IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q1 2025 Results Conference Call November 7, 2024 9:00 AM ET
Company Participants
Santiago Donato - Investor Relations Officer
Matias Gaivironsky - Chief Financial Officer
Jorge Cruces - Chief Investment Officer
Santiago Donato
Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the First Quarter of Fiscal Year 2025 Results Conference Call. First of all, I would like to remind you that both audio and a sideshow may be accessed through company's Investor Relations website at www.irsa.com.ar by clicking on the banner webcast Link. The following presentation and the earnings release are also available for download on the company website. 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 risks 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. Matias Gaivironsky, CFO.
Matias Gaivironsky
Thank you, Santi. Good morning, everybody, and thank you for joining us in our first Q 2025 fiscal year. We started the year with an adjusted EBITDA that achieved ARS 46.9 billion. That is 8.8% below the previous quarter in 2024. That, as we will see later, is mainly related to our Hotel segment.
The Shopping Mall segment remained stable, and the office portfolio, because of the reduction in the square meters, is a little lower than the fiscal year ago, but in terms of the metrics, is exactly the same. In fact, we increased a little our occupancy. Regarding the net income, we posted a loss of ARS 109 billion. This is a non-cash effect, mainly related to the valuation of our investment properties that we will see later in better details. Regarding the tenant sales, we started to see some recovery.
There is a slight recovery of 7% against the previous quarter, the fourth quarter of 2024, but still 12% below numbers of the last year. We will see some evolution later as well. Regarding the office occupancy, we reached 98%. In shopping malls, we are at 97%. Also during the quarter, we were active in some acquisitions.