IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (November 2024)
31 slides from IRSA Inversiones y Representaciones SA's investor presentation, November 2024
Slide 1: Institutional Presentation IQ 2025
Institutional Presentation IQ 2025
Slide 2: Leading Real Estate Company in Argentina
Leading Real Estate Company in Argentina Shopping malls 30 years acquiring, 15 336,884 sqm developing and operating RENTAL Office buildings Real Estate. SEGMENT 5 59,271 sqm Hotels 3 79,000 sqm Rental portfolio of approx. Ramblas del Plata 480,000 sqm of GLA across DEVELOPMENT 866,000 buildable sqm
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area Middle Income Area 15 Shopping Malls Alto Noa Salta DOT Baires Shopping High Income Area Córdoba Shopping Soleil Premium Córdoba 336 sqm of GLA (in thousands) Outlet Distrito Arcos Alcorta Shopping Patio Olmos Ribera Shopping 1,4
Slide 4: Premium Portfolio: Shoppings
Premium Portfolio: Shoppings Alto Palermo (City of Buenos Aires) Abasto (City of Buenos Aires) DOT Baires (City of Buenos Aires) Distrito Arcos (City of BA) Alto Comahue (Neuquén) Patio Bullrich (City of BA)
Slide 5: Premium Portfolio: Offices
Premium Portfolio: Offices Top-Tier Locations Philips Building 5 DOT Building Zetta Building Office Buildings 200 Della Paollera 59 Zetta Building (City of Buenos Aires) sqm of GLA (in thousands) 98% Occupancy Rate ~7% Intercontinental Plaza Expanding Corporate Area Market Share AAA AAA Location in
Slide 6: Premium Portfolio: Hotels
Premium Portfolio: Hotels Top-Tier Locations 3 Premium Hotels 79 sqm of GLA Llao Llao Resort (Bariloche, Patagonia) (in thousands) Libertador Hotel Autonomous City Of Buenos Aires 2 Provinces Intercontinental Hotel Autonomous City Of 55% Occupancy Rate Buenos Aires Llao Llao Resort 718 Rooms Bariloc
Slide 7: Rental Revenue Model
Rental Revenue Model ARS Linked To Inflation (Shopping Malls) ARS 14% Revenue Breakdown: Variable (24%) 5% • 74% Rental Revenue: The company 4% Tenants by collects the highest between a % of category 45% tenant monthly sales and a 10% (m2 of GLA) minimum rent (base rent). Fixed (50%) • 26% Other Rev
Slide 8: Shopping Malls Operating Figures
Shopping Malls Operating Figures Tenant Real Sales (ARS MM) & Occupancy (%) ∆ trim i.a. IIQ 24 +8.0% IIIQ 24 -18.5% IVQ 24 -19.3% IQ 25 -12.1% 88.5% 92.8% 95.5% 97.9% 97,4% 97,6% 92.8% 96,8% 94,7% 93,2% 93,1% 2.683.503 -3,3% 2.653.088 2.474.130 89,9% 2.534.856 2.440.619 2.431.547 2.451.283 2.286.869
Slide 9: 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 10: 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 11: 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 12: Real Estate Activity & CAPEX Plans
Real Estate Activity & CAPEX Plans
Slide 13: Argentine Real Estate Prices Evolution
Argentine Real Estate Prices Evolution STRONG RESILIENCY AS A SAFEGUARD AGAINST INFLATION AND FX VOLATILITY 5.000 5.000 4.900 4.800 4.700 4.350 4.400 4.200 4.200 A+ Offices BA 4.000 4.000 4.000 4.000 3.800 (USD/sqm) 3.400 3.100 3.100 2.800 2.800 2.570 2.280 2.349 2.205 2.245 2.060 2.110 1.973 1.900
Slide 14: Argentine Real Estate Industry Potential
Argentine Real Estate Industry Potential RESIDENTIAL REAL ESTATE Mortgages evolution Total Mortgages compared to other countries (as a % of GDP) (as a % of GDP) Argentine housing deficit Maximums in the ‘90s 3.5mm houses 6,3% 47,8% Housing deficit; 5,8% 29% 5,4% 40,8% 4,8% 4,0% 3,8% 26,7% 24,9% 2,7%
Slide 15: 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 16: "Ramblas del Plata" Project
“Ramblas del Plata” Project Premium Location: South Puerto Madero Ramblas del Plata represents 1/3 of the Puerto Madero size of Puerto Madero. Urbanization Area Obelisk Pedestrian Walkways and Access Points Public and Green Space National Government Ramblas del Plata 16
Slide 17: Launch of "Ramblas Del Plata" Project
Launch of “Ramblas Del Plata” Project Ramblas del Plata Former “Costa Urbana” 866,806 Buildable sqm 693,445 Sealable sqm +10,000 New houses 17
Slide 18: "Del Plata Building" Project: Preliminary Render illustrations
“Del Plata Building” Project: Preliminary Render illustrations 35,000 Saleable sqm 14 Floors 720 Apartments 4 November 24: Commercial launch at Casa Parking basements FOA, Buenos Aires' premier annual design and architecture exhibition. 18
Slide 19: "La Plata" Project: Preliminary Render illustrations
“La Plata” Project: Preliminary Render illustrations 78,000 sqm ~100,000 Total buildable sqm (in thousands) 22,000 Shopping malls sqm City of Buenos Aires La Plata La Plata is the 5th highly populated city of Argentina with no shopping malls. 19
Slide 20: "Polo Dot" Project: Preliminary Render illustrations
“Polo Dot” Project: Preliminary Render illustrations 20
Slide 21: Polo Dot Office Park: Preliminary Render illustration
Polo Dot Office Park: Preliminary Render illustration Exa Building DOT Baires (planning status) Shopping DOT Connection (planning status) Giga Building (planning status) DOT Building Zetta Building Philips Building (future recycling) 21
Slide 22: Other Properties for Mixed Use Developments
Other Properties for Mixed Use Developments Luján Plot Caballito La Adela 15 # of Land Reserves (Buenos Aires) (BA City) (Buenos Aires) 15.8 Total surface (mm sqm) 6.9 Buildable surface (mm sqm) Montevideo Patio Bullrich Mall Expansion Córdoba plot Intercontinental II (Uruguay) (BA City) (Córdoba) (
Slide 23: ESG Latest Achievements
ESG Latest Achievements “200 Della Paolera” Building Leed Certification Social Investment 72% +100 of the premium offices Social Actions portfolio are leed certified ARS 500 MM Social Investment FY24 +100 Relationships with NGOs Strong Track Record in the Capital Markets 3 Malls from BA City Obtaine
Slide 24: Financials
Financials
Slide 25: Rental EBITDA Evolution By Segment (In USD million)
Rental EBITDA Evolution By Segment (In USD million) Hotels +23.7% Office Buildings Shopping Malls -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 25
Slide 26: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million (at Official FX) LTV 10.3% 105 205 127 RAMBLAS DEL PLATA 464 687 37 1.996 244 1.791 Market Cap 1,173 797 P/NAV 0.65x Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others 2 Valu
Slide 27: Debt Amortization Schedule
Debt Amortization Schedule As of June 30, 2024 (In USD Million) Last Issuances (Jun-24) USD 42.0 MM ARS USD int 21% Gross Debt 387.4 34% Series XX – USD MEP USD - Amount: USD 23.0 MM linked - Interest rate: 6.0% 4% - Maturity: Jun-26 USD loc 41% Series XXI - ARS - Amount: USD ~19.0 MM - Interest rat
Slide 28: 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 29: IRSA Dividends Distribution & Shares Buyback Programs
IRSA Dividends Distribution & Shares Buyback Programs Recent Cash Dividend Distribution (in USD CCL million) Recent Repurchase Programs (in USD CCL million) Dividend Yield USD MM % of Social Capital USD MM FY 23 (nov-22) ~4.5% 14 FY 22 – FY 23 1.16% 3.8 FY 23 (may-23) ~13% 50 FY 23 – FY 24 1.06% 7.1
Slide 30: Group Capital Markets Track Record
Group Capital Markets Track Record NUMBER OF CAPITAL AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY MARKETS TRANSACTIONS +200 +USD 18bn 4 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) & COVID-19 IRSA IPO APSA IPO (now IRCP) CRESUD LIABILITY LOCAL MARKET DOL
Slide 31: Contact Us
Contact Us Our Website Our Email Our Phone Our Address Our Twitter www.irsa.com.ar [email protected] (+54) 911 4323-7449 Della Paolera 261 @IRSAIR 9th floor
IRSA Inversiones y Representaciones — Investor Presentation (November 2024) on 6ix