IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — 9M 2026 Earnings Presentation
19 slides from IRSA Inversiones y Representaciones SA's earnings presentation, May 6, 2026
Slide 1: IIIQ 2026 Conference Call
IIIQ 2026 Conference Call May 6, 2026 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: 9M26 Key Highlights
9M26 Key Highlights 1 9M 26 Net Gain of ARS 239.741 MM Operating Result improvement due to strong rental segments performance 2 Shopping Malls: Increase in Revenues & EBITDA 3 Premium Office Portfolio: 100% Occupancy and Slight Increase in Rents 4 Hotels: Improvement in Rates, Occupancy and Margins
Slide 3: Shopping Malls - Operating Metrics
Shopping Malls - Operating Metrics GLA (sqm) & Occupancy Tenant Sales (in real terms, ARS MM) Malls Revenues (ARS MM) 96.8% 97.9% 96.5% 97.8% Quarterly YoY variation +2.4% 91.5% 260,299 Vs. 9M 25 +13.4% +3.2% -7.0% -9.0% -10.1% Variable Rent 13.4% Other IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 25 IIIQ 26 Parkin
Slide 4: Growing Presence of International Brands Across Our Malls
Growing Presence of International Brands Across Our Malls 4 4
Slide 5: Office Buildings - Operating Metrics
Office Buildings - Operating Metrics GLA (sqm) Leases (USD/sqm/month) & Occupancy (A+ & A)* 103,777 100% 100% 86.9% 92.8% 74.6% 74,392 IIIQ 22 26.3 IIIQ 23 IIIQ 24 IIIQ 25 IIIQ 26 25.7 25.7 25.3 25.3 59,384 58,074 58,438 IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 25 IIIQ 26 IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 25 IIIQ 26
Slide 6: Hotels - Operating Metrics
Hotels - Operating Metrics Portfolio: Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 73.8% 66.0% 68.5% 62.7% 35.1% 68.6% 68.7% 69.0% 65.1% 98 135 159 154 156 IIIQ 22 IIIQ 23 IIIQ 24 IIIQ 25 IIIQ 26 45.2% Llao Llao: Rate & Occupancy (USD/room & %) 83.2% 70.5% 75.7% 73.3% 7
Slide 7: Office Development: Zetta Building Expansion Launch
Office Development: “Zetta Building” Expansion Launch ZETTA BUILDING 32,173 GLA sqm EXPANSION 100% occupied EXPANSION 77% 23% Others ZETTA BUILDING Aereal view Side view Zetta Building Construction has recently started, with an execution period of 30 months +15,350 GLA sqm Main Tenant: Mercado Libre
Slide 8: Polo Dot Mixed-Use Development: Zetta Building
Polo Dot Mixed-Use Development: “Zetta Building” Zetta + Expansion Polo Dot Full Project 47.5k GLA sqm ~142k GLA + ~19k saleable sqm DOT Building DOT Baires Philips Recycling Shopping Zetta Building Zetta EXA Building GIGA Polo Dot Full Project: Stage 1: Dot Baires Shopping + Dot Building Stage 2: Z
Slide 9: Ramblas del Plata: The Most Ambitious Development in BA City
Ramblas del Plata: The Most Ambitious Development in BA City 870,000 278,000 STRATEGIC LOCATION Buildable sqm Green areas sqm 693,000 +10,000 Saleable sqm Family units
Slide 10: Ramblas del Plata: Commercialization Progress
Ramblas del Plata : Commercialization Progress Stage 1 Stage 2 + F01 Stage 3 + A14 207k saleable sqm 149k saleable sqm 337k saleable sqm IIIQ 26 Commercialization Progress 2 Lots Swapped Barter price 13,286 11.3 saleable sqm USD million Stage 1 Commercialization progress 105 17 USD MM 2 Lots sold Sa
Slide 11: Ramblas del Plata Mixed-Use Development: Infrastructure Progress
Ramblas del Plata Mixed -Use Development: Infrastructure Progress • Stage I infrastructure works underway (23% overall progress) • Earthworks and sheet piling at Central Bay completed • Road and stormwater networks under execution • Native buffer planting and bay remediation in progress • Water, sew
Slide 12: IRSA Financial Results
IRSA Financial Results
Slide 13: FX & Inflation Evolution
FX & Inflation Evolution Official FX (Nominal) MEP FX (Nominal) 1455 5% 1380 1382 1503 1483 15% -5% 15% -1% 1423 24% -4% 18% 1205 1348 1314 -3% 12% 4% 1074 1032 -10% 6% 18% Inflation Index 1214 971 1209 6% -4% 1168 912 11077 9% 25% FY26 FY25 FY26 FY25 10121 8% FY Beginning IQ IIQ IIIQ FY Beginning I
Slide 14: 9M 26 – Operating Results by Segment
9M 26 – Operating Results by Segment Adjusted EBITDA (ARS million) Rental Adjusted EBITDA Margin Shopping Malls Offices Hotels S&D + Others +3.5% 9M 25 9M 26 Δ (bps) 212,798 205,642 15,811 Shopping 11,510 +37.4% 16,523 77.2% 76.8% -0.4 14,389 Malls +14.8% Rental EBITDA Offices 77.5% 78.4% +0.9 +2.0%
Slide 15: 9M 26 – Consolidated Operating Results (ARS million)
9M 26 – Consolidated Operating Results (ARS million) Operating Income (excluding fair value changes) Change in Fair Value of Investment Properties +15.1% 30,231 208,300 180,935 -188,173 9M 25 9M 26 9M 25 9M 26 15
Slide 16: 9M 26 – Consolidated Financial Results (ARS million)
9M 26 – Consolidated Financial Results (ARS million) Net Financial Results Income Tax Net Result 78,262 69,434 239,741 12,204 9M 25 9M 26 227,537 -29,029 Key Drivers 9M 25 9M 26 Δ Net FX result 33,741 90,729 56,988 46,497 2,183 Net Interest -24,621 -45,915 -21,294 FV of financial -97,013 44,314 50,3
Slide 17: Rental Adjusted EBITDA by Segment (USD million)
Rental Adjusted EBITDA by Segment (USD million) Shopping Malls Offices Hotels 188 7 162 167 163 13 2 15 151 19 20 10 131 14 13 11 12 115 26 95 8 18 9 169 141 28 139 130 130 44 93 0 89 58 25 19 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 9M26 C O V ID - 1 9 17
Slide 18: Debt Profile – March 31, 2026 (USD million)
Debt Profile – March 31, 2026 (USD million) Debt Profile Amortization Schedule Gross Debt 651.7 Net Debt 284.3 156.3 156.3 161.1 Debt Ratios Net Debt/Rental 1.4x EBITDA 51.5 LTV 11.3% 40.3 39.5 46.8 Coverage Ratio 7.7x USD 0.9 Banking Debt FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 FY 34 FY 35
Slide 19: 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 C1001ADA –
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