Earnings And Cashflow VolatilityHistoric swings from profits to losses and episodic negative operating/free cash flow reduce predictability of earnings and FCF conversion. This variability means a single strong TTM may not persist, complicating planning, dividend sustainability assessments, and debt paydown projections over the next 2–6 months.
FX And Tax Volatility ImpactsMaterial FX swings and translation effects drive large P&L and equity volatility in an Argentine real estate business, while consumption of tax credits has restarted cash tax payments. These factors can erode reported profitability and create unpredictable cash outflows independent of underlying rental performance.
Rising Leverage And Interest-cost RiskAs IRSA accelerates development and issues bonds, leverage has climbed and interest costs could rise with further funding. Increased debt to finance GLA expansion raises refinancing and coverage risk if macro rates or rental EBITDA weaken, pressuring cash available for dividends or capex.