Raghsa SA · BCBA:RAGH
Raghsa SA — Q1 FY2027 Earnings Presentation
20 slides from Raghsa SA's earnings presentation, May 31, 2026
Slide 1: Investor Presentation Conference Call Q1 2027
WWW.RAGHSA.COM Investor Presentation Conference Call Q1 2027 | 05-31-2026
Slide 2: Key Metrics & Main Events FY27 Q1
Key Metrics & Main Events FY27 -Q1 ARS 1,773 ~99% ARS 29.0 ARS (21.9) U$S 10.5M Total Assets Portfolio Occupancy Total Revenue Net Result Adjusted EBITDA 05/31/2026 — Financial Statements Consolidated May-26 Q1 FY27 (+69.5% vs Q1 FY26) Q1 FY27 (loss narrowed 63% YoY) Q1 FY27 (+82% vs Q1 FY26) Portfo
Slide 3: Portfolio Overview
01 Portfolio Overview WWW.RAGHSA.COM.AR
Slide 4: High Occupancy Rates: Existing Portfolio in Argentina
High Occupancy Rates Existing Portfolio in Argentina — Revenue by Asset Q1 FY27 Commercial CENTRO EMPRESARIAL NUÑEZ CENTRO EMPRESARIAL LIBERTADOR 955 BELGRANO OFFICE MADERO OFFICE Completed: 2024 Completed: 2020 Completed: 2014 Completed: 2010 NRA: 25,561 sqm NRA: 60,222 sqm NRA: 30,506 sqm NRA: 1,1
Slide 5: High Occupancy Rates: Existing Portfolio in USA
High Occupancy Rates Existing Portfolio in USA — Revenue by Asset FY2027 – Q1 Commercial Residential Residential Commercial 512 WEST 22ND STREET 639 WEST 46TH STREET ONE UNION SQUARE SOUTH Completed: 2019 Completed: 1940Completed: Completed: 2014 Acquired: 2025 Acquired: 2024 Acquired: 2020 NRA: 16,
Slide 6: Balance Sheet & Debt Maturity Profile
02 Balance Sheet & Debt Maturity Profile WWW.RAGHSA.COM
Slide 7: Balance Sheet: Robust Financial Structure May-2026
Balance Sheet Robust Financial Structure May-2026 + Financial Events Class 6 Notes cancelled: 04/13/2026 — U$S 3.4M — 5.98% rate Class 4 Notes scheduled early cancellation: 1.916 05/15/2026 — U$S 9.6M — 8.5% rate (original maturity 1.773 May-27) 1.518 Both cancellations improve the debt profile and
Slide 8: Balance Sheet: Debt Maturity Profile (U$S M)
Balance Sheet Debt Maturity Profile (U$S M) Outstanding Class (U$S) ON Class 5 – 8.25% - Apr-2030 56,777,276 4,0 4,1 ON Class 7 - 8.50% - Dec-2032 48,705,263 Total Notes 105,482,539 Mortgage 1USS - 2.64% - Feb-2030 113,333,860 104,3 Mortgage 512 - 6.64% - Feb-2035 130,000,000 Mortgage Libertador 705
Slide 9: Financial Performance
03 Financial Performance WWW.RAGHSA.COM
Slide 10: Financial Performance: Revenue by Segment
Financial Performance Revenue by Segment Revenue May-25 +37.7% vs. FY25 Revenue 4,4 USA Var.% Q1 40% May-26 May-25 27 vs 26 ARG 30,1 60% Commercial 14.3 10.0 +43.6% Other 0.5 0.3 +78.3% ARG Total 14.9 10.3 +44.6% Revenue May-26 Commercial 8.2 0.0 n/a 102,3 +69.5% Residential 5.9 6.8 -13.2% vs. Q1 FY
Slide 11: Financial Performance: Rental Revenue by Asset
Financial Performance Rental Revenue by Asset May-25 May-26 Q1 FY27 Q1 FY26 Var % Centro Empresarial Núñez - 3.23 0.00 n/a Other CEN Other CEN 2% 2% 11% Centro Empresarial 8.21 7.15 +14.8% 1US Libertador - CEL 21% 955 Belgrano Office - BO 2.77 2.46 +12.4% Madero Office - MO 0.10 0.30 -65.8% 1US CEL
Slide 12: Adjusted EBITDA (U$S M) & Financial Ratios
Financial Performance Adjusted EBITDA (U$S M) & Financial Ratios 37,0 Financial Ratios — Financial Statements May-26 12,0 May-26 May-25 Liquidity (Current Asset/Current 2.08 4.78 +82.2% Liabilities) vs. Q1 FY26 Solvency (Equity/Liabilities) 0.89 1.16 10,5 25,0 Capital Immobilization (Non Current 0.9
Slide 13: Financial Performance: Income Statement Structure
Financial Performance Income Statement Structure Gross Profit Operating income Net loss 150 Concept (ARS) May-26 May-25 118,6 Gross profit 25.5 14.6 100 Operating income (loss) (51.6) (83.6) Net finance Income (loss) 8.5 (8.3) 50 40,9 25,50 14,60 Loss before income tax (43.2) (92.0) 0 Income tax 21.
Slide 14: Credit Rating
04 Credit Rating WWW.RAGHSA.COM
Slide 15: Credit Rating Upgrade: Moody's AA.ar Stable
Credit Rating Upgrade the credit rating - Moody’s rating: AA-.ar Stable to AA.ar Stable Corporate Rating Local Currency Issuer Foreign Currency Issuer Equity MOODY'S MOODY'S LOCAL AA.ar AA.ar 1.ar GLOBAL RATING B2 Stable Outlook Argentina Very strong credit quality Stable Outlook Liquidity and earni
Slide 16: Growth & Outlook
05 Growth & Outlook WWW.RAGHSA.COM
Slide 17: Pipeline & Land Banking: Libertador Corridor
Pipeline & Land Banking —Libertador Corridor Two parcels acquired FY2025-FY2026 · substantial AR portfolio expansion Av. Libertador 7172 Acquisition Price U$S 33.5M Current Status Plans under development Next milestones Construction start: 2026 Strategic Thesis Synergy with CEL and CEN Av. Libertado
Slide 18: Opportunity for a logistic hub in NYC
Opportunity for a logistic hub in NYC Location 12th Avenue and West 46th Street, New York City (2 parcels) Lot Dimensions 150 ft x 100 ft (45.72 m x 30.48 m) Lot Area 15,000 sq ft (1,400 sqm) The images, renderings, floor plans, dimensions, and specifications presented herein are intended solely as
Slide 19: Strong Growth in Leasable Area
Strong Growth in Leasable Area +12% +43% 2025→2026 Project Location Status 2019→2025 34.517 34.517 Gloria Building (Av. Lib. 7172) Núñez, CABA Acquired land 18.487 2025→2026 Libertador 7055 Núñez, CABA Acquired land 119.972 119.972 117.516 Gloria Building 7172: U$S 33.5M 96.914 Libertador 7055: U$S
Slide 20: Investor Relations and Disclaimer
Disclaimer This presentation was prepared by RAGHSA S.A. for informational purposes only and does not constitute an offer of securities or investment advice. Financial statements: Prepared under IFRS as adopted in Argentina. ARS figures Investor Relations correspond to constant currency in accordanc