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

Good afternoon, everyone. I'm Santiago Donato, investor relations officer of Cresud, and I welcome you to the second quarter of fiscal year 26 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through companies' investor relations website at www.cresud.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website. 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 risks 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. Thank you, Santi.

Good afternoon, everybody. We are beginning our second, we are now going to introduce the results of the second quarter of 26. And we can see in page number two, the main events that happened in this first half year. First of all, the conditions on the weather were okay, better than last year in the two, in owned and leased land. And we have this year improved the size of hectares in the four countries. So now with lower margins because of the drop of prices, we were very active to in the owned and leased lands. And we're going to show you in the next page. Related to the prices, the prices were stable this year, no big chance, some changes between US and South America, but finally higher cost of inputs, lower margins compared to last year's, compared to the COVID times, but we are compensating that through size between the four countries. In the only harvest we had in the beginning, that was the wheat mainly for our winter crops, we had achieved a better yield comparing to what we expected when we plant. It was like 10% higher comparing the time we planted. And that was a combination of wood yield and more use of fertilizer in Argentina, so we began the yield related to all the agriculture for the company, the first half in a positive way. But in the meantime, prices of the wheat were not so good. So we had better yields, but still now majority of that was not selling. Now we are beginning to sell and we are compensated through the prices now. So we are having good results in the wheat too. In the rest, we are going to expect for the soybean and the corn that they are coming for the second half, we are in good shape but waiting for more rains for the future. Related to Brasilagro, we had lower production results and that was explained mainly because of sugarcane. We had some cases of some things affecting the yields of sugarcane that mainly affect the first half of the year in Brazil. The one, the good, very good part of the half of the year was the cattle activity. Here, we had very sustained price. And we're going to show you the evolution of the prices related to this. And Argentina, with a very big stock and much more investments on cattle, we had very good results in the first six months. We are improving our feedlots in south, in El Tigre, and in the north, in Los Pozos Farms. Related to capital market, we should local capital market bonds up to $117 million to repay this year debt maturity. And in the meantime, we should pay a very big dividend We paid up to 93,000 million pesos, close to 64 million dollars, 70% was in cash, 30% in time in IRSA shares, and plus of that, we did like almost 1% of Cresut shares paid dividends too. So, very actively paying dividends in this year. Now we can move to page number three, and we can see what it was the final planting area. A little drop from the last presentation last quarter, we dropped like 6,000 hectares between the four countries, and that was done because we were very strict. The margins in some farms were not so big, and we were very strict on the window of Planted time, so we prefer to plant a little less, but with the areas with enough rain and with very positive margins. So that was the reason of small reduction. Area that stayed not planted, like 6,000 hectares, we were presenting 322 before. And this is the breakdown between the four countries, and the main one is still Argentina, second Brazil, Paraguay, and finally Bolivia. And if we move to the next page, we can see the evolution of the prices. The two main products, soybean and corn, and where we have the two main activities in volume, plus the sugar cane, plus the cattle, these are the four main activities, plus the real estate, plus the service Strophio and Agrofy. So in here we see the evolution of the prices the last 14 years and we did the we wanted to show you how cheap is soybean and corn in real terms nominal terms but in real terms adjusted by inflation you see how cheap are our main products So with that, we are still making money in this region that is so benefit in production and still farmers of the region are making good without subsidies for sure. And in Argentina still with taxes on exports. And in the graph below, I wanted to show this stage of changes because Donald Trump announcing China bubble or China realignment and look at what is happening with Chicago Board of Trade of the price. Will you see jumps? And the time that the jump comes to the price of Chicago, the premium to Brazil goes down, and exactly the opposite, where the price goes down, premium to Brazil goes up. Finally, South America is very balanced, and it's not changing its price in dollars, and this is affecting mainly South American prices. So, some small changes because of the China and U.S. relation, but finally not changing the very good shape that the sector is spending and the recovery of the stocks that we are looking at the last years. So I wanted to share that the margins for farmers are decreasing because of the long-term trend of this, a lot of new technology coming to the sector, improving the yields, and this is making small margins, and we are having good margins, small margins. This year, we are expecting smaller, but in a bigger scale because of the expansion of the lands. And in the next page, we can see that the weather is in a good condition. We see the graph is in green or is in blue, same accumulated good rains, So small, very small areas without a good rain. So we are expecting a normal, almost normal crop for the fall countries. And here we see the sowing progress. 100% of the corn and soybean of Argentina, of Bolivia, Brazil. Brazil, the corn is a little late. is this is corn mainly of Safrinia, second corn, and this is a little delay, and in Paraguay too, so we are not achieving up to now 100% of the corn. We expect to arrive close to 100, but probably not to the 100 because of some lack of rain that affected mainly Brazil and Paraguay. So balanced weather conditions and controlling costs so normal operation here up to now after up to up to end of january Understanding that majority of soybean and corn will come from now in Brazil is beginning the harvest on Mato Grosso, but May in Argentina harvest of soybean will be April, May, and maybe majority of the corn will come in July or September. So we are in the middle of the good time of the summer crop that is the mainly more important for the company. We can move to the next page and we can see some good news. The government is doing what it said in the past, decreasing the taxes on exports, small reduction. We saw during this quarter, 26 to 24 in the soybean, 9.5 going to 8.5 in corn and sorghum, 9.5 to 7.5 in wheat and barley. Some small drops going in the good direction, not expecting to go to zero, mainly the soybean that is the big revenue for the country. but in the good direction, and maybe we can see a surprise in the serious going to zero that won't cost so much. We expect for next year maybe going to that direction and keep reducing the soybean for the future. That's what Millet announced at the beginning, and it began from 33, now he's in 24. So he's going in that direction, and the other main achievement of the government, in the right part of the graph, The big gap of the past between the two dollars, the official and unofficial, but now the two, the blue and the orange point close to almost together. So the farmer is decreasing taxes and receiving almost the official and the unofficial dollar are the same. So what is that affects? Now farmers are really receiving dollars and the taxes are decreasing, and this is affecting the liquidity for the agriculture and cattle areas. We are seeing more liquidity. We didn't announce up to now, six months, any real estate operation, but we think we're going to close the year having transactions on the region. We keep that on mind and we think we're going to achieve the normality. In Argentina, more than normality that Argentina was close to zero the last one, two years, now we expect some transactions too. But in Paraguay, but in Brazil, Because the liquidity is still there. And apart of these two big news, taxes reducing and the dubs between the two dollars, there were two news. One is related to the US and one is European Union. And the third one is China. Related to U.S., the United States established a new framework to bilateral to Argentina. So, Argentina is very close now in relation with U.S., and that will improve access for beef and other markets. Mainly for beef, they are expecting going from 20,000 tons to 100,000 tons. And related to Mercosur, that will improve. Hilton quota to South America, to Argentina too, but this was not signed. Finally was delayed, was approved. We need the agreement to the rest. The regulatory and parliamentary is not approved still, so we need to wait for that. But the U.S. is almost done, and China is the third. that China improved what was Argentina from 400,000 tons to more than 500,000 tons, improving 17% what we are now exporting to China, but reducing to other countries, mainly to Australia, mainly to Brazil, and improving to Argentina, Uruguay, and the United States. So, the three effects forbid. are affecting and probably on the next page we can see the evolution in the page number 7, evolution of the price of Argentina. Argentina was very bad on prices in the past, was the lowest, but now recovered, and today, between the four countries, Argentina, Uruguay, Brazil, and Paraguay, Argentina is in the highest because of the quality of Argentine beef, and we see that Brazil was preparing, and now we are improving our production from the 33, we were 7 million 7 million kilograms, 7,000 tons of beef. Now we are going to this year to 10,500 tons, so 10,500,000 kilograms. And with almost the same stock, what we are doing, we are rotating more the cattle. we are improving our facilities of pastures in the agriculture areas, and we are doing more feedlot, so we are rotating and producing more intensively, and it's very profitable, and it's bringing very good results, as Matthias will show you later, in the balance sheet of Crescent. And we see in the graph on the right that the stocks, In Brazil, we're growing the last 20 years, but now beginning to decrease from 194 to 186 million heads, but in the rest, in the U.S., Australia, and Argentina, decrease on the stock. So the combination of the decrease on the stock, decrease on the cows, and improving demand of cattle that the population is having is making that increase in price and benefiting our company in the cattle world. And now you see the new feedlots that we are doing, we're investing money in the two feedlots in Los Potos and in El Tigre, and we're going to have like two feedlots of 10,000 of capacity instantaneously, each of them, that will mean like 50,000, 60,000 heads per year in feedlots, apart of raising cattle and fattening the mill. So we are probably one of the largest in this raking cattle with bulls and having the and farting in the mill until much later so we are very big not having more the parking plans like in the past but having big stock making a lot of money in in all the activity Saying that, the other state of Cresut that we always talk, production one side, real estate, no news in the first half. The third is FIO, FIO evolution on the year, we are closing, we closed last year with 7.6 million tons of traded tons on FIO, representing 6.5% of total Argentina crop harvest, and through advisory, specialties, credits, capital, trading, and now Bianchi, that is our branch we are opening in Brazil, that this last year did 300,000 tons, small amount compared to close to 8 million of Argentina. But in Brazil, a lot of room to grow. Brazil is more than double Argentine Prop size. So we are expecting beyond to replicate the story of Argentina. So this company is making a very relevant EBT. Here we see the last four years in a $26 million EBT and last year with the official dollar that is very close to there. the blue chip so in the past the gap was here but now with the 26 millions and 26 millions and here we see that this company recently issued two bonds at close to eight percent cost so very relevant company servicing farmers no light light in assets and doing this mission in south america not only in argentina so we expect this company to keep growing as they were doing brasil agro and crescent Saying that, I will now give the word to Matias Almiro.