Slides
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Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG IIQ 2025 Conference Call February 7, 2025
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Main Events for IIQ 25 and Subsequent 6M 25 NET LOSS OF ARS 40 ,971 MM Mainly explained by the impact of inflation exposure on FV of Investment Properties 1 2 3 4 5 RAMBLAS DEL PLATA COMMERCIALIZATION PROGRESS Sale of two plots from the 1 st stage of the project (40,000 sellable sqm) for USD 23.4M 6 HIGHER OCCUPANCY & SALES RECOVERY IN MALLS + 21 .4% compared to previous quarter (IQ 25), - 8 .5% compared to I IQ 24 PREMIUM OFFICE OCCUPANCY REACHED 100% ACQUISITION OF “TERRAZAS DE MAYO” SHOPPING MALL Located in Malvinas Argentinas District (Greater BA) HOTELS’ REVENUES & OCCUPANCY DROP DURING IIQ25 DIVIDEND AND OWN SHARES’ DISTRIBUTION ON NOV24 ~8% dividend yield & 25.7 MM treasury shares (3.6% of social capital) 7
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88.3% 89.1% 93.9% 98.0% 97.7%(1) IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 333,460 335,279 336,240 334,845 370,897 IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 873,168 502,049 614,831 658,021 799,071 IIQ 24 IIIQ 24 IVQ 24 IQ 25 IIQ 25 +8.0% -18.5% -19.3% -12.1% -8.5% 3 Shopping Malls Operating Figures Tenants Real Sales (ARS MM)Stock (GLA: Sqm) & Occupancy Quarterly i.a. variation +21.4% Terrazas de Mayo 33,700 GLA sqm Note: (1) Does not include Terrazas de Mayo occupancy (82.3%) +10.8%
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25.7 25.7 25.4 25.1 25.2 IIQ 24 IIIQ 24 IVQ 24 IQ 25 IIQ 25 114,475 109,859 82,708 59,348 58,074 IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 4 Office Buildings Operating Figures Note: (1) Does not include B class (Philips building) Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 i.a. Office Sales 200 Della Paolera 1 Floor 92.8% 92.8% 95.5% 97.9% 100% IIQ 24 IIIQ 24 IVQ 24 IQ 25 IIQ 25
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5 Hotels Operating Figures 175 205 208 240 229 8.0% 42.5% 71.4% 71.6% 67.1% IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 COVID-19 87 93 135 152 1556.9% 36.4% 71.4% 72.6% 73.2% IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 314 382 392 471 491 11.0% 57.9% 71.4% 69.0% 52.1% IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 COVID-19 COVID-19 Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) Llao Llao: Rate & Occupancy (USD/room & %)
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6 Acquisition of our 16 th Shopping Mall “Terrazas de Mayo” (Buenos Aires Province) 86 Stores 27.75 Purchase price (in USD million)33,700 GLA sqm Turnaround opportunity based on its improvement potential in terms of tenants’ mix and profitability 20 Stands 18% 30% 9%5% 28% 10% Clothing and footwear Entertainment Restaurants Home appliances Services Other Tenant mix • 60% already paid • 20% upon deed signing • 20% within 36 months thereafter
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Launch of “Ramblas Del Plata” Project 7 693,000 Saleable sqm 10,000 New Houses 870,000 Buildable sqm Ramblas is the most ambitious real estate private development in BA City history USD +1.8 bn Estimated Investment
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Commercialization Project Stages – 61 saleable plots 88 Stage 2 + Central Bay 297k saleable sqm Stage 1 126k saleable sqm Stage 3 270k saleable sqm
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Stage 1: Commercialization Progress ~40 k Under signing process Under negotiation 10.5 k 9 Signed agreements Lots sold to local developer (A02 & G01) January 2025 2 23.4 Sale price (in USD million) Combined saleable area (sqm) Combined surface (sqm) ~115 k Remaining Stage 1 surface (sqm) Stage 1: Estimated Total Sales (cash + swaps) for USD 120 MM 9
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Ramblas del Plata Work in Progress: Next Steps 10 Dec-24 Dec-25 Dec-26 • Break ground of Roads & Infrastructure Works Stage 1 • Complete Sign Sales & Swaps Agreements Stage 1 • Commercialization Progress on Stage 1+ (extension) Residential Projects & Permits Period 6 New Lots Start of Residential Towers Development and Sales USD 23 MM investment provides services enabling 27 plots of land to be sold (385k buildable sqm) • Stage 1 only comprises 14 plots (126k buildable sqm) • Part of Stages 2 & 3 also covered by this investment Roadwork & Infrastructure Work Stage 1 10
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35,000 Saleable sqm 720 Apartments Del Plata building Downtown BA 11 Update on Other Residential Projects Launched for the Next Years 30,000 Saleable sqm Manzana 35 Caballito (BA City) 100,000 Buildable sqm La Plata Project Mall + Housing Nexo Dot Housing BA North 20,000 Buildable sqm 7,000 Housing sqm • November 24: Commercial launch at Casa FOA, Buenos Aires' premier annual design and architecture exhibition. • Units already reserved. Recent start of mall’s construction works 22,000 Mall’ GLA
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3 1 2 Alto Rosario Residential Potential Expansion 12 Transformation of an Old Railway Hub Into a Mixed-Use Development Opening Nov 2004 35,000 GLA sqm # 4 In terms of sales Stage 1 Shopping Mall Development Stage 2 Condo I & II Residential Towers 1 2 Successful Sale of Units received by IRSA from Swap Agreements 3Stage 3 - Future Expansion Residential Development 4 plots Recent Subdivision Approved ~40,000 Saleable sqm 4 Residential Towers to be Developed
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“Nuevo Quilmes II” Commercialization Progress (Ezpeleta – BA) 13 January 2025 According to the Barter Agreement signed on IIQ 24 IRSA will receive: 40% Of the buildable sqm of the macro lots 125 Single-family lots Est. amount to be received USD 23 MM 33 Single-family lots already sold for ~USD 5 MM 330 Single-family lots 6 Macro lots for medium- density developments 46 ha Land plot size
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1.810 2.220 2.660 2.240 2.825 2.290 3.495 2.940 2.3252.360 2.640 48% 3% 15% 7.862 7.667 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 47,8% 40,8% 26,7% 24,9% 16,5% 13,5% 9,4% 4,1% 3,7% 3,2% 2,1% 0,5% 14 Argentine Residential Real Estate Industry Potential Source: BCRA & Banco Mundial, Colegio de Escribanos, CABA & Reporte Inmobiliario Total Mortgages Compared To Other Countries (as a % of GDP) Deeds Evolution in Buenos Aires City Recoleta – BA City (USD/sqm)Credit Deeds in Buenos Aires City (%) +12%
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Financial Results
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16 FX & Inflation Evolution Nominal Official FX Evolution Real Official FX Evolution Nominal MEP FX Evolution Real MEP FX Evolution Inflation Index Evolution 1.348,5 1.214,4 1.167,8 482,5 789,2 995,0 Beginning IQ IIQ FY25 FY24 6.351,7 7.122,2 7.694,0 1.709,6 2.304,9 3.533,2 Beginning IQ IIQ FY25 FY24 912,0 970,5 1.032,0 256,7 350,0 808,5 Beginning IQ IIQ FY25 FY24 1.104,7 1.048,4 1.032,0 953,7 964,4 1.453,4 Beginning IQ IIQ FY25 FY24 1.633,5 1.311,9 1.167,8 1.792,7 2.174,8 1.788,7 Beginning IQ IIQ FY25 FY24 13% 215% -13% 106% 21% 107% -7% 52% -29% 0% 6% 36% 6% 131% -10% 64% -4% 26% 12% 35% 8% 53% -5% 1% -2% 51% -20% 21% -11% -18%
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96,508 94,539 5,669 6,905 15,638 5,187 27,953 -4,318 145,768 102,313 6M 24 6M 25 17 6M 25 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins -66.8% -2.0% +21.8% Shopping Malls Offices Hotels S&D + Others -29.8% Rental EBITDA 106,631 -9.5% 6M 25 6M 24 Var Shopping Malls 78.2% 78.8% -0.6 bps Offices 79.5% 74.1% +5.4 bps Hotels 17.0% 38.1% -21.1 bps
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18 6M 25 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties 120,763 83,289 6M 24 6M 25 300,126 -233,073 6M 24 6M 25 -31.0% -177.7%
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19 6M 25 – Consolidated Financial Results (In ARS million) Net Financial Results Net ResultIncome Tax Main Effects 6M 24 6M 25 Var Net FX Result -205,898 21,405 227,303 FV Of Financial Assets & Liabilities 124,127 44,789 -79,338 Inflation Adjustment 70,904 6,999 -63,905 Other Financial Results 2,529 -3,647 -6,176 Net Interest -16,396 -19,701 -3,305 -13,255 -59,088 -106,423 93,538 -119,678 34,450 6M 24 6M 25 Current tax Deferred tax 308,177 -39,773 11,049 -1,198 319,226 -40,971 6M 24 6M 25 Controlling interest Non-controlling interest -25,378 49,586 6M 24 6M 25
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20 Rental EBITDA Evolution By Segment (In USD million) Hotels Office Buildings Shopping Malls 93 58 19 89 139 130 130 26 28 25 18 14 13 14 12 9 0 15 20 12131 95 44 115 167 163 156 FY19 FY20 FY21 FY22 FY23 FY24 IIQ25 LTM COV I D-19 -4.7% +18.9%
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21 Debt Amortization Schedule 29.5 49 125 15.8 154.5 103.2 50 64.8 51.5 FY 25 FY 26 FY 27 FY 28 FY 29 FY 30 Banking Debt As of December 31, 2024 (In USD Million) Series XXIII Series XXII Amortization Schedule as of Dec-24 Gross Debt 424.0 Net Debt 255.4 Debt Ratios Net Debt/Rental EBITDA 1.64x LTV 12.3% Coverage Ratio 8.9x
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14.2 67.449.8 49.6 64,0 ~117.0 ~77.6 FY 2023 FY 2024 1H 2025 22 Dividend Distribution Nov-24 Cash Dividend Amount ARS 90,000 MM Per ordinary share ARS 126.1171 Per GDS ARS 1,261.1713 Dividend yield ~8% Payment Date November 5th, 2024 Dividends Evolution (In USD CCL Million) (may-23) (oct-23) (nov-22) (may-24) Cash dividend approved on Oct-28, 2024
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Investing in all equities, including natural resources and real estate-related equities, carries risks which should be taken into consideration when making an investment. This institutional presentation contains statements that constitute forward-looking statements, in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. You should be aware that any such forward looking statements are no guarantees of future performance and may involve risks and uncertainties, and that actual results may differ materially and adversely from those set forth in this presentation. We undertake no obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in the companies’ Forms 20-F for Fiscal Year 2024 ended June 30, 2024, which are available for you in our websites. NYSE Symbol: IRS | BYMA Symbol: IRSA Contact Information Eduardo Elsztain Chairman & CEO (+54) 911 4323-7449 @IRSAIR ir@irsa.com.ar www.irsa.com.ar Corporate Offices Della Paolera 261 9th floor, Tel +(54 11) 4323 7400 Fax +(54 11) 4323 7480 C1001ADA – City of Buenos Aires – Argentina Independent Auditors PricewaterhouseCoopers Argentina Tel +(54 11) 4850 0000 Bouchard 557 7º Floor C1106ABG – City of Buenos Aires - Argentina Matias Gaivironsky CFO Santiago Donato Head of IR & ESG