IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (February 2026)
26 slides from IRSA Inversiones y Representaciones SA's investor presentation, February 2026
Slide 1: Institutional Presentation IIQ 2026
Institutional Presentation IIQ 2026 The courage to make it real IRSA Inversiones y Representaciones S.A.
Slide 2: Shopping Malls Operating Figures
Shopping Malls Operating Figures 30 years acquiring, Rental portfolio of developing and 75 YEARS IRSA +500,000 sqm of GLA operating Real Estate across Argentina BYMA RENTAL SEGMENT DEVELOPMENT SEGMENT FINANCIALS Banco Hipotecario 16 - 373,020 sqm 5 – 58,074 sqm 3 – 718 rooms 5 projects Launched 15 –
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area 16 Middle Income Area DOT Baires High Income Area Shopping Malls Alto Noa Shopping Salta Córdoba Shopping Soleil Premium 373 Córdoba Outlet sqm of GLA Distrito Arcos (in thousands) Terrazas de Alcorta Shopping 1,536 Patio Olmos R
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 5 Philips Building DOT Building Zetta Building Office Buildings 58 200 Della Paollera sqm of GLA Zetta Building (City of Buenos Aires) (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 Llao Llao Resort (Bariloche, Patagonia) sqm of GLA (in thousands) Libertador Hotel Autonomous City Of 2 Buenos Aires Provinces Intercontinental Hotel 69% Autonomous City Of Buenos Aires Occupancy Rate 718 Llao Llao Resort Bariloche Roo
Slide 7: Rental Revenue Model
Rental Revenue Model ARS Linked To Inflation (Shopping Malls) ARS 15% Revenue Breakdown*: Variable (20%) • 75% Rental Revenue: The 7% Tenants by 43% company collects the highest 5% category between a % of tenant monthly (m 2 of GLA) sales and a minimum rent (base 9% rent). Fixed (55%) 22% • 25% Othe
Slide 8: Mall Real Tenant Sales & Occupancy
Mall Real Tenant Sales (ARS million/sqm) & Occupancy 1 Occupancy 98,8% 98,2% 99,1% 98,9% 99,3% 98,6% 99,1% 98,8% 99,0% 98,5% 98,5% 97,5% 97,3% 98,4% 96,5% 97,4% 97,6% 96,8% 97,7% 95,9% 94,4% 94,7% 92,4% 93,2% 93,1% 89,9% DOMESTIC COVID CRISIS CRISIS Historical Records 11,4 11,2 10,7 -4.3% 10,4 10,3
Slide 9: Shopping Malls' EBITDA Evolution (USD MM)
Shopping Malls’ EBITDA Evolution (USD MM) Nominal Official FX Devaluation 5% 10% 19% 51% 12% 65% 11% 73% 47% 66% 36% 31% 105% 255% 32% COVID CRISIS 171 169 160 152 154 149 143 141 139 129 131 +1.1% 93 89 87.2 88.1 58 19 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY
Slide 10: Shopping Mall Portfolio Growth: Acquisitions & New Developments
Shopping Mall Portfolio Growth: Acquisitions & New Developments Terrazas de Mayo 20 Projected GLA (Th. Sqm) Shopping Mall Stands +15.6% USD 27.75 mm +17.9% 458 86 396 22.0 Distrito Diagonal Stores 336 25 Al Oeste 32.7 AA Adj. Plot 7.0 Al Oeste 33.7 ~33,720 Al Oeste Shopping Sqm GLA CABA 20,000 USD 9
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* 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 13: 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 14: Argentine Residential Real Estate Industry Potential
Jul-16 Oct-16 47,8% Jan-17 Apr-17 Jul-17 (as a % of GDP) 40,8% Oct-17 Jan-18 48% Apr-18 Jul-18 Oct-18 26,7%24,9% Jan-19 Apr-19 Jul-19 16,5% Oct-19 Jan-20 13,5% Apr-20 Jul-20 9,4% Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Credit Deeds in Buenos Aires City (%) Jan-23 3% Apr-23 4,1
Slide 15: Ramblas del Plata: 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 15
Slide 16: Ramblas del Plata: 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 17: Puerto Madero: Top Local & Regional Neighbourhood
Puerto Madero: Top Local & Regional Neighbourhood Top Local Market (USD/sqm – New apartments) Top Regional Market (USD/sqm – Avge New & used aparts) Puerto Puerto Madero, Madero 7.290 6.550 Buenos Aires Belgrano Puerto Madero Vitacura, Santiago 5.200 3.786 150% above City Avg. Leblon, Río de Janeiro
Slide 18: Other Upcoming Mixed-Use Developments
Other Upcoming Mixed-Use Developments UNDER DEVELOPMENT Distrito Diagonal Shopping 22,000 Edificio del Plata 35,000 Manzana 35 31,500 La Plata City – BA Province GLA sqm BA City – Residential saleable sqm BA City – Residential (3 towers) saleable sqm ZETTA EXPANSION (POLO DOT) 13,500 EXA + GIGA (POL
Slide 19: Landbank Portfolio
Landbank Portfolio CÓRDOBA SHOPPING BERUTI INTERCONTINENTAL PLAZA II ADJOINING PLOT POLO DOT GIGA AND EXA (RETAIL) (OFFICES) (OFFICES) (OFFICES/ RESIDENTIAL) Autonomous City of Buenos Aires, Córdoba, Argentina Autonomous City of Buenos Aires, Autonomous City of Buenos Aires, Argentina Buildable area
Slide 20: ESG Latest Achievements
ESG Latest Achievements ENVIRONMENTAL PROGRESS GREEN BUILDINGS Continuing the shift to LED lighting now 4 Malls With Solar Panels present in +90% of shopping malls. Waste management in the Circular Economy Network of the Government of the Autonomous City of Buenos Aires 72% 3rd Carbon balance measur
Slide 21: IRSA Financial Results
IRSA Financial Results
Slide 22: 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 22
Slide 23: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million RAMBLAS DEL PLATA • Land Reserves: 336 • Barter Agreements: 87 Total 423 LTV 13.3% 134 27 151 303 550 36 180 2.309 2.006 Market Cap 1.230 1,267 P/NAV 0.63x Shopping Offices Hotels Land reserves Properties for Banco JV, Investees & Gross Asset Net Debt Net Ass
Slide 24: 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 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
Investor Presentation 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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