Cresud SaBCBA: CRES

Earnings Release | IIIQ 2026

· Issued by Cresud SA
Earnings Release Third Quarter of Fiscal Year 2026



Join the Conference Call for the

Third Quarter of Fiscal Year 2026

May 8, 2026



01:30 PM (Buenos Aires)

12:30 PM (US EST)

The call will be hosted by:

  • Alejandro Elsztain, CEO

  • Matias Gaivironsky, CFO



To participate the Conference Call*, please register here

Webinar ID: 891 9471 0565

Password: 121281

*We recommend joining 10 minutes prior to the call. The conference will be held in English.

As of May 7, 2026

Outstanding Shares

709,308,309

Treasury

56,345

ADS (American Depositary Shares)

70,930,830

Market Capitalization

Earnings Release | IIIQ26 / 3 »

USD 794.4 MM

MAIN HIGHLIGHTS OF THE PERIOD

NET INCOME FOR THE NINE-MONTH PERIOD OF FY2026 recorded a GAIN

OF ARS 231,308 MILLION, compared to a gain of ARS 77,358 million in the same period of FY2025, mainly driven by the operating performance of the Urban Properties and Investments business (IRSA).

ADJUSTED EBITDA for the period reached ARS 202,839 MILLION, 12.0% below the same period of FY2025. Adjusted EBITDA from the agribusiness segments was a gain of ARS 13,646 million, while the Urban Properties and Investments segment (through IRSA) recorded a gain of ARS 214,587 million.

The 2026 CAMPAIGN is progressing under generally favorable weather conditions, except in some regions where BrasilAgro operates, amid rising international commodity prices and higher input costs. We planted 311,000 hectares across the region, 4.2% above the previous campaign.

ARGENTINA RECORDED SOLID GRAIN PRODUCTION RESULTS, with

record wheat production and strong development of summer crops -soybeans and corn- supporting good yields and production levels. Meanwhile, BrasilAgro faces a more challenging environment, impacted by adverse weather events in certain regions, tighter margins in some crops, and a lower contribution from sugarcane.

LIVESTOCK ACTIVITY continues to benefit from firm cattle prices, supported by international demand and a strong local market, allowing for solid production margins.

Subsequent to quarter-end, WE ISSUED SERIES LII AND LIII NOTES IN THE LOCAL market for a total amount of USD 64.2 MILLION, reducing the company's average financing cost.

Contact Information

Website

E-mail

https://www.cresud.com.ar ir@cresud.com.ar

X Phone

@CRESUDIR +54 911 4323-7449

Brief comment on the Company's activities during the period, including references to significant events that occurred after the end of the period. Consolidated Results

(In ARS million)

9M 26

9M 25

YoY Var

Revenues

965,514

838,799

15.1%

Costs

-593,922

-520,191

14.2%

Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest

8,729

22,615

-61.4%

Changes in the net realizable value of agricultural produce after harvest

2,988

2,358

26.7%

Gross profit

383,309

343,581

11.6%

Net gain from fair value adjustment on investment properties

31,216

-182,253

-

Gain from disposal of farmlands

782

34,175

-97.7%

General and administrative expenses

-104,351

-102,087

2.2%

Selling expenses

-82,465

-77,564

6.3%

Other operating results, net

3,061

-3,163

-

Management Fee

-19,964

-2,301

767.6%

Result from operations

211,588

10,388

1936.9%

Depreciation and Amortization

53,288

52,105

2.3%

Rights of use installments

-30,087

-17,866

68.4%

EBITDA (unaudited)

234,789

44,627

426.1%

Adjusted EBITDA (unaudited)

202,839

230,379

-12.0%

Results from joint ventures and associates

20,761

13,275

56.4%

Result from operations before financing and taxation

232,349

23,663

881.9%

Financial results, net

90,518

115,317

-21.5%

Result before income tax

322,867

138,980

132.3%

Income tax expense

-91,559

-61,622

48.6%

Result for the period from continuing operations

231,308

77,358

199.0%

Result from discontinued operations after taxes.

-

-

-

Result for the period

231,308

77,358

199.0%

Attributable to

Equity holder of the parent

121,665

30,061

304.7%

Non-controlling interest

109,643

47,297

131.8%

Consolidated revenues increased 15.1% during the nine-month period of fiscal year 2026, while Adjusted EBITDA decreased 12.0% compared to the same period of fiscal year 2025. Adjusted EBITDA from agribusiness segments was a gain of ARS 13,646 million, while the Urban Properties and Investments segment (through IRSA) recorded a gain of ARS 214,587 million.

Net income for the first half of fiscal year 2026 was a gain of ARS 231.308 million, compared to a gain of ARS 77,358 million in the same period of the previous year.

Description of Operations by Segment

9M 2026

Agribusiness

Urban Properties and Investments

Total

9M 26 vs. 9M 25

Revenues

505,820

373,352

879,172

16.7%

Costs

-420,369

-80,614

-500,983

16.6%

Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest

5,620

-

5,620

-72.2%

Changes in the net realizable value of agricultural produce after harvest

2,988

-

2,988

26.7%

Gross profit

94,059

292,738

386,797

11.7%

Net gain from fair value adjustment on investment properties

-

30,126

30,126

-

Gain from disposal of farmlands

782

-

782

-97.7%

General and administrative expenses

-37,999

-66,863

-104,862

2.2%

Selling expenses

-59,565

-23,407

-82,972

6.8%

Other operating results, net

-4,888

7,408

2,520

-

Result from operations

-7,611

240,002

232,391

1,488.1%

Share of profit of associates

800

19,244

20,044

65.9%

Segment result

-6,811

259,246

252,435

844.8%

9M 2025

Agribusiness

Urban Properties and Investments

Total

Revenues

395,890

357,489

753,379

Costs

-346,674

-83,103

-429,777

Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest

20,191

-

20,191

Changes in the net realizable value of agricultural produce after harvest

2,358

-

2,358

Gross profit

71,765

274,386

346,151

Net gain from fair value adjustment on investment properties

-1,752

-180,204

-181,956

Gain from disposal of farmlands

34,175

-

34,175

General and administrative expenses

-41,563

-61,048

-102,611

Selling expenses

-54,652

-23,073

-77,725

Other operating results, net

4,514

-7,915

-3,401

Result from operations

12,487

2,146

14,633

Share of profit of associates

-55

12,140

12,085

Segment result

12,432

14,286

26,718

2026 Campaign

The 2026 regional campaign is progressing with solid overall performance, within a context of international commodity prices that have shown some recovery from the lows observed at the end of 2025, although still at moderate levels in historical terms, and with elevated input costs.

In Argentina, the campaign is evolving in line with expectations, with strong production levels and projected yields for soybean and corn. While some weather-related challenges were recorded during the summer in certain regions, conditions later normalized, allowing production expectations to remain intact toward the end of the cycle. In this context, an improvement in crop prices is being observed, particularly in soybean, supported by the reduction in export taxes.

The agricultural sector continues to benefit from a more predictable macroeconomic environment, with increased certainty following the October election results and ongoing progress in the regulatory framework, including the gradual reduction of grain export taxes and exchange rate convergence.

In the livestock segment, a solid performance is expected, with high production levels and cattle prices supported by both local and international demand, allowing margins to remain positive within a context of productive intensification and operational efficiency.

Our Portfolio

During the nine-month period of fiscal year 2026, our portfolio under management totaled 709,845 hectares, of which 289,223 hectares were productive, and 420,622 were land reserves across the four countries in which we operate.

Breakdown of Hectares

Own and under Concession (*) (**) (***)

Productive Lands

Reserved

Total

Agricultural

Cattle

Argentina

69,560

138,419

318,957

526,936

Brazil

49,150

3,963

61,427

114,540

Bolivia

8,776

0

1,244

10,020

Paraguay

14,451

4,904

38,994

58,349

Total

141,937

147,286

420,622

709,845

(*) Includes Brazil, Paraguay, Agro-Uranga S.A. at 34.86% and 132,000 hectares under Concession.

(**) Includes 85,000 hectares intended for sheep breeding

(***) Excludes double crops.

Leased (*)

Agricultural

Cattle

Other

Total

Argentina

66,175

10,896

-

77,071

Brazil

62,997

-

8,548

71,545

Bolivia

1,065

-

-

1,065

Total

130,237

10,896

8,548

149,681

(*) Excludes double crops.

Segment Income - Agricultural Business
  1. Land Development and Sales

    We periodically sell properties that have reached attractive valuation levels to reinvest in new farms with higher appreciation potential. Sale decisions are based on several factors, including expected future yields, the availability of alternative investment opportunities and cyclical factors affecting farmland values.

    in ARS million

    9M 26

    9M 25

    YoY Var

    Revenues

    -

    -

    -

    Costs

    -378

    -285

    32.6%

    Gross loss

    -378

    -285

    32.6%

    Net gain from fair value adjustment on investment properties

    -

    -1,752

    -100.0%

    Gain from disposal of farmlands

    782

    34,175

    -97.7%

    General and administrative expenses

    -193

    -85

    127.1%

    Selling expenses

    -47

    -1,095

    -95.7%

    Other operating results, net

    5,532

    2,183

    153.4%

    Result from operations

    5,696

    33,141

    -82.8%

    Segment result

    5,696

    33,141

    -82.8%

    Depreciations and amortizations

    42

    40

    5.0%

    EBITDA

    5,738

    33,181

    -82.7%

    Adjusted EBITDA

    5,738

    34,934

    -83.6%

    Segment profit decreased by ARS 27,445 million compared to the nine-month period of fiscal year 2025, mainly due to lower results from farmland sales.

    After the end of the period, on May 4, 2026, BrasilAgro completed the sale of a 921-hectare area (501.5 productive hectares) of the "Morotí" farm, located in Paraguay, which was originally acquired in 2013, for USD 1.5 million. Following this transaction, BrasilAgro retains 57,800 hectares of this property. The result of the sale will be recognized in the fourth quarter of the fiscal year 2026.

  2. Agricultural Production

    The Agricultural Production segment reported a loss of ARS 21,214 million during the nine-month period of fiscal year 2026, compared to a loss of ARS 14,032 million in the same period of the previous fiscal year.

    in ARS million

    9M 26

    9M 25

    YoY Var

    Revenues

    348,501

    292,735

    19.0%

    Costs

    -307,927

    -247,225

    24.6%

    Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest

    5,620

    20,191

    -72.2%

    Changes in the net realizable value of agricultural produce after harvest

    2,988

    2,358

    26.7%

    Gross profit

    49,182

    68,059

    -27.7%

    General and administrative expenses

    -22,234

    -22,456

    -1.0%

    Selling expenses

    -36,935

    -32,722

    12.9%

    Other operating results, net

    -13,219

    -349

    3687.7%

    Results from operations

    -23,206

    12,532

    -285.2%

    Results from associates

    1,992

    1,500

    32.8%

    Segment results

    -21,214

    14,032

    -251.2%

    EBITDA

    -14,203

    33,780

    -142.0%

    Adjusted EBITDA

    -8,492

    30,202

    -128.1%

    1. Crops and Sugarcane Crops

      in ARS million

      9M 26

      9M 25

      YoY Var

      Revenues

      348,501

      292,735

      19.0%

      Costs

      -307,927

      -247,225

      24.6%

      Initial recognition and changes in the fair value of biological assets and agricultural produce

      at the point of harvest

      5,620

      20,191

      -72.2%

      Changes in the net realizable value of agricultural produce after harvest

      2,988

      2,358

      26.7%

      Gross result

      49,182

      68,059

      -27.7%

      General and administrative expenses

      -22,234

      -22,456

      -1.0%

      Selling expenses

      -36,935

      -32,722

      12.9%

      Other operating results, net

      -13,219

      -349

      3,687.7%

      Result from operations

      -23,206

      12,532

      -285.2%

      Results from associates

      1,992

      1,500

      32.8%

      Activity Profit

      -21,214

      14,032

      -251.2%

      Sugarcane

      in ARS million

      9M 26

      9M 25

      YoY Var

      Revenues

      49,703

      67,787

      -26.7%

      Costs

      -39,027

      -54,716

      -28.7%

      Initial recognition and changes in the fair value of biological assets and agricultural produce

      at the point of harvest

      -6,135

      6,614

      -192.8%

      Gross result

      4,541

      19,685

      -76.9%

      General and administrative expenses

      -3,847

      -3,608

      6.6%

      Selling expenses

      -2,691

      -1,693

      58.9%

      Other operating results, net

      -1,732

      -2,901

      -40.3%

      Profit from operations

      -3,729

      11,483

      -132.5%

      Activity profit

      -3,729

      11,483

      -132.5%

      Operations

      Production Volume (1)

      9M 26

      9M 25

      9M 24

      Corn

      242,084

      138,295

      235,400

      Soybean

      166,540

      189,216

      151,007

      Wheat

      61,932

      44,440

      28,775

      Sorghum

      350

      1,078

      3,154

      Sunflower

      3,051

      -

      971

      Cotton

      25,599

      20,449

      14,685

      Other

      14,079

      8,400

      15,741

      Total Crops (tons)

      513,635

      401,878

      449,733

      Sugarcane (tons)

      971,466

      1,340,673

      1,305,064

      1. Includes BrasilAgro, Acres del Sud, Ombú, Yatay y Yuchán. Excludes Agro-Uranga.

        Next, we present the total volume sold according to its geographical origin measured in tons:

        Volume of

        9M 26

        9M 25

        9M 24

        Sales (3)

        M.L. (1)

        M.E. (2)

        Total

        M.L. (1)

        M.E. (2)

        M.L. (1)

        M.E. (2)

        Total

        M.L. (1)

        Corn

        195.0

        36.5

        231.5

        150.4

        20.0

        170.4

        199.9

        94.4

        294.3

        Soybean

        106.3

        98.5

        204.8

        44.7

        120.0

        164.7

        34.4

        81.5

        115.9

        Wheat

        40.3

        -

        40.3

        23.8

        -

        23.8

        28.4

        -

        28.4

        Sorghum

        0.4

        -

        0.4

        12.8

        -

        12.8

        3.7

        -

        3.7

        Sunflower

        2.4

        -

        2.4

        0.6

        -

        0.6

        3.5

        -

        3.5

        Cotton

        17.2

        4.6

        21.8

        12.2

        5.1

        17.3

        12.6

        3.6

        16.2

        Others

        11.3

        1.4

        12.7

        9.9

        -

        9.9

        13.0

        -

        13.0

        Total Crops (thousand ton)

        372.9

        141.0

        513.9

        254.4

        145.1

        399.5

        295.5

        179.5

        475.0

        Sugarcane (thousands ton)

        971.5

        -

        971.5

        1,340.7

        -

        1,340.7

        1,305.1

        -

        1,305.1

        1. Local Market

        2. International Market

        3. Includes BrasilAgro. Does not include Agro-Uranga S.A

          The Grains activity presented a negative variation of ARS 35,246 million, from a ARS 14,032 million gain during the nine-month period of fiscal year 2025 to a loss of ARS 21,214 million loss during the same period of fiscal year 2026, mainly because of:

          • A loss in production and sales results in Brazil, mainly in cotton, due to lower average prices per ton and higher costs, partially offset by higher volumes commercialized in corn and, to a lesser extent, in soybeans, in a context of margin pressure.

          • Partially offset by an improvement in production and holding results in Argentina, driven by higher yields, better prices and a positive holding result, in a context where prices outpaced inflation.

          The result of the Sugarcane activity decreased by 132.5%, from a gain of ARS 11.483 million in the nine-month period of fiscal year 2025 to a ARS 3,729 million loss in the same period of 2026. This decline is mainly due to lower sales and production results in Brazil, driven by reduced volumes commercialized, lower selling prices and higher costs, in a context affected by adverse weather conditions, primarily fires and frosts.

          Area in Operation (hectares) (1)

          As of 03/31/26

          As of 03/31/25

          YoY Var

          Own farms

          110,828

          113,431

          -2.3%

          Leased farms

          164,597

          151,231

          8.8%

          Farms under concession

          22,105

          22,469

          -1.6%

          Own farms leased to third parties

          17,943

          14,507

          23.7%

          Total Area Assigned to Production

          315,473

          301,638

          4.6%

          (1) Includes Agro-Uranga.

    2. Cattle Production

      9M 26

      9M 25

      9M 24

      Cattle herd (tons) (1)

      9,384

      8,910

      7,311

      1. Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of each head of livestock we own.

        Volume of

        9M 26

        9M 25

        9M 24

        Sales (1)

        D.M

        F.M

        Total

        D.M

        F.M

        Total

        D.M

        F.M

        Total

        Cattle herd

        18.5

        -

        18.5

        12.8

        -

        12.8

        9.5

        -

        9.5

        D.M.: Domestic market F.M.: Foreign market

        Cattle

        In ARS Million

        9M 26

        9M 25

        YoY Var

        Revenues

        78,804

        42,812

        84.1%

        Costs

        -68,940

        -35,151

        96.1%

        Initial recognition and changes in the fair value of biological assets and agricultural produce

        6,848

        7,449

        -8.1%

        Changes in the net realizable value of agricultural produce after harvest

        56

        -44

        -

        Gross Profit

        16,768

        15,066

        11.3%

        General and administrative expenses

        -2,042

        -2,485

        -17.8%

        Selling expenses

        -2,950

        -2,757

        7.0%

        Other operating results, net

        -1,125

        -1,506

        -25.3%

        Result from operations

        10,651

        8,318

        28.0%

        Results from associates

        20

        3

        566.7%

        Activity Result

        10,671

        8,321

        28.2%

        Area in operation - Cattle (hectares) (1)

        As of 03/31/26

        As of 03/31/25

        YoY Var

        Own farms

        59,410

        69,034

        -13.9%

        Leased farms

        10,896

        10,896

        -

        Farms under concession

        2,876

        2,696

        6.7%

        Own farms leased to third parties

        -

        2,895

        -100.0%

        Total Area Assigned to Cattle Production

        73,182

        85,521

        -14.4%

        (1) Includes Agro-Uranga, Brazil and Paraguay,

        Stock of Cattle Heard

        As of 03/31/26

        As of 03/31/25

        YoY Var

        Breeding stock

        56,019

        66,574

        -15.9%

        Winter grazing stock

        20,813

        15,579

        33.6%

        Sheep stock

        12,678

        12,863

        -1.4%

        Total Stock (heads)

        89,510

        95,016

        -5.8%

        The result of the Cattle activity increased by 28.2%, from a gain of ARS 8,321 million gain during the nine-month period of fiscal year 2025 to a gain of ARS 10,671 million in the same period of fiscal year 2026. This increase is mainly explained by a stronger productive performance, together with higher prices and volumes sold, in a context where cattle prices outpaced inflation, partially offset by higher costs.

    3. Agricultural Rental and Services

      In ARS Million

      9M 26

      9M 25

      YoY Var

      Revenues

      4,771

      7,527

      -36.6%

      Costs

      -4,226

      -6,157

      -31.4%

      Gross profit

      545

      1,370

      -60.2%

      General and Administrative expenses

      -456

      -774

      -41.1%

      Selling expenses

      -335

      -318

      5.3%

      Other operating results, net

      -99

      -294

      -66.3%

      Result from operations

      -345

      -16

      2,056.3%

      Activity Result

      -345

      -16

      2,056.3%

      The result of the activity decreased by ARS 329 million, moving from a loss of ARS 16 million during the nine-month period of fiscal year 2025 to a loss of ARS 345 million in the same period of fiscal year 2026.

  3. Other Segments

    We include within "Others" the results coming from our investment in FyO.

    The result of the segment increased by ARS 40,703 million, going from a ARS 28,449 million loss during the nine-month period of fiscal year 2025 to a gain of ARS 12,254 million for the same period of fiscal year 2026, as a result of a normalization of operating results, as in the prior year, due to hedging strategies, a significant portion of the results was recognized within financial results. In addition, performance improved in stockpiling and consignment operations, driven by higher volumes handled, better market prices, and a recovery in brokerage and input sales activities.

    In ARS Million

    9M 26

    9M 25

    YoY Var

    Revenues

    157,319

    103,155

    52.5%

    Costs

    -112,064

    -99,164

    13.0%

    Gross result

    45,255

    3,991

    1,033.9%

    General and administrative expenses

    -12,025

    -12,730

    -5.5%

    Selling expenses

    -22,583

    -20,835

    8.4%

    Other operating results, net

    2,799

    2,680

    4.4%

    Result from operations

    13,446

    -26,894

    -

    Profit from associates

    -1,192

    -1,555

    -23.3%

    Segment Result

    12,254

    -28,449

    -

    EBITDA

    16,430

    -23,886

    -

    Adjusted EBITDA

    16,400

    -23,926

    -

  4. Corporate Segment

The negative result went from a loss of ARS 6,292 million in the nine-month period of the fiscal year 2025 to a ARS 3,547 million loss in the same period of fiscal year 2026.

In ARS Million

9M 26

9M 25

YoY Var

General and administrative expenses

-3,547

-6,292

-43.6%

Loss from operations

-3,547

-6,292

-43.6%

Segment loss

-3,547

-6,292

-43.6%

EBITDA

-3,526

-6,292

-44.0%

Adjusted EBITDA

-3,526

-6,292

-44.0%

Urban Properties and Investments Business (through our subsidiary Irsa Inversiones y Representaciones Sociedad Anónima)

We operate our Urban Properties and Investments segment through our subsidiary IRSA.. As of March 31, 2026, our direct and indirect equity interest in IRSA was 53.44% over stock capital.

Consolidated results of our subsidiary IRSA Inversiones y Representaciones S.A.

en ARS Millones

9M 26

9M 25

Var a/a

Revenues

463,771

444,953

4.2%

Results from operations

238,704

-401

-

EBITDA

251,128

12,164

1,964.5%

Adjusted EBITDA

214,587

207,368

3.5%

Segment results

259,246

14,286

1,714.7%

Consolidated revenues from sales, rentals and services increased 4.2% during the nine-month period of fiscal year 2026 compared to the same period of 2025. Adjusted EBITDA reached ARS 214,587 million, 3.5% higher than in the same period of the previous fiscal year.

Financial Indebtedness and Other

The following tables contain a breakdown of the company's indebtedness as of March 31, 2026:

Agricultural Business

Description

Currency

Amount (USD MM)(1)(2)

Interest Rate

Maturity

Loans and bank overdrafts

ARS

3.0

Variable

< 30 days

Series XLII

USD

10.2

0.00%

may-26

Series XLV

USD

10.2

6.00%

aug-26

Series XL

USD

25.6

0.00%

dec-26

Series XLIV

USD

39.8

6.00%

jan-27

Series LI

USD

46.8

5.75%

jan-27

Series XLVI

USD

23.8

1.50%

jul-27

Series XLIX

USD

31.3

7.25%

sep-27

Series XLVIII

USD

43.7

8.00%

jul-28

Series XLVII

USD

64.4

7.00%

nov-28

Series L

USD

70.4

7.25%

mar-29

Other debt

USD

24,0

CRESUD's Total Debt (3)

USD

393.2

Cash and cash equivalents (3)

USD

42.3

CRESUD's Net Debt

USD

350.9

Brasilagro's Total Net Debt

USD

171.2

  1. Net of repurchases

  2. Principal amount stated in USD (million) at an exchange rate of 1,382.0 ARS/USD and 5.1819 BRL/USD, without considering accrued interest or elimination of balances with subsidiaries.

  3. Does not include FyO

Urban Properties and Investments Business

Description

Currency

Amount (USD MM) (1)

Interest Rate

Maturity

Bank overdrafts

ARS

0.9

Variable

< 360 days

Series XX

USD

21.3

6.00%

jun-26

Series XVIII

USD

21.4

7.00%

feb-27

Series XXII

USD

15.8

5.75%

oct-27

Series XIV

USD

67.1

8.75%

jun-28

Series XXIII

USD

51.5

7.25%

oct-29

Series XVIV

USD

473.7

8.00%

mar-35

IRSA's Total Debt

USD

651.7

Cash & Cash Equivalents + Investments (2)

USD

367.4

IRSA's Net Debt

USD

284.3

  1. Principal amount in USD (million) at an exchange rate of ARS 1,382.0/USD, without considering accrued interest or eliminations of balances with subsidiaries.

  2. Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies' notes holding.

    Comparative Summary Consolidated Balance Sheet Data

    In ARS million

    Mar-26

    Mar-25

    Mar-24

    Current assets

    1,621,000

    1,556,522

    1,408,720

    Non-current assets

    4,886,496

    4,572,292

    4,765,387

    Total assets

    6,507,496

    6,128,814

    6,174,107

    Current liabilities

    1,131,838

    1,244,062

    1,302,379

    Non-current liabilities

    2,560,867

    2,364,455

    2,113,225

    Total liabilities

    3,692,705

    3,608,517

    3,415,604

    Total capital and reserves attributable to the shareholders of the controlling company

    1,307,042

    1,119,242

    1,198,988

    Minority interests

    1,507,749

    1,401,055

    1,559,515

    Shareholders' equity

    2,814,791

    2,520,297

    2,758,503

    Total liabilities plus minority interests plus shareholders'

    equity

    6,507,496

    6,128,814

    6,174,107

    Comparative Summary Consolidated Statement of Income Data

    In ARS million

    Mar-26

    Mar-25

    Mar-24

    Gross profit

    383,309

    343,581

    425,967

    Profit from operations

    211,588

    10,388

    -483,098

    Results from associates and joint ventures

    20,761

    13,275

    61,369

    Profit from operations before financing and taxation

    232,349

    23,663

    -421,729

    Financial results, net

    90,518

    115,317

    202,057

    Profit before income tax

    322,867

    138,980

    -219,672

    Income tax expense

    -91,559

    -61,622

    174,366

    Result for the period

    231,308

    77,358

    -45,306

    Controlling company's shareholders

    121,665

    30,061

    53,913

    Non-controlling interest

    109,643

    47,297

    -99,219

    Comparative Summary Consolidated Statement of Cash Flow Data

    In ARS million

    Mar-26

    Mar-25

    Mar-24

    Net cash generated by / (used in) operating activities

    45,591

    -1,791

    134,047

    Net cash (used in) / generated by investment activities

    -334,188

    -44,970

    197,168

    Net cash generated by / (used in) in financing activities

    112,705

    295,948

    -410,406

    Total net cash (used) / generated during the period

    -175,892

    249,187

    -79,191

    Ratios

    In ARS million

    Mar-26

    Mar-25

    Mar-24

    Liquidity (1)

    1.43

    1.25

    1.08

    Solvency (2)

    0.76

    0.70

    0.81

    Restricted capital (3)

    0.75

    0.75

    0.77

    Indebtedness (4)

    2.83

    3.22

    2.85

    1. Current Assets / Current Liabilities

    2. Total Shareholders' Equity/Total Liabilities

    3. Non-current Assets/Total Assets

    4. Total Liabilities / Equity attributable to the controlling interest.

Material events of the quarter and subsequent events

January 2026: Notes Issuance

On January 20, 2026, the Company reopened the Series L Notes on the local market for USD 40.8 million, The issuance price was 100.75% and the total nominal value of the Series L after the additional issuance is USD 70.4 million.

On the same date, January 20, 2026, Cresud also issued Series LI Notes in dollars for USD 46.8 million, with 5.75% interest rate, with semi-annual payments. The Capital amortization will be 100% at maturity, on January 20, 2027. The issuance price was 100.0%.

February and March 2026: Warrants Exercise and Expiration

Between February 17 and 25, 2026, certain warrants holders have exercised their right to acquire additional shares.

Therefore, a total of 60,565,872 ordinary shares of the Company were registered, with a face value of ARS 1. As a result of the exercise, USD 11,119,194 were collected by the Company.

After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 648,742,437 to 709,308,309 leaving 1,650,742 options outstanding and unexercised, which expired on March 10, 2026.

April 2026: Notes Issuance

On April 30, 2026, the Company issued notes in the local market for a total amount of USD 64.2 million. The main terms and conditions of the issuance are as follows:

  • Series LII Notes, denominated in dollars, for USD 41.2 million, with 4.75% interest rate with semiannual interest payments (except for the first payment, which will be made nine (9) months after the Issue and Settlement Date, and the second payment, which will be made three (3) months thereafter). Principal will be repaid in a single installment at maturity, on April 30, 2028. The issuance price was 100.0%.

  • Series LIII Notes, denominated in dollars, for USD 23.0 million, with 6.25% interest rate with semiannual interest payments (except for the first payment, which will be made nine (9) months after the Issue and Settlement Date, and the second payment, which will be made three (3) months thereafter). Principal will be repaid in a single installment at maturity, on April 30, 2030. The issuance price was 100.0%.

Proceeds will be primarily used to refinance existing liabilities and for working capital in Argentina.

EBITDA Reconciliation

In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding:

(i) result of discontinued operations, (ii) income tax expense, (iii) financial results, net iv) results from participation in associates and joint ventures; and (v) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus net profit from changes in the fair value of investment properties, not realized and realized sales.

EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors supplemental measures of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit for the relevant period to EBITDA and Adjusted EBITDA for the periods indicated:

For the nine-month period ended March 31 (in ARS million)

2026

2025

Result for the period

231,308

77,358

Income tax expense

91,559

61,622

Net financial results

-90,518

-115,317

Share of profit of associates and joint ventures

-20,761

-13,275

Depreciation and amortization

53,288

52,105

Rights of use installments

-30,087

-17,866

EBITDA (unaudited)

234,789

44,627

Gain from fair value of investment properties, not realized - agribusiness

-

1,752

Gain from fair value of investment properties, not realized - Urban Properties Business

-31,216

180,501

Realized sale - Real Estate

1,869

-3,942

Initial recognition and changes in fair value of biological assets

-8,608

-22,550

Realized initial recognition and changes in fair value of biological assets

14,289

18,933

Impairment Result on trading properties

-8,284

11,058

Adjusted EBITDA (unaudited)

202,839

230,379

Brief comment on prospects for the fiscal year

The 2026 regional crop season is progressing with a solid overall performance, in a context of international commodity prices that have shown a modest recovery from the lows observed at the end of 2025, although still at moderate levels by historical standards, and with input costs remaining elevated-particularly fertilizers and fuel-amid a global geopolitical environment that continues to exert upward pressure on prices.

In Argentina, the campaign is developing in line with expectations, with solid production levels and projected yields for soybeans and corn. Although some regions experienced weather-related challenges during the summer, conditions have normalized, allowing production expectations to be maintained toward the end of the cycle. In terms of prices, an improvement is being observed in key crops-particularly soybeans-driven by the reduction in export taxes, which supports business margins. In livestock, we expect a very strong campaign close, with high levels of beef production and firm prices supported by robust local and international demand.

At BrasilAgro, the campaign is more challenging, affected by adverse weather events in certain regions, tighter margins in some crops, and a lower contribution from sugarcane. This environment has been further impacted by higher financial expenses due to elevated interest rates, as well as increased commercial expenses associated with higher sales volumes.

Regarding agricultural real estate activity, early signs of recovery in land values in Argentina continue to emerge, together with increased interest in our assets across the country and the region. After quarter-end, BrasilAgro completed the sale of a 921-hectare fraction of its farm in Paraguay. We will continue advancing portfolio rotation as part of our strategy, prioritizing the sale of farms that have reached their maximum appreciation levels.

Our agribusiness services segment, through FyO, continues to show solid performance in grain commercialization and in the development of the inputs business, while Amauta continues to strengthen its sustainable plant nutrition offering in Argentina and the region.

At IRSA, income-generating segments-shopping malls, offices, and hotels-continue to deliver solid results, and a strong year-end is expected. Progress is also being made on strategic projects, including the Distrito Diagonal shopping center in La Plata, the Edificio del Plata in downtown Buenos Aires, and infrastructure works at Ramblas del Plata, where construction of the first buildings is expected to begin in the next fiscal period.

In line with the policies of recent years, we will continue to focus on improving cost structure efficiency and strengthening our financial position, maintaining adequate liquidity levels to meet our obligations and capture investment opportunities.

With a diversified portfolio of rural and urban real estate, an experienced management team, and strong access to capital markets, CRESUD is well positioned to complete the 2026 campaign and continue capturing opportunities in the current economic environment.

Alejandro G. Elsztain CEO

Unaudited Condensed Interim Consolidated Statement of Financial Position as of March 31, 2026 and June 30, 2025

(All amounts in millions of Argentine pesos, except otherwise indicated)

03.31.2026

06.30.2025

ASSETS

Non-current assets

Investment properties

3,054,359

3,007,207

Property, plant and equipment

884,289

891,462

Trading properties

209,925

156,007

Intangible assets

35,016

35,649

Right-of-use assets

174,801

152,650

Biological assets

62,512

54,479

Investment in associates and joint ventures

251,151

234,584

Deferred income tax assets

18,458

16,112

Income tax credit

62

95

Restricted assets

5,199

-

Trade and other receivables

158,875

219,810

Investment in financial assets

29,546

34,813

Derivative financial instruments

2,303

3,088

Total non-current assets

4,886,496

4,805,956

Current assets

Trading properties

49,097

44,649

Biological assets

225,219

132,193

Inventories

153,144

221,913

Income tax credit

1,000

1,515

Trade and other receivables

519,771

553,941

Investment in financial assets

517,098

282,961

Derivative financial instruments

15,748

8,483

Cash and cash equivalents

139,923

313,784

Total current assets

1,621,000

1,559,439

TOTAL ASSETS

6,507,496

6,365,395

SHAREHOLDERS' EQUITY

Shareholders' equity (according to corresponding statement)

1,307,042

1,214,066

Non-controlling interest

1,507,749

1,555,075

TOTAL SHAREHOLDERS' EQUITY

2,814,791

2,769,141

LIABILITIES

Non-current liabilities

Trade and other payables

69,155

96,786

Borrowings

1,287,332

1,009,883

Deferred income tax liabilities

1,045,957

1,080,183

Provisions

42,190

40,567

Payroll and social security liabilities

807

156

Lease liabilities

110,503

110,635

Derivative financial instruments

4,923

4,962

Total non-current liabilities

2,560,867

2,343,172

Current liabilities

Trade and other payables

425,898

413,432

Borrowings

488,374

670,159

Provisions

5,865

6,559

Payroll and social security liabilities

40,574

47,616

Income tax liabilities

95,725

70,984

Lease liabilities

57,557

39,851

Derivative financial instruments

17,845

4,481

Total Current liabilities

1,131,838

1,253,082

TOTAL LIABILITIES

3,692,705

3,596,254

TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES

6,507,496

6,365,395

Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income for the nine and three-month periods ended March 31, 2026 and 2025

(All amounts in millions of Argentine pesos, except otherwise indicated)

Nine months Three months

03.31.2026

03.31.2025

Restated

03.31.2026

03.31.2025

Restated

Revenues

965,514

838,799

252,687

240,579

Costs

(593,922)

(520,191)

(144,877)

(139,242)

Initial recognition and changes in the fair value

of biological assets and agricultural products at

8,729

22,615

15,025

16,320

the point of harvest

Changes in the net realizable value of agricultural products after harvest

2,988

2,358

(4,852)

4,958

Gross profit

383,309

343,581

117,983

122,615

Net gain / (loss) from fair value adjustment of investment properties

31,216

(182,253)

(170,699)

145,794

Gain from disposal of farmlands

782

34,175

782

17

General and administrative expenses

(104,351)

(102,087)

(35,293)

(34,020)

Selling expenses

(82,465)

(77,564)

(22,071)

(25,047)

Other operating results, net

3,061

(3,163)

(2,615)

(1,439)

Management fees

(19,964)

(2,301)

(12,153)

(2,301)

Profit / (loss) from operations

211,588

10,388

(124,066)

205,619

Share of profit / (loss) of associates and joint ventures

20,761 13,275 9,301 (20,780)

Profit / (loss) before financial results and

income tax

232,349

23,663

(114,765)

184,839

Finance income

12,200

7,807

4,845

2,984

Finance cost

(130,215)

(69,128)

(45,490)

(15,701)

Other financial results

188,957

153,816

165,316

19,795

Inflation adjustment

19,576

22,822

4,922

11,243

Financial results, net

90,518

115,317

129,593

18,321

Profit before income tax

322,867

138,980

14,828

203,160

Income tax

(91,559)

(61,622)

4,238

(94,228)

Profit for the period

231,308

77,358

19,066

108,932

Other comprehensive (loss) / income:

Items that may be reclassified

subsequently to profit or loss:

Currency translation adjustment and other

comprehensive results from subsidiaries and

(36,822)

(102,626)

(67,990)

20,339

associates

Revaluation surplus

4,974

408

-

10

Total other comprehensive (loss) / income (31,848)

(102,218)

(67,990)

20,349

Total comprehensive income / (loss) for the 199,460

(24,860)

(48,924)

129,281

period

Profit / (loss) for the period attributable to:

Equity holders of the parent

121,665

30,061

40,188

57,530

Non-controlling interest

109,643

47,297

(21,122)

51,402

Total comprehensive income / (loss)

attributable to:

Equity holders of the parent

110,631

(6,440)

16,394

65,114

Non-controlling interest

88,829

(18,420)

(65,318)

64,167

Profit for the period per share attributable

to equity holders of the parent:

Basic

189.99

49.97

62.76

95.62

Diluted

189.99

44.53

62.76

85.21

for the period

Unaudited Condensed Interim Consolidated Statement of Cash Flows for the nine-month periods ended March 31, 2026 and 2025

(All amounts in millions of Argentine pesos, except otherwise indicated)

Operating activities:

03.31.2026

03.31.2025

Restated

Net cash generated from operating activities before income tax paid

138,241

14,785

Income tax paid

(92,650)

(16,576)

Net cash generated from / (used in) operating activities

45,591

(1,791)

Investing activities:

Proceeds from the sale of participation in associates and joint ventures

-

7,996

Capital contributions to associates and joint ventures

(750)

(44)

Acquisition of participation in associates

(7,608)

-

Acquisition and improvement of investment properties

(65,174)

(37,880)

Proceeds from sales of investment properties

1,849

9,434

Acquisitions and improvements of property, plant and equipment

(38,939)

(38,997)

Acquisition of intangible assets

(1,687)

(3,465)

Proceeds from sales of property, plant and equipment

30,843

25,909

Dividends collected from associates and joint ventures

2,234

400

Loans granted

(1,044)

-

Proceeds from loans granted

1,567

956

Acquisitions of investments in financial assets

(1,552,307)

(614,782)

Proceeds from disposal of investments in financial assets

1,255,327

586,674

Interest received from financial assets

41,513

19,347

Payments of derivative financial instruments, net

(12)

(518)

Net cash used in investing activities

(334,188)

(44,970)

Financing activities:

Borrowings, issuance and new placement of non-convertible notes

806,031

837,134

Payment of borrowings and non-convertible notes

(523,529)

(334,743)

(Payment) / Obtaining of short-term loans, net

(8,845)

79,073

Interest paid

(103,524)

(90,555)

Capital contributions from non-controlling interest in subsidiaries

7,152

229

Lease liabilities paid

(4,959)

(6,014)

Repurchase of treasury shares

-

(20,344)

Dividends paid

(96,935)

(108,590)

Exercise of warrants

43,500

12,465

Distribution of treasury shares

(27)

-

Repurchase of non-convertible notes

(6,159)

(72,707)

Net cash generated from financing activities

112,705

295,948

(Decrease) / Net increase in cash and cash equivalents

(175,892)

249,187

Cash and cash equivalents at the beginning of the period

313,784

199,918

Foreign exchange gain on cash and unrealized fair value result for cash equivalents

4,494

13,272

Inflation adjustment

(2,463)

(9,965)

Cash and cash equivalents at the end of the period

139,923

452,412



HEADQUARTERS

Carlos Della Paolera 261 - 9th Floor (C1001ADA) Buenos Aires City - Argentina Tel: +54 11 4323 7400

https://www.cresud.com.ar

INVESTOR RELATIONS

Alejandro Elsztain - CEO Matías Gaivironsky - CFO Santiago Donato - IRO Tel: +54 11 4323 7449

ir@cresud.com.ar

LEGAL ADVISORS

Zang, Bergel & Viñes Law Firm Florida 537 - 18th Floor

(C1005AAK) Buenos Aires City - Argentina Tel: +54 11 4322 0033

INDEPENDENT AUDITORS

PricewaterhouseCoopers Argentina Bouchard 557 - 7th Floor

(C1107AAF) City of Buenos Aires - Argentina Tel: +54 11 4850 0000

TRANSFER AGENT

Caja de Valores S.A.

25 de Mayo 362

(C1002ABH) Buenos Aires City - Argentina Tel: +54 11 4317 8900

ADS DEPOSITARY BANK

The Bank of New York Mellon

P.O. Box 11258 Church Street Station

New York, NY 10286-1258 - United States of America Toll free: +1 888 269-2377

International: +1 610 312 5315 shareowner-svcs@bankofny.com

BYMA Symbol: CRES

Nasdaq Symbol: CRESY

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