EX-8.1 3 cresud_ex81.htm LIST OF SUBSIDIARIES

EXHIBIT 8.1

LIST OF SUBSIDIARIES

The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2025:

Agricultural Business

|  |  |  |  |  | % of ownership interest held by the Company |
Name of the entity |  | Country |  | Principal activity |  | 06.30.2025 |
Cresud's direct equity interest in: |  |  |  |  |  |  |
BrasilAgro (1) (2) |  | Brazil |  | Agricultural |  |  | 35.22 | %
Futuros y Opciones.Com S.A. (3) |  | Argentina |  | Brokerage |  |  | 51.21 | %
Helmir S.A. |  | Uruguay |  | Investment |  |  | 100.00 | %
IRSA (4) |  | Argentina |  | Real estate |  |  | 54.06 | %
JOFSHI S.A.U. |  | Argentina |  | Investment |  |  | 100.00 | %
BrasilAgro's direct equity interest in: |  |  |  |  |  |  |  |
Araucária Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Cajueiro Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Ceibo Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Cremaq Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Flamboyant Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Jaborandi Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Jaborandi Propriedades Agrícolas S.A. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Mogno Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Palmeiras S.A. |  | Paraguay |  | Agricultural |  |  | 100.00 | %
Agropecuaria Morotí S.A. |  | Paraguay |  | Agricultural |  |  | 100.00 | %
Agrifirma Agro Ltda. |  | Brazil |  | Agricultural |  |  | 100.00 | %
Agropecuaria Acres del Sud S.A. (2) |  | Bolivia |  | Agricultural |  |  | 100.00 | %
Ombú Agropecuaria S.A. |  | Bolivia |  | Agricultural |  |  | 100.00 | %
Yatay Agropecuaria S.A. |  | Bolivia |  | Agricultural |  |  | 100.00 | %
Yuchán Agropecuaria S.A. (2) |  | Bolivia |  | Agricultural |  |  | 100.00 | %
Futuros y Opciones.Com. S.A.'s direct equity interest in: |  |  |  |  |  |  |  |
Amauta Agro S.A. (5) |  | Argentina |  | Agricultural |  |  | 98.25 | %
FyO Acopio S.A. (5) |  | Argentina |  | Grain warehousing and brokerage |  |  | 98.25 | %
FyO Chile SPA |  | Chile |  | Brokerage |  |  | 100.00 | %
Helmir S.A.'s direct equity interest in: |  |  |  |  |  |  |  |
FyO Holding S.A. |  | Uruguay |  | Investment |  |  | 50.10 | %

(1) | The Company exercises “de facto control” over BrasilAgro as a result of (i) the percentage and concentration of voting rights of the Company, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, and (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; the Company’s effective control to direct BrasilAgro’s relevant activities has been exercised through its seat in the Board of Directors. See Note 7 to our Audited Consolidated Financial Statements for further information regarding to Brasilagro.
(2) | Includes interest indirectly held through Helmir.
(3) | As of June 30, 2025, the Company owns 51.75%, of the common shares of Futuros y Opciones S.A (FyO), respectively. The preferred options held by FyO management have only economic rights, the voting rights are held by common shareholders.
(4) | As of June 30, 2025, Helmir does not own any stake in IRSA.
(5) | Includes direct participation of Cresud.

Urban Properties and Investments Business

|  |  |  |  |  | % of ownership interest held by the Company |
Name of the entity |  | Country |  | Principal activity |  | 06.30.2025 |
IRSA's direct equity interest: |  |  |  |  |  |  |
ECLASA |  | Argentina |  | Investment |  |  | 100.00 | %
Hoteles Argentinos S.A.U. |  | Argentina |  | Hotel |  |  | 100.00 | %
Inversora Bolívar S.A. |  | Argentina |  | Investment |  |  | 100.00 | %
Llao Llao Resorts S.A. (1) |  | Argentina |  | Hotel |  |  | 50.00 | %
Nuevas Fronteras S.A. |  | Argentina |  | Hotel |  |  | 76.34 | %
Palermo Invest S.A. |  | Argentina |  | Investment |  |  | 100.00 | %
Ritelco S.A.U. |  | Uruguay |  | Investment |  |  | 100.00 | %
Tyrus S.A. |  | Uruguay |  | Investment |  |  | 100.00 | %
Arcos del Gourmet S.A. |  | Argentina |  | Real estate |  |  | 90.00 | %
Emprendimiento Recoleta S.A. (in liquidation) |  | Argentina |  | Real estate |  |  | 53.68 | %
Fibesa S.A.U. |  | Argentina |  | Real estate |  |  | 100.00 | %
Panamerican Mall S.A. |  | Argentina |  | Real estate |  |  | 80.00 | %
Shopping Neuquén S.A. |  | Argentina |  | Real estate |  |  | 99.95 | %
Torodur S.A. |  | Uruguay |  | Investment |  |  | 100.00 | %
EHSA |  | Argentina |  | Investment |  |  | 70.00 | %
We Are Appa S.A. |  | Argentina |  | Design and software development |  |  | 93.63 | %
Shefa Fiduciaria S.A.U. |  | Argentina |  | Fiduciary |  |  | 100.00 | %
Fideicomiso Shefa V.C. |  | Argentina |  | Investment |  |  | 100.00 | %
Tyrus S.A.'s direct equity interest in: |  |  |  |  |  |  |  |
DFL y DN B.V. |  | Bermudas/ Netherlands |  | Investment |  |  | 99.65 | %
Sheha Holding LLC |  | United States |  | Investment |  |  | 100.00 | %
IRSA International LLC |  | United States |  | Investment |  |  | 100.00 | %
Liveck Ltd. (2) |  | British Virgin Islands |  | Investment |  |  | 100.00 | %
Real Estate Investment Group V LP (REIG V) |  | Bermudas |  | Investment |  |  | 100.00 | %
Real Estate Strategies LLC |  | United States |  | Investment |  |  | 100.00 | %
DFL's direct equity interest in: |  |  |  |  |  |  |  |
IDB Development Corporation Ltd. |  | Israel |  | Investment |  |  | 100.00 | %
Dolphin IL Investment Ltd. |  | Israel |  | Investment |  |  | 100.00 | %

(1) | The Company has consolidated the investment in Llao Llao Resorts S.A. considering its equity interest and a shareholders agreement that confers its majority of votes in decision-making process.
(2) | Includes Tyrus’ and IRSA’s equity interests.