IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (December 2025)
26 slides from IRSA Inversiones y Representaciones SA's investor presentation, December 2025
Slide 1: Institutional Presentation IQ 2026
Institutional Presentation IQ 2026
Slide 2: Leading Real Estate Company in Argentina
Leading Real Estate Company in Argentina 30 years acquiring, Rental portfolio of IRSA developing and 75 +500,000 sqm of GLA YEARS BYMA operating Real Estate across Argentina RENTAL SEGMENT DEVELOPMENT SEGMENT FINANCIALS Banco Hipotecario 16 - 370,800 sqm 5 – 58,074 sqm 3 – 718 rooms 5 projects Launc
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area Middle Income Area 16 Shopping Malls Alto Noa Salta DOT Baires Shopping High Income Area Córdoba Shopping Soleil Premium Córdoba Outlet 371 sqm of GLA (in thousands) Distrito Arcos Terrazas de Mayo Alcorta Shopping Patio Olmos Ri
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 58 Zetta Building (City of Buenos Aires) sqm of GLA (in thousands) 100% A & A+ Occupancy Rate ~7% Intercontinental Plaza Expanding Corporate Area Market Share AAA AAA Loca
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 58% 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 (34%) 5% • 78% 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). • 22% Other Revenues: Other
Slide 8: Real Tenant Sales (ARS MM/sqm) & Occupancy
Real Tenant Sales (ARS MM/sqm) & Occupancy* CRISIS (COVID 19) 98,8% 99,0% 98,5% 98,5% 97,4% 97,6% 97,7% 97,8% 96,5% 94,7% Quarterly Var. i.a. 93,2% 93,1% 89,9% -12.6% -10.0% +9.9% -0.5% -10.6% 10.1 10.0 9.6 9.5 9.2 9.0 9.1 9.1 2.70 8.6 8.8 2.38 7.9 2.09 2.13 1.89 5.9 4.2 IQ 25 IIQ 25 IIIQ 25 IVQ 25
Slide 9: 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 10: 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 11: International brands entering our shopping malls
International brands entering our shopping malls 11 11
Slide 12: 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 13: 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 14: Launch of Ramblas del Plata
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 15: Stage + Extension: Commercialization Progress
Stage 1 + Extension: Commercialization Progress RAMBLAS DEL PLATA Stage 1 November 2025 Extension 14 2 Lots sold & 12 Swapped Bahia Sales & Barters price 85 (in USD million) Combined saleable area ~116 k (sqm) Signed agreements Under signing process ~48 k Remaining (sqm) saleable area Under negotiat
Slide 16: 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 16 16
Slide 17: Landbank Portfolio
Landbank Portfolio RAMBLAS DEL PLATA INTERCONTINENTAL PLAZA II PASEO COLÓN FORMERLY COSTA URBANA (OFFICES) (MIXED USES) (MIXED USES) Autonomous City of Buenos Aires, Autonomous City of Buenos Aires, Autonomous City of Buenos Aires, Argentina Argentina Argentina GLA surface sqm: 19,597 Buildable area
Slide 18: Expansion of the real estate and mortgage market in Argentina
Expansion of the real estate and mortgage market in Argentina Mortgages Compared to Other Countries Residential transactions (BA City) (As a % of GDP) 7.861 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% sept-15 sept-09 sept-11 sept-13 sept-17 sept-19 sept-21 sept-23 sept-25
Slide 19: BA City Residential Prices in Real Terms – Premium Neighborhoods
BA City Residential Prices in Real Terms – Premium Neighborhoods New Apartments (USD/sqm) ~300k Used Apartments (USD/sqm) Saleable sqm To receive from future 5.262 residential projects 4.352 (swaps and developments) Belgrano 3.958 +11.5% i.a. Palermo 2.527 +12.7% i.a. Palermo 3.846 +3.8% i.a. 2.266
Slide 20: ESG Latest Achievements
ESG Latest Achievements ENVIRONMENTAL PROGRESS GREEN BUILDINGS 3 New Malls With Solar Panels in Continuing the shift to LED lighting addition to Mendoza Plaza now present in +90% of shopping malls. Waste management in the Circular Economy Network of the Government of the Autonomous City of Buenos Ai
Slide 21: Financial Results
IRSA Financial Results 1 Gats0 UNL NNN UE ata wenn shan a AEE itd UNL UNL MN te uutee ante tet? <0 nue anne H0076 "08 nue anne 100% in noses watae 206 ii
Slide 22: 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 22
Slide 23: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million RAMBLAS DEL PLATA • Land Reserves: 344 • Barter Agreements: 73 Total 417 LTV 14.6% 63 26 128 308 526 34 177 2.113 1.805 Market Cap 1.158 1,160 P/NAV 0.64x Shopping Offices Hotels Land reserves Properties for Banco JV, Investees & Gross Asset Net Debt 5 Net As
Slide 24: Debt Profile – September 30, 2025
Debt Profile – September 30, 2025 – USD million Debt Profile Amortization Schedule Credit Local Rating Series XXIV International Issuance + Upgrade to “AAA” (March 2025) Series XIV Partial Exchange Gross Debt 498.5 • Amount: USD 300 MM • Interest Rate: 8,0% • Term: 10 years Net Debt* 308.0 • Amortiz
Slide 25: IRSA Dividends Distribution & Shares Buyback Programs
IRSA Dividends Distribution & Shares Buyback Programs Cash Dividend Distribution (in USD CCL million) 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 FY 24 (oct-23
Slide 26: 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
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