IRSA Inversiones y Representaciones S.A announces its results for the first quarter of Fiscal Year 2027 ended September 30, 2026
BUENOS AIRES, Argentina, Nov. 4, 2026 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the first quarter of the Fiscal Year 2027 ended September 30, 2026.
HIGHLIGHTS
- The net result for the first quarter of FY2027 recorded a loss of ARS 6,380 million, compared to a gain of ARS 217,952 million in the same period of FY2026, mainly explained by losses arising from changes in the fair value of investment properties.
- Adjusted EBITDA from rental segments reached ARS 83,933 million, 2.0% below the level recorded in the same period of FY2026. Meanwhile, total Adjusted EBITDA increased by 9.3%, driven by improved results in the Sales and Developments segment.
- Shopping Mall revenues and Adjusted EBITDA grew in line with inflation during the quarter, while tenants' sales declined by 6.1% in real terms compared to the same period of the previous fiscal year.
- During the quarter and after quarter-end, we signed land swap agreements for three additional plots at Ramblas del Plata totaling USD 19.5 million and continued to make progress on the project's infrastructure works. We also advanced construction at Oeste Outlet and Distrito Diagonal, both scheduled to open during FY2027, expanding our shopping mall portfolio to 19 assets.
- Our premium office portfolio reached an occupancy rate of 96.9%, reflecting a slight decrease from the previous quarter due to the vacancy of one floor at Dot Building, while average rental rates per sqm remained stable.
- On October 22, 2026, the Shareholders' Meeting approved a cash dividend distribution of ARS 211,000 million, representing a dividend yield of 10.8%, with payment date starting on November 3, 2026.
Financial Highlights | ||
(In millions of Argentine Pesos) | ||
3M FY 2027 | ||
Income Statement | 09/30/2026 | 09/30/2025 |
Revenues | 179,892 | 172,373 |
Consolidated Gross Profit | 111,187 | 105,825 |
Net result from changes in the fair value of investment properties | (74,236) | 293,294 |
Consolidated Result from Operations | 992 | 365,754 |
Result for the Period | (6,380) | 217,952 |
Attributable to: | ||
IRSA's Shareholders | (10,566) | 205,161 |
Non-Controlling interest | 4,186 | 12,791 |
EPS (Basic) | (12.62) | 272.10 |
EPS (Diluted) | (12.62) | 251.12 |
Balance Sheet | 09/30/2026 | 06/30/2026 |
Current Assets | 761,110 | 844,109 |
Non-Current Assets | 4,247,645 | 4,292,857 |
Total Assets | 5,008,755 | 5,136,966 |
Current Liabilities | 400,435 | 481,956 |
Non-Current Liabilities | 2,059,545 | 2,093,845 |
Total Liabilities | 2,459,980 | 2,575,801 |
Non-Controlling Interest | 145,506 | 148,836 |
Shareholders' Equity | 2,548,775 | 2,561,165 |
The Company's market capitalization as of September 30, 2026, was approximately USD 1,178 million. (84,611,592 GDS with a price per GDS of USD 13.92).
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BYMA: IRSA), the Argentina's largest, most well-diversified real estate company, cordially invites you to participate in its IQ FY 2027 Results Conference Call on Thursday, November 5, 2026, at 02:00 PM US Eastern Time / 04:00 PM BA Time.
To access the Webinar:
https://us02web.zoom.us/webinar/register/WN_D6janOLMTDybHszPCC-PkA
Webinar ID: 897 2400 7884
Password: 393750
In addition, you can also participate by dialing the following numbers:
Argentina: +54 112 040 0447, +54 115 983 6950, +54 341 512 2188, +54 343 414 5986
Israel: +972 3 978 6688, +972 2 376 4509, +972 2 376 4510
Brazil: +55 11 4632 2237, +55 11 4680 6788, +55 11 4700 9668, +55 21 3958 7888, +55 11 4632 2236
United States of America: +1 564 217 2000, +1 646 931 3860, +1 669 444 9171, +1 669 900 6833, +1 689 278 1000
Chile: +56 22 573 9305, +56 23 210 9066, +56 232 938 848, +56 41 256 0288, +56 22 573 9304
Investor Relations Department.
+ 5411 4323-7449
ir@irsa.com.ar
https://www.irsa.com.ar/en/investors/
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AlphAI analysis
Written by AlphAI from the release above, not by the issuer or PR Newswire. Informational, not investment advice.
The 30-second read
Why it matters
The earnings miss is likely to trigger a sell‑off in the stock, with investors reassessing valuation multiples and dividend sustainability.
Market read
A material earnings miss for a major emerging‑market REIT; traders should watch price reaction and dividend yield sustainability.
What to watch
The dividend payout of 10.8% and continued development projects could support longer‑term cash generation despite short‑term accounting losses.
Background
IRSA is Argentina's largest diversified real‑estate company, listed on NYSE (IRS) and BYMA (IRSA). The press release provides the first public disclosure of its Q1 FY2027 financials.
Ticker impact
IRSA Inversiones y Representaciones S.A. reported its Q1 FY2027 results, showing a net loss of ARS 6.38B versus a profit a year earlier.
likely downside as investors price the earnings miss and reduced profitability
First‑time disclosure of a material quarterly loss for a large Argentine REIT; no mitigating guidance was provided.
Market effects
Argentina's real‑estate sector may face broader scrutiny as the loss highlights valuation pressures.
Potential drag on Argentine equities and REITs, especially those with similar exposure to inflation‑linked rents.
Limited; primarily a regional impact on emerging‑market investors.
Counterpoint
If the loss is driven by fair‑value adjustments rather than cash flow, the underlying asset base remains strong, offering a buying opportunity at depressed prices.
Key entities
- companyIRSA Inversiones y Representaciones S.A.
Argentinian real‑estate REIT, ticker IRS on NYSE.