IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q3 2025 Earnings Presentation
19 slides from IRSA Inversiones y Representaciones SA's earnings presentation, May 7, 2025
Slide 1: IIIQ 2025 Conference Call
IIIQ 2025 Conference Call May 7, 2025 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IIIQ 25 and Subsequent
1 9M 25 NET GAIN OF ARS 35,063 MM Compared to a loss of ARS 174,216 MM on 9M 24 STRONG RECOVERY IN MALLS: TENANT SALES GROWTH 2 +13.4% in IIIQ25 compared to IIIQ24 (-4.6% in the 9M period). Main Events for 3 PREMIUM OFFICE OCCUPANCY STOOD AT 100% IIIQ 25 and Subsequent 4 HOTELS’ REVENUES & OCCUPANCY
Slide 3: Shopping Malls Operating Figures
Shopping Malls Operating Figures Stock (GLA: Sqm) Tenants Real Sales (ARS MM) Terrazas de Mayo Quarterly i.a. variation 33,700 GLA sqm acquired in Dec-24 -18.5% -19.3% -12.1% -8.5% +13.4% +10.5% 371,186 867,544 335,893 335,690 335,893 335,866 714,409 667,514 618,333 545,069 IIIQ 21 IIIQ 22 IIIQ 23 I
Slide 4: Shopping Malls Adj. EBITDA & Occupancy Evolution 2015-2025
Shopping Malls Adj. EBITDA & Occupancy Evolution 2015 -2025 USD MM COVID CRISIS Occupancy 99,0% 98,5% 98,5% 98,1%* 97,4% 97,6% 96,5% 94,7% 93,2% 93,1% 89,9% 154 158 149 143 141 139 131 10 years Avg. USD 116 MM 93 89 58 19 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 IIIQ 25 LTM *Does not includ
Slide 5: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 IIQ 25 100% 100% 114,475 Office Sales 97.9% 95.5% 103,777 92.8% 200 Della Paolera 74,392 IIIQ 24 IVQ 24 IQ 25 IIQ 25 IIIQ 25 1 Floor 25.7 59,384 58,074 25.4 25,3 25.1 25.2 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24 I
Slide 6: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.7% 66.0% 68.5% 35.1% 16.5% 68.6% 68.7% 159 154 65.1% 135 75 98 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 25 45.2% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 28.2% 83.2% 70.5% 7
Slide 7: Launch of Ramblas del Plata: IRSA's Most Ambitious Project in BA City
Launch of 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 under signing process
Slide 8: Stage 1: Commercialization Progress
Stage 1: Commercialization Progress Stage 1 May 2025 Extension 11 2 Lots sold & 9 Swapped Bahia Sales & Barters price 66.1 (in USD million) Combined saleable area ~95 k (sqm) Signed agreements Under signing process ~69 k Remaining (sqm) saleable area Under negotiation 88
Slide 9: Ramblas del Plata Work in Progress: Next Steps
Ramblas del Plata Work in Progress: Next Steps • Break ground of Roads & Infrastructure Fase “A” • Complete Sign Sales & Swaps Agreements Stage 1 + extension Start of Residential Towers Residential Projects & Permits Period Development and Sales Dec-24 Dec-25 Dec-26 Roadwork & Infrastructure Fase “A
Slide 10: Update on Other Mixed-Use Projects Launched
Update on Other Mixed-Use Projects Launched • IIIQ 25: Commercialization progress: Recent start of mall’s construction works more than 50 units already sold. Del Plata building 35,000 720 La Plata Project 22,000 100,000 Downtown BA Saleable sqm Apartments Mall + Housing Mall’ GLA Buildable sqm May 2
Slide 11: Argentine Residential Real Estate Industry Potential
Argentine Residential Real Estate Industry Potential Total Mortgages Compared To Other Countries Deeds Evolution in Buenos Aires City (as a % of GDP) 7.862 7.667 47,8% 40,8% 26,7%24,9% 16,5% 13,5% 9,4% 4,1% 3,7% 3,2% 2,1% 0,5% ~300k Dec-16 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-
Slide 12: IRSA Financial Results
IRSA Financial Results nee ot acres i me
Slide 13: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 1.074,0 1.032,0 4% 970,5 6% 18% 1.348,5 1.313,8 912,0 6% 12% 858,0 1.214,4 -3% 6% 1.167,8 808,5 234% -10% -4% 995,0 2% 1.017,5 26% 111% 131% 789,2 Inflation Index Evolution 64% 8.353,3 350,0 7.694,0 9% 36% 8% 32% 482,5 2
Slide 14: 9M 25 – Operating Results By Segment
9M 25 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others 9M 25 9M 24 Var -22.8% 200,881 Shopping 77.2% 76.4% +0.8 bps 24,821 Malls 155,078 27,537 -68.5% 8,680 10,851 13,684 -20.7% Offices 77.5% 81.5% -4.0 bps Rent
Slide 15: 9M 25 – Change in Fair Value of Investment Properties
9M 25 – Change in Fair Value of Investment Properties (In ARS million) -141,903 -76.4% -601,653 9M 24 9M 25 15
Slide 16: 9M 25 – Consolidated Financial Results
9M 25 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 35,063 1,646 111,611 99,829 33,417 52,360 9M 24 9M 25 -163,611 Main Effects 9M 24 9M 25 Var FV Of Financial Assets & Liabilities 126,584 37,979 -88,605 Net FX Result -24,423 25,445 49,868 -21,891 -10,
Slide 17: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Shopping Malls Office Buildings Hotels +35.4% +8.6% 177 167 163 7 15 12 20 131 14 13 12 115 26 95 18 9 158 28 139 130 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 FY24 IIIQ25 LTM C OV I D - 1 9 17
Slide 18: Series XXIV Issuance & Debt Amortization Schedule
Series XXIV Issuance & Debt Amortization Schedule New Issuance As of March 31, 2025 (In USD Million) Debt Profile Debt Ratios Series XXIV – USD 300 MM Gross Debt 633.7 Net Debt/ USD 242,2 mm 1.31x Rental EBITDA in cash (New Money) Net Debt 231.8 USD 57,8 mm LTV 10.4% SUSCRIPTION Series XIV early exc
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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