IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — H1 FY2026 Earnings Presentation
18 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Feb 5, 2026
Slide 1: IIQ 2026 Conference Call
IIQ 2026 Conference Call February 5, 2026 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IIQ 26
Main Events for IIQ 26 1 6M 26 NET GAIN OF ARS 248,817 MM vs. loss of ARS 53,896 MM in 6M 25, mainly driven by a gain from FV of Investment Properties 2 MALLS’ REVENUES & EBITDA GROWTH 3 PREMIUM OFFICE PORTFOLIO REMAINS FULLY OCCUPIED 4 HOTELS SLIGHT RECOVERY IN RATES & MARGINS 5 RAMBLAS DEL PLATA D
Slide 3: Shopping Malls Operating Figures
Shopping Malls Operating Figures Stock (GLA: Sqm) & Occupancy Tenants’ Real Sales (ARS MM) Malls’ Revenues (ARS MM) 98.0% 96.3% 97.7% Quarterly i.a. variation +4.2% 93.9% 165,708 Vs. 6M 25 89.1% -8.5% +13.4% +3.2% -7.0% -9.0% Variable Rent 16.1% IIQ 22 IIQ 23 IIQ 24 IIQ 25 IIQ 26 Other Parking 6.5%
Slide 4: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A* 100% 100% 99.6% 100% 100% 109,859 82,708 IIQ 25 IIIQ 25 IVQ 25 IQ 26 IIQ 26 59,348 58,074 58,074 25.3 25.5 25.5 25.2 25.2 IIQ 22 IIQ 23 IIQ 24 IIQ 25 IIQ 26 IIQ 25 IIIQ 25 IVQ 25 IQ 26 IIQ 26 *Does not inc
Slide 5: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 73.2% 77.7% 71.4% 72.6% 36.4% 71.4% 71.6% 69.0% 67.1% 93 135 152 155 162 IIQ 22 IIQ 23 IIQ 24 IIQ 25 IIQ 26 42.5% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 71.4% 69.0% 67.6%
Slide 6: Shopping Mall Development: Distrito Diagonal - La Plata City
Shopping Mall Development: Distrito Diagonal - La Plata City The first large-scale shopping center in La Plata, “Distrito Diagonal” Projected GLA Growth Buenos Aires one of the most populated cities in Argentina (La Plata City) (Th. Sqm) +17.1% 22,000 +16.4% 458 22.0 Distrito GLA sqm Diagonal 391 32
Slide 7: Ramblas del Plata Mixed Use Development: Commercialization Progress
Ramblas del Plata Mixed Use Development: Commercialization Progress Premium Location South Puerto Madero Commercialization progress 870,000 15 signed Lots USD 93 MM ~124,000 sqm Buildable sqm 2 sold & 13 swapped Sales & Barter Price Combined Saleable Area 693,000 Saleable sqm Mixed-uses Potential 7
Slide 8: Ramblas del Plata Mixed Use Development: Infrastructure Works in Progress
Ramblas del Plata Mixed Use Development: Infraestructure Works in Progress • Stage I infrastructure works underway (20% overall progress) • Earthworks and Central Bay & Boulevard sheet piling ongoing • Road and stormwater networks advancing • Native buffer planting and bay remediation progressing •
Slide 9: Other Real Estate Transactions during IIQ26 and subsequently
Other Real Estate Transactions during IIQ26 and subsequently Property Acquisition – Oct 2025 (BA City) Uruguay - Distrito Calcagno – Barter Agreement 1 plot swapped (oct-25): USD 9.3 MM 8,856 17,000 Adjoining Plot to Córdoba Shopping Mall - Barter Agreement Land plot sqm Built sqm Tower 3 swapped (J
Slide 10: IRSA Financial Results
IRSA Financial Results
Slide 11: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 1.455,00 21% 5% 1.380,00 1.502,91 1.482,98 23% 15% -1% 24% 1.205,00 1.348,48 1.032,00 -10% 6% 13% Inflation Index Evolution 1.214,36 970,50 10.121 14% 1.209,03 -13% 6% -4% 1.167,81 912,00 8% 9.384 FY26 FY25 FY26 FY25 6%
Slide 12: 6M 26 – Operating Results By Segment
6M 26 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others -2.3% 6M 26 6M 25 Var 131,518 134,590 +44.8% 9,881 6,824 Shopping 9,084 10,496 76.5% 78.2% -1.7 bps +15.5% Malls Rental EBITDA Offices 79.6% 79.5% +0.1 bps
Slide 13: 6M 26 – Consolidated Operating Results (In ARS million)
6M 26 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties +23.7% 185,712 135,543 109,566 6M 25 6M 26 -306,605 6M 25 6M 26 13
Slide 14: 6M 26 – Consolidated Financial Results (In ARS million)
6M 26 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 65,231 45,319 248,817 13,331 15,062 235,486 6M 25 6M 26 Main Effects 6M 25 6M 26 Var Net FX Result 28,157 -15,949 -44,106 Other Financial -52,320 -4,797 -10,717 -5,920 Results -98,790 -1,576 Inflation
Slide 15: Rental Adjusted EBITDA Evolution by Segment (USD million)
Rental Adjusted EBITDA Evolution by Segment (U SD million) Shopping Malls Offices Hotels 188 7 162 167 163 13 2 15 19 20 131 14 13 12 115 8 102 26 95 18 7 9 7 169 141 28 139 130 44 93 0 89 88 58 25 19 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 6M26 C O V ID - 1 9 15
Slide 16: Series XXIV Additional Issuance & Debt Amortization Schedule
Series XXIV Additional Issuance & Debt Amortization Schedule Debt Profile As of December 31, 2025 (In USD Million) Debt Profile Debt Ratios Series XXIV Additional Issuance Gross Debt 667.0 Net Debt/ 1.58x Rental EBITDA SUSCRIPTION USD 180 MM Net Debt 302.8 LTV 13.3% 33% in 2033, 33% in 2034 Coverage
Slide 17: 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 117.0 116.0 Per ordinary ARS 224.8411 share 49.6 77.6 (may-24) Per GDS ARS 2,248.411 Dividend yield 10% 67.4 (oct-23) Payment Date November 4th, 2025 FY 24
Slide 18: Contact Information
Contact Information NYSE Symbol: IRS | BYMA Symbol: IRSA Eduardo Elsztain Matias Gaivironsky Santiago Donato Chairman & CEO CFO Head of IR & ESG Corporate Offices Independent Auditors Della Paolera 261 9th floor, PricewaterhouseCoopers Argentina Tel +(54 11) 4323 7400 Tel +(54 11) 4850 0000 Fax +(54
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