Cresud SaBCBA: CRES

Conference Call Presentation | IIIT 2026

· Issued by Cresud SA
‌IIIQ 2026 Conference Call

May 8, 2026

Hosted by:

Alejandro Elsztain, CEO Matias Gaivironsky, CFO

Maximizing Agricultural Potential



‌Key Highlights for 9M26

2026 Campaign Progressing with Record Planted Area (both in owned & leased farms)

Favorable weather conditions overall, except for some regions where we operate, mainly in Brazil

Rising Commodity Prices and Input Costs

Reduction in export taxes supported prices in Argentina. Global Geopolitical Context Boosted Fertilizer and Fuel Costs

Argentina: Strong Crop Production Results

Record wheat production and good development of summer crops (soy C corn) support strong yields and production levels

BrasilAgro: Lower Production Results, Mainly in Sugarcane

Adverse weather events in certain regions impacted yields and margins in some crops

Livestock: Record Cattle Prices, Margins and Production

Ongoing intensification through feedlots in Salta and La Pampa

Real Estate: Subsequent sale of a 921-hectare farm fraction in Paraguay for USD 1.5 mm

USD 181.4 Million Notes Issuance in the Local Capital Market

During IIIQ 26 and subsequently, lowering the average financing cost for the company and extending tenor

1 2 3

4

5



6 7

2





‌Planted Area Evolution (Th. Ha) Crop Breakdown

Leased to 3rd parties Paraguay

Brazil

Argentina

278

262 14

226

10

283

24

220 220

217

279

24

13

14

283

28

277

21

171

299

18

12

6

312

18

162

14

11

12

197

213

208

13

12

181

101

123

123

106

109

109 120

139

129

119 123

119

139

152

Bolivia

SOYBEAN

+4.2%

50%

CORN

27%

OTHERS

8%

SUGARCANE

9%

WHEAT

6%

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26E

FY 2026 - Regional Planted Area

‌USD cents per bushel

2.400

2.200

SOYBEAN

BOOM POST-COVID & RUS/UKR WAR

Soybean Real Terms Soybean Nominal Terms Corn Real Terms

Soja Real

Soja Nominal Maiz Real

Maiz Nominal

Corn Nominal Terms

May 5, 2026

Since IIQ26

Nominal Δ

YOY

Nominal Δ

SOYBEAN

+15.9%

+15.1%

CORN

+5.7%

+4.3%

2.000

1.800

1.600

CORN

1.400

1.200

1.000

800

600

400

200



Commodity Price Trends - Nominal & Real Terms

Record wheat production and good development of summer crops (soy & corn) in Argentina support strong yields and production level



Adverse weather events in certain regions affected production, mainly in sugarcane.



‌Good Regional Weather Conditions Harvest Progress

May-25

Soybean

Corn

Argentina

7.0%

16.0%

Bolivia

100.0%

-

Brazil

100.0%

1.0%

Paraguay

25.0%

0.0%

Total Region

54.0%

11.0%



2026 Campaign - Climate Conditions and Harvest Progress

‌Crop Production (th. tn) Sugarcane Production (th. tn)

+22.6%

2,150

2,411

172 2,215

2,123 2,039 2,053

2,153

1.017

813

828

844

798

763

829

707

432

596

568

589

612

469

536

350

311

435

483

359

362

368

304

478

533

585

439

401

403

461

Region

146

105

2,239 2,110

147

182

111

1,919

112

118

Bolivia

Argentina

2,004

1,976

1,942 1,807 2,035 Brazil

1,857

FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26E

FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26E

Crop Yields (Tn/ha - regional average) Crop Yields (by Country)

6,28

6,21

6,38

5,47

5,57

5,93

5,09

5,50

Soybean Yield

(tn/ha)

FY 25

FY 26E

Var. %

Argentina

2.29

2.59

+13%

Brazil

3.13

3.30

+5%

Bolivia

1.03

1.67

+63%

Paraguay

0,93

2.58

+178%

Region average

2.60

2.89

+11%

Corn Yield

(tn/ha)

FY 25

FY 26E

Var. %

Argentina

5.25

5.85

+11%

Brazil

6.31

6.53

+4%

Bolivia

-

-

-

Paraguay

3.22

4.36

+36%

Region average

5.50

5.93

+8%

Corn

2,86

2,70

2,76

2,96

2,56

2,71

2,60



Soybean

2,89

FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 25 FY 26E

2026 Campaign: Agricultural Production Forecast

‌ International Steer Prices (Export) Livestock Inventory Evolution in Argentina

(Million heads)

704,119 heads



(USD/Kg carcass)



27,3

*Argentina: Price adjusted by tax exports and export FX

Expansion of a 3,000-head feedlot (El Tigre - La Pampa) Already under operation



Cattle Inventory, Production and Livestock Margin



57,6 59,7 61,7

*Source: Globaltecnos as of Apr-26

Cattle Heads (Thousands) Production (MM kg) Gross Margin (USD MM)

53,4

7,38

3,20

8,02

8,34

9,43

8,79

10,68

FY 23 FY 24 FY 25 FY 26E 7

Strong Livestock Activity in Argentina



‌Business Segments

Traded Volumes and Market Share Evolution (million & %)



7,56

7,60

6,44

6,65

5,76

6,83

6,10%

5,10

5,48

4,00

3,03

3,31

2,93%

2,97%

3,95%

4,71%

4,42%

5,65%

5,60%

6,41%

8,24%













15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23/24 24/25 25/26E

Notes Issuance for USD 28 MM (Jan-26)

Series IV Class A (USD)

  • Amount: USD 21 MM

  • Interest Rate: 7.9%

  • Interest Payment: Quarterly

  • Maturity: Jul-27

    Series IV Class B (USD linked)

  • Amount: USD 7 MM

  • Interest Rate: 8,5%

  • Interest Payment: Semiannual

  • Maturity: Jan-27

EBT Evolution (USD million) Net Income (ARS million)

25,1

25,1

26,5

15,2

12,0

10,6

5,1

7,6

2,6

28,2

11,172

7,758

15-16 16-17 17-18 18-19 19-20 20-21 21-22 22-23 23-24 24/25

9M25 9M26

Agricultural Commercial Services Performance (51.2% stake)

‌9M26 Main Events

Adjusted EBITDA by Segment (ARS million)

1

9M 26 NET GAIN OF ARS 239,741 MM

Strong performance across all rental segments

2

SHOPPING MALLS: INCREASE IN REVENUES & EBITDA

3

PREMIUM OFFICE PORTFOLIO: 100% OCCUPANCY AND SLIGHT INCREASE IN RENTS

4

HOTELS: IMPROVEMENT IN RATES, OCCUPANCY AND MARGINS

5

LAUNCH OF NEW OFFICE DEVELOPMENT FOR MERCADO LIBRE

Expansion and Integration with Zetta Building at Polo Dot Complex

6

RAMBLAS DEL PLATA: DEVELOPMENT AND COMMERCIALIZATION PROGRESS

2 additional lots swapped for USD 11.3 MM (13,286 saleable sqm)

Shopping Malls Office Buildings Hotels

S&D + Others

+3.5%

205,642

212,798

+37.4%

-19,529

-16,401

199,993

196,144

+2.0%

+14.8%

14,389

16,523

11,510

15,811

9M 25 9M 26

Investment in IRSA - Performance Overview (53.44% stake) ‌Financial Results



‌Nominal Official FX Evolution Nominal MEP FX Evolution

1205

15%

6%

5%

1380

6%

971

1455

1032

-5%

4%

1382

1074

Inflation Index Evolution

15%

1348

1209

24%

-10%

1503 1483

-1%

1214

-4%

18%

12%

1423

-3%

18%

1314

912

FY26 FY25

10121

11077

25%

9%

-4%

1168

FY26 FY25

FY Beginning IQ IIQ IIIQ

Real Official FX Evolution

1629

1592

8%

8856

6352

6%

12%

8%

9384

8%

7122

7694

9% 8353

FY Beginning IQ IIQ IIIQ

Real MEP FX Evolution

32%

1507

1272

-5%

-2%

1207 1188

-2%

-13%

-4%

1382

-8%

1139

FY26 FY25

FY Beginning IQ IIQ IIIQ

1880

1512

-20%

17%

1774

1510

-9%

-11%

1623

1344

-12%

+4%

1423

-26%

-6%

1393

-10%

FY26 FY25

FY Beginning IQ IIQ IIIQ

FY26 FY25

FY Beginning IQ IIQ IIIQ 11

FX & Inflation Evolution

‌Agribusiness (ARS million) Farming (ARS million)

Farmland sales Farming

33,141

5,696

-26,894

-23,206

12,994

12,532

-7,152

-2,636

Grains

9M 25

-7,253

9M 26

-29,783

Var %

310.6%

Sugarcane

11,483

-3,729

-132.5%

Cattle

8,318

10,651

28.0%

Agriculture Rent

& Service

-16

-345

-

Total

12,532

-23,206

-285.2%

FyO Others

13,090

-5,689

9M 25 9M 26

9M 26 - Agribusiness Results by Segment

‌Operating Income (excluding fair value changes) Change in Fair Value of Investment Properties

-6.4%

31,216

180,372

192,641

-182,253

9M 25 9M 26

9M 25 9M 26

9M 26 - Consolidated Operating Results (ARS million)

‌Net Financial Result Net Result

115,317

90,518

231,308

121,665

30,061

47,297

109,643

9M 25 9M 26

Key Drivers

9M 25

9M 26

Δ

Net FX Result

77,564

146,181

68,617

Net Interests

-49,292

-99,157

-49,865

Change in FV of Financial Assets & Liabilities

91,066

45,991

-45,075

Other Net Financial

Results

-26,843

-22,073

4,770

Inflation Adjustment

22,822

19,576

-3,246

77,358

9M 25 9M 26

Controlling interest Non-Controlling interest

9M 26 - Consolidated Results (ARS million)

‌Net Debt Evolution Amortization Schedule

Gross Debt

393.1

Series LII (abr-26):

  • Rate: 4,75%

  • Amount: USD 41.2M

  • Maturity: apr-28

Series L (Jan-26)

  • Rate: 4,75%

  • Amount: USD 40.8M

  • Maturity: mar-29

-17%

421

383

396

355

351

298

Series LI (Jan-26):

  • Amount: USD 46.8 MM

  • Rate: 5.75%

  • Maturity: jan-26

178.5

40.8

Series LIII (apr-26):

  • Rate: 6,25%

  • Amount: USD 23M

  • Maturity: apr-30

109.7

55.1

41.2

46.8

96.3

25.8

22.8

Banking Debt 3.0

23.0

62.9

FY 21 FY 22 FY 23 FY 24 FY 25 IIQ 26

FY 26 FY 27 FY 28 FY 29 FY 30

Warrants Expiration

(Mar-26)

Warrants exercised in Feb-26: 48,057,889

Total Warrants exercised: 98.2%

Total Shares Outstanding: 709,308,309 ordinary shares

Local Notes

Issuances

During IIIQ 26 and subsequently we issued USD

181.4 million in four series, lowering the average financing cost for the company and extending tenor

Standalone Debt Profile as of March 31, 2026 (USD million) ‌Contact Information

Alejandro Elsztain

CEO

Matías Gaivironsky

CFO

Santiago Donato

Head of IR & ESG

Corporate Offices Independent Auditors

https://www.cresud.com.ar ir@cresud.com.ar

+54 911 4323-7449 @CRESUDIR

Della Paolera 261, 9th Floor

C1001ADA - City of Buenos Aires, Argentina Tel: +54 11 4323 7400

PricewaterhouseCoopers Argentina

Bouchard 557, 7th Floor C1106ABG - City of Buenos Aires, Argentina

Tel: +54 11 4850 0000

Investing in all equities, including natural resources and real estate-related equities, carries risks which should be taken into consideration when making an investment.

This institutional presentation contains statements that constitute forward-looking statements, in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. You should be aware that any such forward looking statements are no guarantees of future performance and may involve risks and uncertainties, and that actual results may differ materially and adversely from those set forth in this presentation. We undertake no obligation to release publicly any revisions to such forward-looking statements to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements can be found in the companies'

Forms 20-F for Fiscal Year 2025 ended June 30, 2025, which are available for you in our websites.



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