Cresud S.A.C.I.F. y A.

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of Cresut, and I welcome you to the first quarter 2025 results conference call. First of all, I would like to remind you that every play of this webinar, the presentation and the earnings release will be available on our website at www.cresut.com.ar. After management remarks, there will be a question and answer session for analysts and investors. If you want to make a question, please use the chat. Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risk and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Alejandro Elstein, CEO.

Good morning, everybody. We are beginning our first quarter 2025 results. This year the regional campaign is showing us an increase in planted area comparing last year numbers and the one that is mainly explaining that is Argentina in the growing in deep leasing areas in the country. We are beginning the campaign. The conditions are good. The good not so good in the case of the winter crops in Argentina, but yes for the rest, mainly summer crops, soybean, corn, and with a much more stable commodity prices comparing last year, where there was a big drop, and some slight input cost reduction that we are seeing, so recovering some of the margins of the activity. Related to wheat, the wheat was 100% planted and now we are close to be harvesting in November, December, and with some drought areas in Argentina decreasing some of the result, but still early to speak. In the case of soybean in Brazil, 45%, it's been sown, so planted in Brazil. So it's a normal campaign. A little delay, two weeks later in Brazil, but after the rain, the conditions are recovering. There were two transactions related to real estate in the quarter. One is in Los Pozos farm and developed land, and other one is in Alto Taquari in Brazil. I will show you later. We received many dividends from the companies and the total dividend we received in Brazil was close to 53 million dollars. Brasilagro gave us close to 10 and IRSA 43. With the two we're distributing dividends these days for investors close to seven percent dividend yield and so the company is in a very good shape today and doing this activity the first quarter. Saying that, I will now introduce Vigo Chicharro.

Thanks, Alejandro. Morning, everyone. In this page, we can see the planted area evolution. Cresud this year is increasing the number of hectares and sowing under planted area. We are expecting to plant 303,000 hectares in the four countries. where we operate in Argentina, Brazil, Bolivia, and Paraguay. So this is a 9% increase compared to the last year, to the previous campaign. Mainly we are expanding our surface in least farms in Argentina, but also some in our farms. Regarding our breakdown, we keep having diversified mix of crops. but mainly soybean and corn, and we do some sugarcane in Brazil and Bolivia as well. Next page, number four. Here we are the commodity prices and the cost. In this page, we can see the evolution of the commodity prices. The 2024 campaign was marked by the down pressure on the international market. commodity prices as Alejandro said and the beginning of the this new campaign maintain the low price level for the peak reach after the pandemic and the war Ukraine was regarding input cost they are adjusting a little bit but are still high levels compared with the to the commodity prices affecting of course part of the agricultural margins the good part of That is the inputs are starting to correct a little bit. Next page, number five. In this page, we can see the regional weather condition in the region and the sowing progress. After 2024 campaign, we experienced the lower yields in Argentina and Brazil both. due to the lack of rains. This 2020 campaign is present with the weather, the good weather condition, La Niña phenomenon that was pecked at the beginning of the season has, but in the last weeks we received a good rains, mainly in Argentina. With that, regarding the sowing progress, we have a planting, as Alejandro said, 100% of the wheat in Argentina. and the rest of the crops, the total region for soybean is 27% for soybean and 10% for corn. Now, Alejandro.