Irsa Investments & Representations Inc (IRS)

Price$15.16Cached quoteAs of 2026-09-06 04:31 UTC

AI: Fair-priced

Price checkThe shares look reasonably priced after weighing asset discounts against unstable reported profits.

Market value is about 0.85 times accounting equity, meaning investors pay 85 cents per reported dollar of net assets; the five-year median was 0.81. The shares also trade near five times reported earnings, close to their five-year median of 4.93. Those figures look inexpensive alone, but nearly half of consolidated annual profit came from property revaluations rather than rent or sales. Because the discount is only modest versus IRSA’s history, the evidence supports Fair-priced, not an extreme.

Big pictureRental operations remain resilient, but profit quality and cash generation are uneven.

Revenue reached ARS 657.6 billion and profit attributable to shareholders rose from ARS 196.1 billion to ARS 393.5 billion. However, rental-segment adjusted operating cash earnings grew only 1.4%, while a ARS 193.8 billion property-value gain lifted reported profit. Operating cash flow fell from ARS 260.7 billion to ARS 151.3 billion. Free cash flow—cash left after operations and property spending—declined about 43%, from ARS 247.7 billion to ARS 141.8 billion. Inflation and changing property values make yearly earnings especially cyclical.

Business strengthPrime properties stay well occupied, but rising debt and share issuance weaken the cushion.

Premium offices were fully occupied, while the shopping portfolio reached 18 assets and more than 410,000 square metres. Short-term assets of ARS 797.7 billion comfortably exceeded ARS 455.5 billion of bills due within a year. Yet total debt rose 56% to ARS 1.02 trillion, versus only ARS 113.0 billion of cash. Shares outstanding increased about 11% to 846.0 million. Dividends of ARS 165.8 billion exceeded free cash flow of ARS 141.8 billion, and no shares were repurchased, limiting per-share protection.

What could change the storyCash recovery and successful property development could reveal value; continued borrowing would erase it.

The strongest bull case is that Ramblas del Plata land agreements and newly acquired malls convert reported property values into growing rent and cash, eventually closing the accounting-equity discount. Evidence would include operating cash flow recovering above the latest ARS 165.8 billion annual dividend, falling debt and rental earnings growing clearly faster than inflation. The bear case is continued debt-funded expansion while cash conversion lags and dilution offsets growth. The current valuation appears to assume valuable properties, but also a lasting discount for those risks.

AI: News

Fiscal-year resultsAnnual profit rose sharply, but property revaluations supplied much of the increase.

On September 4, IRSA reported fiscal 2026 consolidated profit of ARS 421.0 billion, versus ARS 261.9 billion a year earlier. Rental-segment adjusted operating cash earnings were ARS 317.7 billion, up only 1.4%. A ARS 193.8 billion increase in investment-property values explains much of the profit jump, making the headline gain less repeatable than rental income. The announcement also confirmed 18 malls, full premium-office occupancy and USD 230 million of notes issued during the year.

Ramblas agreementA new land agreement advanced IRSA’s largest project without requiring a standard cash sale.

On August 31, IRSA agreed to exchange a 2,095-square-metre Ramblas del Plata lot carrying an estimated 7,483 square metres of future sellable space. The transaction was valued at USD 6.7 million, payable through an upfront cash amount plus developed space returned later. It advances commercialization and provides partial funding, but future value still depends on infrastructure completion, construction and demand for the eventual buildings.

Regional mall acquisitionIRSA added a regional mall, expanding rental reach while committing more capital.

On June 10, IRSA bought Los Gallegos shopping mall in Mar del Plata for USD 13.5 million, paying USD 12.5 million at closing and retaining USD 1 million as security. The property has about 10,500 square metres of leasable space, 49 stores, 14 stands, two cinemas and parking. The purchase raised the portfolio to 18 malls and broadened geographic exposure, although its return must justify the added investment while group debt is rising.

Share count expandsNewly issued shares diluted existing investors while bringing in little cash.

Between May 11 and 12, holders exercised warrants, which are rights to buy shares under preset terms. IRSA issued 35.3 million ordinary shares and collected only USD 459,146. The share count increased from 810.8 million to 846.1 million, about 4.4%. Across the fiscal year, outstanding shares rose roughly 11%. The warrant program then expired, removing that particular future dilution risk, but existing owners now hold a smaller percentage of the company.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$657.60B	$468.53B	$458.06B	$462.49B	$256.98B	$45.88B	$34.87B	$28.00B	$78.19B	$59.67B	$12.92B
Gross profit	$399.41B	$284.79B	$305.75B	$302.93B	$159.94B	$22.68B	$20.32B	$17.54B	$29.07B	$24.30B	$5.88B
Gross margin	60.74%	60.78%	66.75%	65.50%	62.24%	49.42%	58.27%	62.64%	37.19%	40.72%	45.52%
Operating expenses	$129.47B	$112.17B	$590.79B	$415.27B	$58.51B	$43.71B	—	$64.41B	—	$20.91B	—
Operating income	$269.94B	$172.62B	−$285.04B	−$112.35B	$209.57B	−$21.03B	$95.19B	−$46.86B	$29.10B	$3.38B	$19.90B
Operating margin	41.05%	36.84%	−62.23%	−24.29%	81.55%	−45.84%	273.01%	−167.34%	37.22%	5.67%	154.10%
EBITDA	$677.66B	$183.13B	−$275.91B	−$102.51B	$217.03B	−$18.77B	$96.37B	−$46.30B	$38.73B	$11.00B	$21.43B
EBITDA margin	103.05%	39.09%	−60.23%	−22.16%	84.45%	−40.90%	276.38%	−165.34%	49.53%	18.43%	165.96%
Net income	$393.51B	$196.12B	−$47.13B	$315.90B	$279.47B	−$132.88B	$58.46B	−$57.63B	$33.21B	$3.05B	$10.08B
Net profit margin	59.84%	41.86%	−10.29%	68.31%	108.75%	−289.64%	167.66%	−205.81%	42.48%	5.11%	78.03%
Basic EPSper basic share	ARS 5,051.50	ARS 261.29	-ARS 54.73	ARS 417.18	ARS 365.58	-ARS 192.36	ARS 61.00	-ARS 95.64	ARS 36.58	-ARS 1.95	ARS 16.58
Diluted EPSper diluted share	ARS 5,051.50	ARS 238.90	-ARS 54.73	ARS 380.55	ARS 339.14	-ARS 192.36	ARS 60.66	-ARS 95.64	ARS 36.37	-ARS 1.95	ARS 16.47

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 6 reported holders of IRS
Holder	Shares held
ELSZTAIN EDUARDO S	182.48M
Elsztain Alejandro Gustavo	5.02M
Zang Saul	1.77M
Gaivironsky Matias Ivan	403.99K
Bendersky Nicolas	36.08K
Elsztain Fernando Adrian	5.52K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)3$64.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 30, 2026Form 4	Cruces Jorge AlbertoChief Investment Officer	SellCommon Shares	24.9K	$1.53	$38.1K	0
Mar 19, 2026Form 4	ELSZTAIN EDUARDO SDirector,TenPercentOwner	SellCommon Shares	20.0K	$2.1K	$42.30M	4.46M
Mar 18, 2026Form 4	ELSZTAIN EDUARDO SDirector,TenPercentOwner	SellCommon Shares	10.4K	$2.2K	$22.48M	4.48M

Review ownership filings at SEC.gov ↗

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Irsa Investments & Representations Inc (IRS)

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