Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

What they do

Cresud operates through two main segments: agricultural production and real estate (via IRSA). It owns farmland and develops commercial and residential properties in Argentina. Additionally, it holds a controlling stake in Banco Hipotecario, a major mortgage bank. The company is based in Buenos Aires and listed on Nasdaq via ADSs.

Revenue drivers

• Agricultural segment — Generates revenue from crop and cattle production on owned and leased land in Argentina; includes grain, oilseed, and livestock sales.
• Real estate segment (IRSA) — Earns rental income from shopping malls, office buildings, and other commercial properties, plus development and sale of residential units; key contributor to consolidated revenue.
• Banco Hipotecario — A significant subsidiary providing mortgage and commercial banking services, generating net interest income and fees; classified as significant for fiscal 2024 but not fiscal 2025.

Recent performance

The filing is an amendment to the 20-F for the fiscal year ended June 30, 2025, and includes separate financial statements for Banco Hipotecario for years ended December 31, 2025 (unaudited) and December 31, 2024 (audited). Banco Hipotecario was a significant subsidiary under Rule 3-09 for fiscal 2024 but not for fiscal 2025. The amendment does not update other parts of the 2025 Form 20-F. No consolidated figures for Cresud are provided in this amendment.

Strategy

The filing focuses on complying with SEC disclosure requirements for Banco Hipotecario, not on strategic priorities. Cresud's broader strategy, as historically stated, involves integrating agricultural and real estate operations, leveraging its stake in IRSA, and maintaining control of Banco Hipotecario. The company has also used consulting agreements and corporate services arrangements with IRSA to streamline operations.

Risks

• Economic and political risk in Argentina — Cresud's operations and asset values are highly exposed to Argentine macroeconomic conditions, including inflation and currency devaluation.
• Subsidiary governance and reliance — Banco Hipotecario and IRSA are key subsidiaries, and their performance and regulatory compliance directly affect Cresud's financials and reporting obligations.
• Regulatory disclosure burden — The need to file separate financial statements for significant subsidiaries, as per Rule 3-09, adds compliance costs and complexity.
• Market and liquidity risk — The company's ADSs (CRESY) trade on Nasdaq, but the underlying common stock is in pesos, exposing investors to currency risk.

Outlook

Management does not provide forward-looking statements in this amendment. The filing is procedural, aimed at satisfying SEC requirements. The outlook for Cresud's core business remains tied to Argentine agricultural and real estate markets and the performance of Banco Hipotecario.