The proposed ARS 211 billion dividend and the merger of two wholly owned subsidiaries are routine corporate actions with no immediate price catalyst. The USD 9M debt repurchase (18% of Series XXV) is small relative to total debt. Monitor the October 22 shareholders' meeting for dividend approval and the next quarterly for revenue trends in Shopping Malls, where base rent grew but percentage rent declined sharply.
Price Chart
Executive Summary
IRSA filed its annual 20-F for the fiscal year ended June 30, 2026, reporting a profit of ARS 420,977 million, up from ARS 261,911 million in FY2025. The improvement was driven by a ARS 193,797 million fair value gain on investment properties (vs. a ARS 3,338 million loss last year), partially offset by a higher income tax charge of ARS 150,029 million. Revenue grew 5.1% to ARS 657,599 million, led by the Shopping Malls segment (ARS 368,822 million) and Sales & Developments (ARS 28,866 million, +69.4%). The company proposed a dividend of up to ARS 211,000 million and announced a merger of two wholly owned subsidiaries. Recent debt repurchases (USD 9M of Series XXV Notes) signal active liability management.
Key Facts
- Profit for FY2026: ARS 420,977 million vs. ARS 261,911 million in FY2025
- Revenue: ARS 657,599 million, up 5.1% YoY
- Fair value gain on investment properties: ARS 193,797 million (vs. loss of ARS 3,338 million in FY2025)
- Shopping Malls segment revenue: ARS 368,822 million, up 2.1% YoY
- Sales & Developments segment revenue: ARS 28,866 million, up 69.4% YoY
- Proposed dividend of up to ARS 211,000 million
- Consolidated gross debt: ARS 1,006,699 million as of June 30, 2026
- Repurchased USD 9M of Series XXV Notes (18% of outstanding) on October 15, 2026
- Shareholders' meeting on October 22, 2026 to consider merger of Tienda Los Gallegos S.A. and Los Gallegos Martinez Navarro y Cia. S.A.
- 29.12% equity interest in Banco Hipotecario as of June 30, 2026
Financial Impact
Profit increased by ARS 159,066 million YoY to ARS 420,977 million; revenue grew ARS 31,893 million to ARS 657,599 million; fair value swing of ARS 197,135 million from loss to gain
Risk Factors
- Argentine macroeconomic volatility (inflation, currency devaluation, exchange controls) could impact tenant sales and property valuations
- High inflation (33.5% CPI) may erode real consumer spending and percentage rent revenue
- Currency mismatch: majority of debt is USD-denominated while revenue is mainly in ARS
- Concentration in Buenos Aires and Greater Buenos Aires exposes portfolio to regional economic downturns
- Legal proceedings related to Distrito Arcos and Puerto Retiro properties
Investment Themes
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001654954-26-009071 |
| Document: irsa_ex992.htm | 0001654954-26-009071 |
| Document: irsa_ex81.htm | 0001654954-26-009071 |
| Document: irsa_ex122.htm | 0001654954-26-009071 |
| Document: irsa_ex121.htm | 0001654954-26-009071 |
| Document: irsa_ex132.htm | 0001654954-26-009071 |
| Document: irsa_ex131.htm | 0001654954-26-009071 |
| Document: irsa_ex991.htm | 0001654954-26-009071 |
| Document: 0001654954-26-009071-index-headers.html | 0001654954-26-009071 |
| Document: 0001654954-26-009071-index.html | 0001654954-26-009071 |
| Document: 0001654954-26-009071.txt | 0001654954-26-009071 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $14.65 | awaiting T+20 | — | $14.69 (+0.27%) |
Oct 22, 2026 4d ago | 6-K | $14.21 | awaiting T+20 | — | $14.69 (+3.38%) |
Oct 22, 2026 4d ago | 6-K | $14.21 | awaiting T+20 | — | $14.69 (+3.38%) |
Oct 21, 2026 5d ago | 20-F | $14.25 | awaiting T+20 | — | $14.69 (+3.09%) |
Oct 16, 2026 10d ago | 6-K | $14.13 | awaiting T+20 | — | $14.69 (+3.96%) |
Sep 23, 2026 4w ago | 6-K | $15.11 $14.25 | ▼ −5.69% | ▼ −6.38% | $14.69 (−2.78%) |
Sep 17, 2026 5w ago | 6-K | $16.02 $14.14 | ▼ −11.74% | ▼ −12.94% | $14.69 (−8.30%) |
Sep 3, 2026 7w ago | 6-K | $15.08 $13.92 | ▼ −7.69% | ▼ −6.57% | $14.69 (−2.59%) |
Aug 31, 2026 8w ago | 6-K | $15.03 $13.92 | ▼ −7.39% | ▼ −7.70% | $14.69 (−2.26%) |
Aug 21, 2026 9w ago | 6-K | $14.82 $15.60 | ▲ +5.26% | ▲ +5.79% | $14.69 (−0.88%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers