Company: CRESW
Filing Date: 2025-10-24
Form Type: 20-F
Source: 0001654954-25-012195
Chunk: 123

Company: CRESUD INC
Filing Date: 2025-10-24
Form: 20-F
Item: Item 3
Chunk 123
---
 practices and decisions related to climate change, social and environmental matters, or to the practices or involvement of our client vendors or suppliers, in certain industries or projects associated with causing or exacerbating climate change.                                                                                                                                                                              

Initiatives to mitigate or respond to climate change may impact market and asset prices, economic activity, and customer behavior, particularly in emissions intensive industry sectors and geographies affected by these changes. Any of the conditions described above, or failure to effectively manage and disclose these risks could adversely affect IRSA’s business, prospects, reputation, financial performance or financial condition.

41

The recurrence of a credit crisis could have a negative impact on IRSA’s major customers, which in turn could materially adversely affect IRSA’s results of operations and liquidity.

Argentina is undergoing a credit crisis that could negatively impact IRSA’s tenants’ ability to comply with their lease obligations. The impact of a future credit crisis on IRSA’s major tenants cannot be predicted and may be quite severe. A disruption in the ability of IRSA’s significant tenants to access liquidity could pose serious disruptions or an overall deterioration of their businesses, which could lead to a significant reduction in future orders of their products and their inability or failure to comply with their obligations, any of which could have a material adverse effect on our results of operations and liquidity.

IRSA is subject to risks inherent to the operation of office buildings that may affect IRSA’s profitability.

Office buildings are exposed to various factors that may affect their development, administration and profitability, including the following factors:

·                                                    lower demand for office space as a consequence of the implementation of hybrid and home office work;                                                 
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
·   a deterioration in the financial condition of our tenants that causes defaults under leases due to lack of liquidity, access to capital or for other reasons;                                         
·   difficulties or delays renewing leases or re-leasing space;                                                                                                                                           
·   decreases in rents as a result of oversupply, particularly offerings at newer or re-developed properties;                                                                                             
·   competition from developers, owners and operators of office properties and other commercial real estate, including sublease space available from our tenants;                                         
·   maintenance, repair and renovation costs incurred to maintain the competitiveness of our office buildings;                                                                                            
·   exchange controls that may interfere with their ability to pay rents that generally are pegged to the U.S. dollar;                                                                                    
·   the consequences of a pandemic, epidemic or disease outbreak that would produce lower demand for offices spaces; and                                                                                  
·   an increase in our operating costs