Earnings release
Page 1
1 Earnings Release Fiscal Year 2026
Page 2
2 MAIN HIGHLIGHTS OF THE PERIOD NET INCOME for fiscal year 2026 amounted to ARS 420,977 MILLION , compared to ARS 261,911 million in 2025, while ADJUSTED EBITDA FROM THE RENTAL SEGMENTS REACHED ARS 317,725 MILLION, increasing 1.4% YoY, driven by improved results across the Offices and Hotels segments. THE SHOPPING MALLS SEGMENT MAINTAINED A SOLID OPERATING PERFORMANCE during the year, with revenues and Adjusted EBITDA broadly in line with inflation. During the year, WE CONTINUED EXPANDING OUR SHOPPING MALL PORTFOLIO, WHICH REACHED 18 ASSETS AND MORE THAN 410,000 SQM OF GLA, following the acquisitions of Al Oeste and Los Gallegos Shopping. We also made progress on the transformation of Al Oeste into Oeste Outlet and on the construction of Distrito Diagonal in La Plata, both expected to open during the next fiscal year. OUR PREMIUM OFFICE PORTFOLIO MAINTAINED 100% OCCUPANCY, and during the year WE LAUNCHED THE DEVELOPMENT OF A NEW 15,350 SQM GLA OFFICE BUILDING AT POLO DOT , which will expand and integrate with the Zetta building, with Mercado Libre as its main tenant. During the year, WE CONTINUED MAKING PROGRESS ON THE DEVELOPMENT OF RAMBLAS DEL PLATA , our largest mixed -use development, both on the site's infrastructure works and its commercialization. WE EXECUTED FIVE NEW LAND SWAP AGREEMENTS DURING THE YEAR AND TWO ADDITIONAL AGREEMENTS AFTER YEAR-END, bringing the total number of lots commercialized in the project to 20 to date. On the financial front, WE ISSUED NOTES TOTALING USD 230 MILLION , distributed CASH DIVIDENDS REPRESENTING A DIVIDEND YIELD OF APPROXIMATELY 10% and completed the warrant program issued in 2021. Contact Information Join the Conference Call for the Fiscal Year 2026 September 8, 2026 10:00 AM (Buenos Aires) 09:00 AM (US EST) The call will be hosted by: • Matias Gaivironsky, CFO • Jorge Cruces, CIO • Santiago Donato, IRO To participate in the Conference Call*, please register here Webinar ID: 859 8525 9414 Password: 083116 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of September 3, 2026 Outstanding Shares 846,115,922 Treasury 120,928 GDS (Global Depositary Shares) 84,611,592 Market Capitalization USD 1,275.94 MM Website www.irsa.com.ar X @IRSAIR Phone +54 911 4323-7449 E-mail ir@irsa.com.ar
Page 3
3 Earnings Release | Fiscal Year 2026 LETTER TO SHAREHOLDERS Dear Shareholders, We concluded a very strong fiscal year, with solid results across our different business segments and significant progress in our growth strategy. During the year, we expanded our portfolio, continued advancing strategic developments, and strengthened our financial position, against a backdrop of greater macroeconomic stability and increased predictability for investment. The results for the fiscal year reflect the strength of our business model. We achieved consolidated revenues of ARS 657,599 million and Adjusted EBITDA of ARS 288,495 million, which, measured in U.S. dollars, represented an all-time high for the Company. We also recorded net income of ARS 42 0,977 million. Our three income-producing segments— shopping malls, offices, and hotels —continued to demonstrate resilience and value -generation capabilities, supported by the quality of our assets, high occupancy levels, and active portfolio management. One of the year's most significant milestones was the expansion of our shopping mall portfolio. We acquired Al Oeste Shopping, in Haedo, which is currently undergoing a comprehensive refurbishment to be repositioned as an outlet shopping center, with its r eopening scheduled for early 2027, and Los Gallegos, in Mar del Plata, one of the most important commercial cities in Argentina outside the Buenos Aires metropolitan area, with strong long -term growth potential driven by its commercial and tourism appeal. Following these acquisitions, our portfolio reached a total of 18 shopping malls, totaling more than 4 10,000 sqm of gross leasable area. These investments reaffirm our conviction in the sector's long-term potential and further consolidate IRSA as Argentina's leading shopping mall operator. During the fiscal year, our tenants’ sales declined in real terms, mainly due to a price effect, while traffic and the number of tickets remained stable. This performance took place in a context of a transformation in the retail sector, driven by economic liberalization and the entry of new international brands, a process that we believe will contribute to strengthening the commercial offering and customer experience across our shopping malls ove r the medium term. Despite the decline in consumption, our revenues grew in line with inflation, supported by fixed rents and the growth of other revenue streams, such as parking, stands, and non-traditional advertising, once again demonstrating the resilience of our business model. In the office segment, we maintained full occupancy across our premium office portfolio and reached another important milestone with the launch of a new corporate office building for Mercado Libre, which will expand and integrate the existing Zetta building within the Polo Dot complex. This project reinforces our confidence in the sustained demand for high-quality office space and in the value of developing integrated mixed -use projects that combine commercial, corporate, and residential uses. Mixed-use developments continue to be one of the Company’s main drivers of value creation. During the fiscal year, we continued to advance the commercialization of Ramblas del Plata, the most important urban development project in our history, through the execution of five new barter agreements representing approximately 45,000 sqm of saleable area. We also continued to make progress on infrastructure works, which will enable construction of the first buildings to begin during the next fiscal year. In addit ion, we continued advancing strategic projects such as Distrito Diagonal shopping mall in La Plata, the redevelopment of Edificio del Plata, and the acquisition of new assets with development potential. From a financial perspective, we continued strengthening our capital structure. During the year, we raised approximately USD 230 million through issuances in both the international and local capital markets, maintaining low leverage levels, preserving the financial flexibility required to continue investing and capitalize on future growth opportunities.
Page 4
4 Earnings Release | Fiscal Year 2026 Additionally, we completed the warrant program launched in 2021 and distributed ARS 173 billion in dividends to our shareholders, representing a dividend yield of approximately 10%. Our commitment to sustainability remains an integral part of the long -term strategy. During the year, IRSA was once again included in the BYMA Sustainability Index, reflecting our continued progress in environmental, social, and corporate governance matter s. We remain committed to the responsible management of our assets by promoting initiatives focused on energy efficiency, environmental impact reduction, and the development of the communities where we operate. Looking ahead, we remain constructive on the outlook for the Argentine real estate market. A more stable macroeconomic environment, together with the gradual development of the mortgage lending market and increased predictability for investment, should lay the foundation for a sustained recovery of both the real estate sector and the broader economy. In this context, we will continue expanding our portfolio, advancing Ramblas del Plata and our other strategic developments, maintaining efficient capital allocation, and pursuing new opportunities that allow us to create long-term value for our shareholders. More than three decades ago, we committed to Argentina’s urban development. Since then, we have grown with an approach that continues to define us: the vision to identify opportunities where others have yet to see them, the courage to take on challenges, and the perseverance to turn those ideas into reality. That same approach continues to drive us forward. With a unique portfolio of assets, a strong financial position and, above all, a committed team, we will continue to envision, develop and transform projects that create value for our shareholders and for Argentina. Finally, I would like to express my sincere gratitude to our employees, customers, tenants, suppliers, shareholders, and investors for their continued trust and commitment throughout the years. Eduardo S. Elsztain Chairman & CEO
Page 5
5 Earnings Release | Fiscal Year 2026 I. Brief comment on the Company’s activities during the period, including references to significant events occurred after the end of the period. Economic context in which the Group operates. The Group carried out its activities mainly in Argentina, within an economic environment characterized by the continuation of the macroeconomic stabilization process, with a gradual recovery in economic activity, a slowdown in inflation, the consolidation of fiscal balance, and a more flexible exchange rate regime. The most relevant aspects are summarized below: • Economic Activity: During the second half of 2025 and the first half of 2026, the Argentine economy continued to show a gradual recovery, with favorable performance in the agricultural, energy, and mining sectors, while other sectors exhibited a more heterogeneous performance throughout the fiscal year. • Inflation: Between July 1, 2025, and June 30, 2026, accumulated inflation, measured by the Consumer Price Index (CPI), reached 33.55%, consolidating the downward inflation trend observed throughout the fiscal year. In June 2026, monthly CPI inflation stood at 1.88%. According to the Market Expectations Survey (REM), annual inflation projected for December 2026 would stand at around 30%. • Exchange Rate: During the fiscal year, the managed floating exchange rate regime within bands implemented in April 2025 remained in place. In this context, the Argentine peso continued to depreciate against the U.S. dollar, moving from an exchange rate of approximately ARS 1,205 per U.S. dollar at the beginning of the fiscal year to ARS 1,482 as of June 30, 2026. • Fiscal Surplus: In the first half of 2026, the national public sector recorded a fiscal surplus equivalent to 0.1% of GDP, associated with the continuation of the measures implemented to consolidate balanced public accounts, reduce the need for monetary financing, and contribute to the disinflation process. Between the second half of 2025 and the first half of 2026, the Government maintained fiscal balance as the cornerstone of its economic policy, complemented by deregulation measures, structural reforms, and initiatives aimed at promoting private investment. The most relevant measures included: • The continuation of economic deregulation and regulatory simplification measures implemented during the fiscal year, together with new reforms aimed at reducing regulatory burdens and improving the business environment. • The approval of the 2026 National Budget, based on the objective of maintaining fiscal balance and aimed at consolidating the macroeconomic stabilization process. • The implementation of the Incentive Regime for Large Investments (RIGI), including the evaluation and approval of investment projects and the extension of the deadline to adhere to the regime. • The continuation of the program agreed with the International Monetary Fund (IMF), aimed at strengthening international reserves, consolidating the macroeconomic stabilization process, and supporting the current exchange rate regime. • The enactment and regulation of the Tax Innocence Regime and the Simplified Income Tax Regime, aimed at promoting asset formalization and simplifying tax compliance. • The continuation of the process of reducing export duties for various productive sectors, including agricultural, agro-industrial and industrial products, with the aim of improving competitiveness and promoting exports. The Company’s Management permanently monitors the evolution of variables that affect its business in order to define its course of action and identify potential impacts on its financial position and performance. The Company’s Management Report and Financial Statements must be read in light of these circumstances.
Page 6
6 Earnings Release | Fiscal Year 2026 Consolidated Results (in millions of ARS) IVQ 26 IVQ 25 YoY Var FY 26 FY 25 YoY Var Revenues 161,819 149,966 7.9% 657,599 625,706 5.1% Result from fair value adjustment of investment properties 161,521 197,564 -18.2% 193,797 -3,338 - Operating income 190,690 238,250 -20.0% 445,357 230,525 93.2% Depreciation and amortization 4,388 3,669 19.6% 16,039 14,034 14.3% EBITDA (1) 195,078 241,919 -19.4% 461,396 244,559 88.7% Adjusted EBITDA (1) 61,303 58,089 5.5% 288,495 277,646 3.9% Result for the period 165,016 212,264 -22.3% 420,977 261,911 60.7% Attributable to equity holders of the parent 150,582 213,346 -29.4% 393,510 260,661 51.0% Attributable to non-controlling interest 14,434 -1,082 - 27,467 1,250 2,097.4% (1) See Point XVI: EBITDA Reconciliation Group revenues reached ARS 657,599 million in fiscal year 2026, increasing by 5.1% compared to fiscal year 2025. Rental Adjusted EBITDA reached ARS 317,725 million, up 1.4% compared to the previous fiscal year, including ARS 280,225 million from the Shopping Malls segment, ARS 22,847 million from the Offices segment and ARS 14,653 million from the Hotels segment. Tot al Adjusted EBITDA amounted to ARS 288, 495 million, reflecting a 3.9% year-over-year increase. Net income for fiscal year 2026 recorded a gain of ARS 420,977 million, compared to a gain of ARS 261,911 million in the previous fiscal year. Result from fair value adjustment of investment properties 2026 vs 2025 The total consolidated net result from changes in the fair value of investment properties, according to the income statement, increased by ARS 197,135 million, from a net loss of ARS 3,338 million during the fiscal year ended June 30, 2025, to a net gain of ARS 193,797 million during the fiscal year ended June 30, 2026. The net result from changes in the fair value of our investment properties for the fiscal year ended June 30, 2026, according to the information by segment, went from a gain of ARS 36 million (of which a gain of ARS 592,917 million was attributable to our Shopping Centers segment; a loss of ARS 198,907 million to the Offices segment; a loss of ARS 393,213 million to our Sales and Developments segment; and a loss of ARS 761 million to the Others segment) to a gain of ARS 193,121 million (of which a gain of ARS 260,615 million was attributable to our Shopping Centers segment; a loss of ARS 24,770 million to the Offices segment; a loss of ARS 45,415 million to our Sales and Developments segment; and a gain of ARS 2,691 million to the Others segment). The net impact on the peso-denominated values of our shopping centers was mainly attributable to: (i) more favorable macroeconomic projections regarding the projected real exchange rate and GDP; and (ii) the discount rate used to discount cash flows, mainl y affected by a decrease in the country risk premium of approximately 130 basis points compared to the previous fiscal year.
Page 7
7 Earnings Release | Fiscal Year 2026 The Argentine market for offices, land reserves, and other properties continues to exhibit a level of activity that allows for the identification of comparable transactions and other relevant observable market evidence for the determination of fair values. Accordingly, the Group uses the Market Approach to value the Offices and Others segments, primarily considering market values per square meter derived from comparable transactions and adjusted for the specific characteristics of each asset. During the fiscal year ended June 30, 2026, the determination of the fair values of the Offices and Sales and Developments segments was influenced by the evolution of macroeconomic and financial variables relevant to the Argentine real estate market. In pa rticular, the financial exchange rate used as a reference by market participants in pricing these assets increased by approximately 20% year-over-year, while accumulated inflation over the same period reached approximately 33.5%, reflecting a real appreciation of the peso against the relevant U.S. dollar exchange rate. This situation was considered in estimating fair values, together with the evolution of observable market prices, supply and demand conditions, and other relevant factors prevailing as of the end of the fiscal year. II. Shopping Malls During the year, we continued expanding our shopping mall portfolio through the acquisitions of Al Oeste Shopping, currently undergoing refurbishment works, and Los Gallegos Shopping, bringing our portfolio to a total of 18 assets. Total GLA reached 410,35 6 sqm. Our shopping mall tenants’ sales totaled ARS 3,739,833 million during fiscal year 2026, representing an 8.6% decrease in real terms compared to fiscal year 2025. Portfolio occupancy stood at 97.0% in the fourth quarter of fiscal year 2026. Shopping Malls’ Operating Indicators IVQ 26 IIIQ 26 IIQ 26 IQ 26 IVQ 25 Gross leasable area (sqm) 410,356 373,235 373,020 370,801 371,242 Tenants’ sales (3-month cumulative in constant currency) 894,541 787,094 1,117,447 940,751 975,327 Occupancy 97.0% 97.8% 97.7% 97.8%(1) 97.7%(1) (1) Excluding “Terrazas de Mayo” acquired in December 2024. Shopping Malls’ Financial Indicators (in millions of ARS) IVQ 26 IVQ 25 YoY Var FY 26 FY 25 YoY Var Revenues from sales, leases, and services 90,914 89,919 1.1% 368,822 361,288 2.1% Net result from fair value adjustment on investment properties 150,120 306,650 -51.0% 260,615 592,917 -56.0% Operating Income 206,982 377,116 -45.1% 525,607 869,081 -39.5% Depreciation and amortization 9,841 1,559 531.2% 15,233 5,275 188.8% EBITDA (1) 208,766 378,675 -44.9% 532,783 874,356 -39.1% Adjusted EBITDA (1) 66,703 72,025 -7.4% 280,225 281,439 -0.4% (1) See Point XVI: EBITDA Reconciliation Segment revenues reached ARS 368,822 million during fiscal year 2026, increasing by 2.1% compared to the previous fiscal year. Adjusted EBITDA reached ARS 280,225 million, decreasing by 0.4% compared to fiscal year 2025.
Page 8
8 Earnings Release | Fiscal Year 2026 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 21,111 134 96.6% 100% Abasto Shopping(4) Nov-99 City of Buenos Aires 39,428 149 95.1% 100% Alto Avellaneda Dec-97 Greater Buenos Aires 42,261 121 99.1% 100% Alcorta Shopping Jun-97 City of Buenos Aires 16,048 104 100.0% 100% Patio Bullrich Oct-98 City of Buenos Aires 11,472 89 91.8% 100% Dot Baires Shopping May-09 City of Buenos Aires 47,329 157 97.5% 80% Soleil Premium Outlet Jul-10 Greater Buenos Aires 15,477 71 99.5% 100% Distrito Arcos Dec-14 City of Buenos Aires 14,194 62 100.0% 90.0% Terrazas de Mayo Dec-24 Greater Buenos Aires 33,717 79 95.5% 100% Oeste Outlet(5) Sep-25 Greater Buenos Aires 23,800 - - - Alto Noa Shopping Mar-95 Salta 19,614 89 88.9% 100% Alto Rosario Shopping Nov-04 Santa Fe 35,016 130 99.1% 100% Mendoza Plaza Shopping Dec-94 Mendoza 41,637 116 98.8% 100% Córdoba Shopping Dec-06 Córdoba 15,424 98 98.0% 100% La Ribera Shopping Aug-11 Santa Fe 11,503 67 90.5% 50% Alto Comahue Mar-15 Neuquén 11,925 83 99.0% 99.95% Los Gallegos(6) Jun-26 Buenos Aires Province 10,400 - - - Patio Olmos(7) Sep-07 Córdoba - - - - Total 410,356 1,549 97.0% (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) Excluding “Museo de los Niños” (3,732 sqm 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) Oeste Outlet is undergoing refurbishment and is currently not operational. (7) Los Gallegos was acquired on June 10, 2026; operational information will begin to be disclosed starting in the next quarter . Cumulative tenants’ sales as of June 30(1) (ARS million) 2026 2025 2024 Alto Palermo 429,093 473,731 546,540 Abasto Shopping 423,585 533,392 570,294 Alto Avellaneda 398,249 458,766 434,678 Alcorta Shopping 264,488 276,670 316,711 Patio Bullrich 130,558 142,903 175,252 Dot Baires Shopping 402,362 369,204 355,587 Soleil 207,582 258,610 261,995 Distrito Arcos 252,235 279,773 327,465 Terrazas de Mayo 131,028 67,882 - Alto Noa Shopping 119,176 151,351 168,077 Alto Rosario Shopping 407,254 452,280 440,861 Mendoza Plaza Shopping 225,953 258,450 257,517 Córdoba Shopping 112,848 135,207 141,270 La Ribera Shopping(2) 75,126 68,682 68,496 Alto Comahue 160,296 163,532 144,356 Patio Olmos(3) - - - Total sales 3,739,833 4,090,433 4,209,099 (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. Excludes Oeste Outlet (currently undergoing refurbishment and not operational) and the recently acquired Los Gallegos. (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.
Page 9
9 Earnings Release | Fiscal Year 2026 Cumulative tenants’ sales per type of business as of June 30(1) (ARS million) 2026 2025 2024 Clothes and footwear 1,958,536 2,238,777 2,437,778 Entertainment 123,431 120,077 111,924 Home and decoration 139,834 106,859 102,371 Restaurants 508,896 495,549 487,371 Miscellaneous 512,403 553,950 543,278 Services 104,846 102,485 95,847 Home Appliances 372,851 457,054 429,047 Department Store(2) 19,036 15,682 1,483 Total 3,739,833 4,090,433 4,209,099 (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 spaces for special exhibitions. Excludes Oeste Outlet (currently undergoing refurbishment and not operational) and the recently acquired Los Gallegos. (2) Currently includes Ronda. Multi-purpose store located in Dot Baires, composed of 70% food service, 25% entertainment, and 5% apparel. Revenues from cumulative leases as of June 30 (ARS million) 2026 2025 2024 Base rent 219,023 200,610 143,816 Percentage rent 47,324 70,778 115,986 Total rent 266,347 271,388 259,802 Non-traditional advertising 19,234 15,060 11,269 Revenues from admission rights 36,915 35,986 32,295 Fees 3,361 3,321 2,970 Parking 23,571 19,805 15,578 Commissions 14,806 13,180 10,490 Other 260 310 366 Subtotal 364,494 359,050 332,770 Other Income(1) 4,328 2,238 1,722 Adjustments and Eliminations - - - Total 368,822 361,288 334,492 (1) As of June 30, 2026, includes ARS 360.9 million from Patio Olmos, ARS 340.2 million from BAF production sponsorship revenues, ARS 2,746.6 million from Re! Outlet stand revenues, ARS 553.3 million from Palermo Off revenues, and commission income of ARS 11.7 million from Los Gallegos and ARS 314.8 million from Oeste Outlet. III. Offices According to Colliers, the quarter closed with a vacancy rate of 13.97% in the premium office market of the City of Buenos Aires and Northern Greater Buenos Aires, showing a slight improvement compared to the previous quarter, when it stood at 14.50%. Rental prices remained broadly stable during the quarter. Category A+ properties recorded an average asking rent of USD 23.27/sqm, while Class A properties averaged USD 20.43/sqm. In terms of average asking rent by submarket, Norte CABA, Plaza Roma and Puerto Madero recorded the highest levels, at USD 27.04/sqm, USD 24.71/sqm and USD 23.44/sqm, respectively. Offices’ Operating Indicators IVQ 26 IIIQ 26 IIQ 26 IQ 26 IVQ 25 Gross leasable area 58,553 58,438 58,074 58,074 58,074 Total Occupancy 97.3% 97.2% 98.9% 96.8% 96.2% Class A+ & A Occupancy 100.0% 100.0% 100.0% 100.0% 99.6% Class B Occupancy 81.3% 76.6% 90.3% 76.5% 75.3% Average rent USD/sqm 26.7 27.2 26.7 25.8 25.5 Gross leasable area reached 58,553 sqm in the fourth quarter of fiscal year 2026. Premium occupancy stood at 100%, while total occupancy reached 97.3%. Average rent reached USD 26.7 per sqm.
Page 10
10 Earnings Release | Fiscal Year 2026 Offices’ Financial Indicators (in ARS million) IVQ 26 IVQ 25 YoY Var FY 26 FY 25 YoY Var Revenues from sales, leases and services 6,707 6,985 -4.0% 29,203 26,796 9.0% Net result from fair value adjustment on investment properties, PP&E & inventories -3,126 -51,000 -93.9% -24,770 -198,907 -87.5% Operating income 1,489 -45,684 - -2,928 -178,585 -98.4% Depreciation and amortization 592 133 345.1% 1,005 490 105.1% EBITDA(1) 1,698 -45,551 - -2,306 -178,095 -98.7% Adjusted EBITDA (1) 5,207 5,449 -4.4% 22,847 20,812 9.8% (1) See Point XVI: EBITDA Reconciliation During fiscal year 2026, revenues from the Office segment reached ARS 29,203 million, increasing by 9.0% compared to the previous fiscal year, while Adjusted EBITDA reached ARS 22,847 million, up 9.8 % year -over-year. Adjusted EBITDA margin reached 78.2%. Below is information on our office segment: Offices Date of Acquisition Gross Leasable Area (sqm)(1) Occupancy (2) Actual Interest Rental revenues (ARS million) (4) AAA & A Offices Intercontinental Plaza (3) Dec-14 2,979 100.0% 100% 1,386 Dot Building Nov-06 11,242 100.0% 80% 4,767 Zetta Building May-19 32,173 100.0% 80% 16,165 261 Della Paolera(5) Dec-20 3,740 100.0% 100% 2,629 Total AAA & A Offices 50,134 100.0% 24,947 B Offices Philips Building(6) Jun-17 8,419 81.3% 100% 4,256 Total B Buildings 8,419 81.3% 100% 4,256 Total Offices 58,553 97.3% 29,203 (1) Corresponds to the total gross leasable area of each property as of June 30, 2026. Excludes common areas and parking lots. (2) Calculated by dividing occupied square meters by gross leasable area as of June 30, 2026. (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) We own 10.4% of the building that has 35,872 square meters of gross leasable area. The gross leasable area includes squar e meters corresponding to other common spaces. (6) The building is entirely dedicated to the Workplace business. The leasable area includes 337 sqm corresponding to newly ident ified spaces that are currently under review and will be further adjusted next quarter. IV. Hotels Hotel activity during the fiscal year developed in a challenging environment, marked by the real appreciation of the Argentine peso against the U.S. dollar and its impact on Argentina's competitiveness as an international destination. Nevertheless, the hotels in the City of Buenos Aires showed a favorable performance, with higher occupancy levels at Libertador and InterContinental, accompanied by stable or higher rates compared to the previous fiscal year. Meanwhile, the exclusive Llao Llao resort, located in the city of Bariloche, recorded lower occupancy while maintaining rates at levels similar to the previous fiscal year. The Company continues to work on initiatives aimed at enhancing and differentiating its hotels' value proposition, wh ich remain well positioned in the high -income, corporate and events segments. During fiscal year 2026, we maintained our 76.34% stake in the Intercontinental hotel, 100% in the Libertador hotel and 50.00% in the Llao Llao. (in ARS million) IVQ 26 IVQ 25 YoY Var FY 26 FY 25 YoY Var Revenues 15,205 16,862 -9.8% 88,748 86,266 2.9% Profit from operations -3,776 -2,511 50.4% 8,992 5,595 60.7% Depreciation and amortization 1,548 1,403 10.3% 5,661 5,585 1.4% EBITDA -2,228 -1,108 101.1% 14,653 11,180 31.1%
Page 11
11 Earnings Release | Fiscal Year 2026 During fiscal year 2026, revenues reached ARS 88,748 million, increasing by 2.9% compared to previous fiscal year. EBITDA reached ARS 14,653 million, up 31.1% year -over-year. Additionally, during the fiscal year, we made progress on the refurbishment of 47 rooms at the Llao Llao Hotel. As of June 30, 2026, the works were more than 90% complete and are currently in the final stages of completion, temporarily affecting occupancy levels. 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 75.5% Libertador (2) 03/01/1998 100.00% 200 64.6% Llao Llao (3) 06/01/1997 50.00% 205 43.0% Total - - 718 63.2% (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. Hotels’ operating and financial indicators. IVQ 26 IIIQ 26 IIQ 26 IQ 26 IVQ 25 Average Occupancy 63.2% 69.0% 69.0% 58.0% 56.4% Average Rate per Room (USD/night) 173.3 243.1 226.8 227.1 182.1 V. Sales and Developments (in ARS million) IVQ 26 IVQ 25 YoY Var FY 26 FY 25 YoY Var Revenues 13,224 2,308 473.0% 28,866 17,042 69.4% Net result from fair value adjustment on investment properties 12,381 -54,951 - -45,415 -393,213 -88.5% Operating income -7,622 -75,392 -89.9% -69,128 -445,242 -84.5% Depreciation and amortization 141 69 104.3% 576 280 105.7% Realized Net result from fair value adjustment on investment properties -1,479 - - 516 4,209 -87.7% Impairment loss on properties for sale -20,785 -13,734 51.3% -11,940 -25,540 -53.2% EBITDA (1) -7,481 -75,323 -90.1% -68,552 -444,962 -84.6% Adjusted EBITDA (1) -556 -6,638 -91.6% -10,681 -22,000 -51.5% (1) See Point XVI: EBITDA Reconciliation Adjusted EBITDA of the “Sales and Developments” segment recorded a loss of ARS 10,681 million during fiscal year 2026, compared to a loss of ARS 22,000 million in the previous year.
Page 12
12 Earnings Release | Fiscal Year 2026 The following table shows information about our properties for sale and land reserves as of June 30, 2026: IRSA’s Interest Date of acquisition Land surface (sqm) Buildable surface (sqm) GLA (sqm) Salable surface (sqm) Book Value (ARS millions) BARTER AGREEMENTS(2) Coto Abasto air space - Tower 1 - BA City 100% 24/9/1997 - - - 256 1,512 Coto Abasto air space – Tower 2 - BA City 100% 24/9/1997 - - - 1,694 5,325 Ancon Trust – BA City 100% 9/2/2021 - - - 608 1,779 Av Figueroa Alcorta 6464 Trust – BA City 100% 9/2/2021 - - - 1,097 9,394 Córdoba Shopping Adjoining plots - Residential 100% 6/5/2015 - - - 2,482 4,629 Córdoba Shopping Adjoining plots - Offices 100% 6/5/2015 - - - 979 1,626 Ramblas del Plata – First stage swaps 100% 10/7/1997 - - - 29,315 188,679 Caballito Ferro Plot 1 – BA City 100% 20/1/1999 - - - 3,022 8,616 Ezpeleta Plot (New Quilmes II) – Plots 100% 19/4/2022 - - - 52,037 20,500 Ezpeleta Plot (New Quilmes II) – Multifamily 100% 19/4/2022 - - - 19,300 4,500 Pilar Landplot - Plots 100% 31/5/1997 - - - 35,639 356 Total Barter Agreements 146,429 246,916 LAND RESERVES Ramblas del Plata – BA City (Ex Costa Urbana) 100% 10/7/1997 172,070 672,479 - 537,984 505,082 La Plata - Greater Buenos Aires 100% 22/3/2018 47,834 81,341 - - 10,307 Polo Dot - GIGA y EXA – BA City 80% 28/11/2006 12,800 - - 38,400 48,522 Caballito Ferro Plots 2, 3 and 4 - BA City 100% 20/1/1999 20,462 86,387 75,277 49,049 UOM Luján - Buenos Aires (5) 100% 31/5/2008 1,152,106 464,000 - - 12,570 La Adela - Buenos Aires 100% 1/8/2014 9,868,500 3,951,227 - - 17,496 Puerto Retiro – BA City (4) 50% 18/5/1997 82,051 246,153 - - - Gaona y Nazca Property – BA City 100% 30/10/2025 8,856 11,083 10,328 Subtotal Mixed-uses 11,364,679 5,512,670 - 651,661 653,354 Caballito Manzana 35 Plot – BA City (3) 100% 22/10/1998 9,767 57,192 - 31,257 18,756 Zetol – Uruguay 90% 1/6/2009 - - - 45,815 6,656 Vista al Muelle – Uruguay 90% 1/6/2009 - - - 54,815 7,054 Parcelas Rosario – Santa Fe 100% 9/11/2024 13,750 48,126 - 41,390 18,961 Neuquén - Residential plot – Neuquén (2) 100% 6/7/1999 13,000 57,000 - 42,800 7,394 Subtotal Residential 36,517 162,318 - 216,077 58,821 La Plata – Shopping Plot Greater Buenos Aires 100% 22/3/2018 30,780 35,212 22,844 - 8,804 Beruti and Coronel Diaz Building – BA city 100% 18/6/2022 2,387 8,900 7,800 - 13,724 Subtotal Retail 33,167 44,112 30,644 - 22,528 Polo Dot – Zetta Expansion - BA City 80% 28/11/2006 - - 15,940 - 57 Paseo Colón 245 Building - BA City 100% 29/5/2023 1,579 13,690 9,500 - 7,351 Intercontinental Plaza II - BA City 100% 28/2/1998 6,135 9,400 7,500 - 2,671 Subtotal Offices 7,714 23,090 32,940 - 10,079 Total Future Developments 11,442,077 5,742,190 63,584 867,738 744,782 Other Reserves(1) 1,938,480 - - - 20,277 Total Land Reserves 13,380,557 5,742,190 63,584 867,738 765,059 (1) Includes Zelaya 3102-3103, Chanta IV, Anchorena 665, Ocampo parking slots, DOT adjoining plot, Mendoza shopping adjoining plot, Conil Plot II, San Luis plot, Florencio Varela plot, Mar del Plata plot, and Llao Llao plot. (2) These land reserves are classified as Property for Sale; therefore, their value is maintained at historical cost, The rest of the land reserves are classified as Investment Property, valued at market value. (3) “Caballito Manzana 35 Plot” consists of 3 residential buildings of 27, 22 and 18 floors. (4) This land is in legal dispute. (5) Maximum estimated buildable area according to the projects pending final approvals.
Page 13
13 Earnings Release | Fiscal Year 2026 The following table shows information about our expansions on current assets as of June 30, 202 6: Expansions IRSA's Interest Surface (sqm) Locations Alto Palermo 100% 4,336 BA City Paseo Alcorta 100% 1,337 BA City Alto Avellaneda 100% 23,737 Buenos Aires Alto Noa 100% 3,068 Salta Soleil Premium Outlet 100% 6,200 Buenos Aires Alto Comahue 100% 3,325 Neuquén Total Shopping Malls 42,003 Patio Bullrich 100% 20,000 BA City Alto Palermo 100% 14,119 BA City Terrazas de Mayo 100% 16,076 Buenos Aires Total Mixed Uses 50,195 Total Expansions 92,198 VI. Others (in millions of ARS) IVQ 26 IVQ 25 YoY Var FY 26 FY 25 YoY Var Revenues 2,281 2,605 -12.4% 11,300 8,960 26.1% Net result from fair value adjustment on investment properties 2,633 -79 - 2,691 -761 - Operating income -5,264 -11,614 -54.7% -15,314 -14,629 4.7% Depreciation and amortization 709 494 43.5% 1,979 2,477 -20.1% EBITDA -4,555 -11,120 -59.0% -13,335 -12,152 9.7% Adjusted EBITDA -7,188 -11,041 -34.9% -16,026 -11,391 40.7% VII. Financial Operations and Others Interest in Banco Hipotecario S.A. (“BHSA”) BHSA is a leading bank in the mortgage lending segment, in which IRSA held a 29.12% ownership interest as of June 30, 2026. The investment in Banco Hipotecario generated a gain of ARS 15,784 million during fiscal year 2026, compared to a gain of ARS 18,215 million in fiscal year 2025. The variation was mainly attributable to a lower financial margin, primarily associated with lower yields on government securitie s during the fourth quarter of fiscal year 2026, and higher charges for loan losses and income tax, partially offset by a lower loss from RECPAM and lower administrative expenses. For further information, please visit http://www.cnv.gob.ar or http://www.hipotecario.com.ar VIII. EBITDA by Segment (ARS million) FY 26 Shopping malls Offices Sales and Developments Hotels Others Total Operating income 525,607 -2,928 -69,128 8,992 -15,314 447,229 Depreciation and amortization 7,176 622 576 5,661 1,979 16,014 EBITDA 532,783 -2,306 -68,552 14,653 -13,335 463,243 FY 25 Shopping malls Offices Sales and Developments Hotels Others Total Operating income 869,081 -178,585 -445,242 5,595 -14,629 236,220 Depreciation and amortization 5,275 490 280 5,585 2,477 14,107 EBITDA 874,356 -178,095 -444,962 11,180 -12,152 250,327 EBITDA Var -39.1% -98.7% -84.6% 31.1% 9.7% 85.1%
Page 14
14 Earnings Release | Fiscal Year 2026 IX. Reconciliation with Consolidated Statements of Income (ARS million) The following table presents the reconciliation between segment results and the consolidated income statement. The difference is due to the presence of joint ventures that are included in segment results but not in the consolidated income statement. Total as per segment Joint ventures* Expenses and CPF Elimination of inter- segment transactions Total as per Statements of Income Revenues 526,939 -3,074 133,734 - 657,599 Costs -123,831 355 -134,709 - -258,185 Gross result 403,108 -2,719 -975 - 399,414 Net result from changes in the fair value of investment properties 193,121 676 - - 193,797 General and administrative expenses -96,517 358 - 243 -95,916 Selling expenses -36,829 215 - - -36,614 Other operating results, net -15,654 -24 597 -243 -15,324 Operating income 447,229 -1,494 -378 - 445,357 Share of result of associates and joint ventures 37,811 1,323 - - 39,134 Result before financial results and income tax 485,040 -171 -378 - 484,491 *Includes Puerto Retiro & Nuevo Puerto Santa Fe. X. Financial Debt and Other Indebtedness The following table describes our total indebtedness as of June 30, 2026: Description Currency Amount (USD MM) (1) Interest Rate Maturity Bank overdrafts ARS 9.8 Variable < 360 days Series XVIII USD 21.4 7.00% feb-27 Series XXV USD 50.0 3.75% jun-27 Series XXII USD 15.8 5.75% oct-27 Series XIV USD 49.1 8.75% jun-28 Series XXIII USD 51.5 7.25% oct-29 Series XXIV USD 473.7 8.00% mar-35 IRSA’s Total Debt USD 671.3 Cash & Cash Equivalents + Investments (2) USD 389.5 IRSA’s Net Debt USD 281.8 (1) Principal amount in USD (million) at an exchange rate of ARS 1, 482.0/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 Facts During and Subsequent to the Fiscal Year 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. At the time of the acquisition, the shopping mall was operating below its potential and, as part of the Company’s plan to develop and generate opportunities across different municipalities in the Province of Buenos Aires, the Company plans to convert it into an outlet and relaunch it over the course of the coming 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.
Page 15
15 Earnings Release | Fiscal Year 2026 September and November 2025, February and May 2026: Warrants Exercise and Expiration During September and November 2025, February and May 2026, certain warrants holders have exercised their right to acquire additional shares and 83,595,129 ordinary shares of the Company were registered, with a face value of ARS 10. As a result of the exercise, USD 4,440,408 was collected by the Company. After the exercise of these warrants, the number of shares of the Company increased from 762,520,793 to 846,115,922 with a face value of ARS 10, leaving a balance of unexercised warrants of 149,100, which expired on May 12, 2026. 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, 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 plot of land 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. November 2025 to August 2026: “Ramblas del Plata” Project Commercialization Progress During fiscal year 2026 and subsequently , the company has signed barter agreements for seven new lots of 20,530 sqm, with an estimated total saleable area of 56,341 sqm, belonging to the first stage and the extended first stage of the “Ramblas del Plata” project. The transactions amount to USD 48.0 million, paid to IRSA through an upfront cash payment and saleable sqm to be received in the future. The Company will continue infrastructure works on the “Ramblas del Plata” plot while advancing with the signing of agreements for the commercialization of the project. December 2025: Series XXIV Additional Notes Issuance On December 17, 2025, IRSA issued in the international market the Series XXIV Additional Notes for a nominal amount of USD 180 million at an issuance price of 98.503%. The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. Principal am ortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035. The Series XXIV Additional Notes have terms and conditions identical to the original Series XXIV Notes issued on March 31, 2025. As a result of this issuance, the total nominal amount outstanding of the Series XXIV Notes amounts to USD 480.5 million.
Page 16
16 Earnings Release | Fiscal Year 2026 June 2026: Series XXV Notes Issuance On June 8, 2026, IRSA issued Series XXV Notes in the local market for USD 50.0 million with 3.75% interest rate, with interest semi-annual payments. The Capital amortization will be 100% at maturity, on June 8, 2027. The issuance price was 100.0%. June 2026: Acquisition of “Los Gallegos” Shopping Mall On June 10, 2026, The Company announced that it has acquired “Los Gallegos” shopping mall, located at Rivadavia 3050, in the city of Mar del Plata, Buenos Aires Province. The transaction was carried out through the acquisition of 100% of the entities owning the asset. “Los Gallegos” shopping mall has approximately 10,500 sqm of gross leasable area (GLA), comprising 49 retail stores, 14 stands, 2 movie theaters and a department store. In addition, it includes 115 parking spaces. The purchase price amounted to USD 13.5 million, of which USD 12.5 million was paid at closing, with the remaining USD 1 million retained as collateral. Mar del Plata, the leading seaside city on Argentina’s Atlantic coast, located 400 km south of the City of Buenos Aires, is one of the country’s main commercial hubs outside the capital. With a population of nearly 800,000 inhabitants and a significant flow of tourists, the city offers strong potential for the development and expansion of commercial activity. Following this acquisition, the Company’s shopping malls portfolio comprises 18 assets, 16 currently operated by IRSA, totaling more than 400,000 sqm of GLA. June 2026: BYMA 2026 Sustainability Index Inclusion The company proudly announces that it has been included again in the sixth rebalancing of the Sustainability Index (non-commercial) prepared by BYMA. The Sustainability Index annually evaluates the performance of the companies listed on the Bolsas y Mercados Argentinos Exchange (BYMA), highlighting the top 20 performers in Environmental, Social, Corporate Governance and Sustainable Development criteria. XII. Summarized Comparative Consolidated Balance Sheet (in ARS million) 06.30.2026 06.30.2025 06.30.2024 Non-current assets 4,056,934 3,738,312 3,749,992 Current assets 797,719 751,656 424,006 Total assets 4,854,653 4,489,968 4,173,998 Capital and reserves attributable to the equity holders of the parent 2,279,754 2,107,121 2,008,355 Non-controlling interest 140,656 125,753 137,398 Total shareholders’ equity 2,420,410 2,232,874 2,145,753 Non-current liabilities 1,978,774 1,804,592 1,516,377 Current liabilities 455,469 452,502 511,868 Total liabilities 2,434,243 2,257,094 2,028,245 Total liabilities and shareholders’ equity 4,854,653 4,489,968 4,173,998
Page 17
17 Earnings Release | Fiscal Year 2026 XIII. Summarized Comparative Consolidated Income Statement (in ARS million) 06.30.2026 06.30.2025 06.30.2024 Profit from operations 445,357 230,525 -355,059 Share of profit of associates and joint ventures 39,134 37,292 63,374 Operating income before financing and taxation 484,491 267,817 -291,685 Financial income 10,139 8,599 63,101 Financial cost -94,528 -60,566 -91,319 Other financial results 150,005 91,252 196,874 Inflation adjustment 20,899 15,146 4,610 Financial results, net 86,515 54,431 173,266 Results before income tax 571,006 322,248 -118,419 Income tax -150,029 -60,337 75,496 Result of the period 420,977 261,911 -42,923 Other comprehensive results for the period -1,749 -1,071 -7,103 Total comprehensive result for the period 419,228 260,840 -50,026 Attributable to: Equity holders of the parent 392,189 259,853 -40,949 Non-controlling interest 27,039 987 -9,077 XIV. Summary Comparative Consolidated Cash Flow (in ARS million) 06.30.2026 06.30.2025 06.30.2024 Net cash generated from operating activities 151,288 348,184 192,723 Net cash (used in) / generated from investing activities -283,593 -109,871 155,004 Net cash generated from / (used in) financing activities 12,570 47,430 -355,516 Net increase / (decrease) in cash and cash equivalents -119,735 285,743 -7,789 Cash and cash equivalents at beginning of year 236,139 52,687 60,425 Inflation adjustment -3,696 -121,617 -20,243 Foreign exchange gain / (loss) on cash and changes in fair value for cash equivalents 284 19,326 20,294 Cash and cash equivalents at period-end 112,992 236,139 52,687 XV. Comparative Ratios (in ARS million) 06.30.2026 06.30.2025 06.30.2024 Liquidity CURRENT ASSETS 797,719 1.75 751,656 1.66 424,006 0.83 CURRENT LIABILITIES 455,469 452,502 511,868 Solvency SHAREHOLDERS’ EQUITY 2,420,410 0.99 2,232,874 0.99 2,145,753 1.06 TOTAL LIABILITIES 2,434,243 2,257,094 2,028,245 Capital Assets NON-CURRENT ASSETS 4,056,934 0.84 3,738,312 0.83 3,749,992 0.90 TOTAL ASSETS 4,854,653 4,489,968 4,173,998
Page 18
18 Earnings Release | Fiscal Year 2026 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, (iv) impairment loss on properties held for sale, and (v) other exceptional expenses. 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 twelve-month period ended June 30 (in ARS million) 2026 2025 Profit for the period 420,977 261,911 Interest income -10,139 -8,599 Interest expense 78,680 52,631 Income tax 150,029 60,337 Depreciation and amortization 16,039 14,034 EBITDA (unaudited) 655,586 380,314 Net gain / (loss) from fair value adjustment of investment properties -193,797 3,338 Realized net gain from fair value adjustment of investment properties 516 4,209 Impairment loss on properties for sale 11,940 25,540 Other Exceptional Expenses 8,440 - Share of profit of associates and joint ventures -39,134 -37,292 Inflation adjustment -20,899 -15,146 Other financial results -134,157 -83,317 Adjusted EBITDA (unaudited) 288,495 277,646 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. 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:
Page 19
19 Earnings Release | Fiscal Year 2026 For the twelve-month period ended June 30 (in ARS million) 2026 2025 Gross profit 399,414 380,331 Selling expenses -36,614 -32,027 Depreciation and amortization 16,039 14,034 Realized result from fair value of investment properties 516 4,209 NOI (unaudited) 379,355 366,547 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, plus impairment loss on properties for sale and plus other exceptional expenses. 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 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 twelve-month period ended June 30 (in ARS million) 2026 2025 Result for the period 420,977 261,911 Result from fair value adjustments of investment properties -193,797 3,338 Result from fair value adjustments of investment properties, realized 516 4,209 Impairment loss on properties for sale 11,940 25,540 Other exceptional expenses 8,440 - Depreciation and amortization 16,039 14,034 Other financial results -134,157 -83,317 Deferred tax 14,786 -46,722 Non-controlling interest -27,467 -1,250 Non-controlling interest related to PAMSA’s fair value 12,593 -22,641 Results of associates and joint ventures -39,134 -37,292 Inflation adjustment -20,899 -15,146 Adjusted FFO (unaudited) 69,837 102,664
Page 20
20 Earnings Release | Fiscal Year 2026 XIX. Brief comment on prospects for the Next Quarter The macroeconomic environment continues to show signs of greater stability and predictability, gradually supporting the recovery in economic activity and creating a more favorable environment for investment. While challenges associated with the economic no rmalization process remain, we maintain a constructive outlook on the Argentine real estate market over the medium term. In this context, we will continue strengthening and expanding our shopping mall portfolio through a growth strategy that combines acquisitions, developments, and the enhancement of existing assets. Although tenants' sales have shown a more moderate perform ance in recent quarters, we remain optimistic about the recovery of the business as the retail sector continues to adjust to economic liberalization and the entry of new international brands. In this context, we will move forward with the reopening of Al O este Shopping as a new outlet shopping center, the development of Distrito Diagonal in La Plata city and the enhancement of Los Gallegos Shopping, further strengthening our presence in Argentina's interior. In the office segment, we expect to maintain high occupancy levels, supported by sustained demand for premium office space in strategic locations. We will also continue advancing the construction of the new corporate office building for Mercado Libre within the Polo Dot complex, further consolidating one of the leading corporate hubs in the northern area of the City of Buenos Aires. In the hotel segment, although exchange rate competitiveness continues to represent a challenge for inbound tourism, we expect a gradual recovery in activity, supported by the evolution of the economy, corporate demand, and the meetings and events segment. Accordingly, we maintain a constructive outlook for the business over the medium term. With respect to developments, we will continue advancing the execution of our ongoing projects, including Ramblas del Plata and the redevelopment of Edificio del Plata. We will also continue evaluating new investment opportunities and the acquisition of strategic assets that contribute to the growth and diversification of our portfolio. We believe that the consolidation of a more stable macroeconomic environme nt, together with the gradual development of the mortgage lending market, should progressively support real estate activity and the commercialization of our development projects. Additionally, we will continue improving the efficiency of our cost structure while evaluating different financial and corporate alternatives aimed at preserving a sound liquidity position and further strengthening the Company's capital structure. Looking ahead, we will continue executing a growth strategy based on the quality of our assets, financial discipline, and the development of transformative projects. We remain confident in the strength of our portfolio, the capabilities of our team, and the opportunities offered by the Argentine real estate market to continue creating sustainable value for our shareholders. Saúl Zang First Vice-Chairman
Page 21
21 Earnings Release | Fiscal Year 2026 Consolidated Statement of Financial Position as of June 30, 2026, and June 30, 2025 (All amounts in millions of Argentine Pesos, except otherwise indicated) 06.30.2026 06.30.2025 ASSETS Non-current assets Investment properties 3,372,350 3,131,250 Property, plant and equipment 71,704 72,237 Trading properties 252,004 166,561 Intangible assets 28,200 24,211 Right-of-use assets 20,529 15,872 Investments in associates and joint ventures 263,390 237,987 Deferred income tax assets 11,088 9,242 Income tax credit 16 77 Trade and other receivables 8,673 44,065 Investments in financial assets 28,980 36,810 Total non-current assets 4,056,934 3,738,312 Current assets Trading properties 17,758 47,670 Inventories 2,087 1,631 Income tax credit 621 469 Trade and other receivables 204,849 173,591 Investments in financial assets 459,395 292,156 Derivative financial instruments 17 - Cash and cash equivalents 112,992 236,139 Total current assets 797,719 751,656 TOTAL ASSETS 4,854,653 4,489,968 SHAREHOLDERS’ EQUITY Equity attributable to owners of the parent (as shown in the statement of changes in equity) 2,279,754 2,107,122 Non-controlling interest 140,656 125,752 TOTAL SHAREHOLDERS’ EQUITY 2,420,410 2,232,874 LIABILITIES Non-current liabilities Borrowings 830,987 680,816 Lease liabilities 8,076 4,364 Deferred income tax liabilities 1,013,641 994,893 Trade and other payables 78,112 81,389 Provisions 47,827 42,964 Salaries and social security liabilities 131 166 Total non-current liabilities 1,978,774 1,804,592 Current liabilities Borrowings 175,712 183,409 Lease liabilities 5,366 6,883 Trade and other payables 177,837 161,450 Income tax liabilities 65,811 74,291 Provisions 5,977 6,926 Derivative financial instruments - 65 Salaries and social security liabilities 24,766 19,478 Total current liabilities 455,469 452,502 TOTAL LIABILITIES 2,434,243 2,257,094 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 4,854,653 4,489,968
Page 22
22 Earnings Release | Fiscal Year 2026 Consolidated Statement of Income and Other Comprehensive Income for the fiscal years ended June 30, 2026, 2025 and 2024 (All amounts in millions of Argentine Pesos, except otherwise indicated) 06.30.2026 06.30.2025 06.30.2024 Revenues 657,599 625,706 611,728 Costs (258,185) (245,375) (203,399) Gross profit 399,414 380,331 408,329 Net gain / (loss) from fair value adjustment of investment properties 193,797 (3,338) (652,773) General and administrative expenses (95,916) (91,666) (69,417) Selling expenses (36,614) (32,027) (32,319) Other operating results, net (15,324) (22,775) (8,879) Profit / (loss) from operations 445,357 230,525 (355,059) Share of profit of associates and joint ventures 39,134 37,292 63,374 Profit / (loss) before financial results and income tax 484,491 267,817 (291,685) Finance income 10,139 8,599 63,101 Finance costs (94,528) (60,566) (91,319) Other finance income 150,005 91,252 196,874 Gain on net monetary position (IAS 29) 20,899 15,146 4,610 Financial results, net 86,515 54,431 173,266 Profit / (loss) before income tax 571,006 322,248 (118,419) Income tax expense (150,029) (60,337) 75,496 Profit / (loss) for the year 420,977 261,911 (42,923) Other comprehensive loss: Items that may be reclassified subsequently to profit or loss: Currency translation adjustments and other comprehensive loss of subsidiaries and associates (i) (1,749) (1,071) (7,103) Total other comprehensive loss for the year (1,749) (1,071) (7,103) Total comprehensive income / (loss) for the year 419,228 260,840 (50,026) Profit / (loss) for the period attributable to: Equity holders of the parent 393,510 260,661 (34,216) Non-controlling interest 27,467 1,250 (8,707) Total comprehensive profit / (loss) attributable to: Equity holders of the parent 392,189 259,853 (40,949) Non-controlling interest 27,039 987 (9,077) Profit / (loss) per share attributable to equity holders of the parent: (ii) Basic 505.15 348.94 (46.11) Diluted 505.15 319.05 (46.11)
Page 23
23 Earnings Release | Fiscal Year 2026 Consolidated Statement of Cash Flows for the fiscal years ended June 30, 2026, 2025 and 2024 (All amounts in millions of Argentine Pesos, except otherwise indicated) 06.30.2026 06.30.2025 06.30.2024 Operating activities: Net cash generated from operating activities before income tax paid 270,374 355,401 207,143 Income tax paid (119,086) (7,217) (14,420) Net cash generated from operating activities 151,288 348,184 192,723 Investing activities: Acquisition of participation in associates (8,123) - - Contributions and issuance of capital in associates and joint ventures - (47) - Acquisition and improvements of investment properties (84,927) (52,485) (23,978) Proceeds from sales of investment properties 2,106 10,361 86,462 Acquisitions and improvements of property, plant and equipment (8,443) (10,606) (6,197) Proceeds from sales of property, plant and equipment 2 16 19 Acquisitions of intangible assets (1,058) (2,434) (1,360) Proceeds from sales of property, plant and equipment (2,357) - - Dividends collected from associates and joint ventures 7,923 4,832 21,031 Proceeds from sales of interest held in associates and joint ventures - 8,685 44,278 (Payment) / proceeds from derivative financial instruments, net (1,446) (291) 2,667 Acquisitions of investments in financial assets (877,361) (462,573) (709,035) Proceeds from disposal of investments in financial assets 645,553 358,635 718,388 Interest received from financial assets 42,924 34,474 19,634 Proceeds from loans granted to related parties 2,729 1,562 3,510 Increase of loans granted to related parties - - (415) Loans granted (1,115) - - Net cash (used in) / generated from investing activities (283,593) (109,871) 155,004 Financing activities: Borrowings, issuance and new placement of non-convertible notes 379,861 498,564 210,308 Payment of borrowings and non-convertible notes (148,372) (163,286) (190,036) Net proceeds from / (repayment of) short-term borrowings 10,699 (17,758) 71,918 Interests paid (70,824) (62,313) (114,186) Repurchase of non-convertible notes - (80,328) (2,139) Capital contributions from non-controlling interest in subsidiaries 1,738 314 179 Loans received from associates and joint ventures, net - 87 - Dividends paid (165,840) (107,700) (283,792) Warrants exercise 7,396 9,846 3,038 Payment of lease liabilities (2,088) (3,950) (1,073) Repurchase of treasury shares - (26,046) (49,733) Net cash generated from / (used in) financing activities 12,570 47,430 (355,516) Net (decrease) / increase in cash and cash equivalents (119,735) 285,743 (7,789) Cash and cash equivalents at the beginning of the year 236,139 52,687 60,425 Loss on net monetary position (IAS 29) (3,696) (121,617) (20,243) Foreign exchange differences and unrealized fair value gain on cash and cash equivalents 284 19,326 20,294 Cash and cash equivalents at end of the year 112,992 236,139 52,687
Page 24
24 Earnings Release | Fiscal Year 2026 Headquarters Carlos Della Paolera 261 – 9th Floor (C1001ADA) Buenos Aires City – Argentina Tel: +54 11 4323 7400 www.irsa.com.ar Investor Relations Eduardo Elsztain – Chairman & CEO Matías Gaivironsky – CFO Santiago Donato – IRO Tel: +54 11 4323 7449 ir@irsa.com.ar Legal Advisors Zang, Bergel & Viñes Law Firm Florida 537 - 18th Floor (C1005AAK) Buenos Aires City – Argentina Tel: +54 11 4322 0033 Transfer Agent Caja de Valores S.A. 25 de Mayo 362 (C1002ABH) Buenos Aires City – Argentina Tel: +54 11 4317 8900 Independent Auditors PricewaterhouseCoopers Argentina Bouchard 557 - 7th Floor (C1107AAF) City of Buenos Aires – Argentina Tel: +54 11 4850 0000 GDS Deposit ary Bank The Bank of New York Mellon P.O. Box 11258 Church Street Station New York, NY 10286-1258 – United States of America Toll free: +1 888 269-2377 International: +1 610 312 5315 shareowner-svcs@bankofny.com BYMA Symbol: IRSA / NYSE Symbol: IRS