IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI
IRSA Inversiones y Representaciones SA — Investor Presentation (September 2026)
36 slides from IRSA Inversiones y Representaciones SA's investor presentation, September 2026
Slide 1: Institutional Presentation FY 2026
Institutional Presentation FY 2026 Leading Argentine Real Estate
Slide 2: Leading Real Estate Company in Argentina
Leading Real Estate Company in Argentina 30 years acquiring, Rental portfolio of +500,000 sqm of GLA 75 IRSA developing and operating YEARS BYMA Real Estate across Argentina RENTAL SEGMENT DEVELOPMENT SEGMENT FINANCIALS Banco Hipotecario 18 – 410,356 sqm 5 – 58,553 sqm 3 – 718 rooms 5 projects Launc
Slide 3: Premium Portfolio in Top-tier Locations
Premium Portfolio in Top-tier Locations Shopping Malls Low Income Area 18 Middle Income Area DOT Baires High Income Area Shopping Malls Alto Noa Shopping Salta Córdoba Shopping Soleil Premium 410 Córdoba Outlet sqm of GLA Distrito Arcos (in thousands) Terrazas de Alcorta Shopping 1,549 Patio Olmos R
Slide 4: Premium Portfolio: Shopping Malls
Premium Portfolio: Shopping Malls 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 5 Philips Building DOT Building Zetta Building Office Buildings 58 200 Della Paolera sqm of GLA Zetta Building (City of Buenos Aires) (in thousands) 100% A & A+ Occupancy Rate ~7% Intercontinental Plaza Expanding Corporate Area Market Share AAA AAA Locat
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 2 Autonomous City Of Buenos Aires Provinces Intercontinental 63% Hotel Autonomous City Of Buenos Aires Occupancy Rate 718 Llao Llao Resort Bariloche Roo
Slide 7: Core Strategic Competences
Core Strategic Competences High Profit Operator Leading Developer Successful in M&A Experience identifying large scale High capacity to identify real estate 30 years track record operating a potential developments increasing assets to purchase, based on their large portfolio of shopping malls real e
Slide 8: Rental Revenue Model
Rental Revenue Model ARS Linked To Inflation (Shopping Malls) ARS 16% Revenue Breakdown*: Variable (13%) • 73% Rental Revenue: The 8% Tenants by 42% company collects the highest category 4% (m 2 of GLA) between a % of tenant monthly sales and a minimum rent (base 8% rent). Fixed (60%) 22% • 27% Othe
Slide 9: Shopping Mall Portfolio: Operating Metrics
Shopping Mall MallsPortfolio: - Operating A New Metrics Growth Cycle Accelerating Portfolio Expansion Through Acquisitions, Brownfield Opportunities and Greenfield Developments GLA (sqm) 9
Slide 10: Growing Presence of International Brands Across Our Malls
Growing Presence of International Brands Across Our Malls 10 10
Slide 11: Shopping Malls – Solid Operating Figures
Shopping Malls – Solid Operating Figures Tenant Sales (in real terms, ARS MM) Malls Revenues (ARS MM) FY 26 Malls Revenues (ARS MM) +1.5% -8.6% 359.050 364.494 364,494 Variable Rent 13.0% 4.090.433 3.739.833 87.662 98.147 Other Other Parking 6.5% Revenues Key Money +Brokerage Fee 14,2% Non-tradition
Slide 12: Shopping Malls – Strong EBITDA in USD Terms & High Occupancy
Shopping Malls – Strong EBITDA in USD Terms & High Occupancy COVID CRISIS 98,4% 99,1% 98,8% 99,0% 98,5% 98,5% 97,3% 97,4% 97,6% 97,7% 97,0% 96,5% 94,7% 93,2% 93,1% 89,9% +3.8% 176 171 169 160 152 154 149 143 141 139 129 130 93 89 58 19 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 2
Slide 13: Office Buildings - Operating Metrics
Office Buildings - Operating Metrics GLA (sqm) Leases (USD/sqm/month) & Occupancy (A+ & A)* 95,5% 99,6% 100,0% 85,5% 86,9% 83,892 26,4 74,392 25,5 25,4 59,348 58,074 58,553 25,2 25,2 FY 22 FY 23 FY 24 FY 25 FY 26 FY 22 FY 23 FY 24 FY 25 FY 26 *Excludes Class B assets (Philips building) 13
Slide 14: Hotels - Operating Metrics
Hotels - Operating Metrics Portfolio: Rate & Occupancy (USD/room & %) BA Hotels: Rate & Occupancy (USD/room & %) 70,7% 62,8% 62,1% 62,7% 31,7% 66,8% 64,2% 64,8% 60,9% 99 133 150 147 149 FY 22 FY 23 FY 24 FY 25 FY 26 40,1% Llao Llao: Rate & Occupancy (USD/room & %) 76,7% 69,3% 70,0% 61,2% 63,9% 243 2
Slide 15: FY 2026 Conference Call
FY 2026 Conference Call September 7, 2026
Slide 16: Real Estate Portfolio Strategy & Growth
Real Estate Portfolio Strategy & Growth Diversified Real Estate Growth Strategy IRSA Capacity to Grow Developing Owned Landbank ➢ Commercial surface (GLA th. sqm) ➢By Different Types of Investment 1.5x Greenfield 120 775 135 521 ~36 Acquisitions Developments Brownfield Retail Ramblas del Plata ➢By D
Slide 17: Renewed Growth in Shopping Malls Over the Last Two Years
Renewed Growth in Shopping Malls Over the Last Two Years Brownfields Development or expansion of existing shopping malls “Alto Comahue” (Neuquén Province) “Ribera Shopping” (Santa Fe Province) “Alto Noa” (Salta Province) “Abasto” (BA City) +500 sqm +1,000 sqm +Refuncionalization of spaces +2,500 sqm
Slide 18: Oeste Outlet Acquisition & Redevelopment Progress
Oeste Outlet Acquisition & Redevelopment Progress 18
Slide 19: Los Gallegos Shopping Mall Acquisition
Los Gallegos Shopping Mall Acquisition 19
Slide 20: Distrito Diagonal Shopping Mall Construction Progress
Distrito Diagonal Shopping Mall Construction Progress 20
Slide 21: Office Development: Zetta Building Expansion Launch
Office Development: “Zetta Building” Expansion Launch
Slide 22: Polo Dot Mixed-Use Development: Zetta Building
Polo Dot Mixed-Use Development: “Zetta Building” Zetta + Expansion Polo Dot Full Project 47.5k GLA sqm ~142k GLA + ~19k saleable sqm DOT Building DOT Baires Philips Recycling Shopping Zetta Building Zetta EXA Building GIGA Polo Dot Full Project: Stage 1: Dot Baires Shopping + Dot Building Stage 2: Z
Slide 23: Edificio Del Plata: Residential Redevelopment Underway
Edificio Del Plata: Residential Redevelopment Underway 23
Slide 24: Ramblas del Plata: A Major Development Contributing to BA City Growth
Ramblas del Plata: A Major Development Contributing to BA City Growth 870,000 278,000 STRATEGIC LOCATION Buildable sqm Green areas sqm 693,000 +10,000 Saleable sqm Family units
Slide 25: Ramblas del Plata: Commercialization Progress
Ramblas del Plata : Commercialization Progress Stage 1 + Extension 207k saleable sqm Extension Stage 2 + FO1 149k saleable sqm Stage 3 + A14 337k saleable sqm Stage 1 Commercialization progress 130 20 USD MM 2 Lots sold Sales & (45k saleable sqm) Barters price & 18 Swapped (167k saleable sqm) ~33k I
Slide 26: Ramblas del Plata Mixed-Use Development: Infrastructure Progress
Ramblas del Plata Mixed-Use Development: Infrastructure Progress
Slide 27: Puerto Madero Top Local & Regional Neighborhood
Puerto Madero Top Local & Regional Neighborhood Top Local Market (USD/sqm – New apartments) Top Regional Market (USD/sqm – Avge New & used apartments) Puerto Madero, Buenos Puerto Madero 7.290 6.550 Aires Belgrano Puerto Madero Vitacura, Santiago 5.200 3.786 150% above City Avg. Leblon, Río de Janei
Slide 28: 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) 69,461 63,682 55,590 54,761 47,8% 44,985 40,8% 40,539 35,91033,70637,398 33,753 33,443 26,7% 24,9% 28,832 16,5% 18,756 13,5% 9,4% ~300k 4,1% 3,7% 3,2%
Slide 29: ESG Working Progress & FY 2026 Highlights
ESG Working Progress & FY 2026 Highlights 29
Slide 30: Financial Performance
7 Financial Performance Abasto Shopping –BA City 30
Slide 31: Rental Adjusted EBITDA by Segment (USD million)
Rental Adjusted EBITDA by Segment (USD million) Shopping Malls Offices Hotels 199 188 9 7 14 162 167 163 13 2 15 19 20 131 14 13 12 115 26 95 8 18 9 176 169 141 28 139 130 44 93 0 89 58 25 19 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 C O V ID - 1 9 31
Slide 32: Debt Profile – June 30, 2026 (USD million)
Debt Profile – June 30, 2026 (USD million) Debt Profile Amortization Schedule Gross Debt 671.3 USD 230 million issued during FY 26 Net Debt 281.8 Local Series XXV (Jun-26): • Amount: USD 50 MM 156.3 156.3 161.1 • Rate: 3.75% Debt Ratios • Maturity: jun-27 Series XXIV Additional International 59.4 59
Slide 33: Book Net Asset Value (NAV) (USD million)
Book Net Asset Value (NAV) 1 (USD million) RAMBLAS DEL PLATA • Land Reserves: 333 • Barter Agreements: 120 Total 453 38 LTV 10.6% 133 282 188 532 43 186 Market Cap 2.649 1,321 2.367 P/NAV 1.529 0.56x Shopping Malls Offices Hotels Land reserves & Properties for Banco JV, Investees & Gross Asset Net D
Slide 34: IRSA Historical Dividends Distribution
IRSA Historical Dividends Distribution (in USD C C L million) 127.6 117.8 6.0 117.0 116.0 78,0 Avg. USD 69 mm 79.1 64.0 57.0 54.7 121.6 6.9 49.9 29.7 39.9 50.0 18.0 38.7 8.0 14.8 10.0 0 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26 Merger with IRCP 34
Slide 35: Why to Invest in IRSA?
Why to Invest in IRSA? ✓ Premium Portfolio and Strong Market Position ✓ Resilient Business, Natural Hedge to Inflation and Devaluation ✓ Strong Cash Generation and Low Leverage ✓ Experienced Management Team ✓ Strong Capital Markets’ Track Record 35
Slide 36: Institutional Presentation Contact us
Institutional Presentation IIIQ 2026 Contact us Our Website Our Email Our Phone Our Address Our Twitter www.irsa.com.ar ir@irsa.com.ar (+54) 911 4323- Della Paolera 261 @IRSAIR 7449 9th floor
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