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v3.25.3

Borrowings | 12 Months Ended
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Jun. 30, 2025
Borrowings | 20. Borrowings The breakdown and the fair value of the Group borrowings as of June 30, 2025 and 2024 was as follows:
|  | Book value |  |  | Fair value |
|  | 06.30.2025 |  |  | 06.30.2024 |  |  | 06.30.2025 |  |  | 06.30.2024 |
Non-convertible notes |  |  | 630,430 |  |  |  | 457,727 |  |  |  | 633,552 |  |  |  | 431,879 |
Bank loans and others |  |  | 4,596 |  |  |  | 9,157 |  |  |  | 4,596 |  |  |  | 9,157 |
Bank overdrafts |  |  | 6,713 |  |  |  | 35,825 |  |  |  | 6,713 |  |  |  | 35,825 |
Other borrowings |  |  | 2,535 |  |  |  | 6,018 |  |  |  | 2,535 |  |  |  | 6,018 |
Loans with non-controlling interests |  |  | 2,854 |  |  |  | 2,602 |  |  |  | 2,854 |  |  |  | 2,602 |
Total borrowings |  |  | 647,128 |  |  |  | 511,329 |  |  |  | 650,250 |  |  |  | 485,481 |
Non-current |  |  | 509,792 |  |  |  | 258,414 |  |  |  |  |  |  |  |  |
Current |  |  | 137,336 |  |  |  | 252,915 |  |  |  |  |  |  |  |  |
Total |  |  | 647,128 |  |  |  | 511,329 |  |  |  |  |  |  |  |  |
As of June 30, 2025 and 2024, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 1,680 and ARS 5,288, respectively. These borrowings are mainly collateralized by trading properties of the Group (Notes 11). The terms of the loans include standard covenants for this type of financial operations. As of the date of these Consolidated Financial Statements, the Group has complied with the covenants contemplated in its respective loan agreements. The maturity of the Group's borrowings is as follows:
|  | 06.30.2025 |  |  | 06.30.2024 |
Capital |  |  |  |  |  |
Less than 1 year |  |  | 123,253 |  |  |  | 241,161 |
Between 1 and 2 years |  |  | 49,377 |  |  |  | 159,384 |
Between 2 and 3 years |  |  | 57,675 |  |  |  | 35,675 |
Between 3 and 4 years |  |  | - |  |  |  | 62,740 |
Between 4 and 5 years |  |  | 61,464 |  |  |  | - |
Later than 5 years |  |  | 340,180 |  |  |  | - |
|  |  | 631,949 |  |  |  | 498,960 |
Interest |  |  |  |  |  |  |  |
Less than 1 year |  |  | 14,083 |  |  |  | 11,754 |
Between 1 and 2 years |  |  | 492 |  |  |  | 7 |
Between 2 and 3 years |  |  | 604 |  |  |  | - |
Between 3 and 4 years |  |  | - |  |  |  | 608 |
|  |  | 15,179 |  |  |  | 12,369 |
|  |  | 647,128 |  |  |  | 511,329 |
The following table shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2025 and 2024.
|  | 06.30.2025 |
Rate per currency |  | Argentine Peso |  |  | Uruguayan Peso |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 11,309 |  |  |  | - |  |  |  | 11,309 |
US Dollar |  |  | 633,748 |  |  |  | 1,680 |  |  |  | 635,428 |
Subtotal fixed-rate borrowings |  |  | 645,057 |  |  |  | 1,680 |  |  |  | 646,737 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
US Dollar |  |  | 391 |  |  |  | - |  |  |  | 391 |
Subtotal floating-rate borrowings |  |  | 391 |  |  |  | - |  |  |  | 391 |
Total borrowings as per analysis |  |  | 645,448 |  |  |  | 1,680 |  |  |  | 647,128 |
Total borrowings as per Statement of Financial Position |  |  | 645,448 |  |  |  | 1,680 |  |  |  | 647,128 |
|  | 06.30.2024 |
Rate per currency |  | Argentine Peso |  |  | Uruguayan Peso |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 43,710 |  |  |  | - |  |  |  | 43,710 |
US Dollar |  |  | 399,030 |  |  |  | 5,289 |  |  |  | 404,319 |
Subtotal fixed-rate borrowings |  |  | 442,740 |  |  |  | 5,289 |  |  |  | 448,029 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 63,300 |  |  |  | - |  |  |  | 63,300 |
Subtotal floating-rate borrowings |  |  | 63,300 |  |  |  | - |  |  |  | 63,300 |
Total borrowings as per analysis |  |  | 506,040 |  |  |  | 5,289 |  |  |  | 511,329 |
Total borrowings as per Statement of Financial Position |  |  | 506,040 |  |  |  | 5,289 |  |  |  | 511,329 |
The following describes the debt issuances made by the Group for the years ended June 30, 2025 and 2024:
Entity | Class | Issuance / expansion date | Amount in original currency | Maturity date | Interest rate | Principal payment | Interest payment
IRSA | Series XVIII | feb-24 | USD 21.41 | 2/28/2027 | 7.00% | At expiration | Semi-annually
IRSA | Series XIX | feb-24 | ARS 26,203.85 | 2/28/2025 | Badlar + 0.99% | At expiration | Quarterly
IRSA | Series XX | jun-24 | USD 23.02 | 6/10/2026 | 6.00% | At expiration | Semi-annually
IRSA | Series XXI | jun-24 | ARS 17,012.71 | 6/10/2025 | Badlar + 4.50% | At expiration | Quarterly
IRSA | Series XXII | oct-24 | USD 15.80 | 10/23/2027 | 5.75% | At expiration | Semi-annually
IRSA | Series XXIII | oct-24 | USD 51.47 | 10/23/2029 | 7.25% | At expiration | Semi-annually
IRSA | Series XXIV | mar-25 | USD 300.45 | 3/31/2035 | 8.00% | 33% march-33 - 33% march-34 y 34% march-35 | Semi-annually
The following table shows a detail of evolution of borrowing during the years ended June 30, 2025 and 2024:
|  | 06.30.2025 |  |  | 06.30.2024 |
Balance at the beginning of the year |  |  | 511,329 |  |  |  | 559,121 |
Borrowings |  |  | 373,351 |  |  |  | 172,502 |
Payment of borrowings |  |  | (184,100 | ) |  |  | (160,940 | )
(Payment) / collection of short term loans, net |  |  | (13,297 | ) |  |  | 53,852 |
Interests paid |  |  | (47,840 | ) |  |  | (85,502 | )
Accrued interests |  |  | 39,366 |  |  |  | 52,391 |
Cumulative translation adjustment and exchange differences, net |  |  | 68,201 |  |  |  | 228,376 |
Inflation adjustment |  |  | (98,992 | ) |  |  | (309,570 | )
Reclassifications and other movements |  |  | (890 | ) |  |  | 1,099 |
Balance at the end of the year |  |  | 647,128 |  |  |  | 511,329 |
Local Notes Issuance – Series XXII & XXIII Notes On October 23, 2024, IRSA informed the results of the auction for two series of notes on the local market for a total amount of USD 67.3 million through the following instruments:
| · | Series XXII: Denominated in dollars for USD 15.8 million, with 5.75% interest rate and semiannual interests’ payments (except for the first payment on July 23, 2025, and the last payment at maturity). The Capital amortization will be 100% at maturity, on October 23, 2027. The issuance price will be 100.0%.
| · | Series XXIII: Denominated in dollars for USD 51.5 million, with 7.25% interest rate and semiannual interests’ payments (except for the first payment on July 23, 2025, and the last payment at maturity). The Capital amortization will be 100% at maturity, on October 23, 2029. The issuance price will be 100.0%.
Series XXIV Notes On March 31, 2025, the company issued Series XXIV Notes for a nominal value of USD 300 million. The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. The principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035. Of the amount issued, USD 242.2 million were subscribed in cash at an issuance price of 96.903% of the nominal value. Additionally, USD 57.8 million resulted from the early exchange of Series XIV Notes, which had an early exchange consideration of 1.04 times the exchanged amount. Later, on April 11, 2025, because of the late exchange, USD 0.45 million were issued, with an exchange consideration of 1.0 times the exchanged amount. In the settlements corresponding to the exchange, accrued interest on Series XIV Notes was paid up to the issuance and settlement date, as applicable in each case. On the settlement dates (early and late) of the exchange, partial cancellations of Series XIV Notes were made, leaving an outstanding amount of USD 85.2 million (on June 22, 2024, the first amortization of 17.5% was paid). The Class XXIV Notes include certain financial covenants related to the incurrence of additional debt, restricted payments, limitations on transactions with affiliates, among others.

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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