Right-of-use assets 115,503 105,191 Biological assets 44,017 36,857 Investment in associates and joint ventures 184,216 180,964 Deferred income tax assets 13,920 12,827 Income tax credit 27 18 Restricted assets 4,837 3,577 Trade and other receivables 160,585 186,331 Investment in financial assets 8,225 13,553 Derivative financial instruments 643 1,612 Total non-current assets 3,448,008 3,638,579 Current assets Trading properties 27,156 541 Biological assets 132,916 76,652 Inventories 126,552 152,924 Income tax credit 2,107 3,024 Trade and other receivables 364,036 344,120 Investment in financial assets 171,388 192,144 Derivative financial instruments 8,465 8,843 Cash and cash equivalents 341,168 150,760 Total current assets 1,173,788 929,008 TOTAL ASSETS 4,621,796 4,567,587 SHAREHOLDERS’ EQUITY Shareholders' equity (according to corresponding statement) 845,583 915,648 Non-controlling interest 1,056,548 1,141,092 TOTAL SHAREHOLDERS' EQUITY 1,902,131 2,056,740 LIABILITIES Non-current liabilities Trade and other payables 65,165 66,526 Borrowings 825,119 625,464 Deferred income tax liabilities 786,179 839,269 Provisions 26,468 28,382 Payroll and social security liabilities 122 1,760 Lease liabilities 75,081 80,541 Derivative financial instruments 4,924 4,068 Total non-current liabilities 1,783,058 1,646,010 Current liabilities Trade and other payables 284,605 326,802 Borrowings 492,494 456,275 Provisions 4,247 6,041 Payroll and social security liabilities 30,268 26,549 Income tax liabilities 70,821 8,813 Lease liabilities 36,073 24,377 Derivative financial instruments 18,099 15,980 Total Current liabilities 936,607 864,837 TOTAL LIABILITIES 2,719,665 2,510,847 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 4,621,796 4,567,587
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Earnings Release | IIIQ25 / 16 » Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income for the nine and three-month periods ended March 31, 2025 and 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) Nine months Three months 03.31.2025 03.31.2024 03.31.2025 03.31.2024 Revenues 687,161 702,952 199,509 218,887 Costs (446,896) (395,500) (123,090) (120,784) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest 17,054 9,022 12,307 9,913 Changes in the net realizable value of agricultural products after harvest 1,778 4,752 3,739 (11,618) Gross profit 259,097 321,226 92,465 96,398 Net (loss) / gain from fair value adjustment of investment properties (137,439) (588,975) 109,945 (919,253) Gain / (loss) from disposal of farmlands 25,772 9,752 13 (232) General and administrative expenses (76,985) (63,720) (25,655) (25,409) Selling expenses (58,491) (56,597) (18,888) (18,064) Other operating results, net (2,386) 16,030 (1,085) 3,004 Management fees (1,686) (1,378) (1,686) 11,951 Profit / (loss) from operations 7,882 (363,662) 155,109 (851,605) Share of profit / (loss) of associates and joint ventures 10,010 46,279 (15,670) (705) Profit / (loss) before financial results and income tax 17,892 (317,383) 139,439 (852,310) Finance income 5,887 70,966 2,250 50,486 Finance cost (52,130) (73,744) (11,841) (29,582) Other financial results 115,995 173,062 14,928 467,712 Inflation adjustment 16,720 (24,379) 54,088 (185,803) Financial results, net 86,472 145,905 59,425 302,813 Profit / (loss) before income tax 104,364 (171,478) 198,864 (549,497) Income tax (46,469) 131,491 (71,058) 220,587 Profit / (loss) for the period 57,895 (39,987) 127,806 (328,910) Other comprehensive (loss) / income: Items that may be reclassified subsequently to profit or loss: Currency translation adjustment and other comprehensive results from subsidiaries and associates (i) (77,391) 21,392 15,338 (303,061) Revaluation surplus 308 2,319 8 (177) Total other comprehensive (loss) / income for the period (77,083) 23,711 15,346 (303,238) Total comprehensive (loss) / income for the period (19,188) (16,276) 143,152 (632,148) Profit / (loss) for the period attributable to: Equity holders of the parent 22,228 34,835 89,042 (80,541) Non-controlling interest 35,667 (74,822) 38,764 (248,369) Total comprehensive (loss) / income attributable to: Equity holders of the parent (5,298) 43,466 94,761 (189,147) Non-controlling interest (13,890) (59,742) 48,391 (443,001) Profit / (loss) for the period per share attributable to equity holders of the parent (ii): Basic 37.27 58.83 149.29 (136.01) Diluted 31.14 49.76 124.74 (136.01)
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Earnings Release | IIIQ25 / 17 » Unaudited Condensed Interim Consolidated Statement of Cash Flows for the nine-month periods ended March 31, 2025 and 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) 03.31.2025 03.31.2024 Operating activities: Net cash generated from operating activities before income tax paid 14,136 103,785 Income tax paid (12,502) (9,142) Net cash generated from operating activities 1,634 94,643 Investing activities: Proceeds from the sale of participation in associates and joint ventures 6,030 31,075 Capital contributions to associates and joint ventures (33) - Proceeds from sales of intangible assets - 12 Acquisition and improvement of investment properties (28,566) (11,537) Proceeds from sales of investment properties 7,114 47,013 Acquisitions and improvements of property, plant and equipment (29,408) (82,981) Acquisition of intangible assets (2,613) (2,111) Proceeds from sales of property, plant and equipment 19,538 71,379 Dividends collected from associates and joint ventures 302 773 Proceeds from loans granted 721 1,951 Acquisitions of investments in financial assets (463,613) (424,792) Proceeds from disposal of investments in financial assets 442,417 502,987 Interest received from financial assets 14,590 16,706 Payments of derivative financial instruments (391) (1,789) Net cash (used in) / generated from investing activities (33,912) 148,686 Financing activities: Borrowings, issuance and new placement of non-convertible notes 631,291 334,707 Payment of borrowings and non-convertible notes (252,433) (283,019) Obtaining of short term loans, net 59,630 6,596 Interest paid (68,289) (131,175) Capital contributions from non-controlling interest in subsidiaries 173 9,123 Lease liabilities paid (4,535) (2,245) Repurchase of treasury shares (15,342) (13,685) Dividends paid (81,889) (224,290) Exercise of warrants 6,414 7,543 Repurchase of non-convertible notes (54,829) (6,603) Net cash generated from / (used in) financing activities 220,191 (303,048) Net increase / (decrease) in cash and cash equivalents 187,913 (59,719) Cash and cash equivalents at the beginning of the period 150,760 190,247 Foreign exchange gain on cash and unrealized fair value result for cash equivalents 10,009 49,650 Inflation adjustment (7,514) (18,552) Cash and cash equivalents at the end of the period 341,168 161,626
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Earnings Release | IIIQ25 / 18 » HEADQUARTERS Carlos M. Della Paolera 261 Piso 9 Tel +(54 11) 4814-7800/9 Fax +(54 11) 4814-7876 www.cresud.com.ar C1091AAF – Cdad. Autónoma de Buenos Aires – Argentina INVESTOR RELATIONS Alejandro Elsztain – CEO Matías Gaivironsky – CFO Santiago Donato – IRO (54 11) 4323 7449 ir@cresud.com.ar LEGAL ADVISORS Estudio Zang. Bergel & Viñes Tel +(54 11) 4322 0033 Florida 537 18º Piso C1005AAK – Cdad. Autónoma de Buenos Aires – Argentina INDEPENDENT AUDITORS PricewaterhouseCoopers Argentina Tel +(54 11) 4850-0000 Bouchard 557 Piso 7° C1106ABG – Cdad. Autónoma de Buenos Aires – Argentina REGISTRY AND TRANSFER AGENT Caja de Valores S.A. Tel +(54 11) 4317 8900 25 de Mayo 362 C1002ABH – Cdad. Autónoma de Buenos Aires – Argentina DEPOSITARY AGENT ADS’S The Bank of New York Mellon Tel. 1 888 BNY ADRS (269-2377) Tel. 1 610 312 5315 P.O. Box 11258 Church Street Station New York. NY 10286 1258 – United States of America BYMA Symbol: CRES Nasdaq Symbol: CRESY