EXHIBIT 8.1
LIST OF SUBSIDIARIES
The following table lists our subsidiaries and their jurisdiction of incorporation as of June 30, 2026:
Agricultural Business
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| % of ownership interest held by the Group |
| |
| Name of the entity |
| Country |
| Principal activity |
| 06.30.2026 |
| |
| Cresud’s direct equity interest in: |
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|
| |
| BrasilAgro (1) (2) |
| Brazil |
| Agricultural |
|
| 35.22 | % |
| Futuros y Opciones.Com S.A. (3) |
| Argentina |
| Brokerage |
|
| 51.21 | % |
| Helmir S.A. |
| Uruguay |
| Investment |
|
| 100.00 | % |
| IRSA |
| Argentina |
| Real estate |
|
| 55.14 | % |
| JOFSHI S.A.U. |
| Argentina |
| Investment |
|
| 100.00 | % |
| Brasilagro’s direct equity interest in: |
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| Araucária Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Cajueiro Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Ceibo Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Cremaq Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Flamboyant Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Jaborandi Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Jaborandi Propriedades Agrícolas S.A. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Mogno Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Palmeiras S.A. |
| Paraguay |
| Agricultural |
|
| 100.00 | % |
| Agrifirma Agro Ltda. |
| Brazil |
| Agricultural |
|
| 100.00 | % |
| Agropecuaria Acres del Sud S.A. |
| Bolivia |
| Agricultural |
|
| 100.00 | % |
| Ombú Agropecuaria S.A. |
| Bolivia |
| Agricultural |
|
| 100.00 | % |
| Yuchán Agropecuaria S.A. |
| Bolivia |
| Agricultural |
|
| 100.00 | % |
| Futuros y Opciones.Com. S.A.’s direct equity interest in: |
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|
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| Amauta Agro S.A. (4) |
| Argentina |
| Agricultural |
|
| 98.25 | % |
| FyO Acopio S.A. (4) |
| Argentina |
| Grain warehousing and brokerage |
|
| 98.25 | % |
| FyO Chile SPA |
| Chile |
| Brokerage |
|
| 100.00 | % |
| Helmir S.A.’s direct equity interest in: |
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| FyO Holding S.A. |
| Uruguay |
| Investment |
|
| 50.10 | % |
| (1) | The Group exercises “de facto control” over BrasilAgro as a result of (i) the percentage and concentration of voting rights of the Group, and the absence of other shareholders with significant voting rights, (ii) the absence of a voting agreement among the other shareholders to vote together as a group, and (iii) the record of attendance to Shareholders’ Meetings and the record of votes casted by the other shareholders; the Group’s effective control to direct BrasilAgro’s relevant activities has been exercised through its seat in the Board of Directors. See Note 7 for further information regarding to BrasilAgro. |
| (2) | Includes interest indirectly held through Helmir. |
| (3) | As of June 30, 2026 the Group owns 51.75% of the common shares of Futuros y Opciones S.A (FyO). The preferred shares held by FyO management have only economic rights, the voting rights are held by common shareholders. |
| (4) | Includes direct participation of Cresud. |
| 1 |
Urban Properties and Investments Business
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| % of ownership interest held by the Group |
| |||
| Name of the entity |
| Country |
| Principal activity |
| 06.30.2026 |
| |
| IRSA’s direct interest: |
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| |
| E-Commerce Latina S.A. |
| Argentina |
| Investment |
|
| 100.00 | % |
| Inversora Bolívar S.A. |
| Argentina |
| Investment |
|
| 100.00 | % |
| Llao Llao Resorts S.A. (1) |
| Argentina |
| Hotel |
|
| 50.00 | % |
| Nuevas Fronteras S.A. |
| Argentina |
| Hotel |
|
| 76.34 | % |
| Ritelco S.A.U. |
| Argentina |
| Investment |
|
| 100.00 | % |
| Tyrus S.A. |
| Uruguay |
| Investment |
|
| 100.00 | % |
| Arcos del Gourmet S.A. |
| Argentina |
| Real estate |
|
| 90.00 | % |
| Emprendimiento Recoleta S.A. (in liquidation) |
| Argentina |
| Real estate |
|
| 53.68 | % |
| Fibesa S.A.U. |
| Argentina |
| Real estate |
|
| 100.00 | % |
| Panamerican Mall S.A. |
| Argentina |
| Real estate |
|
| 80.00 | % |
| Shopping Neuquén S.A. |
| Argentina |
| Real estate |
|
| 99.95 | % |
| Torodur S.A. |
| Uruguay |
| Investment |
|
| 100.00 | % |
| EHSA |
| Argentina |
| Investment |
|
| 70.00 | % |
| SHEFA INVESTMENTS S.A. |
| Argentina |
| Design and software development |
|
| 89.44 | % |
| Shefa Fiduciaria S.A.U. |
| Argentina |
| Trustee company |
|
| 100.00 | % |
| Fideicomiso Shefa V.C. |
| Argentina |
| Investment |
|
| 100.00 | % |
| LOS GALLEGOS, Martínez Navarro y Cía. S.A. |
| Argentina |
| Real estate |
|
| 100.00 | % |
| TIENDA LOS GALLEGOS S.A. |
| Argentina |
| Real estate |
|
| 100.00 | % |
| E-Commerce Latina S.A.’s direct interest: |
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| Hoteles Argentinos S.A.U. |
| Argentina |
| Hotel |
|
| 100.00 | % |
| Palermo Invest S.A. (2) |
| Argentina |
| Investment |
|
| 100.00 | % |
| Tyrus S.A.’s direct interest: |
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| DFL and DN BV |
| Bermuda’s / Netherlands |
| Investment |
|
| 99.65 | % |
| Shefa Holding LLC |
| USA |
| Investment |
|
| 100.00 | % |
| IRSA International LLC |
| USA |
| Investment |
|
| 100.00 | % |
| Liveck Ltd. (3) |
| British Virgin Islands |
| Investment |
|
| 100.00 | % |
| Real Estate Strategies LLC |
| USA |
| Investment |
|
| 100.00 | % |
| DFL’s and DN BV’s direct interest: |
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| Dolphin IL Investment Ltd. |
| Israel |
| Investment |
|
| 100.00 | % |
| (1) | The Group has consolidated the investment in Llao Llao Resorts S.A. considering its equity interest and a shareholder agreement that confers its majority of votes in the decision-making process. |
| (2) | Includes E-Commerce Latina S.A.’s and IRSA’s equity interests. |
| (3) | Includes Tyrus’s and IRSA’s equity interests. |
| 2 |