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]

BUENOS AIRES, Argentina, Sept. 3, 2024 /PRNewswire/ -- IRSA Inversiones y Representaciones S.A. (NYSE: IRS; BYMA: IRSA), the leading real estate company in Argentina, announces today its results for the Fiscal Year 2024 ended June 30, 2024. Balance Sheet 06/30/2024 06/30/2023 Current Assets 227,724 260,910 Non-Current Assets 2,014,041 2,382,939 Total Assets 2,241,765 2,643,849 Current Liabilities 274,913 281,329 Non-Current Liabilities 814,415 934,425 Total Liabilities 1,089,328 1,215,754 Non-Controlling In ...

IRSA Inversiones y Representaciones Sociedad Anónima Unaudited Condensed Interim Consolidated Financial Statements as of March 31, 2024 and for the nine and three-month periods ended as of that date, presented comparatively Legal information Denomination: IRSA Inversiones y Representaciones Sociedad Anónima. Fiscal year N°: 81, beginning on July 1st, 2023. Legal address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina. Company activity: Real estate investment and developm ...

Matias Ivan Gaivironsky Regarding the office segment, after selling assets during the last three, four years, we currently manage about 59,000 square meters, mostly A plus and A buildings, that when you see occupancy remains very high at levels of 93%, this is above the average of the industry in Buenos Aires, while rents remain stable at levels of $26 per square meter per month. And finally, on the third rental segment on the hotels. The three hotels have shown very good performance during the quarter, rea ...