IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Q2 FY2025 Earnings Presentation
23 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Feb 7, 2025
Slide 1: IIQ 2025 Conference Call
IIQ 2025 Conference Call February 7, 2025 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG
Slide 2: Main Events for IIQ 25 and Subsequent
1 6M 25 NET LOSS OF ARS 40,971 MM Mainly explained by the impact of inflation exposure on FV of Investment Properties HIGHER OCCUPANCY & SALES RECOVERY IN MALLS 2 +21.4% compared to previous quarter (IQ 25), -8.5% compared to IIQ 24 3 PREMIUM OFFICE OCCUPANCY REACHED 100% Main Events for IIQ 25 and
Slide 3: 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 4: 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 5: 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 6: Acquisition of our 16th Shopping Mall
Acquisition of our 16 th Shopping Mall “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 in terms o
Slide 7: 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 Ramblas is the most ambitious real estate private development in BA City history 7
Slide 8: Commercialization Project Stages
Commercialization Project Stages – 61 saleable plots Stage 2 + Central Bay Stage 1 Stage 3 297k 126k 270k saleable sqm saleable sqm saleable sqm 8
Slide 9: Stage 1: Commercialization Progress
Stage 1: Commercialization Progress January 2025 Lots sold to local developer 2 (A02 & G01) 23.4 Sale price (in USD million) 10.5 k Combined (sqm) surface Combined saleable area Signed agreements ~40 k (sqm) Under signing process Remaining Stage 1 surface Under negotiation ~115 k (sqm) Stage 1: Esti
Slide 10: Ramblas del Plata Work in Progress: Next Steps
Ramblas del Plata Work in Progress: Next Steps • Break ground of Roads & Infrastructure Works Stage 1 • Complete Sign Sales & Swaps Agreements Stage 1 • Commercialization Progress on Stage 1+ (extension) 6 New Lots Start of Residential Towers Residential Projects & Permits Period Development and Sal
Slide 11: Update on Other Residential Projects Launched for the Next Years
Update on Other Residential Projects Launched for the Next Years • November 24: Commercial launch at Casa FOA, Buenos Aires' premier annual design and architecture exhibition. • Units already reserved. Del Plata building 35,000 720 Nexo Dot Housing 20,000 7,000 Downtown BA Saleable sqm Apartments BA
Slide 12: 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 13: 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 14: 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 15: IRSA Financial Results
IRSA Financial Results seroma acres an ea re
Slide 16: FX & Inflation Evolution
FX & Inflation Evolution Nominal Official FX Evolution Nominal MEP FX Evolution 1.032,0 970,5 6% 13% 1.348,5 912,0 6% 1.214,4 1.167,8 808,5 215% -10% -4% -13% 995,0 26% 106% 131% 789,2 Inflation Index Evolution 64% 350,0 7.694,0 36% 8% 21% 482,5 256,7 12% 7.122,2 FY25 FY24 FY25 FY24 6.351,7 Beginnin
Slide 17: 6M 25 – Operating Results By Segment
6M 25 – Operating Results By Segment Adjusted EBITDA (In ARS million) Rental Adjusted EBITDA Margins Shopping Malls Offices Hotels S&D + Others 6M 25 6M 24 Var -29.8% 145,768 Shopping 78.2% 78.8% -0.6 bps 27,953 Malls -66.8% 102,313 15,638 5,669 5,187 +21.8% 6,905 Offices 79.5% 74.1% +5.4 bps Rental
Slide 18: 6M 25 – Consolidated Operating Results
6M 25 – Consolidated Operating Results (In ARS million) Operating Income, Exc. Change in Fair Value Change in Fair Value of Investment Properties 120,763 -31.0% 300,126 -177.7% 83,289 -233,073 6M 24 6M 25 6M 24 6M 25 18
Slide 19: 6M 25 – Consolidated Financial Results
6M 25 – Consolidated Financial Results (In ARS million) Net Financial Results Income Tax Net Result 49,586 319,226 34,450 11,049 93,538 -25,378 -13,255 6M 24 6M 25 -59,088 308,177 -106,423 Main Effects 6M 24 6M 25 Var Net FX Result -205,898 21,405 227,303 -119,678 FV Of Financial 124,127 44,789 -79,
Slide 20: Rental EBITDA Evolution By Segment
Rental EBITDA Evolution By Segment (In USD million) Shopping Malls Office Buildings Hotels +18.9% -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 20
Slide 21: Debt Amortization Schedule
Debt 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 25 FY 26 FY
Slide 22: Dividend Distribution
Dividend Distribution Cash dividend approved on Oct-28, 2024 Dividends Evolution (In USD CCL Million) Nov-24 Cash Dividend Amount ARS 90,000 MM ~117.0 Per ordinary share ARS 126.1171 49.6 (may-24) ~77.6 Per GDS ARS 1,261.1713 64,0 Dividend yield ~8% 49.8 (may-23) 67.4 (oct-23) Payment Date November
Slide 23: Contact Information
Eduardo Elsztain Matias Gaivironsky Santiago Donato NYSE Symbol: IRS | BYMA Symbol: IRSA Chairman & CEO CFO Head of IR & ESG Contact Corporate Offices Della Paolera 261 9th floor, Independent Auditors PricewaterhouseCoopers Argentina Information Tel +(54 11) 4323 7400 Fax +(54 11) 4323 7480 C1001ADA
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