Cresud SA Q1 FY2023 earnings call

• Agriculture: Strong commodity prices but input costs up; climate affecting Argentina's winter crops. Planting area increased from 255,000 to 260,000 hectares. - Real Estate: Acquired a 11,000-hectare farm in Brazil; started selling developed farms in Paraguay with good returns. - FyO: Commercial services EBITDA good, expanding regionally. - Urban (IRSA): Shopping centers and hotels recovering, EBITDA close to pre-pandemic levels. - Completed exchange offer and share buyback, paid dividends.

Agriculture: Main crops are soybeans, corn, and sugarcane. Commodity prices are strong but input costs are up, affecting margins per hectare, especially in Brazil. Argentina's climate has impacted winter crops. Real Estate: Acquired a farm in Brazil; in Paraguay, sold a small developed agricultural area with good internal rate of return. FyO: Commercial services have very good EBITDA, growing in Argentina and expanding regionally. Urban (IRSA): Shopping centers and hotels are recovering, with EBITDA close to 2019 levels before the pandemic. Revenue contribution: Agriculture is the largest segment, followed by Real Estate, FyO, and Urban.

• Expect active real estate market. - Agriculture margins depend on yields and price/yield volatility. - Dividend payment and share buyback decisions based on debt situation and capital expenditure plans.

• Climate affecting crop yields in Argentina. - Input costs rising impacting margins. - Central bank policy changes potentially affecting debt refinancing.

Q: Do you expect a change in margins these campaigns as costs are rising as well as prices? And did we see that we are going to have a differentiated for soybean this campaign as we had by the end of the last campaign?

A: Related to cost, there was a main increase in fertilizers. Margins likely to decrease depending on yields. Brazil's input costs up more, margins lower there. Government may announce soybean dollar for selling remaining crops.

Q: Are you having access to pay and which are the plans for the remaining $14 million hold out from the exchange?

A: Central bank sold dollars for debt payment, small payments done without problem. Remaining amount to be paid using local market raised money in February if no policy change.

Q: If the last official measure that offer to sell soy at ARS 200 FX had a positive impact on Cresud's results or if it was very marginal?

A: There was a $2 million gain from stock revaluation and positive impact from service company.

Q: Do you intend to do more share buybacks? And do you intend to keep on paying dividends going forward? If so, any targets?

A: Prefer not to give targets. Dividends paid when possible; share buybacks decisions to be announced if done