IRS 6-K
Irsa Investments & Representations Inc (IRS)
IRSA Inversiones y Representaciones Sociedad Anónima
Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2025 and for the six and three-month periods ended as of that date, presented comparatively.
Legal information
Denomination: IRSA Inversiones y Representaciones Sociedad Anónima.
Fiscal year N°: 83, beginning on July 1st, 2025.
Legal address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina.
Company activity: Real estate investment and development.
Date of registration of the by-laws in the Public Registry of Commerce: June 23, 1943.
Date of registration of last amendment of the by-laws in the Public Registry of Commerce: General Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2023 and registered in the Superintendence on September 12, 2023 with the number 15555, Book 114 Volume – of Joint Stock Companies.
Expiration of the Company’s by-laws: April 5, 2043.
Registration number with the Superintendence: 213,036.
Capital: 774,190,153 shares. (*)
Common Stock subscribed, issued and paid-up nominal value (in millions of ARS): 7,742.
Parent Company: Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria
(Cresud S.A.C.I.F. y A.).
Legal Address: 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina.
Main activity of parent Company: Real estate and agricultural activities.
Direct interest of the Parent Company on the capital stock: 399,476,035 common shares.
Percentage of votes of the Parent Company (direct interest) on the shareholders’ equity: 51.61% (1).
| CAPITAL<br>STATUS | ||
|---|---|---|
| Type of<br>stock | Shares authorized for<br>Public Offering (2) | Subscribed, issued<br>and paid-up nominal value<br><br><br>(in<br>millions of Argentine Pesos) |
| Common stock with a<br>face value of ARS 10 per share and entitled to 1 vote<br>each | 774,190,153 | 7,742 |
(1) For computation purposes, treasury shares have been subtracted.
(2) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition.
(*) As of December 31, 2025, the capital increase and the issuance of shares resolved by the board of directors on December 22, 2025, was in process of being registered in the “Inspección General de Justicia” (General Inspection of Justice).
Index
| Glossary | 1 |
|---|---|
| Unaudited Condensed Interim Consolidated Statement of Financial<br>Position | 2 |
| Unaudited Condensed Interim Consolidated Statement of Income and<br>Other Comprehensive Income | 3 |
| Unaudited Condensed Interim Consolidated Statement of Changes in<br>Shareholders’ Equity | 4 |
| Unaudited Condensed Interim Consolidated Statement of Cash<br>Flows | 6 |
| Notes to the Unaudited Condensed Interim Consolidated Financial<br>Statements: | |
| Note 1 – The Group’s business and general<br>information | 7 |
| Note 2 – Summary of significant accounting<br>policies | 7 |
| Note 3 – Seasonal effects on operations | 9 |
| Note 4 – Acquisitions and disposals | 9 |
| Note 5 – Financial risk management and fair value<br>estimates | 10 |
| Note 6 – Segment information | 10 |
| Note 7 – Investments in associates and joint<br>ventures | 12 |
| Note 8 – Investment properties | 13 |
| Note 9 – Property, plant and equipment | 15 |
| Note 10 – Trading properties | 15 |
| Note 11 – Intangible assets | 16 |
| Note 12 – Right-of-use assets and lease<br>liabilities | 16 |
| Note 13 – Financial instruments by<br>category | 17 |
| Note 14 – Trade and other receivables | 19 |
| Note 15 – Cash flow and cash equivalent<br>information | 19 |
| Note 16 – Trade and other payables | 20 |
| Note 17 – Borrowings | 21 |
| Note 18 – Provisions | 21 |
| Note 19 – Taxes | 23 |
| Note 20 – Revenues | 23 |
| Note 21 – Expenses by nature | 24 |
| Note 22 – Costs | 24 |
| Note 23 – Other operating results, net | 25 |
| Note 24 – Financial results, net | 25 |
| Note 25 – Related party transactions | 25 |
| Note 26 – CNV General Resolution N°<br>622 | 27 |
| Note 27 – Foreign currency assets and<br>liabilities | 28 |
| Note 28 – Other relevant events of the<br>period | 29 |
| Note 29 – Subsequent events | 29 |
Glossary
The following are not technical definitions, but help the reader to understand certain terms used in the wording of the notes to the Group´s Financial Statements.
| Terms | Definitions |
|---|---|
| ARCOS | Arcos<br>del Gourmet S.A. |
| Annual<br>Financial Statements | Consolidated<br>Financial Statements as of June 30, 2025 |
| BACS | Banco<br>de Crédito y Securitización S.A. |
| BCRA | Central<br>Bank of the Argentine Republic |
| BHSA | Banco<br>Hipotecario S.A. |
| BYMA | Buenos<br>Aires Stock Exchange |
| CNV | Securities<br>Exchange Commission (Argentina) |
| CODM | Chief<br>Operating Decision Maker |
| CPI | Consumer<br>Price Index |
| Cresud | Cresud<br>S.A.C.I.F. y A. |
| Financial<br>Statements | Unaudited<br>Condensed Interim Consolidated Financial Statements |
| GCDI | GCDI<br>S.A. |
| GLA | Gross<br>Leasable Area |
| IAS | International<br>Accounting Standards |
| IASB | International<br>Accounting Standards Board |
| IDBD | IDB<br>Development Corporation Ltd. |
| IFRS | International<br>Financial Reporting Standards |
| INDEC | Argentine<br>Institute of Statistics and Census |
| IRSA,<br>The Company”, “Us”, “We” | IRSA<br>Inversiones y Representaciones Sociedad Anónima |
| NIS | New<br>Israeli Shekel |
| New<br>Lipstick | New<br>Lipstick LLC |
| Puerto<br>Retiro | Puerto<br>Retiro S.A. |
| USA | United<br>States of America |
1
IRSA Inversiones y Representaciones Sociedad Anónima
Unaudited Condensed Interim Consolidated Statement of Financial Position
as of December 31, 2025 and June 30, 2025
(All amounts in millions of Argentine pesos, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
| Note | 12.31.2025 | 06.30.2025 | |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Investment<br>properties | 8 | 2,895,263 | 2,679,811 |
| Property,<br>plant and equipment | 9 | 61,828 | 61,823 |
| Trading<br>properties | 10,<br>22 | 172,042 | 142,547 |
| Intangible<br>assets | 11 | 20,814 | 20,720 |
| Right-of-use<br>assets | 12 | 14,607 | 13,584 |
| Investments<br>in associates and joint ventures | 7 | 210,680 | 203,676 |
| Deferred<br>income tax assets | 19 | 7,595 | 7,909 |
| Income<br>tax credit | 63 | 66 | |
| Trade<br>and other receivables | 13,<br>14 | 45,561 | 37,712 |
| Investments<br>in financial assets | 13 | 34,730 | 31,503 |
| Total non-current assets | 3,463,183 | 3,199,351 | |
| Current assets | |||
| Trading<br>properties | 10,<br>22 | 48,120 | 40,797 |
| Inventories | 22 | 1,718 | 1,396 |
| Income<br>tax credit | 353 | 402 | |
| Trade<br>and other receivables | 13,<br>14 | 146,092 | 148,564 |
| Investments<br>in financial assets | 13 | 223,309 | 250,035 |
| Derivative<br>financial instruments | 13 | 244 | - |
| Cash<br>and cash equivalents | 13 | 296,141 | 202,094 |
| Total current assets | 715,977 | 643,288 | |
| TOTAL ASSETS | 4,179,160 | 3,842,639 | |
| SHAREHOLDERS’ EQUITY | |||
| Shareholders'<br>equity attributable to equity holders of the parent (according to<br>corresponding statement) | 1,854,712 | 1,803,334 | |
| Non-controlling<br>interest | 108,670 | 107,622 | |
| TOTAL SHAREHOLDERS’ EQUITY | 1,963,382 | 1,910,956 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings | 13,<br>17 | 872,134 | 582,661 |
| Lease<br>liabilities | 12 | 3,687 | 3,735 |
| Deferred<br>income tax liabilities | 19 | 890,869 | 851,457 |
| Trade<br>and other payables | 13,<br>16 | 71,113 | 69,655 |
| Provisions | 18 | 47,234 | 36,769 |
| Salaries<br>and social security liabilities | 128 | 141 | |
| Total non-current liabilities | 1,885,165 | 1,544,418 | |
| Current liabilities | |||
| Borrowings | 13,<br>17 | 113,180 | 156,967 |
| Lease<br>liabilities | 12 | 5,606 | 5,891 |
| Trade<br>and other payables | 13,<br>16 | 140,553 | 138,173 |
| Income<br>tax liabilities | 49,244 | 63,581 | |
| Provisions | 18 | 6,350 | 5,927 |
| Derivative<br>financial instruments | 13 | - | 56 |
| Salaries<br>and social security liabilities | 15,680 | 16,670 | |
| Total current liabilities | 330,613 | 387,265 | |
| TOTAL LIABILITIES | 2,215,778 | 1,931,683 | |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 4,179,160 | 3,842,639 |
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
| .<br><br><br>Eduardo S. Elsztain<br><br><br>President |
|---|
2
IRSA Inversiones y Representaciones Sociedad Anónima
Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income
for the six and three-month periods ended December 31, 2025 and 2024
(All amounts in millions of Argentine pesos, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
| Six months | Three months | ||||
|---|---|---|---|---|---|
| Note | 12.31.2025 | 12.31.2024 | 12.31.2025 | 12.31.2024 | |
| Revenues | 20 | 292,081 | 279,069 | 152,667 | 151,352 |
| Costs | 21,<br>22 | (110,416) | (106,827) | (56,593) | (60,700) |
| Gross profit | 181,665 | 172,242 | 96,074 | 90,652 | |
| Net<br>gain / (loss) from fair value adjustment of investment<br>properties | 8 | 185,712 | (306,605) | (51,503) | 13,850 |
| General<br>and administrative expenses | 21 | (39,563) | (37,227) | (21,974) | (21,446) |
| Selling<br>expenses | 21 | (13,878) | (12,744) | (7,089) | (6,563) |
| Other<br>operating results, net | 23 | 7,319 | (12,705) | 9,926 | (6,955) |
| Profit / (loss) from operations | 321,255 | (197,039) | 25,434 | 69,538 | |
| Share<br>of profit of associates and joint ventures | 7 | 11,290 | 32,593 | 15,526 | 20,995 |
| Profit / (loss) before financial results and income<br>tax | 332,545 | (164,446) | 40,960 | 90,533 | |
| Finance<br>income | 24 | 4,879 | 2,124 | 1,740 | 1,098 |
| Finance<br>costs | 24 | (41,665) | (33,182) | (20,926) | (16,635) |
| Other<br>financial results | 24 | 37,090 | 87,080 | 49,712 | 56,255 |
| Inflation<br>adjustment | 24 | 14,758 | 9,209 | 10,370 | 3,174 |
| Financial results, net | 15,062 | 65,231 | 40,896 | 43,892 | |
| Profit / (loss) before income tax | 347,607 | (99,215) | 81,856 | 134,425 | |
| Income<br>tax expense | 19 | (98,790) | 45,319 | (9,318) | (33,372) |
| Profit / (loss) for the period | 248,817 | (53,896) | 72,538 | 101,053 | |
| Other comprehensive (loss) / income: | |||||
| Items that may be reclassified subsequently to profit or<br>loss: | |||||
| Currency<br>translation adjustment and other comprehensive loss from<br>subsidiaries and associates (i) | (1,415) | (1,847) | 141 | (1,141) | |
| Total other comprehensive (loss) / income for the<br>period | (1,415) | (1,847) | 141 | (1,141) | |
| Total comprehensive income / (loss) for the period | 247,402 | (55,743) | 72,679 | 99,912 | |
| Profit / (loss) for the period attributable to: | |||||
| Equity<br>holders of the parent | 235,486 | (52,320) | 69,553 | 97,813 | |
| Non-controlling<br>interest | 13,331 | (1,576) | 2,985 | 3,240 | |
| Total comprehensive profit / (loss) attributable to: | |||||
| Equity<br>holders of the parent | 233,876 | (53,658) | 69,718 | 96,880 | |
| Non-controlling<br>interest | 13,526 | (2,085) | 2,961 | 3,032 | |
| Profit / (loss) per share attributable to equity holders of the<br>parent: (ii) | |||||
| Basic | 310.26 | (71.28) | 91.64 | 133.26 | |
| Diluted | 283.72 | (71.28)<br>(iii) | 83.80 | 115.76 |
(i)
The components of other comprehensive loss do not generate an impact on income tax.
(ii)
See note 28 to the Annual Consolidated Financial Statements as of June 30, 2025.
(iii)
Given that the result for the period showed losses, there is no diluted effect of such result.
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
| .<br><br><br>Eduardo S. Elsztain<br><br><br>President |
|---|
3
IRSA Inversiones y Representaciones Sociedad Anónima
Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders’ Equity
for the six-month period ended December 31, 2025
(All amounts in millions of Argentine pesos, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
| Attributable to equity holders of the parent | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | |||||||||||||
| Outstanding shares | Treasury shares | Inflation adjustment of share capital and treasury shares<br>(i) | Warrants (ii) | Share premium | Additional paid-in capital from treasury shares | Legal reserve | Special reserve Resolution CNV 609/12 | Other reserves (iii) | Retained earnings | Subtotal | Non-controlling interest | Total Shareholders’ equity | |
| Balance as of June 30, 2025 | 7,533 | 92 | 524,363 | 28,374 | 777,309 | (73,172) | 76,390 | 295,545 | (105,865) | 272,765 | 1,803,334 | 107,622 | 1,910,956 |
| Net<br>profit for the period | - | - | - | - | - | - | - | - | - | 235,486 | 235,486 | 13,331 | 248,817 |
| Other<br>comprehensive (loss) / income for the period | - | - | - | - | - | - | - | - | (1,610) | - | (1,610) | 195 | (1,415) |
| Total comprehensive (loss) / income for the period | - | - | - | - | - | - | - | - | (1,610) | 235,486 | 233,876 | 13,526 | 247,402 |
| Assignment<br>of results according to Shareholders´ Meeting | - | - | - | - | - | - | 11,183 | - | 25,023 | (36,206) | - | - | - |
| Warrants<br>exercise (ii) | 117 | - | 8 | (3,632) | 8,459 | - | - | - | - | - | 4,952 | - | 4,952 |
| Capitalization<br>of irrevocable contributions | - | - | - | - | - | - | - | - | - | - | - | 173 | 173 |
| Dividend<br>distribution | - | - | - | - | - | - | - | - | - | (187,442) | (187,442) | (12,659) | (200,101) |
| Reserve<br>for share-based payments | - | - | - | - | - | 57 | - | - | (57) | - | - | - | - |
| Changes<br>in non-controlling interest | - | - | - | - | - | - | - | - | (8) | - | (8) | 8 | - |
| Balance as of December 31, 2025 | 7,650 | 92 | 524,371 | 24,742 | 785,768 | (73,115) | 87,573 | 295,545 | (82,517) | 284,603 | 1,854,712 | 108,670 | 1,963,382 |
(i) Includes ARS 13 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.
(ii) As of December 31, 2025, the remaining warrants to exercise amount to 53,161,206. See Note 28 to these Financial Statements.
(iii) Group´s other reserves for the period ended December 31, 2025 are comprised as follows:
| Cost of treasury shares | Currency translation adjustment reserve | Special reserve | Other reserves (1) | Total Other reserves | |
|---|---|---|---|---|---|
| Balance as of June 30, 2025 | (8,206) | (5,337) | 56,559 | (148,881) | (105,865) |
| Other<br>comprehensive loss for the period | - | (1,610) | - | - | (1,610) |
| Total comprehensive loss for the period | - | (1,610) | - | - | (1,610) |
| Assignment<br>of results according to Shareholders´ Meeting | - | - | 25,023 | - | 25,023 |
| Reserve<br>for share-based payments | 71 | - | - | (128) | (57) |
| Changes<br>in non-controlling interest | - | - | - | (8) | (8) |
| Balance as of December 31, 2025 | (8,135) | (6,947) | 81,582 | (149,017) | (82,517) |
(1) Includes revaluation surplus.
The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
| .<br><br><br>Eduardo S. Elsztain<br><br><br>President |
|---|
4
IRSA Inversiones y Representaciones Sociedad Anónima
Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders’ Equity
for the six-month period ended December 31, 2024
(All amounts in millions of Argentine pesos, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
| Attributable to equity holders of the parent | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Share capital | |||||||||||||
| Outstanding shares | Treasury shares | Inflation adjustment of share capital and treasury shares<br>(i) | Warrants | Share premium | Additional paid-in capital from treasury shares | Legal reserve | Special reserve Resolution CNV 609/12 | Other reserves (ii) | Accumulated deficit | Subtotal | Non-controlling interest | Total Shareholders’ equity | |
| Balance as of June 30, 2024 | 7,181 | 234 | 524,309 | 35,217 | 762,303 | (16,422) | 76,390 | 295,545 | 12,060 | 21,991 | 1,718,808 | 117,586 | 1,836,394 |
| Net<br>loss for the period | - | - | - | - | - | - | - | - | - | (52,320) | (52,320) | (1,576) | (53,896) |
| Other<br>comprehensive loss for the period | - | - | - | - | - | - | - | - | (1,338) | - | (1,338) | (509) | (1,847) |
| Total comprehensive loss for the period | - | - | - | - | - | - | - | - | (1,338) | (52,320) | (53,658) | (2,085) | (55,743) |
| Assignment<br>of results according to Shareholders´ Meeting | - | - | - | - | - | - | - | - | (27,694) | 27,694 | - | - | - |
| Repurchase<br>of treasury shares | (115) | 115 | - | - | - | - | - | - | (22,291) | - | (22,291) | - | (22,291) |
| Warrants<br>exercise | 68 | - | 27 | (2,376) | 5,310 | - | - | - | - | - | 3,029 | - | 3,029 |
| Capitalization<br>of irrevocable contributions | - | - | - | - | - | - | - | - | - | - | - | 171 | 171 |
| Dividend<br>distribution | - | - | - | - | - | - | - | - | (124,546) | - | (124,546) | (10,359) | (134,905) |
| Distribution<br>of treasury shares | 256 | (256) | - | - | - | (56,638) | - | - | 56,638 | - | - | - | - |
| Reserve<br>for share-based payments | - | - | - | - | - | (90) | - | - | 90 | - | - | - | - |
| Changes<br>in non-controlling interest | - | - | - | - | - | - | - | - | (20) | - | (20) | 20 | - |
| Balance as of December 31, 2024 | 7,390 | 93 | 524,336 | 32,841 | 767,613 | (73,150) | 76,390 | 295,545 | (107,101) | (2,635) | 1,521,322 | 105,333 | 1,626,655 |
(i) Includes ARS 65 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.
(ii) Group’s other reserves for the period ended December 31, 2024 are comprised as follows:
| Cost of treasury shares | Reserve for future dividends | Currency translation adjustment reserve | Special reserve | Other reserves (1) | Total Other reserves | |
|---|---|---|---|---|---|---|
| Balance as of June 30, 2024 | (42,840) | 116,256 | (4,645) | 92,544 | (149,255) | 12,060 |
| Other<br>comprehensive loss for the period | - | - | (1,338) | - | - | (1,338) |
| Total comprehensive loss for the period | - | - | (1,338) | - | - | (1,338) |
| Assignment<br>of results according to Shareholders´ Meeting | - | - | - | (27,694) | - | (27,694) |
| Repurchase<br>of treasury shares | (22,291) | - | - | - | - | (22,291) |
| Dividend<br>distribution | - | (62,273) | - | (62,273) | - | (124,546) |
| Distribution<br>of treasury shares | 56,638 | - | - | - | - | 56,638 |
| Reserve<br>for share-based payments | 89 | - | - | - | 1 | 90 |
| Reallocation<br>of reserves | - | (53,983) | - | 53,983 | - | - |
| Changes<br>in non-controlling interest | - | - | - | - | (20) | (20) |
| Balance as of December 31, 2024 | (8,404) | - | (5,983) | 56,560 | (149,274) | (107,101) |
(1) Includes revaluation surplus.
The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
| .<br><br><br>Eduardo S. Elsztain<br><br><br>President |
|---|
5
IRSA Inversiones y Representaciones Sociedad Anónima
Unaudited Condensed Interim Consolidated Statement of Cash Flows
for the six-month periods ended December 31, 2025 and 2024
(All amounts in millions of Argentine pesos, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
| Note | 12.31.2025 | 12.31.2024 | |
|---|---|---|---|
| Operating activities: | |||
| Net<br>cash generated from operating activities before income tax<br>paid | 15 | 147,241 | 112,486 |
| Income<br>tax paid | (63,006) | (8,277) | |
| Net cash generated from operating activities | 84,235 | 104,209 | |
| Investing activities: | |||
| Acquisition<br>of participation in associates | (6,952) | - | |
| Contributions<br>and issuance of capital in associates and joint<br>ventures | - | (40) | |
| Acquisition<br>and improvements of investment properties | (46,173) | (25,523) | |
| Proceeds<br>from sales of investment properties | 1,490 | 8,610 | |
| Acquisitions<br>and improvements of property, plant and equipment | (4,108) | (3,429) | |
| Proceeds<br>from sales of property, plant and equipment | 2 | - | |
| Acquisitions<br>of intangible assets | (288) | (1,951) | |
| Dividends<br>collected from associates and joint ventures | 9 | - | |
| Proceeds<br>from sales of interest held in associates and joint<br>ventures | - | 6,435 | |
| (Payment)<br>/ proceeds from derivative financial instruments | (1,395) | 33 | |
| Acquisitions<br>of investments in financial assets | (415,629) | (187,773) | |
| Proceeds<br>from disposal of investments in financial assets | 345,738 | 177,127 | |
| Interest<br>received from financial assets | 93,623 | 6,379 | |
| Proceeds<br>from loans granted to related parties | 992 | 605 | |
| Loans<br>granted | (954) | - | |
| Net cash used in investing activities | (33,645) | (19,527) | |
| Financing activities: | |||
| Borrowings,<br>issuance and new placement of non-convertible notes | 263,390 | 110,031 | |
| Payment<br>of borrowings and non-convertible notes | (77,204) | (20,157) | |
| Obtaining<br>/ (payments) of short-term loans, net | 22,271 | (701) | |
| Interests<br>paid | (26,955) | (31,847) | |
| Repurchase<br>of non-convertible notes | - | (24,038) | |
| Capital<br>contributions from non-controlling interest in<br>subsidiaries | 173 | 171 | |
| Loans<br>received from associates and joint ventures, net | - | 87 | |
| Dividends<br>paid | (141,754) | (92,171) | |
| Warrants<br>exercise | 4,952 | 3,029 | |
| Payment<br>of lease liabilities | (878) | (1,332) | |
| Repurchase<br>of treasury shares | - | (22,291) | |
| Net cash generated from / (used in) financing<br>activities | 43,995 | (79,219) | |
| Net<br>increase in cash and cash equivalents | 94,585 | 5,463 | |
| Cash and cash<br>equivalents at the beginning of the period | 13 | 202,094 | 45,091 |
| Inflation<br>adjustment of cash and cash equivalents | (1,653) | (2,222) | |
| Foreign<br>exchange gain / (loss) on cash and cash equivalents and unrealized<br>fair value result for cash equivalents | 1,115 | (108) | |
| Cash and cash equivalents at end of the period | 13 | 296,141 | 48,224 |
The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.
| .<br><br><br>Eduardo S. Elsztain<br><br><br>President |
|---|
6
IRSA Inversiones y Representaciones Sociedad Anónima
Notes to the Unaudited Condensed Interim Consolidated Financial Statements
(Amounts in millions of Argentine pesos, except otherwise indicated)
Free translation from the original prepared in Spanish for publication in Argentina
1.
The Group’s business and general information
These Financial Statements have been approved for issuance by the Board of Directors, on February 3, 2026.
IRSA was founded in 1943, and it has engaged in diverse real estate activities in Argentina since 1991. IRSA and its subsidiaries are collectively referred to hereinafter as “the Group”.
Cresud is our direct parent company, whose main shareholders are Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A., and whose final beneficiary is Eduardo Sergio Elsztain.
As of the date of these Financial Statements, the Group owns 16 shopping malls, 5 office buildings, 3 hotels and an extensive land reserve for future mixed-use developments. Additionally, the Group holds a 29.12% interest in Banco Hipotecario S.A. (BHSA) (see note 7), which is a leading commercial bank in the provision of mortgaged loans in Argentina. BHSA's shares are listed on the BYMA.
The Group operates and holds a majority interest (with the exception of La Ribera Shopping Center, of which it has a 50% ownership interest) in a portfolio of fifteen shopping malls in Argentina, six of which are located in the Autonomous City of Buenos Aires (Abasto Shopping, Paseo Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), three in Buenos Aires Province (Alto Avellaneda, Soleil Premium Outlet and Terrazas de Mayo) and the rest are situated in different provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, Alto Comahue in the City of Neuquén and La Ribera Shopping in the City of Santa Fe). The Group also owns the historic building where the Patio Olmos Shopping Mall is located, operated by a third party.
Likewise, the Group manages a portfolio of five office buildings and has majority stakes in three luxury hotels including the Libertador and Intercontinental hotels in the Autonomous City of Buenos Aires and the exclusive Llao Llao resort, in the city of San Carlos de Bariloche, in southern Argentina. Additionally, the Group participates in the development of residential properties for sale, as well as in other investments.
2.
Summary of significant accounting policies
2.1.
Basis of preparation
These financial statements have been prepared in accordance with IAS 34 “Interim financial reporting” and should therefore be read in conjunction with the Group's Annual Consolidated Financial Statements as of June 30, 2025 prepared in accordance with IFRS Accounting Standards issued by the IASB. Also, these financial statements include additional information required by General Companies Law No. 19,550 and / or regulations of the CNV. Such information is included in the notes to these financial statements, as accepted by IFRS Accounting Standards.
These financial statements as of December 31, 2025 and for the interim periods of six months ended December 31, 2025 and 2024 have not been audited. Management considers that they include all the necessary adjustments to fairly state the results of each period. Interim period results do not necessarily reflect the proportion of the Group's results for the entire fiscal year.
7
IRSA Inversiones y Representaciones Sociedad Anónima
IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated by non-monetary items. This requirement also includes the comparative information of the financial statements.
In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that approximates or exceeds 100%. Accumulated inflation in Argentina in three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.
In relation to the inflation index to be used and in accordance with Argentine Federation of Professional Councils in Economic Sciences (FACPCE) Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering the average variation of the Consumer Price Index (CPI) of the Autonomous City of Buenos Aires for the months of November and December 2015, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) is considered.
The table below presents the index for the period between the last fiscal year and as of December 31, 2025, and for the 12-month period ending on the same date, according to official statistics (INDEC) and following the guidelines described in Resolution No. 539/18.
| As of<br>December 31, 2025 (six months) | As of<br>December 31, 2025 (twelve months) | |
|---|---|---|
| Price<br>variation | 14% | 32% |
As a consequence, these Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2025 and their comparative information were restated in accordance with IAS 29.
2.2.
Significant accounting policies
The accounting policies applied in the presentation of these Financial Statements are consistent with those applied in the preparation of the Annual Financial Statements, as described in Note 2 to those Financial Statements.
2.3.
Comparability of information
Balance items as of June 30, 2025 and December 31, 2024 presented in these Unaudited Condensed Interim Consolidated Financial Statements for comparative purposes arise from the financial statements as of and for such periods restated according to IAS 29 (See note 2.1).
2.4.
Use of estimates
The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements. In the preparation of these financial statements, the significant judgments made by Management in applying the Group’s accounting policies and the main sources of uncertainty were the same as the ones applied by the Group in the preparation of the Annual Financial Statements described in Note 3 to those Financial Statements.
8
IRSA Inversiones y Representaciones Sociedad Anónima
3.
Seasonal effects on operations
The operations of the Group’s shopping malls are subject to seasonal effects, which affect the level of sales recorded by lessees. During summertime in Argentina (January and February), the lessees of shopping malls experience the lowest sales levels in comparison with the winter holidays (July) and Christmas and year-end holidays celebrated in December, when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping malls sales. Sale discounts at the end of each season also affect the business. As a consequence, for shopping mall operations, a higher level of business activity is expected in the period from July through December, compared to the period from January through June.
4.
Acquisitions and disposals
Significant acquisitions and disposals for the six-month period ended December 31, 2025 are detailed below.
4.1.
Sale of lots and barter agreements – "Ramblas del Plata"
On July 17, 2025, IRSA signed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the lots, with an additional cash payment of USD 3.5 million and the inclusion in the price of sellable square meters valued at USD 3.6 million. This transaction added USD 7.1 million, equivalent to ARS 8,953 million, to the original agreement, corresponding to 5,000 additional sellable square meters as a result of the substitution of the lot in question.
On November 7 and December 26, 2025, IRSA signed barter agreements for two lots, for an approximate total amount of USD 11.8 million, equivalent to ARS 17,555 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.
The sale transaction was recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements, and generated a gain of ARS 1,386 million, which has been recognized in the line item “Net gain / (loss) from fair value changes of investment properties” of these Consolidated Financial Statements. The barter agreement was recorded as a transfer between the line item “Investment properties” and “Trading properties” of these Consolidated Financial Statements.
4.2.
Acquisition of the Al Oeste Shopping
On September 17, 2025, we informed that the Company has acquired “Al Oeste” shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.
The shopping mall is currently operating below its potential, so the Company plans to reconvert it into an outlet center to be relaunched during next year.
“Al Oeste Shopping” has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.
The purchase price was USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.
This transaction was recorded as an addition of “Investment properties” for ARS 13,323 million and “Intangible assets” for ARS 15 million, with a recognition of Imputed interest for ARS 1,153 million.
9
IRSA Inversiones y Representaciones Sociedad Anónima
4.3.
Sale of lot Pilar
On October 17, the Company signed a purchase agreement for a plot of land located in the Municipality of Pilar, Province of Buenos Aires, with a total surface area of approximately 609,343 square meters. The transaction price amounted to USD 1.2 million, equivalent to ARS 1,802 million.
This transaction was recorded as a disposal of “Investment properties” and generated a gain of ARS 98 million, which was recognized in the line item “Net gain / (loss) from fair value changes of investment properties” of these Consolidated Financial Statements.
4.4.
Property acquisition
On October 30, 2025, IRSA acquired, through a judicial process, a property located on Av. Gaona, between Nazca and Terrada, in the Flores neighborhood of the Autonomous City of Buenos Aires.
The property, on a plot of land of 8,856 square meters, has an existing built area of approximately 17,000 square meters and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid. IRSA intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires.
As of the date of issuance of these Financial Statements, the execution of the deed of transfer of ownership remains pending.
5.
Financial risk management and fair value estimates
These Financial Statements do not include all the information and disclosures on financial risk management; therefore, they should be read along with Note 5 to the Annual Financial Statements. There have been no changes in risk management or risk management policies applied by the Group since year-end.
From June 30, 2025 and up to the date of issuance of these Unaudited Condensed Interim Consolidated Financial Statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities (either measured at fair value or amortized cost).
6.
Segment information
Segment information was prepared and classified according to the business in which the Group operates, as described in Note 6 to the Annual Financial Statements.
10
IRSA Inversiones y Representaciones Sociedad Anónima
Below is a summary of the Group’s operating segments and a reconciliation between the operating income according to segment information and the operating income of the Statements of Income and Other Comprehensive Income of the Group for the six-month periods ended December 31, 2025 and 2024:
| 12.31.2025 | |||||
|---|---|---|---|---|---|
| Total | Joint ventures (1) | Expenses and collective promotion funds | Elimination of inter-segment transactions and non-reportable assets<br>/ liabilities (2) | Total as per statement of income / statement of financial<br>position | |
| Revenues | 234,536 | (1,366) | 58,911 | - | 292,081 |
| Costs | (51,498) | 145 | (59,063) | - | (110,416) |
| Gross profit / (loss) | 183,038 | (1,221) | (152) | - | 181,665 |
| Net<br>gain / (loss) from fair value adjustment of investment<br>properties | 185,049 | 663 | - | - | 185,712 |
| General<br>and administrative expenses | (39,844) | 160 | - | 121 | (39,563) |
| Selling<br>expenses | (13,957) | 79 | - | - | (13,878) |
| Other<br>operating results, net | 7,136 | (12) | 316 | (121) | 7,319 |
| Profit from operations | 321,422 | (331) | 164 | - | 321,255 |
| Share<br>of profit of associates and joint ventures | 10,706 | 584 | - | - | 11,290 |
| Segment profit / (loss) | 332,128 | 253 | 164 | - | 332,545 |
| Reportable<br>assets | 3,394,915 | (2,551) | - | 786,796 | 4,179,160 |
| Reportable<br>liabilities (i) | - | - | - | (2,215,778) | (2,215,778) |
| Net reportable assets | 3,394,915 | (2,551) | - | (1,428,982) | 1,963,382 |
| 12.31.2024 | |||||
| --- | --- | --- | --- | --- | --- |
| Total | Joint ventures (1) | Expenses and collective promotion funds | Elimination of inter-segment transactions and non-reportable assets<br>/ liabilities (2) | Total as per statement of income / statement of financial<br>position | |
| Revenues | 223,819 | (1,250) | 56,500 | - | 279,069 |
| Costs | (50,127) | 116 | (56,816) | - | (106,827) |
| Gross profit / (loss) | 173,692 | (1,134) | (316) | - | 172,242 |
| Net<br>(loss) / gain from fair value adjustment of investment<br>properties | (306,324) | (281) | - | - | (306,605) |
| General<br>and administrative expenses | (37,516) | 207 | - | 82 | (37,227) |
| Selling<br>expenses | (12,823) | 79 | - | - | (12,744) |
| Other<br>operating results, net | (12,789) | (11) | 177 | (82) | (12,705) |
| (Loss) / profit from operations | (195,760) | (1,140) | (139) | - | (197,039) |
| Share<br>of profit of associates and joint ventures | 31,652 | 941 | - | - | 32,593 |
| Segment (loss) / profit | (164,108) | (199) | (139) | - | (164,446) |
| Reportable<br>assets | 2,847,895 | 853 | - | 442,350 | 3,291,098 |
| Reportable<br>liabilities (i) | - | - | - | (1,664,443) | (1,664,443) |
| Net reportable assets | 2,847,895 | 853 | - | (1,222,093) | 1,626,655 |
(1) Represents the equity value of joint ventures that were proportionately consolidated for segment information.
(2) Includes deferred income tax assets, income tax credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 128 as of December 31, 2025.
(i) The CODM focuses its review on reportable assets.
11
IRSA Inversiones y Representaciones Sociedad Anónima
Below is a summarized analysis of the segments from the Group for the six-month periods ended December 31, 2025 and 2024:
| 12.31.2025 | ||||||
|---|---|---|---|---|---|---|
| Shopping Malls | Offices | Sales and developments | Hotels | Others | Total | |
| Revenues | 165,708 | 13,200 | 7,300 | 42,611 | 5,717 | 234,536 |
| Costs | (14,591) | (1,362) | (7,120) | (26,318) | (2,107) | (51,498) |
| Gross profit | 151,117 | 11,838 | 180 | 16,293 | 3,610 | 183,038 |
| Net<br>gain / (loss) from fair value adjustment of investment<br>properties | 124,743 | 19,061 | 41,383 | - | (138) | 185,049 |
| General<br>and administrative expenses | (19,961) | (1,240) | (8,988) | (5,976) | (3,679) | (39,844) |
| Selling<br>expenses | (8,204) | (548) | (1,738) | (2,630) | (837) | (13,957) |
| Other<br>operating results, net | 795 | 206 | 12,034 | (219) | (5,680) | 7,136 |
| Profit / (loss) from operations | 248,490 | 29,317 | 42,871 | 7,468 | (6,724) | 321,422 |
| Share<br>of profit of associates and joint ventures | - | - | - | - | 10,706 | 10,706 |
| Segment profit | 248,490 | 29,317 | 42,871 | 7,468 | 3,982 | 332,128 |
| Investment<br>properties and trading properties | 1,800,754 | 310,166 | 1,012,084 | - | 2,237 | 3,125,241 |
| Investment<br>in associates and joint ventures | - | - | - | - | 202,908 | 202,908 |
| Other<br>operating assets | 5,504 | 534 | 146 | 52,985 | 7,597 | 66,766 |
| Reportable<br>assets | 1,806,258 | 310,700 | 1,012,230 | 52,985 | 212,742 | 3,394,915 |
| 12.31.2024 | ||||||
| --- | --- | --- | --- | --- | --- | --- |
| Shopping Malls | Offices | Sales and developments | Hotels | Others | Total | |
| Revenues | 159,099 | 11,432 | 9,069 | 40,182 | 4,037 | 223,819 |
| Costs | (11,130) | (834) | (10,770) | (25,069) | (2,324) | (50,127) |
| Gross profit / (loss) | 147,969 | 10,598 | (1,701) | 15,113 | 1,713 | 173,692 |
| Net<br>gain / (loss) from fair value adjustment of investment<br>properties | 156,861 | (137,750) | (325,210) | - | (225) | (306,324) |
| General<br>and administrative expenses | (18,081) | (1,490) | (7,068) | (7,187) | (3,690) | (37,516) |
| Selling<br>expenses | (7,150) | (295) | (1,356) | (3,101) | (921) | (12,823) |
| Other<br>operating results, net | (368) | 74 | (15,241) | (389) | 3,135 | (12,789) |
| Profit / (loss) from operations | 279,231 | (128,863) | (350,576) | 4,436 | 12 | (195,760) |
| Share<br>of profit of associates and joint ventures | - | - | - | - | 31,652 | 31,652 |
| Segment profit / (loss) | 279,231 | (128,863) | (350,576) | 4,436 | 31,664 | (164,108) |
| Investment<br>properties and trading properties | 1,308,304 | 323,396 | 859,758 | - | 3,073 | 2,494,531 |
| Investment<br>in associates and joint ventures | - | - | - | - | 225,803 | 225,803 |
| Other<br>operating assets | 5,034 | 518 | 63,377 | 50,702 | 7,930 | 127,561 |
| Reportable assets | 1,313,338 | 323,914 | 923,135 | 50,702 | 236,806 | 2,847,895 |
7.
Investments in associates and joint ventures
Changes in the Group’s investments in associates and joint ventures for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Beginning of the period / year | 203,586 | 206,129 |
| Sale<br>of interest in associates | - | (4,271) |
| Capital<br>contributions | - | 40 |
| Share<br>of profit | 11,290 | 31,915 |
| Currency<br>translation adjustment | 243 | 110 |
| Dividends<br>(Note 25) | (4,567) | (30,567) |
| Transfers<br>from/to financial assets (ii) | - | 399 |
| Decrease<br>of interest (iii) | - | (169) |
| End of the period / year (i) | 210,552 | 203,586 |
(i)
As of December 31, 2025 and June 30, 2025 includes ARS (128) and ARS (90) respectively, reflecting interests in companies with negative equity, which were disclosed in “Provisions” (Note 18).
(ii)
Corresponds to the participation in GCDI S.A. and Challenger Gold Ltd.
(iii)
Corresponds to the decrease of interest due to the liquidation of Cyrsa S.A.
12
IRSA Inversiones y Representaciones Sociedad Anónima
Below is additional information about the Group’s main investments in associates and joint ventures:
| % ownership interest | Value of Group's interest in equity | Group's interest in comprehensive income / (loss) | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Name of the entity | 12.31.2025 | 06.30.2025 | 12.31.2025 | 06.30.2025 | 12.31.2025 | 12.31.2024 | |||
| Associates and joint ventures | |||||||||
| New<br>Lipstick | 49.96% | 49.96% | 1,788 | 1,682 | 105 | (99) | |||
| BHSA | 29.12% | 29.12% | 157,991 | 152,971 | 5,021 | 19,351 | |||
| BACS | 37.72% | 37.72% | 12,613 | 12,622 | (10) | 280 | |||
| Nuevo<br>Puerto Santa Fe | 50.00% | 50.00% | 7,774 | 9,719 | 622 | 1,003 | |||
| La<br>Rural SA | 50.00% | 50.00% | 27,709 | 24,023 | 5,685 | 7,928 | |||
| GCDI | - | - | - | - | - | 3,969 | |||
| Other<br>joint ventures | N/A | N/A | 2,677 | 2,569 | 110 | (59) | |||
| Total associates and joint ventures | 210,552 | 203,586 | 11,533 | 32,373 | |||||
| Financial information | |||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Name of the entity | Place of business / Country of incorporation | Main activity | Common shares 1 vote | Share capital (nominal value) | (Loss) / profit for the period | Shareholders’ equity | |||
| Associates and joint ventures | |||||||||
| New<br>Lipstick | USA | Real<br>estate | 23,631,037 | (*) | 47 | (*) | (1) | (*) | (51) |
| BHSA | Argentina | Financial | 436,780,922 | (**) | 1,500 | (**) | 17,242 | (**) | 528,687 |
| BACS | Argentina | Financial | 33,125,751 | (**) | 88 | (**) | (26) | (**) | 33,435 |
| Nuevo<br>Puerto Santa Fe | Argentina | Real<br>estate | 138,750 | 28 | 1,245 | 14,887 | |||
| La<br>Rural SA | Argentina | Organization<br>of events | 714,998 | (**) | 1 | (**) | 11,556 | (**) | 55,427 |
(*) Amounts in millions of US Dollars.
(**) Information as of December 31, 2025 according to IFRS, pending issuance as of the date of these Financial Statements.
Puerto Retiro (joint venture)
There have been no changes to what disclosed in Note 8 to the Annual Financial Statements.
La Rural (joint venture)
There have been no changes to what was disclosed in Note 8 to the Annual Financial Statements.
Arcos
There have been no changes to what was disclosed in Note 8 to the Annual Financial Statements.
8.
Investment properties
Changes in the Group’s investment properties for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:
| 12.31.2025 | 06.30.2025 | |||
|---|---|---|---|---|
| Level 2 | Level 3 | Level 2 | Level 3 | |
| Fair value at the beginning of the period / year | 1,050,589 | 1,629,222 | 1,656,711 | 1,056,609 |
| Additions | 45,364 | 11,151 | 30,795 | 54,366 |
| Capitalized<br>leasing costs | 28 | 86 | 74 | 134 |
| Amortization<br>of capitalized leasing costs (i) | (77) | (142) | (150) | (286) |
| Transfers | (24,359) | (459) | (100,734) | (4,371) |
| Disposals | (1,864) | - | (10,388) | (21) |
| Currency<br>translation adjustment | 12 | - | (73) | - |
| Net<br>gain / (loss) from fair value adjustment (ii) | 64,157 | 121,555 | (525,646) | 522,791 |
| Fair value at the end of the period / year | 1,133,850 | 1,761,413 | 1,050,589 | 1,629,222 |
(i)
Amortization charges of capitalized leasing costs were recognized in "Costs" in the Statement of Income and Other Comprehensive Income (Note 21).
(ii)
For the six-month period ended December 31, 2025, the net gain from fair value adjustment of investment properties was ARS 185,712 million. The net impact of the values in pesos of our properties was mainly a consequence of the change in macroeconomic conditions:
13
IRSA Inversiones y Representaciones Sociedad Anónima
Level 2:
a)
The value of our office buildings, undeveloped parcels of land and other rental properties measured in real terms increased by 7.96% during the six-month period ended December 31, 2025, due to the variation of the implicit exchange rate which was above inflation. Likewise, there is an impact for the sales and acquisitions of the period.
Level 3:
a)
loss of ARS 55,706 million as a consequence of the variation in the projected income growth rate increase and the conversion to dollars of the projected cash flow in pesos according to the exchange rate estimates used in the cash flow from shopping malls.
b)
positive impact of ARS 291,927 million resulting from the conversion into pesos of the value of the shopping malls in dollars based on the exchange rate at the end of the period.
c)
a decrease of 52 basis points in the discount rate used for cash flows and a decrease of 54 basis points in the discount rate used for perpetuity, mainly due to a decrease in the country-risk rate component of the WACC discount rate used to discount the cash flow, which led to an increase in the value of the shopping malls of ARS 99,726 million.
Additionally, due to the impact of the inflation adjustment, ARS 205,794 million were reclassified for shopping malls from “Net gain / (loss) from fair value adjustment” to “Inflation Adjustment” in the Statement of Income and Other Comprehensive Income.
The following is the balance by type of investment property of the Group for the six-month period ended December 31, 2025 and for the year ended June 30, 2025:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Shopping<br>Malls (i) | 1,778,746 | 1,645,530 |
| Offices<br>and other rental properties | 356,936 | 332,259 |
| Undeveloped<br>parcels of land | 756,654 | 699,041 |
| Properties<br>under development | 751 | 743 |
| Others | 2,176 | 2,238 |
| Total | 2,895,263 | 2,679,811 |
(i) Includes parking spaces.
The following amounts have been recognized in the Statements of Income and Other Comprehensive Income:
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Revenues<br>(Note 20) | 243,267 | 231,589 |
| Direct<br>operating costs | (78,045) | (71,549) |
| Development<br>costs | (4,434) | (8,264) |
| Net<br>realized gain from fair value adjustment of investment properties<br>(i) | 1,461 | 3,602 |
| Net<br>unrealized gain / (loss) from fair value adjustment of investment<br>properties (ii) | 184,251 | (310,207) |
(i) Corresponds to the result from changes in the fair value realized from sales that occurred during the fiscal year of properties considered as investment properties.
(ii) Includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. This was generated in accordance with what is described in the section named "valuation techniques" in Note 9 to the Annual Consolidated Financial Statements as of June 30, 2025, mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.
Valuation techniques are described in Note 9 to the Annual Financial Statements. There were no changes to such techniques.
14
IRSA Inversiones y Representaciones Sociedad Anónima
9.
Property, plant and equipment
Changes in the Group’s property, plant and equipment for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:
| Buildings and facilities | Machinery and equipment | Others (i) | 12.31.2025 | 06.30.2025 | |
|---|---|---|---|---|---|
| Costs | 144,604 | 59,809 | 13,982 | 218,395 | 207,343 |
| Accumulated<br>depreciation | (90,558) | (55,126) | (10,888) | (156,572) | (149,087) |
| Net book amount at the beginning of the period / year | 54,046 | 4,683 | 3,094 | 61,823 | 58,256 |
| Additions | 3,391 | 524 | 194 | 4,109 | 9,189 |
| Currency<br>translation adjustment | - | - | 13 | 13 | 7 |
| Transfers | - | 120 | - | 120 | 1,856 |
| Depreciation<br>charges (ii) | (2,761) | (1,121) | (355) | (4,237) | (7,485) |
| Balances at the end of the period / year | 54,676 | 4,206 | 2,946 | 61,828 | 61,823 |
| Costs | 147,995 | 60,453 | 14,189 | 222,637 | 218,395 |
| Accumulated<br>depreciation | (93,319) | (56,247) | (11,243) | (160,809) | (156,572) |
| Net book amount at the end of the period / year | 54,676 | 4,206 | 2,946 | 61,828 | 61,823 |
(i)
Includes furniture and fixtures and vehicles.
(ii)
As of December 31, 2025, the depreciation charge has been charged to the line "Costs" for ARS 2,989, "General and administrative expenses" for ARS 1,239 and "Selling expenses" for ARS 9, in the Statement of Income and Other Comprehensive Income (Note 21).
10.
Trading properties
Changes in the Group’s trading properties for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:
| Completed properties | Properties under development | Undeveloped sites | 12.31.2025 | 06.30.2025 | |
|---|---|---|---|---|---|
| Beginning of the period / year | 2,470 | 165,347 | 15,527 | 183,344 | 31,781 |
| Additions | - | 3,041 | 533 | 3,574 | 3,437 |
| Currency<br>translation adjustment | - | 1,010 | - | 1,010 | (757) |
| Transfers | - | 24,359 | - | 24,359 | 186,643 |
| Reversal<br>/ (charge) of impairment (i) | 32 | 11,981 | - | 12,013 | (21,858) |
| Disposals | - | (4,137) | (1) | (4,138) | (15,902) |
| End of the period / year | 2,502 | 201,601 | 16,059 | 220,162 | 183,344 |
| Non-current | 172,042 | 142,547 | |||
| Current | 48,120 | 40,797 | |||
| Total | 220,162 | 183,344 |
(i)
The Company makes a quarterly comparison between the cost and the net realizable value of its trading properties. As of the end of the current period, a partial reversal of the impairment previously recognized on trading properties was recorded. This recovery is attributable to an increase in the net realizable value as a result of improvements in macroeconomic conditions. The value of these assets recorded at their inflation-adjusted cost is ARS 192,604, while the net realizable value amounts to ARS 204,617, resulting in an impairment reversal of ARS 12,013. The reversal / charge of impairment has been recognized under "Other operating results, net" in the statement of income and other comprehensive income (Note 23).
15
IRSA Inversiones y Representaciones Sociedad Anónima
11.
Intangible assets
Changes in the Group’s intangible assets for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:
| Goodwill | Information systems and software | Trademarks, concession rights and others | 12.31.2025 | 06.30.2025 | |
|---|---|---|---|---|---|
| Costs | 2,841 | 23,898 | 20,228 | 46,967 | 126,874 |
| Accumulated<br>amortization | - | (19,492) | (6,755) | (26,247) | (23,950) |
| Net book amount at the beginning of the period / year | 2,841 | 4,406 | 13,473 | 20,720 | 102,924 |
| Additions | - | 650 | 15 | 665 | 3,487 |
| Transfers | - | 339 | - | 339 | (83,395) |
| Currency<br>translation adjustment | - | - | - | - | 1 |
| Amortization<br>charges (i) | - | (864) | (46) | (910) | (2,297) |
| Balances at the end of the period / year | 2,841 | 4,531 | 13,442 | 20,814 | 20,720 |
| Costs | 2,841 | 24,887 | 20,243 | 47,971 | 46,967 |
| Accumulated<br>amortization | - | (20,356) | (6,801) | (27,157) | (26,247) |
| Net book amount at the end of the period / year | 2,841 | 4,531 | 13,442 | 20,814 | 20,720 |
(i)
As of December 31, 2025, amortization charges were recognized in the amount of ARS 877 in "Costs", ARS 25 in "General and administrative expenses" and ARS 8 in "Selling expenses", in the Statement of Income and Other Comprehensive Income (Note 21).
12.
Right-of-use assets and lease liabilities
The Group’s right-of-use assets as of December 31, 2025 and June 30, 2025 are the following:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Offices,<br>shopping malls and other rental properties | 9,919 | 8,525 |
| Convention<br>center | 4,688 | 5,059 |
| Total Right-of-use assets | 14,607 | 13,584 |
| Non-current | 14,607 | 13,584 |
| Total | 14,607 | 13,584 |
The depreciation charge of the right-of use-assets is detailed below:
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Offices,<br>shopping malls and other rental properties | 790 | 366 |
| Convention<br>center | 371 | 530 |
| Total depreciation of right-of-use assets (i) | 1,161 | 896 |
(i)
As of December 31, 2025, amortization charges were recognized as follows: ARS 640 in "Costs", ARS 184 in "General and administrative expenses" and ARS 337 in "Selling expenses", respectively in the Consolidated Statement of Income and Other Comprehensive Income (Note 21).
16
IRSA Inversiones y Representaciones Sociedad Anónima
The Group’s lease liabilities as of December 31, 2025 and June 30, 2025 are the following:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Offices,<br>shopping malls and other rental properties | 6,686 | 6,987 |
| Convention<br>center | 2,607 | 2,639 |
| Total lease liabilities | 9,293 | 9,626 |
| Non-current | 3,687 | 3,735 |
| Current | 5,606 | 5,891 |
| Total | 9,293 | 9,626 |
13.
Financial instruments by category
In accordance with IFRS 7, this note presents the financial assets and financial liabilities by category of financial instrument and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. For further information related to fair value hierarchy refer to Note 14 to the Annual Financial Statements.
Financial assets and financial liabilities as of December 31, 2025 are the following:
| Financial assets at amortized cost | Financial assets at fair value through profit or loss | Subtotal financial assets | Non-financial assets | Total | |||
|---|---|---|---|---|---|---|---|
| Level 1 | Level 2 | Level 3 | |||||
| December 31, 2025 | |||||||
| Assets as per Statements of Financial Position | |||||||
| Trade<br>and other receivables (excluding the allowance for doubtful<br>accounts and other receivables) (Note 14) | 164,518 | - | - | - | 164,518 | 33,223 | 197,741 |
| Investments<br>in financial assets: | |||||||
| -<br>Public companies’ securities | - | 37,148 | - | - | 37,148 | - | 37,148 |
| -<br>Mutual funds | - | 116,780 | - | - | 116,780 | - | 116,780 |
| -<br>Bonds | - | 71,991 | - | - | 71,991 | - | 71,991 |
| -<br>Others | 6,385 | 7,908 | 16,056 | 1,771 | 32,120 | - | 32,120 |
| Derivative<br>financial instruments: | |||||||
| -<br>Foreign-currency future contracts | - | 38 | - | - | 38 | - | 38 |
| -<br>Bond futures | - | 206 | - | - | 206 | - | 206 |
| Cash<br>and cash equivalents: | |||||||
| -<br>Cash at bank and on hand | 284,404 | - | - | - | 284,404 | - | 284,404 |
| -<br>Short-term investments | 1,766 | 9,971 | - | - | 11,737 | - | 11,737 |
| Total assets | 457,073 | 244,042 | 16,056 | 1,771 | 718,942 | 33,223 | 752,165 |
| Financial liabilities at amortized cost | Financial liabilities at fair value through profit or<br>loss | Subtotal financial liabilities | Non-financial liabilities | Total | |||
| --- | --- | --- | --- | --- | --- | --- | --- |
| Level 1 | Level 2 | Level 3 | |||||
| December 31, 2025 | |||||||
| Liabilities as per Statements of Financial Position | |||||||
| Trade<br>and other payables (Note 16) | 79,507 | - | - | - | 79,507 | 132,159 | 211,666 |
| Borrowings<br>(Note 17) | 985,314 | - | - | - | 985,314 | - | 985,314 |
| Lease<br>liabilities (Note 12) | 9,293 | - | - | - | 9,293 | - | 9,293 |
| Total liabilities | 1,074,114 | - | - | - | 1,074,114 | 132,159 | 1,206,273 |
17
IRSA Inversiones y Representaciones Sociedad Anónima
Financial assets and financial liabilities as of June 30, 2025 were as follows:
| Financial assets at amortized cost | Financial assets at fair value through profit or<br>loss | Subtotal financial assets | Non-financial assets | Total | ||
|---|---|---|---|---|---|---|
| Level 1 | Level 2 | |||||
| June 30, 2025 | ||||||
| Assets as per Statements of Financial Position | ||||||
| Trade<br>and other receivables (excluding the allowance for doubtful<br>accounts and other receivables) (Note 14) | 161,232 | - | - | 161,232 | 30,287 | 191,519 |
| Investments<br>in financial assets: | ||||||
| -<br>Public companies’ securities | - | 40,351 | - | 40,351 | - | 40,351 |
| -<br>Mutual funds | - | 151,131 | - | 151,131 | - | 151,131 |
| -<br>Bonds | - | 63,777 | - | 63,777 | - | 63,777 |
| -<br>Others | 6,183 | 4,357 | 15,739 | 26,279 | - | 26,279 |
| Cash<br>and cash equivalents: | ||||||
| -<br>Cash at bank and on hand | 191,639 | - | - | 191,639 | - | 191,639 |
| -<br>Short-term investments | - | 10,455 | - | 10,455 | - | 10,455 |
| Total assets | 359,054 | 270,071 | 15,739 | 644,864 | 30,287 | 675,151 |
| Financial liabilities at amortized cost | Financial liabilities at fair value through profit or<br>loss | Subtotal financial liabilities | Non-financial liabilities | Total | ||
| --- | --- | --- | --- | --- | --- | --- |
| Level 1 | Level 2 | |||||
| June 30, 2025 | ||||||
| Liabilities as per Statements of Financial Position | ||||||
| Trade<br>and other payables (Note 16) | 69,667 | - | - | 69,667 | 138,161 | 207,828 |
| Borrowings<br>(Note 17) | 739,628 | - | - | 739,628 | - | 739,628 |
| Lease<br>liabilities (Note 12) | 9,626 | - | - | 9,626 | - | 9,626 |
| Derivative<br>financial instruments: | ||||||
| -<br>Foreign-currency future contracts | - | 23 | - | 23 | - | 23 |
| -<br>Bond futures | - | 33 | - | 33 | - | 33 |
| Total liabilities | 818,921 | 56 | - | 818,977 | 138,161 | 957,138 |
As of December 31, 2025, there have been no significant changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the Group.
The carrying amount of assets and liabilities measured at amortized cost does not differ significantly from their fair value, except for loans, whose fair value is disclosed in Note 17.
The Group uses a range of valuation models for the measurement of Level 3 instruments, details of which may be obtained from the following table. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods.
| Description | Pricing model / method | Parameters | Fair value hierarchy | Range |
|---|---|---|---|---|
| Purchase<br>option - Warrant (Others) | Black<br>& Scholes without dilution | Underlying<br>asset price and volatility | Level<br>3 | - |
18
IRSA Inversiones y Representaciones Sociedad Anónima
14.
Trade and other receivables
Group’s trade and other receivables as of December 31, 2025 and June 30, 2025 are as follows:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Sale,<br>leases and services receivables | 84,639 | 79,160 |
| Less:<br>Allowance for doubtful accounts | (6,088) | (5,243) |
| Total trade receivables | 78,551 | 73,917 |
| Borrowings,<br>deposits and others | 67,011 | 58,589 |
| Advances<br>to suppliers | 20,740 | 13,963 |
| Tax<br>receivables | 6,699 | 10,259 |
| Prepaid<br>expenses | 3,644 | 3,696 |
| Dividends<br>receivable | 8,929 | 21,374 |
| Others | 6,079 | 4,478 |
| Total other receivables | 113,102 | 112,359 |
| Total trade and other receivables | 191,653 | 186,276 |
| Non-current | 45,561 | 37,712 |
| Current | 146,092 | 148,564 |
| Total | 191,653 | 186,276 |
The carrying amounts of the Group’s trade and other receivables denominated in foreign currencies are detailed in Note 27.
Movements on the Group’s allowance for doubtful accounts were as follows:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Beginning of the period / year | 5,243 | 4,903 |
| Additions<br>(i) | 1,137 | 1,511 |
| Recovery<br>(i) | (135) | (215) |
| Exchange<br>rate differences | 598 | 810 |
| Receivables<br>written off during the period / year as uncollectible | - | (192) |
| Inflation<br>adjustment | (755) | (1,574) |
| End of the period / year | 6,088 | 5,243 |
(i)
Additions and recovery of the allowance for doubtful accounts have been included in “Selling expenses” in the Statement of Income and Other Comprehensive Income (Note 21).
15.
Cash flow and cash equivalent information
Following is a detailed description of cash flows generated by the Group’s operations for the six-month periods ended December 31, 2025 and 2024:
| Note | 12.31.2025 | 12.31.2024 | |
|---|---|---|---|
| Profit<br>/ (loss) for the period | 248,817 | (53,896) | |
| Adjustments<br>for: | |||
| Income<br>tax | 19 | 98,790 | (45,319) |
| Amortization<br>and depreciation | 21 | 6,527 | 5,836 |
| Gain<br>from disposal of property, plant and equipment | 23 | (2) | - |
| Net<br>(gain) / loss from fair value adjustment of investment<br>properties | 8 | (185,712) | 306,605 |
| Gain<br>from lease modification | - | (2,210) | |
| (Reversal)<br>/ charge of impairment of trading properties | 23 | (12,013) | 15,586 |
| Gain<br>from disposal of associates and joint ventures | 23 | - | (2,711) |
| (Gain)<br>/ loss on sale of trading properties and others | (2,082) | 1,252 | |
| Financial<br>results, net | (19,635) | (76,371) | |
| Provisions<br>and allowances | 18,971 | 11,817 | |
| Share<br>of profit of associates and joint ventures | 7 | (11,290) | (32,593) |
| Changes in operating assets and liabilities: | |||
| (Increase)<br>/ decrease in inventories | (322) | 168 | |
| Decrease<br>in trading properties and under development | 2,647 | 5,643 | |
| (Increase)<br>/ decrease in trade and other receivables | (8,945) | 2,282 | |
| Increase<br>/ (decrease) in trade and other payables | 14,074 | (22,480) | |
| Decrease<br>in salaries and social security liabilities | (1,466) | (744) | |
| Decrease<br>in provisions | (1,118) | (379) | |
| Net cash generated by operating activities before income tax<br>paid | 147,241 | 112,486 |
19
IRSA Inversiones y Representaciones Sociedad Anónima
The following table presents a detail of significant non-cash transactions occurred in the six-month periods ended December 31, 2025 and 2024:
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Increase<br>of investment properties through a decrease of investments in<br>financial assets | 4,187 | 23,889 |
| Increase<br>of property, plant and equipment through an increase of trade and<br>other payables | 1 | 12 |
| Increase<br>of investments in financial assets through a decrease of<br>investments in associates and joint ventures | 8,315 | 3,144 |
| Decrease<br>in investments in associates and joint ventures through a decrease<br>in borrowings | 1,193 | - |
| Other<br>comprehensive loss for the period | 1,415 | 1,847 |
| Decrease<br>in investment properties through an increase in property, plant and<br>equipment | 120 | 1,500 |
| Increase<br>in intangible assets through an increase in salaries and social<br>security liabilities | 362 | - |
| Increase<br>in investments in associates and joint ventures through a decrease<br>in investments in financial assets | - | 2,611 |
| Decrease<br>in investments in financial assets through a decrease in trade and<br>other payables | 7,087 | 3,644 |
| Decrease<br>in Shareholders’ Equity through a decrease in trade and other<br>receivables | - | 5,626 |
| Decrease<br>in Shareholders’ Equity through a decrease in investments in<br>financial assets | 58,175 | 34,332 |
| Increase<br>in right-of-use assets through an increase in lease<br>liabilities | 2,184 | - |
| Increase<br>of investments in financial assets through a decrease in trade and<br>other receivables | 4,885 | - |
| Decrease<br>in Shareholders’ Equity through an increase in trade and<br>other payables | 172 | 2,776 |
| Barter<br>transactions of investment properties | - | 18 |
| Decrease<br>in investment properties through an increase in trade and other<br>receivables | 374 | 1,522 |
| Decrease<br>in investments in associates and joint ventures through an increase<br>in trade and other receivables | 2,002 | - |
| Increase<br>in intangible assets through a decrease in investment<br>properties | 339 | 2,786 |
| Increase<br>in intangible assets through an increase in trade and other<br>payables | 15 | 909 |
| Increase<br>of investments in financial assets through an increase in<br>borrowings | - | 608 |
| Decrease<br>in borrowings through an increase in trade and other<br>payables | - | 3,491 |
| Increase<br>in investment properties through an increase in trade and other<br>payables | 6,269 | 16,308 |
| Decrease<br>in right-of-use assets through a decrease in lease<br>liabilities | - | 7,798 |
| Decrease<br>of investment in financial assets through an increase in trade and<br>other receivables | - | 3,111 |
| Decrease<br>in lease liabilities through an increase in trade and other<br>payables | - | 526 |
| Increase<br>of investment in financial assets through a decrease in derivative<br>financial instruments | - | 45 |
| Decrease<br>in investment properties through an increase in trading<br>properties | 24,359 | - |
16.
Trade and other payables
Group’s trade and other payables as of December 31, 2025 and June 30, 2025 were as follows:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Customers´<br>advances (*) | 70,804 | 73,428 |
| Trade<br>payables | 38,813 | 27,521 |
| Accrued<br>invoices | 16,722 | 16,257 |
| Admission<br>fees (*) | 48,842 | 51,816 |
| Other<br>income to be accrued | 592 | 646 |
| Guarantee<br>deposits | 1,160 | 735 |
| Total trade payables | 176,933 | 170,403 |
| Taxes<br>payable | 11,921 | 12,271 |
| Other<br>payables | 22,812 | 25,154 |
| Total other payables | 34,733 | 37,425 |
| Total trade and other payables | 211,666 | 207,828 |
| Non-current | 71,113 | 69,655 |
| Current | 140,553 | 138,173 |
| Total | 211,666 | 207,828 |
(*) Mainly, corresponds to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years.
The carrying amounts of the Group’s trade and other payables denominated in foreign currencies are detailed in Note 27.
20
IRSA Inversiones y Representaciones Sociedad Anónima
17.
Borrowings
The breakdown of the Group’s borrowings as of December 31, 2025 and June 30, 2025 was as follows:
| Book value | Fair value | |||
|---|---|---|---|---|
| 12.31.2025 | 06.30.2025 | 12.31.2025 | 06.30.2025 | |
| Non-convertible<br>notes | 945,378 | 720,543 | 960,021 | 724,111 |
| Bank<br>loans and others | 5,051 | 5,253 | 5,051 | 5,253 |
| Bank<br>overdrafts | 29,335 | 7,673 | 29,335 | 7,673 |
| Other<br>borrowings | 2,064 | 2,897 | 2,064 | 2,897 |
| Loans<br>with non-controlling interests | 3,486 | 3,262 | 3,486 | 3,262 |
| Total borrowings | 985,314 | 739,628 | 999,957 | 743,196 |
| Non-current | 872,134 | 582,661 | ||
| Current | 113,180 | 156,967 | ||
| Total | 985,314 | 739,628 |
Series XXIV Notes Issuance
On December 17, 2025, IRSA issued in the international market the Series XXIV Additional Notes for a nominal amount of USD 180 million at an issuance price of 98.503%.
The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. Principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035.
The Series XXIV Additional Notes have terms and conditions identical to the original Series XXIV Notes issued on March 31, 2025.
The total nominal amount outstanding of the Series XXIV Notes amounts to USD 480.5 million.
18.
Provisions
The table below shows the movements in the Group's provisions categorized by type:
| Legal claims (iii) | Investments in associates and joint ventures (ii) | 12.31.2025 | 06.30.2025 | |
|---|---|---|---|---|
| Beginning of the period / year | 42,606 | 90 | 42,696 | 39,363 |
| Additions<br>(i) | 8,565 | - | 8,565 | 5,589 |
| Share<br>of loss of associates | - | 38 | 38 | 106 |
| Recovery<br>(i) | (35) | - | (35) | (1,641) |
| Used<br>during the period / year | (1,118) | - | (1,118) | (577) |
| Inflation<br>adjustment | 3,438 | - | 3,438 | (144) |
| End of the period / year | 53,456 | 128 | 53,584 | 42,696 |
| Non-current | 47,234 | 36,769 | ||
| Current | 6,350 | 5,927 | ||
| Total | 53,584 | 42,696 |
(i) Additions and recovery of legal claims are included in "Other operating results, net" in the Statement of Income and Other Comprehensive Income.
(ii) Corresponds to investments in Puerto Retiro, a joint venture with negative equity.
(iii) Includes the provision for the IDBD demand.
21
IRSA Inversiones y Representaciones Sociedad Anónima
IDBD
The Group lost control of IDBD on September 25, 2020.
On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. (“Dolphin BV”) and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conducting an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.
On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million, plus interest and costs.
On January 30, 2023, a copy of the lawsuit was sent to us and we evaluated the legal defense alternatives for the company's interests. During the fiscal year 2023 and to date, the process has followed its natural course and the Company has responded to all the requirements that have been made.
On January 17, 2024, the Court rejected the request for inhibition of assets and seizure of IRSA requested by IDBD. A hearing date has been set in the file dealing with the appeal of jurisdiction and the notification of the lawsuit. A hearing date has also been set in the main claim file, which is currently in the evidentiary stage.
On April 9, 2024, the Court rejected the appeal filed by IRSA regarding the applicable jurisdiction and the form of notification of the claim, ordering that IRSA and Dolphin pay IDBD the sum of NIS 25,000 as expenses. The Court's decision was appealed to the Supreme Court on June 16, 2024 and on June 18, 2024, the Supreme Court refused to address the issue raised.
September 15, 2024 has been set as the deadline for IDBD, IRSA and Dolphin to report to the Court the status of the documentation exchange process. In this process, the parties present the requested documentation as part of the evidentiary stage. A preliminary hearing was held in which the parties discussed document requests and agreed to attempt to reach a consensus on certain facts of the case. In the hearing, the parties were granted a deadline until October 2024 to present witnesses. A list of witnesses has been submitted, and the parties are negotiating to agree on certain facts of the case, to be reflected in a document to be submitted to the Court within the evidentiary stage. On March 30, 2025, a hearing was held in which the Court ordered IDBD to provide all documents requested by IRSA and Dolphin and, if necessary, to request the relevant documentation from the bondholders, setting a deadline of the end of April 2025. Should the bondholders refuse, IRSA and Dolphin would be entitled to file a judicial request to obtain such documentation. In July 2025, IDBD provided additional documentation to the defendants, who reserved the right to request further documents through legal proceedings that may be in the possession of the bondholders. During November 2025, IDBD, IRSA and Dolphin were required to file affidavits regarding the main aspects of their claims or defenses, identifying the documents in their possession; however, by a ruling dated December 28, 2025, the Court extended the deadline to January 11, 2026. IDBD filed its affidavits in January 2026, and the Court granted IRSA and Dolphin an extension to file theirs until May 5, 2026. The Court has suggested that the parties engage in private negotiations or mediation to reach a resolution. In this regard, the parties have informed the Court of their intention to hold a private meeting to initiate negotiations aimed at resolving the dispute, although the date for such a meeting has not yet been determined.
The company is discussing the admissibility of the claim in terms of its passive legitimacy and, subsidiarily, refuting the substantive arguments raised by IDBD. Notwithstanding this, based on the analysis of the Company's legal advisors and the actions taken to date, an accounting provision related to this claim has been recorded in accordance with the applicable accounting standards. As of the date of issuance of these condensed interim consolidated financial statements, the legal process is still ongoing.
22
IRSA Inversiones y Representaciones Sociedad Anónima
19.
Taxes
The details of the Group’s income tax, is as follows:
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Current<br>income tax | (59,064) | (77,729) |
| Deferred<br>income tax | (39,726) | 123,048 |
| Income tax | (98,790) | 45,319 |
Below is a reconciliation between income tax recognized and the amount which would result from applying the prevailing tax rate on profit before income tax for the six-month periods ended December 31, 2025 and 2024:
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| (Profit) / loss for the period at tax rate applicable in the<br>respective countries | (118,854) | 34,341 |
| Permanent differences: | ||
| Share<br>of profit of associates and joint ventures | 3,688 | 12,998 |
| Provision<br>of tax loss carry forwards | (2,756) | 1,123 |
| Accounting<br>Inflation adjustment permanent difference | 2,058 | 8,818 |
| Difference<br>between provision and tax return | 966 | (5,607) |
| Non-taxable<br>profit, non-deductible expenses and others | 11,516 | 11,042 |
| Tax<br>inflation adjustment permanent difference | 4,592 | (17,396) |
| Income tax | (98,790) | 45,319 |
The gross movement in the deferred income tax account as of December 31, 2025 and June 30, 2025 is as follows:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Beginning of period / year | (843,548) | (883,534) |
| Deferred<br>income tax charge | (39,726) | 39,986 |
| End of period / year | (883,274) | (843,548) |
| Deferred<br>income tax assets | 7,595 | 7,909 |
| Deferred<br>income tax liabilities | (890,869) | (851,457) |
| Deferred income tax liabilities, net | (883,274) | (843,548) |
20.
Revenues
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Base<br>rent | 120,274 | 103,041 |
| Contingent<br>rent | 27,429 | 40,053 |
| Admission<br>rights | 16,065 | 14,679 |
| Parking<br>fees | 10,758 | 8,836 |
| Commissions | 6,076 | 5,140 |
| Property<br>management fees | 1,537 | 1,426 |
| Others | 2,405 | 1,912 |
| Averaging<br>of scheduled rent escalation | 75 | 2 |
| Rentals and services income | 184,619 | 175,089 |
| Revenue<br>from hotels operation and tourism services | 42,594 | 40,171 |
| Sale<br>of trading properties and others | 6,220 | 7,309 |
| Total revenues from sales, rentals and services | 233,433 | 222,569 |
| Expenses<br>and collective promotion fund | 58,648 | 56,500 |
| Total revenues from expenses and collective promotion<br>funds | 58,648 | 56,500 |
| Total Group’s revenues | 292,081 | 279,069 |
23
IRSA Inversiones y Representaciones Sociedad Anónima
21.
Expenses by nature
The Group discloses expenses in the statements of income by function as part of the line items “Costs”, “General and administrative expenses” and “Selling expenses”. The following table provides additional disclosures regarding expenses by nature and their relationship to the function within the Group.
| Costs | General and administrative expenses | Selling expenses | 12.31.2025 | 12.31.2024 | |
|---|---|---|---|---|---|
| Cost<br>of sale of goods and services | 7,692 | - | - | 7,692 | 12,357 |
| Salaries,<br>social security costs and other personnel expenses | 38,511 | 17,490 | 1,524 | 57,525 | 52,486 |
| Depreciation<br>and amortization | 4,725 | 1,448 | 354 | 6,527 | 5,836 |
| Fees<br>and payments for services | 3,373 | 4,700 | 875 | 8,948 | 8,286 |
| Maintenance,<br>security, cleaning, repairs and others | 31,701 | 3,094 | 40 | 34,835 | 32,851 |
| Advertising<br>and other selling expenses | 11,159 | 18 | 2,760 | 13,937 | 14,834 |
| Taxes,<br>rates and contributions | 9,259 | 1,755 | 7,230 | 18,244 | 14,837 |
| Director´s<br>fees (Note 25) | - | 9,439 | - | 9,439 | 9,199 |
| Leases<br>and service charges | 1,546 | 288 | 8 | 1,842 | 2,021 |
| Allowance<br>for doubtful accounts, net | - | - | 1,002 | 1,002 | 470 |
| Other<br>expenses | 2,450 | 1,331 | 85 | 3,866 | 3,621 |
| Total as of December 31, 2025 | 110,416 | 39,563 | 13,878 | 163,857 | - |
| Total as of December 31, 2024 | 106,827 | 37,227 | 12,744 | - | 156,798 |
22.
Costs
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Inventories<br>at the beginning of the period | 184,740 | 33,502 |
| Purchases<br>and expenses | 110,174 | 106,498 |
| Currency<br>translation adjustment | 1,010 | (2,068) |
| Transfers | 24,359 | - |
| Reversal<br>of impairment | 12,013 | - |
| Inventories<br>at the end of the period | (221,880) | (31,105) |
| Total costs | 110,416 | 106,827 |
The following table presents the composition of the Group’s inventories as of December 31, 2025 and June 30, 2025:
| 12.31.2025 | 06.30.2025 | |
|---|---|---|
| Real<br>estate | 220,162 | 183,344 |
| Others | 1,718 | 1,396 |
| Total inventories at the end of the period (*) | 221,880 | 184,740 |
(*) Inventories include trading properties and inventories, net of impairments.
24
IRSA Inversiones y Representaciones Sociedad Anónima
23.
Other operating results, net
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Lawsuits<br>and other contingencies | (8,530) | (2,148) |
| Donations | (626) | (585) |
| Interest<br>and allowances generated by operating credits | 1,527 | 804 |
| Administration<br>fees | 750 | 663 |
| Gain<br>from disposal of associates and joint ventures | - | 2,711 |
| Gain<br>from disposal of property, plant and equipment | 2 | - |
| Reversal<br>/ (charge) of impairment of trading properties | 12,013 | (15,586) |
| Others | 2,183 | 1,436 |
| Total other operating results, net | 7,319 | (12,705) |
24.
Financial results, net
| 12.31.2025 | 12.31.2024 | |
|---|---|---|
| Finance<br>income: | ||
| -<br>Interest income | 4,879 | 2,124 |
| Total finance income | 4,879 | 2,124 |
| Finance<br>costs: | ||
| -<br>Interest expenses | (31,974) | (28,381) |
| -<br>Other finance costs | (9,691) | (4,801) |
| Total finance costs | (41,665) | (33,182) |
| Other<br>financial results: | ||
| -<br>Fair value gain from financial assets and liabilities at fair value<br>through profit or loss, net | 54,065 | 58,919 |
| -<br>Exchange rate differences, net | (15,949) | 28,157 |
| -<br>Loss from repurchase of non-convertible notes | (19) | (90) |
| -<br>(Loss) / gain from derivative financial instruments,<br>net | (1,007) | 94 |
| Total other financial results | 37,090 | 87,080 |
| - Inflation<br>adjustment | 14,758 | 9,209 |
| Total financial results, net | 15,062 | 65,231 |
25.
Related party transactions
The following is a summary of the balances with related parties as of December 31, 2025 and June 30, 2025:
| Item | 12.31.2025 | 06.30.2025 |
|---|---|---|
| Trade<br>and other receivables | 53,835 | 59,857 |
| Investments<br>in financial assets | 34,375 | 9,409 |
| Borrowings | (434) | (1,389) |
| Trade<br>and other payables | (22,722) | (23,227) |
| Total | 65,054 | 44,650 |
25
IRSA Inversiones y Representaciones Sociedad Anónima
| Related party | 12.31.2025 | 06.30.2025 | Description of transaction | Item |
|---|---|---|---|---|
| New<br>Lipstick | 353 | 334 | Reimbursement<br>of expenses receivable | Trade<br>and other receivable |
| Comparaencasa<br>Ltd. | 3,155 | 2,983 | Other<br>investments | Investments<br>in financial assets |
| 463 | 417 | Loans<br>granted | Trade<br>and other receivable | |
| Banco<br>Hipotecario S.A. | 62 | 59 | Leases<br>and/or rights of use receivable | Trade<br>and other receivable |
| 6,928 | 21,374 | Dividends<br>receivable | Trade<br>and other receivable | |
| La<br>Rural S.A. | 5,433 | 2,154 | Canon | Trade<br>and other receivable |
| 1,999 | - | Dividends<br>receivable | Trade<br>and other receivable | |
| (13) | (563) | Others | Trade<br>and other payables | |
| 15 | 6 | Others | Trade<br>and other receivable | |
| (8) | (1) | Leases<br>and/or rights of use payable | Trade<br>and other payables | |
| Other<br>associates and joint ventures (1) | - | (978) | Loans<br>obtained | Borrowings |
| 5 | 10 | Management<br>Fee | Trade<br>and other receivable | |
| (55) | (69) | Others | Trade<br>and other payables | |
| 104 | 56 | Others | Trade<br>and other receivable | |
| 1 | 1 | Share<br>based payments | Trade<br>and other receivable | |
| - | 19 | Loans<br>granted | Trade<br>and other receivable | |
| 2 | - | Dividends<br>receivable | Trade<br>and other receivable | |
| Total associates and joint ventures | 18,444 | 25,802 | ||
| Cresud | 9 | - | Reimbursement<br>of expenses receivable | Trade<br>and other receivable |
| (4,642) | (3,622) | Corporate<br>services payable | Trade<br>and other payables | |
| 7,425 | 3,708 | Bonds | Investments<br>in financial assets | |
| (3) | (4) | Share<br>based payments | Trade<br>and other payables | |
| Total parent company | 2,789 | 82 | ||
| Futuros<br>y Opciones.com S.A. | 2,447 | - | Bonds | Investments<br>in financial assets |
| Amauta<br>Agro S.A. | 12 | 3 | Reimbursement<br>of expenses receivable | Trade<br>and other receivable |
| - | (4) | Others | Trade<br>and other payables | |
| Helmir<br>S.A. | (434) | (411) | Non-convertible<br>notes | Borrowings |
| Total subsidiaries of parent company | 2,025 | (412) | ||
| Directors | (6,118) | (7,347) | Fees<br>for services received | Trade<br>and other payables |
| 8 | 6 | Reimbursement<br>of expenses receivable | Trade<br>and other receivable | |
| Galerias<br>Pacifico | 1 | 3 | Others | Trade<br>and other receivable |
| Sutton | 7,464 | 6,995 | Loans<br>granted | Trade<br>and other receivable |
| (93) | (115) | Others | Trade<br>and other payables | |
| Rundel<br>Global LTD | 2,872 | 2,718 | Other<br>investments | Investments<br>in financial assets |
| Yad<br>Levim LTD | 30,718 | 28,275 | Loans<br>granted | Trade<br>and other receivable |
| Golden<br>Juniors Segregated Portfolio | 18,476 | - | Mutual<br>funds | Investments<br>in financial assets |
| Sociedad<br>Rural Argentina S.A. | (11,734) | (11,125) | Others | Trade<br>and other payables |
| Others | (20) | (113) | Leases<br>and/or rights of use receivable | Trade<br>and other payables |
| 184 | 104 | Others | Trade<br>and other receivable | |
| (36) | (35) | Others | Trade<br>and other payables | |
| - | (229) | Dividends<br>payable | Trade<br>and other payables | |
| 74 | 41 | Reimbursement<br>of expenses receivable | Trade<br>and other receivable | |
| Total directors and others | 41,796 | 19,178 | ||
| Total at the end of the period / year | 65,054 | 44,650 |
(1) Includes Avenida Compras S.A., Avenida Inc., BHN Vida S.A., Puerto Retiro S.A. and Nuevo Puerto Santa Fe S.A.
26
IRSA Inversiones y Representaciones Sociedad Anónima
The following is a summary of the results with related parties for the six-month periods ended December 31, 2025 and 2024:
| Related party | 12.31.2025 | 12.31.2024 | Description of transaction |
|---|---|---|---|
| BHN<br>Seguros Generales S.A. | 2 | - | Leases<br>and/or rights of use |
| Comparaencasa<br>Ltd. | 261 | (188) | Financial<br>operations |
| Other<br>associates and joint ventures (1) | (171) | 49 | Financial<br>operations |
| (19) | (7) | Leases<br>and/or rights of use | |
| 299 | 351 | Corporate<br>services | |
| Total associates and joint ventures | 372 | 205 | |
| Cresud | 459 | 429 | Leases<br>and/or rights of use |
| (7,545) | (7,129) | Corporate<br>services | |
| 733 | (19) | Financial<br>operations | |
| Total parent company | (6,353) | (6,719) | |
| Helmir<br>S.A. | (50) | (1) | Financial<br>operations |
| Futuros<br>y Opciones.com S.A. | 180 | - | Financial<br>operations |
| Total subsidiaries of parent company | 130 | (1) | |
| Directors | (9,439) | (9,199) | Fees<br>and remunerations |
| Senior<br>Management | (246) | (642) | Fees<br>and remunerations |
| Yad<br>Leviim LTD | 867 | 804 | Financial<br>operations |
| Golden<br>Juniors Segregated Portfolio | 10,359 | - | Financial<br>operations |
| Sociedad<br>Rural Argentina S.A. | 1,534 | 1,443 | Financial<br>operations |
| Others | 69 | 66 | Corporate<br>services |
| (172) | (145) | Leases<br>and/or rights of use | |
| 468 | (629) | Financial<br>operations | |
| (402) | (495) | Donations | |
| (519) | (726) | Fees<br>and remuneration | |
| (320) | (401) | Legal<br>services | |
| Total others | 2,199 | (9,924) | |
| Total at the end of the period | (3,652) | (16,439) |
(1)
Includes Avenida Inc., Banco Hipotecario S.A., Cyrsa S.A., BHN Sociedad de Inversión S.A., La Rural S.A. and Nuevo Puerto Santa Fe S.A.
The following is a summary of the transactions with related parties for the six-month periods ended December 31, 2025 and 2024:
| Related party | 12.31.2025 | 12.31.2024 | Description of the operation |
|---|---|---|---|
| Puerto<br>Retiro S.A. | - | (40) | Irrevocable<br>contributions |
| Total irrevocable contributions | - | (40) | |
| Cresud | (99,951) | (65,261) | Dividend<br>distributed |
| Helmir<br>S.A. | - | (3,687) | Dividend<br>distributed |
| Total dividends distributed | (99,951) | (68,948) | |
| La<br>Rural S.A. | 1,999 | 2,702 | Dividends<br>received |
| Nuevo<br>Puerto Santa Fe S.A. | 2,568 | 442 | Dividends<br>received |
| Total dividends received | 4,567 | 3,144 |
26.
CNV General Resolution N° 622
As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622, below there is a detail of the notes to the Unaudited Condensed Interim Consolidated Financial Statements that disclose the information required by the Resolution in Exhibits.
| Exhibit<br>A - Property, plant and equipment | Note 8<br>Investment properties and Note 9 Property, plant and<br>equipment |
|---|---|
| Exhibit<br>B - Intangible assets | Note 11<br>Intangible assets |
| Exhibit<br>C - Investment in associates | Note 7<br>Investments in associates and joint ventures |
| Exhibit<br>D - Other investments | Note 13<br>Financial instruments by category |
| Exhibit<br>E - Provisions and allowances | Note 14<br>Trade and other receivables and Note 18 Provisions |
| Exhibit<br>F - Cost of sales and services provided | Note 22<br>Costs |
| Exhibit<br>G - Foreign currency assets and liabilities | Note 27<br>Foreign currency assets and liabilities |
27
IRSA Inversiones y Representaciones Sociedad Anónima
27.
Foreign currency assets and liabilities
Book amounts of foreign currency assets and liabilities are as follows:
| Item / Currency (1) | Amount (2) | Argentinian Peso exchange rate (3) | 12.31.2025 | 06.30.2025 |
|---|---|---|---|---|
| Assets | ||||
| Trade and other receivables | ||||
| US<br>Dollar | 35.72 | 1,446.00 | 51,648 | 40,020 |
| Euros | 0.01 | 1,698.91 | 17 | 16 |
| Uruguayan<br>pesos | 0.13 | 37.19 | 5 | - |
| Receivables with related parties: | ||||
| US<br>Dollar | 26.85 | 1,455.00 | 39,068 | 36,117 |
| Total trade and other receivables | 90,738 | 76,153 | ||
| Investments in financial assets | ||||
| US<br>Dollar | 74.25 | 1,446.00 | 107,372 | 156,837 |
| Pounds | 0.69 | 1,947.18 | 1,344 | 999 |
| New<br>Israel Shekel | 11.67 | 456.26 | 5,323 | 3,071 |
| Investments with related parties: | ||||
| US<br>Dollar | 21.66 | 1,455.00 | 31,521 | 6,691 |
| Total investments in financial assets | 145,560 | 167,598 | ||
| Derivative financial instruments | ||||
| US<br>Dollar | 0.14 | 1,446.00 | 206 | - |
| Total Derivative financial instruments | 206 | - | ||
| Cash and cash equivalents | ||||
| US<br>Dollar | 194.09 | 1,446.00 | 280,652 | 186,827 |
| Uruguayan<br>pesos | 0.08 | 37.19 | 3 | 2 |
| Pounds | - | 1,947.18 | 4 | 5 |
| Euros | 0.01 | 1,698.91 | 22 | 13 |
| New<br>Israel Shekel | - | 456.26 | 1 | 1 |
| Brazilian<br>Reais | 0.01 | 264.40 | 2 | 2 |
| Total cash and cash equivalents | 280,684 | 186,850 | ||
| Total Assets | 517,188 | 430,601 | ||
| Liabilities | ||||
| Trade and other payables | ||||
| US<br>Dollar | 31.06 | 1,455.00 | 45,198 | 37,032 |
| Uruguayan<br>pesos | 0.54 | 37.19 | 20 | 26 |
| Payables to related parties: | ||||
| US<br>Dollar | 8.00 | 1,455.00 | 11,636 | 11,019 |
| Total Trade and other payables | 56,854 | 48,077 | ||
| Borrowings | ||||
| US<br>Dollar | 667.30 | 1,455.00 | 970,922 | 742,376 |
| Borrowings with related parties | ||||
| US<br>Dollar | 0.30 | 1,455.00 | 434 | 1,388 |
| Total Borrowings | 971,356 | 743,764 | ||
| Derivative financial instruments | ||||
| US<br>Dollar | - | 1,455.00 | - | 33 |
| Total derivative financial instruments | - | 33 | ||
| Lease liabilities | ||||
| US<br>Dollar | 3.57 | 1,455.00 | 5,199 | 4,943 |
| Total lease liabilities | 5,199 | 4,943 | ||
| Provisions | ||||
| New<br>Israel Shekel | 105.09 | 456.26 | 47,946 | 36,417 |
| Total Provisions | 47,946 | 36,417 | ||
| Total Liabilities | 1,081,355 | 833,234 |
(1) Considering foreign currencies as those that differ from each Group’s subsidiaries functional currency at each period/year-end.
(2) The Group uses derivative instruments as a complement in order to reduce its exposure to exchange rate movements (Note 13).
(3) Exchange rates as of December 31, 2025 according to Banco de la Nación Argentina and Central Bank of the Argentine Republic.
28
IRSA Inversiones y Representaciones Sociedad Anónima
28.
Other relevant events of the period
Warrants exercise
During the six-month period ended December 31, 2025, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 3.4 million, equivalent to ARS 4,952 million, were received, for converted warrants of 7,802,868 and a total of 11,669,360 common shares of the Company with a nominal value of ARS 10 were issued.
General Ordinary and Extraordinary Shareholders’ Meeting - IRSA
On October 30, 2025, the General Ordinary and Extraordinary Shareholders’ Meeting was held, where it was resolved: (i) the allocation of 5% of the restated fiscal year result, that is, the sum of ARS 10,368 million, to the legal reserve, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 11,183 million; (ii) to distribute a dividend to shareholders in proportion to their shareholdings, payable in cash for the sum of ARS 173,788 million, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 187,442 million; (iii) the allocation of the remaining balance of the fiscal year result, after deducting the legal reserve and the dividend, in the amount of ARS 23,200 million, to the integration of a facultative reserve named “special reserve”, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 25,023 million, and which may be used for future dividend distributions, share buybacks, and/or new projects related to the Company’s business plan.
On November 4, 2025, the Company distributed among its shareholders the cash dividend in an amount of ARS 173,788 million.
Additionally, the subscription of an addendum to the warrant agreement originally entered on April 29, 2021, and amended on September 17, 2021, was approved, within the framework of the capital increase authorized by the CNV.
The addendum introduces the possibility for option holders to exercise them without paying cash (except for the payment of the nominal value of the shares) for the differential amount between the cash exercise price and the market value.
Change in Warrants terms and conditions
On November 6, 2025, the Company announced that the terms and conditions of the outstanding options (warrants) to subscribe for the Company’s ordinary shares had been modified because of the cash dividend payment to its shareholders carried out by the Company on November 4, 2025. Below are the terms that have been modified:
●
Number of shares to be issued per warrant: Pre-dividend ratio: 1.4818 (nominal value ARS 10). Post-dividend ratio: 1.6367 (nominal value ARS 10).
●
Exercise price per new share to be issued: Pre-dividend price: USD 0.2917 (nominal value ARS 10). Post-dividend price: USD 0.2641 (nominal value ARS 10).
The other terms and conditions of the warrants remain the same.
29.
Subsequent events
Subsequent to the end of the period and up to the issuance date of these Unaudited Condensed Interim Consolidated Financial Statements, no significant events have occurred that could materially affect the Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2025.
29
Report on review of interim financial information
To the Shareholders, President and Directors of
IRSA Inversiones y Representaciones Sociedad Anónima
Introduction
We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of IRSA Inversiones y Representaciones Sociedad Anónima and its subsidiaries (the ‘Group’) as at December 31, 2025 and the related unaudited condensed interim consolidated statement of income and other comprehensive income for the six-month and three-month periods then ended, and unaudited condensed interim consolidated statements of changes in Shareholders’ equity and cash flows for the six-month period then ended and selected explanatory notes.
Responsibilities of the Board of Directors
The board of Directors is responsible for the preparation and presentation of this unaudited condensed interim consolidated financial information in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the condensed interim financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 (IAS 34).
Scope of review
We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
| www.pwc.com.ar | Price<br>Waterhouse & Co. S.R.L. Bouchard 557, 8th floor,<br>C1106ABG<br><br><br>Autonomous City of<br>Buenos Aires, Argentina, T: +(54.11) 4850.0000 |
|---|
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying unaudited condensed interim consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.
Autonomous City of Buenos Aires, February 03, 2026
| PRICE<br>WATERHOUSE & CO. S.R.L.<br><br><br>(Partner) |
|---|
| Carlos Martín Barbafina<br><br><br>Contador Público (UCA)<br><br><br>C.P.C.E.C.A.B.A. T° 175 F°65 |
30
I. Brief comment on the Company’s activities during the period, including references to significant events occurred after the end of the period.
Consolidated Results
| (in millions of ARS) | IIQ 26 | IIQ 25 | YoY Var | 6M 26 | 6M 25 | YoY Var |
|---|---|---|---|---|---|---|
| Revenues | 152,667 | 151,352 | 0.9% | 292,081 | 279,069 | 4.7% |
| Result<br>from fair value adjustment of investment properties | (51,503) | 13,850 | (471.9)% | 185,712 | (306,605) | - |
| Result from operations | 25,434 | 69,538 | (63.4)% | 321,255 | (197,039) | - |
| Depreciation<br>and amortization | 3,495 | 3,019 | 15.8% | 6,527 | 5,836 | 11.8% |
| EBITDA (1) | 28,929 | 72,557 | (60.1)% | 327,782 | (191,203) | - |
| Adjusted EBITDA (1) | 69,880 | 67,929 | 2.9% | 131,518 | 134,590 | (2.3)% |
| Result for the period | 72,538 | 101,053 | (28.2)% | 248,817 | (53,896) | - |
| Attributable<br>to equity holders of the parent | 69,553 | 97,813 | (28.9)% | 235,486 | (52,320) | - |
| Attributable<br>to non-controlling interest | 2,985 | 3,240 | (7.9)% | 13,331 | (1,576) | - |
(1) See Point XVI: EBITDA Reconciliation
The Group's revenues increased by 4.7% during the first semester of fiscal year 2026 compared to the same period in 2025, mainly driven by growth in the shopping malls.
Rental Adjusted EBITDA reached ARS 147,190 million, 4.9% above the first semester of the previous fiscal year, of which ARS 126,813 million came from the Shopping Malls segment, ARS 10,496 million from Offices, and ARS 9,881 million from Hotels. Total adjusted EBITDA amounted to ARS 131,518 million, representing a 2.3% decrease compared to the same semester last year.
Net income for the first semester of fiscal year 2026 recorded a gain of ARS 248,817 million, compared to a loss of ARS 53,896 million in the same period of the previous fiscal year. This performance was mainly explained by the gain from changes in the fair value of investment properties, driven by the impact of a currency depreciation higher than inflation on properties valued in USD.
II. Shopping Malls
Our portfolio’s leasable area totaled 373,020 sqm of GLA. Real tenants’ sales of our shopping centers reached ARS 1,761,462 million during the first semester of fiscal year 2026, 8.1% lower than in the same period of the previous fiscal year.
Portfolio occupancy during the second quarter of fiscal year 2026 was 97.8%.
Shopping Malls’ Operating Indicators
| IIQ 26 | IQ 26 | IVQ 25 | IIIQ 25 | IIQ 25 | |
|---|---|---|---|---|---|
| Gross<br>leasable area (sqm) | 373,020 | 370,801 | 371,242 | 371,186 | 370,897 |
| Tenants’<br>sales (3 months cumulative in current currency) | 956,341 | 805,121 | 834,710 | 749,209 | 1,051,169 |
| Occupancy | 97.7% | 97.8%(1) | 98.1%(1) | 97.7%(1) | 96.8% |
(1) Excluding “Terrazas de Mayo” acquired in December 2024.
31
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
Shopping Malls’ Financial Indicators
| (in millions of ARS) | IIQ 26 | IIQ 25 | YoY Var | 6M 26 | 6M 25 | YoY Var |
|---|---|---|---|---|---|---|
| Revenues<br>from sales, leases, and services | 87,164 | 85,428 | 2.0% | 165,708 | 159,099 | 4.2% |
| Net<br>result from fair value adjustment on investment<br>properties | 55,765 | 164,782 | (66.2)% | 124,743 | 156,861 | (20.5)% |
| Result from operations | 119,972 | 229,516 | (47.7)% | 248,490 | 279,231 | (11.0)% |
| Depreciation<br>and amortization | 1,688 | 1,132 | 49.1% | 3,066 | 1,996 | 53.6% |
| EBITDA (1) | 121,660 | 230,648 | (47.3)% | 251,556 | 281,227 | (10.6)% |
| Adjusted EBITDA (1) | 65,895 | 65,866 | - | 126,813 | 124,366 | 2.0% |
(1) See Point XVI: EBITDA Reconciliation
Income from this segment during the first semester of fiscal year 2026 reached ARS 165,708 million, 4.2% higher compared with the same period of the previous fiscal year. Adjusted EBITDA reached ARS 126,813 million, 2.0% higher than the amount recorded in the same period of 2025.
Operating data of our shopping malls
| Date of acquisition | Location | Gross Leasable Area (sqm)(1) | Stores | Occupancy (2) | IRSA Interest (3) | |
|---|---|---|---|---|---|---|
| Alto<br>Palermo | Dec-97 | City<br>of Buenos Aires | 20,715 | 133 | 100.0% | 100% |
| Abasto Shopping(4) | Nov-99 | City<br>of Buenos Aires | 37,133 | 148 | 97.7% | 100% |
| Alto<br>Avellaneda | Dec-97 | Province<br>of Buenos Aires | 42,334 | 122 | 99.1% | 100% |
| Alcorta<br>Shopping | Jun-97 | City<br>of Buenos Aires | 16,048 | 103 | 100.0% | 100% |
| Patio<br>Bullrich | Oct-98 | City<br>of Buenos Aires | 11,472 | 89 | 90.4% | 100% |
| Dot<br>Baires Shopping | May-09 | City<br>of Buenos Aires | 47,339 | 158 | 98.9% | 80% |
| Soleil<br>Premium Outlet | Jul-10 | Province<br>of Buenos Aires | 15,477 | 71 | 100.0% | 100% |
| Distrito<br>Arcos | Dec-14 | City<br>of Buenos Aires | 14,194 | 62 | 100.0% | 90% |
| Terrazas<br>de Mayo | Dec-24 | Province<br>of Buenos Aires | 33,714 | 81 | 89.4% | 100% |
| Alto<br>Noa Shopping | Mar-95 | Salta | 19,417 | 79 | 99.3% | 100% |
| Alto<br>Rosario Shopping | Nov-04 | Santa<br>Fe | 35,016 | 129 | 99.6% | 100% |
| Mendoza<br>Plaza Shopping | Dec-94 | Mendoza | 41,637 | 116 | 97.6% | 100% |
| Córdoba<br>Shopping | Dec-06 | Córdoba | 15,424 | 98 | 98.4% | 100% |
| La<br>Ribera Shopping | Aug-11 | Santa<br>Fe | 11,166 | 66 | 96.8% | 50% |
| Alto<br>Comahue | Mar-15 | Neuquén | 11,934 | 81 | 98.1% | 99,95% |
| Patio Olmos(5) | Sep-07 | Córdoba | ||||
| Total | 373,020 | 1,536 | 97.7% |
(1) Corresponds to gross leasable area in each property. Excludes common areas and parking spaces.
(2) Calculated dividing occupied square meters by leasable area as of the last day of the fiscal period.
(3) Company’s effective interest in each of its business units.
(4) Excludes Museo de los Niños (3,732 square meters in Abasto).
(5) IRSA owns the historic building of the Patio Olmos shopping mall in the Province of Córdoba, operated by a third party.
32
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
Quarterly and cumulative tenants’ sales as of December 31, 2025, compared to the same period of fiscal years 2025, 2024, 2023, and 2022 (1)
| (ARS million) | IIQ 26 | IIQ 25 | YoY Var | |||
|---|---|---|---|---|---|---|
| Alto<br>Palermo | 116,944 | 128,757 | (9.2)% | |||
| Abasto<br>Shopping | 108,008 | 136,730 | (21.0)% | |||
| Alto<br>Avellaneda | 102,638 | 119,390 | (14.0)% | |||
| Alcorta<br>Shopping | 73,734 | 76,630 | (3.8)% | |||
| Patio<br>Bullrich | 34,470 | 38,495 | (10.5)% | |||
| Dot<br>Baires Shopping | 102,852 | 96,523 | 6.6% | |||
| Soleil | 53,739 | 66,371 | (19.0)% | |||
| Distrito<br>Arcos | 65,567 | 73,537 | (10.8)% | |||
| Terrazas<br>de Mayo | 30,678 | 10,286 | 0.0% | |||
| Alto<br>Noa Shopping | 27,444 | 36,165 | (24.1)% | |||
| Alto<br>Rosario Shopping | 104,368 | 116,712 | (10.6)% | |||
| Mendoza<br>Plaza Shopping | 50,378 | 59,147 | (14.8)% | |||
| Córdoba<br>Shopping | 30,618 | 37,140 | (17.6)% | |||
| La Ribera Shopping(2) | 17,578 | 16,226 | 8.3% | |||
| Alto<br>Comahue | 37,325 | 39,060 | (4.4)% | |||
| Patio Olmos(3) | - | - | - | |||
| Total sales | 956,341 | 1,051,169 | (9.0)% | |||
| (ARS million) | 6M 26 | 6M 25 | YoY Var | 6M 24 | 6M 23 | 6M 22 |
| --- | --- | --- | --- | --- | --- | --- |
| Alto<br>Palermo | 205,409 | 232,315 | (11.6)% | 290,306 | 260,015 | 198,991 |
| Abasto<br>Shopping | 205,764 | 254,786 | (19.2)% | 294,128 | 280,778 | 192,906 |
| Alto<br>Avellaneda | 188,627 | 214,767 | (12.2)% | 214,738 | 193,030 | 142,613 |
| Alcorta<br>Shopping | 125,149 | 134,085 | (6.7)% | 169,313 | 153,027 | 145,268 |
| Patio<br>Bullrich | 61,383 | 70,192 | (12.5)% | 92,313 | 85,028 | 72,727 |
| Dot<br>Baires Shopping | 178,047 | 171,236 | 4.0% | 176,101 | 153,496 | 127,168 |
| Soleil | 101,297 | 125,164 | (19.1)% | 120,230 | 103,672 | 95,666 |
| Distrito<br>Arcos | 122,120 | 137,259 | (11.0)% | 172,976 | 149,007 | 119,575 |
| Terrazas<br>de Mayo | 61,671 | 10,286 | - | - | - | - |
| Alto<br>Noa Shopping | 56,415 | 69,564 | (18.9)% | 83,755 | 79,620 | 71,856 |
| Alto<br>Rosario Shopping | 192,354 | 209,608 | (8.2)% | 222,170 | 226,757 | 192,970 |
| Mendoza<br>Plaza Shopping | 102,806 | 117,958 | (12.8)% | 122,542 | 113,317 | 105,287 |
| Córdoba<br>Shopping | 54,870 | 65,201 | (15.8)% | 72,647 | 69,183 | 64,181 |
| La Ribera Shopping(1) | 33,000 | 30,149 | 9.5% | 34,425 | 34,820 | 28,443 |
| Alto<br>Comahue | 72,550 | 74,218 | (2.2)% | 67,380 | 56,110 | 43,941 |
| Patio Olmos(3) | - | - | - | - | - | - |
| Total sales | 1,761,462 | 1,916,788 | (8.1)% | 2,133,024 | 1,957,860 | 1,601,592 |
(1)
Retail sales based upon information provided to us by retailers and prior owners. The amounts shown reflect 100% of the retail sales of each shopping mall, although in certain cases we own less than 100% of such shopping malls. Includes sales from stands and excludes spaces used for special exhibitions.
(2)
Through our joint venture Nuevo Puerto Santa Fe S.A.
(3)
IRSA owns the historic building of the Patio Olmos shopping mall in the province of Cordoba, operated by a third party.
33
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
Quarterly and cumulative tenants’ sales per type of business as of December 31, 2025, compared to the same period of fiscal years 2025, 2024, 2023, and 2022(1)
| (ARS million) | IIQ 26 | IIQ 25 | YoY Var | |||
|---|---|---|---|---|---|---|
| Clothes<br>and footwear | 541,655 | 616,997 | (12.2)% | |||
| Entertainment | 19,624 | 20,490 | (4.2)% | |||
| Home<br>and decoration | 32,578 | 24,995 | 30.3% | |||
| Restaurants | 110,857 | 105,674 | 4.9% | |||
| Miscellaneous | 137,788 | 151,320 | (8.9)% | |||
| Services | 23,268 | 23,552 | (1.2)% | |||
| Home<br>Appliances | 86,376 | 104,648 | (17.5)% | |||
| Department<br>Store | 4,195 | 3,493 | 20.1% | |||
| Total | 956,341 | 1,051,169 | (9.0)% | |||
| (ARS million) | 6M 26 | 6M 25 | YoY Var | 6M 24 | 6M 23 | 6M 22 |
| --- | --- | --- | --- | --- | --- | --- |
| Clothes<br>and footwear | 946,305 | 1,095,954 | (13.7)% | 1,257,509 | 1,166,153 | 981,563 |
| Entertainment | 56,846 | 48,553 | 17.1% | 53,732 | 51,929 | 33,787 |
| Home<br>and decoration | 55,888 | 46,588 | 20.0% | 50,329 | 43,816 | 41,678 |
| Restaurants | 230,821 | 213,114 | 8.3% | 232,011 | 202,310 | 139,522 |
| Miscellaneous | 250,396 | 264,347 | (5.3)% | 273,036 | 237,693 | 244,479 |
| Services | 45,435 | 44,185 | 2.8% | 45,410 | 32,493 | 24,756 |
| Home<br>Appliances | 167,610 | 197,399 | (15.1)% | 220,997 | 223,466 | 135,807 |
| Department<br>Store | 8,161 | 6,648 | 22.8% | - | - | - |
| Total | 1,761,462 | 1,916,788 | (8.1)% | 2,133,024 | 1,957,860 | 1,601,592 |
(1) Retail sales based on information provided by tenants. The figures reflect 100% of the retail sales of each shopping center, although in certain cases we own a percentage lower than 100% of said shopping centers. Includes sales from stands and excludes spaces for special exhibitions.
(2) Currently includes Ronda. Multi-purpose store located in Dot Baires, composed of 70% food service, 25% entertainment, and 5% apparel.
Revenues from quarterly and cumulative leases as of December 31, 2025, compared to the same period of fiscal year 2025, 2024, 2023 and 2022
| (ARS million) | IIQ 26 | IIQ 25 | YoY Var |
|---|---|---|---|
| Base rent(1) | 48,047 | 42,653 | 12.6% |
| Percentage<br>rent | 16,126 | 23,208 | (30.5)% |
| Total rent | 64,173 | 65,861 | (2.6)% |
| Non-traditional<br>advertising | 5,357 | 3,949 | 35.7% |
| Revenues<br>from admission rights | 8,019 | 7,600 | 5.5% |
| Fees | 735 | 667 | 10.2% |
| Parking | 5,409 | 4,644 | 16.5% |
| Commissions | 2,960 | 2,634 | 12.4% |
| Other | 511 | 73 | 600.0% |
| Subtotal(2) | 87,164 | 85,428 | 2.0% |
| Expenses<br>and Collective Promotion Fund | 28,431 | 30,144 | (5.7)% |
| Total | 115,595 | 115,572 | - |
34
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
| (ARS million) | 6M 26 | 6M 25 | YoY Var | 6M 24 | 6M 23 | 6M 22 |
|---|---|---|---|---|---|---|
| Base rent(1) | 94,006 | 81,751 | 15.0% | 62,249 | 52,713 | 32,195 |
| Percentage<br>rent | 26,699 | 40,238 | (33.6)% | 68,454 | 63,988 | 54,399 |
| Total rent | 120,705 | 121,989 | (1.1)% | 130,703 | 116,701 | 86,594 |
| Non-traditional<br>advertising | 9,281 | 6,658 | 39.4% | 4,904 | 3,165 | 2,177 |
| Revenues<br>from admission rights | 16,171 | 14,774 | 9.5% | 13,330 | 11,061 | 8,118 |
| Fees | 1,465 | 1,329 | 10.2% | 1,252 | 1,214 | 1,355 |
| Parking | 10,751 | 8,770 | 22.6% | 7,511 | 5,789 | 3,418 |
| Commissions | 5,722 | 5,101 | 12.2% | 2,119 | 2,747 | 2,160 |
| Other | 1,613 | 478 | 237.4% | 1,202 | 209 | 267 |
| Subtotal(2) | 165,708 | 159,099 | 4.2% | 161,021 | 140,886 | 104,089 |
| Expenses<br>and Collective Promotion Fund | 55,833 | 54,153 | 3.1% | 48,682 | 52,256 | 40,205 |
| Total | 221,541 | 213,252 | 3.9% | 209,703 | 193,142 | 144,294 |
(1)
Includes Revenues from stands for ARS 12,255 million cumulative as of December 2025.
(2)
Includes ARS 163.3 million from Patio Olmos, ARS 190.5 million from sponsorship income from BAF Production and revenues from Re! Outlet stands for ARS 1,030.5 million.
III. Offices
According to Colliers, the quarter closes with a slight increase in vacancy standing at 13.7%, in the Buenos Aires City premium market (A+ & A), while prices remain stable at average levels of USD 22.4 per sqm.
Offices’ Operating Indicators
| IIQ 26 | IQ 26 | IVQ 25 | IIIQ 25 | IIQ 25 | |
|---|---|---|---|---|---|
| Gross<br>Leasable area | 58,074 | 58,074 | 58,074 | 58,074 | 58,074 |
| Total<br>Occupancy | 98.9% | 96.8% | 96.2% | 96.4% | 94.3% |
| Class<br>A+ & A Occupancy | 100.0% | 100.0% | 99.6% | 100.0% | 100.0% |
| Class<br>B Occupancy | 90.3% | 76.5% | 75.3% | 69.2% | 58.7% |
| Rent<br>USD/sqm | 26.7 | 25.8 | 25.5 | 25.7 | 25.5 |
The gross leasable area in the second quarter of fiscal year 2026 was 58,074 sqm. The average occupancy of the premium portfolio increased to 100% and of the total portfolio to 98.9%, thanks to improved occupancy at the Philips building, which is fully allocated to the Workplace business. The portfolio’s average rent reached USD 26.7 per sqm.
Offices’ Financial Indicators
| (in ARS<br>million) | IIQ 26 | IIQ 25 | YoY Var | 6M 26 | 6M 25 | YoY Var |
|---|---|---|---|---|---|---|
| Revenues<br>from sales, leases and services | 6,637 | 5,604 | 18.4% | 13,200 | 11,432 | 15.5% |
| Net<br>result from fair value adjustment on investment properties,<br>PP&E e inventories | (30,146) | (41,481) | (27.3)% | 19,061 | (137,750) | - |
| Result from operations | (25,223) | (37,192) | (32.2)% | 29,317 | (128,863) | - |
| Depreciation<br>and amortization | 126 | 107 | 17.8% | 240 | 197 | 21.8% |
| EBITDA(1) | (25,097) | (37,085) | (32.3)% | 29,557 | (128,666) | - |
| Adjusted EBITDA (1) | 5,049 | 4,396 | 14.9% | 10,496 | 9,084 | 15.5% |
(1) See Point XVI: EBITDA Reconciliation
During the first semester of fiscal year 2026, office revenues increased by 15.5% and Adjusted EBITDA grew at the same rate compared to the previous year, mainly driven by the impact of currency depreciation exceeding inflation on USD-denominated rents and improved portfolio occupancy. The Adjusted EBITDA margin reached 79.6%.
35
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
Below is information on our office segment:
| Offices & Others | Date of Acquisition | Gross Leasable Area (sqm)(1) | Occupancy (2) | Actual Interest | 6M 26 - Rental revenues (ARS million) (4) |
|---|---|---|---|---|---|
| AAA & A Offices | |||||
| Intercontinental Plaza (3) | Dec-14 | 2,979 | 100.0% | 100% | 671 |
| Dot<br>Building | Nov-06 | 11,242 | 100.0% | 80% | 2,152 |
| Zetta<br>Building | May-19 | 32,173 | 100.0% | 80% | 7,479 |
| 261 Della Paolera(5) | Dec-20 | 3,740 | 100.0% | 100% | 1,118 |
| Total AAA & A Offices | 50,134 | 100.0% | 11,420 | ||
| B Offices | |||||
| Philips Building(6) | Jun-17 | 7,940 | 90.3% | 100% | 1,780 |
| Total B Buildings | 7,940 | 90.3% | 100% | 1,780 | |
| Total<br>Offices(7) | 58,074 | 98.9% | 13,200 |
(1) Corresponds to the total gross leasable area of each property as of December 31, 2025. Excludes common areas and parking lots.
(2) Calculated by dividing occupied square meters by gross leasable area as of December 31, 2025.
(3) We own 13.2% of the building that has 22,535 square meters of gross leasable area.
(4) Corresponds to the accumulated income of the period.
(5) We own 10.4% of the building that has 35,872 square meters of gross leasable area. The gross leasable area includes square meters corresponding to other common spaces.
(6) The building is fully dedicated to the workplace business. For occupancy calculation 1,410 sqm are excluded from the leasable area because they are under construction.
(7) For total Offices occupancy calculation, 1,410 sqm are excluded from the leasable area because they are under construction.
IV. Hotels
The Company’s hotels are beginning to show signs of recovery in their revenue and occupancy levels following the decline in activity observed in recent quarters, although they remain below the levels recorded in the prior two years, in a context that continues to be challenging for inbound tourism, mainly due to the country’s lower exchange rate competitiveness.
| (in ARS million) | IIQ 26 | IIQ 25 | YoY Var | 6M 26 | 6M 25 | YoY Var |
|---|---|---|---|---|---|---|
| Revenues | 23,427 | 20,540 | 14.1% | 42,611 | 40,182 | 6.0% |
| Profit from operations | 5,729 | 1,856 | 208.7% | 7,468 | 4,436 | 68.3% |
| Depreciation<br>and amortization | 1,213 | 1,197 | 1.3% | 2,413 | 2,388 | 1.0% |
| EBITDA | 6,942 | 3,053 | 127.4% | 9,881 | 6,824 | 44.8% |
During the first semester of fiscal year 2026, Hotels segment recorded an increase in revenues of 6.0% compared with the same period of fiscal year 2025 while the segment’s EBITDA reached ARS 9.881 million, a 44.8% increase when compared to the same period of fiscal year 2025. It is also worth mentioning that 47 rooms at the Llao Llao Hotel are under construction works, directly affecting occupancy levels.
The following chart shows certain information regarding our luxury hotels:
| Hotels | Date of Acquisition | IRSA’s Interest | Number of rooms | Occupancy (4) |
|---|---|---|---|---|
| Intercontinental (1) | 11/01/1997 | 76,34% | 313 | 78.4% |
| Sheraton Libertador (2) | 03/01/1998 | 100,00% | 200 | 76.7% |
| Llao Llao (3) | 06/01/1997 | 50,00% | 205 | 47.1% |
| Total | - | - | 718 | 69.0% |
(1) Through Nuevas Fronteras S.A. (Subsidiary of IRSA).
(2) Through Hoteles Argentinos S.A.U.
(3) Through Llao Llao Resorts S.A.
(4) Three months cumulated average.
36
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
Hotels’ operating and financial indicators.
| IIQ 26 | IQ 26 | IVQ 25 | IIIQ 25 | IIQ 25 | |
|---|---|---|---|---|---|
| Average<br>Occupancy | 69.0% | 58.0% | 56.4% | 67.1% | 67.1% |
| Average<br>Rate per Room (USD/night) | 226,8 | 227.1 | 182.1 | 236.8 | 229.4 |
V. Sales and Developments
| (in ARS million) | IIQ 26 | IIQ 25 | YoY Var | 6M 26 | 6M 25 | YoY Var |
|---|---|---|---|---|---|---|
| Revenues | 2,930 | 6,991 | (58.1)% | 7,300 | 9,069 | (19.5)% |
| Net<br>result from fair value adjustment on investment<br>properties | (77,576) | (109,019) | (28.8)% | 41,383 | (325,210) | - |
| Result from operations | (72,210) | (121,342) | (40.5)% | 42,871 | (350,576) | - |
| Depreciation<br>and amortization | 188 | 64 | 193.8% | 261 | 124 | 110.5% |
| Realized<br>Net result from fair value adjustment on investment<br>properties | 1,461 | 3,586 | (59.3)% | 1,461 | 3,602 | (59.4)% |
| Impairment<br>loss on properties for sale | 12,013 | (5,636) | - | 12,013 | (15,586) | - |
| EBITDA (1) | (72,022) | (121,278) | (40.6)% | 43,132 | (350,452) | - |
| Adjusted EBITDA (1) | (4,998) | (3,037) | 64.6% | (8,803) | (6,054) | 45.4% |
(1) See Point XVI: EBITDA Reconciliation
Adjusted EBITDA of “Sales and Developments” segment recorded a loss of ARS 8,803 million during the first semester of fiscal year 2026 compared with a ARS 6,054 million loss during the same period in the previous year.
VI. Others
| (in millions of ARS) | IIQ 26 | IIQ 25 | YoY Var | 6M 26 | 6M 25 | YoY Var |
|---|---|---|---|---|---|---|
| Revenues | 3,069 | 2,234 | 37.4% | 5,717 | 4,037 | 41.6% |
| Net<br>result from fair value adjustment on investment<br>properties | 83 | 39 | 112.8% | (138) | (225) | (38.7)% |
| Result from operations | (2,862) | (2,330) | 22.8% | (6,724) | 12 | (56,133.3)% |
| Depreciation<br>and amortization | 278 | 554 | (49.8)% | 533 | 1,190 | (55.2)% |
| EBITDA | (2,584) | (1,776) | 45.5% | (6,191) | 1,202 | (615.1)% |
| Adjusted EBITDA | (2,667) | (1,815) | 46.9% | (6,053) | 1,427 | (524.2)% |
VII. Financial Operations and Others
Interest in Banco Hipotecario S.A. (“BHSA”)
BHSA is a leading bank in the mortgage lending industry, in which IRSA held an equity interest of 29.12% as of December 31, 2025. During the first semester of fiscal year 2026, the investment in Banco Hipotecario generated an ARS 5,021 million gain compared to ARS 19,351 million gain during the same period of 2025, mainly due to a lower financial margin generated by lower returns on government securities during the second quarter of fiscal year 2026. For further information, visit http://www.cnv.gob.ar or http://www.hipotecario.com.ar.
37
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
VIII. EBITDA by Segment (ARS million)
| 6M 26 | Shopping Malls | Offices | Sales and Developments | Hotels | Others | Total |
|---|---|---|---|---|---|---|
| Result from operations | 248,490 | 29,317 | 42,871 | 7,468 | (6,724) | 321,422 |
| Depreciation<br>and amortization | 3,066 | 240 | 261 | 2,413 | 533 | 6,513 |
| EBITDA | 251,556 | 29,557 | 43,132 | 9,881 | (6,191) | 327,935 |
| 6M 25 | Shopping Malls | Offices | Sales and Developments | Hotels | Others | Total |
| --- | --- | --- | --- | --- | --- | --- |
| Result from operations | 279,231 | (128,863) | (350,576) | 4,436 | 12 | (195,760) |
| Depreciation<br>and amortization | 1,996 | 197 | 124 | 2,388 | 1,190 | 5,895 |
| EBITDA | 281,227 | (128,666) | (350,452) | 6,824 | 1,202 | (189,865) |
| EBITDA Var | (10.6)% | - | - | 44.8% | (615.1)% | - |
IX. Reconciliation with Consolidated Statements of Income (ARS million)
Below is an explanation of the reconciliation of the company’s profit by segment with its Consolidated Statements of Income. The difference lies in the presence of joint ventures included in the segment but not in the Statements of Income.
| Total as per segment | Joint ventures* | Expenses and CPF | Elimination of inter-segment transactions | Total as per Statements of Income | |
|---|---|---|---|---|---|
| Revenues | 234,536 | (1,366) | 58,911 | - | 292,081 |
| Costs | (51,498) | 145 | (59,063) | - | (110,416) |
| Gross result | 183,038 | (1,221) | (152) | - | 181,665 |
| Result<br>from sales of investment properties | 185,049 | 663 | - | - | 185,712 |
| General<br>and administrative expenses | (39,844) | 160 | - | 121 | (39,563) |
| Selling<br>expenses | (13,957) | 79 | - | - | (13,878) |
| Other<br>operating results, net | 7,136 | (12) | 316 | (121) | 7,319 |
| Result from operations | 321,422 | (331) | 164 | - | 321,255 |
| Share<br>of loss of associates and joint ventures | 10,706 | 584 | - | - | 11,290 |
| Result before financial results and income tax | 332,128 | 253 | 164 | - | 332,545 |
*Includes Puerto Retiro & Nuevo Puerto Santa Fe.
X. Financial Debt and Other Indebtedness
The following table describes our total indebtedness as of December 31, 2025:
| Description | Currency | Amount (USD MM) (1) | Interest Rate | Maturity |
|---|---|---|---|---|
| Bank<br>overdrafts | ARS | 16.2 | Variable | <<br>360 days |
| Series<br>XX | USD | 21.3 | 6.00% | jun-26 |
| Series<br>XVIII | USD | 21.4 | 7.00% | feb-27 |
| Series<br>XXII | USD | 15.8 | 5.75% | oct-27 |
| Series<br>XIV | USD | 67.1 | 8.75% | jun-28 |
| Series<br>XXIII | USD | 51.5 | 7.25% | oct-29 |
| Series<br>XVIV | USD | 473.7 | 8.00% | mar-35 |
| IRSA’s Total Debt | USD | 667.0 | ||
| Cash & Cash Equivalents + Investments<br><br>(2) | USD | 364.2 | ||
| IRSA’s Net Debt | USD | 302.8 |
(1) Principal amount in USD (million) at an exchange rate of ARS 1,455.0/USD, without considering accrued interest or eliminations of balances with subsidiaries.
(2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies notes holding.
38
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
XI. Material and Subsequent Events
October 2025: General Ordinary and Extraordinary Shareholders’ Meeting
On October 30, 2025, our General Ordinary and Extraordinary Shareholders’ Meeting was held. The following matters, inter alia, were resolved by majority of votes:
●
Distribution of a cash dividend of ARS 173,788 million as of the date of the Shareholders’ Meeting.
●
Designation of board members.
●
Compensation to the Board of Directors for the fiscal year ended June 30, 2025.
●
To include the possibility of exercising the warrants to subscribe new shares by delivering shares for the difference between the cash exercise price and the equivalent market value, paying only the nominal value of the shares.
On November 4, 2025, the Company distributed among its shareholders the cash dividend in an amount of ARS 173,787,960,684.31, equivalent to 2,248.41108587223% of the stock capital, an amount per share of ARS 224,841108587223 and an amount per GDS of ARS 2.248,41108587223.
October 2025: Property Acquisition.
Dated October 30, 2025, the Company announced that it effected, within the framework of judicial proceedings, the acquisition of a property located on Av. Gaona, between Nazca and Terrada, in the Flores neighborhood of the Autonomous City of Buenos Aires.
The property, on a plot of land of 8,856 sqm, has an existing built area of approximately 17,000 sqm and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid.
The Company intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires.
November 2025: Warrants – Post dividends distribution
On November 10, 2025, the Company reported that due to the cash dividend and own shares distributed to the shareholders on November 4, 2025, the terms and conditions of the outstanding warrants for common shares of the Company have been modified as follows, while the other terms and conditions remain the same:
Number of shares to be issued per warrant:
●
Ratio previous to the adjustment: 1.4818 (Nominal Value ARS 10)
●
Ratio after the adjustment (current): 1.6367 (Nominal Value ARS 10)
Warrant exercise price per new share to be issued:
●
Price before the adjustment: USD 0.2917 (Nominal Value ARS 10)
●
Price after adjustment (current): USD 0.2641 (Nominal Value ARS 10)
39
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
November 2025: Warrants Exercise
Between November 17 and 25, 2025, certain warrants holders have exercised their right to acquire additional shares and 1,132,453 ordinary shares of the Company will be registered, with a face value of ARS 10. As a result of the exercise, USD 299,081 was collected by the Company.
After the exercise of these warrants, the number of shares of the Company increased from 773,057,700 to 774,190,153 with a face value of ARS 10, and the new number of outstanding warrants decreased from 53,853,144 to 53,161,206.
December 2025: “Ramblas del Plata” Project Commercialization Progress
During the quarter, the company has signed two barter agreements for two new lot of 4,400 sqm, with an estimated total saleable area of 13,570 sqm, belonging to the extended 1st stage and 1st stage of the “Ramblas del Plata” project. The transactions amount to USD 11.8 million, paid to IRSA through an upfront cash payment and saleable sqm to be received in the future.
The Company will continue infrastructure works on the “Ramblas del Plata” plot while advancing with the signing of agreements for the commercialization of the project.
December 2025: Series XXIV Additional Notes Issuance
On December 17, 2025, IRSA issued in the international market the Series XXIV Additional Notes for a nominal amount of USD 180 million at an issuance price of 98.503%.
The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. Principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035.
The Series XXIV Additional Notes have terms and conditions identical to the original Series XXIV Notes issued on March 31, 2025. As a result of this issuance, the total nominal amount outstanding of the Series XXIV Notes amounts to USD 480.5 million.
XII. Summarized Comparative Consolidated Balance Sheet
| (in ARS<br>million) | 12.31.2025 | 12.31.2024 | 12.31.2023 | 12.31.2022 | 12.31.2021 |
|---|---|---|---|---|---|
| Non-current<br>assets | 3,463,183 | 2,934,157 | 4,200,580 | 3,950,366 | 4,636,052 |
| Current<br>assets | 715,977 | 356,941 | 529,519 | 413,948 | 374,004 |
| Total assets | 4,179,160 | 3,291,098 | 4,730,099 | 4,364,314 | 5,010,056 |
| Capital<br>and reserves attributable to the equity holders of the<br>parent | 1,854,712 | 1,521,322 | 2,258,640 | 2,090,364 | 2,028,971 |
| Non-controlling<br>interest | 108,670 | 105,333 | 141,139 | 140,672 | 138,085 |
| Total shareholders’ equity | 1,963,382 | 1,626,655 | 2,399,779 | 2,231,036 | 2,167,056 |
| Non-current<br>liabilities | 1,885,165 | 1,164,233 | 1,858,549 | 1,630,783 | 2,510,789 |
| Current<br>liabilities | 330,613 | 500,210 | 471,771 | 502,495 | 332,211 |
| Total liabilities | 2,215,778 | 1,664,443 | 2,330,320 | 2,133,278 | 2,843,000 |
| Total liabilities and shareholders’ equity | 4,179,160 | 3,291,098 | 4,730,099 | 4,364,314 | 5,010,056 |
40
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
XIII. Summarized Comparative Consolidated Income Statement
| (in ARS<br>million) | 12.31.2025 | 12.31.2024 | 12.31.2023 | 12.31.2022 | 12.31.2021 |
|---|---|---|---|---|---|
| Profit from operations | 321,255 | (197,039) | 553,674 | (155,416) | 460,685 |
| Share<br>of profit of associates and joint ventures | 11,290 | 32,593 | 57,083 | 11,757 | (2,088) |
| Result from operations before financing and taxation | 332,545 | (164,446) | 610,757 | (143,659) | 458,597 |
| Financial<br>income | 4,879 | 2,124 | 13,659 | 2,401 | 2,739 |
| Financial<br>cost | (41,665) | (33,182) | (43,281) | (46,155) | (67,021) |
| Other<br>financial results | 37,090 | 87,080 | (97,036) | 22,705 | 133,043 |
| Inflation<br>adjustment | 14,758 | 9,209 | 93,273 | 76,861 | 7,465 |
| Financial results, net | 15,062 | 65,231 | (33,385) | 55,812 | 76,226 |
| Results before income tax | 347,607 | (99,215) | 577,372 | (87,847) | 534,823 |
| Income<br>tax | (98,790) | 45,319 | (157,435) | 225,557 | -91,357) |
| Result of the period | 248,817 | (53,896) | 419,937 | 137,710 | 443,466 |
| Other<br>comprehensive results for the period | (1,415) | (1,847) | (12,708) | (5,082) | (7,536) |
| Total comprehensive result for the period | 247,402 | (55,743) | 407,229 | 132,628 | 435,930 |
| Attributable<br>to: | |||||
| Equity<br>holders of the parent | 233,876 | (53,658) | 391,343 | 129,511 | 439,658 |
| Non-controlling<br>interest | 13,526 | (2,085) | 15,886 | 3,117 | (3,728) |
XIV. Summary Comparative Consolidated Cash Flow
| (in ARS<br>million) | 12.31.2025 | 12.31.2024 | 12.31.2023 | 12.31.2022 | 12.31.2021 |
|---|---|---|---|---|---|
| Net<br>cash generated from operating activities | 84,235 | 104,209 | 96,095 | 94,920 | 81,537 |
| Net<br>cash (used in) / generated from investing activities | (33,645) | (19,527) | 147,878 | 30,073 | 110,671 |
| Net<br>cash generated from / (used in) financing activities | 43,995 | (79,219) | (258,617) | (234,945) | (105,881) |
| Net increase / (decrease) in cash and cash equivalents | 94,585 | 5,463 | (14,644) | (109,952) | 86,327 |
| Cash<br>and cash equivalents at beginning of year | 202,094 | 45,091 | 51,713 | 163,059 | 40,420 |
| Inflation<br>adjustment | (1,653) | (2,222) | (12,771) | (2,026) | (818) |
| Foreign<br>exchange (loss) / gain on cash and changes in fair value for cash<br>equivalents | 1,115 | (108) | 21,636 | (437) | 308 |
| Cash and cash equivalents at period-end | 296,141 | 48,224 | 45,934 | 50,644 | 126,237 |
XV. Comparative Ratios
| (in ARS<br>million) | 12.31.2025 | 12.31.2024 | 12.31.2023 | 12.31.2022 | 12.31.2021 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Liquidity | ||||||||||
| CURRENT<br>ASSETS | 715,977 | 2.17 | 356,941 | 0.71 | 529,519 | 1.12 | 413,948 | 0.82 | 374,004 | 1.13 |
| CURRENT<br>LIABILITIES | 330,613 | 500,210 | 471,771 | 502,495 | 332,211 | |||||
| Solvency | ||||||||||
| SHAREHOLDERS’<br>EQUITY | 1,963,382 | 0.89 | 1,626,655 | 0.98 | 2,399,779 | 1.03 | 2,231,036 | 1.05 | 2,167,056 | 0.76 |
| TOTAL<br>LIABILITIES | 2,215,778 | 1,664,443 | 2,330,320 | 2,133,278 | 2,843,000 | |||||
| Capital Assets | ||||||||||
| NON-CURRENT<br>ASSETS | 3,463,183 | 0.83 | 2,934,157 | 0.89 | 4,200,580 | 0.89 | 3,950,366 | 0.91 | 4,636,052 | 0.93 |
| TOTAL<br>ASSETS | 4,179,160 | 3,291,098 | 4,730,099 | 4,364,314 | 5,010,056 |
41
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
XVI. EBITDA Reconciliation
In this summary report we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) interest income, (ii) interest expense, (iii) income tax expense, and (iv) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus (i) total financial results, net excluding interest expense, net (mainly foreign exchange differences, net gains/losses from derivative financial instruments; gains/losses of financial assets and liabilities at fair value through profit or loss; and other financial results, net) and minus (ii) share of profit of associates and joint ventures and minus (iii) net profit from fair value adjustment of investment properties, not realized.
EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors with supplemental measures of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to EBITDA and Adjusted EBITDA for the periods indicated:
| For the six-month period ended December 31 (in ARS<br>million) | ||
|---|---|---|
| 2025 | 2024 | |
| Profit<br>for the period | 248,817 | (53,896) |
| Interest<br>income | (4,879) | (2,124) |
| Interest<br>expense | 31,974 | 28,381 |
| Income<br>tax | 98,790 | (45,319) |
| Depreciation<br>and amortization | 6,527 | 5,836 |
| EBITDA (unaudited) | 381,229 | (67,122) |
| Net<br>gain / (loss) from fair value adjustment of investment<br>properties | (185,712) | 306,605 |
| Realized<br>net gain from fair value adjustment of investment<br>properties | 1,461 | 3,602 |
| Impairment<br>loss on properties for sale | (12,013) | 15,586 |
| Share<br>of profit of associates and joint ventures | (11,290) | (32,593) |
| Inflation<br>adjustment | (14,758) | (9,209) |
| Other<br>financial results | (27,399) | (82,279) |
| Adjusted EBITDA (unaudited) | 131,518 | 134,590 |
XVII. NOI Reconciliation
In addition, we present in this summary report Net Operating Income or “NOI”. We define NOI as gross profit from operations, less Selling expenses, plus realized result from fair value adjustments of investment properties, plus Depreciation and amortization, plus impairment loss on properties for sale.
NOI is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. We present NOI because we believe it provides investors with a supplemental measure of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses NOI from time to time, among other measures, for internal planning and performance measurement purposes. NOI should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. NOI, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to NOI for the periods indicated:
42
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
| For the six-month period ended December 31 (in ARS<br>million) | ||
|---|---|---|
| 2025 | 2024 | |
| Gross<br>profit | 181,665 | 172,242 |
| Selling<br>expenses | (13,878) | (12,744) |
| Depreciation<br>and amortization | 6,527 | 5,836 |
| Realized<br>result from fair value of investment properties | 1,461 | 3,602 |
| NOI (unaudited) | 175,775 | 168,936 |
XVIII. FFO Reconciliation
We also present in this summary report Adjusted Funds From Operations attributable to the controlling interest (or “Adjusted FFO”), which we define as Total profit for the year or period plus depreciation and amortization of property, plant and equipment, intangible assets and amortization of initial costs of leases minus total net financial results excluding net financial interests, minus unrealized result from fair value adjustments of investment properties minus inflation adjustment plus deferred tax, and less non-controlling interest net of the result for fair value, less the result of participation in associates and joint ventures.
Adjusted FFO is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. Adjusted FFO is not equivalent to our profit for the period as determined under IFRS. Our definition of Adjusted FFO is not consistent and does not comply with the standards established by the White Paper on funds from operations (FFO) approved by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”), as revised in February 2004, or the “White Paper.”
We present Adjusted FFO because we believe it provides investors with a supplemental measure of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses Adjusted FFO from time to time, among other measures, for internal planning and performance measurement purposes. Adjusted FFO should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. Adjusted FFO, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to Adjusted FFO for the periods indicated:
| For the six-month period ended December 31 (in ARS<br>million) | ||
|---|---|---|
| 2025 | 2024 | |
| Result<br>for the period | 248,817 | (53,896) |
| Result<br>from fair value adjustments of investment properties | (185,712) | 306,605 |
| Result<br>from fair value adjustments of investment properties,<br>realized | 1,461 | 3,602 |
| Impairment<br>loss on properties for sale | (12,013) | 15,586 |
| Depreciation<br>and amortization | 6,527 | 5,836 |
| Other<br>financial results | (27,399) | (82,279) |
| Deferred<br>tax | 39,726 | (123,048) |
| Non-controlling<br>interest | (13,331) | 1,576 |
| Non-controlling<br>interest related to PAMSA’s fair value | 6,106 | (19,525) |
| Results<br>of associates and joint ventures | (11,290) | (32,593) |
| Inflation<br>adjustment | (14,758) | (9,209) |
| Adjusted FFO (unaudited) | 38,134 | 12,655 |
43
IRSA Inversiones y Representaciones Sociedad Anónima
Summary as of December 31, 2025
XIX. Brief comment on prospects for the Next Quarter
Looking ahead to next quarter, we see a scenario of greater stability and predictability for the Argentine economy following the October election results, which confirmed the continuity of the current economic program. This environment is beginning to translate into a gradual improvement in expectations, greater visibility for investment decision-making, and a more favorable setting for medium- and long-term planning in the real estate sector.
Within this context, we will continue to strengthen and expand our shopping mall portfolio, focusing on enhancing the visitor experience and creating value for both tenants and consumers. The addition of new brands, including international concepts already under development or soon to open, will help diversify and enrich the commercial mix of our malls.
In the office segment, we expect occupancy levels to remain high, supported by sustained demand for premium space in strategic locations. In the hotel segment, while exchange-rate competitiveness continues to pose challenges, we maintain a constructive view regarding the long-term outlook for inbound tourism.
With respect to developments, we will move forward with projects currently under construction, including the Distrito Diagonal shopping center in La Plata, the Edificio del Plata project in downtown Buenos Aires, and Ramblas del Plata, the Company’s most ambitious urban development to date. In addition, we plan to begin construction of a new office building within the Polo Dot complex, which will integrate with the Zetta building and connect directly to the DOT Baires Shopping mall, further strengthening the project’s appeal and scale as a mixed-use urban hub. At the same time, we will continue to explore strategic real estate acquisition opportunities that support portfolio growth and diversification.
We will also continue working on reducing and optimizing our cost structure and evaluating various financial, economic and/or corporate tools to strengthen the Company’s competitive position and ensure adequate liquidity to meet its obligations. These tools may include the disposal of assets through public and/or private transactions—both real estate and marketable securities—as well as the issuance of shares, bonds, share repurchase programs, among other instruments aligned with our strategic objectives.
Looking ahead, we will continue to develop innovative projects that integrate commercial and residential components, with a focus on experience, quality and sustainability. We are confident in the strength of our portfolio and in our team’s ability to continue executing our business strategy successfully.
Eduardo S. Elsztain
Chairman
44

 
 &#xD;
 &#xD;
 &amp;#xD;&#xD;
 &#xD;
 

 
 &#xD;