Cresud SACIF y A (CRESY) 2026 Q3 法說會逐字稿

Good afternoon, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the third quarter of 2026 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through company's investor relations website at www.Cresud.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.

各位下午好。我是Cresud投資人關係主管Santiago Donato，歡迎各位參加2026年第三季財報電話會議。首先提醒各位，音訊與投影片可透過公司投資人關係網站www.Cresud.com.ar，點選網路直播（webcast）橫幅連結進入收看。以下簡報與財報新聞稿亦可於公司網站下載。

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.

管理團隊致詞後，將開放分析師與投資人進行問答。如欲提問，請使用聊天室。

Before we begin, I would like to remind you that this call is being recorded, and the information discussed today may include forward-looking statements regarding the company's financial and operating performance.

在開始之前，提醒各位本次會議將被錄音，且今日討論之資訊可能包含有關公司財務與營運表現的前瞻性陳述。

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.

所有預測均受風險與不確定性影響，實際結果可能出現重大差異。請參閱公司財報新聞稿中關於前瞻性陳述的詳細說明。

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

現在我將把電話會議交給執行長Alejandro Elstein先生。

Good afternoon, everybody. We are beginning the highlights of the first nine months of '26.

各位下午好。我們將開始說明2026年前九個月的重點。

And we are progressing a very good campaign that it's a record planted area between own and leased and with favorable conditions. And we're going to see later how the yields are good. In general, so we are surpassing our volumes of the past.

我們正推進一個非常好的作季，無論自有或租賃土地，播種面積都創下紀錄，且條件有利。稍後我們會看到單產表現良好。整體而言，我們的產量正超越以往。

Related to the prices of the commodities, there was some raising in the price of commodities, but the input costs too. So that is making margins not to be so profitable, but still very good for the year.

就大宗商品價格而言，商品價格有所上升，但投入成本也同步上升。因此使得利潤率不如以往那麼高，但今年整體仍然非常不錯。

And the last two months, we began to see a bad context to fertilizers and fuel. That is damaging farmer condition because of the cost of inputs.

而在最近兩個月，我們開始看到肥料與燃料的不利環境。由於投入成本上升，這正在損害農民的經營狀況。

Related to Argentina, we had very good winter crop. We were very good in yields on wheat mainly, but in summer crops, soybean and corn, we are good enough too. So, we are surpassing the volumes of the past for all the history of CRESUD this year in the combination of the north. Central and south region of Argentina.

就阿根廷而言，我們的冬季作物表現非常好。主要是小麥單產非常好；而夏季作物如大豆與玉米也足夠好。因此，今年在阿根廷北部、中部與南部地區的組合下，我們的產量將超越CRESUD歷史以來的水準。

In case of Brasilago, the production was lower, the main explanation in the balance sheet is because the sugarcane of 2025 that was damaged because of frozen and drought, the combination of the two, so that made to suffer the operational business of Brasilago mainly, that affected some ills in some regions of Brazil.

至於Brasilago，產量較低；資產負債表上的主要原因是2025年的甘蔗因霜凍與乾旱的雙重影響而受損，兩者疊加使Brasilago的營運業務承受壓力，並影響巴西部分地區。

And related to livestock, this year is a record for the history of Cresud, record in prices, in margins, in production, and we are improving our activity mainly in Argentina and some in Paraguay. These are the cattle business is spending a very good time, and I will explain later.

至於畜牧業，今年對Cresud而言是歷史紀錄：價格、利潤率與產量皆創新高；我們也在阿根廷為主、並在巴拉圭部分地提升營運活動。牛隻業務正處於非常好的景氣階段，我稍後會再說明。

Related to the real estate, up to the 31st of March, there were not sales, but there was a subsequent sale in the fourth quarter for a small portion in Paraguay, 921 hectares, but net hectares are 500 hectares for $1.5 million. So small fraction of sale in our Paraguay operation.

至於不動產，截至3月31日尚無出售，但在第四季後續於巴拉圭出售一小部分土地，為921公頃；但淨公頃數為500公頃，成交金額為150萬美元。因此，這是我們巴拉圭營運中的一筆小額出售。

And related to capital markets, we were very active during this quarter. The whole year, we did $181 million on notes issuance on Argentine capital markets, lowering the cost of financing of CRESUD and extending the tenor of the debt.

至於資本市場，我們在本季非常活躍。全年我們在阿根廷資本市場發行票據共1.81億美元，降低CRESUD的融資成本並延長債務期限。

Saying that, we can move to now to page number three, and we can see the increasing surface of agriculture. In the planted area evolution, we passed last year in 4% in size in hectares planted and the combination of the four countries. And we can see the breakdown of 50% soybeans, 27% of corn, 9% of sugarcane. And if we move to the next page, the page number four, we see the evolution of the price. The price was in the year, there was a little recovery in the soybean, but the net recovery of the soybean combining basis and exchange rate made in Brazil is close to zero.

說到這裡，我們可以翻到第3頁，看到農業種植面積的增加。在播種面積的演變上，與去年相比，我們在四個國家的合計播種公頃數增加了4%。並可看到結構拆分：大豆50%、玉米27%、甘蔗9%。若翻到下一頁第4頁，則可看到價格走勢。今年大豆價格略有回升，但在巴西，若將基差與匯率一併考量，大豆的淨回升幅度接近於零。

So really, there is not a big effect of increasing prices in South America. It's a Chicago and South America combination. It's all we say it's almost flat to farmers in the region. And so the good part is mainly because of the yields that we are achieving. And we can move now to the next page. We had very good conditions on climate. In the wheat, we had more than 10% surpassing our budget. And we are expecting good yields in the soybean and corn. Soybeans in some countries is done. Brazil finished and was very close to budget, a 1% drop, so zero.

因此，南美並沒有明顯的漲價效應。這是芝加哥與南美的綜合結果。我們的說法是，對本區農民而言幾乎是持平。所以好的部分主要來自我們達成的單產。現在我們可以翻到下一頁。氣候條件非常好。小麥單產較我們的預算高出超過10%。我們也預期大豆與玉米會有良好單產。部分國家的大豆已收成完成。巴西已結束收成，與預算非常接近，僅下降1%，幾乎等於零。

And in Argentina, we are almost the same. So, this year is good in yields and in prices not big. There is in soybean is good, little less in other crops. So we have a good combination. The operational combination of the region is really very good in the highest size of our history. So we are going to see forecasting part of the balance sheet of the year. We are going to see a very good operational business mainly in Argentina. And here we can see that we finished harvest in Brazil. We finished harvest in Bolivia.

在阿根廷也幾乎相同。因此，今年單產表現好，而價格並沒有大幅上升。大豆表現較好，其他作物略差一些。所以我們有一個良好的組合。本區的營運組合確實非常好，且規模為我們歷史最大。因此我們將在年度資產負債表的預測部分看到，營運業務將非常強勁，主要在阿根廷。在此我們也可看到巴西已完成收割。玻利維亞也已完成收割。

In Argentina a few weeks ago was at seven. Now we are advancing a lot. We are going to finish in 15, 30 days. We are going to finish Argentina crop in soybeans. And the corn is the more delay that will need up to July, August to finish. But the conditions are good and have good and good conditions for next campaign too. Now in our autumn, we are recovering a lot of water on our in Argentina, mainly Argentina. So we are going to plant a lot of winter crops too. So operational business of agriculture, very positive.

阿根廷在幾週前進度約在七成。現在我們推進很多。我們將在15到30天內完成。阿根廷的大豆作物將完成收成。玉米較為延後，可能要到7月、8月才會完成。但條件良好，下一季作也有良好條件。現在在我們的秋季，阿根廷（主要是阿根廷）正在回補大量水分。因此我們也將種植大量冬季作物。所以農業營運業務非常正面。

If we move to the forecast here, we see we are forecasting an increase compared to last year of 22% in total crop production. So, from the 829,000 tons, we are forecasting a million tons, our record in production in our history, in the combination of the region, Argentina and the region. So, and in sugarcane too, here we are forecasting the sugarcane of 26.

若看這裡的預測，我們預估總作物產量較去年增加22%。也就是從82.9萬噸，預估提升到100萬噸，這將是我們歷史上、在阿根廷及本區組合下的產量新高。此外，在甘蔗方面，我們也在此預估2026年的甘蔗。

So, comparing to last year, that we have the damage that is showing on the balance sheet, and we are expecting a recovery of 12% in yields. So we are much higher in crops. And in sugarcane for the year. And we can see when we compare corn, we went from 550 to 593 in the soybeans, 260 to close to 90. This is the combination of first soybean, second soybean of the whole region. So, in the combination of the region, we had a very important increase. And we see 13% in Argentina, 5% in Brazil, 65% in Bolivia and Paraguay.

因此，與去年相比（去年受損情況反映在資產負債表上），我們預期單產回升12%。因此我們的作物產量將高出許多。甘蔗在今年亦是如此。我們可以看到，對比玉米，我們從550增加到593；大豆從260增加到接近90。這是全區第一季大豆與第二季大豆的合計。因此，在區域組合下，我們有非常顯著的增加。並且我們看到：阿根廷13%、巴西5%、玻利維亞與巴拉圭65%。

A big increase, we are going to normal 2.58 in Paraguay, 178 comparing to that year of last year in Paraguay. And in the corn, 8% combined in the three countries. Here we see 11% in Argentina, 4% in Brazil, 36% in Paraguay. So more normalized in the northern part of Argentina and in Paraguay in region two. So highest in volume. And a yield of the history.

大幅增加，我們在巴拉圭將回到正常水準 2.58，較巴拉圭去年同期增加 178。而在玉米方面，三個國家合計增加 8%。在這裡我們看到阿根廷 11%、巴西 4%、巴拉圭 36%。因此在阿根廷北部以及巴拉圭第二區域更趨於正常化。所以在量上是最高的。而且產量創下歷史紀錄。

If we move now to the next page, we can see the livestock activity in Argentina, the recovery of prices of Argentina that was at the bottom and went to the very high prices for the kilogram of beef. And we in Argentina, in the graph on the right part, we see there is not still a recovery of the inventory of the livestock of the country.

如果我們現在翻到下一頁，可以看到阿根廷的畜牧活動：阿根廷的價格從谷底回升，牛肉每公斤價格升至非常高的水準。而在右側圖表中，我們看到阿根廷全國的牲畜存欄量仍尚未恢復。

With these prices still, we'll be expecting a recovery, but still is not. So steel is going down to 51 million heads in Argentina and the prices are flying.

在這樣的價格之下，我們原本預期會出現復甦，但目前仍未發生。因此存欄仍在下降至阿根廷 5,100 萬頭，而價格則持續飆升。

And with those prices and achieving very high productivity, 10.7 million kilograms. So big production having not so big stock, but very efficient. We are expecting a very profitable year. Here we're putting the production forecast, but the margins are really incredible, the highest of the history of cattle business in Argentina. So here we are expanding our feedlot in Ertigre de la Campa. So we are increasing the volume of the cattle business in Argentina because of the combination of very good price and low price of the inputs of the mainly the grains. Making a very profitable activity, are comparable to agriculture. So today, and probably in the fourth quarter, we are going to show the expansion and the evolution of the cattle business that is making a much more comparable than in the past to the agriculture. So not even, but very comparable in margins. So, saying that, we can move now to page number eight and looking at what is happening in FIO.

在這些價格之下並達到非常高的生產力，達 1,070 萬公斤。因此在存欄不算大的情況下仍有很大的產量，但效率非常高。我們預期將是非常獲利的一年。這裡我們列出產量預測，但利潤率確實令人難以置信，為阿根廷畜牛業史上最高。因此我們正在 Ertigre de la Campa 擴建我們的育肥場（feedlot）。因此，由於價格非常好且投入成本（主要是穀物）價格偏低的組合，我們正在提高阿根廷畜牛業務的量。使其成為非常獲利的活動，可與農業相提並論。因此今天，以及可能在第四季，我們將展示畜牛業務的擴張與演進，使其在利潤上比過去更能與農業相比。雖然不完全相同，但在利潤率上非常接近。說到這裡，我們現在可以翻到第八頁，看看 FIO 的情況。

Our company service company, a commercial company, were close to down 51%. We are expecting to keep growing. The forecast was 7.61, but we think that Argentine crop will be keep growing and FIO will keep growing from this number two. So representing the big portion of Argentine volume through the trading volume. This company is servicing farmers in advising them, helping in capital, in all kind of. Inputs and outputs of the farmers and making an EBITDA of $35 million of the last four years. We are expecting to have a comparable number this year. So this company issued some notes during the period, $28 million.

我們的服務公司（商業公司）接近下滑 51%。我們預期將持續成長。原先預測是 7.61，但我們認為阿根廷作物將持續成長，而 FIO 也將從目前的數字繼續成長。因此透過交易量代表了阿根廷相當大的一部分量。這家公司為農民提供服務：提供建議、資金協助，以及各種。農民的投入與產出，並在過去四年創造了 3,500 萬美元的 EBITDA。我們預期今年也會有相近的數字。因此這家公司在期間內發行了一些票據，金額為 2,800 萬美元。

And with that, proceeds is not only doing the business in Argentina, inputs and outputs, we can here see the Bionghi is the Brazilian name. And this company is going to a half a million tons of volume in Brazil. So it's expanding globally in the South American region. So these companies keep growing in a very fast pace.

此外，所得款項不僅用於在阿根廷做投入與產出業務；我們在此也可看到 Bionghi（巴西名稱）。而這家公司在巴西的量將達到 50 萬噸。因此在南美地區正進行全球化擴張。因此這些公司持續以非常快的速度成長。

Saying that, I will now introduce to Matthias Jaiviroski to explain us about the investment in Ilsa and Presu Jones.

說到這裡，我現在請 Matthias Jaiviroski 來為我們說明對 Ilsa 與 Presu Jones 的投資。

Thank you, Alejandro. Good afternoon, everybody.

謝謝你，Alejandro。各位下午好。

So, when we move to page 9 about our investment in IRSA, remember that Cresud today controls 53.44% of IRSA, but after the exercise of the warrants on a fully diluted basis, we will have a 55%.

那麼，翻到第 9 頁談我們對 IRSA 的投資：請記得 Cresud 目前持有 IRSA 53.44%，但在認股權證行使、以完全稀釋基礎計算後，我們將持有 55%。

So IRSA during this nine-month period posted very good numbers with a net gain of 239.7 billion pesos.

因此 IRSA 在這九個月期間繳出非常好的數字，淨利為 2,397 億披索。

With all the lines growing in real terms against last year shopping malls increase in revenues and EBITDA the same in the office and the hotel portfolio the hotel the office portfolio is running at 100% occupancy and the hotels also we saw an improvement in rates and occupancy and in margins also years announced a new development of a new office building a joint just to. The Mercado Libre de Zeta building in Polo dot. So IRSA already signed an agreement with Mercado Libre that they will rent most part of the building.

各項業務線以實質（扣除通膨）計算皆較去年成長：購物中心營收與 EBITDA 增加；辦公室與飯店組合同樣如此。辦公室組合目前 100% 出租率，飯店方面我們也看到房價與入住率改善，利潤率也提升。此外，IRSA 宣布一項新的開發案：一棟新的辦公大樓，一個合資只是為了。位於 Polo dot 的 Mercado Libre de Zeta 大樓。因此 IRSA 已與 Mercado Libre 簽署協議，他們將承租該大樓的大部分面積。

And regarding Ramblas, the main project of FIRSA, we continue with the development and the commercialization of the different plot of lands. During the quarter, we signed two additional lots, so we already signed 15 lots plus two lots that we sold in cash.

至於 Ramblas（FIRSA 的主要專案），我們持續進行開發並推進不同地塊的銷售。本季我們又簽署了兩個額外地塊，因此目前已簽署 15 個地塊，另加兩個以現金售出的地塊。

As you can see in the graph, the evolution or the increase against last year on the rental segment was 3.5% in real terms.

如圖所示，租賃部門相較去年以實質計算的變化（或增幅）為 3.5%。

Going to the next page, so to understand the results. On our balance sheet, I have to understand the drivers on inflation and the evaluation of what is impacting in our numbers. As we have to adjust our balance sheet by inflation, while our revenues in most part of the business line in the agriculture. The business is more related to dollars. And in this nine-month period, we have an inflation that was 55% against the devaluation that was 15%. That generates a lot of distortions that I will try to explain, but many are related to that. If we probably post numbers or results in dollar terms, it will be completely different.

接著到下一頁，以便理解結果。在我們的資產負債表上，我必須理解通膨與匯率變動對我們數字的影響驅動因素。由於我們必須按通膨調整資產負債表，而我們的收入在多數業務線（尤其農業）中。業務更與美元相關。在這九個月期間，通膨為 55%，而匯率貶值為 15%。這造成許多扭曲，我會嘗試解釋，但很多都與此相關。如果我們以美元口徑揭露數字或結果，將會完全不同。

So, going to the next page, you can see that regarding the operational results on the business, we see a drop.

因此，翻到下一頁，你可以看到就業務的營運結果而言，我們看到下滑。

Basically, there are two drivers. The first one is related to farmland sales that, as Alejandro mentioned, during the last year, we sold significant assets. And this year, we only sold small portions and the. And we already signed one, but the result will be posted in the next quarter.

基本上有兩個驅動因素。第一個與農地出售有關：如 Alejandro 提到，去年我們出售了相當多的重要資產。而今年我們只出售了小部分，以及。我們已簽署一筆，但結果將在下一季入帳。

And then regarding the farming activity, we see a drop in grains. We have negative numbers in the balance sheet. Part is related, as I mentioned, we have to adjust all the costs for inflation and the income that we are estimating in part of the of the goods, we haven't finished the harvest. Also, we will see final results in the next quarter, but some are impacted by this effect on an estimation in prices and adjusting the cost by inflation.

接著就農作活動而言，我們看到穀物下滑。我們在資產負債表上出現負數。部分原因如我所述：我們必須將所有成本按通膨調整，而我們正在估計的收入中，有一部分來自。尚未完成收成的商品。此外，我們將在下一季看到最終結果，但其中一些受到此影響：在價格估計上，以及將成本按通膨調整。

So, when we split this result in between Brazil and Argentina, in Argentina, we have better results. In Brazil, although we have very good numbers in terms of yield, prices are lower than the previous year, so we are not posting a loss because of that.

因此，當我們把結果拆分為巴西與阿根廷時，在阿根廷我們的結果較好。在巴西，雖然就單產而言數字非常好，但價格低於去年，因此我們因此而未能呈現虧損。

Regarding the sugarcane, as Alejandro mentioned, during this period, we have an impact in yields. Because of weather conditions and also increasing costs of production. So, for that reason, we have this loss. And about the cattle segment as well, we have very good numbers in yields, very good numbers in price. So all the drivers are very positive.

至於甘蔗，如 Alejandro 提到，本期間我們的單產受到影響。原因是天候條件，以及生產成本上升。因此我們出現這項虧損。而在畜牛部門也是一樣，我們的單產數字非常好、價格數字也非常好。因此所有驅動因素都非常正面。

But when we express the numbers in pesos terms, we are not seeing the same. The same results that if we see these numbers in dollar terms. Going to the next page, also an important driver when you analyze this nine-month period for GRISSUD is the change in the fair value of investment properties.

但當我們以披索口徑來表達這些數字時，我們看到的就不一樣了。與我們以美元口徑來看這些數字時的結果並不相同。翻到下一頁，當你分析 GRISSUD 這九個月期間時，另一個重要的驅動因素是投資性不動產公允價值的變動。

Almost all of the results came from our investment in IRSA. IRSA has to value. Every quarter, the investment properties, the shoppings, the offices and land bank in fair value. And last year, because of the evolution of the inflation and the valuation, there was a drop during last year. And this year, we see a positive number because we reevaluated part of the mold portfolio in dollar terms.

幾乎所有的結果都來自我們對 IRSA 的投資。IRSA 必須進行估值。每一季都要以公允價值評價投資性不動產，包括購物中心、辦公室以及土地儲備。去年因通膨走勢與估值因素，全年出現下滑。而今年我們看到正數，因為我們以美元口徑重新評估了部分投資組合。

About the other important number came in the net financial results that we still see a positive number. It's basically related to the net effects result that since we have much lower devaluation than inflation that generates a positive number, this year 146.1. Billion pesos. About the net interest, we see an increase here compared with the previous year. We have a little more debt at IRSA level, at Brasilagro level, and in Grazuris is stable. But last year, the composition was a little we have some.

另一個重要數字來自淨金融結果，我們仍然看到正數。這基本上與淨貨幣調整效果有關：由於貶值幅度遠低於通膨，因而產生正向結果，今年為 1,461 億披索。就淨利息而言，與前一年相比我們看到增加。IRSA 層級與 Brasilagro 層級的負債略有增加，而 Grazuris 則維持穩定。但去年在組成上，我們有一些……

Of the debt in pesos term, and we value, when we adjust that by inflation, you have to segregate inflation from the interest rates. So for that reason, appears to be lower than what really is.

……以披索計價的負債；當我們按通膨調整時，必須把通膨因素與利率分開拆分。因此，表面上看起來會比實際情況更低。

So with all these drivers, we finished the nine-month period with a gain of 231.3 billion pesos attributable. To our controlling shareholders was 121.6 billion pesos compared with last year's 77.3 billion pesos.

在所有這些驅動因素之下，我們九個月期間的歸屬利益為 2,313 億披索的獲利。歸屬於本公司控股股東為 1,216 億披索，相較去年為 773 億披索。

If we move to the next page about our debt, the net debt remained stable, but was a very active quarter regarding our financial activity.

如果我們翻到下一頁談負債，淨負債維持穩定，但本季在財務活動方面非常活躍。

Taken advantage of market conditions, we decided to move forward and refinancing most part of the upcoming amortizations for this year and almost the next year. So, we issue $181.4 million in different transactions for four different tranches. With interest rate that goes from 475 to 725.

我們把握市場條件，決定提前推進再融資，涵蓋今年以及幾乎明年到期的大部分攤還。因此，我們透過四個不同分期、不同交易合計發行 1.814 億美元。利率介於 475 到 725。

So, with this, we extend the tenure of our debt and also reduce the interest payment for the future. And also, during the quarter, finally, there was the expiration of the warrants that we issued in 2021. So almost all the warrants were exercised.

藉此我們延長了債務期限，也降低了未來的利息支出。此外，本季我們在 2021 年發行的認股權證也終於到期。因此幾乎所有認股權證都已被行使。

Today, the total shares outstanding are 709 million shares and we haven't any more warrants outstanding.

目前流通在外股數為 7.09 億股，且已沒有任何未行使的認股權證。

So, with this, we finished the formal presentation. Now I'd like to open the line for any question that you may have.

以上即為正式簡報內容。接下來我想開放線路，回答各位可能有的問題。

We'll begin the Q&A session. If you have a question, please use the chat. We are going to take the questions in the order we receive them.

我們將開始問答環節。如有問題，請使用聊天功能。我們將依收到問題的順序進行回答。

Here we have the first question related to hectares that we own in Argentina, excluding Brasilagro, and just the owned land, not under concession. We have a farm in the north of Argentina that accounts for 132,000 hectares under concession.

這裡第一個問題與我們在阿根廷擁有的公頃數有關（不含 Brasilagro），且僅指自有土地，不包含特許經營下的土地。我們在阿根廷北部有一座農場，特許經營面積為 132,000 公頃。

And then we have some lease activity. I think the question is just for the owned land in Argentina, and how is the mix between crops and cattle?

另外我們也有一些租賃業務。我認為問題是針對阿根廷的自有土地，以及作物與畜牧的組合比例為何？

From the agriculture of Argentina, we can see in page number three, Argentina is close to 150,000 hectares. And from those is almost half and half, the own and the list.

就阿根廷的農業而言，我們在第 3 頁可以看到，阿根廷約接近 150,000 公頃。其中幾乎一半一半，為自有與租賃。

So that would be a good breakdown of 50/50 in Argentina. In Brazil is a little bigger, the list to the a little more, I would say 60/40, and in Bolivia and. It's almost owned and Paraguay is 100% owned, talking about agriculture to total. So, in Argentina, it's close to a 50-50, from the 150, 75-75, almost that.

因此在阿根廷大致可拆分為 50/50。在巴西則租賃比重稍高一些，我會說大約 60/40；而在玻利維亞……幾乎都是自有；巴拉圭則是 100% 自有，這裡談的是農業總面積。所以在阿根廷，約 150,000 公頃中接近 50-50，大概就是 75-75 這樣。

Thank you, Alejandro.

謝謝你，Alejandro。

A question regarding from BTG regarding land values. In Argentina, you mentioned recovering land values in the country and a stronger interest in your assets. Can you give us a sense of the pipeline of land sales. Heading into the fourth quarter or next fiscal year?

BTG 有一個關於土地價值的問題。在阿根廷，你提到國內土地價值正在回升，且市場對你們資產的興趣更強。你能否讓我們了解一下土地出售的案源（pipeline）？展望第四季或下一個會計年度？

In general, we don't speak about things that are not ready and not done.

一般而言，對於尚未準備好、尚未完成的事情，我們不會對外談論。

But in Argentina, there is a big increase on the land.

但在阿根廷，土地價格確實大幅上升。

You know that from 2013, Argentina is connected to the world, mainly because of the two big effects, taxes on exports and gap on the dollars. In the combination of the two.

你知道，自 2013 年起，阿根廷與世界市場脫節，主要是因為兩個重大因素：出口稅以及美元匯率的價差。這兩者的組合。

A recovery of the price of the land of the world came, but not to Argentina. Now, in the world, there is an adjustment on the price of the land. I would speak about a small decrease in the American United States prices, a bigger decrease in Brazilian, but a recovery in Argentina because of the disconnection of 2013. So, at the same time, the price of the land is decreasing a 5, 10 or more in Brazil that it's suffering a lot.

全球土地價格曾出現一波回升，但阿根廷沒有跟上。現在全球土地價格正在調整。我會說美國價格小幅下跌、巴西下跌幅度更大，但阿根廷因 2013 年的脫節而出現回升。因此同一時間，巴西因承受很大壓力，土地價格下跌 5%、10% 或更多。

In Argentina, there is an increase. And if we talk about sources on the price of the land, they talk about the convert of Argentina moving from the $13,000, $14,000 to the 50% increase, I would say, in the convert of Argentina.

而在阿根廷，則是上升。如果我們談土地價格的資訊來源，他們提到阿根廷核心區（convert）的價格，從 13,000、14,000 美元上移，約有 50% 的增幅，我會這麼說，在阿根廷核心區。

And transactions and liquidity is increasing.

而交易與流動性正在增加。

Many investors from abroad and from Argentina are deciding to go to the asset that is very discount. So there were no transactions the first nine months. We expect the last quarter and there are some other transactions under discussion. So I'm very optimistic on the liquidity on the real estate business of Cresud. Not having the first nine months, but I'm very optimistic. In Argentina and in Brazil, there are some regions that they are very.

許多海外與阿根廷本地投資人正決定投入這類折價很深的資產。因此前九個月沒有交易。我們預期最後一季會有，且還有一些其他交易正在討論中。所以我對 Cresud 不動產業務的流動性非常樂觀。雖然前九個月沒有，但我非常樂觀。在阿根廷與巴西，有一些地區也非常……

Now that they are very big on the radar mainly because of the irrigation projects so a very big interest in Bahia region so I'm expecting for the next three quarters many transactions on the real estate, so we had very good nine months of the production now I I think real estate is bringing back and. Some probably purchased in Brazil in some more areas that they were more damaged in prices that Cresud Brasilago is going to buy.

……目前非常受到關注，主要因為灌溉專案；例如巴伊亞（Bahia）地區的興趣非常大，因此我預期未來三個季度不動產方面會有許多交易。我們前九個月的生產表現非常好，現在我認為不動產正在回溫，而且……在巴西某些價格受創較大的區域，Cresud Brasilagro 可能也會在更多地區進行收購。

Thank you. There are some questions regarding stakes and the different subsidiaries of Cresud. I will try to answer them summarizing.

謝謝。有一些問題是關於 Cresud 的持股以及不同子公司。我會嘗試用摘要方式回答。

There are questions regarding the warrants exercise of Cresud in IRSA. Currently, the stake is 53%. But after the fully exercise in the last window that is coming in the next week, it's going to go to levels of 55% stake. And then regarding Brasilagro, the current stake is 35%. And Apothecario, that is another question, is Anderirza. Andirza owns 29% of the bank.

關於 Cresud 在 IRSA 的認股權證行使，有一些問題。目前持股為 53%。但在下週即將到來的最後一個窗口完成全數行使後，持股將提升至約 55%。另外，關於 Brasilagro，目前持股為 35%。至於 Apothecario，另一個問題是 Anderirza。Andirza 持有該銀行 29% 的股權。

I think I answered different questions related to the stake of CRESUD in different subsidiaries.

我想我已回答了與 CRESUD 在不同子公司持股相關的不同問題。

And there is a question here related to the general outlook, the political situation and elections coming, and also the free trade agreements that Argentina is negotiating with the US and Mercosur with the way Europe, it will help and will boost the sector.

這裡還有一個問題與整體展望、政治情勢與即將到來的選舉有關，另外也提到阿根廷正在與美國談判的自由貿易協定，以及 Mercosur 與歐洲的談判方式；這些將有助於並帶動該產業。

Yes, I think macroeconomically speaking, Argentina is making a very good job.

是的，我認為從總體經濟角度來看，阿根廷做得非常好。

Between the taxes reduction that began. Began, not was done, a promise of the government that we'll keep doing. We went from the 33% to the 24% in soybeans at 20% decrease, but the gaps on the dollars was dramatic. It's close to zero or one or 2%, but it's coming from 100% or 170%, it's close to zero.

包括已開始的減稅。是開始了，而不是已完成；政府承諾會持續推進。我們在大豆方面從 33% 降到 24%，等於下降 20%，但美元價差的縮小更是劇烈。現在接近 0%、1% 或 2%，而之前是 100% 或 170%，如今已接近於零。

So the sector is spending very good time with the promise of keep reducing taxes and. The government, I think, carefully is not giving that before the raising the activity or raising the amount of taxes through other things. So I think, and the farmers are waiting patiently without a problem. So from other side, the government signed with US and signed with the European Union to trade agreements that help mainly in the cattle business. Increasing from 20,000 to 100,000 in the two cases, volumes increasing 80,000 tons of volumes with no taxes that will support a lot of the activity for the cattle and helping all the mission of agriculture for the country. So this government understand the importance and is reducing on time. So yes.

因此，在承諾持續減稅的情況下，這個產業正處於非常好的時期。我認為政府很謹慎，不會在活動量提升或透過其他方式增加稅收之前就先把這些（措施）全部給出去。所以我認為農民也在耐心等待，沒有問題。另一方面，政府與美國簽署、也與歐盟簽署了貿易協定，主要有利於牛肉業務。兩個協定的配額都從 20,000 增加到 100,000，等於增加 80,000 噸的量，且免稅，將大力支持牛隻相關活動，並有助於國家整體農業使命。因此，這個政府理解其重要性，並且適時地在降低（負擔）。所以，是的。

Many good measures, and China increased the volumes of Argentina from 400,000 is going to 500,000 tons. So all of the measures and rules that are coming to farmers are good. So yes, I think Argentina is connecting to the normal volume of the world and the normalization of the activity to the rest of the players. Like United States, Brazil, Australia, or other exporters of agriculture.

很多好的措施，而且中國也把阿根廷的量從 400,000 提高到 500,000 噸。因此，所有即將推出、影響農民的措施與規則都是正面的。所以是的，我認為阿根廷正在與全球的正常量接軌，並使其活動正常化，與其他參與者一致。例如美國、巴西、澳洲或其他農產品出口國。

There is, I think, one more here related to AgroFi, if you can give some color on the performance of the company.

我想這裡還有一個與 AgroFi 相關的問題，能否提供一些該公司表現的補充說明。

AgroFi is a company that Cresud owns close to 17% of the shares. It's not the controller.

AgroFi 是 Cresud 持有接近 17% 股份的一家公司。我們不是控股方。

It's a company that began through many investors, big investors of the world, and it's a marketplace. For agriculture. This company was made in many rounds.

這家公司由許多投資人、全球大型投資人共同發起，是一個市場平台。用於農業。這家公司經歷了多輪融資。

Finally, a year and a half ago, did the last round of $2.4 million.

最後在一年半前完成了最後一輪 240 萬美元的融資。

Now we are putting the last $400,000 of this round. And the company, it's very close to break even. After many reorganization, this company grew a lot through capital issues, but finally understood that needs to be. At the smaller size of headcount, today is a company of 35 employees, very close to breakeven. We are now spending $100,000 per month, and we expect in three months to be breakeven. So, this company is one of the survivors on the digitalization world of agriculture, still with a challenge. It's not positive as CEO is, making a $20-25 million EBITDA, but AgroFi is surviving and the investors are supporting the strategy and the company is doing a very good job in this environment that they are not selling as much as we expected in the past. But if we survive and we keep organically using the AI, this company has a lot of AI applied. So we expect this company to be one of the players helping farmers to reduce costs. And comparing to other companies. So we are optimistic that past the worst part of the wave and it's close to breakeven. And after breakeven will be much different story.

現在我們正在投入該輪最後的 40 萬美元。而公司已非常接近損益兩平。在多次重整之後，公司曾透過增資大幅成長，但最終理解到需要。將人力規模縮小；目前公司有 35 名員工，已非常接近損益兩平。我們目前每月支出 10 萬美元，預期三個月內可達到損益兩平。因此，這家公司是農業數位化世界中的倖存者之一，仍面臨挑戰。它不像 CEO 所說的那樣正面、能做到 2,000–2,500 萬美元 EBITDA，但 AgroFi 正在存活，投資人也在支持其策略；在這個環境下，公司做得很好，雖然他們的銷售不如我們過去預期。但只要我們能存活並持續以 AI 進行有機成長，這家公司已導入大量 AI 應用。因此我們預期它將成為協助農民降低成本的參與者之一。並且相較於其他公司。所以我們樂觀認為最糟的波段已經過去，且已接近損益兩平。而在達到損益兩平之後，故事將會大不相同。

I think we covered all the questions. I'll give you second more for any additional questions that you may have.

我想我們已涵蓋所有問題。我再給各位一點時間，看看是否還有其他補充問題。

Okay, if there are no more questions, we can conclude the presentation, the Q&A, and I turn back to Alejandro just for his final notes.

好的，如果沒有更多問題，我們就可以結束簡報與問答，我把時間交回 Alejandro，請他做最後的補充說明。

We have only one quarter left on the balance sheet. We have a good combination of factors for in the very tough situation for many parts of the world in agriculture, our company having the three legs. Of real estate operation and servicing. It's a very well positioned, not big in debt and rotating the portfolio receivables of funds in the case of Brazil. So, we are in a very good condition to take advantage of these opportunities that are appearing. So just to thank you and let's finish our next quarter, the balance sheet of the year.

資產負債表上只剩下一個季度。在全球許多地區農業面臨非常艱難情況之際，我們公司具備三大支柱，形成良好的組合因素。包括不動產營運與服務。我們的定位非常好，負債不高，並且在巴西的情況下，持續輪轉投資組合的應收款與資金。因此，我們處於非常良好的狀態，可以把握正在出現的這些機會。所以僅此感謝各位，讓我們在下一季完成本年度的資產負債表。

Thank you very much and have a very good day.

非常感謝，祝各位有美好的一天。