Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

Santiago Donato
Investor Relations Officer

Good afternoon, everyone. I’m Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the fiscal year 2025 Results Conference Call.

First of all, I would like to remind you that both audio and slide show 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. After management remarks, there will be a question-and-answer session for analysts and investors. [Operator Instructions]

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. 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. Alejandro Elsztain, CEO.

Alejandro Elsztain
Second Vice Chairman, CEO, & GM

Good afternoon, everybody. We are finishing our fiscal year 2025. And if we begin in Page #2 we can see the 7 main highlights of the year related to agriculture.

2025 was a very big campaign in size and the combination of leasing and owning land that it’s not very big in the comparison. It’s close to the 50-50 or a little bigger than 50-50 in leasing comparing to own, but larger in our history, expecting to have a larger next year because the leasing conditions of