IRSA Inversiones y Representaciones Sociedad Anónima Q2 FY2026 earnings call

• Financial Results: Net gain of ARS 248.8 billion in the quarter, compared to loss last year driven by fair value gain on investment properties; strong cash position, issued $180 million in 2035 notes, paid 10% dividend yield in 2025. - Operational Segments: Malls, Offices, and Hotels performing well; Ramblas del Plata has good progress in development and commercialization; 2 swap agreements signed; finished dividend payments. - Development Projects: Distrito Diagonal in La Plata ~23% complete, on track for May 2027 opening; Ramblas del Plata 20% complete, 26 plots, sold/swapped 15 plots; acquired former Israelita Hospital for mixed-use; swap in Uruguay; swap at Córdoba Shopping.

Shopping Malls: GLA slightly increased with small expansions; occupancy near 98%; tenants' real sales down 7% last quarter and 9% this quarter due to electoral context and price pressure; revenues +4% in 6 months, EBITDA +2% in 6 months; ~84% of revenues are fixed or inflation-linked. Offices: Portfolio of 58,000 sqm (mostly A/A+), 100% occupied, rents stable at $25 - $26 per sqm per month. Hotels: Occupancy 69%, average rates $227, margins improved; Buenos Aires hotels benefited from events, Llao Llao's occupancy affected by renovations but stable when excluding under-construction rooms.

• Plan to launch new projects and acquisitions in the rest of the year. - Confident in growth from new expansions and developments. - Expect leverage to increase temporarily due to expansion but comfortable with levels, as free cash flow can finance expansions.

• Economic volatility in Argentina affecting consumption and rental income. - Tenant sales impacted by price trends and electoral context. - Uncertainty in real estate sector timing for residential credit availability.

Q: Expectations for consumption trends this year?

A: There is a debate on clothing prices in Argentina; quantity of tickets in malls remains good, traffic stable, but prices of clothes are reducing, tied to Argentina's economic growth.

Q: Given the impact on consumption and crisis in the textile sector in Argentina, do you expect this to impact the rental income? Do you expect more tenants to base rents instead of percentage of sales?

A: All agreements are now adjusted by CPI monthly, base rent is more protected, but need to balance with tenant sustainability as agreements expire.

Q: About the workplace business line for the Philips building, is this something that could be reproduced by looking at B-class properties?

A: It's something that will be tried to replicate in other locations, with plans to launch a second workplace soon.

Q: How do you see the real estate sector going forward?

A: Very optimistic, especially for residential as middle class may get credit to buy apartments, also optimistic for mixed uses and office buildings near shopping malls.

Q: With the deterioration of net leverage, what is the maximum level you feel confident with?

A: Comfortable with levels, leverage may increase temporarily due to expansion, but free cash flow can finance expansions, and 2x EBITDA is possible, comfortable with less than 3x EBITDA.

Q: Details on Golden Juniors Segregated Portfolio?

A: It's a fund created to diversify liquidity, invested $6.5 million, mostly in dollar-related instruments, performed well but is a small part of the company's liquidity.