EarningsQ4 2026 Earnings Report
MX:IRSN Q4 2026 EPS Results
Actual EPS$25.16
Consensus EPS―
Beat/Miss―
One Year Ago EPS$34.32
MX:IRSN Q4 2026 Revenue Results
Actual Revenue$2.50B
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+18.93%
Earnings Announcement Details
QuarterQ4 2026
Date09/04/2026
TimeBefore Open
Conference CallFriday, September 4, 2026
MX:IRSN Upcoming Earnings
Irsa Inversiones Y Representaciones SA's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q4 2026 Earnings Call Audio
MX:IRSN Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management highlighted record net income and rental EBITDA, portfolio expansion, high occupancy, strong liquidity, development progress, and continued shareholder returns. These positives outweighed the explicitly noted challenges, including weaker consumption, an 8.5% real decline in tenant sales, mall margin compression, higher non-performing loans at Banco Hipotecario, a negative income tax impact, and a demanding project execution schedule.Company Guidance
Record Net Income
IRSA reported net income of ARS 420.9 billion for fiscal year 2026, compared with ARS 261.9 billion in the previous year. The improvement included a positive ARS 193.7 billion change in fair value, primarily from higher shopping mall valuations and a lower WACC.
Record Rental EBITDA
Rental-segment EBITDA reached a record high of almost $200 million, at levels similar to 2013 and almost 4% above the prior year.
Shopping Mall Portfolio Expansion
IRSA acquired Al Oeste Shopping and Los Gallegos Shopping Mall during the year, launched Distrito Diagonal in La Plata, and increased shopping mall GLA by 20%. The company expects to reach 432,000 sq m across 19 shopping centers next year and approximately 410,000 sq m at the end of the next fiscal year.
Strong Mall Occupancy and Resilient Revenue
Shopping mall occupancy remained stable at approximately 97%. Mall revenues increased 1.5%, supported by the fact that 87% of revenue comes from fixed components that adjust by inflation.
International Brand Demand
The company reported growing demand from international retailers as Argentina's economy opened and liberalized. New brands entering the malls included Decathlon, Victoria's Secret, Mango, and Dolce & Gabbana. IRSA said it controls 70% of the Buenos Aires City shopping mall market share.
Fully Occupied Office Portfolio
The office portfolio reached 100% occupancy across five buildings totaling 58,000 sq m, with average rent stable at approximately $25 per sq m per month.
Zetta Building Expansion
IRSA completed preliminary works and earth moving for the Zetta building expansion, with construction focused on the concrete structure. The expansion is expected to add more than 15,000 sq m of GLA through an estimated $35 million investment, of which $14 million has already been committed through awarded contracts. Mercado Libre signed a lease amendment to expand its occupied space, and approximately 72% of the completed building is expected to be occupied by Mercado Libre.
Solid Hotel Performance
Hotel portfolio occupancy increased to almost 65%, with an average rate of $218. Buenos Aires hotels reached 70% occupancy with rates of $150 per room, supported by growth in corporate events and conventions.
Progress on Development Projects
Al Oeste redevelopment was 70% complete and is expected to relaunch before year-end. Distrito Diagonal was more than 50% complete, with an average of 365 people working on-site, and remained on track for completion in May or June 2027. Edificio Del Plata advanced through demolition, site preparation, procurement, and receipt of 12 tax reimbursements.
Ramblas del Plata Commercialization Progress
IRSA completed 20 Ramblas del Plata transactions, including 18 land swaps and two sales, with a total value of approximately $130 million. The company will receive almost 33,000 sq m of sellable area through signed swap agreements. Contracted works were 77% complete, and 18 of the 26 lots in expanded stage one had been transacted, leaving eight available. Two additional swap agreements totaled ARS 10.75 million, and less than 40,000 sq m of sellable area remained available in expanded stage one.
Ramblas Infrastructure and Approvals
The company completed the environmental public hearing process for phase two and obtained the corresponding environmental certificate. Sheet piling, central bay cleanup, and a significant portion of roads and stormwater infrastructure were completed, while utility installation continued.
Strong Liquidity and Financing Activity
IRSA raised $230 million during the year, including a $180 million retap of international loans and $50 million in the local market. The company ended the year with $390 million of cash, a net debt-to-EBITDA ratio of 1.4x, 10% LTV, and a coverage ratio of almost 9x.
Funding Secured for Planned Expansion
Management said the company had anticipated its capital expenditure needs and already held the cash required for its expansion program, reducing the need to tap the market during the next year.
Shareholder Returns and Potential Buybacks
IRSA distributed a 10% dividend yield during November of the prior year and expects to announce a new dividend proposal. Management said the company has been among Argentina's highest dividend payers by yield over the last five years and may consider another share repurchase program.
ESG Program Expansion
IRSA began a climate risk assessment, expanded renewable energy across its malls, and operates solar or renewable energy installations at DOT, Distrito Arcos, Alto Palermo, and Mendoza. The company also launched a sustainable purchasing pilot and continued circular economy initiatives.
Community and Sustainability Certifications
Fundación IRSA invested more than $2 million in initiatives and donations and worked with more than 70 alliances with NGOs in Argentina. Two office buildings representing 72% of the office portfolio are LEED-certified, and Ramblas del Plata is planned to receive LEED certification.
Banco Hipotecario Dividend and Mortgage Position
IRSA received ARS 3.7 billion in dividends from its 29% stake in Banco Hipotecario, marking the third consecutive year of bank dividend distributions. The bank originated almost 2,000 mortgages over the last years and is reaching more than its market share in Argentina's mortgage market.
Strategic Growth Pipeline
IRSA plans to continue developing Polo DOT, including the approximately 16,000 sq m Giga office building and approximately 19,000 sellable sq m EXA residential building. Management is also evaluating data centers, potentially with strategic partners or through a fund, as well as the warehouses business.
MX:IRSN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed