Slides
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FY 2026 Conference Call September 7, 2026
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FY 26 Key Highlights 2 FY26 Net Gain of ARS 420,977 MM Strong Operating Performance across rental segments 1 Record Rental Adjusted EBITDA in USD Terms Reaching ~ USD 200 million 2 Premium Office Portfolio: 100% Occupancy and New Development Launch of a new office building at Polo Dot with Mercado Libre as main tenant 5 Ramblas del Plata: Commercialization & Development Progress 5 new barter agreements representing ~45,000 sqm of saleable area (+2 after year - end); infrastructure works progressing 6 Successful USD 180 MM Retap of International Notes Proceeds aimed at funding growth opportunities; additional USD 50 MM raised in the local market 7 Shopping Mall Portfolio Expansion – 18 Malls | +410k sqm GLA Acquisition and refurbishment works at Al Oeste Shopping, and recent acquisition of Los Gallegos in Mar del Plata. 3 Strong Shareholder Return ARS 173 bn cash dividends (~10% dividend yield) and completion of the warrants program issued in 2021 8 Solid Mall Performance & High Occupancy Revenues & EBITDA in line with inflation despite weaker consumption, reflecting business model resilience 4
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3 Shopping Malls - Operating Metrics Shopping Mall Portfolio: A New Growth Cycle Accelerating Portfolio Expansion Through Acquisitions, Brownfield Opportunities and Greenfield Developments GLA (sqm)
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4 4 Growing Presence of International Brands Across Our Malls
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5 Shopping Malls – Solid Operating Figures Malls Revenues (ARS MM)Tenant Sales (in real terms, ARS MM) FY 26 Malls Revenues (ARS MM) 364,494 FY 26 Monthly Base Rent Non-traditional Advertising Key Money +Brokerage Fee Parking Other Variable Rent 60.1% 5.3% 14,2% 6.5% 13.0% Fixed Rent Components 87.0% +1.5% 4.090.433 3.739.833 FY 25 FY 26 271.388 266.347 87.662 98.147 359.050 364.494 FY 25 FY 26 -8.6% Rental Revenues Other Revenues
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Shopping Malls – Strong EBITDA in USD Terms & High Occupancy 129 160 171 152 154 149 143 141 93 58 19 89 139 130 169 176 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 COVID CRISIS 97,3% 98,4% 99,1% 98,8% 96,5% 99,0% 98,5% 98,5% 94,7% 93,2% 89,9% 93,1% 97,4% 97,6% 97,7% 97,0% +3.8% 6
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25,5 26,4 25,4 25,2 25,2 FY 22 FY 23 FY 24 FY 25 FY 26 85,5% 86,9% 95,5% 99,6% 100,0% 83,892 74,392 59,348 58,074 58,553 FY 22 FY 23 FY 24 FY 25 FY 26 7 Office Buildings - Operating Metrics *Excludes Class B assets (Philips building) GLA (sqm) Leases (USD/sqm/month) & Occupancy (A+ & A)*
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63,9% 70,0% FY 22 FY 23 FY 24 FY 25 FY 26 348 389 452 450 464 61,2% 76,7% 69,3% 56,5% 49,8% FY 22 FY 23 FY 24 FY 25 FY 26 Hotels - Operating Metrics 208 217 243 227 218 40,1% 66,8% 64,2% 60,9% 64,8% FY 22 FY 23 FY 24 FY 25 FY 26 99 133 150 147 149 31,7% 62,8% 62,1% 62,7% 70,7% FY 22 FY 23 FY 24 FY 25 FY 26 Portfolio: Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) Llao Llao: Rate & Occupancy (USD/room & %) 8Occupancy calculated excluding rooms under renovation
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ESG Working Progress & FY 2026 Highlights 9
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FY 2026 Conference Call September 7, 2026
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Oeste Outlet Acquisition & Redevelopment Progress 11
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Los Gallegos Shopping Mall Acquisition 12
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Distrito Diagonal Shopping Mall Construction Progress 13
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Polo Dot Mixed -Use Development Zetta Building DOT Baires Shopping Zetta Building EXA GIGA Philips Recycling DOT Building Polo Dot Full Project: Stage 1: Dot Baires Shopping + Dot Building Stage 2: Zetta Building Stage 3: Zetta Building Expansion Stage 4: EXA + GIGA Stage 5: Philips Recycling Zetta + Expansion 47.5k GLA sqm Polo Dot Full Project ~142k GLA + ~19k saleable sqm
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Office Development: “Zetta Building” Expansion Launch
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Edificio Del Plata: Residential Redevelopment Underway 16
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Ramblas del Plata: A Major Development Contributing to BA City Growth STRATEGIC LOCATION 870,000 Buildable sqm 693,000 Saleable sqm 278,000 Green areas sqm +10,000 Family units
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Ramblas del Plata Mixed -Use Development: Infrastructure Progress
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Extension Ramblas del Plata: Project Sales Phases 1919 Stage 2 + FO1 149k saleable sqm Stage 3 + A14 337k saleable sqm Stage 1 + Extension 207k saleable sqm 20 2 Lots sold & 18 Swapped (5 during FY26 + 2 subsequently) 130 Sales & Barters price (in USD million) Stage 1 + Extension Commercialization progress ~167k sqm Combined saleable area
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20 Financials: Investment in Banco Hipotecario
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Financial Results
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1205 1380 1455 1382 1482 912 971 1032 1074 1205 FY Beginning IQ IIQ IIIQ IVQ FY26 FY25 23% 32% 15% 6% 5% 6% 1609 1739 1700 1475 1482 1272 1207 1188 1139 1205 FY Beginning IQ IIQ IIIQ IVQ FY26 FY25 -8% -5% 8% -5% -2% 8.856 9.384 10.121 11.077 11.826 6.352 7.122 7.694 8.353 8.856 FY Beginning IQ IIQ IIIQ IVQ FY26 FY25 39% 12% 8% 1209 1503 1483 1423 1521 1348 1214 1168 1314 1209 FY Beginning IQ IIQ IIIQ IVQ FY26 FY25 26% -10% 24% -10% -1% -4% 1615 1894 1733 1519 1521 1880 1510 1344 1393 1209 FY Beginning IQ IIQ IIIQ IVQ FY26 FY25 -6% -36% 17% -20% -9% -11% 22 34% 6% 8% -5% 4% -4% 12% 9% 9% -2% -13% -4% -12% 4% 7% 12% 0% 6% 7% -8% 0% -13% 6% 7% FX & Inflation Evolution Official FX (Nominal) Official FX (Real) MEP FX (Nominal) MEP FX (Real) Inflation Index
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23 P&L IVQ 26 IVQ 25 Var % FY 26 FY 25 Var % 1 Revenues 161,819 149,966 7.9% 657,599 625,706 5.1% 2 Costs -72,364 -60,368 19.9% -258,185 -245,375 5.2% 3 Gross Profit 89,455 89,598 -0.2% 399,414 380,331 5.0% 4 Change in Fair Value 161,521 197,564 -18.2% 193,797 -3,338 - 5 S.G. & A. -36,773 -34,451 6.7% -132,530 -123,693 7.1% 6 Other Net Operating Results -23,513 -14,461 62.6% -15,324 -22,775 -32.7% 7 Operating Income 190,690 238,250 -20.0% 445,357 230,525 93.2% 8 Results from Associates & JV 17,823 23,061 -22.7% 39,134 37,292 4.9% 9 Net Financial Results 2,956 -19,703 - 86,515 54,431 58.9% 10 Income Tax -46,453 -29,344 58.3% -150,029 -60,337 148.7% 11 Current -6,559 15,174 -143.2% -135,243 -107,059 26.3% 12 Deferred -39,894 -44,518 -10.4% -14,786 46,722 -131.6% 13 Net Income 165,016 212,264 -22.3% 420,977 261,911 60.7% Attributable to: 14 Controlling Interest 150,582 213,346 -29.4% 393,510 260,661 51.0% 15 Non-Controlling Interest 14,434 -1,082 - 27,467 1,250 2,097.4% 2+5 Costs + S.G. & A. -109,137 -94,819 15.1% -390,715 -369,068 5.9% 23 FY 26 - Consolidated Income Statement
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FY 26 – Operating Results by Segment Adjusted EBITDA (ARS million) Rental Adjusted EBITDA Margin Shopping Malls Offices Hotels S&D + Others FY 25 FY 26 Δ (bps) Shopping Malls 77.9% 76.0% -1.9 Offices 77.7% 78.2% +0.5 Hotels 13.0% 16.5% +3.5 24 281,439 280,225 20,812 22,847 11,180 14,653 -35,785 -29,230 277,646 288,495 FY 25 FY 26 +31.1% -0.4% +9.8% +3.9% Rental EBITDA 317,725 +1.4%
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FY 26 – Consolidated Operating Results (ARS million) Operating Income (excluding fair value changes) Change in Fair Value of Investment Properties 25 +7.6% 233,863 251,560 FY 25 FY 26 -3,338 193,797 FY 25 FY 26
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FY 26 – Consolidated Financial Results (ARS million) Net Financial Results Net ResultIncome Tax Key Drivers FY 25 FY 26 Var Net FX result 18,569 89,908 71,339 FV of financial assets and liabilities 79,569 50,166 -29,403 Net Interest -43,120 -67,876 -24,756 Other Financial Results -14,821 -5,917 8,904 Inflation Adjustment 15,146 20,899 5,753 -60,337 -150,029 FY 25 FY 26 26 260,661 393,510 1,250 27,467 261,911 420,977 FY 25 FY 26 Non-controlling interest Columna1 54,431 86,515 FY 25 FY 26
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Rental Adjusted EBITDA by Segment (USD million) C O V ID-19 Hotels Offices Shopping Malls 27 141 93 58 19 89 139 130 169 176 19 26 28 25 18 14 13 13 14 2 12 9 0 8 15 20 7 9 162 131 95 44 115 167 163 188 199 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
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28 Amortization ScheduleDebt Profile Debt Profile – June 30, 2026 (USD million) Gross Debt 671.3 Net Debt 281.8 Debt Ratios Net Debt/Rental EBITDA 1.4x LTV 10.6% Coverage Ratio 8.9x Banking Debt 9.8 96.9 96.9 99.9 39.5 50.0 59.4 59.4 61.2 99.3 46.8 51.5 156.3 156.3 161.1 FY 27 FY 28 FY 29 FY 30 FY 31 FY 32 FY 33 FY 34 FY 35 Series XXIV Original International Issuance Mar-25 Series XXIV Additional International Issuance Dec-25 Local Series XXV (Jun-26): • Amount: USD 50 MM • Rate: 3.75% • Maturity: jun-27 USD 230 million issued during FY 26
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Eduardo Elsztain Chairman & CEO Corporate Offices Della Paolera 261, 9th Floor Tel: +54 11 4323 7400 C1001ADA – City of Buenos Aires, Argentina Independent Auditors PricewaterhouseCoopers Argentina Tel +54 11 4850 0000 Bouchard 557, 7th Floor C1106ABG – City of Buenos Aires, Argentina Matias Gaivironsky CFO Santiago Donato Head of IR & ESG 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. www.irsa.com.ar ir@irsa.com.ar +54 11 4323 7449 @IRSAIR Contact Information NYSE Symbol: IRS | BYMA Symbol: IRSA