Cresud Sociedad Anónima Comercial Inmobiliaria Financiera y Agropecuaria : Webcast | IQ 2026

About this update from 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 REAL ESTATE: NO FARMLAND SALES DURING IQ26 NOV-25: DIVIDENDS TO BE RECEIVED FROM SUBSIDIARIES FOR USD ~ USD 66 MM 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 1 6 2 18 1 7 2 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

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