Group 1 - The article highlights that many investors are currently seeking refuge in real assets due to anticipated economic recovery in Argentina, positioning IRSA (NYSE: IRS) as a direct, liquid, and leveraged investment alternative [1] - The focus is on value companies with solid long-term potential, indicating a strategy that aligns with the current market sentiment [1] Group 2 - The article does not provide any specific financial data or performance metrics related to IRSA or the broader market context [2][3] - There is no mention of any specific investment recommendations or advice regarding the suitability of investments for individual investors [2][3]

Group 1 - Seeking Alpha welcomes a new contributing analyst, Eliseo Bottini Antunez, who invites others to share investment ideas for publication and potential earnings [1] - The new analyst has over 10 years of experience in communications and works with various economic institutions, emphasizing a strong background in financial market history [2] Group 2 - The article does not provide specific investment recommendations or advice, highlighting that past performance does not guarantee future results [4]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective, rather than market-driven dynamics [1] - The articles emphasize understanding the long-term earnings power of companies and the competitive dynamics within their industries [1] - The majority of recommendations will be holds, indicating a cautious approach to investment opportunities [1] Group 2 - A very small fraction of companies are considered a buy at any given time, highlighting a selective investment strategy [1] - Hold articles are intended to provide valuable information for future investors and introduce skepticism in a generally bullish market [1]

Financial Data and Key Metrics Changes - The company reported a net loss of 41 billion Pesos primarily due to non-cash effects from the appraisal of investment properties [3][66] - The adjusted EBITDA for the hotel segment dropped from 15 billion Pesos to 5 billion Pesos, with hotel margins decreasing from 38% to 17% [38][96] - The net financial results showed a significant improvement with a net FX result of a 205 billion Pesos loss last year compared to a gain of 21 billion Pesos this year due to Peso appreciation [100][101] Business Line Data and Key Metrics Changes - Shopping malls experienced a 21.4% increase in tenant sales in Q2 2025 compared to the previous quarter, although still 8.5% below the same quarter last year [11][69] - The office segment achieved full occupancy in its premium portfolio, with stable rents at approximately $25 per square meter per month [14][72] - The hotel segment faced challenges with occupancy rates declining from 70% to 67% compared to the previous year [16][74] Market Data and Key Metrics Changes - The company completed the acquisition of the Terrazas De Mayo shopping mall, adding approximately 34,000 square meters of GLA to its portfolio [12][19] - The overall occupancy rate for the shopping malls remained high at nearly 98%, excluding the newly acquired mall which is currently at 82.3% [12][71] - The company noted a positive outlook for the shopping mall segment in the upcoming quarters, aligning with economic recovery in Argentina [11][61] Company Strategy and Development Direction - The company is focusing on residential developments, with a significant project, Ramblas Del Plata, expected to yield over 10,000 new homes and an estimated investment of $1.8 billion [20][90] - The strategy includes selling plots to cover infrastructure costs and swapping remaining plots with local developers, minimizing cash investment from the company [54][113] - The company anticipates positive developments in the shopping mall segment and the commencement of several construction projects in the next quarters [61][120] Management's Comments on Operating Environment and Future Outlook - Management highlighted the recovery in consumer spending following the Milei administration, expecting improved performance in the shopping mall segment [61][120] - The company is optimistic about the valuation of its mall portfolio increasing due to decreasing country risk and improving operational figures [40][99] - Management expressed confidence in managing debt maturities, citing a strong cash position and liquidity [58][118] Other Important Information - The company paid dividends yielding 8% during the last quarter, maintaining a conservative net debt level of $255 million [44][103] - The company is actively pursuing infrastructure projects, with significant investments planned for the Ramblas Del Plata project [81][82] Q&A Session Summary Question: Can you provide details on the price per square meter for the Ramblas Del Plata project? - The expected price per square meter will start at no less than $4,000, potentially reaching up to $6,000 for taller buildings depending on market conditions [49][109] Question: How does the company plan to finance the upcoming investments? - The company plans to finance projects through cash generation and selling plots to cover infrastructure costs, minimizing cash outflow [54][115] Question: How will the company manage debt maturities in 2025? - The company has sufficient liquidity to manage debt maturities and will evaluate whether to go to the market or raise debt through banking channels [58][118]

Main Events for IIQ 25 and Subsequent 6M 25 NET LOSS OF ARS 40,971 MM 1 Mainly explained by the impact of inflation exposure on FV of Investment Properties HIGHER OCCUPANCY & SALES RECOVERY IN MALLS +21.4% compared to previous quarter (IQ 25), -8.5% compared to IIQ 24 PREMIUM OFFICE OCCUPANCY REACHED 100% 4 HOTELS' REVENUES & OCCUPANCY DROP DURING IIQ25 IIQ 2025 Conference Call February 7, 2025 Hosted by: Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG ACQUISITION OF "TERRAZAS DE ...

Core Viewpoint - IRSA Inversiones y Representaciones S.A. reported significant financial losses for the second quarter of Fiscal Year 2025, primarily due to a substantial loss in the fair value of investment properties, despite some recovery in tenant sales in shopping malls [1][4]. Financial Highlights - Revenues for the first half of FY 2025 were ARS 212,141 million, a decrease of 4.0% from ARS 220,936 million in the same period of FY 2024 [3]. - Consolidated Gross Profit fell to ARS 130,934 million, down 12.5% from ARS 149,605 million year-over-year [3]. - The net result from changes in the fair value of investment properties was a loss of ARS 233,073 million, compared to a gain of ARS 300,126 million in the previous year [3][4]. - The consolidated result from operations showed a loss of ARS 149,784 million, contrasting with a profit of ARS 420,889 million in the same period last year [3]. - The net result for the period was a loss of ARS 40,971 million, compared to a profit of ARS 319,226 million in the prior year [3][4]. - Earnings per Share (EPS) were reported at (54.19), a significant decline from 412.55 in the same period of FY 2024 [3]. Operational Highlights - Real tenant sales in shopping malls increased by 21.4% compared to the previous quarter but decreased by 8.5% compared to the same period of FY 2024 [4]. - The adjusted EBITDA for the shopping mall segment was ARS 94,539 million, only 2.0% lower than the same period last year [4]. - The company acquired a new shopping mall, "Terrazas de Mayo," for USD 27.75 million, with a leasable area of 33,700 sqm and 86 stores [4]. - The premium office portfolio achieved 100% occupancy, and an additional floor of the Della Paolera 261 building was sold for USD 7.1 million [4]. - The Hotels segment experienced lower revenues and occupancy rates compared to FY 2024, attributed to the appreciation of the Argentine peso against the U.S. dollar [4]. - Sale agreements were signed for two lots of the Ramblas del Plata project, with an estimated saleable area of 40,000 sqm for USD 23.4 million [4]. Market Capitalization - As of December 31, 2024, the company's market capitalization was approximately USD 1,117 million, based on 74,829,790 GDS with a price per GDS of USD 14.93 [5].

Group 1 - The investing group High Yield Landlord offers a free trial for potential investors to access their portfolio and top picks without any initial cost [1][2] - Jussi Askola, the leader of High Yield Landlord, is also the President of Leonberg Capital, which specializes in consulting on REIT investing for hedge funds and private equity firms [2] - The group provides features such as three distinct portfolios (core, retirement, international), buy/sell alerts, and a chat room for direct interaction with analysts [2] Group 2 - Jussi Askola has a strong background in REIT investing, having authored award-winning academic papers and passed all three CFA exams [2] - The group emphasizes real-time sharing of transactions and portfolio management, enhancing transparency for its members [2]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of ARS 46.9 billion, which is 8.8% lower than the previous quarter in 2024 [3] - A net loss of ARS 109 billion was posted, primarily due to a non-cash effect related to the valuation of investment properties [4][28] - The adjusted EBITDA is 10% lower than the same period last year, with a significant loss of almost ARS 225 billion in fair value adjustments [30][31] Business Line Data and Key Metrics Changes - The Shopping Mall segment remained stable, with tenant sales showing a slight recovery of 7% compared to the previous quarter but still 12% below last year's figures [4][7] - Office occupancy reached 98%, while shopping malls reported an occupancy rate of 97% [5][10] - The Hotel segment faced challenges, with occupancy dropping from 66% to 55% and a 60% decrease in EBITDA due to lower rates and occupancy [12][30] Market Data and Key Metrics Changes - The company experienced a 20% appreciation of the peso in terms of the dollar MEP, impacting the valuation of investment properties [27][28] - The real estate market is showing signs of recovery, with increased interest from developers and a shift towards a more favorable environment for residential purchases [19][49] Company Strategy and Development Direction - The company is focusing on active management of its portfolio, with no specific target for office space recovery but will consider opportunities for acquisition or development [42][43] - New projects are being launched, such as Ramblas Del Plata, which has garnered strong interest from developers [15][49] - The company aims to be more aggressive in development, leveraging its conservative financial structure to capitalize on market opportunities [49] Management's Comments on Operating Environment and Future Outlook - Management noted a new trend in consumption and positive developments in the real estate sector due to tax amnesty and the revival of the mortgage industry [49] - There is an expectation of improved tenant sales in the upcoming quarters, particularly as comparisons shift to the new administration's economic environment [41] Other Important Information - The company announced and paid dividends amounting to ARS 90 billion, representing an 8% dividend yield [6][37] - A new debt issuance was completed, with a conservative net debt to rental EBITDA ratio of 1.8x [36] Q&A Session Summary Question: Expectations for tenant sales recovery and office portfolio expansion - Management anticipates a recovery in tenant sales compared to the previous quarter, but weaker numbers may be seen in December due to comparisons with the previous administration [40][41] - There are no specific plans to rebuild or expand the office portfolio; the focus will be on managing opportunities as they arise [42][43] Question: Progress on Ramblas Del Plata - Strong interest from developers has been noted, with plans to start signing agreements soon; environmental approval is expected shortly [44][45] Question: Environmental processing updates - The environmental approval process is ongoing, with no significant issues anticipated [46][47]

Core Insights - The company reported a net loss of ARS 109,135 million for the first quarter of fiscal year 2025, a significant decline from a profit of ARS 250,538 million in the same period last year, primarily due to losses from changes in the fair value of investment properties [2][3]. Financial Performance - Revenues decreased to ARS 89,873 million from ARS 94,939 million year-over-year [3]. - Consolidated gross profit fell to ARS 57,415 million compared to ARS 64,045 million in the previous year [3]. - The net result from changes in the fair value of investment properties was a loss of ARS 225,499 million, contrasting with a gain of ARS 316,084 million in the same quarter of the previous year [3]. - The consolidated profit/loss from operations was a loss of ARS 187,584 million, down from a profit of ARS 375,142 million [3]. - Earnings per share (EPS) were reported at ARS -145.92, compared to ARS 323.89 in the same quarter last year [3]. Segment Performance - Real tenant sales in shopping centers showed a slight recovery but were down 12.1% compared to the first quarter of fiscal year 2024 [2]. - The adjusted EBITDA for the shopping center segment was ARS 41,116 million, consistent with the same quarter of the previous year [2]. - The average occupancy rate of the premium office portfolio increased to 97.9%, mainly due to improved occupancy at Dot Building [2]. - The hotels segment experienced reduced income and occupancy levels due to lower exchange competitiveness in Argentina [2]. Strategic Developments - The company acquired a property adjacent to the Alto Avellaneda shopping center for future expansion at a cost of USD 12.2 million and sold an additional floor of the Della Paolera 261 building for USD 7.1 million [2]. - A cash dividend of ARS 90,000 million was approved by the shareholders' meeting, representing a dividend yield of 8% and approximately 3.6% of the stock capital [2]. Balance Sheet Overview - As of September 30, 2024, total assets were ARS 2,286,495 million, down from ARS 2,513,712 million [3]. - Current assets increased slightly to ARS 257,290 million from ARS 255,350 million [3]. - Total liabilities decreased to ARS 1,120,978 million from ARS 1,221,471 million [3]. - Shareholders' equity was reported at ARS 1,165,517 million, down from ARS 1,292,241 million [3]. - The company's market capitalization was approximately USD 850 million as of September 30, 2024 [3].

Company Overview - IRSA Inversiones y Representaciones S.A. is the leading real estate company in Argentina, listed on both BYMA and the New York Stock Exchange [1] - The company manages a diverse portfolio that includes shopping centers, office buildings, and three luxury hotels, primarily located in Buenos Aires [1] - IRSA also holds a stake in Banco Hipotecario, which is Argentina's largest mortgage supplier [1] Financial Reporting - The company has filed its 20-F Form for Fiscal Year 2024, which ended on June 30, 2024, with the SEC [1] - The complete audited financial statements are available on the company's website and can be requested in hard copy free of charge [1]