Cresud flips to massive profit as real estate revaluations mask core EBITDA slip

Cresud (NASDAQ:CRESY) reported a dramatic financial turnaround on Tuesday, for the first half of its 2026 fiscal year (ended December 31, 2025).

The leading Latin American agricultural giant posted a consolidated net income of ARS 193,932 million, a stark reversal from the ARS 28,851 million loss recorded in the same period last year.

The headline-grabbing profit was fueled largely by the urban properties segment (IRSA).

Changes in the fair value of investment properties—essentially a non-cash accounting adjustment reflecting the rising value of premium shopping malls and offices in Argentina—provided the primary boost.

However, the core adjusted EBITDA fell 19% to ARS 137,967 million, highlighting a softer operating environment for the agribusiness sector despite rising top-line numbers.

In the fields, Cresud is executing its largest-ever campaign.

Agricultural revenue surged 34% to ARS 362,192 million, supported by a record wheat harvest in Argentina.

The company also expanded its planted area to 316,000 hectares (+5.8% YoY), capitalizing on favorable weather and a more supportive local regulatory environment.