IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (February 2025)
32 slides from IRSA Inversiones y Representaciones SA's investor presentation, February 2025
Slide 1: Institutional Presentation IIQ 2025
Institutional Presentation IIQ 2025
Slide 2: Leading Real Estate Company in Argentina
Leading Real Estate Company in Argentina Shopping malls 30 years acquiring, 16 370,897 sqm developing and operating RENTAL Office buildings Real Estate. SEGMENT 5 58,074 sqm Hotels 3 79,000 sqm Rental portfolio of Ramblas del Plata +500,000 sqm of GLA DEVELOPMENT 870,000 buildable sqm 693,000 saleab
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area Middle Income Area 16 Shopping Malls Alto Noa Salta DOT Baires Shopping High Income Area Córdoba Shopping Soleil Premium Córdoba Outlet 371 sqm of GLA (in thousands) Distrito Arcos Terrazas de Mayo Alcorta Shopping Patio Olmos Ri
Slide 4: Premium Portfolio: Shoppings
Premium Portfolio: Shoppings Alto Palermo (City of Buenos Aires) Abasto (City of Buenos Aires) DOT Baires (City of Buenos Aires) Distrito Arcos (City of BA) Alto Comahue (Neuquén) Patio Bullrich (City of BA)
Slide 5: Premium Portfolio: Offices
Premium Portfolio: Offices Top-Tier Locations Philips Building 5 DOT Building Zetta Building Office Buildings 200 Della Paollera 58 Zetta Building (City of Buenos Aires) sqm of GLA (in thousands) 100% A & A+ Occupancy Rate ~7% Intercontinental Plaza Expanding Corporate Area Market Share AAA AAA Loca
Slide 6: Premium Portfolio: Hotels
Premium Portfolio: Hotels Top-Tier Locations 3 Premium Hotels 79 sqm of GLA Llao Llao Resort (Bariloche, Patagonia) (in thousands) Libertador Hotel Autonomous City Of Buenos Aires 2 Provinces Intercontinental Hotel Autonomous City Of 67% Occupancy Rate Buenos Aires Llao Llao Resort 718 Rooms Bariloc
Slide 7: Rental Revenue Model
Rental Revenue Model ARS Linked To Inflation (Shopping Malls) ARS 14% Revenue Breakdown: Variable (34%) 5% • 78% Rental Revenue: The company 4% Tenants by collects the highest between a % of category 45% tenant monthly sales and a 10% (m2 of GLA) minimum rent (base rent). • 22% Other Revenues: Other
Slide 8: Shopping Malls Operating Figures
Shopping Malls Operating Figures ∆ trim i.a. Tenant Real Sales (ARS MM) & Occupancy (%) IIQ 24 +8.0% IIIQ 24 -18.5% IVQ 24 -19.3% IQ 25 -12.1% IIQ 25 -8.5% 88.5% 92.8% 95.5% 97.9% 97,4% 97,6% 97,7%* 92.8% 94,7% 2.898.932 93,2% 93,1% 2.866.075 -6.0% 2.672.750 2.738.351 2.636.549 2.626.749 2.573.971 8
Slide 9: Shopping Malls Operating Figures
Shopping Malls Operating Figures Stock (GLA: Sqm) & Occupancy Tenants Real Sales (ARS MM) 98.0% 97.7%(1) Quarterly i.a. variation 93.9% 89.1% +8.0% -18.5% -19.3% -12.1% -8.5% 88.3% Terrazas de Mayo 33,700 GLA sqm 873,168 +21.4% IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 +10.8% 799,071 370,897 658,021 614,83
Slide 10: Office Buildings Operating Figures
Office Buildings Operating Figures Stock (GLA: Sqm) Leases (USD/sqm/month) & Occupancy A+ & A1 i.a. Office 100% 114,475 Sales 97.9% 109,859 95.5% 92.8% 92.8% 82,708 200 Della Paolera IIQ 24 IIIQ 24 IVQ 24 IQ 25 IIQ 25 1 Floor 25.7 25.7 59,348 58,074 25.4 25.1 25.2 IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25
Slide 11: Hotels Operating Figures
Hotels Operating Figures Hotels Portfolio Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 71.4% 72.6% 73.2% 36.4% 71.4% 71.6% 67.1% 6.9% 152 155 135 87 93 IIQ 21 IIQ 22 IIQ 23 IIQ 24 IIQ 25 42.5% COVID-19 Llao Llao: Rate & Occupancy (USD/room & %) 71.4% 69.0% 8.0% 57.9% 24
Slide 12: Acquisition of our 16th Shopping Mall (IIQ 25)
Acquisition of our 16 th Shopping Mall (IIQ 25) “Terrazas de Mayo” (Buenos Aires Province) Purchase price 33,700 GLA sqm 27.75 (in USD million) 86 Stores • 60% already paid • 20% upon deed signing 20 Stands • 20% within 36 months thereafter Turnaround opportunity based on its improvement potential i
Slide 13: Latest Real Estate Acquisition (IQ 25)
Latest Real Estate Acquisition (IQ 25) Alto Avellaneda Adjoining Property (Buenos Aires Province) ACQUIRED PROPERTY Purchase price 86,861 sqm of total area 12.2 (in USD million) ALTO AVELLANEDA SHOPPING MALL 32,660 Built sqm The Shopping Mall of South Greater BA Ranking of Alto Avellaneda within our
Slide 14: Real Estate Activity & CAPEX Plans
Real Estate Activity & CAPEX Plans
Slide 15: Argentine Real Estate Prices Evolution
Argentine Real Estate Prices Evolution STRONG RESILIENCY AS A SAFEGUARD AGAINST INFLATION AND FX VOLATILITY 5.000 5.000 4.900 4.800 4.700 4.350 4.400 4.200 4.200 A+ Offices BA 4.000 4.000 4.000 4.000 3.800 (USD/sqm) 3.400 3.100 3.100 2.800 2.800 2.570 2.280 2.349 2.205 2.245 2.060 2.110 1.973 1.900
Slide 16: Argentine Residential Real Estate Industry Potential
Argentine Residential Real Estate Industry Potential Total Mortgages Compared To Other Countries Deeds Evolution in Buenos Aires City (as a % of GDP) 7.862 7.667 47,8% 40,8% 26,7% 24,9% 16,5% 13,5% 9,4% 4,1% 3,7% 3,2% 2,1% 0,5% Jun-15 Dec-21 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 De
Slide 17: Launch of Ramblas Del Plata Project
Launch of “Ramblas Del Plata” Project 870,000 Buildable sqm 693,000 Saleable sqm 10,000 New Houses USD +1.8 bn Estimated Investment 17
Slide 18: Del Plata Building Project: Preliminary Render illustrations
“Del Plata Building” Project: Preliminary Render illustrations 35,000 Saleable sqm 14 Floors 720 Apartments 4 November 24: Commercial launch at Casa Parking basements FOA, Buenos Aires' premier annual design and architecture exhibition. 18
Slide 19: La Plata Project: Preliminary Render illustrations
“La Plata” Project: Preliminary Render illustrations 78,000 sqm ~100,000 Total buildable sqm (in thousands) 22,000 Shopping malls sqm City of Buenos Aires La Plata La Plata is the 5th highly populated city of Argentina with no shopping malls. 19
Slide 20: Polo Dot Project: Preliminary Render illustrations
“Polo Dot” Project: Preliminary Render illustrations 20
Slide 21: Polo Dot Office Park: Preliminary Render illustration
Polo Dot Office Park: Preliminary Render illustration Exa Building DOT Baires (planning status) Shopping DOT Connection (planning status) Giga Building (planning status) DOT Building Zetta Building Philips Building (future recycling) 21
Slide 22: Alto Rosario Residential Potential Expansion
Alto Rosario Residential Potential Expansion Transformation of an Old Railway Hub Into a Mixed-Use Development 2 3 1 Stage 3 - Future Expansion 3 Residential Development 4 plots Recent Subdivision Approved 4 Residential Towers to be Developed Stage 1 1 Stage 2 2 ~40,000 Shopping Mall Development Con
Slide 23: Nuevo Quilmes II Commercialization Progress
“Nuevo Quilmes II” Commercialization Progress (Ezpeleta – BA) January 2025 According to the Barter Agreement signed on IIQ 24 IRSA will receive: Of the buildable 40% sqm of the macro lots Single-family lots 125 Est. amount to be received USD 23 MM Single-family lots 33 already sold 46 ha 330 6 for ~
Slide 24: Other Properties for Mixed Use Developments
Other Properties for Mixed Use Developments Luján Plot Caballito La Adela 15 # of Land Reserves (Buenos Aires) (BA City) (Buenos Aires) 15.8 Total surface (mm sqm) 6.9 Buildable surface (mm sqm) Montevideo Patio Bullrich Mall Expansion Córdoba plot Intercontinental II (Uruguay) (BA City) (Córdoba) (
Slide 25: ESG Latest Achievements
ESG Latest Achievements “200 Della Paolera” Building Leed Certification Social Investment 72% +100 of the premium offices Social Actions portfolio are leed certified ARS 500 MM Social Investment FY24 +100 Relationships with NGOs Strong Track Record in the Capital Markets 3 Malls from BA City Obtaine
Slide 26: Financials
Financials
Slide 27: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Hotels +18.9% Office Buildings Shopping Malls -4.7% 167 163 156 15 20 131 14 12 13 14 12 115 26 95 18 9 28 139 130 130 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 FY24 IIQ25 LTM C OV I D - 1 9 27
Slide 28: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million (at official FX) LTV 12.3% 100 255 137 RAMBLAS DEL PLATA 420 621 38 208 2.066 1.810 Market Cap 962 1,018 P/NAV 0.56x Shopping Malls Offices Hotels Land reserves Banco JV, Investees & Gross Asset Net Debt Net Asset 2 & Prop. Under Hipotecario Others Value Valu
Slide 29: Debt Profile & Amortization Schedule
Debt Profile & Amortization Schedule As of December 31, 2024 (In USD Million) Amortization Schedule as of Dec-24 Gross Debt 424.0 154.5 Net Debt 255.4 Debt Ratios 103.2 Net Debt/Rental 125 1.64x 64.8 EBITDA 50 Series 51.5 15.8 XXII Series LTV 12.3% Banking 49 XXIII Debt 29.5 Coverage Ratio 8.9x FY 2
Slide 30: IRSA Dividends Distribution & Shares Buyback Programs
IRSA Dividends Distribution & Shares Buyback Programs Recent Cash Dividend Distribution (in USD CCL million) Recent Repurchase Programs (in USD CCL million) Dividend Yield USD MM % of Social Capital USD MM FY 23 (nov-22) ~4.5% 14 FY 22 – FY 23 1.16% 3.8 FY 23 (may-23) ~13% 50 FY 23 – FY 24 1.06% 7.1
Slide 31: Group Capital Markets Track Record
Group Capital Markets Track Record NUMBER OF CAPITAL AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY MARKETS TRANSACTIONS +200 +USD 18bn 4 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) & COVID-19 IRSA IPO APSA IPO (now IRCP) CRESUD LIABILITY LOCAL MARKET DOL
Slide 32: Contact Us
Contact Us Our Website Our Email Our Phone Our Address Our Twitter www.irsa.com.ar ir@irsa.com.ar (+54) 911 4323-7449 Della Paolera 261 @IRSAIR 9th floor
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