Earnings release
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1 Earnings Release | IQ26 Earnings Release First Quarter of Fiscal Year 2026
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2 Earnings Release | IQ26 MAIN HIGHLIGHTS OF THE PERIOD THE NET RESULT FOR THE FIRST QUARTER OF FISCAL YEAR 202 6 recorded a gain of ARS 163,438 million, compared to a loss of ARS 143,662 million in the same period of 2025. This was mainly driven by the gain from changes in the fair value of investment properties. ADJUSTED EBITDA FROM RENTAL SEGMENTS reached ARS 64,256 million in the first quarter of 2026, increasing 3.5% compared to the same period of 2025. SHOPPING MALL REVENUES AND ADJUSTED EBITDA grew 6.6% and 4.1%, respectively, during the first quarter of 2026 compared to the same quarter of 2025 while REAL TENANT SALES in shopping malls declined 7.0% During the quarter, WE ACQUIRED THE “AL OESTE” SHOPPING CENTER located in Haedo, Greater Buenos Aires, FOR USD 9 MILLION , and continued construction progress on Distrito Diagonal, a shopping center under development in the city of La Plata. OCCUPANCY OF THE PREMIUM OFFICE PORTFOLIO reached 100% during the quarter. On October 30, 2025, the SHAREHOLDERS’ MEETING APPROVED A CASH DIVIDEND distribution for ARS 173,788 million (10% dividend yield). Contact Information Join the Conference Call for the First Quarter of Fiscal Year 2026 November 6, 2025 12:00 PM (Buenos Aires) 10:00 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: 863 4322 5155 Password: 552212 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of November 5, 2025 Outstanding Shares 773,057,700 Treasury 120,928 GDS (Global Depositary Share) 77,305,770 Outstanding Warrants 53,853,144 Market Capitalization USD 1.132,53 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 | IQ26 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) IQ 26 IQ 25 YoY Var Revenues 129,259 118,414 9.2% Result from fair value adjustment of investment properties 219,935 -297,111 - Result from operations 274,272 -247,156 - Depreciation and amortization 2,811 2,612 7.6% EBITDA (1) 277,083 -244,544 - Adjusted EBITDA (1) 57,148 61,807 -7.5% Result for the period 163,438 -143,662 - Attributable to equity holders of the parent 153,846 -139,197 - Attributable to non-controlling interest 9,592 -4,465 - (1) See Point XVI: EBITDA Reconciliation The Group's revenues increased by 9.2% during the first quarter of fiscal year 2026 compared to the same period in 2025, mainly driven by growth in the shopping malls and office segments. Rental Adjusted EBITDA reached ARS 64,256 million, 3.5% above the first quarter of the previous fiscal year, of which ARS 56,481 million came from the Shopping Malls segment, ARS 5,050 million from Offices, and ARS 2,725 million from Hotels. Total adjusted EBITDA amounted to ARS 57,148 million, representing a 7.5% decrease compared to the same quarter last year. Net income for the first quarter of fiscal year 2026 recorded a gain of ARS 163,438 million, compared to a loss of ARS 143,662 million in the same period of the previous fiscal year. This performance was mainly explained by the gain from changes in the fair value of investment properties, driven by the impact of a currency depreciation higher than inflation on properties valued in USD. II. Shopping Malls Our portfolio’s leasable area totaled 370,801 sqm of GLA. Real tenants’ sales of our shopping centers reached ARS 746,472 million in the three-months period of fiscal year 2026, 7.0% lower than in the same period of the previous fiscal year. Portfolio occupancy during the first quarter of fiscal year 2026 was 97.8%. Shopping Malls’ Operating Indicators IQ 26 IVQ 25 IIIQ 25 IIQ 25 IQ 25 Gross leasable area (sqm) 370,801 371,242 371,186 370,897 336,884 Tenants’ sales (3 months cumulative in current currency) 746,472 773,905 694,636 974,597 802,564 Occupancy 97.8%(1) 98.1%(1) 97.7%(1) 96.8% 97.6% (1) Excluding “Terrazas de Mayo” recently acquired.
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4 Earnings Release | IQ26 Shopping Malls’ Financial Indicators (in millions of ARS) IQ 26 IQ 25 YoY Var Revenues from sales, leases, and services 72,823 68,304 6.6% Net result from fair value adjustment on investment properties 63,953 -7,344 - Result from operations 119,156 46,094 158.5% Depreciation and amortization 1,278 801 59.6% EBITDA (1) 120,434 46,895 156.8% Adjusted EBITDA (1) 56,481 54,239 4.1% (1) See Point XVI: EBITDA Reconciliation Income from this segment during the first quarter of fiscal year 2026 reached ARS 72,823 million, 6.6% higher compared with the same period of the previous fiscal year. Adjusted EBITDA reached ARS 56,481million, 4.1% higher than the amount recorded in the same period of 2025. 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 20,715 137 99.1% 100% Abasto Shopping(4) Nov-99 City of Buenos Aires 37,133 149 97.9% 100% Alto Avellaneda Dec-97 Province of Buenos Aires 39,890 121 95.3% 100% Alcorta Shopping Jun-97 City of Buenos Aires 15,680 105 100.0% 100% Patio Bullrich Oct-98 City of Buenos Aires 11,472 89 91.0% 100% Dot Baires Shopping May-09 City of Buenos Aires 48,225 158 98.7% 80% Soleil Premium Outlet Jul-10 Province of Buenos Aires 15,477 72 100.0% 100% Distrito Arcos Dec-14 City of Buenos Aires 14,194 62 100.0% 90% Terrazas de Mayo Dec-24 Province of Buenos Aires 33,714 82 89.7% 100% Alto Noa Shopping Mar-95 Salta 19,417 82 96.0% 100% Alto Rosario Shopping Nov-04 Santa Fe 35,016 129 99.3% 100% Mendoza Plaza Shopping Dec-94 Mendoza 41,637 115 97.8% 100% Córdoba Shopping Dec-06 Córdoba 15,424 98 97.8% 100% La Ribera Shopping Aug-11 Santa Fe 11,097 65 93.3% 50% Alto Comahue Mar-15 Neuquén 11,710 81 99.7% 99,95% Patio Olmos(5) Sep-07 Córdoba - - - Total 370,801 1,545 97.8%(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 | IQ26 Quarterly tenants’ sales as of the first quarter of FY 2026, compared to the same period of fiscal years 2025, 2024, 2023, and 2022 (1) (1) Retail sales based upon information provided to us by retailers and prior owners. The amounts shown reflect 100% of the retai l sales of each shopping mall, although in certain cases we own less than 100% of such shopping malls. Includes sales from stands a nd excludes spaces used for special exhibitions. (2) Through our joint venture Nuevo Puerto Santa Fe S.A. (3) IRSA owns the historic building of the Patio Olmos shopping mall in the province of Cordoba, operated by a third party. Quarterly tenants’ sales per type of business as of the first quarter of FY 2026, compared to the same period of fiscal years 2025, 2024, 2023, and 2022 (1) (ARS million) IQ 26 IQ 25 YoY Var IQ 24 IQ 23 IQ 22 Clothes and Footwear 375,173 444,071 -15.5% 513,779 472,438 361,092 Entertainment 34,510 26,018 32.6% 31,218 31,780 13,573 Home 21,612 20,020 8.0% 23,372 20,004 17,126 Restaurant 111,226 99,613 11.7% 114,128 96,020 57,898 Miscellaneus 104,405 104,793 -0.4% 109,039 97,092 91,326 Services 20,552 19,130 7.4% 19,546 14,611 9,763 Electronic appliances 75,317 85,994 -12.4% 101,594 97,134 56,451 Anchor Store 3,677 2,925 25.7% - - - Total 746,472 802,564 -7.0% 912,676 829,079 607,229 (1) Retail sales based on information provided by tenants. The figures reflect 100% of the retail sales of each shopping center, although in certain cases we own a percentage lower than 100% of said shopping centers. Includes sales from stands and excludes spa ces for special exhibitions. Includes sales from stands and excludes spaces for special exhibitions. (2) Currently includes Ronda. Multi-purpose store located in Dot Baires, composed of 70% food service, 25% entertainment, and 5% apparel. (ARS million) IQ 26 IQ 25 YoY Var IQ 24 IQ 23 IQ 22 Alto Palermo 82,021 96,015 -14.6% 124,175 106,424 71,618 Abasto Shopping 90,635 109,456 -17.2% 129,197 121,386 70,922 Alto Avellaneda 79,725 88,429 -9.8% 88,849 78,934 52,953 Alcorta Shopping 47,670 53,270 -10.5% 68,298 60,260 53,283 Patio Bullrich 24,952 29,388 -15.1% 38,527 36,100 25,661 Dot Baires Shopping 69,717 69,271 0.6% 72,530 63,560 46,377 Soleil Premium Outlet 44,094 54,510 -19.1% 52,011 45,278 39,435 Distrito Arcos 52,433 59,080 -11.3% 74,858 65,240 46,066 Terrazas de Mayo 28,735 - - - - - Alto Noa Shopping 26,861 30,966 -13.3% 36,769 35,801 29,801 Alto Rosario Shopping 81,577 86,129 -5.3% 95,061 95,401 74,878 Mendoza Plaza Shopping 48,609 54,527 -10.9% 56,608 52,093 42,861 Córdoba Shopping 22,485 26,017 -13.6% 29,730 28,026 24,599 La Ribera Shopping(1) 14,299 12,909 10.8% 16,004 15,684 10,733 Alto Comahue 32,659 32,597 0.2% 30,059 24,892 18,042 Patio Olmos(3) Total sales 746,472 802,564 -7.0% 912,676 829,079 607,229
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6 Earnings Release | IQ26 Revenues from quarterly leases as of the first quarter of FY 2026, compared to the same period of fiscal year 2025, 2024, 2023 and 2022 (ARS million) IQ 26 IQ 25 YoY Var IQ 24 IQ 23 IQ 22 Base rent(1) 42,611 36,249 17.6% 28,540 22,604 12,696 Percentage rent 9,803 15,790 -37.9% 26,908 25,698 19,656 Total rent 52,414 52,039 0.7% 55,448 48,302 32,352 Non-traditional advertising 3,638 2,511 44.9% 2,061 1,426 781 Revenues from admission rights 7,558 6,652 13.6% 6,099 4,812 3,515 Fees 677 614 10.3% 561 553 622 Parking 4,953 3,826 29.5% 3,766 2,493 1,101 Commissions 2,561 2,289 11.9% 888 883 959 Other 1,022 373 174.3% 1,001 98 178 Subtotal(2) 72,823 68,304 6.6% 69,824 58,567 39,508 Expenses and Collective Promotion Fund 25,406 22,260 14.1% 21,782 22,303 17,099 Total 98,229 90,564 8.5% 91,606 80,870 56,607 (1) Includes Revenues from stands for ARS 5,751 million cumulative as of September 2025. (2) Includes ARS 81.1 million from Patio Olmos, ARS 140.5 million from sponsorship income from BAF Production and revenues from R e! Outlet stands for ARS 743.1 million. III. Offices According to Colliers, the quarter closes with a slight increase in vacancy standing at 12.8%, in the Buenos Aires City premium market (A+ & A), while prices remain stable at average levels of USD 22.3 per sqm. Offices’ Operating Indicators IQ 26 IVQ 25 IIIQ 25 IIQ 25 IQ 25 Gross Leasable area 58,074 58,074 58,074 58,074 59,271 Total Occupancy 96.8% 96.2% 96.4% 94.3% 92.3% Class A+ & A Occupancy 100.0% 99.6% 100.0% 100.0% 97.9% Class B Occupancy 76.5% 75.3% 69.2% 58.7% 56.1% Rent USD/sqm 25.8 25.5 25.7 25.5 24.6 The gross leasable area in the first quarter of fiscal year 2026 was 58,074 sqm. The average occupancy of the premium portfolio increased to 100% and of the total portfolio to 96.8%. The portfolio’s average rent reached USD 25.8 per sqm. Offices’ Financial Indicators (in ARS million) IQ 26 IQ 25 YoY Var Revenues from sales, leases and services 6,085 5,403 12.6% Net result from fair value adjustment on investment properties, PP&E e inventories 45,623 -89,257 - Profit from operations 50,567 -84,995 - Depreciation and amortization 106 83 27.7% EBITDA(1) 50,673 -84,912 - Adjusted EBITDA (1) 5,050 4,345 16.2% (1) See Point XVI: EBITDA Reconciliation During the first quarter of fiscal year 2026, office revenues increased by 12.6% and Adjusted EBITDA grew by 16.2% compared to the previous year, mainly driven by the impact of currency depreciation above inflation on USD - denominated rents and a slight improvement in portfolio occupancy. The Adjusted EBITDA margin reached 8 2.9%.
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7 Earnings Release | IQ26 Below is information on our office segment: Offices & Others Date of Acquisition Gross Leasable Area (sqm)(1) Occupancy (2) Actual Interest 3M 26 - Rental revenues (ARS million) (4) AAA & A Offices Intercontinental Plaza (3) Dec-14 2,979 100.0% 100% 312 Dot Building Nov-06 11,242 100.0% 80% 961 Zetta Building May-19 32,173 100.0% 80% 3.484 261 Della Paolera(5) Dec-20 3,740 100.0% 100% 512 Total AAA & A Offices 50,134 100.0% 5,269 B Offices Philips Building(6) Jun-17 7,940 76.5% 100% 816 Total B Buildings 7,940 76.5% 100% 816 Subtotal Offices 58,074 96.8% 6,085 (1) Corresponds to the total gross leasable area of each property as of September 30, 2025. Excludes common areas and parking lots. (2) Calculated by dividing occupied square meters by gross leasable area as of September 30, 2025. (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 September 30, 2025, we owned 10.4% of the building that has 35,872 square meters of gross leasable area. The gross leasable area includes square meters corresponding to other common spaces. (6) The building is fully dedicated to the workplace business. IV. Hotels The company’s hotels continue to show a decline in revenues and occupancy, consistent with the trend observed over the past two years, mainly due to lower international tourism driven by a loss of currency competitiveness in the country. Although a real depreciation of the exchange rate was observed in the first quarter of fiscal year 2026, it is still too early to anticipate a sustained recovery in the hotel business. Additionally, the winter season in Bariloche was particularly weak due to the lack of snow for ski activities, which affected the performance of the Llao Llao hotel during the period. (in ARS million) IQ 26 IQ 25 YoY Var Revenues 17,787 18,212 -2.3% Profit from operations 1,612 2,393 -32.6% Depreciation and amortization 1,113 1,104 0.8% EBITDA 2,725 3,497 -22.1% During the first quarter of fiscal year 2026, Hotels segment recorded an decrease in revenues of 2.3% compared with the same period of fiscal year 2025 while the segment’s EBITDA reached ARS 2,725 million, a 22.1% decrease when compared to the same period of fiscal year 2025. 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 59.8% Sheraton Libertador (2) 03/01/1998 100,00% 200 61.0% Llao Llao (3) 06/01/1997 50,00% 205 52.2% Total - - 718 58.0% (1) Through Nuevas Fronteras S.A. (Subsidiary of IRSA). (2) Through Hoteles Argentinos S.A.U. (3) Through Llao Llao Resorts S.A. (4) Three months cumulated average.
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8 Earnings Release | IQ26 Hotels’ operating and financial indicators. IQ 26 IVQ 25 IIIQ 25 IIQ 25 IQ 25 Average Occupancy 58.0% 56.4% 67.1% 67.1% 55.1% Average Rate per Room (USD/night) 227.1 182.1 236.8 229.4 256.4 V. Sales and Developments (in ARS million) IQ 26 IQ 25 YoY Var Revenues 4,052 1,926 110,4% Net result from fair value adjustment on investment properties 110,294 -200,443 - Result from operations 106,700 -212,541 - Depreciation and amortization 68 59 15,3% Net result from fair value adjustment on investment properties - 14 -100,0% Impairment loss on intangible assets - -9,226 -100,0% EBITDA (1) 106,768 -212,482 - Adjusted EBITDA (1) -3,526 -2,799 26,0% (1) See Point XVI: EBITDA Reconciliation Adjusted EBITDA of “Sales and Developments” segment recorded a loss of ARS 3,526 million during the first quarter of fiscal year 2026, 26% lower than the same period in the previous year. VI. Others (in millions of ARS) IQ 26 IQ 25 YoY Var Revenues 2,455 1,672 46.8% Net result from fair value adjustment on investment properties -205 -245 -16.3% Result from operations -3,581 2,173 -264.8% Depreciation and amortization 238 590 -59.7% EBITDA -3,343 2,763 -221.0% Adjusted EBITDA -3,138 3,008 -204.3% 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 29.12% as of September 30, 2025. During the three-month period of fiscal year 2026, the investment in Banco Hipotecario generated an ARS 6,809 million loss compared to ARS 5,795 million gain during the same period of 202 5, mainly due to lower financial margin driven by declining interest rates and lower yields on financial assets . For further information, visit http://www.cnv.gob.ar or http://www.hipotecario.com.ar. VIII. EBITDA by Segment (ARS million) 3M 26 Shopping Malls Offices Sales and Developments Hotels Others Total Result from operations 119,156 50,567 106,700 1,612 -3,581 274,454 Depreciation and amortization 1,278 106 68 1,113 238 2,803 EBITDA 120,434 50,673 106,768 2,725 -3,343 277,257 3M 25 Shopping Malls Offices Sales and Developments Hotels Others Total Result from operations 46,094 -84,995 -212,541 2,393 2,173 -246,876 Depreciation and amortization 801 83 59 1,104 590 2,637 EBITDA 46,895 -84,912 -212,482 3,497 2,763 -244,239 EBITDA Var 156,8% - - -22,1% -221,0% -
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9 Earnings Release | IQ26 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 103,202 -610 26,667 - 129,259 Costs -23,172 64 -26,795 - -49,903 Gross result 80,030 -546 -128 - 79,356 Result from sales of investment properties 219,665 270 - - 219,935 General and administrative expenses -16,441 71 - 63 -16,307 Selling expenses -6,321 26 - - -6,295 Other operating results, net -2,479 -3 128 -63 -2,417 Result from operations 274,454 -182 - - 274,272 Share of loss of associates and joint ventures -4,492 565 - - -3,927 Result before financial results and income tax 269,962 383 - - 270,345 *Includes Puerto Retiro & Nuevo Puerto Santa Fe. X. Financial Debt and Other Indebtedness The following table describes our total indebtedness as of September 30, 2025: Description Currency Amount (USD MM) (1) Interest Rate Maturity Bank overdrafts ARS 2.7 Variable < 360 days Series XVII USD 25.0 5.00% dec-25 Series XX USD 21.3 6.00% jun-26 Series XVIII USD 21.4 7.00% feb-27 Series XXII USD 15.8 5.75% oct-27 Series XIV USD 67.1 8.75% jun-28 Series XXIII USD 51.5 7.25% oct-29 Series XVIV USD 293.7 8.00% mar-35 IRSA’s Total Debt USD 498.5 Cash & Cash Equivalents + Investments (2) USD 310.8 IRSA’s Net Debt USD 187.7 (1) Principal amount in USD (million) at an exchange rate of ARS 1,380.0/USD, without considering accrued interest or elimination s of balances with subsidiaries. (2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies notes holding.
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10 Earnings Release | IQ26 XI. Material and Subsequent Events September 2025: Acquisition of “Al Oeste” Shopping Mall On September 17, 2025, The Company announced that it has acquired “Al Oeste” shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires. The shopping mall is currently operating below its potential, and within the framework of the Company’s development plan to create opportunities in different districts of the Province of Buenos Aires, it is planned to be converted into an outlet center and relaunched during next year. “Al Oeste Shopping” has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm. The purchase price was set at USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments. September 2025: Warrants Exercise Between September 17 and 25, 202 5, certain warrants holders have exercised their right to acquire additional shares and 10,536,907 ordinary shares of the Company will be registered, with a face value of ARS 10. As a result of the exercise, USD 3,073,616 was collected by the Company. After the exercise of these warrants, the number of shares of the Company increased from 762,520,793 to 773,057,700 with a face value of ARS 10, and the new number of outstanding warrants decreased from 60,964,074 to 53,853,144. 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 dividend of ARS 173,788 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. • 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 4, 2025, the Company distributed among its shareholders the cash dividend in an amount of ARS 173,787,960,684.31, equivalent to 2,248.41108587223% of the stock capital, an amount per share of ARS 224,841108587223 and an amount per GDS of ARS 2.248,41108587223. October 2025: Property Acquisition. Dated October 30, 2025, after the close of the quarter, the Company announced that it effected, within the framework of judicial proceedings, the acquisition of a property located on Av. Gaona, between Nazca and Terrada, in the Flores neighborhood of the Autonomous City of Buenos Aires. The property, on a land plot of 8,856 sqm, has an existing built area of approximately 17,000 sqm and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid. The Company intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires. As of today, the execution of the deed of transfer of ownership remains pending.
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11 Earnings Release | IQ26 XII. Summarized Comparative Consolidated Balance Sheet (in ARS million) 09.30.2025 09.30.2024 09.30.2023 09.30.2022 09.30.2021 Non-current assets 3,222,044 2,673,631 3,900,365 3,840,028 3,938,252 Current assets 601,079 338,999 420,788 339,699 271,809 Total assets 3,823,123 3,012,630 4,321,153 4,179,727 4,210,061 Capital and reserves attributable to the equity holders of the parent 1,828,372 1,435,650 2,292,583 1,882,365 1,186,132 Non-controlling interest 106,626 100,006 132,916 129,530 398,138 Total shareholders’ equity 1,934,998 1,535,656 2,425,499 2,011,895 1,584,270 Non-current liabilities 1,572,512 1,063,539 1,533,348 1,596,262 2,248,453 Current liabilities 315,613 413,435 362,306 571,570 377,338 Total liabilities 1,888,125 1,476,974 1,895,654 2,167,832 2,625,791 Total liabilities and shareholders’ equity 3,823,123 3,012,630 4,321,153 4,179,727 4,210,061 XIII. Summarized Comparative Consolidated Income Statement (in ARS million) 09.30.2025 09.30.2024 09.30.2023 09.30.2022 09.30.2021 Profit from operations 274,272 -247,156 494,278 -10,260 -86,662 Share of profit of associates and joint ventures -3,927 10,754 9,025 9,286 -2,745 Result from operations before financing and taxation 270,345 -236,402 503,303 -974 -89,407 Financial income 2,910 951 1,540 571 1,095 Financial cost -19,228 -15,341 -16,781 -17,930 -32,188 Other financial results -11,703 28,580 -9,602 2,084 52,679 Inflation adjustment 4,067 5,592 26,504 43,563 6,033 Financial results, net -23,954 19,782 1,661 28,288 27,619 Results before income tax 246,391 -216,620 504,964 27,314 -61,788 Income tax -82,953 72,958 -174,862 -14,738 43,791 Result of the period 163,438 -143,662 330,102 12,576 -17,997 Other comprehensive results for the period -1,443 -655 -1,366 -2,524 -2,899 Total comprehensive result for the period 161,995 -144,317 328,736 10,052 -20,896 Attributable to: Equity holders of the parent 152,200 -139,572 312,338 8,892 -13,525 Non-controlling interest 9,795 -4,745 16,398 1,160 -7,371 XIV. Summary Comparative Consolidated Cash Flow (in ARS million) 09.30.2025 09.30.2024 09.30.2023 09.30.2022 09.30.2021 Net cash generated from operating activities 82,248 62,993 43,450 42,008 29,346 Net cash (used in) / generated from investing activities -115,350 -27,198 28,129 18,851 -3,908 Net cash used in financing activities -61,166 -36,379 -31,490 -178,748 -18,346 Net (decrease) / increase in cash and cash equivalents -94,268 -584 40,089 -117,889 7,092 Cash and cash equivalents at beginning of year 187,373 41,807 47,948 151,184 37,464 Inflation adjustment -480 -90 -2,503 -1,718 -6,489 Foreign exchange (loss) / gain on cash and changes in fair value for cash equivalents -282 -1,286 2,410 1,299 154 Cash and cash equivalents at period-end 92,343 39,847 87,944 32,876 38,221
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12 Earnings Release | IQ26 XV. Comparative Ratios (in ARS million) 09.30.2025 09.30.2024 09.30.2023 09.30.2022 09.30.2021 Liquidity CURRENT ASSETS 601,079 1.90 338,999 0.82 420,788 1.16 339,699 0.59 271,809 0.72 CURRENT LIABILITIES 315,613 413,435 362,306 571,570 377,338 Solvency SHAREHOLDERS’ EQUITY 1,934,998 1.02 1,535,656 1.04 2,425,499 1.28 2,011,895 0.93 1,584,270 0.60 TOTAL LIABILITIES 1,888,125 1,476,974 1,895,654 2,167,832 2,625,791 Capital Assets NON-CURRENT ASSETS 3,222,044 0.84 2,673,631 0.89 3,900,365 0.90 3,840,028 0.92 3,938,252 0.94 TOTAL ASSETS 3,823,123 3,012,630 4,321,153 4,179,727 4,210,061 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 EB ITDA minus (i) total financial results, net excluding interest expense, net (mainly foreign exchange differences, net gains/losses from derivative financial instruments; 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 associates and joint ventures and minus (iii) net profit from fair value adjustment of investment 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 with supplemental measures of our financial performance th at 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 from operations to EBITDA and Adjusted EBITDA for the periods indicated: For the three-month period ended September 30 (in ARS million) 2025 2024 Profit for the period 163,438 -143,662 Interest income -2,910 -951 Interest expense 14,716 14,367 Income tax 82,953 -72,958 Depreciation and amortization 2,811 2,612 EBITDA (unaudited) 261,008 -200,592 Net gain / (loss) from fair value adjustment of investment properties -219,935 297,111 Realized net gain from fair value adjustment of investment properties - 14 Impairment Loss on Intangible Assets - 9,226 Share of profit of associates and joint ventures 3,927 -10,754 Inflation adjustment -4,067 -5,592 Other financial results 16,215 -27,606 Adjusted EBITDA (unaudited) 57,148 61,807
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13 Earnings Release | IQ26 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 properties for sale. 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 three-month period ended September 30 (in ARS million) 2025 2024 Gross profit 79,356 75,648 Selling expenses -6,295 -5,731 Depreciation and amortization 2,811 2,612 Realized result from fair value of investment properties - 14 NOI (unaudited) 75,872 72,543
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14 Earnings Release | IQ26 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 leases 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, an d 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 comply 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 with 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 three-month period ended September 30 (in ARS million) 2025 2024 Result for the period 163,438 -143,662 Result from fair value adjustments of investment properties -219,935 297,111 Result from fair value adjustments of investment properties, realized - 14 Impairment Loss on Intangible Assets - 9,226 Depreciation and amortization 2,811 2,612 Other financial results 16,215 -27,606 Deferred tax 57,931 -99,248 Non-controlling interest -9,592 4,465 Non-controlling interest related to PAMSA’s fair value 9,599 -14,866 Results of associates and joint ventures 3,927 -10,754 Inflation adjustment -4,067 -5,592 Adjusted FFO (unaudited) 20,327 11,700
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15 Earnings Release | IQ26 XIX. Brief comment on prospects for the Next Quarter Following the legislative elections held in October, which confirmed the continuity of the economic course initiated by the current administration, the macroeconomic environment shows greater predictability and stability in key variables. A consolidation of policies aimed at reducing the fiscal deficit, gradually opening markets, and restoring confidence is expected — factors that could support both economic and real estate activity in the medium term. In this context, we will continue strengthening and expanding our shopping mall portfolio, focusing on enhancing the visitor experience and creating value for tenants and consumers. Several international brands are already under construction or preparing to enter the country, which will help diversify and enrich the tenant mix of our malls. In the office segment, we expect occupancy to remain high, with sustained demand for premium spaces in strategic locations. In the hotel segment, while exchange rate competitiveness remains a challenge, we maintain a constructive outlook for inbound tourism going forward. In real estate development, we will continue executing residential projects in Caballito, Polo Dot, and Edificio Del Plata, while consolidating progress on the new shopping mall in La Plata and on the company’s most ambitious project, Ramblas del Plata. We will also continue focusing on cost efficiency and evaluating financial, economic, and corporate tools that strengthen the company’s competitive position and ensure the liquidity needed to meet its obligations. These tools may include the public and/or private disposal of assets —including real estate properties or marketable securities — as well as the issuance of shares, corporate bonds, or share repurchase programs, among other instruments aligned with our strategic objectives. Looking ahead, we will continue developing innovative projects that integrate commercial and residential uses, with a focus on experience, quality, and sustainability. We remain confident in the strength of our portfolio and in our team’s ability to successfully execute our business strategy. Eduardo S. Elsztain Chairman
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16 Earnings Release | IQ26 Unaudited Condensed Interim Consolidated Statement of Financial Position as of September 30, 2025 and June 30, 2025 (All amounts in millions of Argentine Pesos, except otherwise indicated) 09.30.2025 06.30.2025 ASSETS Non-current assets Investment properties 2,720,845 2,484,603 Property, plant and equipment 57,109 57,319 Trading properties 140,930 132,164 Intangible assets 19,452 19,211 Right-of-use assets 12,141 12,594 Investments in associates and joint ventures 182,870 188,840 Deferred income tax assets 7,218 7,333 Income tax credit 58 61 Trade and other receivables 44,283 34,965 Investments in financial assets 37,138 29,208 Total non-current assets 3,222,044 2,966,298 Current assets Trading properties 35,621 37,825 Inventories 1,353 1,294 Income tax credit 442 373 Trade and other receivables 137,161 137,742 Investments in financial assets 332,855 231,821 Derivative financial instruments 1,304 - Cash and cash equivalents 92,343 187,373 Total current assets 601,079 596,428 TOTAL ASSETS 3,823,123 3,562,726 SHAREHOLDERS’ EQUITY Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) 1,828,372 1,671,973 Non-controlling interest 106,626 99,784 TOTAL SHAREHOLDERS’ EQUITY 1,934,998 1,771,757 LIABILITIES Non-current liabilities Borrowings 586,379 540,218 Lease liabilities 3,371 3,463 Deferred income tax liabilities 847,250 789,434 Trade and other payables 67,610 64,581 Income tax liabilities 23,458 - Provisions 44,318 34,091 Salaries and social security liabilities 126 130 Total non-current liabilities 1,572,512 1,431,917 Current liabilities Borrowings 104,618 145,533 Lease liabilities 5,374 5,462 Trade and other payables 132,854 128,108 Income tax liabilities 53,510 58,948 Provisions 4,588 5,496 Derivative financial instruments - 52 Salaries and social security liabilities 14,669 15,453 Total current liabilities 315,613 359,052 TOTAL LIABILITIES 1,888,125 1,790,969 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 3,823,123 3,562,726
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17 Earnings Release | IQ26 Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income for the three-month periods ended September 30, 2025 and 2024 (All amounts in millions of Argentine Pesos, except otherwise indicated) 09.30.2025 09.30.2024 Revenues 129,259 118,414 Costs (49,903) (42,766) Gross profit 79,356 75,648 Net gain / (loss) from fair value adjustment of investment properties 219,935 (297,111) General and administrative expenses (16,307) (14,631) Selling expenses (6,295) (5,731) Other operating results, net (2,417) (5,331) Profit / (loss) from operations 274,272 (247,156) Share of (loss) / profit of associates and joint ventures (3,927) 10,754 Profit / (loss) before financial results and income tax 270,345 (236,402) Finance income 2,910 951 Finance costs (19,228) (15,341) Other financial results (11,703) 28,580 Inflation adjustment 4,067 5,592 Financial results, net (23,954) 19,782 Profit / (loss) before income tax 246,391 (216,620) Income tax expense (82,953) 72,958 Profit / (loss) for the period 163,438 (143,662) 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) (1,443) (655) Total other comprehensive loss for the period (1,443) (655) Total comprehensive income / (loss) for the period 161,995 (144,317) Profit / (loss) for the period attributable to: Equity holders of the parent 153,846 (139,197) Non-controlling interest 9,592 (4,465) Total comprehensive profit / (loss) attributable to: Equity holders of the parent 152,200 (139,572) Non-controlling interest 9,795 (4,745) Profit / (loss) per share attributable to equity holders of the parent: (ii) Basic 204.04 (192.26) Diluted 188.31 (192.26)
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18 Earnings Release | IQ26 Unaudited Condensed Interim Consolidated Statement of Cash Flows for the three-month periods ended September 30, 2025 and 2024 (All amounts in millions of Argentine Pesos, except otherwise indicated) 09.30.2025 09.30.2025 Operating activities: Net cash generated from operating activities before income tax paid 85,235 65,614 Income tax paid (2,987) (2,621) Net cash generated from operating activities 82,248 62,993 Investing activities: Acquisition of participation in associates (6,319) - Acquisition and improvements of investment properties (17,574) (18,277) Proceeds from sales of investment properties - 138 Acquisitions and improvements of property, plant and equipment (1,561) (1,643) Proceeds from sales of property, plant and equipment 25 - Acquisitions of intangible assets (139) (1,265) Proceeds from sales of interest held in associates and joint ventures - 3,206 (Payment) / proceeds from derivative financial instruments (293) 30 Acquisitions of investments in financial assets (266,109) (76,510) Proceeds from disposal of investments in financial assets 158,300 62,226 Interest received from financial assets 18,150 4,604 Proceeds from loans granted to related parties 476 293 Loans granted (306) - Net cash used in investing activities (115,350) (27,198) Financing activities: Borrowings, issuance and new placement of non-convertible notes - 5,882 Payment of borrowings and non-convertible notes (37,031) (16,837) (Payments) / obtaining of short term loans, net (4,841) 17,616 Interests paid (23,143) (13,460) Repurchase of non-convertible notes - (10,315) Capital contributions from non-controlling interest in subsidiaries 51 113 Warrants exercise 4,199 2,293 Payment of lease liabilities (401) (1,004) Repurchase of treasury shares - (20,667) Net cash used in financing activities (61,166) (36,379) Net decrease in cash and cash equivalents (94,268) (584) Cash and cash equivalents at the beginning of the period 187,373 41,807 Inflation adjustment of cash and cash equivalents (480) (90) Foreign exchange gain on cash and cash equivalents and unrealized fair value result for cash equivalents (282) (1,286) Cash and cash equivalents at end of the period 92,343 39,847
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19 Earnings Release | IQ26 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