Cresud Sa · BCBA:CRES
Cresud Sa — Investor Day (November 2024)
80 slides from Cresud Sa's investor day presentation, Nov 26, 2024
Slide 1: Investor Day
INVESTOR DAY 30 YEARS LISTING & OPERATIONS’ ANNIVERSARY November 26th, 2024 - New York City Eduardo Elsztain Jorge Cruces Alejandro Elsztain Matías Gaivironsky Chairman & IRSA’s CEO IRSA’s CIO CRESUD’s CEO CFO
Slide 2: A New Opportunity for Argentina & Group Potential
A NEW OPPORTUNITY FOR ARGENTINA & GROUP POTENTIAL 30 YEARS LISTING & OPERATIONS’ ANNIVERSARY November 26th, 2024 - New York City Eduardo Elsztain Chairman
Slide 3: A New Political Party After 40 Years of Democracy
A New Political Party After 40 Years of Democracy From Nationalists & Populists Governments To Liberalism UCR PERONISM UCR P. P. PERONISM PRO PERONISM LLA 1983 1989 1999 2003 2007 2015 2019 2023 3
Slide 4: Argentine GDP Real Growth (%)
Argentine GDP Real Growth (%) High Volatility Throughout History but Huge Opportunity after 10 Years Recession Strong Growth during the ’90s Commodities Super Cycle 12 10,5 10,1 10,4 10 9 8,9 9 8,1 8 8 6,3 6 6 5,5 5,3 3,9 4,1 4 2,4 2,7 2,8 10 Years Recession 2 0 -2 -0,8 -1 -1,3 -1,6 -2,1 -2 -2,8 -2,
Slide 5: Argentine Fiscal Balance
Argentine Fiscal Balance: Historical Fiscal Deficit In Argentina Led to Several Crisis Primary fiscal result (as a % of GDP) 6,00% 4,00% 2024 3,00%3,30% 2,40% Target: 2,00% 0% 0,00% -2,00% -2,00% “2001 -4,00% Crisis” -3,00% -3,90% -4,00% -5% -4,80% -6,00% “1989 -6,70% Hyperinflation” 2012-2023 -6,40
Slide 6: Historical Inflation in Argentina
Historical Inflation In Argentina Current Government seek to avoid hyperinflation targeting 0% fiscal account & no printing 4.924% 1.344% Low Inflation During the ’90s 230,0% 211,4% Monthly inflation since Dec-23 180,0% 30,0% 25,5% 25,0% 20,6% 130,0% 123,6% 20,0% 15,0% 13,2% 94,8% 11,0% 84,0% 10,0%
Slide 7: LatAm Foreign Direct Investment
LatAm Foreign Direct Investment Argentina: From Receiving 16% of LatAm FDI in the ‘90s to just 5% currently Other LatAm 20,8% 21,3% 33,4% 21,3% Mexico Argentina’s Potential for FDI 24,7% 3,9% 3,7% Cheapest commoditized country with: 3,5% 7,9% 7,3% 0,5% 4,2% Peru • One of the largest oil and gas 8,0%
Slide 8: Argentine Agribusiness Potential
Argentine Agribusiness Potential Soybean Production (million tons) 1 Land Prices Historical Evolution 2 Region and USA (USD/ha) 320 USA - Iowa 28.267 300 295 302 Argentina - BA Corn Belt 296 287 281 Brazil - Mato Grosso 274 265 261 113 21.909 231 115 116 121 122 35% Argentina’s Case 215 215 214 117
Slide 9: Farmland as a Safe Investment and Natural Hedge Against Inflation
Farmland as a Safe Investment and Natural Hedge Against Inflation RETURN WHERE WOULD YOU INVEST? 12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00% 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% RISK 9
Slide 10: Farmland as a Safe Investment and Natural Hedge Against Inflation
Farmland as a Safe Investment and Natural Hedge Against Inflation RETURN WHERE WOULD YOU INVEST? 12,00% 10,00% 8,00% 6,00% 4,00% 2,00% 0,00% 0,00% 5,00% 10,00% 15,00% 20,00% 25,00% RISK 10
Slide 11: Farmland as a Safe Investment and Natural Hedge Against Inflation
Farmland as a Safe Investment and Natural Hedge Against Inflation RETURN RETURN OF DIFFERENT TYPES OF INVESTMENT LAST 50 YRS (1970-2020) 12,00% US listed real estate Farmland US 10,00% 8,00% US 30 yr mortgages US corporate bonds Gold US 10 yrs bonds US equities 6,00% European equities 4,00% Consumer
Slide 12: Argentine Real Estate Industry Potential
Argentine Real Estate Industry Potential Mortgages Evolution Total Mortgages Compared To Other Countries (as a % of GDP) (as a % of GDP) Argentine housing deficit 3.5mm houses Maximums in the ‘90s 6,3% Housing 47,8% deficit; 5,8% 29% 5,4% 40,8% 4,8% 4,0% 3,8% 26,7% 24,9% 2,7% 16,5% 1,9% 13,5% 1,5% 1
Slide 13: Argentine Financial Industry: Low Penetration of Credits & Deposits
Argentine Financial Industry: Low Penetration of Credits & Deposits over GDP Total Credits Evolution (as a % of GDP) Total Credits compared to other countries (as a % of GDP) 22% 21% 88% 80% 17% 13% 12% 13% 12% 11% 12% 11% 11% 11% 10% 10% 10% 11% 10% 42% 41% 9% 9% 8% 7% 7% 8% 6% 6% 27% 6% 2004 2021
Slide 14: Argentine Residential Real Estate Evolution
Argentine Residential Real Estate Evolution Deeds Evolution in Buenos Aires City Credit Deeds in Buenos Aires City (%) Capital Controls UVA’s 2018 Capital Controls Lauch Devaluation 50% 48% 45% 7862,0 40% Deeds 35% 30% 5157,0 25% 20% 15% 14% 10% 5% 3% 0% Jan-18 Jan-23 Nov-18 Apr-19 Nov-23 Apr-24 Mar
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: IRSA: Enterprise Value/SQM
IRSA: Enterprise Value/SQM 4.066 3.334 3.200 3.257 3.070 3.010 2.819 2.566 2.372 2.485 1.983 1.964 1.996 1.979 1.904 1.913 1.740 1.338 1.304 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 IQ 25 Current 16
Slide 17: IRSA: Enterprise Value/Rental EBITDA
IRSA: Enterprise Value/Rental EBITDA EV 18,6x EV/RENTAL 1.911 EBITDA 1.567 1.504 1.531 1.443 1.415 1.325 11,6x 1.206 1.168 1.115 9,7x 9,8x 932 923 938 9,0x 9,2x 930 8,6x 8,5x 895 899 8,7x 8,1x 8,2x 8,1x 818 7,2x 629 613 5,3x 5,4x 5,5x 5,0x 4,9x 4,6x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Slide 18: Historical Group EBITDA Generation
Historical Group EBITDA Generation Good Hedge Between Agribusiness & Real Estate/Retail Business (USD million) Rental Business (IRSA) Agribusiness 306 290 264 237 224 123 200 191 100 75 183 174 93 105 139 165 162 167 164 131 115 95 44 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 18
Slide 19: Recent Deleverage To Minimum Levels
Recent Deleverage To Minimum Levels Net Debt (USD million) 1626 1785 -67,2% 1195 1996 345 1292 1832 306 1223 108 1238 273 1135 80 1288 231 187 823 102 707 212 410 374 334 448 301 533 428 335 323 248 328 411 235 258 118 437 420 421 383 396 318 357 309 351 358 281 298 239 2012 2013 2014 2015 2016 2017
Slide 20: Real Assets Portfolio Evolution
1936 1960 1994 20 1995 325 1996 CAGR 1997 346 +13.4% 1998 1999 2000 477 468 2001 2002 2003 2004 430 424 2005 395 564 2006 726 2007 2008 832 2009 2010 2011 877 877 2012 2013 2014 865 LATAM Farmland Evolution (Th. ha) 2015 2016 2017 2018 2019 861 867 Real Assets Portfolio Evolution 2020 2021 2022 2023
Slide 21: Recent Retail Acquisitions in Greater BA
Recent Retail Acquisitions in Greater BA Alto Avellaneda Adjoining Land Plot New Shopping Mall: Terrazas de Mayo (Greater BA) ACQUIRED 86,861 32,660 USD 27.75 mm PROPERTY Total sqm Built sqm Price Agreed ALTO AVELLANEDA SHOPPING MALL Ranking of Alto Avellaneda within our ~33,720 90 20 portfolio: GLA
Slide 22: Future Real Estate Growth: Ramblas del Plata Project
Future Real Estate Growth: Ramblas del Plata Project
Slide 23: IRSA's Engagement in the Development of Puerto Madero
IRSA’s Engagement in the Development of Puerto Madero 10 M. BENZ FAENA HOTEL RENOIR TOWERS 12 13 EXXON ALEPH PUERTO AOL MADERO BAYRES DOCK OCEANA 2 3 4 5 11 14 17 ING ABM 15 6 16 YACH COSTEROS CRUCEROS T DOCK DEL PLATA DOCK V DOCK VI DOCK XII 1 7 8 9 18 TELECOM 1 TELECOM BUILDING (IRSA+ROGGIO 16.917
Slide 24: IRSA's Development Track Record
IRSA’s Development Track Record 800,000 sqm developed since 1991 Developments in 805,000 Puerto Madero Cruceros Building Costeros Building DIQUE IV Distrito Zetta Building Alto Arcos Comahue 200 Della Paolera Horizons Dock VI Dot Building “Dock Del Plata” Alto Rosario Cruceros & Costeros Alto Dique
Slide 25: 30 Years Operations' Anniversary
30 YEARS OPERATIONS’ ANNIVERSARY November 26th, 2024 - New York City Jorge Cruces CIO
Slide 26: Latest Development in Buenos Aires
LATEST DEVELOPMENT IN 1 BUENOS AIRES IMPRESSIVE REAL ESTATE 2 GROWTH TOP RESIDENTIAL MARKET IN 3 BUENOS AIRES COMMERCIAL REAL ESTATE 4 POTENTIAL
Slide 27: East Puerto Madero Development
East Puerto Madero Development 1.7 mm 26 yrs 1997 Developed sqm Development Beginning of the development Developed sqm in East Puerto Madero (Total and by use) 2.000.000 Developed sqm in East Puerto Madero (Total and by use) 80% 1997 2023 % Residential Other 1.800.000 1.728.206 15% 1.685.271 70% % O
Slide 28: East Puerto Madero Development
East Puerto Madero Development New Stock = Absorption (Sqm/Year) 160.000 149.663 147.968 140.000 133.852 119.539 120.000 100.000 94.190 93.876 92.118 83.474 83.823 80.000 Avg: 77,000 sqm 71.520 63.659 62.377 58.195 56.802 60.000 50.286 51.267 44.592 42.289 41.267 40.000 33.352 33.505 32.313 27.935 2
Slide 29: "Ramblas del Plata" Development Project
“Ramblas del Plata” Development Project Ramblas is the most ambitious real estate private development in BA City history +8,500 870,000 +1.8 bn New houses Buildable sqm Investment USD 29
Slide 30: Nature is a new must
Nature is a new must. River front, park and essential amenities are key assets of the project.
Slide 31: A new balanced way of life
A new balanced way of life Unique Waterfront Safe Community New Trendy Spot in BA Efficiency Advanced Design Nature within the City
Slide 32: Developing Unique Spaces for Living, Working and Leisure
Developing Unique Spaces for Living, Working and Leisure Urban habitat in harmony with nature Premium residential Top-tier offices Stores along pedestrian axis Extensive natural areas Privileged views to the river 32
Slide 33: 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 33
Slide 34: Recent Milestones
Recent Milestones Commercial contacts April 2024 Developers’ Offers Reception July 2024 Real Estate BA Expo (Hilton) August 2024 Environmental Public Hearing September 2024 Sales / Swaps’ Agreements Committed Start of Infrastructure Works November 2024 34
Slide 35: Stage 1: Sales / Swaps Agreements Committed With Local Developers
Stage 1: Sales / Swaps Agreements Committed With Local Developers Stage 1 Estimated Sales ~120 MM USD Total Sales ~40 MM USD Cash Sales Committed agreements Under negotiation ~80 MM USD Swaps 35
Slide 36: 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 37: Growth Strategy & Capex Plans
Growth Strategy & Capex Plans
Slide 38: Real Estate Portfolio Strategy & Growth
Real Estate Portfolio Strategy & Growth Diversified Real Estate Growth Strategy IRSA Capacity to Grow Developing Owned Landbank ➢ By Different Types of Investment ➢ Commercial surface (th. Buildable Sqm) ~2x 300 900 Acquisitions Developments Swaps Flight-to-quality 125 ~177 75 Ramblas del Plata ➢ By
Slide 39: Developments Launching Pipeline
Developments Launching Pipeline “Edificio del Plata” (BA City) “Beruti y Coronel Diaz” (BA City) “EXA” (BA City) “GIGA” (BA City) 35k saleable sqm 8k GLA sqm 20k saleable sqm 17k saleable sqm “Caballito” (BA City) “Distrito Diagonal” (La Plata – BA Prov.) FY 28 Plot 2 - 30k saleable sqm FY 30 Plot 3
Slide 40: "Del Plata Building" Project: Preliminary Render illustrations
“Del Plata Building” Project: Preliminary Render illustrations 35,000 Saleable sqm 14 Floors 720 Apartments 4 Parking basements 40
Slide 41: "La Plata" Project: Preliminary Render illustrations
“La Plata” Project: Preliminary Render illustrations 78,000 sqm ~100,000 Total buildable sqm 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. 41
Slide 42: "Polo Dot" Project: Preliminary Render illustrations
“Polo Dot” Project: Preliminary Render illustrations EXA 20,000 GIGA 17,000 Saleable sqm Saleable sqm NEXO 13,500 Saleable sqm 42
Slide 43: Polo Dot Office Park: Preliminary Render illustration
Polo Dot Office Park: Preliminary Render illustration Exa Building DOT Baires Shopping NEXO Dot Giga Building DOT Building Zetta Building Philips Building 43
Slide 44: Manzana 35 Residential Development (Caballito – BA City)
Manzana 35 Residential Development (Caballito – BA City) 9,800 Plot surface 30,000 Sealable sqm 500 Apartment units 44
Slide 45: Agribusiness Outlook
AGRIBUSINESS OUTLOOK 30 YEARS OPERATIONS’ ANNIVERSARY November 26th, 2024 - New York City Alejandro Elsztain CEO
Slide 46: Agribusiness in the World: Opportunities and Challenges
Agribusiness in the World: Opportunities and Challenges ✓ . Growing food demand will require an increase in food production ✓ Increase in supply as a result of productivity gains ✓ +Consumer preferences shifting toward more sustainable products ✓ +Climate change represents a challenge for the agricu
Slide 47: Commodity Prices Downtrend and Costs Early Correction
USD/Tn 200 300 400 500 600 700 900 800 1/11/1994 1/5/1995 1/11/1995 1/5/1996 1/11/1996 1/5/1997 1/11/1997 1/5/1998 1/11/1998 1/5/1999 1/11/1999 1/5/2000 1/11/2000 1/5/2001 1/11/2001 CBOT Soybean Adj. by Inflation 1/5/2002 1/11/2002 1/5/2003 1/11/2003 1/5/2004 1/11/2004 1/5/2005 1/11/2005 1/5/2006 1/
Slide 48: Regional Agribusiness Strengths
Regional Agribusiness Strengths: L ATAM g ro wi ng i m p o r tan ce a s a wo r l d fo o d s u p p l i er Per Capita Renewable Freshwater Resources (m3) Freshwater Stress Levels South America 30,428 WATER WITHDRAWALS AS A SHARE OF INTERNAL RESOURCES Oceania 29,225 Eastern Europe 21,383 North America
Slide 49: Milei's Administration: Agribusiness Opportunity in Argentina
Milei's Administration: Agribusiness Opportunity in Argentina ✓ Potential exchange rate unification Increased competitiveness for the sector that operated in recent years with an exchange rate gap of approximately 100%. Potential reduction or removal of taxes on grains , meat and other taxes ✓ The c
Slide 50: Argentina's Agribusiness Competitiveness
Argentina’s Agribusiness Competitiveness Argentina in the 17% 50% 20% World Commodities Export Ranking of GDP of US dollars of job positions from exports #3 Corn #7 Wheat #1 Soymeal #1 Soyoil 50
Slide 51: Capital Control Periods in Argentina
Capital Control Periods in Argentina Exchange Rate Gap Evolution Cristina Fernández de Kirchner Mauricio Macri Alberto Fernández Javier Milei 177% 159% 165% 131% Devaluation of the official exchange rate by 130% (Milei's first policy). 82% 78% 54% 56% 45% 24,8% 16% 12/11/2011 12/11/2012 12/11/2013 1
Slide 52: Tax Exports Evolution in Argentina
Tax Exports Evolution in Argentina Raúl Alfonsín Carlos Menem Fernando Néstor Cristina Fernández Mauricio Alberto Javier 50% de la Rúa Kirchner 46,6% de Kirchner Macri Fernández Milei Res. 125 45% Eduardo 41,0% Duhalde 40% SOYBEAN 35% 33,0% 30,0% 30% 26,2% 25% 26,5% 20% 15% 12,0% CORN 10% 5% 3,5%* s
Slide 53: Lack of Government Incentives for the Agricultural Sector
Lack of Government Incentives for the Agricultural Sector Estimated subsidies to the agricultural sector (as % of Gross Farm Income) European Union Indonesia PSE OECD USA Canada Australia Brazil Ukraine New Zeland Argentina -20 -15 -10 -5 0 5 10 15 20 Source: Organisation for Economic Co-operation a
Slide 54: Soybean & Corn Production by Country
Soybean & Corn Production by Country ( Tn. Mm) Investment in SOYBEAN 300 302 320 287 296 295 281 274 265 261 113 35% 231 115 116 181 195 180 171 215 215 191 214 91 107 107 117 120 121 97 122 80% 46% 87 91 91 83 49% Soybean 84 73 84 World Production 81 157 97 96 115 121 129 140 130 153 31% 69 82 86 1
Slide 55: Argentina's Agribusiness Competitiveness
Argentina’s Agribusiness Competitiveness Sustainable Production, Low Costs & Commercial Expenses & AgTech Hub + Minimized Soil Erosion + Minimized Operative Expenses + Increased Organic Matter + Higher Productivity >90% Surface in Argentina Under no till farming (since 2011) + Soil conservation & ca
Slide 56: Farmland Prices Historical Evolution
Farmland Prices Historical Evolution Region and USA (In USD/ha) 28.267 USA - Iowa Argentina - BA Corn Belt 21.909 Brazil - Mato Grosso 14.583 2021 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201
Slide 57: CRESUD At A Glance
CRESUD At A Glance Leading Agricultural Company in Latin America 1 Managing more than 800k ha portfolio in Argentina, and in Brazil, Paraguay & Bolivia through our subsidiary BrasilAgro. Diversified Agribusiness Strategy 2 Combining Farming Activity, Real Estate and Agricultural Commercial Services.
Slide 58: Corporate Structure
Corporate Structure More Than 30 Years Investing In Real Assets FLOAT 61.0% 100% 35.4% 51.2% 17.7% 55.9% Farms in Argentina +34,86% Farms in Brazil, Agricultural Agribusiness Urban Business Bolivia & Paraguay Commercial Services Marketplace 29.5% 58
Slide 59: Current Regional Agribusiness Portfolio
Current Regional Agribusiness Portfolio Through CRESUD, BrasilAgro & Subsidiaries Under Management 865,600 ha 71% owned, 14% leased & 15% LT concession 27 Farms Across The Region 419,000 ha Productive hectares 60% crop & 40% cattle (Biond) 445,000 ha Land Reserves BrasilAgro farms 75,500 Cattle Head
Slide 60: Farming Activity: Track Record
Farming Activity: Track Record Planted Area (Th. Ha) 303 278 283 279 283 277 17 Leased to 3rd parties 262 +10.3% 14 14 24 24 28 12 21 12 7 Bolivia 226 220 220 217 11 7 Paraguay 213 208 12 CAGR 197 181 127 109 120 Brazil 142 141 74 82 65 Argentina 47 46 44 49 123 119 139 36 37 36 37 16 23 23 1995 199
Slide 61: Farming Activity: Increased Area Under Irrigation in the Region
Farming Activity: Increased Area Under Irrigation in the Region Technological Irrigation Systems Applied to Our Production SAO JOSE LOS POZOS ~ 6,000 ha RIO DO MEIO Crops under irrigation (mainly in ARSL) ARROJADINHO ~ 300 mm irrigated per ha/per year AGRORIEGO (ARSL) SEEDS PRODUCTION IRRIGATED CROP
Slide 62: Farmland Real Estate: Acquisition, Land Appreciation and Sale
Farmland Real Estate: Acquisition, Land Appreciation and Sale Farmland Prices in Argentina (In USD/ha) 18.0 8.9 Corn Belt Land Value (In USD/Ha) 29.0 6.7 Land Acquisitions (USD MM) 6.0 14,300 8.6 8.3 Land Sales (USD MM) 4.5 4.8 25.0 1.3 7.3 5.7 5.0 10.6 1.0 6.8 25.2 30.0 2,254 2.5 4.1 30.0 Farmland
Slide 63: Farmland Real Estate: Acquisition, Land Appreciation and Sale
Farmland Real Estate: Acquisition, Land Appreciation and Sale Farmland Prices in Brazil (In USD/ha) Corn Belt Land Value (In USD/Ha) 73 Land Acquisitions (USD MM) 120 35.0 Land Sales (USD MM) 89.0 13.7 38.3 17.5 52.8 14.332 24.7 27.1 67.2 51.9 13.7 18.8 17.5 12.4 31.3 4.6 111.1 21.5 2.066 51.4 Farml
Slide 64: Farmland Real Estate
Farmland Real Estate Farmland Sales Track Record 2.4x Sold farms per year Profit Book Value 17k 134 Sold ha per year 122 3.0% 72 Sold portfolio per year 75 67 62 103 52 46 48 28 34 37 60 26 62 40 21 21 20 39 19 21 14 34 34 5 13 15 17 15 27 12 0 14 19 3 7 6 7 7 6 12 1 2 3 FY10 FY11 FY12 FY13 FY14 FY1
Slide 65: Agricultural Commercial Services
Agricultural Commercial Services CRESUD’s Stake: 51.2% Complementing Traditional Farming Traded Tons Evolution & Market Share With Services, Trading and AgTech (In MM tons & %) 1999 fyo.com 7,25 Start up 6,44 6,65 8,24% 6,83 Partnership 5,76 2000 with CRESUD 5,10 5,48 6,07% 6,25% 4,00 2003 Barter an
Slide 66: Agribusiness Adjusted EBITDA Evolution
Agribusiness Adjusted EBITDA Evolution By Agribusiness Segment (In USD MM) FARMING 191 FARMLAND SALES 18 SERVICES 139 59 11 123 105 30 23 100 93 11 9 18 75 25 57 36 45 115 97 70 69 9 48 43 31 12 PF 17 PF 18 PF 19 PF 20 PF 21 PF 22 PF 23 PF 24 66
Slide 67: Looking Forward Growth Strategy
Looking Forward Growth Strategy ✓ INCREASE OWNED AND LEASED PRODUCTIVE AREA IN ARGENTINA AND THE REGION ✓ BOOST PRODUCTIVITY THROUGH TECHNOLOGICAL INNOVATION AND IRRIGATION SYSTEMS ✓ DIVERSIFY CROP BREAKDOWN WITH PULSES & SPECIALTIES ✓ OPTIMIZE BEEF OPERATION AND CATTLE STOCK ✓ KEEP ROTATING THE POR
Slide 68: Financial Overview
FINANCIAL OVERVIEW 30 YEARS LISTING & OPERATIONS’ ANNIVERSARY November 26th, 2024 - New York City Matías Gaivironsky CFO
Slide 69: Operational & Financial Management Since 2020
Operational & Financial Management Since 2020 CRISIS: since COVID to 2022 RECOVERY: 2023 to date GROWTH: upcoming years CORPORATE STRUCTURE SIMPLIFICATION RENTAL EBITDA RECOVERY To pre-pandemic levels IRSA & IRCP Merger OFFICE ASSET SALES DIVIDEND DISTRIBUTIONS IRSA: USD 259 MM For USD 576.5 MM & CR
Slide 70: Mall Real Tenant Sales Evolution & Occupancy
Mall Real Tenant Sales Evolution (ARS million/sqm) & Occupancy 98,8% 99,0% 98,5% 98,5% CRISIS (COVID 19) 97,4% 97,6% 96,5% Quarterly i.a. variation 94,7% 93,2% 93,1% 89,9% +10.6% +8.4% -18.5% -19.4% -12.6% 8,0 2,41 7,9 7,5 2,07 +7.0% 7,3 7,3 7,2 7,2 6,8 1,81 1,69 6,3 1,38 4,6 3,3 IQ 24 IIQ 24 IIIQ 2
Slide 71: Shopping Malls Adj. EBITDA Evolution 2000-2024
Shopping Malls Adj. EBITDA Evolution 2000 -2024 USD MM CRISIS (COVID 19) 152 154 149 Avg. USD 132 MM* 143 141 139 131 133 93 89 58 19 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 IQ 2025 LTM * Excluding Covid Years (2020 & 2021) 71
Slide 72: IRSA's Office Portfolio Evolution
IRSA’s Office Portfolio Evolution Following Market Prices Trends Capital Controls Period Capital Controls Period Offices GLA (th. sqm) 7.811 7.868 7.884 7.696 Premium office Price (USD CCL/sqm) 6.634 164 Premium office Price (Official USD/sqm) 156 151 145 5.537 5.367 5.216 138 140 5.000 5.000 5.198
Slide 73: Net Debt Evolution (As of September 30, 2024)
Net Debt Evolution (As of September 30, 2024. In USD Million) 755 574 -60.6% 345 273 323 297 248 235 205 410 301 FY20 FY21 FY22 FY23 FY24 IQ25 IQ25 + Dividend Net Debt / Rental EBITDA 1.83x LTV 14.9% Coverage Ratio 8.9x 73
Slide 74: Net Debt Evolution (As of September 30, 2024)
Net Debt Evolution (As of September 30, 2024. In USD Million) 421 -26.3% 383 396 316 310 298 FY 21 FY 22 FY 23 FY 24 IQ 25 IQ 25 + Dividend 74
Slide 75: Last 3 yrs Return to Shareholders
Last 3 yrs Return to Shareholders IRSA CRESUD 15,8 11,4 CAGR 81.6% CAGR 44.9% +306% +143% 8,2 7,4 9,0 8,8 4,7 3,8 30/6/2022 31/12/2022 30/6/2023 31/12/2023 30/6/2024 30/6/2022 31/12/2022 30/6/2023 31/12/2023 30/6/2024 ~117.0 ~65.7 ~77.6 64,0 ~38.8 30.8 FY 2023 FY 2024 1H 25 FY 23 FY 24 1H 25 Dividen
Slide 76: Book Net Asset Value (NAV)
Book Net Asset Value (NAV) 1 USD Million (at MEP FX) LTV 11.3% 83 177 205 RAMBLAS DEL PLATA 360 532 29 189 1.806 1.602 Market Cap 797 1,170 P/NAV 0.7x Shopping Malls Offices Hotels Land reserves Banco JV, Investees & Gross Asset Net Debt Net Asset 2 3 & Prop. Under Hipotecario Others Value Value dev
Slide 77: Shopping Malls Valuation - Annual Evolution
Shopping Malls Valuation - Annual Evolution (USD million) 1.387 807 813 797 729 759 669 532 FY18 FY19 FY 20 FY 21 FY 22 FY 23 FY 24 IQ 25 LTM Malls Adj. 141 Malls Adj. 131 133 EBITDA EBITDA 77
Slide 78: Net Asset Value (NAV)
Net Asset Value (NAV) USD Million (at MEP FX) LTV 19.3% 172 316 349 221 1.637 1.321 Market Cap 895 670 P/NAV 0.5x IRSA NAV BrasilAgro NAV Farmlands in Other investments Gross Asset Value Net Debt Net Asset Value Argentina 1 + biological Assets 1- Internal valuation 78
Slide 79: Net Asset Value (NAV)
Net Asset Value (NAV) USD Million 156 703 670 Implicit Market Value of 543 127 ~400k hectares in Argentina + ANTA 316 concession + 58k cattle heads + 50% of FYO IRSA * BrasilAgro Net Debt Net Asset Value Mkt Cap Market Value Market Value * Includes warrants position 79
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