IRSA Inversiones y Representaciones S.A. (IRS)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The caution applies not to the business but to the yardstick. Whoever buys today is betting that the malls stay full and real tenant sales start rising again (they have slipped two years running), that the peso does not make the $657.95 million of dollar debt more expensive, and that the land reserves holding almost a third of assets eventually turn into cash. Above all, they are betting on reading a valuation metric correctly whose numerator consists largely of appraisals and of the tax line — a price-earnings ratio below five is not a price tag here. Whoever waits checks three things in every filing: how are occupancy and real tenant sales developing? How large is the fair-value adjustment relative to revenue? And how much dollar debt stands against how much dollar-denominated assets? The unreadability of the profit figure is the dominant risk and the reason for caution. The decision is yours.
symbol.quality_note
IRSA is Argentina’s largest listed real estate company: 16 self-operated shopping malls, 97.7 percent leased, plus office buildings, three hotels and land reserves in the middle of Buenos Aires. On paper the stock looks cheap, with a price-earnings ratio below five. But what decides between profit and loss is a line in which no money moves: the revaluation of the company’s own properties. In fiscal 2024 it tore ARS 488,794 million out of the result — more than the entire year’s revenue — and pushed the year into the red; a year later it stood at almost zero, and the same business produced a profit of ARS 196,118 million. Add peso figures that are recomputed in every filing under hyperinflation rules, and $658 million of debt against rents collected in pesos. London fund Helikon Investments has lifted its stake to 6.35 percent. Not investment advice — just the question of what a profit figure is worth when nobody can withdraw it.
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This analysis is as of July 23, 2026. Stock Watch will tell you what's changed at IRS since then.
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Basics
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Valuation
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AI Rating
Uses AIGeprüft am 24.07.2026 gegen die verfügbare SEC-Belegkette von IRSA Inversiones y Representaciones S.A. (Foreign Private Issuer, CIK 0000933267 — es gibt kein 10-K und kein 10-Q): Jahresbericht 20-F für das Geschäftsjahr zum 30.06.2025 (eingereicht 24.10.2025) sowie die Zwischen- und Meldungs-6-K vom 30.09.2025 (Warrant-Ausübung), 26.05.2026 (Zwischenabschluss zum 31.03.2026) und 19.05.2026 (letzte Warrant-Ausübung). Befund: Der Konzern belegt operativen KI-Einsatz, aber keine KI-Umsatzquelle. Im Kapitel „Information technology“ des 20-F heißt es ausdrücklich, man habe begonnen, künstliche Intelligenz zur Steigerung der Arbeitseffizienz der Beschäftigten einzusetzen; die Erneuerung der Videoüberwachung wird mit der künftigen KI-Nutzung begründet. Die zu 93,63 % gehaltene Tochter „We are appa S.A.“ (42 Beschäftigte zum 30.06.2025) beschreibt ihre Mission als Veränderung des stationären Einkaufserlebnisses „through the use of artificial intelligence and data science“ — verkauft aber ein Loyalty- und Bezahl-App-Angebot für die eigenen Einkaufszentren, keine KI-Produkte; das gesamte Segment „Sonstiges“, in dem sie steckt, trug im Geschäftsjahr 2025 nur 6.709 Mio. ARS oder 1,4 % zum Konzernumsatz bei. Ein „Bedroht“-Beleg liegt nicht vor: KI taucht in den Risikoangaben allein als neuer Schulungsinhalt im Cybersicherheits-Abschnitt auf, ohne konkreten Bezug zum eigenen Geschäftsmodell (Vermietung von Einkaufszentren, Büros, Hotels und Landreserven). Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) bleibt es damit bei „nutzt“.
View the full file — quotes, sources, reviewed filings
„We started using artificial intelligence to improve the work efficiency of our employees."
Wir haben begonnen, künstliche Intelligenz einzusetzen, um die Arbeitseffizienz unserer Beschäftigten zu verbessern.
„The mission of “We are appa’s” is to transform the physical in-store shopping experience through the use of artificial intelligence and data science, connecting brands and consumers."
Die Mission von „We are appa“ ist es, das physische Einkaufserlebnis im Laden durch den Einsatz von künstlicher Intelligenz und Datenwissenschaft zu verändern und Marken mit Verbrauchern zu verbinden.
„We continue renewing our CCTV system, to improve security and enable future capabilities, such as the use of artificial intelligence."
Wir erneuern weiterhin unser Videoüberwachungssystem, um die Sicherheit zu verbessern und künftige Fähigkeiten wie den Einsatz von künstlicher Intelligenz zu ermöglichen.
Filings Reviewed: 20-F 2025-10-24 · 6-K 2026-05-26 · 6-K 2026-05-19 · 6-K 2026-04-28 · 6-K 2025-09-30
Rated on July 24, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (ARS m) | Sales YoY (%) | Net Margin (%) | OCF (ARS m) | FCF (ARS m) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.37 | -7.10 | 114,981 | 224.70 | 75.30 | 92,633 | 88,577 |
| 2024: Q3 | -1.54 | -152.30 | 118,414 | 31.80 | -117.60 | 49 | 48 |
| 2024: Q4 | 0.88 | 23.10 | 151,352 | 31.50 | 64.60 | 13 | 11 |
| 2025: Q1 | 0.86 | 116.00 | 105,708 | 0.00 | 72.50 | 38 | 35 |
| 2025: Q2 | 238.90 | 17,287.20 | 122,446 | 6.50 | 132.10 | 137,978 | 128,211 |
| 2025: Q3 | 1.42 | 192.40 | 129,259 | 9.20 | 119.00 | 58 | 57 |
| 2025: Q4 | 0.58 | -33.80 | 152,667 | 0.90 | 45.60 | 51 | 49 |
| 2026: Q1 | -0.28 | -132.40 | 141,517 | 33.90 | -20.90 | 34,532 | 31,065 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The 16 shopping malls were 97.7 percent leased as of June 30, 2025 and the offices 96.2 percent; the mall segment earned a gross profit of 92.4 percent of its revenue on ARS 270,531 million. Group revenue was ARS 468,526 million, and ARS 464,366 million in the nine months to March 31, 2026.
The reported profit is driven by entries without cash flow. The revaluation of investment properties cost ARS 488,794 million in fiscal 2024 — more than the year's revenue — and stood at −2,500 million in 2025; in the third quarter of fiscal 2026 it alone tore 173,016 million out of the result. The company itself writes that these adjustments do not reflect actual cash flow.
Under IAS 29 all peso figures are lifted into the measuring unit of the respective reporting date. That is why the same balance sheet as of June 30, 2025 shows ARS 3,362,069 million in the annual report and ARS 4,205,471 million in the interim report as of March 31, 2026; the filing puts the price variation of those nine months at 25 percent. Inside one filing the series are clean, across two filings they are not.
As of March 31, 2026, $657.95 million of financial debt stood against foreign-currency assets of roughly $188 million, while rents come in mostly in pesos. The exchange rate moved from 912 (July 2024) through 1,205 (June 2025) and 1,484.50 (October 2025) to 1,373 pesos per dollar (March 2026). The annual report explicitly calls this high currency exposure.
The shopping malls carry 53.4 percent of operating assets and the bulk of revenue. The land reserves and development segment, by contrast, holds 29.2 percent of assets on 2.7 percent of revenue with a negative gross result; "Ramblas del Plata" alone sits in the books at ARS 419,278 million. That is a genuine option on Buenos Aires — and an item that pays no rent for now.
CRESUD held roughly 54.1 percent as of June 30, 2025 and Eduardo S. Elsztain beneficially 57.4 percent — minority holders have no influence. In exchange, money is distributed: most recently a cash dividend on November 4, 2025, approved at up to ARS 164 billion. Dilution from the 2021 warrant program ended on May 12, 2026, but it raised the share count by 97,818,015 shares, or 13.1 percent.
IRSA is a real, fully leased property business in a country whose accounting makes the results unreadable: 16 shopping malls at 97.7 percent occupancy, a price below book value and a dividend that actually flows on one side — on the other a profit that a revaluation of ARS 488,794 million pushed into a loss in fiscal 2024 and that the same line, near zero, lifted back to a gain of ARS 196,118 million in 2025, while revenue rose 1.3 percent over three years. Add a measuring unit that keeps shifting (the same balance sheet plus 25.1 percent in nine months) and $657.95 million of debt against peso rents. Whoever buys here buys square meters and leases, not a profit figure. Not investment advice.
- IRSA reached our research list through the 13F-HR of London-based Helikon Investments Ltd as of March 31, 2026 (filed May 8, 2026): 4,428,706 ADRs worth $71,789,324 — the only one of the 17 positions increased four quarters in a row (from 2,367,181 shares). In the Schedule 13G/A of July 9, 2026 the fund reports 4,906,222 ADRs and 6.35 percent, up from 5.25 percent as of December 31, 2025. A 13F shows only U.S.-listed long positions, appears with a 35 to 45 day delay and contains no short sales or derivatives — a rear-view mirror, not a road map.
- IRSA is a foreign private issuer: there is no 10-K and no 10-Q, and the fiscal year ends June 30. The evidence chain of this analysis is the 20-F annual report for the year ended June 30, 2025 (filed October 24, 2025) plus the interim reports and notices filed as 6-K (statements as of March 31, 2026 filed May 26, 2026; warrant notices of September 30, 2025, December 4, 2025, April 28, 2026 and May 19, 2026) and the NYSE Form 25-NSE of May 12, 2026.
- A note on metrics: our in-house stock scanner shows a Piotroski F-Score of 3 of 9, an equity ratio of 0.462 and a P/E of 4.86 for IRSA (data as of July 24, 2026). Altman Z, NCAV and the cash position are deliberately left blank because the balance sheet is in Argentine pesos while the listing is in U.S. dollars — such metrics would mix two currencies in one formula. Likewise, peso figures from different filings are not directly comparable because of IAS 29; occupancy, leasable area, real tenant sales and foreign-currency debt are the sturdier measures. The valuation anchor of $16.21 per ADR comes from the market value of the Helikon position in the 13F as of March 31, 2026 and is not a daily price.
About the Company
IRSA Inversiones y Representaciones Sociedad Anónima, together with its subsidiaries, engages in the diversified real estate activities in Argentina. It operates through five segments: Shopping Malls, Offices, Sales and Developments, Hotels, and Others. The company is involved in the acquisition, development, and operation of shopping malls, office buildings, and other non-shopping mall properties primarily for rental purposes; and lease and service related to rental of commercial space and other spaces. It also acquires and operates luxury hotels and resorts under the Intercontinental, Libertador, and Llao Llao names; develops, constructs, and sells residential properties, including apartment tower complexes; and acquires undeveloped land reserves for future development or sale. In addition, the company engages in the development and operation of stadium; and provision of ¡appa!, a digital customer loyalty system platform, for consumption in shopping malls, use of parking spaces, and redemption of corporate benefits. Further, it is involved in development, maintenance and sales of undeveloped parcels of land and/or trading properties; room, catering and restaurant services. The company was incorporated in 1943 and is headquartered in Buenos Aires, Argentina. IRSA Inversiones y Representaciones Sociedad Anónima operates as a subsidiary of Cresud S.A.C.I.F. y A.
| IPO Year | 1994 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.