Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria (NASDAQ:CRESY) Q1 2025 Earnings Conference Call November 11, 2024 9:00 AM ET

Company Participants

Santiago Donato - Investor Relations Officer
Alejandro Elsztain - Chief Executive Officer
Diego Chillado - General Manager, Argentine Operations
Matias Gaivironsky - Chief Administrative Officer and Chief Financial Officer

Santiago Donato

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the First Quarter 2025 Results Conference Call.

First of all, I would like to remind you that a replay of this webinar, the presentation, and the earnings release will be available on our website at www.cresud.com.ar. After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question, please use the chat.

Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risk and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements.

I will now turn the call over to Mr. Alejandro Elsztain, CEO.

Alejandro Elsztain

Good morning, everybody. We are beginning our first quarter 2025 results.

This year, the regional campaign is showing us an increase in planted area comparing last year numbers, and the one that is mainly explaining that is Argentina in the growing -- in the leasing areas in the country. We are beginning the campaign, the conditions are good. The good not so good in the case of the winter crops in Argentina, but the rest for -- [year] (ph) for the rest are mainly summer crops, soybean, corn, and with the much more stable commodity prices comparing last year's where there was a big drop and some slight input cost reduction that we are seeing, so recovering some of the margins of the activity.

Related to wheat, the wheat was 100% planted and now we are close to the harvesting in November, December, and with some drought areas in Argentina decreasing some of the result, but still early to speak.

In the case of soybean, in Brazil, 45%, it's been sown, so planted in Brazil. So, it's a normal campaign, a little delay, two weeks later in Brazil, but after the rain, the conditions are recovering.

There were two transactions related to real estate in the quarter. One is in Los Pozos farm, undeveloped land, and other one is in Alto Taquari in Brazil. I will show you later.