IRSA Inversiones y Representaciones SA Q2 FY2025 earnings call

• Acquired Terrazas De Mayo shopping mall in greater Buenos Aires. - Shopping malls recovering with improving occupancy and tenant sales. - Offices portfolio fully occupied. - Hotels facing challenges from Peso appreciation and lower int'l tourism. - Ramblas Del Plata project: sold 2 parcels for $23.4M, signed sports complex lease, 14 swaps (10 advanced), environmental approval received, infrastructure work started. - Paid dividends with 8% yield plus shares in treasure.

Shopping Malls: Real tenant sales in Q2 2025 increased 21.4% QoQ but were 8.5% below YoY. Occupancy was very high and stable at almost 98% (excluding newly acquired Terrazas De Mayo at 82.3% initially). Acquired Terrazas De Mayo (33,700 sqm GLA) for $27.75M, with $16.65M paid. Offices: Managed 58,000 sqm GLA portfolio (A+ and A category) fully occupied, rents ~$25 per sqm per month. Hotels: Occupancy down from 70% to 67% YoY due to Peso appreciation and lower int'l tourism, but revenues still above historical average.

• Expect positive news in next two quarters for shopping malls compared to prior year. - Progress in signing swaps for Ramblas Del Plata and commencement of construction of several projects.

• Tourism trends and Peso appreciation impacting hotel occupancy and revenues. - Uncertainties in real estate market recovery and economic conditions.

Q: Color on price per square meter that you're planning to achieve for Rambla Del Plata project?

A: Well it depends on the building. There's going to be different kinds of buildings. I believe that the high towers are going to be more expensive maybe than the other ones. But let's say there is when we receive those apartments, it's not going to be less than $4000 at the beginning. It depends on how the project is going to be consolidated, it's based on the country also, but I don't think it's going to be less than $4000. The low buildings and maybe close to $5000 the tall towers and it should get including future may get it all the way to $6000 maybe.

Q: How do you plan to finance all these huge investments that you're expecting for the next years?

A: Well depend on the project. About Ramblas as we mentioned in the past, what we are doing with this strategy at the beginning we sold some plots that will cover the infrastructure and also we are swapping the rest of the plots with local developers. So basically IRSA won't do any investment. We will receive the score of the finished units and then we will sell the units. So that won't consume any cash for the company. And then regarding La Plata project or Edificio del Plata where IRSA is one of the investors, it's not the only investor. We have around 28% of the square meters or 20 sorry 23% of the square meters. So we are one of the investors. And Nexo building we have today a strong cash generation, so I think that any of these projects will take like two three years of development. So you have to divide the amount of the investment by three years. So we believe that with our own cash generation we can finance easily all those projects. And then if we need to increase a little our debt today we believe that our debt structure is too conservative in terms of ratios, in terms of LTV considering also that the company will start to pay taxes again. So the tax shield on the debt also will help us to improve our capital structure. So maybe if we need we will increase a little our debt.

Q: How do you plan on managing all the maturities that maturities next year 2025?

A: Well first of all we have liquidity so we have a cash -- important cash position. So if we want to just to cancel the debt we can. So we will analyze the structure if we go to the market or to raise debt on a banking system. But we have today the liquidity to cancel the debt so we feel very comfortable about the following amortization