IRSA posted a record rental adjusted EBITDA of approximately $200 million for fiscal year 2026, the highest level since 2013, while net income surged to ARS 420.9 billion from ARS 261.9 billion a year earlier.
The Buenos Aires-based real estate investment firm said the EBITDA figure represented growth of nearly 4% in dollar terms compared to fiscal 2025, or 1.4% on a weighted-exchange-rate basis. Net income was bolstered by a positive net financial result of ARS 86.5 billion, including a net foreign-exchange gain of ARS 89.9 billion versus ARS 18.6 billion the prior year.
Shopping mall occupancy held steady at 97%, while office occupancy remained at full capacity across five buildings totaling 58,000 square meters. Gross leasable area grew 20% over the year, targeting 432,000 sq m across 19 shopping centers. Rental revenue rose 1.5% year-over-year, supported by fixed components that account for 87% of revenues and adjust with inflation.
Tenant sales in malls fell 8.5% in real terms, the company attributed to price normalization rather than weaker traffic or transaction counts.
Chief Financial Officer Matías Gaivironsky said the company ended the year with a cash position of $390 million against gross debt of about $620 million, yielding a net-debt-to-EBITDA ratio of 1.4 times. The loan-to-value ratio stood at 10% and the coverage ratio at nearly nine times.
"We have a strong cash position of $390 million," Gaivironsky said. "We already have in cash all the money for our expansion. We won't have to reach the market or tap the market during the next year."
The company raised $230 million in capital during the year — $180 million through international loan re-taps and $50 million in the local market at a 3.75% interest rate for a one-year term. Fair value of investment properties rose by ARS 193.7 billion.
In the hotel segment, overall occupancy climbed to roughly 65%, with Buenos Aires properties at 70% and average rates of $150 per room. Llao Llao in Bariloche reported 50% occupancy amid room renovations; excluding renovated rooms, occupancy was about 70% with an average rate of $218. The segment contributed $10 million in EBITDA.
Several development projects advanced during the year. Al Oeste Shopping in Morón was acquired for ARS 9 million and is 70% complete, with a relaunch targeted before year-end 2026 or the second quarter of 2027. Los Gallegos Shopping in Mar del Plata was purchased for $13.5 million, with an estimated $5 million in repositioning costs. Distrito Diagonal in La Plata, featuring approximately 22,000 sq m of GLA, is over 50% complete and on track for completion by May or June 2027.
The Zetta Building expansion at Polo Dot in Buenos Aires will add more than 15,000 sq m of GLA, bringing total space to over 47,500 sq m, with Mercado Libre already occupying roughly 72%. An estimated $35 million is being invested, of which $14 million has been committed through awarded contracts.
Ramblas del Plata, described by Chief Investment Officer Jorge Cruces as one of the largest private mixed-use developments ever in Buenos Aires, has contracted works 77% complete. Building construction is expected to begin late 2026 or early 2027, Cruces said.
For fiscal 2027, the company estimates peak capital expenditures of about $150 million, covering recurring investments, expansion projects and remaining payments tied to past acquisitions, excluding any new purchases.
IRSA shares traded at $15.07 on the report date, down 0.59% from the previous close. The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of 4.62 and a dividend yield of 9.2%.
