IRSA Reports $200M Rental EBITDA and $150M Capex Plan for FY 2027

Argentine real estate firm IRSA reported record rental adjusted EBITDA of approximately $200 million for fiscal year 2026. This performance represents the highest level for this segment since 2013. The company sustained financial results using inflation-linked rental contracts, which offset an 8.6% decline in real-term tenant sales across its properties.

"We posted a net gain of ARS 421 billion during the year. We reached a record high EBITDA in the rental segment, reaching almost $200 million," said Matías Gaivironsky, Chief Financial Officer of IRSA, in an earnings call.

Operational Metrics and Portfolio Health

IRSA maintained high utilization rates throughout the fiscal year. Shopping mall occupancy held steady at 97%. The company's office portfolio achieved 100% occupancy for its Class A+ and A properties. This occupancy stability remains despite economic fluctuations in Argentina.

Regarding future development, the company is prioritizing the Ramblas del Plata project. Jorge Cruces, Chief Investment Officer, described the development as one of the largest private mixed developments ever in Buenos Aires.

Capital Allocation and Fiscal Outlook

Management outlined a conservative approach to financing for the upcoming year, noting a current cash position of $390 million. This liquidity covers planned growth initiatives without requiring immediate access to capital markets.

"We have a strong cash position of $390 million. We already have in cash all the money for our expansion. We won’t have to reach the market or tap the market during the next year," said Gaivironsky.

For fiscal 2027, the company anticipates a peak in capital expenditure. It plans to spend approximately $150 million on existing projects, excluding new acquisitions. This investment reflects an increase in activity as IRSA moves to develop its properties in the Buenos Aires real estate market.