IRSA Inversiones y Representaciones Sociedad Anónima Q3 FY2025 earnings call

• Positive trend in tenant sales for malls, with 13.4% y-o-y increase in the quarter. - Malls posted record high EBITDA in dollar terms for the last 10 years. - Offices maintained 100% occupancy. - Hotels saw revenue and occupancy drops. - Good progress in commercialization of Ramblas Del Plata project. - Tapped international capital markets, issuing $300 million notes for 10 years.

Malls: Tenant sales grew 13.4% y-o-y in the quarter, EBITDA for malls in dollar terms reached a record high for the last 10 years, occupancy at 98.1% (excluding Terrazas de Mayo). Offices: Occupancy maintained at 100%. Hotels: Revenue and occupancy dropped, EBITDA down, but marginal in the portfolio. Ramblas Del Plata: Commercialization progress with 2 parcels sold for $23.4 million and 9 parcels signed for swaps worth $42.7 million, construction work in progress with environmental approval received and infrastructure work starting.

• Expect continuing positive trend in tenant sales. - Progress in Ramblas Del Plata project with ongoing commercialization and construction. - Optimism about real estate growth with new projects. - Considering entry into logistics business.

• Macroeconomic uncertainties in Argentina affecting hotel segment. - Currency appreciation impact on property valuations. - Potential issues with developer agreements in Ramblas Del Plata project.

Q: When is the construction of the first building of the Ramblas Del Plata project expected to begin?

A: Jorge Cruces said buildings are expected to start developing within the year, with Stage A infrastructure completion maybe by July next year.

Q: Will the company increase leverage with current projects?

A: Matias Gaivironsky said it's not necessarily true, with developers involved in Ramblas and smaller projects like La Plata mall not significantly increasing leverage, but may increase slightly with opportunities.

Q: Plans for the 30% stake in Banco Hipotecario and hotels division?

A: Matias Gaivironsky said happy with Banco Hipotecario's performance, Jorge Cruces said may sell hotels in rising market.

Q: Plans to issue more debt in international market?

A: Jorge Cruces said no immediate needs, part of $300 million bond proceeds used to cancel existing debt.

Q: Consideration of investing in logistics?

A: Jorge Cruces said company is analyzing possibility of entering logistics business as a good match.