IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q1 FY2026 Earnings Presentation
19 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Nov 6, 2025
Slide 1: IQ 2026 Conference Call
IQ 2026 Conference Call November 6, 2025 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IQ 26 and Subsequent
1 IQ 26 NET GAIN OF ARS 163,438 MM vs. Loss of ARS 143,662 MM in IQ 25, mainly driven by a gain from FV of Investment Prop. GROWTH IN MALLS’ REVENUES & OCCUPANCY 2 Despite a decline in tenant sales (-7% vs. 1Q25) Main Events for 3 “AL OESTE” SHOPPING MALL ACQUISITION FOR USD 9M 20,000 sqm of GLA + 1
Slide 3: Shopping Malls Operating Figures
Shopping Malls Operating Figures Stock (GLA: Sqm) & Occupancy Tenants Real Sales (ARS MM) 98.0% 96.8% 97.8%* Quarterly i.a. variation 93.7% 89.6% -12.1% -8.5% +13.4% +3.2% -7.0% Terrazas de Mayo ~33,700 GLA sqm IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 acquired in Dec-24 919,706 370,801 +2.2% 802,565 730,318 74
Slide 4: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A* FY 25 100% 100% 100% 99.6% Office Sales 97.9% 113,451 200 Della Paolera 82,708 1 Floor IQ 25 IIQ 25 IIIQ 25 IVQ 25 IQ 26 61,742 59,271 25.5 58,074 25.2 25.3 25.2 25.1 IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 IQ 25 II
Slide 5: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.9% 60.3% 54.8% 50.4% 66.4% 62.7% 58.0% 55.1% 10.9% 119 142 135 136 84 IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 COVID-19 21.0% Llao Llao: Rate & Occupancy (USD/room & %) 82.6% 75.4% 67.0% 267
Slide 6: Acquisition of our 17th Shopping Mall
Acquisition of our 17 th Shopping Mall “Al Oeste Shopping” (Buenos Aires Province) Purchase price 32,000 GLA sqm 9 (USD MM) 46 Stores • 50% already paid 1,075 Parking spaces • 50% In 4 annual installments Value creation opportunity USD 7 MM through its planned conversion into an Estimated CAPEX outl
Slide 7: Development of Distrito Diagonal Shopping Mall
Development of “Distrito Diagonal” Shopping Mall “Distrito Diagonal” (La Plata City) 22,000 GLA sqm USD 42 MM Estimated Investment IVQ 2027 Estimated opening The first large-scale shopping center in La Plata, Buenos Aires one of the most populated cities in Argentina Al Oeste Shopping Projected GLA
Slide 8: Subsequent Real Estate Activity
Subsequent Real Estate Activity Property Acquisition – Oct 2025 (BA City) Uruguay - Distrito Calcagno – Barter Agreement 1 plot swapped (oct-25): USD 9.3 MM 8,856 17,000 Land plot sqm Built sqm First time edition of Casa FOA – well known design and Buenos Aires USD 6.8 MM architectural exhibition –
Slide 9: Ramblas del Plata: IRSA's Most Ambitious Project in BA City
Ramblas del Plata: IRSA’s Most Ambitious Project in BA City Premium Location South Puerto Madero Commercialization progress 870,000 Buildable sqm 693,000 Saleable sqm Mixed-uses Potential 9
Slide 10: Ramblas del Plata: Infrastructure Construction Works in Progress
Ramblas del Plata: Infraestructure Construction Works in Progress • Kicked off core infrastructure works • Advancing road and stormwater systems • Planting the native buffer landscape • Completing the central bay structure • Starting bay conditioning 10 10
Slide 11: IRSA Financial Results
IRSA Financial Results nee ot acres i me
Slide 12: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 1.380 15% 1.503 1.205 24% FY26 FY26 1.348 FY25 FY25 -10% 1.209 1.214 971 Inflation Index Evolution 912 6% 9.384 6% 8.856 Beginning IQ Beginning IQ FY26 Real Official FX Evolution 7.122 Real MEP FX Evolution FY25 12% 6.35
Slide 13: IQ 26 – Operating Results By Segment
IQ 26 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others IQ 26 IQ 25 Var -7.5% 61,807 57,148 -22.1% 2,725 Shopping 3,497 5,050 77.6% 79.4% -1.8 bps 4,345 Malls +16.2% Rental EBITDA Offices 83.0% 80.4% +2.6 bps +4.
Slide 14: IQ 26 – Consolidated Operating Results
IQ 26 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties +8.8% 219,935 54,337 49,955 IQ 25 IQ 26 -297,111 IQ 25 IQ 26 14
Slide 15: IQ 26 – Consolidated Financial Results
IQ 26 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 19,782 72,958 163,438 9,592 99,248 153,846 -23,954 IQ 25 IQ 26 -26,290 -25,022 Main Effects IQ 25 IQ 26 Var -139,197 -57,931 Net FX Result 18,874 -29,125 -47,999 FV Of Financial -4,465 Assets & Liabil
Slide 16: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Shopping Malls Office Buildings Hotels 188 7 162 167 163 13 2 15 19 20 131 14 13 12 115 26 8 95 18 9 169 141 28 139 130 51 44 24 93 0 89 58 25 45 19 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 IQ26 C OV I D - 1 9 16
Slide 17: Debt Profile – September 30, 2025
Debt Profile – September 30, 2025 – USD million Debt Profile Amortization Schedule Gross Debt 498.5 99.9 Net Debt* 308.0 96.9 96.9 Debt Ratios 67.1 Net Debt*/Rental 1.6x 51.5 EBITDA 46.8 39.5 LTV 8.9% Coverage Ratio 11.2x Banking 2.7 *After dividend Debt FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY
Slide 18: Dividend Distribution
Dividend Distribution Cash dividend approved on Oct-30, 2025 Dividends Evolution (In USD CCL Million) Nov-25 Cash Dividend Amount ARS 173,788 MM 117.0 ~116 Per ordinary share ARS 224,8411 49.6 (may-24) 77.6 Per GDS ARS 2,248.411 Dividend yield 10% 67.4 (oct-23) Payment Date* November 4th, 2025 *Stil
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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