IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q1 FY2025 Earnings Presentation
19 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Nov 7, 2024
Slide 1: IQ 2025 Conference Call
IQ 2025 Conference Call November 7, 2024 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IQ 25 and Subsequent
1 IQ 25 RENTAL ADJUSTED EBITDA OF ARS 46,910 MM -8.8% vs. IQ 24, mainly driven by Hotels segment due to lower FX competitiveness IQ 25 NET LOSS OF ARS 109,035 MM 2 Mainly explained by the impact of inflation exposure on FV of Investment Properties Main Events for 3 MALLS’ TENANT SALES SLIGHT RECOVER
Slide 3: Shopping Malls Operating Figures
Shopping Malls Operating Figures Stock (GLA: Sqm) & Occupancy Tenants Real Sales (ARS MM) 98.0% Quarterly i.a. variation 96.8% 92.8% 93.7% +10.1% +8.0% -18.5% -19.3% -12.1% 89.6% 808,283 336,884 336,240 692,693 +7.0% IQ 21 335,641 IQ 22 IQ 23 IQ 24 IQ 25 334,737 609,121 569,140 333,345 464,740 IQ 21
Slide 4: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 i.a. ∆ & Subsequent 97.9% Office Sales 95.5% 113,451 92.8% 92.8% 88.5% 93,144 82,708 200 Della Paolera IQ 21 IQ 22 IQ 23 IQ 24 IQ 25 2 Floors 1 Floor 26.1 61,742 25.7 25.7 59,271 ~58,000 25.4 25.1 IQ 21 IQ
Slide 5: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.9% 54.8% 50.4% 10.9% 66.4% 0.8% 62.7% 116 142 135 94 84 55.1% IQ 21 IQ 22 IQ 23 IQ 24 IQ 25 COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 21.0% 82.6% 75.4% 67.0% 267 256 0.6%
Slide 6: Latest Real Estate Acquisition
Latest Real Estate Acquisition Alto Avellaneda Adjoining Property (Buenos Aires Province) ACQUIRED PROPERTY Purchase price 86,861 sqm of total area 12.2 (in USD million) ALTO AVELLANEDA SHOPPING MALL 32,660 Built sqm The Shopping Mall of South Greater BA Ranking of Alto Avellaneda within our portfol
Slide 7: Launch of Ramblas Del Plata Project
Launch of “Ramblas Del Plata” Project Ramblas del Plata Former “Costa Urbana” 866,806 Buildable sqm +6,000 Development Status New houses • Hired the Construction Management Team • Infrastructure Construction Stage 1 Bidding: In Process The first stage includes the public park and the central bay are
Slide 8: BA Residential Real Estate boosted by mortgages and tax amnesty
BA Residential Real Estate boosted by mortgages and tax amnesty Deeds Evolution in Buenos Aires City Credit Deeds in Buenos Aires City (%) Capital Controls UVA’s 2018 Capital Controls Lauch Devaluation 50% 48% 45% 7862,0 40% Deeds 35% 30% 5157,0 25% 20% 15% 14% 10% 5% 3% 0% Jan-18 Jan-23 Nov-18 Apr-
Slide 9: Launch of Other Residential Projects for the Upcoming Years
Launch of Other Residential Projects for the Upcoming Years • November 24: Commercial launch at Casa FOA, Buenos Aires' premier annual design and architecture exhibition. • Units already reserved. Del Plata building 35,000 720 Nexo Dot Housing 20,000 7,000 Downtown BA Saleable sqm Apartments BA Nort
Slide 10: Financial Results
IRSA Financial Results seroma acres an ea re
Slide 11: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 971 6% 1.348 912 1.214 -10% FY25 FY25 FY24 789 64% FY24 Inflation Index Evolution 483 350 36% 257 7.122 12% 6.352 Beginning IQ Beginning IQ FY25 Real Official FX Evolution Real MEP FX Evolution FY24 2.305 35% 1.710 FY25
Slide 12: IQ 25 – Operating Results By Segment
IQ 25 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others -10.9% IQ 25 IQ 24 Var 52,621 975 46,910 6,521 -59.3% Shopping 2,654 79.4% 77.7% +1.7 bps 3,963 3,298 Malls -16.8% Rental EBITDA Offices 80.4% 81.0% -0.6 bp
Slide 13: IQ 25 – Consolidated Operating Results
IQ 25 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties -35.8% -171.3% 316,084 59,058 37,915 -225,499 IQ 24 IQ 25 IQ 24 IQ 25 13
Slide 14: IQ 25 – Consolidated Financial Results
IQ 25 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 15,014 250,538 55,373 12,477 75,326 1,261 238,061 -4,397 -19,953 IQ 24 IQ 25 -128,318 Main Effects IQ 24 IQ 25 Var -105,646 Net FX Result -12,384 14,324 26,708 -3,389 Inflation Adjustment 20,116 4,245
Slide 15: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Shopping Malls Office Buildings Hotels +23.7% -0.7% 167 163 162 15 20 17 131 14 12 13 12 115 26 95 18 9 28 139 130 133 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 FY24 IQ25 LTM C OV I D - 1 9 15
Slide 16: Debt Amortization Schedule
Debt Amortization Schedule As of September 30, 2024 (In USD Million) Amortization Schedule as of Oct-24 Gross Debt 379.4 170 Net Debt* 297.4 *After dividend Debt Ratios 104.4 127.0 Net Debt/Rental 1.82x 64.0 EBITDA 49.5 Series 51.1 15.8 XXII Series LTV 14.3% Banking 48.2 XXIII Debt 43 - Coverage Rat
Slide 17: Dividend Distribution
Dividend Distribution Cash dividend approved on Oct-28, 2024 Dividends Evolution (In USD CCL Million) Nov-24 Cash Dividend Amount ARS 90,000 MM ~117.0 Per ordinary share ARS 126.1171 49.6 (may-24) ~77.6 Per GDS ARS 1,261.1713 64,0 Dividend yield ~8% 49.8 (may-23) 67.4 (oct-23) Payment Date* November
Slide 18: Shares Repurchase Program
Shares Repurchase Program Period From July to Sep 2024 Number of shares repurchased 11,541,885 ordinary shares Investment ARS 14,989 million (~USD OF. 16.0 million) Average price paid ARS 1,299 per share (~USD 9.94 per GDS) % of Share Capital ~ 1.56% Share Price Evolution (ARS) GDS Price Evolution (
Slide 19: Contact Information
Eduardo Elsztain Matias Gaivironsky Santiago Donato NYSE Symbol: IRS | BYMA Symbol: IRSA Chairman & CEO CFO Head of IR & ESG Contact Corporate Offices Della Paolera 261 9th floor, Independent Auditors PricewaterhouseCoopers Argentina Information Tel +(54 11) 4323 7400 Fax +(54 11) 4323 7480 C1001ADA
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