Cresud SaBCBA: CRES

Webcast | IQ 2026

· Issued by Cresud SA

Hosted by:

Alejandro Elsztain, CEO Matias Gaivironsky, CFO

November 12, 2025 IQ 2026 Conference Call


Main Events for IQ 26 and Subsequent 1 BEGINNING OF 2026 REGIONAL CAMPAIGN

Good overall regional weather conditions and larger planted area (both in owned and leased farms)

2 SLIGHT INCREASE IN COMMODITY PRICES

The reduction in export taxes, including the temporary 0% rate, boosted prices in Argentina

3 WHEAT PLANTING IN ARGENTINA AND SOYBEAN PROGRESS IN BRAZIL

100% wheat planted in Argentina while soybean planting in Brazil has reached 35.5% progress

4 CATTLE ACTIVITY SUSTAIN HIGH PRICES, MARGINS AND PRODUCTION

Livestock intensification in feedlots in Salta and La Pampa

  1. REAL ESTATE: NO FARMLAND SALES DURING IQ26 NOV-25: DIVIDENDS TO BE RECEIVED FROM SUBSIDIARIES FOR USD ~ USD 66 MM

  2. IRSA: ARS 92,670 MM (~ USD 61 MM); BrasilAgro: BRL 26.4 MM (~ USD 5 MM)

7 NOV-25: DIVIDEND DISTRIBUTION FOR ARS 93,782 MM (~ USD 64 MM)

~70% in cash & ~30 in kind (IRSA shares). Dividend Yield ~8%

2





+7.4%

Planted Area Evolution (Th. Ha)

Leased to 3rd parties Paraguay

Bolivia Brazil Argentina

321

262

278

14

283

24

226

10

220

220

217

14

11

13

279

24

13

14

283

28

277

21

299

18

162

18

172

12

11

197

213

208

12

7

130

181

101

123

106

109

109

120

139

129

119

123

119

139

154

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

2026 Campaign: Expected Planted Area




USD cents per bushel

2000

1800

Nov 4, 2025

YOY

Last Month

SOYBEAN

+11.8%

+8.4%

CORN

+3.4%

+2.7%

+112%

BOOM POST-COVID & RUS/UKR WAR

1769

-41%

1600

SOYBEAN

1400

1200

1000

800

CORN

826

+161%

Downtrend (2H23)

801

-39%

941

+17.3%

1.104

+18.9%

600

400

200

307

362

431



0

Slight recovery of Commodity Prices

Argentine Government Measures Favorable to Agribusiness





Currently

Tax Exports Previously (since jul-

25)

Soybean & Derivatives

33%

26%

Corn & Sorghum

12%

9,5%

Wheat & Barley

12%

9,5%

Sunflower

7%

5,5%

Beef Cattle

9%

5%

  • Tax Exports:

    • Permanent reduction on grains and beef cattle.

    • Elimination on regional products and live cattle.

  • Exchange Rate Flexibilization and Convergence:

    • Elimination of capital controls for individuals.

    • Implementation of a floating band scheme.

    • FX Unification, removing FX Gap

Soybean Price: Impact temporary tax export reduction to 0% until 10/31 or USD 7bn declared

387

370



END OF

PROGRAMME

TEMPORARY TAX

EXPORT REDUCTION

335

302,G

311



2G6



1/9/2025 11/9/2025 21/9/2025 1/10/2025 11/10/2025

Soja May-26

Soja Nov-25

Continuo CBOT

1.48G

1.450

800

164.5%

366





FX Gap Blue Chip Swap FX Official FX 5



Good Regional Weather Conditions Sowing Progress

Nov-25 Soybean Corn Wheat

Argentina

6.8%

13.1%

100%

Bolivia

57.4%

-

-

Brazil

35.5%

0.5%

-

Paraguay

-

-

-

Total Region

21.7%

8.9%

100%



Argentina:

  • Winter crop planting progressed under optimal conditions despite some excess rainfall late in the cycle.

  • Overall weather conditions support a favorable start to the summer season

  • Brazil:

    • Planting in Mato Grosso is progressing within the optimal window, despite minor delays from irregular rainfall and low soil moisture.

    • Planting has also begun in Maranhão and Piauí, and further progress will depend on rainfall distribution.

    • The season is expected to be influenced by a weak La Niña

6

2026 Campaign: Climate Conditions & Sowing Progress


International Steer Price (Export) Cattle Heads, Production and Livestock Margin

(USD/Kg)

(USD/Kg carcass)

Argentina: price adjusted for DDEX and the export dollar exchange rate



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

52.3

9.43

10.52

8.79

7.28

8.02

8.34

3.20



58.0 59.7 57,7



La Pampa & Salta Feedlots



Expansion works for a 3,000-head feedlot - La Pampa



FY 23 FY 24 FY 25 FY 26E

Livestock Activity in Argentina: Margins improvement








51,2%

Business Segments

CRESUD's Stake







Dividend distribution

USD 3.2 MM

(USD 1.8 MM to CRESUD)

Traded Tons Evolution & Market Share (million & %) EBT Evolution (USD million)

6,44

6,65

6,83

7,25

5,76

5,10

5,48

4,00

3,03

3,31

2,97%

2,93%

3,95%

4,42%

4,71%

5,65%

5,60%

6,20%

6,10%

8,24%



28,2

25,1 25,1

24,0

15,2

12,0 10,6

7,6

5,1

2,6

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

24/25

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

Agricultural Commercial Services


IQ 26 & Subsequent Main Events Adjusted EBITDA by Segment (ARS million)

1

IQ 26 NET GAIN OF ARS 163,438 MM

vs. Loss of ARS 143,662 MM in IQ 25, mainly driven by a gain from FV of Investment Properties

2

GROWTH IN MALLS' REVENUES & OCCUPANCY

Despite a decline in tenant sales (-7% vs. 1Q25)

3

"AL OESTE" SHOPPING MALL ACQUISITION FOR USD 9M

20,000 sqm of GLA + 12,000 sqm of potential expansion

4

STEADY RENTS AND OCCUPANCY IN OFFICES

5

PROGRESS ON ONGOING DEVELOPMENTS

Distrito Diagonal shopping center and infrastructure works at Ramblas del Plata

6

CASH DIVIDEND DISTRIBUTION IN NOV-25

ARS 173,788 MM (ARS 224,84 per share & ARS 2,248.4 per GDS)

~10% dividend yield

Shopping Malls Office Buildings Hotels

-7.5%

S&D + Others

2,725

5,050

56,481

54,239

-6,667

4,358

3,497

-22.1%

62,275 57,589

+15.9%

+4.1%

IQ 25 IQ 26

Investment in IRSA (53.32% stake) Financial Results


Company analysis