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

Good morning, everyone. I'm Santiago Donato, investor relations officer of Cresud, and I welcome you to the second quarter 2025 results conference call. First of all, I would like to remind you that the replay of this webinar, the presentation and the earnings release will be available on our website at www.cresud.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 Alejandro Elstein, CEO. Please go ahead, sir.

Thank you very much, Santi. Good morning, everybody. We are beginning page number two, the main events for the second quarter 2025. We have this year, 2025, a very big regional campaign. We increased, comparing last year, planted area, 9%. And we have our record in size in total agriculture between the combination of the four countries, Leeds and Ong. We have this year good climate conditions in general in the region. There is slightly an increase in commodity price on the last quarter, mainly in Argentina, because of some reasons in Argentina that I will explain later. And from other sides, some input cost reductions, mainly in Brazil, because of devaluation of the real. During the January, there was a small lack in the rain, but finally now in February, we are receiving some rain and we are expecting a normal campaign for our crops in Argentina too. Related to the crop taxes export reduction, there was a big measure done by the government, and that decreased from 33 to 26 the soybeans and the corn and wheat from 12 to 9.5. And this is more or less a 5% increase in the prices for farmers, depending what the margins the farmers are receiving, because the exporters are taking part of that profit too. But finally, it's a benefit that is mainly for Argentina, it's just for Argentina, but helping Argentinian farmers in the drop of prices that we have received last 12 months, comparing to higher prices that we had in the past. Related to Brasil Agro, we have very good productive results and the prospects for the campaign are very good. Soybean is beginning to harvest and we are seeing very good yields. They are sustained price. The inputs are going down because of that devaluation. Related to real estate, we have accumulated up to now just Los Pozos sale and Alto Tacorí, but that was in the first quarter. In the second, there are not more sales, but we are seeing a movement and we are expecting for next half year some more sales on the assets on the region. and related dividend distribution we distributed 45 000 million pesos in november that represents close to seven percent of dividend yields we can move now to page number three and here we see our evolution that jump of nine percent year to year achieving more than three hundred thousand hectares in the combination of the four countries being argentina and brazil in the main Finally, the Paraguay and Bolivia are smaller. And here we see soybean representing half of total planted area, 23% corn, 9% sugar cane. Today, in Brazil, the main two are sugar cane and soybean. And in Argentina, the main two are soybean and corn, main two products. And this is the breakdown for the region. And we can move now to the next page. And now I will give the word to Mr. Diego Chicharro.

Thanks, Alejandro. Good morning, everyone. In this page, we can see the evolution of commodity prices as we show every quarter. Remember, we come from the 2024 campaign that was marked by the down pressure on international commodity prices. And we have seen at the very beginning of 2025 the same trend, low prices level. But in the last quarter, we have seen a slight recovery, both in corn and in soybean prices in Chicago. Soybeans are about 5% and corn 7%. So it's good news. Regarding input cost, they continue to adjust. They were lagging behind prices. So Alejandro will back to talk about the taxes.