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v3.25.3

Investments in associates and joint ventures | 12 Months Ended
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Jun. 30, 2025
Investments in associates and joint ventures | 8. Investments in associates and joint ventures Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2025 and 2024 were as follows:
|  | 06.30.2025 |  |  | 06.30.2024 |
Beginning of the year |  |  | 180,350 |  |  |  | 192,028 |
Sale of interest in associates and joint ventures (i) |  |  | (3,737 | ) |  |  | (36,522 | )
Capital contributions (Note 30) |  |  | 35 |  |  |  | - |
Share of profit |  |  | 27,924 |  |  |  | 47,454 |
Currency translation adjustment |  |  | 95 |  |  |  | (115 | )
Dividends (Note 30) |  |  | (26,744 | ) |  |  | (22,495 | )
Transfers from/to financial assets (iii) |  |  | 349 |  |  |  | - |
Decrease of interest (iv) |  |  | (148 | ) |  |  | - |
End of the year (ii) |  |  | 178,124 |  |  |  | 180,350 |
(i) | As of June 30, 2024, corresponds mainly to the sale of interest in Quality Invest S.A.
(ii) | Includes ARS (80) and ARS (22) reflecting interests in companies with negative equity as of June 30, 2025 and 2024, respectively, which are disclosed in “Provisions” (see Note 19).
(iii) | Corresponds to the shares of GCDI S.A. and Challenger Gold Limited.
(iv) | Relates to the reduction of interest due to the liquidation of Cyrsa S.A.
Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2025 and 2024, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2025, 2024 and 2023:
Name of the entity |  | % ownership interest |  |  | Value of Group's interest in equity |  |  | Group's interest in comprehensive (loss) / income |
|  | 06.30.2025 |  |  | 06.30.2024 |  |  | 06.30.2025 |  |  | 06.30.2024 |  |  | 06.30.2025 |  |  | 06.30.2024 |  |  | 06.30.2023 |
Associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Lipstick |  |  | 49.96 | % |  |  | 49.96 | % |  |  | 1,472 |  |  |  | 1,506 |  |  |  | (34 | ) |  |  | (43 | ) |  |  | (342 | )
BHSA (1) |  |  | 29.12 | % |  |  | 29.89 | % |  |  | 133,840 |  |  |  | 144,704 |  |  |  | 13,639 |  |  |  | 40,782 |  |  |  | 15,969 |
BACS |  |  | 37.72 | % |  |  | 37.72 | % |  |  | 11,044 |  |  |  | 10,594 |  |  |  | 450 |  |  |  | 3,307 |  |  |  | (608 | )
Nuevo Puerto Santa Fe |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 8,503 |  |  |  | 6,205 |  |  |  | 2,686 |  |  |  | 407 |  |  |  | 590 |
Quality (2) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,169 | )
La Rural SA |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 21,019 |  |  |  | 14,804 |  |  |  | 11,175 |  |  |  | 10,543 |  |  |  | 3,652 |
GCDI |  |  | - |  |  |  | 27.39 | % |  |  | - |  |  |  | 1,793 |  |  |  | 519 |  |  |  | (7,918 | ) |  |  | 841 |
Other joint ventures |  |  | N/A |  |  |  | N/A |  |  |  | 2,246 |  |  |  | 744 |  |  |  | (416 | ) |  |  | 261 |  |  |  | 386 |
Total associates and joint ventures |  |  |  |  |  |  |  |  |  |  | 178,124 |  |  |  | 180,350 |  |  |  | 28,019 |  |  |  | 47,339 |  |  |  | 13,319 |
|  |  |  |  |  |  |  |  | Latest financial statements issued |
Name of the entity |  | Place of business / Country of incorporation |  | Main activity |  | Common shares 1 vote |  |  | Share capital (nominal value) |  |  | (Loss) / profit for the year |  |  | Shareholders’ equity |
Associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Lipstick |  | USA |  | Real estate |  |  | 23,631,037 | (*) |  |  | 47 | (*) |  |  | (3 | )(*) |  |  | (50 | )
BHSA (1) |  | Argentina |  | Financial |  |  | 436,780,922 | (**) |  |  | 1,500 | (**) |  |  | 46,554 | (**) |  |  | 447,483 |
BACS |  | Argentina |  | Financial |  |  | 33,125,751 | (**) |  |  | 88 | (**) |  |  | 1,193 | (**) |  |  | 29,276 |
Nuevo Puerto Santa Fe |  | Argentina |  | Real estate |  |  | 138,750 |  |  |  | 28 |  |  |  | 5,373 |  |  |  | 16,429 |
La Rural SA |  | Argentina |  | Organization of events |  |  | 714,998 | (**) |  |  | 1 | (**) |  |  | 22,676 | (**) |  |  | 41,882 |
(1) | BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium businesses and large companies. The market price of the share is 343.50 pesos per share.
(2) | The interest held in Quality was sold on August 31, 2023.
(*) | Amounts in millions of US Dollars.
(**) | Amounts as of June 30, 2025, prepared in accordance with IFRS regulations.
La Rural S.A. On December 2012, the National Executive Power annulled a 1991 decree that had approved the sale of the Palermo Fairgrounds to Sociedad Rural Argentina (SRA) and revoked the purchase agreement. SRA filed a precautionary measure to suspend the execution of this annulment, which was granted and remains in force after various judicial proceedings. IRSA has not been notified and is not a party to these judicial actions initiated by SRA. In the event that the annulment of the sale is declared unconstitutional, it would not legally impact IRSA’s acquisition in the company related to the property. However, if the nullity of the sale is declared, it could affect the assets related to the property. The judicial process continues in the evidentiary stage, and there are currently no elements indicating that La Rural S.A. could see the usufruct it holds over the property affected. The Company will continue monitoring the progress of the process due to the legal uncertainty. Set out below is summarized financial information of the associates and joint ventures considered to be material to the Group:
|  | Current Assets |  |  | Non-current Assets |  |  | Current Liabilities |  |  | Non-current Liabilities |  |  | Net assets |  |  | % of ownership interest held |  |  | Interest in associate and joint venture |  |  | Goodwill and others |  |  | Book value |
|  | 06.30.2025 |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA |  |  | 1,766,165 |  |  |  | 1,698,791 |  |  |  | 2,989,440 |  |  |  | 10,594 |  |  |  | 464,922 |  |  |  | 29.12 | % |  |  | 135,385 |  |  |  | (1,545 | ) |  |  | 133,840 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuevo Puerto Santa Fe |  |  | 4,562 |  |  |  | 20,101 |  |  |  | 1,350 |  |  |  | 6,883 |  |  |  | 16,430 |  |  |  | 50.00 | % |  |  | 8,215 |  |  |  | 288 |  |  |  | 8,503 |
. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 06.30.2024 |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA |  |  | 2,277,728 |  |  |  | 860,495 |  |  |  | 2,588,620 |  |  |  | 59,334 |  |  |  | 490,269 |  |  |  | 29.89 | % |  |  | 146,541 |  |  |  | (1,837 | ) |  |  | 144,704 |
GCDI |  |  | 39,052 |  |  |  | 124,995 |  |  |  | 92,175 |  |  |  | 65,197 |  |  |  | 6,675 |  |  |  | 27.39 | % |  |  | 1,828 |  |  |  | (35 | ) |  |  | 1,793 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuevo Puerto Santa Fe |  |  | 2,994 |  |  |  | 14,966 |  |  |  | 1,009 |  |  |  | 5,121 |  |  |  | 11,830 |  |  |  | 50.00 | % |  |  | 5,915 |  |  |  | 290 |  |  |  | 6,205 |
|  | Revenues |  |  | Net income / (loss) |  |  | Total comprehensive income / (loss) |  |  | Dividend distribution |  |  | Cash of operating activities |  |  | Cash of investing activities |  |  | Cash of financing activities |  |  | Changes in cash and cash equivalents |
|  | 06.30.2025 |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA |  |  | 985,517 |  |  |  | 46,554 |  |  |  | 46,554 |  |  |  | (71,360 | ) |  |  | 144,466 |  |  |  | (2,662 | ) |  |  | 64,445 |  |  |  | 206,249 |
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuevo Puerto Santa Fe |  |  | 6,295 |  |  |  | 5,373 |  |  |  | 5,373 |  |  |  | (774 | ) |  |  | 3,027 |  |  |  | (1,693 | ) |  |  | (799 | ) |  |  | 535 |
|  | 06.30.2024 |
Associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
BHSA |  |  | 2,446,515 |  |  |  | 136,357 |  |  |  | 136,357 |  |  |  | 402,351 |  |  |  | 342,658 |  |  |  | (3,352 | ) |  |  | (65,939 | ) |  |  | 273,367 |
GCDI |  |  | 51,855 |  |  |  | (16,870 | ) |  |  | (11,010 | ) |  |  | - |  |  |  | (1,195 | ) |  |  | 1,351 |  |  |  | (954 | ) |  |  | (798 | )
Joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nuevo Puerto Santa Fe |  |  | 5,694 |  |  |  | 815 |  |  |  | 815 |  |  |  | (1,232 | ) |  |  | 1,203 |  |  |  | 191 |  |  |  | (1,634 | ) |  |  | (240 | )
Puerto Retiro (joint venture): The Company owns a plot of land of 8.3 hectares, whose U.P. zoning restricts its use to port activities. It faces: (i) a request for extension of bankruptcy initiated by the National Government, and (ii) a civil action filed by Tandanor and the Ministry of Defense regarding the bidding of the Dársena Norte property. On September 7, 2018, the Federal Criminal Oral Court (“TOFC”) No. 5 upheld the statute of limitations defense raised by Puerto Retiro; however, in the criminal case, where Puerto Retiro is not a party, the confiscation of the “Planta I” property was ordered. During fiscal year 2019, Puerto Retiro recorded a provision equivalent to 100% of the carrying value of its investment property, subject to reversal if a favorable judgment is obtained. On November 26, 2024, the Supreme Court of Justice of the Nation annulled the cassation judgment regarding the statute of limitations of the civil action, ordered a new ruling to be issued, and confirmed the confiscation, ordering its restitution to Tandanor. On June 24, 2025, Chamber IV of the Federal Court of Cassation annulled the parts of TOFC No. 5 related to the statute of limitations and the destination of the confiscation and remitted the proceedings to said court for a new resolution. It is worth noting that the civil action is directed exclusively against Puerto Retiro and not against IRSA; the facts on which the civil action in criminal jurisdiction is based occurred prior to IRSA’s acquisition of the shares of Puerto Retiro. As of the issuance date of these Consolidated Financial Statements, the resolution regarding the statute of limitations of the civil action and the destination of the property remains pending. Given the procedural stage, the final outcome is uncertain.

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- Definition The entire disclosure for interests in other entities. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 12 -IssueDate 2024-01-01 -Paragraph 1 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2024-en-r&anchor=para_1&doctype=Standard -URIDate 2024-03-27 + Details
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