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v3.25.3

Borrowings | 12 Months Ended
--- | ---
Jun. 30, 2025
Borrowings |
Borrowings | 22. 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 |  |  | 1,101,673 |  |  |  | 1,026,693 |  |  |  | 1,094,559 |  |  |  | 995,222 |
Bank loans |  |  | 208,780 |  |  |  | 59,609 |  |  |  | 208,780 |  |  |  | 59,609 |
Bank overdrafts |  |  | 14,435 |  |  |  | 46,221 |  |  |  | 14,435 |  |  |  | 46,221 |
Others |  |  | 18,224 |  |  |  | 14,256 |  |  |  | 18,224 |  |  |  | 14,256 |
Total borrowings |  |  | 1,343,112 |  |  |  | 1,146,779 |  |  |  | 1,335,998 |  |  |  | 1,115,308 |
Non-current |  |  | 807,352 |  |  |  | 663,070 |  |  |  |  |  |  |  |  |
Current |  |  | 535,760 |  |  |  | 483,709 |  |  |  |  |  |  |  |  |
Total |  |  | 1,343,112 |  |  |  | 1,146,779 |  |  |  |  |  |  |  |  |
As of June 30, 2025 and 2024, total borrowings include collateralized liabilities (seller financing and bank loans) of ARS 188,379 and ARS 157,481, respectively. These borrowings are mainly collateralized by trading properties of the Group (Note 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 one year |  |  | 510,491 |  |  |  | 454,899 |
Between 1 and 2 years |  |  | 171,963 |  |  |  | 336,884 |
Between 2 and 3 years |  |  | 188,438 |  |  |  | 186,985 |
Between 3 and 4 years |  |  | 8,135 |  |  |  | 107,956 |
Between 4 and 5 years |  |  | 69,604 |  |  |  | 10,154 |
More than 5 years |  |  | 346,421 |  |  |  | 20,478 |
|  |  | 1,295,052 |  |  |  | 1,117,356 |
Accrued interest: |  |  |  |  |  |  |  |
Less than one year |  |  | 25,269 |  |  |  | 28,810 |
Between 1 and 2 years |  |  | 1,353 |  |  |  | 4 |
Between 2 and 3 years |  |  | 17,954 |  |  |  | - |
Between 3 and 4 years |  |  | 5 |  |  |  | 609 |
Between 4 and 5 years |  |  | - |  |  |  | - |
More than 5 years |  |  | 3,479 |  |  |  | - |
|  |  | 48,060 |  |  |  | 29,423 |
|  |  | 1,343,112 |  |  |  | 1,146,779 |
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 |  |  | 1,146,779 |  |  |  | 1,357,396 |
Borrowings |  |  | 871,196 |  |  |  | 456,477 |
Payment of borrowings |  |  | (584,461 | ) |  |  | (445,457 | )
(Payment) / collection of short term loans, net |  |  | (11,201 | ) |  |  | 45,380 |
Incorporation by business combination (i) |  |  | 6,644 |  |  |  | - |
Interests paid |  |  | (95,356 | ) |  |  | (178,537 | )
Accrued interests |  |  | 85,359 |  |  |  | 198,268 |
Currency translation adjustment and exchange differences, net |  |  | 102,213 |  |  |  | 300,346 |
Inflation adjustment |  |  | (177,378 | ) |  |  | (589,079 | )
Reclassifications and other movements |  |  | (683 | ) |  |  | 1,985 |
Balance at the end of the year |  |  | 1,343,112 |  |  |  | 1,146,779 |
(i) See Note 4 Acquisition Nova Horizonte The following tables 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 |
|  | Argentine Peso |  |  | Brazilian Reais |  |  | Uruguayan Peso |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 25,231 |  |  |  | - |  |  |  | - |  |  |  | 25,231 |
Brazilian Reais |  |  | - |  |  |  | 61,441 |  |  |  | - |  |  |  | 61,441 |
US Dollar |  |  | 1,115,445 |  |  |  | 27,649 |  |  |  | 1,680 |  |  |  | 1,144,774 |
Subtotal fixed-rate borrowings |  |  | 1,140,676 |  |  |  | 89,090 |  |  |  | 1,680 |  |  |  | 1,231,446 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brazilian Reais |  |  | - |  |  |  | 111,275 |  |  |  | - |  |  |  | 111,275 |
US Dollar |  |  | 391 |  |  |  | - |  |  |  | - |  |  |  | 391 |
Subtotal floating rate borrowings |  |  | 391 |  |  |  | 111,275 |  |  |  | - |  |  |  | 111,666 |
Total borrowings |  |  | 1,141,067 |  |  |  | 200,365 |  |  |  | 1,680 |  |  |  | 1,343,112 |
|  | 06.30.2024 |
|  | Argentine Peso |  |  | Brazilian Reais |  |  | Uruguayan Peso |  |  | Total |
Fixed rate: |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 54,174 |  |  |  | - |  |  |  | - |  |  |  | 54,174 |
Brazilian Reais |  |  | - |  |  |  | 42,425 |  |  |  | - |  |  |  | 42,425 |
US Dollar |  |  | 819,175 |  |  |  | 1,818 |  |  |  | 5,289 |  |  |  | 826,282 |
Subtotal fixed-rate borrowings |  |  | 873,349 |  |  |  | 44,243 |  |  |  | 5,289 |  |  |  | 922,881 |
Floating rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Argentine Peso |  |  | 103,660 |  |  |  | - |  |  |  | - |  |  |  | 103,660 |
Brazilian Reais |  |  | - |  |  |  | 120,238 |  |  |  | - |  |  |  | 120,238 |
Subtotal floating rate borrowings |  |  | 103,660 |  |  |  | 120,238 |  |  |  | - |  |  |  | 223,898 |
Total borrowings |  |  | 977,009 |  |  |  | 164,481 |  |  |  | 5,289 |  |  |  | 1,146,779 |
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
CRESUD | Series XLIII | jan-24 | ARS 19,886.02 | 1/17/2025 | Badlar + 0.00% | At expiration | Quarterly
CRESUD | Series XLIV | jan-24 | USD 39.77 | 1/17/2027 | 6.00% | At expiration | Semi-annually
CRESUD | Series XLV | apr-24 | USD 10.20 | 8/22/2026 | 6.00% | At expiration | Semi-annually and last one quarterly
CRESUD | Series XLVI | jul-24 | USD 28.55 | 7/18/2027 | 1.50% | At expiration | Semi-annually
CRESUD | Series XLVII | nov-24 | USD 64.42 | 11/15/2028 | 7.00% | At expiration | Semi-annually
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
Series XLVI Notes - CRESUD On July 18, 2024, Cresud issued Notes on the local market for a total amount of USD 28.6 million. Below are the main characteristics of the issuance: · Series XLVI Notes: Denominated in dollars and payable in Argentina pesos at the applicable exchange rate for ARS 28.6 million at a fix rate of 1.5%. The principal will be paid at the expiration. The price of issuance was 100.0% of the nominal value. Series XLVII Notes - CRESUD On November 15, 2024, the Company issued Notes on the local market for a total amount of USD 64.4 million. Below are the main characteristics of the issuance: · Series XLVII Notes: Denominated in dollars for a total amount of USD 64.4 million at a fixed rate of 7.0%, with semiannual interest payments. The principal will be repaid in one instalment on the maturity date, November 15, 2028. The issuance price was 100% of the nominal value. Local Notes Issuance – Series XXII & XXIII Notes - IRSA 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 - IRSA On March 31, 2025, IRSA 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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