Earnings release
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Earnings Release First Quarter of Fiscal Year 2026
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Earnings Release | IQ26 / 3 » MAIN HIGHLIGHTS OF THE PERIOD NET INCOME FOR THE FIRST QUARTER OF FISCAL YEAR 202 6 reached ARS 110 ,133 million, compared to a loss of ARS 77 ,887 million in the same period of 2025. This result was mainly driven by the gain from changes in the fair value of IRSA investment properties. ADJUSTED EBITDA for the period totaled ARS 58,764 million, 39.7% lower than in the same quarter of 2025. Adjusted EBITDA from the agribusiness segments amounted to ARS 5 ,648 million, while the urban properties and investments business (through IRSA) contributed ARS 57,589 million. The 2026 REGIONAL AGRICULTURAL CAMPAIGN continues to progress under favorable weather conditions and slightly improving international commodity prices, although still at historically low levels. We expect to plant approximately 321,000 hectares across the region, representing a 7.4% increase compared to the 2025 campaign. In September 2025, the Argentine government TEMPORARILY ELIMINATED EXPORT TAXES on main crops and beef for the remaining stock of the prior campaign, which boosted prices and improved margins. The LIVESTOCK BUSINESS continues to benefit from firm cattle prices, supported by stronger international demand and a solid local market, generating very attractive margins. On October 30, 2025, the Shareholders’ Meeting approved A DIVIDEND DISTRIBUTION of ARS 93,782 million, consisting of ARS 65,080 million in cash and ARS 28,702 million in IRSA shares (~8% dividend yield). Contact Information Join the Conference Call for the First Quarter of Fiscal Year 2026 November 12, 2025 03:00 PM (Buenos Aires) 01:00 PM (US EST) The call will be hosted by: • Alejandro Elsztain, CEO • Diego Chillado Biaus, General Manager for Argentine Operations • Matias Gaivironsky, CFO To participate the Conference Call*, please register here Webinar ID: 824 6482 1687 Password: 487191 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of November 10, 2025 Outstanding Shares 631,844,155 Treasury 5,343,153 ADS (American Depositary Share) 63,184,415 Outstanding Warrants 60,669,566 Market Capitalization USD 725.4 MM Website www.cresud.com.ar X @CRESUDIR Phone (+54) 911 4323-7449 E-mail ir@cresud.com.ar
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Earnings Release | IQ26 / 4 » Brief comment on the Company’s activities during the period, including references to significant events that occurred after the end of the period. Consolidated Results (In ARS million) 3M 26 3M 25 YoY Var Revenues 318,529 269,701 18.1% Costs -209,867 -182,827 14.8% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -1,759 -2,582 -31.9% Changes in the net realizable value of agricultural produce after harvest 7,272 2,666 172.8% Gross profit 114,175 86,958 31.3% Net gain from fair value adjustment on investment properties 217,265 -292,780 - Gain from disposal of farmlands - 28,938 -100.0% General and administrative expenses -27,842 -26,256 6.0% Selling expenses -27,840 -24,155 15.3% Other operating results, net -7,805 -152 5034.9% Management Fee -2,968 - 100.0% Result from operations 264,985 -227,447 - Depreciation and Amortization 15,573 18,449 -15.6% Rights of use installments -10,536 -4,416 138.6% EBITDA (unaudited) 270,022 -213,414 - Adjusted EBITDA (unaudited) 58,764 97,446 -39.7% Results from joint ventures and associates -4,663 9,446 -149.4% Result from operations before financing and taxation 260,322 -218,001 - Financial results, net -69,482 59,979 -215.8% Result before income tax 190,840 -158,022 - Income tax expense -80,707 80,135 -200.7% Result for the period from continuing operations 110,133 -77,887 - Result from discontinued operations after taxes. - - - Result for the period 110,133 -77,887 - Attributable to Equity holder of the parent 36,844 -34,655 - Non-controlling interest 73,289 -43,232 - Consolidated Revenues increased during the first quarter of fiscal year 2026 by 18.1% whereas Adjusted EBITDA decreased 39.7%, compared to the same period of fiscal year 2025. Agribusiness segments adjusted EBITDA was ARS 5, 648and urban properties and investments business (through IRSA) adjusted EBITDA was ARS 57,589 million. The net result for the first quarter of fiscal year 2026 registered a gain of ARS 110,133 million. This higher result is mainly explained by the gain from changes in fair value of investment properties in the urban properties and investment business (IRSA).
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Earnings Release | IQ26 / 5 » Description of Operations by Segment 3M 2026 Agribusiness Urban Properties and Investments Total 3M 26 vs. 3M 25 Revenues 190,163 103,202 293,365 18.7% Costs -159,906 -23,236 -183,142 15.0% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -2,500 - -2,500 -15.5% Changes in the net realizable value of agricultural produce after harvest 7,272 - 7,272 172.8% Gross profit 35,029 79,966 114,995 31.2% Net gain from fair value adjustment on investment properties - 216,995 216,995 - Gain from disposal of farmlands - - - -100.0% General and administrative expenses -11,555 -16,441 -27,996 6.0% Selling expenses -21,651 -6,321 -27,972 15.7% Other operating results, net -5,487 -2,479 -7,966 3943.7% Result from operations -3,664 271,720 268,056 - Share of profit of associates -736 -4,492 -5,228 -157.2% Segment result -4,400 267,228 262,828 - 3M 2025 Agribusiness Urban Properties and Investments Total Revenues 151,710 95,517 247,227 Costs -139,990 -19,301 -159,291 Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -2,960 - -2,960 Changes in the net realizable value of agricultural produce after harvest 2,666 - 2,666 Gross profit 11,426 76,216 87,642 Net gain from fair value adjustment on investment properties -606 -292,352 -292,958 Gain from disposal of farmlands 28,938 - 28,938 General and administrative expenses -11,658 -14,746 -26,404 Selling expenses -18,408 -5,767 -24,175 Other operating results, net 5,151 -5,348 -197 Result from operations 14,843 -241,997 -227,154 Share of profit of associates -1,308 10,444 9,136 Segment result 13,535 -231,553 -218,018 2026 Campaign The 2026 regional agricultural campaign is progressing under favorable weather conditions and a gradual recovery in international commodity prices, although still at historically low levels. Input costs remain high relative to prices, so we continue to focus on operational efficiency and maximizing margins per hectare. In Argentina, winter crop planting took place under optimal conditions, with strong yield prospects for wheat and early corn. Weather conditions were generally favorable, with some excess rainfall toward the end of the cycle; however, current soil moisture levels support expectations for a good start to the summer crop season. The agricultural sector also began to benefit from improvements in the regulatory framework, most notably the reduction in export taxes and the temporary introduction of a 0% rate for certain crops, which boosted prices and enabled higher margins on production still pending commercialization from the previous campaign. In the livestock segment, prices remain firm, supported by stronger international demand and a domestic market aligned with that trend. Cattle prices continue to outperform inflation, resulting in very healthy margins.
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Earnings Release | IQ26 / 6 » Our Portfolio During the first quarter of fiscal year 2026, our portfolio under management consisted of 728,015 hectares, of which 292,954 hectares are productive and 435,061 hectares are land reserves distributed in the four countries of the region where we operate. Breakdown of Hectares Own and under Concession (*) (**) (***) Productive Lands Reserved Total Agricultural Cattle Argentina 72,944 138,419 315,573 526,936 Brazil 49,301 3,745 79,292 132,338 Bolivia 8,776 0 1,244 10,020 Paraguay 12,068 7,701 38,952 58,721 Total 143,089 149,865 435,061 728,015 (*) Includes Brazil, Paraguay, Agro-Uranga S.A. at 34.86% and 132,000 hectares under Concession. (**) Includes 85,000 hectares intended for sheep breeding (***) Excludes double crops. Leased (*) Agricultural Cattle Other Total Argentina 68,627 10,896 - 79,523 Brazil 63,884 - 4,711 68,595 Bolivia 1,065 - - 1,065 Total 133,576 10,896 4,711 149,183 (*) Excludes double crops. Segment Income – Agricultural Business I) Land Development and Sales We periodically sell properties that have reached a considerable appraisal to reinvest in new farms with higher appreciation potential. We analyze the possibility of selling based on a number of factors, including the expected future yield of the farmland for continued agricultural and livestock exploitation, the availability of other investment opportunities and cyclical factors that have a bearing on the global values of farmlands. in ARS million 3M 26 3M 25 YoY Var Revenues - - - Costs -62 -87 -28.74% Gross loss -62 -87 -28.74% Net gain from fair value adjustment on investment properties - -606 -100.00% Gain from disposal of farmlands - 28,938 -100.00% General and administrative expenses -47 -24 95.83% Selling expenses -15 -903 -98.34% Other operating results, net -10,168 -212 4696.23% Result from operations -10,292 27,106 -137.97% Segment result -10,292 27,106 -137.97% Depreciations and amortizations 11 12 -8.33% EBITDA -10,281 27,118 -137.91% Adjusted EBITDA -10,281 27,724 -137.08% Segment profit decreased by ARS 37,398 million compared to the first quarter of fiscal year 2025. There were no sales of farmland in the region during the first quarter of fiscal year 2026.
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Earnings Release | IQ26 / 7 » II) Agricultural Production The result of the Farming segment reported a ARS 2,323 million gain during the first quarter of fiscal year 2026, 12.9% higher than the same period of fiscal year 2025. in ARS million 3M 26 3M 25 YoY Var Revenues 137,523 118,826 15.7% Costs -122,794 -102,339 20.0% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -2,500 -2,960 -15.5% Changes in the net realizable value of agricultural produce after harvest 7,272 2,666 172.8% Gross profit 19,501 16,193 20.4% General and administrative expenses -7,003 -6,706 4.4% Selling expenses -13,482 -11,407 18.2% Other operating results, net 3,976 4,624 -14.0% Results from operations 2,992 2,704 10.7% Results from associates -669 -647 3.4% Segment results 2,323 2,057 12.9% EBITDA 4,287 13,193 -67.5% Adjusted EBITDA 10,324 22,101 -53.3% II.a) Crops and Sugarcane Crops in ARS million 3M 26 3M 25 YoY Var Revenues 81,829 66,273 23.5% Costs -72,426 -55,334 30.9% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -3,523 -8,298 -57.5% Changes in the net realizable value of agricultural produce after harvest 7,234 2,680 169.9% Gross result 13,114 5,321 146.5% General and administrative expenses -4,911 -4,812 2.1% Selling expenses -11,733 -10,133 15.8% Other operating results, net 4,104 4,207 -2.4% Profit from operations 574 -5,417 - Results from associates -663 -646 2.6% Activity Profit -89 -6,063 -98.5% Sugarcane in ARS million 3M 26 3M 25 YoY Var Revenues 33,059 40,721 -18.8% Costs -31,014 -36,025 -13.9% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 1,051 1,501 -30.0% Gross result 3,096 6,197 -50.0% General and administrative expenses -1,101 -980 12.3% Selling expenses -784 -459 70.8% Other operating results, net -128 45 - Profit from operations 1,083 4,803 -77.5% Activity profit 1,083 4,803 -77.5%
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Earnings Release | IQ26 / 8 » Operations Production Volume (1) 3M 26 3M 25 3M 24 3M 23 3M 22 Corn 209,181 123,153 223,968 162,906 229,203 Soybean 279 29 92,423 394 90 Wheat 51 14 21,419 115 531 Sorghum 343 1,133 5,922 2,123 2,840 Sunflower 63 - 8,710 -3 - Cotton 24,095 20,807 14,180 3,353 3,094 Other 2,415 601 7,236 390 1,631 Total Crops (tons) 236,427 145,737 373,858 169,278 237,389 Sugarcane (tons) 798,672 - 989,535 1,061,216 1,059,914 (1) Includes BrasilAgro, Acres del Sud, Ombú, Yatay y Yuchán. Excludes Agro -Uranga. Next, we present the total volume sold according to its geographical origin measured in tons: Volume of 3M 26 3M 25 3M 24 3M 23 3M 22 Sales (3) M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total Corn 93.9 13.4 107.3 68.2 13.8 82.0 84.9 38.0 122.9 100.2 42.8 143.0 129.7 22.0 151.7 Soybean 59.5 42.5 102.0 21.7 54.7 76.4 11.9 27.1 39.0 29.6 13.1 42.7 48.7 46.6 95.3 Wheat 12.4 - 12.4 1.3 - 1.3 2.7 - 2.7 0.6 - 0.6 0.8 - 0.8 Sorghum - - - 10.2 - 10.2 1.9 - 1.9 8.1 - 8.1 6.3 - 6.3 Sunflower 0.3 - 0.3 0.2 - 0.2 1.7 - 1.7 - - - 0.1 - 0.1 Cotton 6.6 0.2 6.8 3.6 1.4 5.0 3.3 0.2 3.5 1.4 - 1.4 1.6 - 1.6 Others 4.8 - 4.8 3.2 - 3.2 2.6 - 2.6 1.2 - 1.2 3.3 0.8 4.1 Total Crops (thousand ton) 177.5 56.1 233.6 108.4 69.9 178.3 109.0 65.3 174.3 141.1 55.9 197.0 190.5 69.4 259.9 Sugarcane (thousands ton) 798.7 - 798.7 - - - 989.5 - 989.5 955.2 - 955.2 1.056.7 - 1.056.7 (1) Local Market (2) International Market (3) Includes BrasilAgro. Does not include Agro-Uranga S.A The Grains activity presented a positive variation by ARS 5.974 million, from a ARS 6,063 million loss during the first quarter of fiscal year 2025 to a ARS 89 million loss during the same period of fiscal year 2026, mainly because of: • A gain in production and holding results in Argentina, driven by a better price performance relative to inflation, mainly in corn and soybeans. • Partially offset by a loss in sales and production results in Brazil, due to lower average prices per ton, mainly in cotton. The result of the Sugarcane activity decreased by 77.5%, from a gain of ARS 4,803 million in the first quarter of fiscal year 2025 to a gain of ARS 1,083 million in the same period of 2026. This is mainly due to a lower profit in net sales results from commodity derivatives in Brazil. Area in Operation (hectares) (1) As of 09/30/25 As of 09/30/24 YoY Var Own farms 114,187 141,000 -19.0% Leased farms 169,181 125,248 35.1% Farms under concession 22,386 22,391 0.0% Own farms leased to third parties 14,287 17,402 -17.9% Total Area Assigned to Production 320,041 306,041 4.6% (1) Includes Agro-Uranga.
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Earnings Release | IQ26 / 9 » II.b) Cattle Production Production Volume 3M 26 3M 25 3M 24 3M 23 3M 22 Cattle herd (tons)(1) 2,535 2,393 1,895 1,916 1,468 (1) Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given peri od in live weight of each head of livestock we own. Volume of 3M 26 3M 25 3M 24 3M 23 3M 22 Sales (1) D.M F.M Total D.M F.M Total D.M F.M Total D.M F.M Total D.M F.M Total Cattle herd 6.4 - 6.4 45.7 - 45.7 3.6 3.6 2.8 - 2.8 3.0 - 3.0 D.M.: Domestic market F.M.: Foreign market Cattle In ARS Million 3M 26 3M 25 YoY Var Revenues 20,772 10,927 90.1% Costs -18,544 -8,894 108.5% Initial recognition and changes in the fair value of biological assets and agricultural produce -28 3,837 -100.7% Changes in the net realizable value of agricultural produce after harvest 38 -14 - Gross Profit 2,238 5,856 -61.8% General and administrative expenses -805 -686 17.3% Selling expenses -870 -711 22.4% Other operating results, net - 410 - Result from operations 563 4,869 -88.4% Results from associates -6 -1 500.0% Activity Result 557 4,868 -88.6% Area in operation – Cattle (hectares) (1) As of 09/30/25 As of 09/30/24 YoY Var Own farms 59,192 69,180 -14.4% Leased farms 10,896 10,896 0.0% Farms under concession 2,876 2,696 6.7% Own farms leased to third parties 2,797 - - Total Area Assigned to Cattle Production 75,761 82,772 -8.5% (1) Includes Agro-Uranga, Brazil and Paraguay, Stock of Cattle Heard As of 09/30/25 As of 09/30/24 YoY Var Breeding stock 55,585 60,894 -8.7% Winter grazing stock 16,546 11,132 48.6% Sheep stock 12,042 10,268 17.3% Total Stock (heads) 84,173 82,294 2.3% The result of the Cattle activity decreased by 88,6%, from a ARS 4,868 million gain during the first quarter of fiscal year 2025 to a ARS 557 million gain in the same period of fiscal year 202 6. This decline is mainly explained by higher costs that were not offset by the kilograms of beef produced or the increase in prices. II.c) Agricultural Rental and Services In ARS Million 3M 26 3M 25 YoY Var Revenues 1,863 905 105.9% Costs -810 -2,086 -61.2% Gross profit 1,053 -1,181 - General and Administrative expenses -186 -228 -18.4% Selling expenses -95 -104 -8.7% Other operating results, net - -38 - Result from operations 772 -1,551 - Activity Result 772 -1,551 - The result of the activity increased by ARS 2,323 million, from a ARS 1,551 million loss in the first quarter of fiscal year 2025 to a ARS 772 million gain in the same period of 2026.
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Earnings Release | IQ26 / 10 » III) Other Segments We include within "Others" the results coming from our investment in FyO. The result of the segment increased by ARS 19,221 million, going from a loss of ARS 14,503 million for the three-month period of fiscal year 2025 to a n ARS 4,718 million gain for the same perio d of fiscal year 2026, due to a gain on stockpiling and consignment operations. In ARS Million 3M 26 3M 25 YoY Var Revenues 52,640 32,884 60.1% Costs -37,050 -37,564 -1.4% Gross result 15,590 -4,680 - General and administrative expenses -3,356 -3,803 -11.8% Selling expenses -8,154 -6,098 33.7% Other operating results, net 705 739 -4.6% Result from operations 4,785 -13,842 - Profit from associates -67 -661 -89.9% Segment Result 4,718 -14,503 - EBITDA 5,635 -12,998 - Adjusted EBITDA 5,605 -13,038 - IV) Corporate Segment The negative result went from a loss of ARS 1,125 million in the first quarter of the fiscal year 2025 to a ARS 1,149 million loss in the same period of fiscal year 2026. In ARS Million 3M 26 3M 25 YoY Var General and administrative expenses -1,149 -1,125 2.1% Loss from operations -1,149 -1,125 2.1% Segment loss -1,149 -1,125 2.1% EBITDA -1,143 -1,125 1.6% Adjusted EBITDA -1,143 -1,125 1.6% Urban Properties and Investments Business (through our subsidiary Irsa Inversiones y Representaciones Sociedad Anónima) We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of September 30, 2025, our direct and indirect equity interest in IRSA was 53.32% over stock capital. Consolidated results of our subsidiary IRSA Inversiones y Representaciones S.A. en ARS Millones 3M 26 3M 25 Var a/a Revenues 129,063 118,383 9.0% Results from operations 271,345 -242,308 - EBITDA 274,584 -239,289 - Adjusted EBITDA 57,589 62,275 -7.5% Segment results 267,228 -231,553 - Consolidated revenues from sales, rentals and services increased by 9. 0% during the first quarter of fiscal year 2026 compared to the same period of 2025. Adjusted EBITDA reached ARS 57, 589 million, 7.5% lower than in the same period of the previous fiscal year.
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Earnings Release | IQ26 / 11 » Financial Indebtedness and Other The following tables contain a breakdown of the company’s indebtedness as of September 30, 2025: Agricultural Business Description Currency Amount (USD MM)(1)(2) Interest Rate Maturity Loans and bank overdrafts ARS 0.0 Variable < 30 days Series XXXVIII USD 70.4 8.00% mar-26 Series XLII USD 30.0 0.00% may-26 Series XLV USD 10.2 6.00% aug-26 Series XL USD 38.2 0.00% dec-26 Series XLIV USD 39.8 6.00% jan-27 Series XLVI USD 23.8 1.50% jul-27 Series XLIX USD 31.3 7.25% sep-27 Series XLVIII USD 43.7 8.00% jul-28 Series XLVII USD 64.4 7.00% nov-28 Other debt USD 45,0 CRESUD’s Total Debt (3) USD 396.8 Cash and cash equivalents (3) USD 47.9 CRESUD’s Net Debt USD 348.9 Brasilagro’s Total Net Debt USD 120.6 (1) Net of repurchases (2) Principal amount stated in USD (million) at an exchange rate of 1380.0 ARS/USD and 5.322 BRL/USD, without considering accrued interest or elimination of balances with subsidiaries. (3) Does not include FyO Urban Properties and Investments Business Description Currency Amount (USD MM) (1) Interest Rate Maturity Bank overdrafts ARS 2.7 Variable < 360 days Series XVII USD 25.0 5.00% dec-25 Series XX USD 21.3 6.00% jun-26 Series XVIII USD 21.4 7.00% feb-27 Series XXII USD 15.8 5.75% oct-27 Series XIV USD 67.1 8.75% jun-28 Series XXIII USD 51.5 7.25% oct-29 Series XVIV USD 293.7 8.00% mar-35 IRSA’s Total Debt USD 498.5 Cash & Cash Equivalents + Investments (2) USD 310.8 IRSA’s Net Debt USD 187.7 (1) Principal amount in USD (million) at an exchange rate of ARS 1,380.0/USD, without considering accrued interest or elimination s of balances with subsidiaries. (2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies notes holding. Comparative Summary Consolidated Balance Sheet Data In ARS million Sep-25 Sep-24 Sep-23 Sep-22 Sep-21 Current assets 1,420,170 1,060,452 1,282,471 1,161,976 1,205,768 Non-current assets 4,418,988 3,813,841 5,054,703 4,892,008 5,005,204 Total assets 5,839,158 4,874,293 6,337,174 6,053,984 6,210,972 Current liabilities 1,067,234 970,471 1,166,202 1,272,366 1,058,251 Non-current liabilities 2,246,474 1,716,711 2,234,962 2,341,861 3,140,216 Total liabilities 3,313,708 2,687,182 3,401,164 3,614,227 4,198,467 Total capital and reserves attributable to the shareholders of the controlling company 1,085,491 983,851 1,296,456 990,627 630,612 Minority interests 1,439,959 1,203,260 1,639,554 1,449,130 1,381,893 Shareholders’ equity 2,525,450 2,187,111 2,936,010 2,439,757 2,012,505 Total liabilities plus minority interests plus shareholders’ equity 5,839,158 4,874,293 6,337,174 6,053,984 6,210,972
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Earnings Release | IQ26 / 12 » Comparative Summary Consolidated Statement of Income Data In ARS million Sep-25 Sep-24 Sep-23 Sep-22 Sep-21 Gross profit 114,175 86,958 101,202 93,013 101,416 Profit from operations 264,985 -227,447 474,001 -6,579 -49,080 Results from associates and joint ventures -4,663 9,446 7,674 8,061 -3,676 Profit from operations before financing and taxation 260,322 -218,001 481,675 1,482 -52,756 Financial results, net -69,482 59,979 7,981 61,258 56,855 Profit before income tax 190,840 -158,022 489,656 62,740 4,099 Income tax expense -80,707 80,135 -167,927 -11,893 46,303 Result of the period of continuous operations 110,133 -77,887 321,729 50,847 50,402 Result for the period 110,133 -77,887 321,729 50,847 50,402 Controlling company’s shareholders 36,844 -34,655 166,248 33,746 36,230 Non-controlling interest 73,289 -43,232 155,481 17,101 14,172 Comparative Summary Consolidated Statement of Cash Flow Data In ARS million Sep-25 Sep-24 Sep-23 Sep-22 Sep-21 Net cash generated by operating activities 151,967 53,327 145,462 78,653 162,171 Net cash (used in) / generated by investment activities -158,814 -68,673 12,454 15,646 -3,725 Net cash used in financing activities -39,188 -27,385 -101,883 -224,977 -167,101 Total net cash generated during the fiscal period -46,035 -42,731 56,033 -130,678 -8,655 Ratios In ARS million Sep-25 Sep-24 Sep-23 Sep-22 Sep-21 Liquidity (1) 1.33 1.09 1.10 0.91 1.14 Solvency (2) 0.76 0.81 0.86 0.68 0.48 Restricted capital (3) 0.76 0.78 0.80 0.81 0.81 Indebtedness (4) 3.05 2.73 2.62 3.65 6.66 (1) Current Assets / Current Liabilities (2) Total Shareholders’ Equity/Total Liabilities (3) Non-current Assets/Total Assets (4) Total Liabilities / Equity attributable to the controlling interest . Material events of the quarter and subsequent events July 2025: Notes issuance On July 11, 2025, Cresud issued Notes on the local market for a total amount of USD 43.7 million through the following instrument: • Series XLVIII: Denominated in dollars for USD 43.7 million, with 8.0% interest rate, with semi-annual payments. The Capital amortization will be 100% at maturity, on July 11, 2028. The issuance price was 100.0%. September 2025: New RTRS Certifications for Soybean and Corn On September 1, 2025, the Company announced that it has obtained new RTRS (Round Table on Responsible Soy Association) certifications for the production of soy and corn during the 2024/25 season in 7 establishments in Argentina (2 owned – Los Sauces and San Pedro + 5 leased) which add to the 2 previously certified (La Gramilla – El Tigre). The RTRS certification, renowned in the agricultural sector and highly valued by the international market, recognizes the company’s commitment to complying with laws and good business practices, providing good working conditions, respecting and engaging wi th local communities, caring for the environment, and producing under proper agricultural practices. We have reached 36,000 certified tons of both soy and corn, representing 25% and 15% of CRESUD’s production in Argentina, respectively. This achievement reinforces our commitment to good agricultural practices, environmental care, and the adoption of globally recognized quality standards.
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Earnings Release | IQ26 / 13 » September 2025: Notes issuance On September 2, 2025, Cresud issued Notes on the local market for a total amount of USD 31.3 million through the following instrument: • Series XLIX: Denominated in dollars for USD 31.3 million, with 7.25% interest rate, with semi-annual payments. The Capital amortization will be 100% at maturity, on September 2, 2027. The issuance price was 100.0%. September 2025: Warrants Exercise Between September 17 and 25, 2025, certain warrants holders have exercised their right to acquire additional shares. Therefore, a total of 17,769,882 ordinary shares of the Company were registered, with a face value of ARS 1. As a result of the exercise, USD 7,141,716 were collected by the Company. After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 614,074,273 to 631,844,155, and the number of outstanding warrants decreased from 73,294,802 to 60,669,566. October 2025: General Ordinary and Extraordinary Shareholders’ Meeting On October 30, 2025, our General Ordinary and Extraordinary Shareholders’ Meeting was held. The following matters. inter alia, were resolved by majority of votes: • Distribution of a cash or in kind dividend of ARS 88,500 million as of the date of the Shareholders’ Meeting. • Designation of board members. • Compensations to the Board of Directors for the fiscal year ended June 30, 2025. • Distribution of own treasury shares. • To include the possibility of exercising the warrants to subscribe new shares by delivering shares for the difference between the cash exercise price and the equivalent market value, paying only the nominal value of the shares. On November 7, 2025, the Company distributed among its shareholders the cash dividend in an amount of ARS 65,079,917,808.30 and a dividend in kind in the amount of ARS 28,702,000,000.00. The dividend in kind will consist of the delivery of 12,700,000 shares of IRSA INVERSIONES Y REPRESENTACIONES S.A., with a par value of ARS 10 each, owned by the Company, at the closing price of ARS 2,260.00 as of October 29, 2025. This distribution is equivalent to 10.38769027273% of the share capital entitled to receive d ividends in the case of the cash dividend and 4.5812517324644% in the case of the dividend in kind, based on a total of 626,509,995 shares outstanding. Regarding the cash dividend, the amount per common share (par value ARS 1) w as ARS 103.8769027273, and the amount per American Depositary Share (“ADS”) w as ARS 1,038.769027273. Regarding the dividend in kind, shareholders receive d 0.020271025365 IRSA shares (par value ARS 10) per Cresud common share, and 0.20271025365 IRSA shares (par value ARS 10) per ADS. Additionally, it has distirbuted treasury shares of the Company, previously acquired, totaling 5,300,000 book -entry common shares, each entitled to one vote and with a par value of ARS 1 . The share distribution corresponds to 0.0084595617664 Cresud shares per common share and 0.084595617664 per American Depositary Share (“ADS”), representing 0.84595617664% of the share capital represented by 626,509,995 shares of par value ARS 1, net of treasury shares.
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Earnings Release | IQ26 / 14 » EBITDA Reconciliation In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) result of discontinued operations, (ii) income tax expense, (iii) financial results, net iv) results from participation i n associates and joint ventures; and (v) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus net profit from changes in the fair value of investment properties, not realized and realized sales. EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors supplemental measures of our financial performance that ma y facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calcu lated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit for the relevant period to EBITDA and Adjusted EBITDA for the periods indicated: For the three-month period ended September 30 (in ARS million) 2025 2024 Result for the period 110,133 -77,887 Income tax expense 80,707 -80,135 Net financial results 69,482 -59,979 Share of profit of associates and joint ventures 4,663 -9,446 Depreciation and amortization 15,573 18,449 Rights of use installments -10,536 -4,416 EBITDA (unaudited) 270,022 -213,414 Gain from fair value of investment properties, not realized - agribusiness - 606 Gain from fair value of investment properties, not realized - Urban Properties Business -217,265 292,174 Realized sale – Real Estate - -14 Initial recognition and changes in fair value of biological assets -4,772 295 Realized initial recognition and changes in fair value of biological assets 10,779 8,573 Reversal of provision for directors’ fees - 9,226 Adjusted EBITDA (unaudited) 58,764 97,446
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Earnings Release | IQ26 / 15 » Brief comment on prospects for the fiscal year The 2026 regional campaign continues to progress under favorable weather conditions and a scenario of stable international commodity prices, although still at historically low levels. Input costs remain high relative to prices, requiring continued focus on operational efficiency and margins per hectare. In Argentina, the October election results, which ratified the continuation of the economic direction pursued by the current administration, bring greater macroeconomic stability and predictability, strengthening the outlook for the agricultural sector. The gradual reduction of export duties and exchange rate liberalization continue to create a favorable environment for investment and profitability. In this context, we maintain our strategy of expanding planted areas - both on owned and leased farms- and intensifying our livestock operations, mainly through feedlots in Salta and La Pampa, leveraging the favorable input-to-output ratio and firm cattle prices. In BrasilAgro, favorable weather conditions persist, and higher production volumes are expected, although with tighter margins, which should support positive results despite pressure on certain crops such as soybeans and cotton. In relation to our rural real estate activity, we continue to observe incipient signs of recovery in farmland values in Argentina, together with greater interest in our assets. As part of our strategy, we remain focused on rotating our land portfolio, prioritizing the sale of farms that have reached their highest level of appreciation. Our agricultural services business, through FyO, maintains a positive outlook for growth in grain trading and the expansion of the input business across the region, while Amauta continues to strengthen its offering of sustainable plant nutrition solutions in Argentina and neighboring countries. At IRSA, we observe a positive performance in rental segments - shopping malls and offices -, and the first construction works at the Ramblas del Plata project in Puerto Madero Sur are expected to begin soon, along with progress in other strategic developments that position the company for a new stage of growth. In line with the policy of recent years, we will continue to work on reducing and improving the efficiency of our cost structure, using financial and corporate tools that strengthen our market position and ensure adequate liquidity to meet our obligations, including debt issuances, share repurchase programs, dividend distributions, and potential asset disposals. With a diversified rural and urban real estate portfolio, a management team with extensive experience, and a solid track record in accessing capital markets, CRESUD is well positioned to capture the opportunities arising from this new economic cycle. Alejandro G. Elsztain CEO
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Earnings Release | IQ26 / 16 » Unaudited Condensed Interim Consolidated Statement of Financial Position as of September 30, 2025 and June 30, 2025 (All amounts in millions of Argentine pesos, except otherwise indicated) 09.30.2025 06.30.2025 ASSETS Non-current assets Investment properties 2,784,876 2,547,600 Property, plant and equipment 803,282 755,215 Trading properties 140,930 132,164 Intangible assets 30,447 30,201 Right-of-use assets 163,491 129,319 Biological assets 48,718 46,152 Investment in associates and joint ventures 192,278 198,731 Deferred income tax assets 14,128 13,650 Income tax credit 76 81 Restricted assets 4,394 - Trade and other receivables 196,134 186,215 Investment in financial assets 37,373 29,492 Derivative financial instruments 2,861 2,616 Total non-current assets 4,418,988 4,071,436 Current assets Trading properties 35,621 37,825 Biological assets 83,858 111,989 Inventories 218,242 187,997 Income tax credit 626 1,284 Trade and other receivables 448,266 469,279 Investment in financial assets 395,369 239,715 Derivative financial instruments 13,440 7,186 Cash and cash equivalents 224,748 265,826 Total current assets 1,420,170 1,321,101 TOTAL ASSETS 5,839,158 5,392,537 SHAREHOLDERS’ EQUITY Shareholders' equity (according to corresponding statement) 1,085,491 1,028,513 Non-controlling interest 1,439,959 1,317,404 TOTAL SHAREHOLDERS' EQUITY 2,525,450 2,345,917 LIABILITIES Non-current liabilities Trade and other payables 71,290 81,994 Borrowings 1,014,472 855,537 Deferred income tax liabilities 968,721 915,093 Provisions 44,519 34,367 Payroll and social security liabilities 126 132 Income tax liabilities 23,458 - Lease liabilities 118,392 93,726 Derivative financial instruments 5,496 4,204 Total non-current liabilities 2,246,474 1,985,053 Current liabilities Trade and other payables 414,938 350,245 Borrowings 500,071 567,735 Provisions 4,650 5,557 Payroll and social security liabilities 40,477 40,339 Income tax liabilities 58,258 60,134 Lease liabilities 44,817 33,761 Derivative financial instruments 4,023 3,796 Total Current liabilities 1,067,234 1,061,567 TOTAL LIABILITIES 3,313,708 3,046,620 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 5,839,158 5,392,537
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Earnings Release | IQ26 / 17 » Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income for the three month periods ended September 30, 2025 and 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) 09.30.2025 09.30.2024 Restated Revenues 318,529 269,701 Costs (209,867) (182,827) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest (1,759) (2,582) Changes in the net realizable value of agricultural products after harvest 7,272 2,666 Gross profit 114,175 86,958 Net gain / (loss) from fair value adjustment of investment properties 217,265 (292,780) Gain from disposal of farmlands - 28,938 General and administrative expenses (27,842) (26,256) Selling expenses (27,840) (24,155) Other operating results, net (7,805) (152) Management fees (2,968) - Profit / (loss) from operations 264,985 (227,447) Share of (loss) / profit of associates and joint ventures (4,663) 9,446 Profit / (loss) before financial results and income tax 260,322 (218,001) Finance income 4,298 5,487 Finance cost (36,577) (23,785) Other financial results (36,119) 69,910 Inflation adjustment (1,084) 8,367 Financial results, net (69,482) 59,979 Profit / (loss) before income tax 190,840 (158,022) Income tax (80,707) 80,135 Profit / (loss) for the period 110,133 (77,887) Other comprehensive (loss) / income: Items that may be reclassified subsequently to profit or loss: Currency translation adjustment and other comprehensive results from subsidiaries and associates 58,492 (24,278) Revaluation surplus - 329 Total other comprehensive loss for the period 58,492 (23,949) Total comprehensive (loss) / income for the period 168,625 (101,836) (Loss) / Profit for the period attributable to: Equity holders of the parent 36,844 (34,655) Non-controlling interest 73,289 (43,232) Total comprehensive (loss) / income attributable to: Equity holders of the parent 57,472 (43,081) Non-controlling interest 111,153 (58,755) (Loss) / Profit for the period per share attributable to equity holders of the parent: Basic 60.53 (58.29) Diluted 55.80 (58.29)
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Earnings Release | IQ26 / 18 » Unaudited Condensed Interim Consolidated Statement of Cash Flows for the three-month periods ended September 30, 2025 and 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) 09.30.2025 09.30.2024 Restated Operating activities: Net cash generated from operating activities before income tax paid 156,066 56,655 Income tax paid (4,099) (3,328) Net cash generated from operating activities 151,967 53,327 Investing activities: Proceeds from the sale of participation in associates and joint ventures - 3,206 Acquisition of participation in associate (6,319) - Capital contributions to associates and joint ventures (315) - Acquisition and improvement of investment properties (17,574) (18,277) Proceeds from sales of investment properties - 138 Acquisitions and improvements of property, plant and equipment (12,596) (14,291) Acquisition of intangible assets (340) (1,590) Proceeds from sales of property, plant and equipment 16,550 3,654 Loans granted (306) - Proceeds from loans granted 476 293 Acquisitions of investments in financial assets (405,825) (121,359) Proceeds from disposal of investments in financial assets 244,497 75,249 Interest received from financial assets 22,300 4,577 Payments of derivative financial instruments, net 638 (273) Net cash used in investing activities (158,814) (68,673) Financing activities: Borrowings, issuance and new placement of non-convertible notes 147,329 47,369 Payment of borrowings and non-convertible notes (154,704) (72,397) (Payment) / obtaining of short term loans, net (6,368) 50,005 Interest paid (33,036) (26,711) Capital contributions from non-controlling interest in subsidiaries 51 113 Lease liabilities paid (1,098) (1,854) Repurchase of treasury shares - (9,118) Exercise of warrants 13,837 3,548 Repurchase of non-convertible notes (5,199) (18,340) Net cash used in financing activities (39,188) (27,385) Net decrease in cash and cash equivalents (46,035) (42,731) Cash and cash equivalents at the beginning of the period 265,826 169,364 Foreign exchange gain on cash and unrealized fair value result for cash equivalents 1,760 4,386 Inflation adjustment 3,197 (1,749) Cash and cash equivalents at the end of the period 224,748 129,270
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Earnings Release | IQ26 / 19 » HEADQUARTERS Carlos M. Della Paolera 261 Piso 9 Tel +(54 11) 4814-7800/9 Fax +(54 11) 4814-7876 www.cresud.com.ar C1091AAF – Cdad. Autónoma de Buenos Aires – Argentina INVESTOR RELATIONS Alejandro Elsztain – CEO Matías Gaivironsky – CFO Santiago Donato – IRO (54 11) 4323 7449 ir@cresud.com.ar LEGAL ADVISORS Estudio Zang. Bergel & Viñes Tel +(54 11) 4322 0033 Florida 537 18º Piso C1005AAK – Cdad. Autónoma de Buenos Aires – Argentina INDEPENDENT AUDITORS PricewaterhouseCoopers Argentina Tel +(54 11) 4850-0000 Bouchard 557 Piso 7° C1106ABG – Cdad. Autónoma de Buenos Aires – Argentina REGISTRY AND TRANSFER AGENT Caja de Valores S.A. Tel +(54 11) 4317 8900 25 de Mayo 362 C1002ABH – Cdad. Autónoma de Buenos Aires – Argentina DEPOSITARY AGENT ADS’S The Bank of New York Mellon Tel. 1 888 BNY ADRS (269-2377) Tel. 1 610 312 5315 P.O. Box 11258 Church Street Station New York. NY 10286 1258 – United States of America BYMA Symbol: CRES Nasdaq Symbol: CRESY