IRSA Inversiones y Representaciones SA · BCBA:IRSA.CI

IRSA Inversiones y Representaciones SA — FY2026 Earnings Presentation

29 slides from IRSA Inversiones y Representaciones SA's earnings presentation, Sep 7, 2026

  1. Slide 1: FY 2026 Conference Call

    FY 2026 Conference Call September 7, 2026

  2. Slide 2: FY 26 Key Highlights

    FY 26 Key Highlights 1 FY26 Net Gain of ARS 420,977 MM Strong Operating Performance across rental segments 2 Record Rental Adjusted EBITDA in USD Terms Reaching ~ USD 200 million 3 Shopping Mall Portfolio Expansion – 18 Malls | +410k sqm GLA Acquisition and refurbishment works at Al Oeste Shopping,

  3. Slide 3: Shopping Malls Portfolio: A New Growth Cycle

    Shopping Mall MallsPortfolio: - Operating A New Metrics Growth Cycle Accelerating Portfolio Expansion Through Acquisitions, Brownfield Opportunities and Greenfield Developments GLA (sqm) 3

  4. Slide 4: Growing Presence of International Brands Across Our Malls

    Growing Presence of International Brands Across Our Malls 4 4

  5. Slide 5: 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

  6. Slide 6: 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

  7. Slide 7: 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) 7

  8. Slide 8: 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

  9. Slide 9: ESG Working Progress & FY 2026 Highlights

    ESG Working Progress & FY 2026 Highlights 9

  10. Slide 10: FY 2026 Conference Call

    FY 2026 Conference Call September 7, 2026

  11. Slide 11: Oeste Outlet Acquisition & Redevelopment Progress

    Oeste Outlet Acquisition & Redevelopment Progress 11

  12. Slide 12: Los Gallegos Shopping Mall Acquisition

    Los Gallegos Shopping Mall Acquisition 12

  13. Slide 13: Distrito Diagonal Shopping Mall Construction Progress

    Distrito Diagonal Shopping Mall Construction Progress 13

  14. Slide 14: Polo Dot Mixed-Use Development

    Polo Dot Mixed-Use Development 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: Zetta Building Stag

  15. Slide 15: Office Development: Zetta Building Expansion Launch

    Office Development: “Zetta Building” Expansion Launch

  16. Slide 16: Edificio Del Plata: Residential Redevelopment Underway

    Edificio Del Plata: Residential Redevelopment Underway 16

  17. Slide 17: 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

  18. Slide 18: Ramblas del Plata Mixed-Use Development: Infrastructure Progress

    Ramblas del Plata Mixed-Use Development: Infrastructure Progress

  19. Slide 19: Ramblas del Plata: Project Sales Phases

    Ramblas del Plata: Project Sales Phases Stage 1 + Extension Extension 207k saleable sqm Stage 2 + FO1 149k saleable sqm Stage 3 + A14 337k saleable sqm Stage 1 + Extension Commercialization progress 20 2 Lots sold & 18 Swapped (5 during FY26 + 2 subsequently) 130 Sales & Barters price (in USD millio

  20. Slide 20: Financials: Investment in Banco Hipotecario

    Financials: Investment in Banco Hipotecario 20

  21. Slide 21: IRSA Financial Results

    IRSA Financial Results

  22. Slide 22: FX & Inflation Evolution

    FX & Inflation Evolution Official FX (Nominal) MEP FX (Nominal) 1521 26% 1503 7% 1483 5% 1455 7% 1482 23% 24% -1% 1423 15% 1380 1382 1348 -4% -5% 1314 1205 1205 12% 12% 1209 4% 32% 6% 1032 1074 Inflation Index -10% 1214 -8% -10% 1209 6% 971 912 -4% 1168 7% 11.826 34% FY26 FY25 FY26 FY25 9% 11.077 8%

  23. Slide 23: FY 26 - Consolidated Income Statement

    FY 26 - Consolidated Income Statement P&L IVQ 26 IVQ 25 Var % FY 26 FY 25 Var % 1 Revenues 161,819 149,966 7.9% 657,599 625,706 5.1% 2 Costs -72,364 -60,368 19.9% -258,185 -245,375 5.2% 3 Gross Profit 89,455 89,598 -0.2% 399,414 380,331 5.0% 4 Change in Fair Value 161,521 197,564 -18.2% 193,797 -3,3

  24. Slide 24: FY 26 – Operating Results by Segment

    FY 26 – Operating Results by Segment Adjusted EBITDA (ARS million) Rental Adjusted EBITDA Margin Shopping Malls Offices Hotels S&D + Others +3.9% FY 25 FY 26 Δ (bps) 277,646 288,495 11,180 +31.1% 14,653 Shopping 20,812 22,847 77.9% 76.0% -1.9 +9.8% Malls Rental EBITDA Offices 77.7% 78.2% +0.5 -0.4%

  25. Slide 25: FY 26 – Consolidated Operating Results (ARS million)

    FY 26 – Consolidated Operating Results (ARS million) Operating Income (excluding fair value changes) Change in Fair Value of Investment Properties +7.6% 251,560 193,797 233,863 -3,338 FY 25 FY 26 FY 25 FY 26 25

  26. Slide 26: FY 26 – Consolidated Financial Results (ARS million)

    FY 26 – Consolidated Financial Results (ARS million) Net Financial Results Income Tax Net Result 86,515 420,977 54,431 27,467 261,911 1,250 FY 25 FY 26 393,510 Key Drivers FY 25 FY 26 Var -60,337 260,661 Net FX result 18,569 89,908 71,339 FV of financial 79,569 50,166 -29,403 assets and liabilities

  27. Slide 27: 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 27

  28. Slide 28: 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

  29. Slide 29: Contact Information

    Contact Information NYSE Symbol: IRS | BYMA Symbol: IRSA Eduardo Elsztain Matias Gaivironsky Santiago Donato Chairman & CEO CFO Head of IR & ESG Corporate Offices Independent Auditors Della Paolera 261, 9th Floor PricewaterhouseCoopers Argentina Tel: +54 11 4323 7400 Tel +54 11 4850 0000 C1001ADA –

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