Earnings release
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1 Earnings Release | IIQ25 Earnings Release Second Quarter of Fiscal Year 2025
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2 Earnings Release | IIQ25 MAIN HIGHLIGHTS OF THE PERIOD THE NET RESULT FOR THE FIRST SEMESTER OF FISCAL YEAR 2025 recorded a loss of ARS 40,971 million compared to a gain of ARS 319,226 million in the same period of the previous year, mainly due to the loss recorded from changes in the fair value of investment properties. This is an accounting effect that does not imply cash movements. REAL TENANT SALES IN SHOPPING MALLS continue to recover on a quarterly basis. They increased by 21.4% compared to the previous quarter but declined by 8.5% compared to the same period of fiscal year 2024. The segment’s adjusted EBITDA for the semester reached ARS 94,539 million, just 2,0% below the same period of the previous year. During the quarter, WE ACQUIRED A NEW SHOPPING MALL “TERRAZAS DE MAYO”, located in Malvinas Argentinas in the northwest of Greater Buenos Aires for a total amount of USD 27.75 million. The mall has a leasable area of 33,700 sqm and 86 stores. During the second quarter WE REACHED 100% OCCUPANCY OF OUR PREMIUM OFFICE PORTFOLIO and sold an additional floor of the Della Paolera 261 building for USD 7.1 million. THE HOTELS SEGMENT recorded lower revenues and occupancy in the first half of fiscal year 2025 compared to 2024, in a context of greater appreciation of the Argentine peso against the U.S. dollar. Subsequently, WE SIGNED SALE AGREEMENTS FOR TWO LOTS OF THE RAMBLAS DEL PLATA PROJECT with an estimated saleable area of 40,000 sqm to a local developer for the sum of USD 23.4 million. Contact Information Join the Conference Call for the Second Quarter of Fiscal Year 2025 February 7, 2025 10:00 AM (Buenos Aires) 8:00 AM (US EST) The call will be hosted by: • Matias Gaivironsky, CFO • Jorge Cruces, CIO • Santiago Donato, IRO To participate the Conference Call*, please register here Webinar ID: 950 1110 7642 Password: 965224 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of February 6, 2025 Outstanding Shares 746,297,907 Treasury 9,273,839 GDS (Global Depositary Share) 74,829,790 Outstanding Warrants 70,562,502 Market Capitalization USD 1.055,1 MM Website www.irsa.com.ar X @IRSAIR Phone (+54) 911 4323-7449 E-mail ir@irsa.com.ar
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3 Earnings Release | IIQ25 I. Brief comment on the Company’s activities during the period, including references to significant events occurred after the end of the period. Consolidated Results (in millions of ARS) IIQ 25 IIQ 24 YoY Var 6M 25 6M 24 YoY Var Revenues 115,054 118,375 -2.8% 212,141 220,936 -4.0% Result from fair value adjustment of investment properties 10,528 -41,333 - -233,073 300,126 -177.7% Result from operations 52,860 15,631 238.2% -149,784 420,889 -135.6% Depreciation and amortization 2,296 2,003 14.6% 4,437 3,922 13.1% EBITDA (1) 55,156 17,634 212.8% -145,347 424,811 -134.2% Adjusted EBITDA (1) 51,639 92,702 -44.3% 102,313 145,768 -29.8% Result for the period 76,818 48,572 58.2% -40,971 319,226 -112.8% Attributable to equity holders of the parent 74,355 51,004 45.8% -39,773 308,177 -112.9% Attributable to non-controlling interest 2,463 -2,432 - -1,198 11,049 -110.8% (1) See Point XVI: EBITDA Reconciliation. Group revenues decreased by 4.0% during the first semester of 2025 compared to the same period in 202 4, primarily due to a decrease in Hotels segment. Adjusted EBITDA from the rental segments reached ARS 106,631 million, 9.5% lower than the first semester of the previous year, ARS 94,539 million coming from the Shopping Centers segment, ARS 6,905 million from the office segment and ARS 5,187 million from Hotels segment. Total Adjusted EBITDA reached ARS 102,313 million, decreasing by 29.8% compared to the same period of the previous fiscal year, due to lower assets sales recorded. The net result for the first semester of fiscal year 2025 registered a loss of ARS 40,971 million, compared to a gain of ARS 319,226 million in the same period of the previous year. This is mainly explained by the loss recorded from changes in the fair value of investment properties due to the impact of a devaluation lower than inflation on those properties valued in USD. II. Shopping Malls In December 2024, we acquired the "Terrazas de Mayo" shopping mall, located at the intersection of routes 8 and 202, in front of Campo de Mayo, in the Malvinas Argentinas district, in the northwest of Greater Buenos Aires, approximately 40 kilometers from the City of Buenos Aires (see Point XI: Relevant and Subsequent Eve nts). The shopping mall has 86 stores, 20 stands, and a gross leasable area (GLA) of 33, 700 sqm, which includes 15 food stores and 10 cinemas. With the incorporation of the 16th shopping mall, the portfolio reached a leasable area of 370,897 sqm of GLA. Meanwhile, the tenants’ real sales reached ARS 799,071 million during the second quarter of the 2025 fiscal year, 8.5% below the same period of the previous fiscal year. The portfolio occupancy grew to 97.7%, excluding the recently acquired Terrazas de Mayo, which is occupied at 82.3%.
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4 Earnings Release | IIQ25 Shopping Malls’ Operating Indicators IIQ 25 IQ 25 IVQ 24 IIIQ 24 IIQ 24 Gross leasable area (sqm) 370,897 336,884 336,545 335,866 334,845 Tenants’ sales (3 months cumulative in current currency) 799,071 658,021 614,831 502,049 873,168 Occupancy 97.7%(1) 96.8% 97.6% 97.9% 98.0% (1) Excluding “Terrazas de Mayo”, recently acquired. Shopping Malls’ Financial Indicators (in millions of ARS) IIQ 25 IIQ 24 YoY Var 6M 25 6M 24 YoY Var Revenues from sales, leases, and services 64,940 65,157 -0.3% 120,943 122,405 -1.2% Net result from fair value adjustment on investment properties 125,263 339,348 -63.1% 119,242 331,033 -64.0% Result from operations 174,470 390,797 -55.4% 212,264 426,437 -50.2% Depreciation and amortization 860 593 45.0% 1,517 1,104 37.4% EBITDA (1) 175,330 391,390 -55.2% 213,781 427,541 -50.0% Adjusted EBITDA (1) 50,067 52,042 -3.8% 94,539 96,508 -2.0% (1) See Point XVI: EBITDA Reconciliation Income from this segment during the first semester of fiscal year 202 5 reached ARS 120,943 million, 1.2% lower compared with the same period of the previous fiscal year. Adjusted EBITDA reached ARS 94,539 million, decreasing by 2.0% compared to the same period of 2024. Operating data of our shopping malls Date of acquisition Location Gross Leasable Area (sqm)(1) Stores Occupancy (2) IRSA Interest (3) Alto Palermo Dec-97 City of Buenos Aires 20,726 139 99.7% 100% Abasto Shopping(4) Nov-99 City of Buenos Aires 37,250 152 100.0% 100% Alto Avellaneda Dec-97 Province of Buenos Aires 39,851 119 93.0% 100% Alcorta Shopping Jun-97 City of Buenos Aires 15,842 107 99.4% 100% Patio Bullrich Oct-98 City of Buenos Aires 11,472 90 92.6% 100% Dot Baires Shopping May-09 City of Buenos Aires 48,010 161 95.8% 80% Soleil Jul-10 Province of Buenos Aires 15,673 73 100.0% 100% Distrito Arcos Dec-14 City of Buenos Aires 14,502 62 100.0% 90,0% Terrazas de Mayo Dec-24 Province of Buenos Aires 33,700 86 82.3% 100% Alto Noa Shopping Mar-95 Salta 19,428 83 98.6% 100% Alto Rosario Shopping Nov-04 Santa Fe 35,080 130 99.6% 100% Mendoza Plaza Shopping Dec-94 Mendoza 41,511 117 98.8% 100% Córdoba Shopping Dec-06 Córdoba 15,604 98 98.4% 100% La Ribera Shopping Aug-11 Santa Fe 10,544 66 93.1% 50% Alto Comahue Mar-15 Neuquén 11,704 83 98.4% 99,95% Patio Olmos(5) Sep-07 Córdoba - - - Total 370,897 1,566 97.7%(6) (1) Corresponds to gross leasable area in each property. Excludes common areas and parking spaces. (2) Calculated dividing occupied square meters by leasable area as of the last day of the fiscal period. (3) Company’s effective interest in each of its business units. (4) Excludes Museo de los Niños (3,732 square meters in Abasto). (5) IRSA owns the historic building of the Patio Olmos shopping mall in the Province of Córdoba, operated by a third party. (6) Excluding “Terrazas de Mayo”, recently acquired.
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5 Earnings Release | IIQ25 Quarterly and cumulative tenants’ sales as of December 31, 2024, compared to the same period of fiscal years 2024, 2023, 2022, and 2021 (ARS million) IIQ 25 IIQ 24 YoY Var Alto Palermo 97,878 118,871 -17.7% Abasto Shopping 103,939 117,660 -11.7% Alto Avellaneda 90,757 90,392 0.4% Alcorta Shopping 58,252 72,710 -19.9% Patio Bullrich 29,263 38,586 -24.2% Dot Baires Shopping 73,374 74,401 -1.4% Soleil 50,454 48,752 3.5% Distrito Arcos 55,901 70,116 -20.3% Terrazas de Mayo 7,819 - - Alto Noa Shopping 27,492 33,521 -18.0% Alto Rosario Shopping 88,721 90,947 -2.4% Mendoza Plaza Shopping 44,962 46,741 -3.8% Córdoba Shopping 28,233 30,849 -8.5% La Ribera Shopping(1) 12,334 13,047 -5.5% Alto Comahue 29,692 26,575 11.7% Total sales 799,071 873,168 -8.5% (1) Through our joint venture Nuevo Puerto Santa Fe S.A. (1) Through our joint venture Nuevo Puerto Santa Fe S.A. Quarterly and cumulative tenants’ sales per type of business as of December 21, 2024, compared to the same period of fiscal years 2024, 2023, 2022, and 2021 (1) (ARS million) IIQ 25 IIQ 24 YoY Var Clothes and footwear 469,023 534,680 -12.3% Entertainment 15,576 15,250 2.1% Home and decoration 19,001 19,096 -0.5% Restaurants 80,331 82,795 -3.0% Miscellaneous 115,030 118,154 -2.6% Services 17,904 18,493 -3.2% Home Appliances 79,551 84,700 -6.1% Department Store 2,655 - - Total 799,071 873,168 -8.5% (1) Including sales from stands and excluding spaces used for special exhibitions. (ARS million) 6M 25 6M 24 YoY Var 6M 23 6M 22 6M 21 Alto Palermo 176,600 220,682 -20.0% 197,657 151,264 50,128 Abasto Shopping 193,682 223,588 -13.4% 213,440 146,640 43,131 Alto Avellaneda 163,260 163,239 0.0% 146,737 108,418 32,501 Alcorta Shopping 101,928 128,708 -20.8% 116,327 110,425 39,291 Patio Bullrich 53,358 70,174 -24.0% 64,636 55,284 28,918 Dot Baires Shopping 130,169 133,868 -2.8% 116,684 96,679 36,123 Soleil 95,147 91,396 4.1% 78,809 72,733 29,779 Distrito Arcos 104,340 131,492 -20.6% 113,272 90,898 45,715 Terrazas de Mayo 7,819 - - - - - Alto Noa Shopping 52,881 63,668 -16.9% 60,525 54,616 38,095 Alto Rosario Shopping 159,339 168,888 -5.7% 172,374 146,692 83,885 Mendoza Plaza Shopping 89,668 93,154 -3.7% 86,141 80,032 70,212 Córdoba Shopping 49,564 55,225 -10.3% 52,592 48,799 29,353 La Ribera Shopping(1) 22,918 26,169 -12.4% 26,469 21,608 9,577 Alto Comahue 56,419 51,220 10.2% 42,654 33,396 11,500 Total sales 1,457,092 1,621,471 -10.1% 1,488,317 1,217,484 548,208
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6 Earnings Release | IIQ25 (ARS million) 6M 25 6M 24 YoY Var 6M 23 6M 22 6M 21 Clothes and footwear 833,114 955,928 -12.8% 886,483 746,150 324,499 Entertainment 36,909 40,846 -9.6% 39,474 25,680 1,003 Home and decoration 35,415 38,258 -7.4% 33,307 31,687 14,375 Restaurants 162,004 176,369 -8.1% 153,791 106,067 33,340 Miscellaneous 200,950 207,555 -3.2% 180,688 185,846 88,681 Services 33,588 34,519 -2.7% 24,701 18,820 4,949 Home Appliances 150,058 167,996 -10.7% 169,873 103,234 61,861 Department Store 5,054 - - - - 19,500 Total 1,457,092 1,621,471 -10.1% 1,488,317 1,217,484 548,208 (1) Includes sales from stands and excludes spaces used for special exhibitions. Revenues from quarterly and cumulative leases as of December 31, 2024, compared to the same period of fiscal year 2024, 2023, 2022 and 2021 (ARS million) IIQ 25 IIQ 24 YoY Var Base rent(1) 32,424 23,919 35.6% Percentage rent 17,642 29,975 -41.1% Total rent 50,066 53,894 -7.1% Non-traditional advertising 3,002 2,038 47.3% Revenues from admission rights 5,777 5,133 12.5% Fees 507 490 3.5% Parking 3,530 2,622 34.6% Commissions 2,002 884 126.5% Other 56 96 -41.7% Subtotal(2) 64,940 65,157 -0.3% Expenses and Collective Promotion Fund 22,915 19,148 19.7% Total 87,855 84,305 4.2% (ARS million) 6M 25 6M 24 YoY Var 6M 23 6M 22 6M 21 Base rent(1) 62,145 47,320 31.3% 40,071 24,474 17,687 Percentage rent 30,588 52,037 -41.2% 48,642 41,353 9,235 Total rent 92,733 99,357 -6.7% 88,713 65,827 26,922 Non-traditional advertising 5,061 3,728 35.8% 2,406 1,655 834 Revenues from admission rights 11,231 10,133 10.8% 8,408 6,171 6,524 Fees 1,010 952 6.1% 923 1,030 1,098 Parking 6,667 5,710 16.8% 4,401 2,598 157 Commissions 3,878 1,611 140.7% 2,088 1,642 1,396 Other 363 914 -60.3% 159 203 1,810 Subtotal(2) 120,943 122,405 -1.2% 107,098 79,126 38,741 Expenses and Collective Promotion Fund 41,166 37,007 11.2% 39,724 30,563 20,357 Total 162,109 159,412 1.7% 146,822 109,689 59,098 (1) Includes Revenues from stands for ARS 7,234 million cumulative as of December 2024. (2) Includes ARS 103.8 million from Patio Olmos and ARS 199.8 million from sponsorship income from “Buenos Aire Fashion Week” Production.
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7 Earnings Release | IIQ25 III. Offices According to Colliers, the quarter closes with a slight increase in vacancy standing at 16.9%, in the Buenos Aires City premium market (A+ & A), while prices remain stable at average levels of USD 22.6 per sqm. Offices’ Operating Indicators IIQ 25 IQ 25 IVQ 24 IIIQ 24 IIQ 24 Gross Leasable area 58,074 59,271 59,348 59,348 59,348 Total Occupancy 94.3% 92.3% 89.4% 86.6% 84.8% Class A+ & A Occupancy 100.0% 97.9% 95.5% 92.8% 92.8% Class B Occupancy 58.7% 56.1% 50.6% 46.7% 33.8% Rent USD/sqm 25.5 24.6 24.4 24.6 24.9 The gross leasable area in the second quarter of fiscal year 2025 was 58,074 sqm due to the sale of one floor of the “261 Della Paolera” building (see Point XI: Material & Subsequent Events). The average occupancy of the premium portfolio increased to 100% and of the total portfolio to 94.3%. The portfolio’s average rent reached USD 25.5 per sqm. Offices’ Financial Indicators (in ARS million) IIQ 25 IIQ 24 YoY Var 6M 25 6M 24 YoY Var Revenues from sales, leases and services 4,260 2,360 80.5% 8,690 7,648 13.6% Net result from fair value adjustment on investment properties, PP&E e inventories -31,533 -106,398 -70.4% -104,714 1,015 -10,416.7% Profit from operations -28,272 -105,121 -73.1% -97,959 6,508 -1,605.2% Depreciation and amortization 82 113 -27.4% 150 176 -14.8% EBITDA(1) -28,190 -105,008 -73.2% -97,809 6,684 -1,563.3% Adjusted EBITDA (1) 3,343 1,390 140.5% 6,905 5,669 21.8% (1) See Point XVI: EBITDA Reconciliation. During the first semester of fiscal year 202 5, revenues from the offices segment increase by 13.6% and Adjusted EBITDA by 21.8% compared to the previous fiscal year, mainly due to the full occupancy of A and A+ offices, as well as the increase in the occupancy of Philips Building. Adjusted EBITDA margin was 79.5%. Below is information on our office segment: Offices & Others Date of Acquisition Gross Leasable Area (sqm)(1) Occupancy (2) Actual Interest 6M 25 - Rental revenues (ARS million) (4) AAA & A Offices Intercontinental Plaza(3) Dec-14 2,979 100.0% 100% 488 Dot Building Nov-06 11,242 100.0% 80% 1,418 Zetta May-19 32,173 100.0% 80% 5,296 261 Della Paolera(5) Dec-20 3,740 100.0% 100% 875 Total AAA & A Offices 50,134 100.0% 8,077 B Offices Philips Jun-17 7,940 58.7% 100% 613 Total B Buildings 7,940 58.7% 100% 613 Subtotal Offices 58,074 94.3% 8,690 (1) Corresponds to the total gross leasable area of each property as of December 31, 2024. Excludes common areas and parking lots. (2) Calculated by dividing occupied square meters by gross leasable area as of December 31, 2024. (3) We own 13.2% of the building that has 22,535 square meters of gross leasable area. (4) Corresponds to the accumulated income of the period. (5) As of December 31, 2024, we owned 10.4% of the building that has 35,872 square meters of gross leasable area.
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8 Earnings Release | IIQ25 IV. Hotels After two years of historic record -high activity levels, the company's hotels continue to experience a decline in their income and occupancy levels. This is due to a decrease in international tourism inflows, as a result of reduced exchange rate competitiveness in the country. (in ARS million) IIQ 25 IIQ 24 YoY Var 6M 25 6M 24 YoY Var Revenues 15,613 21,109 -26.0% 30,545 41,094 -25.7% Profit from operations 1,410 7,671 -81.6% 3,372 13,802 -75.6% Depreciation and amortization 910 925 -1.6% 1,815 1,836 -1.1% EBITDA 2,320 8,596 -73.0% 5,187 15,638 -66.8% During the first semester of fiscal year 202 5, Hotels segment recorded a n decrease in revenues of 25.7% compared with the same period of fiscal year 202 4 while the segment’s EBITDA reached ARS 5,187 million, a 66.8% decrease when compared to the same period of fiscal year 2024. The following chart shows certain information regarding our luxury hotels: Hotels Date of Acquisition IRSA’s Interest Number of rooms Occupancy (4) Intercontinental (1) 11/01/1997 76,34% 313 79.4% Sheraton Libertador (2) 03/01/1998 100,00% 200 63.4% Llao Llao (3) 06/01/1997 50,00% 205 52.1% Total - - 718 67.1% (1) Through Nuevas Fronteras S.A. (2) Through Hoteles Argentinos S.A.U. (3) Through Llao Llao Resorts S.A. (4) Three months cumulated average. Hotels’ operating and financial indicators. IIQ 25 IQ 25 IVQ 24 IIIQ 24 IIQ 24 Average Occupancy 67.1% 55.1% 49.8% 68.7% 71.6% Average Rate per Room (USD/night) 229.4 256.4 197.7 257.0 239.5 V. Sales and Developments (in ARS million) IIQ 25 IIQ 24 YoY Var 6M 25 6M 24 YoY Var Revenues 5,315 8,983 -40.8% 6,894 9,858 -30.1% Net result from fair value adjustment on investment properties -82,873 -272,940 -69.6% -247,216 -30,245 717.4% Result from operations -92,237 -274,689 -66.4% -266,499 -37,221 616.0% Depreciation and amortization 45 59 -23.7% 94 118 -20.3% Realized Net result from fair value adjustment on investment properties 2,726 33,735 -91.9% 2,738 37,738 -92.7% Impairment loss on intangible assets -4,285 - - -11,849 - - EBITDA (1) -92,192 -274,630 -66.4% -266,405 -37,103 618.0% Adjusted EBITDA (1) -2,308 32,045 -107.2% -4,602 30,880 -114.9% (1) See Point XVI: EBITDA Reconciliation. Adjusted EBITDA of “Sales and Developments” segment recorded a loss of ARS 4,602 million during the first semester of fiscal year 2025, a 114.9% decrease compared to the same period of the previous fiscal year, due to the impact of a lower realized result from changes in the fair value of investment properties because of lower sales recorded during the period.
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9 Earnings Release | IIQ25 VI. Others (in millions of ARS) IIQ 25 IIQ 24 YoY Var 6M 25 6M 24 YoY Var Revenues 1,698 1,513 12.2% 3,069 2,578 19.0% Net result from fair value adjustment on investment properties 30 1,170 -97.4% -171 806 -121.2% Result from operations -1,771 126 -1505.6% 9 15,024 -99.9% Depreciation and amortization 423 338 25.1% 906 736 23.1% Recovery of provision - 16,655 -100.0% EBITDA -1,348 464 -390.5% 915 15,760 -94.2% Adjusted EBITDA -1,378 -706 95.2% 1,086 -1,701 - VII. Financial Operations and Others Interest in Banco Hipotecario S.A. (“BHSA”) BHSA is a leading bank in the mortgage lending industry, in which IRSA held an equity interest of 29.2% as of December 31, 2024. During the first semester of fiscal year 2025, the investment in Banco Hipotecario generated an ARS 14,710 million gain compared to ARS 27,930 million gain during the same period of 202 4. For further information, visit http://www.cnv.gob.ar or http://www.hipotecario.com.ar. VIII. EBITDA by Segment (ARS million) 6M 25 Shopping malls Offices Sales and Developments Hotels Others Total Result from operations 212,264 -97,959 -266,499 3,372 9 -148,813 Depreciation and amortization 1,517 150 94 1,815 906 4,482 EBITDA 213,781 -97,809 -266,405 5,187 915 -144,331 6M 24 Shopping malls Offices Sales and Developments Hotels Others Total Result from operations 426,437 6,508 -37,221 13,802 15,024 424,550 Depreciation and amortization 1,104 176 118 1,836 736 3,970 EBITDA 427,541 6,684 -37,103 15,638 15,760 428,520 EBITDA Var -50.0% -1,563.3% 618.0% -66.8% -94.2% -133.7% IX. Reconciliation with Consolidated Statements of Income (ARS million) Below is an explanation of the reconciliation of the company’s profit by segment with its Consolidated Statements of Income. The difference lies in the presence of joint ventures included in the segment but not in the Statements of Income. Total as per segment Joint ventures* Expenses and CPF Elimination of inter- segment transactions Total as per Statements of Income Revenues 170,141 -949 42,949 - 212,141 Costs -38,106 88 -43,189 - -81,207 Gross result 132,035 -861 -240 - 130,934 Result from sales of investment properties -232,859 -214 - - -233,073 General and administrative expenses -28,519 158 - 62 -28,299 Selling expenses -9,747 59 - - -9,688 Other operating results, net -9,723 -8 135 -62 -9,658 Result from operations -148,813 -866 -105 - -149,784 Share of loss of associates and joint ventures 24,061 716 - - 24,777 Result before financial results and income tax -124,752 -150 -105 - -125,007 *Includes Puerto Retiro & Nuevo Puerto Santa Fe.
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10 Earnings Release | IIQ25 X. Financial Debt and Other Indebtedness The following table describes our total indebtedness as of December 31, 2024: Description Currency Amount (USD MM) (1) Interest Rate Maturity Bank overdrafts ARS 29.5 Variable < 360 days Series XIX ARS 25.4 Variable Feb-25 Series XV USD 54.5 8.00% Mar-25 Series XXI ARS 16.5 Variable Jun-25 Series XVI USD 28.3 7.00% Jul-25 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 134.8 8.75% Jun-28 Series XXIII USD 51.5 7.25% Oct-29 IRSA’s Total Debt USD 424.0 Cash & Cash Equivalents + Investments (2) USD 168.6 IRSA’s Net Debt USD 255.4 (1) Principal amount in USD (million) at an exchange rate of ARS 1,032.0/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. XI. Material and Subsequent Events October 2024: “261 Della Paolera” floor sale On October 15, 2024, the company reported that it has sold a floor of the “261 Della Paolera” tower located in the Catalinas district of the Autonomous City of Buenos Aires for a total leasable area of approximately 1,197 sqm and 8 parking lots located in the building. The transaction price was approximately USD 7.1 million (USD MEP) (~USD/m2 6,000), of which USD 6.0 million has already been paid and the balance of USD 1.1 million, granted with a mortgage, will be paid in 24 monthly installments accruing an interest rate of 8% annually. After this operation, IRSA retains ownership of 3 floors of the tower with an approximate rental area of 3,670 sqm in addition to parking lots and other complementary spaces. October 2024: Notes issuance On October 23, 2024, IRSA issued two series of dollar MEP notes on the local market for a total amount of USD 67.3 million through the following instruments: • Series XXII: Denominated in dollars for USD 15.8 million with a fixed rate of 5.75%, with semi-annual interest payments (except for the first payment on July 23, 2025, and the last payment at maturity). The principal will be paid at maturity on October 23, 2027. The issuance price was 100.0% of the nominal value. • Series XXIII: Denominated in dollars for USD 51.5 million with a fixed rate of 7.25%, with semi-annual interest payments (except for the first payment on July 23, 2025, and the last payment at maturity). The principal will be paid at maturity on October 23, 2029. The issuance price was 100.0% of the nominal value. The funds will be used as defined in the issuance documents.
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11 Earnings Release | IIQ25 October 2024: General Ordinary and Extraordinary Shareholders’ Meeting On October 28, 2024, our General Ordinary and Extraordinary Shareholders’ Meeting was held. The following matters. inter alia, were resolved by majority of votes: • Distribution of a cash dividend of ARS 90,000 million as of the date of the Shareholders’ Meeting. • Distribution of 25.700.000. of own shares with NV ARS 10. • Designation of board members. • Compensations to the Board of Directors for the fiscal year ended June 30, 2024. • The issuance and public offering of complementary shares to fulfill the delivery of shares under the exercise of option holders' rights. On November 5, 20 24, the Company distributed among its shareholders the cash dividend in an amount of ARS 90,000,000,000 equivalent to 1,261.1712782686% of the stock capital, an amount per share of ARS 126.11712782686 and an amount per GDS of ARS 1,261.1712782686. On the same day, the Company distributed own shares, the distribution of the shares constitutes 0.036013446502 shares per ordinary share and 0.36013446502 per GDS, a percentage of 3.6013446502% of the stock capital of 713,622,341 shares and NV ARS 10, net of treasury shares. November 2024: Warrants – Post dividends distribution On November 8, 202 4, the Company reported that due to the cash dividend and own shares distributed to the shareholders on November 5, 2024 , the terms and conditions of the outstanding warrants for common shares of the Company have been modified as follows, while the other terms and conditions remain the same: Number of shares to be issued per warrant: • Ratio previous to the adjustment: 1.3070 (Nominal Value ARS 10); • Ratio after the adjustment (current): 1.4818 (Nominal Value ARS 10). Warrant exercise price per new share to be issued: • Price before the adjustment: USD 0.3307 (Nominal Value ARS 10); • Price after adjustment (current): USD 0.2917 (Nominal Value ARS 10). November 2024: Warrants Exercise Between November 17 and 25, 2024, certain warrants holders have exercised their right to acquire additional shares and 1,404,765 ordinary shares of the Company will be registered, with a face value of ARS 10. As a result of the exercise, USD 409,770 was collected by the Company. After the exercise of these warrants, the number of shares of the Company increased from 746,893,142 to 749,267,907 with a face value of ARS 10, and the new number of outstanding warrants decreased from 71,510,561 to 70,562,502. December 2024: “Terrazas de Mayo” Shopping Mall acquisition The Company informs that the acquisition of the “Terrazas de Mayo” shopping mall has been settled through the signing of a purchase agreement, which includes the transfer of possession and commercial operation. This property is located at the intersection of Routes 8 and 202, in front of Campo de Mayo, in the Malvinas Argentinas district, northwest of Greater Buenos Aires, approximately 40 kilometers from the City of Buenos Aires. The shopping mall has 90 stores, 20 stands, and approximately 33,720 GLA sqm, including 15 food court stores and 10 cinema theaters.
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12 Earnings Release | IIQ25 The total transaction amount was set at USD 27.75 million, of which USD 16.65 million, representing 60% of the total, has been paid to date. The remaining balance of USD 11.1 million will be paid as follows: 50% upon the signing of the deed, which is expected to occur in 2025, and the remaining 50% within 36 months thereafter. With this acquisition, the Company’s shopping mall portfolio now includes 16 assets, 15 of which are operated by IRSA, totaling 370,000 sqm of GLA. January 2025: “Ramblas del Plata” Project Commercialization Progress After the end of the period, on January 27, 2025, the Company signed two sale agreements with a local developer on the first stage of the “Ramblas del Plata” project, located in Puerto Madero Sur, as previously disclosed to the market on November 26, 2024. The first stage comprises 14 lots with 126,000 sqm, representing 18% of the total saleable area of the project. This transaction involves two lots with a combined total area of 10,525 sqm and an estimated total saleable area of 40,000 sqm. The price for both transactions amounted to approximately USD 23.4 million, of which 30% had already been paid. The remaining balance of approximately USD 16.4 million will be paid upon signing the deeds and transfer of possession. The Company will initiate infrastructure works on the “Ramblas del Plata” plot while proceeding with the signing of agreements for the commercialization of the first stage.
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13 Earnings Release | IIQ25 XII. Summarized Comparative Consolidated Balance Sheet (in ARS million) 12.31.2024 12.31.2023 12.31.2022 12.31.2021 12.31.2020 Non-current assets 2,230,471 3,193,173 3,002,967 3,524,208 3,746,689 Current assets 271,335 402,527 314,673 284,308 243,632 Total assets 2,501,806 3,595,700 3,317,640 3,808,516 3,990,321 Capital and reserves attributable to the equity holders of the parent 1,156,469 1,716,960 1,589,041 1,542,372 1,397,842 Non-controlling interest 80,071 107,290 106,935 104,969 442,130 Total shareholders’ equity 1,236,540 1,824,250 1,695,976 1,647,341 1,839,972 Non-current liabilities 885,019 1,412,822 1,239,680 1,908,637 1,703,901 Current liabilities 380,247 358,628 381,984 252,538 446,448 Total liabilities 1,265,266 1,771,450 1,621,664 2,161,175 2,150,349 Total liabilities and shareholders’ equity 2,501,806 3,595,700 3,317,640 3,808,516 3,990,321 XIII. Summarized Comparative Consolidated Income Statement (in ARS million) 12.31.2024 12.31.2023 12.31.2022 12.31.2021 12.31.2020 Profit from operations -149,784 420,889 -118,143 350,201 184,208 Share of profit of associates and joint ventures 24,777 43,393 8,937 -1,587 -9,020 Result from operations before financing and taxation -125,007 464,282 -109,206 348,614 175,188 Financial income 1,615 10,383 1,825 2,082 1,363 Financial cost -25,224 -32,901 -35,086 -50,948 -63,154 Other financial results 66,196 -73,764 17,260 101,136 63,086 Inflation adjustment 6,999 70,904 58,428 5,675 22,114 Financial results, net 49,586 -25,378 42,427 57,945 23,409 Results before income tax -75,421 438,904 -66,779 406,559 198,597 Income tax 34,450 -119,678 171,463 -69,447 -79,837 Result for the period from continued operations -40,971 319,226 104,684 337,112 118,760 Result for the period from discontinued operations after taxes - - - - -141,973 Result of the period -40,971 319,226 104,684 337,112 -23,213 Other comprehensive results for the period -1,404 -9,660 -3,863 -5,729 -162,386 Total comprehensive result for the period -42,375 309,566 100,821 331,383 -185,599 Attributable to: Equity holders of the parent -40,790 297,489 98,451 334,217 -66,919 Non-controlling interest -1,585 12,077 2,370 -2,834 -118,680 XIV. Summary Comparative Consolidated Cash Flow (in ARS million) 12.31.2024 12.31.2023 12.31.2022 12.31.2021 12.31.2020 Net cash generated from operating activities 79,218 73,049 72,156 61,982 87,778 Net cash (used in) / generated from investing activities -14,843 112,413 22,861 84,129 1,017,781 Net cash used in financing activities -60,222 -196,594 -178,599 -80,488 -778,002 Net (decrease) / increase in cash and cash equivalents 4,153 -11,132 -83,582 65,623 327,557 Cash and cash equivalents at beginning of year 34,277 39,311 123,953 30,726 2,159,248 Inflation adjustment -1,689 -9,708 -1,540 -622 -41 Deconsolidation of subsidiaries - - - - -2,312,145 Foreign exchange (loss) / gain on cash and changes in fair value for cash equivalents -82 16,447 -333 235 -142,584 Cash and cash equivalents at period-end 36,659 34,918 38,498 95,962 32,035
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14 Earnings Release | IIQ25 XV. Comparative Ratios (in ARS million) 12.31.2024 12.31.2023 12.31.2022 12.31.2021 12.31.2020 Liquidity CURRENT ASSETS 271,335 0.71 402,527 1.12 314,673 0.82 284,308 1.13 243,632 0.55 CURRENT LIABILITIES 380,247 358,628 381,984 252,538 446,448 Solvency SHAREHOLDERS’ EQUITY 1,236,540 0.98 1,824,250 1.03 1,695,976 1.05 1,647,341 0.76 1,839,972 0.86 TOTAL LIABILITIES 1,265,266 1,771,450 1,621,664 2,161,175 2,150,349 Capital Assets NON-CURRENT ASSETS 2,230,471 0.89 3,193,173 0.89 3,002,967 0.91 3,524,208 0.93 3,746,689 0.94 TOTAL ASSETS 2,501,806 3,595,700 3,317,640 3,808,516 3,990,321 Profitability RESULT OF THE PERIOD -40,971 -0.03 319,226 0.18 104,684 0.06 337,112 0.19 -23,213 -0.01 AVERAGE SHAREHOLDERS’ EQUITY 1,530,395 1,760,113 1,671,659 1,743,657 2,057,635 XVI. EBITDA Reconciliation In this summary report we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) interest income, (ii) interest expense, (iii) income tax expense, and (iv) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus (i) total financial results, net excluding interest expense, net (mainly foreign exchange differences, net gains/losses from derivative financial instrume nts; gains/losses of financial assets and liabilities at fair value through profit or loss; and other financial results, net) and minus (ii) share of profit of associa tes and joint ventures and minus (iii) net profit from fair value adjustment of investmen t properties, not realized. 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 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 calcu lated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to EBITDA and Adjusted EBITDA for the periods indicated: For the six-month period ended December 31 (in ARS million) 2024 2023 Profit for the period -40,971 319,226 Interest income -1,615 -10,383 Interest expense 21,575 27,423 Income tax -34,450 119,678 Depreciation and amortization 4,437 3,922 EBITDA (unaudited) -51,024 459,866 Net gain / (loss) from fair value adjustment of investment properties 233,073 -300,126 Realized net gain from fair value adjustment of investment properties 2,738 37,738 Impairment Loss on Intangible Assets 11,849 - Recovery of provision - -16,655 Share of profit of associates and joint ventures -24,777 -43,393 Foreign exchange differences net -21,405 205,898 Result from derivative financial instruments -71 1,949 Fair value gains of financial assets and liabilities at fair value through profit or loss -44,789 -124,127 Inflation adjustment -6,999 -70,904 Other financial costs/income 3,718 -4,478 Adjusted EBITDA (unaudited) 102,313 145,768 Adjusted EBITDA Margin (unaudited) (1) 60.47% 79.84% (1) Adjusted EBITDA margin is calculated as Adjusted EBITDA, divided by revenue from sales, rents and services.
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15 Earnings Release | IIQ25 XVII. NOI Reconciliation In addition, we present in this summary report Net Operating Income or “NOI”. We define NOI as gross profit from operations, less Selling expenses, plus realized result from fair value adjustments of investment properties , plus Depreciation and amortization, plus impairment loss on intangible assets. NOI is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. We present NOI because we believe it provides investors with a supplemental measure of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses NOI from time to time, among other measures, for internal planning and performance measurement purposes. NOI 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. NOI, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to NOI for the periods indicated: For the six-month period ended December 31 (in ARS million) 2024 2023 Gross profit 130,934 149,605 Selling expenses -9,688 -12,468 Depreciation and amortization 4,437 3,922 Realized result from fair value of investment properties 2,738 37,738 Impairment Loss on Intangible Assets 11,849 - NOI (unaudited) 140,270 178,797
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16 Earnings Release | IIQ25 XVIII. FFO Reconciliation We also present in this summary report Adjusted Funds From Operations attributable to the controlling interest (or “Adjusted FFO”), which we define as Total profit for the year or period plus depreciation and amortization of property, plant and equipment, intangible assets and amortization of initial costs of leas es minus total net financial results excluding net financial interests, minus unrealized result from fair value adjustments of investment properties minus inflation adjustment plus deferred tax, and less non -controlling interest net of the result for fair value, less the result of participation in associates and joint ventures. Adjusted FFO is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. Adjusted FFO is not equivalent to our profit for the period as determined under IFRS. Our definition of Adjusted FFO is not consistent and does not c omply with the standards established by the White Paper on funds from operations (FFO) approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), as revised in February 2004, or the “White Paper.” We present Adjusted FFO because we believe it provides investors a supplemental measure of our financial performance that may facilitate period -to-period comparisons on a consistent basis. Our management also uses Adjusted FFO from time to time, among other measures, for internal planning and performance measurement purposes. Adjusted FFO 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. Adjusted FFO, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to Adjusted FFO for the periods indicated: For the six-month period ended December 31 (in ARS million) 2024 2023 Result for the period -40,971 319,226 Result from fair value adjustments of investment properties 233,073 -300,126 Result from fair value adjustments of investment properties, realized 2,738 37,738 Impairment Loss on Intangible Assets 11,849 - Recovery of provision - -16,655 Depreciation and amortization 4,437 3,922 Foreign exchange, net -21,405 205,898 Other financial results - -10,176 Results from derivative financial instruments -71 1,949 Results of financial assets and liabilities at fair value through profit or loss -44,789 -124,127 Other financial costs 3,649 5,478 Income tax current / deferred(1) -93,538 106,423 Non-controlling interest 1,198 -11,049 Non-controlling interest related to PAMSA’s fair value -14,843 7,326 Results of associates and joint ventures -24,777 -43,393 Inflation adjustment -6,999 -70,904 Repurchase of non-convertible notes 69 220 Adjusted FFO (unaudited) 9,620 111,750
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17 Earnings Release | IIQ25 XIX. Brief comment on prospects for the Next Quarter The second quarter of fiscal year 2025 ended with mixed results across the three rental segments. We have observed a slight recovery in shopping malls’ tenant sales, although they remain below inflation. Offices evolved favorably, mainly in terms of occupancy, and hotels showed a decline in their income levels compared to the same quar ter of 2024. We are optimistic about the future evolution of our rental segments and the real estate sector in general. The recent tax amnesty and the launch of mortgage loans in the country are generating a higher volume of real estate transactions with a growing impact on prices. Regarding consumer activity, we expect our shopping malls to evolve favorably in line with the recovery of real wages and economic activity in 2025, and we hope to optimize the tenant mix of the recently acquired "Terrazas de Mayo" shopping m all, reflecting in increased income and occupancy. We trust in the quality of our premium portfolio and the wide variety of offers and services that our shopping malls offer as places of meeting and experience. The biggest challenge is represented by the h otel and tourism activity, which faces a situation of lower exchange rate competitiveness after two years of record income driven by the influx of international tourism in the country. Regarding sales and development segment, we will continue to analyze opportunities for acquisition, sale, and/or swaps of properties and evaluate the best time to launch the mixed -use developments that the company has in its extensive land reserve. In this regard, we recently announced ambitious plans to develop housing in Argentina. We will build apartment buildings in the Polo Dot commercial complex as well as in the Caballito neighborhood and renovate the “Del Plata Building” in front of the obelisk to t ransform its offices into housing. On the other hand, we launched the construction of our next shopping mall in the city of La Plata, BA province, and are starting the infrastructure works for the largest development in the company's history, Ramblas del Plata, formerly known as Costa Urbana, while advancing in the process of signing the agreements corresponding to the commercialization of the first stage of the project, already committed to local developers. Ramblas del Plata has the potential to develop 866,000 sqm (approximately 690,000 sellable sqm), will require a large investment over the coming years, will generate many direct and indirect jobs, and will house approximately 10,000 families. We hope to contribute to the development of the city with an innovative, modern, and sustainable project, which implies a great opportunity and responsibility. We will continue working during fiscal year 2025 on reducing and making the cost structure more efficient while continuing to evaluate financial, economic, and/or corporate tools that allow the company to improve its position in the market in which it oper ates and have the necessary liquidity to meet its obligations, such as the disposal of assets publicly and/or privately, which may include real estate as well as negotiable securities owned by the company, notes issuance, repurchase of own shares, among other instruments that are useful to the proposed objectives. Looking ahead, we will continue to innovate in the development of unique real estate projects, betting on the integration of commercial and residential spaces, offering our clients an attractive mix of products and services, places for meeting, and a memorable experience, with the aim of achieving an increasingly modern and sustainable portfolio. We trust in the quality of our portfolio and the capacity of our management to successfully carry out the business. Alejandro G. Elsztain Second Vice President
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18 Earnings Release | IIQ25 Unaudited Condensed Interim Consolidated Statement of Financial Position as of December 31, 2024 and June 30, 2024 (All amounts in millions of Argentine Pesos, except otherwise indicated) 12.31.2024 06.30.2024 ASSETS Non-current assets Investment properties 1,868,304 2,062,597 Property, plant and equipment 45,261 44,284 Trading properties 22,110 23,661 Intangible assets 64,279 78,241 Right-of-use assets 6,323 12,933 Investments in associates and joint ventures 178,132 156,712 Deferred income tax assets 5,840 7,383 Income tax credit 24 13 Trade and other receivables 33,375 41,424 Investments in financial assets 6,823 12,346 Derivative financial instruments - 68 Total non-current assets 2,230,471 2,439,662 Current assets Trading properties 355 498 Inventories 1,180 1,308 Income tax credit 193 1,302 Trade and other receivables 83,543 92,301 Investments in financial assets 149,404 146,162 Derivative financial instruments 1 - Cash and cash equivalents 36,659 34,277 Total current assets 271,335 275,848 TOTAL ASSETS 2,501,806 2,715,510 SHAREHOLDERS’ EQUITY Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) 1,156,469 1,306,592 Non-controlling interest 80,071 89,386 TOTAL SHAREHOLDERS’ EQUITY 1,236,540 1,395,978 LIABILITIES Non-current liabilities Borrowings 224,270 224,518 Lease liabilities 3,254 10,972 Deferred income tax liabilities 583,942 679,023 Trade and other payables 48,107 46,414 Provisions 25,327 25,461 Salaries and social security liabilities 119 136 Total non-current liabilities 885,019 986,524 Current liabilities Borrowings 227,017 219,741 Lease liabilities 937 2,291 Trade and other payables 86,648 88,048 Income tax liabilities 51,734 8,111 Provisions 4,088 4,463 Derivative financial instruments 6 5 Salaries and social security liabilities 9,817 10,349 Total current liabilities 380,247 333,008 TOTAL LIABILITIES 1,265,266 1,319,532 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 2,501,806 2,715,510
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19 Earnings Release | IIQ25 Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income for the six and three-month periods ended December 31, 2024 and 2023 (All amounts in millions of Argentine Pesos, except otherwise indicated) Six months Three months 12.31.2024 12.31.2023 12.31.2024 12.31.2023 Revenues 212,141 220,936 115,054 118,375 Costs (81,207) (71,331) (46,143) (37,957) Gross profit 130,934 149,605 68,911 80,418 Net (loss) / gain from fair value adjustment of investment properties (233,073) 300,126 10,528 (41,333) General and administrative expenses (28,299) (14,854) (16,303) (16,222) Selling expenses (9,688) (12,468) (4,989) (7,093) Other operating results, net (9,658) (1,520) (5,287) (139) (Loss) / profit from operations (149,784) 420,889 52,860 15,631 Share of profit of associates and joint ventures 24,777 43,393 15,960 35,992 (Loss) / profit before financial results and income tax (125,007) 464,282 68,820 51,623 Finance income 1,615 10,383 835 9,120 Finance costs (25,224) (32,901) (12,646) (19,144) Other financial results 66,196 (73,764) 42,764 (65,890) Inflation adjustment 6,999 70,904 2,413 49,172 Financial results, net 49,586 (25,378) 33,366 (26,742) (Loss) / profit before income tax (75,421) 438,904 102,186 24,881 Income tax expense 34,450 (119,678) (25,368) 23,691 (Loss) / profit for the period (40,971) 319,226 76,818 48,572 Other comprehensive loss: Items that may be reclassified subsequently to profit or loss: Currency translation adjustment and other comprehensive loss from subsidiaries and associates (i) (1,404) (9,660) (867) (8,540) Total other comprehensive loss for the period (1,404) (9,660) (867) (8,540) Total comprehensive (loss) / income for the period (42,375) 309,566 75,951 40,032 (Loss) / profit for the period attributable to: Equity holders of the parent (39,773) 308,177 74,355 51,004 Non-controlling interest (1,198) 11,049 2,463 (2,432) Total comprehensive (loss) / income attributable to: Equity holders of the parent (40,790) 297,489 73,645 41,402 Non-controlling interest (1,585) 12,077 2,306 (1,370) (Loss) / profit per share attributable to equity holders of the parent: (ii) Basic (54.19) 412.55 101.30 68.28 Diluted (54.19) 413.11 87.99 68.37
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20 Earnings Release | IIQ25 Unaudited Condensed Interim Consolidated Statement of Cash Flows for the six-month periods ended December 31, 2024 and 2023 (All amounts in millions of Argentine Pesos, except otherwise indicated) 12.31.2024 12.31.2023 Operating activities: Net cash generated from operating activities before income tax paid 85,510 78,661 Income tax paid (6,292) (5,612) Net cash generated from operating activities 79,218 73,049 Investing activities: Contributions and issuance of capital in associates and joint ventures (31) - Acquisition and improvements of investment properties (19,402) (7,125) Proceeds from sales of investment properties 6,545 55,876 Acquisitions and improvements of property, plant and equipment (2,607) (1,864) Proceeds from sales of property, plant and equipment - 4 Acquisitions of intangible assets (1,483) (340) Dividends collected from associates and joint ventures - 534 Proceeds from sales of interest held in associates and joint ventures 4,892 28,342 Proceeds from derivative financial instruments 25 - Acquisitions of investments in financial assets (142,740) (208,567) Proceeds from disposal of investments in financial assets 134,649 241,962 Interest received from financial assets 4,849 2,452 Proceeds from loans granted to related parties 460 1,354 Increase of loans granted to related parties - (215) Net cash (used in) / generated from investing activities (14,843) 112,413 Financing activities: Borrowings, issuance and new placement of non-convertible notes 83,643 9,634 Payment of borrowings and non-convertible notes (15,323) (24,762) (Payments) / obtaining of short term loans, net (533) 61,517 Interests paid (24,209) (38,457) Repurchase of non-convertible notes (18,274) - Capital contributions from non-controlling interest in subsidiaries 130 68 Loans received from associates and joint ventures, net 65 - Dividends paid (70,066) (191,639) Warrants exercise 2,303 161 Payment of lease liabilities (1,013) (313) Repurchase of treasury shares (16,945) (12,803) Net cash used in financing activities (60,222) (196,594) Net increase / (decrease) in cash and cash equivalents 4,153 (11,132) Cash and cash equivalents at the beginning of the period 34,277 39,311 Inflation adjustment of cash and cash equivalents (1,689) (9,708) Foreign exchange (loss) / gain on cash and cash equivalents and unrealized fair value result for cash equivalents (82) 16,447 Cash and cash equivalents at end of the period 36,659 34,918
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21 Earnings Release | IIQ25 Headquarters Carlos Della Paolera 261 – 9th Floor Tel +(54 11) 4323 7400 www.irsa.com.ar C1091AAQ – City of Buenos Aires – Argentina Investor Relations Eduardo Elsztain – Chairman & CEO Matías Gaivironsky – CFO Santiago Donato – IRO Tel +(54 11) 4323 7449 ir@irsa.com.ar Legal Advisors Estudio Zang, Bergel & Viñes Tel +(54 11) 4322 0033 Florida 537 18th Floor C1005AAK – City of Buenos Aires – Argentina Registrer and Transfer Agent Caja de Valores S.A. Tel +(54 11) 4317 8900 25 de Mayo 362 C1002ABH – City of Buenos Aires – Argentina Independent Auditors PricewaterhouseCoopers Argentina Tel +(54 11) 4850 0000 Bouchard 557 7th Floor C1107AAF – City of Buenos Aires – Argentina GDS Deposit Agent The Bank of New York Mellon P.O. Box 11258 Church Street Station New York - NY 10286 1258 – United States of America Tel (toll free) 1 888 BNY ADRS (269-2377) Tel (international) 1 610 312 5315 shareowner-svcs@bankofny.com BYMA Symbol: IRSA / NYSE Symbol: IRS