Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : Earnings Release | IIIQ 2026

About this update from Cresud Sa

Earnings Release Third Quarter of Fiscal Year 2026 Join the Conference Call for the Third Quarter of Fiscal Year 2026 May 8, 2026 01:30 PM (Buenos Aires) 12:30 PM (US EST) The call will be hosted by: Alejandro Elsztain, CEO Matias Gaivironsky, CFO To participate the Conference Call*, please register here Webinar ID: 891 9471 0565 Password: 121281 *We recommend joining 10 minutes prior to the call. The conference will be held in English. As of May 7, 2026 Outstanding Shares 709,308,309 Treasury 56,345 ADS (American Depositary Shares) 70,930,830 Market Capitalization Earnings Release | IIIQ26 / 3 » USD 794.4 MM MAIN HIGHLIGHTS OF THE PERIOD NET INCOME FOR THE NINE-MONTH PERIOD OF FY2026 recorded a GAIN OF ARS 231,308 MILLION , compared to a gain of ARS 77,358 million in the same period of FY2025, mainly driven by the operating performance of the Urban Properties and Investments business (IRSA). ADJUSTED EBITDA for the period reached ARS 202,839 MILLION , 12.0% below the same period of FY2025. Adjusted EBITDA from the agribusiness segments was a gain of ARS 13,646 million, while the Urban Properties and Investments segment (through IRSA) recorded a gain of ARS 214,587 million. The 2026 CAMPAIGN is progressing under generally favorable weather conditions, except in some regions where BrasilAgro operates, amid rising international commodity prices and higher input costs. We planted 311,000 hectares across the region, 4.2% above the previous campaign. ARGENTINA RECORDED SOLID GRAIN PRODUCTION RESULTS , with record wheat production and strong development of summer crops -soybeans and corn- supporting good yields and production levels. Meanwhile, BrasilAgro faces a more challenging environment, impacted by adverse weather events in certain regions, tighter margins in some crops, and a lower contribution from sugarcane. LIVESTOCK ACTIVITY continues to benefit from firm cattle prices, supported by international demand and a strong local market, allowing for solid production margins. Subsequent to quarter-end, WE ISSUED SERIES LII AND LIII NOTES IN THE LOCAL market for a total amount of USD 64.2 MILLION , reducing the company's average financing cost. Contact Information Website E-mail https://www.cresud.com.ar [email protected] X Phone @CRESUDIR +54 911 4323-7449 Brief comment on the Company's activities during the period, including references to significant events that occurred after the end of the period. Consolidated Results (In ARS million) 9M 26 9M 25 YoY Var Revenues 965,514 838,799 15.1% Costs -593,922 -520,191 14.2% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 8,729 22,615 -61.4% Changes in the net realizable value of agricultural produce after harvest 2,988 2,358 26.7% Gross profit 383,309 343,581 11.6% Net gain from fair value adjustment on investment properties 31,216 -182,253 - Gain from disposal of farmlands 782 34,175 -97.7% General and administrative expenses -104,351 -102,087 2.2% Selling expenses -82,465 -77,564 6.3% Other operating results, net 3,061 -3,163 - Management Fee -19,964 -2,301 767.6% Result from operations 211,588 10,388 1936.9% Depreciation and Amortization 53,288 52,105 2.3% Rights of use installments -30,087 -17,866 68.4% EBITDA (unaudited) 234,789 44,627 426.1% Adjusted EBITDA (unaudited) 202,839 230,379 -12.0% Results from joint ventures and associates 20,761 13,275 56.4% Result from operations before financing and taxation 232,349 23,663 881.9% Financial results, net 90,518 115,317 -21.5% Result before income tax 322,867 138,980 132.3% Income tax expense -91,559 -61,622 48.6% Result for the period from continuing operations 231,308 77,358 199.0% Result from discontinued operations after taxes. - - - Result for the period 231,308 77,358 199.0% Attributable to Equity holder of the parent 121,665 30,061 304.7% Non-controlling interest 109,643 47,297 131.8% Consolidated revenues increased 15.1% during the nine-month period of fiscal year 2026, while Adjusted EBITDA decreased 12.0% compared to the same period of fiscal year 2025. Adjusted EBITDA from agribusiness segments was a gain of ARS 13,646 million, while the Urban Properties and Investments segment (through IRSA) recorded a gain of ARS 214,587 million. Net income for the first half of fiscal year 2026 was a gain of ARS 231.308 million, compared to a gain of ARS 77,358 million in the same period of the previous year. Description of Operations by Segment 9M 2026 Agribusiness Urban Properties and Investments Total 9M 26 vs. 9M 25 Revenues 505,820 373,352 879,172 16.7% Costs -420,369 -80,614 -500,983 16.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 5,620 - 5,620 -72.2% Changes in the net realizable value of agricultural produce after harvest 2,988 - 2,988 26.7% Gross profit 94,059 292,738 386,797 11.7% Net gain from fair value adjustment on investment properties - 30,126 30,126 - Gain from disposal of farmlands 782 - 782 -97.7% General and administrative expenses -37,999 -66,863 -104,862 2.2% Selling expenses -59,565 -23,407 -82,972 6.8% Other operating results, net -4,888 7,408 2,520 - Result from operations -7,611 240,002 232,391 1,488.1% Share of profit of associates 800 19,244 20,044 65.9% Segment result -6,811 259,246 252,435 844.8% 9M 2025 Agribusiness Urban Properties and Investments Total Revenues 395,890 357,489 753,379 Costs -346,674 -83,103 -429,777 Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 20,191 - 20,191 Changes in the net realizable value of agricultural produce after harvest 2,358 - 2,358 Gross profit 71,765 274,386 346,151 Net gain from fair value adjustment on investment properties -1,752 -180,204 -181,956 Gain from disposal of farmlands 34,175 - 34,175 General and administrative expenses -41,563 -61,048 -102,611 Selling expenses -54,652 -23,073 -77,725 Other operating results, net 4,514 -7,915 -3,401 Result from operations 12,487 2,146 14,633 Share of profit of associates -55 12,140 12,085 Segment result 12,432 14,286 26,718 2026 Campaign The 2026 regional campaign is progressing with solid overall performance, within a context of international commodity prices that have shown some recovery from the lows observed at the end of 2025, although still at moderate levels in historical terms, and with elevated input costs. In Argentina, the campaign is evolving in line with expectations, with strong production levels and projected yields for soybean and corn. While some weather-related challenges were recorded during the summer in certain regions, conditions later normalized, allowing production expectations to remain intact toward the end of the cycle. In this context, an improvement in crop prices is being observed, particularly in soybean, supported by the reduction in export taxes. The agricultural sector continues to benefit from a more predictable macroeconomic environment, with increased certainty following the October election results and ongoing progress in the regulatory framework, including the gradual reduction of grain export taxes and exchange rate convergence. In the livestock segment, a solid performance is expected, with high production levels and cattle prices supported by both local and international demand, allowing margins to remain positive within a context of productive intensification and operational efficiency. Our Portfolio During the nine-month period of fiscal year 2026, our portfolio under management totaled 709,845 hectares, of which 289,223 hectares were productive, and 420,622 were land reserves across the four countries in which we operate. Breakdown of Hectares Own and under Concession (*) (**) (***) Productive Lands Reserved Total Agricultural Cattle Argentina 69,560 138,419 318,957 526,936 Brazil 49,150 3,963 61,427 114,540 Bolivia 8,776 0 1,244 10,020 Paraguay 14,451 4,904 38,994 58,349 Total 141,937 147,286 420,622 709,845 (*) Includes Brazil, Paraguay, Agro-Uranga S.A. at 34.86% and 132,000 hectares under Concession. (**) Includes 85,000 hectares intended for sheep breeding (***) Excludes double crops. Leased (*) Agricultural Cattle Other Total Argentina 66,175 10,896 - 77,071 Brazil 62,997 - 8,548 71,545 Bolivia 1,065 - - 1,065 Total 130,237 10,896 8,548 149,681 (*) Excludes double crops. Segment Income - Agricultural Business Land Development and Sales We periodically sell properties that have reached attractive valuation levels to reinvest in new farms with higher appreciation potential. Sale decisions are based on several factors, including expected future yields, the availability of alternative investment opportunities and cyclical factors affecting farmland values. in ARS million 9M 26 9M 25 YoY Var Revenues - - - Costs -378 -285 32.6% Gross loss -378 -285 32.6% Net gain from fair value adjustment on investment properties - -1,752 -100.0% Gain from disposal of farmlands 782 34,175 -97.7% General and administrative expenses -193 -85 127.1% Selling expenses -47 -1,095 -95.7% Other operating results, net 5,532 2,183 153.4% Result from operations 5,696 33,141 -82.8% Segment result 5,696 33,141 -82.8% Depreciations and amortizations 42 40 5.0% EBITDA 5,738 33,181 -82.7% Adjusted EBITDA 5,738 34,934 -83.6% Segment profit decreased by ARS 27,445 million compared to the nine-month period of fiscal year 2025, mainly due to lower results from farmland sales. After the end of the period, on May 4, 2026, BrasilAgro completed the sale of a 921-hectare area (501.5 productive hectares) of the "Morotí" farm, located in Paraguay, which was originally acquired in 2013, for USD 1.5 million. Following this transaction, BrasilAgro retains 57,800 hectares of this property. The result of the sale will be recognized in the fourth quarter of the fiscal year 2026. Agricultural Production The Agricultural Production segment reported a loss of ARS 21,214 million during the nine-month period of fiscal year 2026, compared to a loss of ARS 14,032 million in the same period of the previous fiscal year. in ARS million 9M 26 9M 25 YoY Var Revenues 348,501 292,735 19.0% Costs -307,927 -247,225 24.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 5,620 20,191 -72.2% Changes in the net realizable value of agricultural produce after harvest 2,988 2,358 26.7% Gross profit 49,182 68,059 -27.7% General and administrative expenses -22,234 -22,456 -1.0% Selling expenses -36,935 -32,722 12.9% Other operating results, net -13,219 -349 3687.7% Results from operations -23,206 12,532 -285.2% Results from associates 1,992 1,500 32.8% Segment results -21,214 14,032 -251.2% EBITDA -14,203 33,780 -142.0% Adjusted EBITDA -8,492 30,202 -128.1% Crops and Sugarcane Crops in ARS million 9M 26 9M 25 YoY Var Revenues 348,501 292,735 19.0% Costs -307,927 -247,225 24.6% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest 5,620 20,191 -72.2% Changes in the net realizable value of agricultural produce after harvest 2,988 2,358 26.7% Gross result 49,182 68,059 -27.7% General and administrative expenses -22,234 -22,456 -1.0% Selling expenses -36,935 -32,722 12.9% Other operating results, net -13,219 -349 3,687.7% Result from operations -23,206 12,532 -285.2% Results from associates 1,992 1,500 32.8% Activity Profit -21,214 14,032 -251.2% Sugarcane in ARS million 9M 26 9M 25 YoY Var Revenues 49,703 67,787 -26.7% Costs -39,027 -54,716 -28.7% Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest -6,135 6,614 -192.8% Gross result 4,541 19,685 -76.9% General and administrative expenses -3,847 -3,608 6.6% Selling expenses -2,691 -1,693 58.9% Other operating results, net -1,732 -2,901 -40.3% Profit from operations -3,729 11,483 -132.5% Activity profit -3,729 11,483 -132.5% Operations Production Volume (1) 9M 26 9M 25 9M 24 Corn 242,084 138,295 235,400 Soybean 166,540 189,216 151,007 Wheat 61,932 44,440 28,775 Sorghum 350 1,078 3,154 Sunflower 3,051 - 971 Cotton 25,599 20,449 14,685 Other 14,079 8,400 15,741 Total Crops (tons) 513,635 401,878 449,733 Sugarcane (tons) 971,466 1,340,673 1,305,064 Includes BrasilAgro, Acres del Sud, Ombú, Yatay y Yuchán. Excludes Agro-Uranga. Next, we present the total volume sold according to its geographical origin measured in tons: Volume of 9M 26 9M 25 9M 24 Sales (3) M.L. (1) M.E. (2) Total M.L. (1) M.E. (2) M.L. (1) M.E. (2) Total M.L. (1) Corn 195.0 36.5 231.5 150.4 20.0 170.4 199.9 94.4 294.3 Soybean 106.3 98.5 204.8 44.7 120.0 164.7 34.4 81.5 115.9 Wheat 40.3 - 40.3 23.8 - 23.8 28.4 - 28.4 Sorghum 0.4 - 0.4 12.8 - 12.8 3.7 - 3.7 Sunflower 2.4 - 2.4 0.6 - 0.6 3.5 - 3.5 Cotton 17.2 4.6 21.8 12.2 5.1 17.3 12.6 3.6 16.2 Others 11.3 1.4 12.7 9.9 - 9.9 13.0 - 13.0 Total Crops (thousand ton) 372.9 141.0 513.9 254.4 145.1 399.5 295.5 179.5 475.0 Sugarcane (thousands ton) 971.5 - 971.5 1,340.7 - 1,340.7 1,305.1 - 1,305.1 Local Market International Market Includes BrasilAgro. Does not include Agro-Uranga S.A The Grains activity presented a negative variation of ARS 35,246 million, from a ARS 14,032 million gain during the nine-month period of fiscal year 2025 to a loss of ARS 21,214 million loss during the same period of fiscal year 2026, mainly because of: A loss in production and sales results in Brazil, mainly in cotton, due to lower average prices per ton and higher costs, partially offset by higher volumes commercialized in corn and, to a lesser extent, in soybeans, in a context of margin pressure. Partially offset by an improvement in production and holding results in Argentina, driven by higher yields, better prices and a positive holding result, in a context where prices outpaced inflation. The result of the Sugarcane activity decreased by 132.5%, from a gain of ARS 11.483 million in the nine-month period of fiscal year 2025 to a ARS 3,729 million loss in the same period of 2026. This decline is mainly due to lower sales and production results in Brazil, driven by reduced volumes commercialized, lower selling prices and higher costs, in a context affected by adverse weather conditions, primarily fires and frosts. Area in Operation (hectares) (1) As of 03/31/26 As of 03/31/25 YoY Var Own farms 110,828 113,431 -2.3% Leased farms 164,597 151,231 8.8% Farms under concession 22,105 22,469 -1.6% Own farms leased to third parties 17,943 14,507 23.7% Total Area Assigned to Production 315,473 301,638 4.6% (1) Includes Agro-Uranga. Cattle Production 9M 26 9M 25 9M 24 Cattle herd (tons) (1) 9,384 8,910 7,311 Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of each head of livestock we own. Volume of 9M 26 9M 25 9M 24 Sales (1) D.M F.M Total D.M F.M Total D.M F.M Total Cattle herd 18.5 - 18.5 12.8 - 12.8 9.5 - 9.5 D.M.: Domestic market F.M.: Foreign market Cattle In ARS Million 9M 26 9M 25 YoY Var Revenues 78,804 42,812 84.1% Costs -68,940 -35,151 96.1% Initial recognition and changes in the fair value of biological assets and agricultural produce 6,848 7,449 -8.1% Changes in the net realizable value of agricultural produce after harvest 56 -44 - Gross Profit 16,768 15,066 11.3% General and administrative expenses -2,042 -2,485 -17.8% Selling expenses -2,950 -2,757 7.0% Other operating results, net -1,125 -1,506 -25.3% Result from operations 10,651 8,318 28.0% Results from associates 20 3 566.7% Activity Result 10,671 8,321 28.2% Area in operation - Cattle (hectares) (1) As of 03/31/26 As of 03/31/25 YoY Var Own farms 59,410 69,034 -13.9% Leased farms 10,896 10,896 - Farms under concession 2,876 2,696 6.7% Own farms leased to third parties - 2,895 -100.0% Total Area Assigned to Cattle Production 73,182 85,521 -14.4% (1) Includes Agro-Uranga, Brazil and Paraguay, Stock of Cattle Heard As of 03/31/26 As of 03/31/25 YoY Var Breeding stock 56,019 66,574 -15.9% Winter grazing stock 20,813 15,579 33.6% Sheep stock 12,678 12,863 -1.4% Total Stock (heads) 89,510 95,016 -5.8% The result of the Cattle activity increased by 28.2%, from a gain of ARS 8,321 million gain during the nine-month period of fiscal year 2025 to a gain of ARS 10,671 million in the same period of fiscal year 2026. This increase is mainly explained by a stronger productive performance, together with higher prices and volumes sold, in a context where cattle prices outpaced inflation, partially offset by higher costs. Agricultural Rental and Services In ARS Million 9M 26 9M 25 YoY Var Revenues 4,771 7,527 -36.6% Costs -4,226 -6,157 -31.4% Gross profit 545 1,370 -60.2% General and Administrative expenses -456 -774 -41.1% Selling expenses -335 -318 5.3% Other operating results, net -99 -294 -66.3% Result from operations -345 -16 2,056.3% Activity Result -345 -16 2,056.3% The result of the activity decreased by ARS 329 million, moving from a loss of ARS 16 million during the nine-month period of fiscal year 2025 to a loss of ARS 345 million in the same period of fiscal year 2026. Other Segments We include within "Others" the results coming from our investment in FyO. The result of the segment increased by ARS 40,703 million, going from a ARS 28,449 million loss during the nine-month period of fiscal year 2025 to a gain of ARS 12,254 million for the same period of fiscal year 2026 , as a result of a normalization of operating results, as in the prior year, due to hedging strategies, a significant portion of the results was recognized within financial results. In addition, performance improved in stockpiling and consignment operations, driven by higher volumes handled, better market prices, and a recovery in brokerage and input sales activities. In ARS Million 9M 26 9M 25 YoY Var Revenues 157,319 103,155 52.5% Costs -112,064 -99,164 13.0% Gross result 45,255 3,991 1,033.9% General and administrative expenses -12,025 -12,730 -5.5% Selling expenses -22,583 -20,835 8.4% Other operating results, net 2,799 2,680 4.4% Result from operations 13,446 -26,894 - Profit from associates -1,192 -1,555 -23.3% Segment Result 12,254 -28,449 - EBITDA 16,430 -23,886 - Adjusted EBITDA 16,400 -23,926 - Corporate Segment The negative result went from a loss of ARS 6,292 million in the nine-month period of the fiscal year 2025 to a ARS 3,547 million loss in the same period of fiscal year 2026. In ARS Million 9M 26 9M 25 YoY Var General and administrative expenses -3,547 -6,292 -43.6% Loss from operations -3,547 -6,292 -43.6% Segment loss -3,547 -6,292 -43.6% EBITDA -3,526 -6,292 -44.0% Adjusted EBITDA -3,526 -6,292 -44.0% Urban Properties and Investments Business (through our subsidiary Irsa Inversiones y Representaciones Sociedad Anónima) We operate our Urban Properties and Investments segment through our subsidiary IRSA.. As of March 31, 2026, our direct and indirect equity interest in IRSA was 53.44% over stock capital. Consolidated results of our subsidiary IRSA Inversiones y Representaciones S.A. en ARS Millones 9M 26 9M 25 Var a/a Revenues 463,771 444,953 4.2% Results from operations 238,704 -401 - EBITDA 251,128 12,164 1,964.5% Adjusted EBITDA 214,587 207,368 3.5% Segment results 259,246 14,286 1,714.7% Consolidated revenues from sales, rentals and services increased 4.2% during the nine-month period of fiscal year 2026 compared to the same period of 2025. Adjusted EBITDA reached ARS 214,587 million, 3.5% higher than in the same period of the previous fiscal year. Financial Indebtedness and Other The following tables contain a breakdown of the company's indebtedness as of March 31, 2026: Agricultural Business Description Currency Amount (USD MM) (1)(2) Interest Rate Maturity Loans and bank overdrafts ARS 3.0 Variable < 30 days Series XLII USD 10.2 0.00% may-26 Series XLV USD 10.2 6.00% aug-26 Series XL USD 25.6 0.00% dec-26 Series XLIV USD 39.8 6.00% jan-27 Series LI USD 46.8 5.75% jan-27 Series XLVI USD 23.8 1.50% jul-27 Series XLIX USD 31.3 7.25% sep-27 Series XLVIII USD 43.7 8.00% jul-28 Series XLVII USD 64.4 7.00% nov-28 Series L USD 70.4 7.25% mar-29 Other debt USD 24,0 CRESUD's Total Debt (3) USD 393.2 Cash and cash equivalents (3) USD 42.3 CRESUD's Net Debt USD 350.9 Brasilagro's Total Net Debt USD 171.2 Net of repurchases Principal amount stated in USD (million) at an exchange rate of 1,382.0 ARS/USD and 5.1819 BRL/USD, without considering accrued interest or elimination of balances with subsidiaries. Does not include FyO Urban Properties and Investments Business Description Currency Amount (USD MM) (1) Interest Rate Maturity Bank overdrafts ARS 0.9 Variable < 360 days Series XX USD 21.3 6.00% jun-26 Series XVIII USD 21.4 7.00% feb-27 Series XXII USD 15.8 5.75% oct-27 Series XIV USD 67.1 8.75% jun-28 Series XXIII USD 51.5 7.25% oct-29 Series XVIV USD 473.7 8.00% mar-35 IRSA's Total Debt USD 651.7 Cash & Cash Equivalents + Investments (2) USD 367.4 IRSA's Net Debt USD 284.3 Principal amount in USD (million) at an exchange rate of ARS 1,382.0/USD, without considering accrued interest or eliminations of balances with subsidiaries. Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies' notes holding. Comparative Summary Consolidated Balance Sheet Data In ARS million Mar-26 Mar-25 Mar-24 Current assets 1,621,000 1,556,522 1,408,720 Non-current assets 4,886,496 4,572,292 4,765,387 Total assets 6,507,496 6,128,814 6,174,107 Current liabilities 1,131,838 1,244,062 1,302,379 Non-current liabilities 2,560,867 2,364,455 2,113,225 Total liabilities 3,692,705 3,608,517 3,415,604 Total capital and reserves attributable to the shareholders of the controlling company 1,307,042 1,119,242 1,198,988 Minority interests 1,507,749 1,401,055 1,559,515 Shareholders' equity 2,814,791 2,520,297 2,758,503 Total liabilities plus minority interests plus shareholders' equity 6,507,496 6,128,814 6,174,107 Comparative Summary Consolidated Statement of Income Data In ARS million Mar-26 Mar-25 Mar-24 Gross profit 383,309 343,581 425,967 Profit from operations 211,588 10,388 -483,098 Results from associates and joint ventures 20,761 13,275 61,369 Profit from operations before financing and taxation 232,349 23,663 -421,729 Financial results, net 90,518 115,317 202,057 Profit before income tax 322,867 138,980 -219,672 Income tax expense -91,559 -61,622 174,366 Result for the period 231,308 77,358 -45,306 Controlling company's shareholders 121,665 30,061 53,913 Non-controlling interest 109,643 47,297 -99,219 Comparative Summary Consolidated Statement of Cash Flow Data In ARS million Mar-26 Mar-25 Mar-24 Net cash generated by / (used in) operating activities 45,591 -1,791 134,047 Net cash (used in) / generated by investment activities -334,188 -44,970 197,168 Net cash generated by / (used in) in financing activities 112,705 295,948 -410,406 Total net cash (used) / generated during the period -175,892 249,187 -79,191 Ratios In ARS million Mar-26 Mar-25 Mar-24 Liquidity (1) 1.43 1.25 1.08 Solvency (2) 0.76 0.70 0.81 Restricted capital (3) 0.75 0.75 0.77 Indebtedness (4) 2.83 3.22 2.85 Current Assets / Current Liabilities Total Shareholders' Equity/Total Liabilities Non-current Assets/Total Assets Total Liabilities / Equity attributable to the controlling interest. Material events of the quarter and subsequent events January 2026: Notes Issuance On January 20, 2026, the Company reopened the Series L Notes on the local market for USD 40.8 million, The issuance price was 100.75% and the total nominal value of the Series L after the additional issuance is USD 70.4 million. On the same date, January 20, 2026, Cresud also issued Series LI Notes in dollars for USD 46.8 million, with 5.75% interest rate, with semi-annual payments. The Capital amortization will be 100% at maturity, on January 20, 2027. The issuance price was 100.0%. February and March 2026: Warrants Exercise and Expiration Between February 17 and 25, 2026, certain warrants holders have exercised their right to acquire additional shares. Therefore, a total of 60,565,872 ordinary shares of the Company were registered, with a face value of ARS 1. As a result of the exercise, USD 11,119,194 were collected by the Company. After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 648,742,437 to 709,308,309 leaving 1,650,742 options outstanding and unexercised, which expired on March 10, 2026. April 2026: Notes Issuance On April 30, 2026, the Company issued notes in the local market for a total amount of USD 64.2 million. The main terms and conditions of the issuance are as follows: Series LII Notes, denominated in dollars, for USD 41.2 million, with 4.75% interest rate with semiannual interest payments (except for the first payment, which will be made nine (9) months after the Issue and Settlement Date, and the second payment, which will be made three (3) months thereafter). Principal will be repaid in a single installment at maturity, on April 30, 2028. The issuance price was 100.0%. Series LIII Notes, denominated in dollars, for USD 23.0 million, with 6.25% interest rate with semiannual interest payments (except for the first payment, which will be made nine (9) months after the Issue and Settlement Date, and the second payment, which will be made three (3) months thereafter). Principal will be repaid in a single installment at maturity, on April 30, 2030. The issuance price was 100.0%. Proceeds will be primarily used to refinance existing liabilities and for working capital in Argentina. EBITDA Reconciliation In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) result of discontinued operations, (ii) income tax expense, (iii) financial results, net iv) results from participation in associates and joint ventures; and (v) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus net profit from changes in the fair value of investment properties, not realized and realized sales. EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors supplemental measures of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit for the relevant period to EBITDA and Adjusted EBITDA for the periods indicated: For the nine-month period ended March 31 (in ARS million) 2026 2025 Result for the period 231,308 77,358 Income tax expense 91,559 61,622 Net financial results -90,518 -115,317 Share of profit of associates and joint ventures -20,761 -13,275 Depreciation and amortization 53,288 52,105 Rights of use installments -30,087 -17,866 EBITDA (unaudited) 234,789 44,627 Gain from fair value of investment properties, not realized - agribusiness - 1,752 Gain from fair value of investment properties, not realized - Urban Properties Business -31,216 180,501 Realized sale - Real Estate 1,869 -3,942 Initial recognition and changes in fair value of biological assets -8,608 -22,550 Realized initial recognition and changes in fair value of biological assets 14,289 18,933 Impairment Result on trading properties -8,284 11,058 Adjusted EBITDA (unaudited) 202,839 230,379 Brief comment on prospects for the fiscal year The 2026 regional crop season is progressing with a solid overall performance, in a context of international commodity prices that have shown a modest recovery from the lows observed at the end of 2025, although still at moderate levels by historical standards, and with input costs remaining elevated-particularly fertilizers and fuel-amid a global geopolitical environment that continues to exert upward pressure on prices. In Argentina, the campaign is developing in line with expectations, with solid production levels and projected yields for soybeans and corn. Although some regions experienced weather-related challenges during the summer, conditions have normalized, allowing production expectations to be maintained toward the end of the cycle. In terms of prices, an improvement is being observed in key crops-particularly soybeans-driven by the reduction in export taxes, which supports business margins. In livestock, we expect a very strong campaign close, with high levels of beef production and firm prices supported by robust local and international demand. At BrasilAgro, the campaign is more challenging, affected by adverse weather events in certain regions, tighter margins in some crops, and a lower contribution from sugarcane. This environment has been further impacted by higher financial expenses due to elevated interest rates, as well as increased commercial expenses associated with higher sales volumes. Regarding agricultural real estate activity, early signs of recovery in land values in Argentina continue to emerge, together with increased interest in our assets across the country and the region. After quarter-end, BrasilAgro completed the sale of a 921-hectare fraction of its farm in Paraguay. We will continue advancing portfolio rotation as part of our strategy, prioritizing the sale of farms that have reached their maximum appreciation levels. Our agribusiness services segment, through FyO, continues to show solid performance in grain commercialization and in the development of the inputs business, while Amauta continues to strengthen its sustainable plant nutrition offering in Argentina and the region. At IRSA, income-generating segments-shopping malls, offices, and hotels-continue to deliver solid results, and a strong year-end is expected. Progress is also being made on strategic projects, including the Distrito Diagonal shopping center in La Plata, the Edificio del Plata in downtown Buenos Aires, and infrastructure works at Ramblas del Plata, where construction of the first buildings is expected to begin in the next fiscal period. In line with the policies of recent years, we will continue to focus on improving cost structure efficiency and strengthening our financial position, maintaining adequate liquidity levels to meet our obligations and capture investment opportunities. With a diversified portfolio of rural and urban real estate, an experienced management team, and strong access to capital markets, CRESUD is well positioned to complete the 2026 campaign and continue capturing opportunities in the current economic environment. Alejandro G. Elsztain CEO Unaudited Condensed Interim Consolidated Statement of Financial Position as of March 31, 2026 and June 30, 2025 (All amounts in millions of Argentine pesos, except otherwise indicated) 03.31.2026 06.30.2025 ASSETS Non-current assets Investment properties 3,054,359 3,007,207 Property, plant and equipment 884,289 891,462 Trading properties 209,925 156,007 Intangible assets 35,016 35,649 Right-of-use assets 174,801 152,650 Biological assets 62,512 54,479 Investment in associates and joint ventures 251,151 234,584 Deferred income tax assets 18,458 16,112 Income tax credit 62 95 Restricted assets 5,199 - Trade and other receivables 158,875 219,810 Investment in financial assets 29,546 34,813 Derivative financial instruments 2,303 3,088 Total non-current assets 4,886,496 4,805,956 Current assets Trading properties 49,097 44,649 Biological assets 225,219 132,193 Inventories 153,144 221,913 Income tax credit 1,000 1,515 Trade and other receivables 519,771 553,941 Investment in financial assets 517,098 282,961 Derivative financial instruments 15,748 8,483 Cash and cash equivalents 139,923 313,784 Total current assets 1,621,000 1,559,439 TOTAL ASSETS 6,507,496 6,365,395 SHAREHOLDERS' EQUITY Shareholders' equity (according to corresponding statement) 1,307,042 1,214,066 Non-controlling interest 1,507,749 1,555,075 TOTAL SHAREHOLDERS' EQUITY 2,814,791 2,769,141 LIABILITIES Non-current liabilities Trade and other payables 69,155 96,786 Borrowings 1,287,332 1,009,883 Deferred income tax liabilities 1,045,957 1,080,183 Provisions 42,190 40,567 Payroll and social security liabilities 807 156 Lease liabilities 110,503 110,635 Derivative financial instruments 4,923 4,962 Total non-current liabilities 2,560,867 2,343,172 Current liabilities Trade and other payables 425,898 413,432 Borrowings 488,374 670,159 Provisions 5,865 6,559 Payroll and social security liabilities 40,574 47,616 Income tax liabilities 95,725 70,984 Lease liabilities 57,557 39,851 Derivative financial instruments 17,845 4,481 Total Current liabilities 1,131,838 1,253,082 TOTAL LIABILITIES 3,692,705 3,596,254 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 6,507,496 6,365,395 Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income for the nine and three-month periods ended March 31, 2026 and 2025 (All amounts in millions of Argentine pesos, except otherwise indicated) Nine months Three months 03.31.2026 03.31.2025 Restated 03.31.2026 03.31.2025 Restated Revenues 965,514 838,799 252,687 240,579 Costs (593,922) (520,191) (144,877) (139,242) Initial recognition and changes in the fair value of biological assets and agricultural products at 8,729 22,615 15,025 16,320 the point of harvest Changes in the net realizable value of agricultural products after harvest 2,988 2,358 (4,852) 4,958 Gross profit 383,309 343,581 117,983 122,615 Net gain / (loss) from fair value adjustment of investment properties 31,216 (182,253) (170,699) 145,794 Gain from disposal of farmlands 782 34,175 782 17 General and administrative expenses (104,351) (102,087) (35,293) (34,020) Selling expenses (82,465) (77,564) (22,071) (25,047) Other operating results, net 3,061 (3,163) (2,615) (1,439) Management fees (19,964) (2,301) (12,153) (2,301) Profit / (loss) from operations 211,588 10,388 (124,066) 205,619 Share of profit / (loss) of associates and joint ventures 20,761 13,275 9,301 (20,780) Profit / (loss) before financial results and income tax 232,349 23,663 (114,765) 184,839 Finance income 12,200 7,807 4,845 2,984 Finance cost (130,215) (69,128) (45,490) (15,701) Other financial results 188,957 153,816 165,316 19,795 Inflation adjustment 19,576 22,822 4,922 11,243 Financial results, net 90,518 115,317 129,593 18,321 Profit before income tax 322,867 138,980 14,828 203,160 Income tax (91,559) (61,622) 4,238 (94,228) Profit for the period 231,308 77,358 19,066 108,932 Other comprehensive (loss) / income: Items that may be reclassified subsequently to profit or loss: Currency translation adjustment and other comprehensive results from subsidiaries and (36,822) (102,626) (67,990) 20,339 associates Revaluation surplus 4,974 408 - 10 Total other comprehensive (loss) / income (31,848) (102,218) (67,990) 20,349 Total comprehensive income / (loss) for the 199,460 (24,860) (48,924) 129,281 period Profit / (loss) for the period attributable to: Equity holders of the parent 121,665 30,061 40,188 57,530 Non-controlling interest 109,643 47,297 (21,122) 51,402 Total comprehensive income / (loss) attributable to: Equity holders of the parent 110,631 (6,440) 16,394 65,114 Non-controlling interest 88,829 (18,420) (65,318) 64,167 Profit for the period per share attributable to equity holders of the parent: Basic 189.99 49.97 62.76 95.62 Diluted 189.99 44.53 62.76 85.21 for the period Unaudited Condensed Interim Consolidated Statement of Cash Flows for the nine-month periods ended March 31, 2026 and 2025 (All amounts in millions of Argentine pesos, except otherwise indicated) Operating activities: 03.31.2026 03.31.2025 Restated Net cash generated from operating activities before income tax paid 138,241 14,785 Income tax paid (92,650) (16,576) Net cash generated from / (used in) operating activities 45,591 (1,791) Investing activities: Proceeds from the sale of participation in associates and joint ventures - 7,996 Capital contributions to associates and joint ventures (750) (44) Acquisition of participation in associates (7,608) - Acquisition and improvement of investment properties (65,174) (37,880) Proceeds from sales of investment properties 1,849 9,434 Acquisitions and improvements of property, plant and equipment (38,939) (38,997) Acquisition of intangible assets (1,687) (3,465) Proceeds from sales of property, plant and equipment 30,843 25,909 Dividends collected from associates and joint ventures 2,234 400 Loans granted (1,044) - Proceeds from loans granted 1,567 956 Acquisitions of investments in financial assets (1,552,307) (614,782) Proceeds from disposal of investments in financial assets 1,255,327 586,674 Interest received from financial assets 41,513 19,347 Payments of derivative financial instruments, net (12) (518) Net cash used in investing activities (334,188) (44,970) Financing activities: Borrowings, issuance and new placement of non-convertible notes 806,031 837,134 Payment of borrowings and non-convertible notes (523,529) (334,743) (Payment) / Obtaining of short-term loans, net (8,845) 79,073 Interest paid (103,524) (90,555) Capital contributions from non-controlling interest in subsidiaries 7,152 229 Lease liabilities paid (4,959) (6,014) Repurchase of treasury shares - (20,344) Dividends paid (96,935) (108,590) Exercise of warrants 43,500 12,465 Distribution of treasury shares (27) - Repurchase of non-convertible notes (6,159) (72,707) Net cash generated from financing activities 112,705 295,948 (Decrease) / Net increase in cash and cash equivalents (175,892) 249,187 Cash and cash equivalents at the beginning of the period 313,784 199,918 Foreign exchange gain on cash and unrealized fair value result for cash equivalents 4,494 13,272 Inflation adjustment (2,463) (9,965) Cash and cash equivalents at the end of the period 139,923 452,412 HEADQUARTERS Carlos Della Paolera 261 - 9th Floor (C1001ADA) Buenos Aires City - Argentina Tel: +54 11 4323 7400 https://www.cresud.com.ar INVESTOR RELATIONS Alejandro Elsztain - CEO Matías Gaivironsky - CFO Santiago Donato - IRO Tel: +54 11 4323 7449 [email protected] LEGAL ADVISORS Zang, Bergel & Viñes Law Firm Florida 537 - 18th Floor (C1005AAK) Buenos Aires City - Argentina Tel: +54 11 4322 0033 INDEPENDENT AUDITORS PricewaterhouseCoopers Argentina Bouchard 557 - 7th Floor (C1107AAF) City of Buenos Aires - Argentina Tel: +54 11 4850 0000 TRANSFER AGENT Caja de Valores S.A. 25 de Mayo 362 (C1002ABH) Buenos Aires City - Argentina Tel: +54 11 4317 8900 ADS DEPOSITARY BANK The Bank of New York Mellon P.O. Box 11258 Church Street Station New York, NY 10286-1258 - United States of America Toll free: +1 888 269-2377 International: +1 610 312 5315 [email protected] BYMA Symbol: CRES Nasdaq Symbol: CRESY

View stock analysis, news, and events for Cresud Sa