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v3.25.3

Investments in associates and joint ventures | 12 Months Ended
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Jun. 30, 2025
Significant judgments key assumptions and estimates |
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 year |  |  | 191,823 |  |  |  | 205,533 |
Share capital increase and contributions (Note 32) |  |  | 35 |  |  |  | - |
Sale of interest in associates and joint ventures |  |  | (3,737 | ) |  |  | (36,522 | )
Share of profit |  |  | 26,890 |  |  |  | 45,943 |
Other comprehensive (loss) / income |  |  | (478 | ) |  |  | 917 |
Dividends (Note 32) |  |  | (27,357 | ) |  |  | (24,048 | )
Transfers to/from financial assets (ii) |  |  | 349 |  |  |  | - |
Decrease of interest (iii) |  |  | (148 | ) |  |  | - |
End of the year (i) |  |  | 187,377 |  |  |  | 191,823 |
| (i) | Includes ARS (162) 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 21).
| (ii) | Corresponds to the shares of GCDI S.A. and Challenger Gold Limited.
| (iii) | 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 income |
06.30.2025 |  | 06.30.2024 |  |  | 06.30.2023 |  |  | 06.30.2025 |  |  | 06.30.2024 |  |  | 06.30.2025 |  |  | 06.30.2024 |  |  | 06.30.2023 |  |
New Lipstick |  |  | 49.96 | % |  |  | 49.96 | % |  |  | 49.96 | % |  |  | 1,472 |  |  |  | 1,506 |  |  |  | (34 | ) |  |  | (43 | ) |  |  | (342 | )
BHSA (1) |  |  | 29.12 | % |  |  | 29.89 | % |  |  | 29.91 | % |  |  | 133,840 |  |  |  | 144,704 |  |  |  | 13,639 |  |  |  | 40,782 |  |  |  | 15,969 |
BACS |  |  | 37.72 | % |  |  | 37.72 | % |  |  | 37.72 | % |  |  | 11,044 |  |  |  | 10,594 |  |  |  | 450 |  |  |  | 3,307 |  |  |  | (608 | )
Nuevo Puerto Santa Fe S.A. |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 8,503 |  |  |  | 6,205 |  |  |  | 2,686 |  |  |  | 407 |  |  |  | 590 |
Quality (2) |  |  | - |  |  |  | - |  |  |  | 50.00 | % |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (7,169 | )
GCDI |  |  | - |  |  |  | 27.39 | % |  |  | 27.82 | % |  |  | - |  |  |  | 1,793 |  |  |  | 519 |  |  |  | (7,918 | ) |  |  | 841 |
La Rural S.A. |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 50.00 | % |  |  | 21,019 |  |  |  | 14,804 |  |  |  | 11,175 |  |  |  | 10,543 |  |  |  | 3,652 |
Agrouranga S.A. |  |  | 34.86 | % |  |  | 34.86 | % |  |  | 34.86 | % |  |  | 7,337 |  |  |  | 7,418 |  |  |  | 533 |  |  |  | 2,015 |  |  |  | (1,087 | )
Other associates and joint ventures |  |  | N/A |  |  |  | N/A |  |  |  | N/A |  |  |  | 4,162 |  |  |  | 4,799 |  |  |  | (2,556 | ) |  |  | (2,233 | ) |  |  | (3,403 | )
Total associates and joint ventures |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 187,377 |  |  |  | 191,823 |  |  |  | 26,412 |  |  |  | 46,860 |  |  |  | 8,443 |
The following is additional information about the Group's investments in associates and joint ventures:
Name of the entity |  | Location of business / Country of incorporation |  | Main activity |  | Common shares 1 vote | Last financial statement issued
|  |  |  | Share capital (nominal value) |  |  | (Loss)/ profit for the period |  |  | Shareholders' equity
New Lipstick |  | U.S. |  | Real estate |  | 23,631,037 | (*) | 47 |  | (*) | (3) |  | (*) | (50)
BHSA (1) |  | Argentina |  | Financing |  | 436,780,922 | (**) | 1,500 |  | (**) | 46,554 |  | (**) | 447,483
BACS |  | Argentina |  | Financing |  | 33,125,751 | (**) | 88 |  | (**) | 1,193 |  | (**) | 29,276
Nuevo Puerto Santa Fe S.A. |  | Argentina |  | Real estate |  | 138,750 |  | 28 |  |  | 5,373 |  |  | 16,429
La Rural S.A. |  | Argentina |  | Organization of events |  | 714,998 | (**) | 1 |  | (**) | 22,676 |  | (**) | 41,882
Agrouranga S.A. |  | Argentina |  | Agriculture |  | 2,532,206 |  | 7 |  |  | 1,529 |  |  | 3,811
(1) | BHSA is a commercial bank of comprehensive services that offers a variety of banking and financial services for individuals, small and medium business and large companies. The market price of the share is 343.50 argentine pesos per share.
(2) | The interest held in Quality was sold on August 31, 2023.
(*) | Amounts presented 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 material to the Group:
|  | Current assets |  |  | Non-current assets |  |  | Current liabilities |  |  | Non-current liabilities |  |  | Net assets |  |  | % of ownership interest held |  |  | Interest in associates / joint ventures |  |  | Goodwill and others |  |  | Book value |
|  | As of June 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 S.A. |  |  | 4,562 |  |  |  | 20,101 |  |  |  | 1,350 |  |  |  | 6,883 |  |  |  | 16,430 |  |  |  | 50.00 | % |  |  | 8,215 |  |  |  | 288 |  |  |  | 8,503 |
|  | As of June 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 S.A. |  |  | 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) |  |  | Dividends distributed to non-controlling shareholders |  |  | Cash of operating activities |  |  | Cash of investment activities |  |  | Cash of financial activities |  |  | Net increase/(decrease) in cash and cash equivalents |
|  | As of June 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 S.A. |  |  | 6,295 |  |  |  | 5,373 |  |  |  | 5,373 |  |  |  | (774 | ) |  |  | 3,027 |  |  |  | (1,693 | ) |  |  | (799 | ) |  |  | 535 |
|  | As of June 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 S.A. |  |  | 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 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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