Slides
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Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG IQ 2026 Conference Call November 6, 2025
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Main Events for IQ 26 and Subsequent IQ 26 NET GAIN OF ARS 163 ,438 MM vs. Loss of ARS 143,662 MM in IQ 25, mainly driven by a gain from FV of Investment Prop. 1 2 3 4 5 CASH DIVIDEND DISTRIBUTION IN NOV-25 ARS 173,788 MM (ARS 224,84 per share & ARS 2,248.4 per GDS). ~10% dividend yield 6 “AL OESTE” SHOPPING MALL ACQUISITION FOR USD 9M 20,000 sqm of GLA + 12,000 sqm of potential expansion STEADY RENTS AND OCCUPANCY IN OFFICES PROGRESS ON ONGOING DEVELOPMENTS Distrito Diagonal shopping center and infrastructure works at Ramblas del Plata GROWTH IN MALLS’ REVENUES & OCCUPANCY Despite a decline in tenant sales ( - 7% vs. 1Q25)
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802,565 919,706 655,512 730,318 746,473 IQ 25 IIQ 25 IIIQ 25 IVQ 25 IQ 26 -12.1% -8.5% +13.4% +3.2% -7.0%89.6% 93.7% 98.0% 96.8% 97.8%* IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 335,641 336,240 334,737 336,884 370,801 IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 3 Shopping Malls Operating Figures Tenants Real Sales (ARS MM)Stock (GLA: Sqm) & Occupancy Quarterly i.a. variation +2.2% Terrazas de Mayo ~33,700 GLA sqm acquired in Dec - 24 *Does not include Terrazas de Mayo occupancy (89.7%)
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113,451 82,708 61,742 59,271 58,074 IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 4 Office Buildings Operating Figures *Does not include B class (Philips building) Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A* 25.1 25.2 25.3 25.2 25.5 IQ 25 IIQ 25 IIIQ 25 IVQ 25 IQ 26 97.9% 100% 100% 99.6% 100% IQ 25 IIQ 25 IIIQ 25 IVQ 25 IQ 26 FY 25 Office Sales 200 Della Paolera 1 Floor
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5 Hotels Operating Figures 243 227 267 256 227 21.0% 62.7% 66.4% 55.1% 58.0% IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 84 119 142 135 136 10.9% 54.8% 62.9% 50.4% 60.3% IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 336 406 528 485 491 46.4% 82.6% 75.4% 67.0% 52.2% IQ 22 IQ 23 IQ 24 IQ 25 IQ 26 Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) Llao Llao: Rate & Occupancy (USD/room & %) COVID-19 COVID-19 COVID-19
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Buenos Aires 6 Acquisition of our 17 th Shopping Mall “Al Oeste Shopping” (Buenos Aires Province) 46 Stores 9 Purchase price (USD MM)32,000 GLA sqm 1,075 Parking spaces • 50% already paid • 50% In 4 annual installments Al Oeste Shopping Value creation opportunity through its planned conversion into an outlet center and relaunch next year USD 7 MM Estimated CAPEX
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Distrito Diagonal Buenos Aires Development of “Distrito Diagonal” Shopping Mall “Distrito Diagonal” (La Plata City) 22,000 GLA sqm IVQ 2027 Estimated opening USD 42 MM Estimated Investment The first large-scale shopping center in La Plata, one of the most populated cities in Argentina 33.7 20336 391 458 FY 24 FY 26E FY 28E Projected GLA Growth (Th. Sqm) 32.7 AA Adj. Plot 22.0 Distrito Diagonal +16.4% +17.1% Al Oeste La Plata Al Oeste Shopping 12.0 Al Oeste 7
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8 Subsequent Real Estate Activity Property Acquisition – Oct 2025 (BA City) Buenos Aires USD 6.8 MM Purchase price 8,856 Land plot sqm 17,000 Built sqm Uruguay - Distrito Calcagno – Barter Agreement Potential for future expansion 1 plot swapped (oct-25): USD 9.3 MM First time edition of Casa FOA – well known design and architectural exhibition – at Carrasco Boating (Uruguay)
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Ramblas del Plata: IRSA’s Most Ambitious Project in BA City Mixed-uses Potential 870,000 Buildable sqm 693,000 Saleable sqm Commercialization progress Premium Location South Puerto Madero 9
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Ramblas del Plata: Infraestructure Construction Works in Progress 1010 • Kicked off core infrastructure works • Advancing road and stormwater systems • Planting the native buffer landscape • Completing the central bay structure • Starting bay conditioning 10
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Financial Results
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12 FX & Inflation Evolution Nominal Official FX Evolution Real Official FX Evolution Nominal MEP FX Evolution Real MEP FX Evolution Inflation Index Evolution 1.205 1.380 912 971 Beginning IQ FY26 FY25 15% 6% 1.277 1.380 1.272 1.207 Beginning IQ FY26 FY25 -5% 1% 8.856 9.384 6.352 7.122 Beginning IQ FY26 FY25 6% 12% 1.209 1.503 1.348 1.214 Beginning IQ FY26 FY25 24% -10% 1.280 1.510 1.880 1.503 Beginning IQ FY26 FY25 17% -20%
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54,239 56,481 4,345 5,0503,497 2,725 274 -7,108 61,807 57,148 IQ 25 IQ 26 13 IQ 26 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins -22.1% +4.1% +16.2% Shopping Malls Offices Hotels S&D + Others -7.5% Rental EBITDA 64,256 3.5% IQ 26 IQ 25 Var Shopping Malls 77.6% 79.4% -1.8 bps Offices 83.0% 80.4% +2.6 bps Hotels 15.3% 19.2% -3.9 bps
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14 IQ 26 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties 49,955 54,337 IQ 25 IQ 26 -297,111 219,935 IQ 25 IQ 26 +8.8%
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15 IQ 26 – Consolidated Financial Results (In ARS million) Net Financial Results Net ResultIncome Tax Main Effects IQ 25 IQ 26 Var Net FX Result 18,874 -29,125 -47,999 FV Of Financial Assets & Liabilities 9,529 16,359 +6,830 Other Financial Results -797 -3,449 -2,652 Inflation Adjustment 5,592 4,067 -1,525 Net Interest -13,213 -11,700 +1,513 -26,290 -25,022 99,248 -57,931 72,958 -82,953 IQ 25 IQ 26 current deferred tax -139,197 153,846 -4,465 9,592 -143,662 163,438 IQ 25 IQ 26 Controlling interest Non-controlling interest 19,782 -23,954 IQ 25 IQ 26
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141 93 58 19 89 139 130 169 45 19 26 28 25 18 14 13 13 4 2 12 9 0 8 15 20 7 2 162 131 95 44 115 167 163 188 51 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 IQ26 16 Rental EBITDA Evolution By Segment (In USD million) COV I D-19 Hotels Office Buildings Shopping Malls
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17 Debt Profile – September 30, 2025 – USD million 2.7 67.1 39.5 46.8 51.5 96.9 96.9 99.9 FY 26 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 FY 34 FY 35 Banking Debt Debt Profile Gross Debt 498.5 Net Debt* 308.0 Debt Ratios Net Debt*/Rental EBITDA 1.6x LTV 8.9% Coverage Ratio 11.2x Amortization Schedule *After dividend
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67.4 49.6 117.0 77.6 ~116 FY 24 FY 25 nov-25 18 Dividend Distribution Nov-25 Cash Dividend Amount ARS 173,788 MM Per ordinary share ARS 224,8411 Per GDS ARS 2,248.411 Dividend yield 10% Payment Date* November 4th, 2025 Dividends Evolution (In USD CCL Million) (oct-23) (may-24) *Still pending payment and record date for GDS holders. Cash dividend approved on Oct-30, 2025
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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 2025 ended June 30, 2025, 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