Earnings release
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Earnings Release Fiscal Year 2026
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Fiscal Year 2026 / 3 » MAIN HIGHLIGHTS OF THE PERIOD NET INCOME FOR FISCAL YEAR 2026 amounted to ARS 372,280 MILLION, compared to a gain of ARS 299,635 million in the previous fiscal year. ADJUSTED EBITDA FROM AGRIBUSINESS SEGMENTS reached ARS 17,812 MILLION , while the URBAN PROPERTIES AND INVESTMENTS SEGMENT (through IRSA) recorded ARS 291,055 MILLION. The 2026 CAMPAIGN was carried out with a larger planted area across the region, amid rising commodity prices and input costs and highly favorable weather conditions, except in certain production regions, mainly in Brazil. WE PLANTED 314,000 HECTARES , approximately 5% more than in the previous campaign, and achieved RECORD GRAIN PRODUCTION, EXCEEDING ONE MILLION TONS. ARGENTINA RECORDED EXCELLENT PRODUCTION RESULTS, WITH RECORD WHEAT PRODUCTION AND STRONG SOYBEAN AND CORN YIELDS. BrasilAgro faced a more challenging campaign, particularly in sugarcane due to weather conditions, fires and operational issues, while other crops performed in line with expectations, although with tighter margins. LIVESTOCK ACTIVITY REACHED RECORD LEVELS OF CATTLE PRODUCTION, PRICES AND MARGINS , supported by continued production intensification through feedlots and investments in infrastructure. IN AGRICULTURAL REAL ESTATE, DURING THE FISCAL YEAR BRASILAGRO AGREED TO SELL A 921-HECTARE portion of the Morotí farm in Paraguay for USD 1.5 million, of which 372 hectares, representing approximately USD 0.6 million, were recognized as of fiscal year-end. On the financial front, DURING THE FISCAL YEAR WE ISSUED APPROXIMATELY USD 256 MILLION IN NOTES , reducing the Company’s average financing cost and extending maturity. In addition, the warrant program issued in 2021 was completed, and WE DISTRIBUTED ARS 93,800 MILLION IN DIVIDENDS, representing an APPROXIMATE 8% DIVIDEND YIELD. Contact Information Join the Conference Call for the Fiscal Year 2026 September 8, 2026 12:00 PM (Buenos Aires) 11:00 AM (US ET) The call will be hosted by: • Alejandro Elsztain, CEO • Matias Gaivironsky, CFO To participate in the Conference Call*, please register here Webinar ID: 810 2640 3132 Password: 256107 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of September 7, 2026 Outstanding Shares 709,308,309 Treasury Shares 56,345 ADS (American Depositary Shares) 70,930,830 Market Capitalization USD 778.5 MM Website www.cresud.com.ar X @CRESUDIR Phone +54 911 4323-7449 E-mail ir@cresud.com.ar
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Fiscal Year 2026 / 4 » LETTER TO SHAREHOLDERS Dear Shareholders, The 2026 crop season concluded with solid production results, particularly in Argentina, where weather conditions were generally favorable and allowed us to achieve very good yields and production levels. At the regional level, we planted approximately 314,000 hectares, increasing planted area on both owned and leased farms compared to the previous season, and achieved record grain production of 1 million tons. In Argentina, agriculture had an exceptional year, achieving record agricultural margins, driven by a combination of high production levels, strong yields and favorable price trends. We achieved record wheat production and solid results in soybeans and cor n, despite some periods of lower rainfall during the summer. At the same time, soybean and corn prices increased by approximately 20% and 29%, respectively, over the last twelve months, amplifying the impact of higher production volumes. This performance was supported by a more favorable environment for the sector, both from a weather and economic standpoint, which encouraged greater investment in technology and more intensive use of inputs. In addition, progress toward foreign exchange rate convergence and the gradual reduction in export taxes on the main crops and beef contributed to strengthening competitiveness and producer margins. The costs of certain inputs, particularly fertilizers and fuel, remained elevated amid a challenging international environm ent. Livestock also had an excellent year. We achieved high beef production levels and very attractive margins, supported by firm cattle prices throughout the fiscal year, driven by both solid domestic demand and growing international demand. We continued to in tensify production by investing in feedlots and infrastructure and improving the efficiency of our operations, further consolidating livestock as an increasingly relevant component of our agribusiness. At BrasilAgro, in contrast, the crop season was more challenging. Sugarcane production was affected by a combination of weather conditions, fires and operational issues, while the other crops delivered results in line with expectations, although with tighter margins. In addition, the high interest rate environment in Brazil also weighed on the company’s results. Agricultural real estate continues to be one of the pillars of our value creation strategy. During the fiscal year, BrasilAgro agreed to sell a 921 -hectare portion of its Morotí farm in Paraguay for approximately USD 1.5 million, of which 372 hectares, representing approximately USD 0.6 million, were recognized as of fiscal year-end, with the remaining portion pending subject to the fulfillment of certain conditions. In Argentina , we observed increased interest in rural assets and signs of a recovery in land values, although they remain below those of comparable markets in the region and globally. We will continue to actively rotate our portfolio, evaluating acquisition opportunit ies and prioritizing the sale of assets that have reached their highest appreciation potential. Our agribusiness services continued to grow during the fiscal year. FyO maintained a very strong performance and expects to reach a record of approximately 8 million tons commercialized by the end of its fiscal year. It also continued to develop its plant nutrition business through Amauta and deepen its regional expansion, particularly in Brazil through BIOND, which continues to gain scale and expects to reach this year approximately 4 00,000 tons of grains commercialized, representing a 30% increase over the previous year. Our investment in IRSA once again made a significant contribution to CRESUD’s consolidated results. Its three rental segments—shopping malls, offices and hotels—delivered solid performance during the fiscal year, with high occupancy levels and favorable trends across its main operating indicators. At the same time, IRSA continues to advance into a new stage of development of its land reserve. During the fiscal year, progress was made on the Distrito Diagonal shopping mall in La Plata, the redevelopment of Edificio del Plata in downtown Buenos Aires, and the infrastructure works at Ramblas del Plata, its mixed-use project in Puerto Madero Sur. At the latter, construction of the first buildings is expected to begin during the next fiscal year. We believe that the
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Fiscal Year 2026 / 5 » combination of a solid rental portfolio and the development of its significant land reserve will enable IRSA to continue creating value for its shareholders in the coming years. In financial terms, the fiscal year reflected the performance of our different businesses. Consolidated revenues reached ARS 1,379,363 million, while Adjusted EBITDA amounted to ARS 273,263 million and net income for the fiscal year recorded a gain of ARS 372,280 million. These results reflect the contribution of our agribusiness and services operations, as well as the significant contribution from our investment in IRSA. During the fiscal year, we continued to strengthen our capital structure and take advantage of market opportunities, issuing approximately USD 256 million in notes, which allowed us to reduce our financing costs and extend maturities . We also concluded the warrant program launched in 2021 and distributed ARS 93.782 billion in dividends to our shareholders, partly in cash and partly in IRSA shares, representing an approximate dividend yield of 8%. Our solid financial position and recurring access to the capital markets provide us with the flexibility to finance our operations and pursue new investment opportunities. In terms of sustainability, we continued working to incorporate best environmental and production practices across our operations, making increasingly efficient use of resources and promoting responsible production. During the fiscal year, we expanded RTRS certification for soybean and corn production to additional owned and leased farms in Argentina and continued to advance initiatives related to biodiversity conservation, innovation and the development of the communities where we operate. Innovation and the adoption of technology continue to be key pillars in improving the productivity and efficiency of our operations. Against a backdrop of increasing activity and investment by agricultural technology companies in Argentina, during the fiscal year we further advanced the digitalization and connectivity of our farms, expanded real-time monitoring of our operations, and implemented a network of weather stations and new tools to capture, centralize and analyze production data, enabling us to make increasingly accurate and efficient decisions. We also continued to incorporate new technologies into our production processes, including selective spraying systems that optimize the use of inputs, as well as satellite imagery and drones to more accurately identify and manage productive areas and suppo rt soil recovery. These initiatives allow us to improve productivity, use resources more efficiently and reduce the environmental impact of our operations, as we continue moving toward increasingly technology-driven, efficient and sustainable agriculture. Looking ahead to the 2027 crop season, we are optimistic about the opportunities for the regional agribusiness sector. Weather forecasts point to an El Niño year, with good rainfall levels expected across the main production regions, while in Argentina we remain confident in the path toward greater macroeconomic predictability and a lower tax burden on the sector, which support competitiveness and create more favorable conditions for investment and production. Against this backdrop, we expect to increase planted area across the region, particularly in Argentina, both on owned and leased farms, while maintaining our focus on efficiency and profitability per hectare. We will also continue to advance the irrigation project recently launched at our farm in Mendoza, which will allow us to bring more than 400 hectares into production for intensive crops, while evaluating different alternatives such as nuts, vineyards and potatoes. In this context, CRESUD is well positioned to capitalize on the opportunities that may arise, supported by high -quality assets, diversified businesses, a solid financial position, and an experienced team with a long -term vision. I would especially like to thank our employees for their commitment and dedication, and our shareholders, investors, customers, suppliers and communities for their continued trust and support. We look forward to continuing to build together an increasingly stronger CRESUD, well prepared for the challenges and opportunities of the years ahead. Alejandro G. Elsztain CEO
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Fiscal Year 2026 / 6 » Brief comment on the Company’s activities during the period, including references to significant events that occurred after the end of the period. Economic context in which the Group operates. The Group carried out its activities mainly in Argentina, within an economic environment characterized by the continuation of the macroeconomic stabilization process, with a gradual recovery in economic activity, a slowdown in inflation, the consolidation of fiscal balance, and a more flexible exchange rate regime. The most relevant aspects are summarized below: • Economic Activity: During the second half of 2025 and the first half of 2026, the Argentine economy continued to show a gradual recovery, with favorable performance in the agricultural, energy, and mining sectors, while other sectors exhibited a more heterogeneous performance throughout the fiscal year. • Inflation: Between July 1, 2025, and June 30, 2026, accumulated inflation, measured by the Consumer Price Index (CPI), reached 33.55%, consolidating the downward inflation trend observed throughout the fiscal year. In June 2026, monthly CPI inflation stood at 1.88%. According to the Market Expectations Survey (REM), annual inflation projected for December 2026 would stand at around 30%. • Exchange Rate: During the fiscal year, the managed floating exchange rate regime within bands implemented in April 2025 remained in place. In this context, the Argentine peso continued to depreciate against the U.S. dollar, moving from an exchange rate of approximately ARS 1,205 per U.S. dollar at the beginning of the fiscal year to ARS 1,482 as of June 30, 2026. • Fiscal Surplus: In the first half of 2026, the national public sector recorded a fiscal surplus equivalent to 0.1% of GDP, associated with the continuation of the measures implemented to consolidate balanced public accounts, reduce the need for monetary financing, and contribute to the disinflation process. Between the second half of 2025 and the first half of 2026, the Government maintained fiscal balance as the cornerstone of its economic policy, complemented by deregulation measures, structural reforms, and initiatives aimed at promoting private investment. The most relevant measures included: • The continuation of economic deregulation and regulatory simplification measures implemented during the fiscal year, together with new reforms aimed at reducing regulatory burdens and improving the business environment. • The approval of the 2026 National Budget, based on the objective of maintaining fiscal balance and aimed at consolidating the macroeconomic stabilization process. • The implementation of the Incentive Regime for Large Investments (RIGI), including the evaluation and approval of investment projects and the extension of the deadline to adhere to the regime. • The continuation of the program agreed with the International Monetary Fund (IMF), aimed at strengthening international reserves, consolidating the macroeconomic stabilization process, and supporting the current exchange rate regime. • The enactment and regulation of the Tax Innocence Regime and the Simplified Income Tax Regime, aimed at promoting asset formalization and simplifying tax compliance. • The continuation of the process of reducing export duties for various productive sectors, including agricultural, agro-industrial and industrial products, with the aim of improving competitiveness and promoting exports. The Company’s Management permanently monitors the evolution of variables that affect its business in order to define its course of action and identify potential impacts on its financial position and performance. The Company’s Management Report and Financial Statements must be read in light of these circumstances.
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Fiscal Year 2026 / 7 » Consolidated Results (In ARS million) FY 26 FY 25 YoY Var Revenues 1,379,363 1,220,836 13.0% Costs -859,586 -762,213 12.8% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -732 26,705 -102.7% Changes in the net realizable value of agricultural produce after harvest 19,113 6,199 208.3% Gross profit 538,158 491,527 9.5% Net gain from fair value adjustment on investment properties 190,239 25,474 646.8% Gain from disposal of farmlands 633 56,079 -98.9% General and administrative expenses -152,354 -148,241 2.8% Selling expenses -124,704 -110,977 12.4% Other operating results, net -38,581 -6,670 478.4% Management Fee -27,169 -12,127 124.0% Result from operations 386,222 295,065 30.9% Depreciation and Amortization 86,411 85,276 1.3% Rights of use installments -58,303 -33,559 73.7% EBITDA (unaudited) 414,330 346,782 19.5% Adjusted EBITDA (unaudited) 273,263 355,210 -23.1% Results from joint ventures and associates 39,446 35,912 9.8% Result from operations before financing and taxation 425,668 330,977 28.6% Financial results, net 63,805 63,537 0.4% Result before income tax 489,473 394,514 24.1% Income tax expense -117,193 -94,879 23.5% Result for the period 372,280 299,635 24.2% Attributable to Equity holder of the parent 177,256 128,400 38.0% Non-controlling interest 195,024 171,235 13.9% Consolidated revenues increased 13.0% during fiscal year 2026, while Adjusted EBITDA decreased 23.1% compared to fiscal year 2025. Adjusted EBITDA from agribusiness segments was a gain of ARS 17,812 million, while the Urban Properties and Investments segment (through IRSA) recorded a gain of ARS 291,055 million. Net income fiscal year 2026 was a gain of ARS 372,280 million, compared to a gain of ARS 299,635 million in the same period of the previous year. Result from fair value adjustment of investment properties 2026 vs 2025 The net result from changes in the fair value of total consolidated investment properties, according to the income statement, increased by ARS 164,765 million, from a net gain of ARS 25,474 million during the year ended June 30, 2025, to a net gain of ARS 190,239 million during the year ended June 30, 2026. According to segment information, the Urban Properties and Investments Business recorded an ARS 182,868 million improvement, primarily driven by more favorable macroeconomic projections regarding the real exchange rate and GDP, as well as by an approximately 130-basis-point reduction in the country risk premium, which impacted the discount rate used in the valuation of shopping centers. In addition, the Offices and Sales and Developments segments were affected by the real appreciation of the peso against the reference exchange rate. The Agricultural Business, in turn, recorded an ARS 22,153 million decrease, mainly due to a decrease in the value of agricultural land in Brazil.
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Fiscal Year 2026 / 8 » Description of Operations by Segment FY 2026 Agribusiness Urban Properties and Investments Total FY 26 vs. FY 25 Revenues 727,486 526,939 1,254,425 14.1% Costs -602,060 -124,161 -726,221 14.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -4,464 - -4,464 -118.9% Changes in the net realizable value of agricultural produce after harvest 19,113 - 19,113 208.3% Gross profit 140,075 402,778 542,853 9.6% Net gain from fair value adjustment on investment properties -5,504 195,067 189,563 557.1% Gain from disposal of farmlands 633 - 633 -98.9% General and administrative expenses -56,565 -96,484 -153,049 2.7% Selling expenses -88,505 -36,829 -125,334 12.6% Other operating results, net -5,575 -33,674 -39,249 460.4% Result from operations -15,441 430,858 415,417 32.7% Share of profit of associates 312 37,811 38,123 17.5% Segment result -15,129 468,669 453,540 31.3% FY 2025 Agribusiness Urban Properties and Investments Total Revenues 598,649 500,352 1,099,001 Costs -516,513 -116,996 -633,509 Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 23,658 - 23,658 Changes in the net realizable value of agricultural produce after harvest 6,199 - 6,199 Gross profit 111,993 383,356 495,349 Net gain from fair value adjustment on investment properties 16,649 12,199 28,848 Gain from disposal of farmlands 56,079 - 56,079 General and administrative expenses -56,709 -92,285 -148,994 Selling expenses -79,093 -32,196 -111,289 Other operating results, net 15,966 -22,970 -7,004 Result from operations 64,885 248,104 312,989 Share of profit of associates -1,380 33,830 32,450 Segment result 63,505 281,934 345,439 Our Portfolio During the fourth quarter of fiscal year 202 6, our portfolio under management consisted of 713,984 hectares, of which 289,104 hectares are productive and 424,880 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 67,455 138,419 321,062 526,936 Brazil 51,339 3,943 63,368 118,650 Bolivia 8,776 - 1,099 9,875 Paraguay 14,268 4,904 39,351 58,523 Total 141,838 147,266 424,880 713,984 (*) 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.
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Fiscal Year 2026 / 9 » Leased (*) Agricultural Cattle Other Total Argentina 66,139 10,896 77,035 Brazil 62,283 - 9,687 71,970 Bolivia 1,065 - - 1,065 Total 129,487 10,896 9,687 150,070 (*) Excludes double crops. Segment Income – Agricultural Business I) Land Development and Sales We periodically sell properties that have reached attractive valuation levels to reinvest in new farms with higher appreciation potential. Sale decisions are based on several factors, including expected future yields, the availability of alternative investment opportunities and cyclical factors affecting farmland values. in ARS million FY 26 FY 25 YoY Var Revenues - - - Costs -492 -520 -5.4% Gross loss -492 -520 -5.4% Net gain from fair value adjustment on investment properties -5,504 16,649 -133.1% Gain from disposal of farmlands 633 56,079 -98.9% General and administrative expenses -272 -115 136.5% Selling expenses -49 -2,073 -97.6% Other operating results, net -2,035 4,670 -143.6% Result from operations -7,719 74,690 -110.3% Segment result -7,719 74,690 -110.3% Depreciations and amortizations 60 59 1.7% EBITDA -7,659 74,749 -110.2% Adjusted EBITDA 1,416 58,101 -97.6% Segment result decreased by ARS 82,409 million compared to fiscal year 2025, mainly due to lower results from farmland sales. On May 4, 2026, BrasilAgro agreed to sell a 921-hectare area (501.5 productive hectares) of the “Morotí” farm, located in Paraguay, which was originally acquired in 2013, for USD 1.5 million. As of the fiscal year -end, 372 hectares had been recognized for approximately USD 0.6 million, with the remaining balance subject to the fulfillment of certain conditions. Following this transaction, BrasilAgro retains 57,800 hectares of this property. II) Agricultural Production The Agricultural Production segment reported a loss of ARS 18,480 million during fiscal year 2026, compared to a gain of ARS 21,774 million in fiscal year 2025. Area incorporated as productive (hectares) 2026 2025 Argentina - 1,022 Brazil - 681 Paraguay 1,660 - Total 1,660 1,703
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Fiscal Year 2026 / 10 » in ARS million FY 26 FY 25 YoY Var Revenues 508,571 436,668 16.5% Costs -446,397 -374,521 19.2% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -4,464 23,658 -118.9% Changes in the net realizable value of agricultural produce after harvest 19,113 6,199 208.3% Gross profit 76,823 92,004 -16.5% General and administrative expenses -32,650 -31,061 5.1% Selling expenses -55,954 -47,656 17.4% Other operating results, net -7,760 7,995 -197.1% Results from operations -19,541 21,282 -191.8% Results from associates 1,061 492 115.7% Segment results -18,480 21,774 -184.9% EBITDA -12,085 54,275 -122.3% Adjusted EBITDA -5,199 58,467 -108.9% II.a) Crops and Sugarcane Crops in ARS million FY 26 FY 25 YoY Var Revenues 321,661 263,140 22.2% Costs -294,071 -230,286 27.7% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 557 1,553 -64.1% Changes in the net realizable value of agricultural produce after harvest 19,054 6,260 204.4% Gross result 47,201 40,667 16.1% General and administrative expenses -23,331 -21,559 8.2% Selling expenses -47,018 -40,408 16.4% Other operating results, net -5,125 13,830 -137.1% Result from operations -28,273 -7,470 278.5% Results from associates 1,048 485 116.1% Activity Result -27,225 -6,985 289.8% Sugarcane in ARS million FY 26 FY 25 YoY Var Revenues 62,753 96,128 -34.7% Costs -50,129 -84,183 -40.5% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -7,656 11,651 -165.7% Gross result 4,968 23,596 -78.9% General and administrative expenses -5,648 -5,096 10.8% Selling expenses -4,070 -2,739 48.6% Other operating results, net -1,332 -3,833 -65.2% Result from operations -6,082 11,928 -151.0% Activity Result -6,082 11,928 -151.0% Operations Production Volume (1) FY 26 FY 25 FY 24 Corn 361,106 237,951 348,302 Soybean 438,361 367,654 329,890 Wheat 61,931 44,439 28,800 Sorghum 2,216 1,425 11,965 Sunflower 4,725 616 971 Cotton 30,518 19,036 18,038 Other 15,924 19,900 25,952 Total Crops (tons) 914,781 691,021 763,918 Sugarcane (tons) 1,188,870 1,840,588 1,488,530 (1) Includes BrasilAgro, Acres del Sud, Ombú, Yatay and Yuchán. Excludes Agro-Uranga.
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Fiscal Year 2026 / 11 » Below is the geographical distribution of our agricultural production for the last two Fiscal Years: FY 26 In tons Argentina Brazil Bolivia Paraguay Total Corn 194,279 155,229 - 11,598 361,106 Soybean 182,174 234,739 6,978 14,470 438,361 Wheat 61,931 - - - 61,931 Sorghum 2,216 - - - 2,216 Sunflower 4,725 - - - 4,725 Cotton 1,928 21,593 - 6,997 30,518 Other 12,965 2,959 - - 15,924 Total Crops and Other 460,218 414,520 6,978 33,065 914,781 Sugarcane - 1,104,549 84,321 - 1,188,870 FY 25 In tons Argentina Brazil Bolivia Paraguay Total Corn 163,496 73,341 - 1,114 237,951 Soybean 141,623 216,296 3,624 6,111 367,654 Wheat 44,439 - - - 44,439 Sorghum 1,425 - - - 1,425 Sunflower 616 - - - 616 Cotton 3,489 15,547 - - 19,036 Other 10,512 9,388 - - 19,900 Total Crops and Other 365,600 314,572 3,624 7,225 691,021 Sugarcane - 1,735,045 105,543 - 1,840,588 Next, we present the total volume sold according to its geographical destination measured in thousands of tons: Volume of FY 26 FY 25 FY 24 Sales (3) M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) Total Corn 223.1 66.5 289.6 195.0 26.7 221.7 241.4 110.1 351.5 Soybean 165.0 176.3 341.3 138.5 148.6 287.1 150.2 119.9 270.1 Wheat 50.2 - 50.2 28.4 - 28.4 31.1 - 31.1 Sorghum 0.4 - 0.4 13.2 - 13.2 4.2 - 4.2 Sunflower 3.8 - 3.8 0.6 - 0.6 3.5 - 3.5 Cotton 20.3 5.5 25.8 13.5 5.8 19.3 15.1 3.6 18.7 Others 8.0 1.2 9.2 13.3 - 13.3 18.2 - 18.2 Total Crops (thousand ton) 470.8 249.5 720.3 402.5 181.1 583.6 463.7 233.6 697.3 Sugarcane (thousands ton) 1,188.9 - 1,188.9 1,840.6 - 1,840.6 1,488.5 - 1,488.5 (1) Local Market (2) International Market (3) Includes BrasilAgro. Does not include Agro-Uranga S.A The result of the Grains activity decreased by ARS 20,240 million, from a loss of ARS 6,985 million in fiscal year 2025 to a loss of ARS 27,225 million in fiscal year 2026, mainly as a result of: • A loss in Brazil, mainly explained by negative results from grain derivatives and lower production and holding results, primarily in corn, together with the recognition of a production loss from cotton related to the previous crop year. • Partially offset by improved results in Argentina, mainly driven by better grain holding results, as prices outpaced inflation during the months with higher inventory levels, as well as by improved results from commodity derivatives. The result of the Sugarcane activity decreased by 151.0%, from a gain of ARS 11 ,928 million in fiscal year 2025 to a loss of ARS 6,082 million in fiscal year 2026. This decline is mainly due to the recognition of a production loss related to the 2025/26 crop year, affected by fires and frosts that reduced harvested volumes compared to initial estimates, as well as a lower expected result from the 2026/27 crop year arising from the fair value measurement of biological assets.
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Fiscal Year 2026 / 12 » Area in Operation (hectares) (1) As of 06/30/26 As of 06/30/25 YoY Var Own farms 110,928 112,128 -1.1% Leased farms 163,386 150,836 8.3% Farms under concession 22,073 22,469 -1.8% Own farms leased to third parties 21,134 18,204 16.1% Total Area Assigned to Production 317,521 303,637 4.6% (1) Includes Agro-Uranga. II.b) Cattle Production FY 26 FY 25 FY 24 Beef production (tons) (1) 12,065 11,572 9,982 (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 FY 26 FY 25 FY 24 Sales (1) D.M F.M Total D.M F.M Total D.M F.M Total Beef production 24.3 - 24.3 16.6 - 16.6 49.5 - 49.5 D.M.: Domestic market F.M.: Foreign market Cattle In ARS Million FY 26 FY 25 YoY Var Revenues 109,216 59,724 82.9% Costs -97,066 -49,946 94.3% Initial recognition and changes in the fair value of biological assets and agricultural produce 2,635 10,454 -74.8% Changes in the net realizable value of agricultural produce after harvest 59 -61 - Gross Profit 14,844 20,171 -26.4% General and administrative expenses -3,001 -3,352 -10.5% Selling expenses -4,184 -3,827 9.3% Other operating results, net -1,191 -1,587 -25.0% Result from operations 6,468 11,405 -43.3% Results from associates 13 7 85.7% Activity Result 6,481 11,412 -43.2% Area in operation – Cattle (hectares) (1) As of 06/30/26 As of 06/30/25 YoY Var Own farms 59,390 69,029 -14.0% Leased farms 10,896 10,896 0.0% Farms under concession 2,876 2,696 6.7% Own farms leased to third parties - 2,895 -100.0% Total Area Assigned to Cattle Production 73,162 85,516 -14.4% (1) Includes Agro-Uranga, Brazil and Paraguay, Cattle Herd As of 06/30/26 As of 06/30/25 YoY Var Breeding stock 54,359 56,934 -4.5% Winter grazing stock 19,015 20,850 -8.8% Sheep stock 12,568 12,752 -1.4% Total Stock (heads) 85,942 90,536 -5.1% The result of the Cattle activity decreased by 43.2%, from a gain of ARS 11,412 million during fiscal year 2025 to a gain of ARS 6,481 million in fiscal year 2026. This decrease is mainly explained by lower results in Brazil, due to reduced cattle activity following the sale of the Preferencia farm, partially offset by a strong performance in Argentina, with higher production volumes and cattle prices that outpaced inflation, although with higher costs.
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Fiscal Year 2026 / 13 » II.c) Agricultural Rental and Services In ARS Million FY 26 FY 25 YoY Var Revenues 14,941 17,676 -15.5% Costs -5,131 -10,106 -49.2% Gross profit 9,810 7,570 29.6% General and Administrative expenses -670 -1,054 -36.4% Selling expenses -682 -682 0.0% Other operating results, net -112 -415 -73.0% Result from operations 8,346 5,419 54.0% Activity Result 8,346 5,419 54.0% The result of the activity increased by ARS 2,927 million, moving from a gain of ARS 5,419 million during fiscal year 2025 to a gain of ARS 8,346 million in fiscal year 2026. III) Other Segments We include within "Others" the results coming from our investment in FyO. The result of the segment increased by ARS 41,892 million, going from a loss of ARS 25,046 million during fiscal year 2025 to a gain of ARS 16,846 million for fiscal year 2026 , as a result of an improvement in FyO’s operating results, mainly in consignment and stockpiling operations, driven by higher volumes processed, together with improved performance in brokerage and input sales activities. In addition, in the prior year, due to hedging strategies, a significant portion of the results had been recognized within financial results. In ARS Million FY 26 FY 25 YoY Var Revenues 218,915 161,981 35.1% Costs -155,171 -141,472 9.7% Gross result 63,744 20,509 210.8% General and administrative expenses -17,867 -17,620 1.4% Selling expenses -32,502 -29,364 10.7% Other operating results, net 4,220 3,301 27.8% Result from operations 17,595 -23,174 - Profit from associates -749 -1,872 -60.0% Segment Result 16,846 -25,046 - EBITDA 21,797 -18,895 - Adjusted EBITDA 21,595 -18,935 - IV) Corporate Segment The segment result improved from a loss of ARS 7,886 million in fiscal year 2025 to a loss of ARS 5,755 million in fiscal year 2026. In ARS Million FY 26 FY 25 YoY Var General and administrative expenses -5,776 -7,913 -27.0% Loss from operations -5,776 -7,913 -27.0% Segment loss -5,755 -7,886 -27.0% EBITDA -5,755 -7,886 -27.0% Adjusted EBITDA -5,776 -7,913 -27.0%
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Fiscal Year 2026 / 14 » Urban Properties and Investments Business (through our subsidiary IRSA Inversiones y Representaciones Sociedad Anónima) We operate our Urban Properties and Investments segment through our subsidiary IRSA. As of June 30, 2026, our direct and indirect equity interest in IRSA represented 55.14% of its share capital. Consolidated results of our subsidiary IRSA Inversiones y Representaciones S.A. In ARS Million FY 26 FY 25 YoY Var Revenues 656,714 624,835 5.1% Results from operations 428,104 241,535 77.2% EBITDA 447,203 262,533 70.3% Adjusted EBITDA 291,055 280,084 3.9% Segment results 468,669 281,934 66.2% Consolidated revenues from sales, rentals and services increased 5.1% during fiscal year 2026 compared to fiscal year 2025. Adjusted EBITDA reached ARS 291,055 million, 3.9% higher than the previous fiscal year. Financial Indebtedness and Other The following tables contain a breakdown of the company’s indebtedness as of June 30, 2026: Agricultural Business Description Currency Amount (USD MM)(1)(2) Interest Rate Maturity Loans and bank overdrafts ARS 0.9 Variable < 30 days Series XLV (4) USD 10.2 6.00% aug-26 Series XL USD 13.0 0.00% dec-26 Series XLIV (5) USD 39.8 6.00% jan-27 Series LI USD 46.8 5.75% jan-27 Series XLVI USD 23.8 1.50% jul-27 Series XLIX (6) USD 31.3 7.25% sep-27 Series LII USD 41.2 4.75% apr-28 Series XLVIII USD 43.7 8.00% jul-28 Series XLVII USD 64.4 7.00% nov-28 Series L USD 70.4 7.25% mar-29 Series LIII USD 23.0 6.25% apr-30 Other debt USD 24.0 CRESUD’s Total Debt (2) USD 432.5 Cash and cash equivalents (3) USD 59.5 CRESUD’s Net Debt USD 373.0 BrasilAgro’s Total Net Debt USD 159.1 (1) Principal amount stated in USD (million) at exchange rates of ARS 1,482.0/USD and BRL 5.4588/USD, excluding accrued interest and eliminations of balances with subsidiaries. (2) Excludes FyO. (3) Includes Cash and Cash Equivalents, Investments in Current Financial Assets, and holdings of Notes issued by related comp anies. (4) On August 25, 2026, 100% of the principal was repaid. (5) On July 17, 2026, all Series XLIV Notes were early redeemed at 101% of their nominal value, plus accrued and unpaid interest. (6) On September 4, 2026, all Series XLIX Notes were early redeemed at 100% of their nominal value, plus accrued and unpaid interest. Urban Properties and Investments Business Description Currency Amount (USD MM) (1) Interest Rate Maturity Loans and bank overdrafts ARS 9.8 Variable < 360 days Series XVIII USD 21.4 7.00% feb-27 Series XXV USD 50.0 3.75% jun-27 Series XXII USD 15.8 5.75% oct-27 Series XIV USD 49.1 8.75% jun-28 Series XXIII USD 51.5 7.25% oct-29 Series XXIV USD 473.7 8.00% mar-35 IRSA’s Total Debt USD 671.3 Cash & Cash Equivalents + Investments (2) USD 389.5 IRSA’s Net Debt USD 281.8 (1) Principal amount in USD (million) at an exchange rate of ARS 1, 482.0/USD, without considering accrued interest or eliminations of balances with subsidiaries. (2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies’ notes holding.
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Fiscal Year 2026 / 15 » Comparative Summary Consolidated Balance Sheet Data In ARS million Jun-26 Jun-25 Jun-24 Current assets 1,824,035 1,664,933 1,315,265 Non-current assets 5,420,604 5,131,073 5,151,406 Total assets 7,244,639 6,796,006 6,466,671 Current liabilities 1,245,115 1,337,853 1,227,304 Non-current liabilities 2,845,017 2,501,686 2,330,376 Total liabilities 4,090,132 3,839,539 3,557,680 Total capital and reserves attributable to the shareholders of the controlling company 1,454,933 1,296,194 1,293,462 Minority interests 1,699,574 1,660,273 1,615,529 Shareholders’ equity 3,154,507 2,956,467 2,908,991 Total liabilities plus minority interests plus shareholders’ equity 7,244,639 6,796,006 6,466,671 Comparative Summary Consolidated Statement of Income Data In ARS million Jun-26 Jun-25 Jun-24 Gross profit 538,158 491,527 542,848 Profit from operations 386,222 295,065 -230,703 Results from associates and joint ventures 39,446 35,912 61,356 Profit from operations before financing and taxation 425,668 330,977 -169,347 Financial results, net 63,805 63,537 283,707 Profit before income tax 489,473 394,514 114,360 Income tax expense -117,193 -94,879 104,424 Result for the period 372,280 299,635 218,784 Controlling company’s shareholders 177,256 128,400 181,257 Non-controlling interest 195,024 171,235 37,527 Comparative Summary Consolidated Statement of Cash Flow Data In ARS million Jun-26 Jun-25 Jun-24 Net cash generated by operating activities 62,938 196,759 152,487 Net cash (used in) / generated by investment activities -306,520 -107,593 172,362 Net cash generated by / (used in) in financing activities 189,644 120,421 -413,008 Total net cash (used) / generated during the period -53,938 209,587 -88,159 Ratios Jun-26 Jun-25 Jun-24 Liquidity (1) 1.46 1.24 1.07 Solvency (2) 0.77 0.77 0.82 Restricted capital (3) 0.75 0.76 0.80 Indebtedness (4) 2.81 2.96 2.75 (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.
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Fiscal Year 2026 / 16 » Material facts and subsequent events July 2025: Notes issuance On July 11, 2025, Cresud issued on the local market the Series XLVIII Notes Denominated in dollars for USD 43.7 million, with 8.0% interest rate, with semi-annual payments. Principal will be repaid 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. September 2025: Notes issuance On September 2, 2025, Cresud issued on the local market the Series XLIX Notes for USD 31.3 million, with 7.25% interest rate, with semi-annual payments. Principal will be repaid 100% at maturity, on September 2, 2027. The issuance price was 100.0%. September and November 2025, February and March 2026: Warrants Exercise and Expiration During September and November 2025, February and March 2026 , certain warrant holders have exercised their right to acquire additional shares and 95,234,036 ordinary shares of the Company were registered, with a face value of ARS 1. As a result of the exercise, USD 24,460,890 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 709,308,309, leaving 1,650,742 options outstanding and unexercised, which expired on March 10, 2026. 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. • Compensation 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 a 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 consisted 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
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Fiscal Year 2026 / 17 » to 10.38769027273% of the share capital entitled to receive dividends 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) was ARS 103.8769027273, and the amount per American Depositary Share (“ADS”) was ARS 1,038.769027273. Regarding the dividend in kind, shareholders received 0.020271025365 IRSA share s (par value ARS 10) per Cresud common share, and 0.20271025365 IRSA shares (par value ARS 10) per ADS. Additionally, the Company distributed 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. December 2025 and January 2026: Notes Issuance On December 10, 2025, Cresud issued the Series L Notes on the local market for a total amount of USD 29.6 million with 7.25% interest rate, with semi -annual payments starting on September 10, 2026. Principal will be repaid 100% at maturity, on March 10, 2029. The issuance price was 100.0%. January 2026: Notes Issuance On January 20, 2026, the Company reopened the Series L Notes on the local market for USD 40.8 million. The issuance price was 100.75% and the total nominal value of the Series L after the additional issuance is USD 70.4 million. On the same date, January 20, 2026, Cresud also issued Series LI Notes in dollars for USD 46.8 million, with 5.75% interest rate, with semi-annual payments. Principal will be repaid 100% at maturity, on January 20, 2027. The issuance price was 100.0%. April 2026: Notes Issuance On April 30, 2026, the Company issued notes in the local market for a total amount of USD 64.2 million. The main terms and conditions of the issuance are as follows: • Series LII Notes, denominated in dollars, for USD 41.2 million, with 4.75% interest rate with semiannual interest payments (except for the first payment, which will be made nine (9) months after the Issue and Settlement Date, and the second payment, which will be made three (3) months thereafter). Principal will be repaid in a single installment at maturity, on April 30, 2028. The issuance price was 100.0%. • Series LIII Notes, denominated in dollars, for USD 23.0 million, with 6.25% interest rate with semiannual interest payments (except for the first payment, which will be made nine (9) months after the Issue and Settlement Date, and the second payment, which will be made three (3) months thereafter). Principal will be repaid in a single installment at maturity, on April 30, 2030. The issuance price was 100.0%. Proceeds will be primarily used to refinance existing liabilities and for working capital in Argentina. July 2026: Series XLIV Notes Redemption Subsequent to the fiscal year-end, on July 8, 2026, the Company announced that it had resolved to exercise its option to redeem in full the outstanding Series XLIV Notes maturing on January 17, 2027 , which were outstanding in an aggregate principal amount of USD 39,765,830. The redemption was completed on July 17, 2026, in accordance with the terms and conditions set forth in the Prospectus Supplement for the Series XLIV Notes dated January 5, 2024 (the “Prospectus Supplement”), under which such Notes were issued.
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Fiscal Year 2026 / 18 » The redemption price was 101% of the outstanding principal amount of the Series XLIV Notes, plus accrued and unpaid interest as of the redemption date. August 2026: Notes Issuance Subsequent to the fiscal year -end, on August 31, 2026, the Company completed the issuance corresponding to the reopening of its Series LIII Notes in the local market for an amount of USD 40.4 million. The tendered issue price was 102.88%, bringing the aggregate principal amount of the Series LIII Notes to USD 63.4 million. August 2026: Series XLIX Notes Redemption Subsequent to the fiscal year -end, on August 28, 2026, the Company announced that it had resolved to exercise its option to redeem in full the Series XLIX Notes due September 2, 2027, which were outstanding in an aggregate principal amount of USD 31,306,845. The redemption was carried out on September 4, 2026, in accordance with the terms and conditions set forth in the Prospectus Supplement for the Series XLIX Notes dated August 22, 2025. The redemption price was 100% of the principal amount of each outstanding Series XLIX Note, plus accrued and unpaid interest through the redemption date. EBITDA Reconciliation In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) result from discontinued operations; (ii) income tax expense; (iii) financial results, net; (iv) share of profit of associates and joint ventures; (v) depreciation and amortization; and (vi) payments for rights of use. We define Adjusted EBITDA as EBITDA adjusted for: (i) net result from changes in the fair value of investment properties, including unrealized results and realized sales; (ii) initial recognition and changes in the fair value of biological assets, both realized and unrealized; (iii) other exceptional expenses; and (iv) impairment result on trading properties. 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 with supplemental measures of our financial performance that may 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 calculated 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 twelve-month period ended June 30 (in ARS million) 2026 2025 Result for the period 372,280 299,635 Income tax expense 117,193 94,879 Net financial results -63,805 -63,537 Share of profit of associates and joint ventures -39,446 -35,912 Depreciation and amortization 86,411 85,276 Rights of use installments -58,303 -33,559 EBITDA (unaudited) 414,330 346,782 Gain from fair value of investment properties, not realized - agribusiness 5,504 -16,649 Gain from fair value of investment properties, not realized - Urban Properties Business -195,743 -8,825 Realized sale – Real Estate 516 4,209 Initial recognition and changes in fair value of biological assets -14,648 -29,858 Realized initial recognition and changes in fair value of biological assets 21,332 34,010 Other exceptional expenses 8,440 - Impairment Result on trading properties 33,532 25,541 Adjusted EBITDA (unaudited) 273,263 355,210
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Fiscal Year 2026 / 19 » Brief comment on prospects for the next fiscal year The 2027 regional crop season begins with a favorable outlook, with prices of the main commodities showing an upward trend, although they remain at moderate levels by historical standards. The costs of certain inputs, particularly fertilizers and fuel, rem ain elevated, and therefore we will continue to prioritize operating efficiency and margins per hectare in our production decisions. In Argentina, we are optimistic about the new crop season. Following the solid production results achieved in 2026, weather forecasts point to an El Niño year, with good rainfall levels expected across the main production regions. At the same time, greater macroeconomic predictability and the gradual reduction in export taxes are creating better conditions for investment and production. In this context, we will continue to increase planted area, both on owned and leased farms, while prioritizing profitabili ty per hectare. At BrasilAgro, following a challenging crop season in terms of production, we expect more favorable weather conditions in the regions where the company operates, allowing it to recover production levels and improve operating efficiency and margins. In livestock, the latest seasons have delivered excellent results. We expect to maintain high production levels by further intensifying our operations through feedlots and investments in infrastructure. Firm cattle prices and solid demand for beef, both in the domestic and international markets, provide a favorable environment for the business, where we will continue to focus on production efficiency and strong margins. Regarding our agricultural real estate business, we continue to see increased interest in rural assets in Argentina and signs of a recovery in land values, which still remain below those of comparable markets in the region and globally. We will continue to evaluate opportunities to acquire land with development and appreciation potential, as well as the sale of assets that have reached a high level of appreciation, maintaining portfolio rotation as one of the pillars of our value creation strategy. Our agribusiness services will continue to support the sector’s growth. FyO, a leader in grain and agricultural input commercialization in Argentina, will seek to continue growing volumes, developing all of its business lines and deepening its regional expansion, particularly in Brazil through BIOND. At IRSA, we expect the rental segments —shopping malls, offices and hotels —to maintain solid performance, despite the uncertainty that the electoral process could generate and its potential impact on consumption. The company will continue to advance its mai n development projects, including construction works at Distrito Diagonal in La Plata, the redevelopment of Edificio del Plata in downtown Buenos Aires, and infrastructure works at Ramblas del Plata. During the fiscal year, we expect to achieve new milestones, with the opening of Distrito Diagonal toward the end of the period and the start of construction of the first buildings at Ramblas del Plata. In line with our strategy in recent fiscal years, we will continue to maintain a solid financial position and adequate liquidity levels. Our access to the capital markets provides us with the flexibility to finance our operations and meet our obligations. We look to the next fiscal year with optimism and remain confident in our ability to continue growing and capitalize on the opportunities that may arise in Argentina and across the region. We will remain focused on the efficiency of our operations, the dev elopment and appreciation of our assets, and the pursuit of new investment opportunities, while maintaining the discipline and long-term vision that characterize our strategy. Eduardo S. Elsztain Chairman
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Fiscal Year 2026 / 20 » Consolidated Statement of Financial Position as of June 30, 2026 and 2025 (All amounts in millions of Argentine pesos, except otherwise indicated) 06.30.2026 06.30.2025 ASSETS Non-current assets Investment properties 3,469,474 3,210,643 Property, plant and equipment 925,756 951,768 Trading properties 252,004 166,561 Intangible assets 41,443 38,060 Right-of-use assets 171,382 162,976 Biological assets 64,623 58,164 Investment in associates and joint ventures 276,449 250,453 Deferred income tax assets 24,216 17,202 Income tax credit 16 101 Restricted assets 5,343 - Trade and other receivables 153,977 234,680 Investment in financial assets 29,785 37,168 Derivative financial instruments 6,136 3,297 Total non-current assets 5,420,604 5,131,073 Current assets Trading properties 17,758 47,670 Biological assets 152,422 141,135 Inventories 250,220 236,926 Income tax credit 1,726 1,618 Trade and other receivables 605,852 591,414 Investment in financial assets 504,919 302,103 Derivative financial instruments 6,673 9,056 Cash and cash equivalents 284,465 335,011 Total current assets 1,824,035 1,664,933 TOTAL ASSETS 7,244,639 6,796,006 SHAREHOLDERS’ EQUITY Shareholders' equity (according to corresponding statement) 1,454,933 1,296,194 Non-controlling interest 1,699,574 1,660,273 TOTAL SHAREHOLDERS' EQUITY 3,154,507 2,956,467 LIABILITIES Non-current liabilities Trade and other payables 77,399 103,334 Borrowings 1,457,642 1,078,201 Deferred income tax liabilities 1,142,791 1,153,256 Provisions 48,864 43,311 Payroll and social security liabilities 1,145 167 Lease liabilities 111,476 118,119 Derivative financial instruments 5,700 5,298 Total non-current liabilities 2,845,017 2,501,686 Current liabilities Trade and other payables 499,800 441,400 Borrowings 565,145 715,495 Provisions 6,055 7,004 Payroll and social security liabilities 51,262 50,838 Income tax liabilities 70,430 75,785 Lease liabilities 49,676 42,547 Derivative financial instruments 2,747 4,784 Total Current liabilities 1,245,115 1,337,853 TOTAL LIABILITIES 4,090,132 3,839,539 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 7,244,639 6,796,006
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Fiscal Year 2026 / 21 » Consolidated Statement of Income and Other Comprehensive Income for the fiscal years ended June 30, 2026, 2025 and 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) 06.30.2026 06.30.2025 06.30.2024 Restated Revenues 1,379,363 1,220,836 1,281,202 Costs (859,586) (762,213) (762,973) Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest (732) 26,705 11,262 Changes in the net realizable value of agricultural products after harvest 19,113 6,199 13,357 Gross profit 538,158 491,527 542,848 Net gain / (loss) from fair value adjustment of investment properties 190,239 25,474 (649,204) Gain from disposal of farmlands 633 56,079 97,960 General and administrative expenses (152,354) (148,241) (132,386) Selling expenses (124,704) (110,977) (112,430) Other operating results, net (38,581) (6,670) 39,797 Management fees (27,169) (12,127) (17,288) Profit / (loss) from operations 386,222 295,065 (230,703) Share of profit of associates and joint ventures 39,446 35,912 61,356 Profit / (loss) before financial results and income tax 425,668 330,977 (169,347) Finance income 14,309 12,579 121,636 Finance cost (178,999) (108,564) (136,839) Other financial results 192,002 144,249 346,505 Inflation adjustment 36,493 15,273 (47,595) Financial results, net 63,805 63,537 283,707 Profit before income tax 489,473 394,514 114,360 Income tax (117,193) (94,879) 104,424 Profit for the year 372,280 299,635 218,784 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 (32,800) (62,537) (150,428) Revaluation surplus 15,628 443 7,123 Total other comprehensive loss for the year (17,172) (62,094) (143,305) Total comprehensive income for the year 355,108 237,541 75,479 Profit for the year attributable to: Equity holders of the parent 177,256 128,400 181,257 Non-controlling interest 195,024 171,235 37,527 Total comprehensive income / (loss) attributable to: Equity holders of the parent 171,257 105,905 132,316 Non-controlling interest 183,851 131,636 (56,837) Profit for the year per share attributable to equity holders of the parent: Basic 269.68 212.90 305.97 Diluted 269.68 193.93 258.29
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Fiscal Year 2026 / 22 » Consolidated Statement of Cash Flows for the fiscal years ended June 30, 2026, 2025 and 2024 (All amounts in millions of Argentine pesos, except otherwise indicated) 06.30.2026 06.30.2025 06.30.2024 Restated Operating activities: Net cash generated from operating activities before income tax paid 191,081 207,968 168,255 Income tax paid (128,143) (11,209) (15,768) Net cash generated from operating activities 62,938 196,759 152,487 Investing activities: Proceeds from the sale of participation in associates and joint ventures - 8,685 44,278 Capital contributions to associates and joint ventures (933) (47) - Acquisition of investments in associates and joint ventures (8,123) - - Business combination payments (2,357) - - Acquisition and improvement of investment properties (84,927) (52,485) (23,950) Proceeds from sales of investment properties 2,106 10,362 66,674 Acquisitions and improvements of property, plant and equipment (54,479) (61,072) (145,940) Acquisition of intangible assets (2,528) (3,676) (4,010) Proceeds from sales of property, plant and equipment 54,834 37,311 145,349 Dividends collected from associates and joint ventures 8,637 5,138 23,105 Proceeds from loans granted 2,729 1,561 3,094 Increase in loans granted (3,856) - - Acquisitions of investments in financial assets (2,355,985) (1,012,086) (1,030,894) Proceeds from disposal of investments in financial assets 2,084,413 921,563 1,053,877 Interest received from financial assets 55,169 37,579 36,313 (Payment) / proceeds from derivative financial instruments, net (1,220) (426) 4,466 Net cash (used in) / generated from investing activities (306,520) (107,593) 172,362 Financing activities: Borrowings, issuance and new placement of non- convertible notes 1,102,401 932,153 565,779 Payment of borrowings and non-convertible notes (730,682) (452,382) (535,799) Obtaining / (payment) of short term loans, net 13,904 (14,959) 60,604 Interest paid (131,720) (119,311) (235,051) Capital contributions from non-controlling interest in subsidiaries 8,916 314 179 Lease liabilities paid (7,253) (6,617) (5,096) Repurchase of treasury shares - (21,981) (24,561) Dividends paid (105,793) (116,760) (230,107) Distribution of treasury shares (28) - - Exercise of warrants 47,108 21,074 5,841 Repurchase of non-convertible notes (7,209) (101,110) (14,797) Net cash generated from / (used in) financing activities 189,644 120,421 (413,008) Net (decrease) / increase in cash and cash equivalents (53,938) 209,587 (88,159) Cash and cash equivalents at the beginning of the year 335,011 213,443 269,346 Foreign exchange gain on cash and unrealized fair value result for cash equivalents 6,302 38,005 68,331 Inflation adjustment (2,910) (126,024) (36,075) Cash and cash equivalents at the end of the year 284,465 335,011 213,443
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Fiscal Year 2026 / 23 » HEADQUARTERS Carlos Della Paolera 261 – 9th Floor (C1001ADA) Buenos Aires City – Argentina Tel: +54 11 4323 7400 www.cresud.com.ar INVESTOR RELATIONS Alejandro Elsztain – CEO Matías Gaivironsky – CFO Santiago Donato – IRO Tel: +54 11 4323 7449 ir@cresud.com.ar LEGAL ADVISORS Zang, Bergel & Viñes Law Firm Florida 537 - 18th Floor (C1005AAK) Buenos Aires City – Argentina Tel: +54 11 4322 0033 INDEPENDENT AUDITORS PricewaterhouseCoopers Argentina Bouchard 557 - 7th Floor (C1107AAF) City of Buenos Aires – Argentina Tel: +54 11 4850 0000 TRANSFER AGENT Caja de Valores S.A. 25 de Mayo 362 (C1002ABH) Buenos Aires City – Argentina Tel: +54 11 4317 8900 ADS DEPOSITARY BANK The Bank of New York Mellon P.O. Box 11258 Church Street Station New York, NY 10286-1258 – United States of America Toll free: +1 888 269-2377 International: +1 610 312 5315 shareowner-svcs@bankofny.com BYMA Symbol: CRES Nasdaq Symbol: CRESY