IRSA Inversiones y Representaciones Sociedad Anónima Q1 FY2026 earnings call

• Acquired Al Oeste Shopping mall in Moron District for $9 million, planning to reposition it as an outlet center.
• Rental segment showed good results, especially malls with increased revenues and EBITDA.
• Started distribution of a new dividend with a yield of around 10% as approved in the shareholders meeting.
• Made progress in developments like Distrito Diagonal (opening estimated May 2027) and Ramblas del Plata (expanded sales stage with 20 lots commercialized).
• Acquired Israelita Hospital in Buenos Aires for mixed-use concept and signed a land-swap agreement in Uruguay's Distrito Calcagno for $9.3 million.

Shopping Mall Segment: Revenues and EBITDA increased by 6% and 4% respectively. Occupancy is almost 98%. Acquired Al Oeste Shopping mall for $9 million. Office Segment: Stable with 100% occupancy, rents at $25 per square meter per month. Hotel Segment: Saw a decline in revenues and occupancy due to peso-dollar FX appreciation and a weak winter period. Average occupancy is 58% and average rate per room is $230.

• Expect consumer confidence to gradually improve, leading to positive evolution of economic activity and consumption in Argentina.
• Plan to spend around $75 million on CapEx next year.
• Net debt remains conservative at 1.6x EBITDA, with LTV less than 9% and coverage ratio over 11x.

• Volatility in the market due to political and economic conditions in Argentina.
• Impact of FX fluctuations on financial results, especially affecting net financial results.
• Uncertainty in hotel recovery due to seasonal factors like the weak winter period.

Q: Has something changed to justify distributing a large dividend during a period of higher investment?

A: The company has strong cash generation, still has $180 million in cash after paying the dividend, and debt structure is comfortable. It will still have enough funds to finance projects.

Q: What are the medium-term time lines for Ramblas del Plata projects? When will construction of first buildings begin?

A: Phase 1 infrastructure will finish next year, and that's when the first buildings will start construction.

Q: Regarding warrants, what about adjustments after the dividend?

A: Warrant ratios will be adjusted due to the dividend payment and will be announced before the next exercise window.