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]

Financial Performance - The company reported a net loss of ARS 40,971 million for the first half of 2025, primarily due to the impact of inflation on the fair value of investment properties[3] - Rental EBITDA decreased by 9.5% from 6M 24 to 6M 25[56] - The company's net financial result improved by ARS 227,303 million, primarily due to net FX results[62] Operational Highlights - Shopping malls experienced a recovery in occupancy and sales, with a 21.4% increase compared to the previous quarter (IQ 25), but an 8.5% decrease compared to IIQ 24[3] - Premium office occupancy reached 100%[3] - The company acquired "Terrazas de Mayo" shopping mall located in Malvinas Argentinas District[3, 6] - Hotels' revenues and occupancy dropped during IIQ25[3] Ramblas del Plata Project - Two plots from the first stage of the Ramblas del Plata project (40,000 sellable sqm) were sold for USD 23.4 million[3] - The Ramblas del Plata project has an estimated investment of over USD 1.8 billion[21] - Stage 1 of Ramblas del Plata is estimated to have total sales (cash + swaps) of USD 120 million[27] Dividend and Share Distribution - The company distributed a dividend with an approximate 8% yield and holds 25.7 million treasury shares, representing 3.6% of the social capital[3] Other Projects - IRSA will receive 40% of the buildable sqm of the macro lots from "Nuevo Quilmes II" Commercialization Progress[41] - 33 single-family lots already sold for approximately USD 5 million[41]

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]

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 Date ...

| --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------|------------|-----------------------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | FY 2024 Conference Call | | | | | | | | | | | | | | | | September 4, 2024 | | | | | | | | | | Hosted by: | | | | | | | | | Matias Gaivironsky, CFO Jorge Cruces, CIO Santiago Donato, Head of IR & ESG | | | | Main Events for FY 24 and | --- | --- | --- | --- | --- | ...

Financial Data and Key Metrics - Rental adjusted EBITDA reached ARS171 billion, an 8.8% increase compared to the previous year [3] - Net income posted a loss of ARS23 billion, primarily due to non-cash effects from the fair value adjustment of investment properties [3] - Dividends of ARS119 billion were distributed in two tranches, with yields of 13% and 7% respectively [4] - Share buybacks amounted to 4% of total outstanding shares [4] Business Line Data and Key Metrics - Shopping malls saw a 4.5% decline in tenant real sales compared to 2023, but occupancy remained at a historical high of 98% [5] - Office occupancy in premium buildings increased to 96%, with average rent stable at ARS25 per square meter per month [7] - Hotel occupancy averaged 64% for the year, with rates increasing to ARS243 per room from ARS217 [8] - Entertainment sector, including La Rural and convention centers, showed signs of recovery but has not fully returned to pre-pandemic levels [9] Market Data and Key Metrics - The company maintained strong occupancy levels across all segments despite macroeconomic volatility [5][7][8] - International tourism declined in the last quarter, posing a challenge for hotel operations in the coming year [7] - La Rural secured a concession extension until 2037, with an option to extend further until 2041 [9] Company Strategy and Industry Competition - The company is focusing on digitalization through its loyalty app ¡appa!, which has seen growth in registered users and transactions [12] - Real estate transactions included the sale of the Maple building and a 50% stake in Quality Invest, while new projects like Ramblas del Plata were launched [13][17] - The company is leveraging its land bank for future developments, with a focus on residential, office, and mixed-use projects [19][20] Management Commentary on Operating Environment and Future Outlook - Management highlighted the volatility of the year, with high inflation and government policy changes impacting consumption [3] - The company expects a slight recovery in shopping mall sales and visitor flow in 2025, driven by inflation capture and stable occupancy [5] - The launch of new mortgage lines by Banco Hipotecario is seen as a potential boost for the real estate sector [23] Other Important Information - The company advanced its ESG initiatives, achieving LEED certifications for 72% of its premium buildings and obtaining a green seal for waste management in shopping malls [10] - IRSA celebrated its 75th anniversary on the Buenos Aires Stock Exchange and will mark its 30th anniversary on the NYSE in December [11] Q&A Session Summary Question: Impact of Urban Planning Code changes in Buenos Aires - The changes are expected to affect new projects, but most of IRSA's projects are already approved and should not be impacted [35] Question: Financing for Ramblas del Plata - IRSA plans to use swap transactions with developers and will invest $40 million in infrastructure over three stages [37][41] - The total development capital for Ramblas del Plata is estimated at $1.3-1.4 billion, with a timeline exceeding 15 years [43] Question: Future capital allocation - The company plans to continue paying dividends and may increase debt levels slightly while investing in new projects [50][52] - Share buybacks will continue, subject to legal limits on liquidity [50] Question: Political outlook under Millay's administration - Management expressed hope for a more stable macroeconomic environment, which could encourage long-term investments [55]