IRSA Inversiones y Representaciones Sociedad Anónima (IRS) Earnings

Management highlights

### Overall Financial Results - 9-month fiscal 2026 net income reached ARS 239.7 billion, up from ARS 46.5 billion in the prior year period. Results were affected by balance sheet inflation adjustment and exchange rate movements: 15% nominal peso devaluation and 25% inflation over the period created volatility, with debt revaluation in pesos generating a ARS 90.7 billion gain. - Net debt to rental EBITDA remains at 1.4x, with a low loan-to-value (LTV) ratio of 11.3%. IRSA has now fully exhausted its historical tax loss carryforward, so income tax expense will return to being a consistent, representative line item going forward. ### Development Project Progress - **Zetta Building Expansion (Polo DOT)**: An adjacent new office building expansion to the existing Zetta building has been announced, with a pre-lease agreement signed with Mercado Libre, who will occupy ~72% of the expanded 47,500 total square meter GLA once complete. Initial site preparation works have started, and concrete structure tendering is ongoing. This expansion is part of the larger Polo DOT mixed-use master development in northern Buenos Aires. Future next phases of Polo DOT include the 16,000 square meter Giga office building, 19,000 sellable square meter EXA residential building, and Philips Building redevelopment. - **Ramblas del Plata**: IRSA's flagship riverfront development has made continued progress. Two additional lots were recently swapped for $11.3 million, adding 3,700 sellable square meters to IRSA's share. To date, 2 lots have been sold and 15 swapped for a combined value of $105 million, with IRSA set to receive almost 25,000 total sellable square meters from completed swap agreements. Overall construction progress is at 23%, with 52% of Phase 1 works complete. All sheet piling for the central bay is finished, tree buffer planting and bay remediation are in maintenance, and water/sewer/electrical networks, gas network contract award, and paving works have recently commenced. An environmental public hearing for Phase 2 will be held soon. - **Al Oeste Shopping Mall Refurbishment (Haedo)**: The 1-year project remains on schedule, with completion targeted for the end of 2026 (with a potential minor delay to early 2027). Tenant leasing progress is strong with high market expectations. ### Market & Tenant Trends - International retail brands are showing growing interest in entering the Argentine market via IRSA's shopping malls, with existing brands including Dolce & Gabbana and Decathlon, and Victoria's Secret already operating in multiple locations and planning further expansion. IRSA is in active negotiations with additional major international retailers, which will diversify the tenant mix and strengthen the mall portfolio. - Fixed revenue components provide strong resiliency for the shopping mall segment amid current weak consumption. Occupancy remains high, payment delinquency is normal, and new/renewed leases continue to generate strong key money and real rent increases.

Guidance

- Full-year fiscal 2026 rental EBITDA in dollar terms is on track to reach a new record high. - Management expects consumption to hit a bottom soon and recover alongside broader Argentine economic activity in coming quarters, following the volatility and constraints from the 2025 election period, tight monetary policy, and low credit access. - Over the next 3-4 years, IRSA expects to receive more than $300 million worth of completed residential units from existing swap agreements with developers, forming an important new business line for the company. - Net debt is expected to increase in the future as IRSA pursues new development projects and capital expenditures, but leverage will remain at conservative levels. - Management expects to announce new transactions (including potential land acquisitions, logistics market entry, and new expansions) in the next quarter.

Segment performance

1. Shopping Malls: Gross Leasable Area (GLA) increased to 373,000 square meters following a small expansion at Alto Avellaneda mall. Occupancy remains near 98%, while third quarter tenant sales declined 10% in real terms amid weak consumption. Revenue grew by ~2.5% and adjusted EBITDA grew by ~2.2% for the segment, supported by 87% of revenue coming from fixed components (base rent, key money, advertising, parking), demonstrating business resiliency. Adjusted EBITDA grew 2% in peso terms (~6% in dollar terms). Shopping mall fair value was adjusted from $1.3 billion to $1.4 billion this quarter. 2. Office Buildings: Current portfolio totals 58,000 square meters of GLA, set to increase with the new Zetta building expansion. 100% occupancy is achieved across the portfolio, with premium A+/A class buildings commanding ~$26 per square meter in rent. Rents and EBITDA saw a slight increase, with adjusted EBITDA growing 15% in peso terms. Strong demand for premium office space is observed as in-person office work rebounds. 3. Hotels: Occupancy reached 74% overall, with strong performance in Buenos Aires driven by growing tourism and corporate events. The Llao Llao Resort in Bariloche saw temporary occupancy impacts from ongoing renovation works; adjusted for under-construction rooms, occupancy follows a positive, stable trend. EBITDA improved, with adjusted EBITDA growing 37% in peso terms. All three segments delivered increased rental adjusted EBITDA in both real peso and dollar terms. Total 9-month rental adjusted EBITDA reached $151 million in dollar terms.

Risks & headwinds

- Weak current consumption in Argentina has driven a 10% real decline in shopping mall tenant sales, which represents a negative near-term signal for the retail segment. - Inflation and exchange rate volatility in Argentina create significant volatility in reported financial results from balance sheet revaluation. - Sustained weak consumption could lead to future tenant pressure for contract revisions, though this has not materialized to date.

Analyst Q&A

• Q: Does IRSA have plans to enter the logistics or data center businesses? /

  A: Management does not expect to enter the data center business in the near future. The company is actively analyzing entry into the logistics real estate market, and expects to begin this new line of business in the near term, with the long-term goal of becoming a strong local player in Argentina's logistics sector.

• Q: Is the Zetta expansion a one-off project tied to Mercado Libre, or does it reflect broader office sector opportunity? /

  A: The expansion reflects multiple factors: office market occupancy is improving year-over-year with limited new supply, Mercado Libre is a high-quality, important anchor tenant that de-risks the project, and the expansion is a planned step in the pre-existing Polo DOT master development. IRSA evaluates all projects individually based on return potential rather than chasing preset portfolio allocation targets.

• Q: Given the current cash position and discounted share price, will IRSA launch a new share repurchase program? /

  A: Management does not pre-announce share repurchase decisions, and will only communicate decisions after they are made. IRSA has a history of launching buybacks when it sees value in its own shares. The company needs to complete full-year audited financial statements (after closing out the fiscal year) to decide how to allocate annual results between dividends and repurchases, so no decision can be made in advance.

• Q: What is the latest update on the Al Oeste (Haedo) shopping mall refurbishment? /

  A: The construction remains on schedule, with strong progress on tenant leasing and high market excitement for the project. Completion is targeted for the end of 2026, with a minor potential delay to early 2027 that has not yet been finalized.