The mixed results reflect a strong top-line growth at the consolidated level but a sharp deterioration in the core agricultural business and a notable decline in IRSA's profitability. The early debt redemptions and new issuance suggest active liability management. The upcoming shareholders' meeting on October 22, 2026, will vote on the dividend and board appointments. Monitor the next quarterly filing for signs of stabilization in agricultural margins and tenant sales trends in IRSA's shopping malls.
Price Chart
Executive Summary
Cresud filed its annual 20-F for the fiscal year ended June 30, 2026, reporting consolidated revenues of ARS 1,379,363 million, up from ARS 1,220,836 million in the prior year, and consolidated profit from operations of ARS 425,668 million, up from ARS 330,977 million. The agricultural business segment swung to an operating loss of ARS 18,480 million from a profit of ARS 21,774 million, driven by losses in crops and sugarcane, while the urban properties and investment segment (IRSA) generated operating profit of ARS 525,607 million, down from ARS 869,081 million. The filing also notes a proposed dividend of up to ARS 116,000 million and the early redemption of Series XLIV and XLIX notes, partially offset by the issuance of additional Class LIII notes for USD 40.4 million.
Key Facts
- Consolidated revenues for FY2026: ARS 1,379,363 million vs. ARS 1,220,836 million in FY2025.
- Consolidated profit from operations: ARS 425,668 million vs. ARS 330,977 million.
- Agricultural business operating loss: ARS 18,480 million vs. profit of ARS 21,774 million.
- Urban properties and investment segment (IRSA) operating profit: ARS 525,607 million vs. ARS 869,081 million.
- Proposed dividend of up to ARS 116,000 million.
- Early redemption of Series XLIV Notes (July 2026) and Series XLIX Notes (September 2026).
- Issuance of additional Class LIII Notes for USD 40,420,132 at 6.25% per annum, maturing 2030.
- Consolidated gross debt as of June 30, 2026: ARS 2,022,787 million.
- Shareholders' equity: ARS 3,154,507 million, up from ARS 2,956,467 million.
- Material weakness in internal controls over financial reporting identified in FY2025 was remediated as of June 30, 2026.
Financial Impact
Revenue grew 13% YoY to ARS 1.38 trillion, but agricultural operations swung to a loss and IRSA's operating profit declined 40%. The proposed dividend of up to ARS 116 billion represents a significant capital return.
Risk Factors
- Agricultural segment operating loss of ARS 18,480 million vs. prior year profit of ARS 21,774 million.
- IRSA's operating profit declined 40% YoY, driven by lower tenant sales and fair value adjustments.
- High inflation and currency devaluation in Argentina continue to pressure operating costs and debt servicing.
- Consolidated gross debt of ARS 2.02 trillion remains elevated.
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001654954-26-009074 |
| Document: cresud_ex991.htm | 0001654954-26-009074 |
| Document: cresud_ex81.htm | 0001654954-26-009074 |
| Document: cresud_ex122.htm | 0001654954-26-009074 |
| Document: cresud_ex121.htm | 0001654954-26-009074 |
| Document: cresud_ex131.htm | 0001654954-26-009074 |
| Document: cresud_ex132.htm | 0001654954-26-009074 |
| Document: 0001654954-26-009074-index-headers.html | 0001654954-26-009074 |
| Document: 0001654954-26-009074-index.html | 0001654954-26-009074 |
| Document: 0001654954-26-009074.txt | 0001654954-26-009074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | 6-K | $11.45 $10.79 | ▼ −5.76% | ▼ −6.47% | $10.94 (−4.45%) |
Oct 22, 2026 4d ago | 6-K | $11.45 $10.79 | ▼ −5.76% | ▼ −6.47% | $10.94 (−4.45%) |
Oct 22, 2026 4d ago | 6-K | $10.90 $11.45 | ▲ +5.05% | ▲ +5.57% | $10.94 (+0.37%) |
Oct 21, 2026 5d ago | 20-F | $10.90 $11.45 | ▲ +5.05% | ▲ +5.57% | $10.94 (+0.37%) |
Sep 17, 2026 5w ago | 6-K | $12.83 $12.76 | ▼ −0.55% | ▼ −0.43% | $10.94 (−14.73%) |
Aug 28, 2026 8w ago | 6-K | $11.50 $11.67 | ▲ +1.48% | ▲ +2.17% | $10.94 (−4.87%) |
Aug 27, 2026 8w ago | 6-K | $11.22 $11.06 | ▼ −1.43% | ▼ −1.20% | $10.94 (−2.50%) |
Aug 27, 2026 8w ago | 6-K | $11.22 $11.06 | ▼ −1.43% | ▼ −1.20% | $10.94 (−2.50%) |
Jul 30, 2026 12w ago | Insider Cluster | $11.61 $11.21 | ▼ −3.45% | ▼ −4.15% | $10.94 (−5.77%) |
Jul 14, 2026 15w ago | 6-K | $10.91 $11.04 | ▲ +1.19% | ▲ +0.80% | $10.94 (+0.27%) |
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