Summary of IRSA Q1 2026 Earnings Call

1Key Financial Results and Metrics

Net Income: ARS 163.4 million gain, a significant improvement from a loss of ARS 143.6 million in the prior year.

Adjusted EBITDA: Declined by 7.5%, with rental segments showing mixed results:

Shopping malls: +4%

Offices: +16%

Hotels: -22%

Occupancy Rates: Shopping malls reached nearly 98% occupancy; office portfolio maintained 100% occupancy.

Net Debt: Increased slightly to ARS 308 million, with a conservative leverage ratio of 1.6x EBITDA and LTV below 9%.

Dividend Distribution: ARS 173.8 million distributed, yielding approximately 10%.

2Strategic Updates and Business Highlights

Acquisitions:

Acquired Al Oeste Shopping mall for $9 million, aiming to reposition it as an outlet center.

Progressing on the development of Distrito Diagonal, expected to add 22,000 square meters of GLA by May 2027.

Portfolio Growth: Total GLA now at 390,000 square meters, with plans for further expansions.

Hotel Segment: Continued decline in revenues and occupancy, attributed to external factors affecting tourism.

3Forward Guidance and Outlook

Economic Environment: Anticipated stabilization post-elections, with expectations of improved consumer confidence and economic activity.

Investment Plans: Projected CapEx of around $75 million for the upcoming year, with a focus on ongoing developments and acquisitions.

Market Position: Positive outlook on the retail segment, with increased interest from international brands.

4Bad News, Challenges, or Points of Concern

Tenant Sales Decline: A 7% decrease in tenant sales during Q1 2026, attributed to political volatility and economic conditions.

Hotel Performance: Continued revenue and occupancy declines in the hotel segment, with occupancy dropping from 67% to 52%.

Market Volatility: The recent political environment has created uncertainty, impacting consumer behavior and sales.

5Notable Q&A Insights

Dividend Strategy: Management defended the decision to distribute a large dividend despite upcoming investments, citing strong cash generation and low debt levels.

Project Timelines: Clarified that the first phase of Ramblas del Plata will complete next year, with subsequent phases tied to infrastructure development.

Warrants Adjustment: Confirmed that the recent dividend payment will lead to adjustments in the strike price and ratios for outstanding warrants. Overall, IRSA reported a strong start to fiscal year 2026, with significant gains in net income and strategic acquisitions, despite facing challenges in tenant sales and hotel performance. The outlook remains optimistic, with expectations for improved economic conditions and continued portfolio growth.