IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (May 2025)
29 slides from IRSA Inversiones y Representaciones SA's investor presentation, May 2025
Slide 1: Institutional Presentation IIIQ 2025
Institutional Presentation IIIQ 2025
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 - 370,897 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 65% 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: Shopping Malls Operating Figures
Shopping Malls Operating Figures ∆ trim i.a. IIIQ 24 -18.5% Tenant Real Sales (ARS MM) & Occupancy (%) IVQ 24 -19.3% IQ 25 -12.1% IIQ 25 -8.5% IIIQ 25 13.4% 88.5% 92.8% 95.5% 97.9% 97,6% 98,1%* 97,4% 92.8% 94,7% 93,2% 93,1% 3.147.344 3.111.672 2.901.781 2.973.004 2.862.478 2.851.838 89,9% 2.867.601
Slide 9: Shopping Malls Operating Figures
Shopping Malls Operating Figures Stock (GLA: Sqm) & Occupancy Tenants Real Sales (ARS MM) Quarterly i.a. variation Terrazas de Mayo -18.5% -19.3% -12.1% -8.5% +13.4% 33,700 GLA sqm 371,186 867,544 +10.5% 335,893 335,690 335,893 335,866 714,409 667,514 618,333 545,069 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24
Slide 10: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 IIQ 25 100% 100% 114,475 Office Sales 97.9% 95.5% 103,777 92.8% 200 Della Paolera 74,392 IIIQ 24 IVQ 24 IQ 25 IIQ 25 IIIQ 25 1 Floor 25.7 59,384 58,074 25.4 25,3 25.1 25.2 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24 I
Slide 11: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 62.7% 66.0% 68.5% 35.1% 16.5% 68.6% 68.7% 159 154 65.1% 135 75 98 IIIQ 21 IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 25 45.2% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 28.2% 83.2% 70.5% 7
Slide 12: Argentina Real Estate Market Trends & Potential
4 Argentina Real Estate Market Trends & Potential Polo Dot Project – Northern BA City
Slide 13: Argentine Real Estate Industry Potential
Argentine Real Estate Industry Potential Mortgages Evolution Total Mortgages Compared To Other Countries (as a % of GDP) (as a % of GDP) Argentine housing deficit 3.5mm houses Maximums in the ‘90s 6,3% Housing 47,8% deficit; 5,8% 29% 5,4% 40,8% 4,8% 4,0% 3,8% 26,7% 24,9% 2,7% 16,5% 1,9% 13,5% 1,5% 1
Slide 14: Argentine Residential Real Estate Evolution
Deeds Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Control de Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 UVA’s Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Source: Colegio de Escribanos, CABA; Reporte Inmobiliario. 2018 7.862 Jun-18 Dec-18 Launch Devaluation Jun-19 Dec-19 Jun-20 Dec-20 Deeds Evolution in Buenos A
Slide 15: BA City Residential Prices - Premium Neighborhoods
BA City Residential Prices - Premium Neighborhoods New Apartments (USD/sqm) ~300k Used Apartments (USD/sqm) saleable sqm 4.075 to be received from future 3.310 residential projects (swaps & developments) Palermo 3.770 +11.7% i.a. Belgrano +22.8% i.a. Nuñez 3.433 +15.4% i.a. 2.505 Palermo +9.9% i.a.
Slide 16: Launch of Ramblas Del Plata Project
Launch of “Ramblas Del Plata” Project 870,000 Buildable sqm 693,000 Saleable sqm 10,000 New Houses USD +1.8 bn Estimated Investment Ramblas is the most ambitious real estate private development in BA City history 16
Slide 17: Update on Other Mixed-Use Projects Launched
Update on Other Mixed-Use Projects Launched • IIIQ 25: Commercialization progress: Recent start of mall’s construction works more than 50 units already sold. Del Plata building 35,000 720 La Plata Project 22,000 100,000 Downtown BA Saleable sqm Apartments Mall + Housing Mall’ GLA Buildable sqm May 2
Slide 18: Polo Dot Project: Preliminary Render illustrations
“Polo Dot” Project: Preliminary Render illustrations 18
Slide 19: 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) 19
Slide 20: Alto Rosario Residential Potential Expansion
Alto Rosario Residential Potential Expansion Transformation of an Old Railway Hub Into a Mixed-Use Development 2 3 1 Stage 3 - Future Expansion 3 Residential Development 4 plots Recent Subdivision Approved 4 Residential Towers to be Developed Stage 1 1 Stage 2 2 ~40,000 Shopping Mall Development Con
Slide 21: 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 22: 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 23: Financial Results
IRSA Financial Results 7 Gats0 UML UN UE aay woe shana at EE ata POU SUN NE uated antee Heer? Za ne anne H0076 03 nue ante 10% fn noses watae eG i
Slide 24: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Hotels +35.4% Office Buildings +8.6% Shopping Malls 177 167 163 7 15 12 14 20 131 13 12 115 26 95 18 9 28 158 139 130 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 FY24 IIIQ25 LTM C OV I D - 1 9 24
Slide 25: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million LTV 10.5% 89 154 232 RAMBLAS DEL PLATA 360 541 36 179 2.059 1.828 Market Cap 1.060 1,152 P/NAV 0.63x Shopping Malls Offices Hotels Land reserves Banco JV, Investees & Gross Asset Net Debt Net Asset 2 & Prop. Under Hipotecario Others Value Value development 1-
Slide 26: Series XXIV Issuance & Debt Amortization Schedule
Series XXIV Issuance & Debt Amortization Schedule New Issuance As of March 31, 2025 (In USD Million) Debt Profile Credit Local Rating Series XXIV – USD 300 MM Gross Debt 633.7 Upgrade to “AAA” USD 242,2 mm (March 2025) in cash (New Money) Net Debt 231.8 SUSCRIPTION USD 57,8 mm Series XIV early excha
Slide 27: 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 28: 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 29: 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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