IRSA Inversiones Y Representaciones S.A. Global Depositary Shares (Each representing ten shares of Common Stock)

Good afternoon, everyone. I'm Santiago Donato, investor relations officer at IRSA, and I welcome you to the first quarter 2027 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through the company's investor relations website at www.IRSA.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 the 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 notes in the company's earnings pre-list regarding forward-looking statements. I will now turn the call over to Daniel Ricardo Elsztain. We are finishing the first quarter of the year with a net loss on the final line that is mainly based on properties. So we will see later that the macroeconomic situation of Argentina, that the inflation was higher and the valuation generated that loss. Regarding the Rental EBITDA, we saw a slow turn, but if we measure that number in dollars, that is 20% above last year. About the Shopping Model Portfolio, we finished The two projects that we are launching and we will reach around 19 assets. There wasn't strong performance and high occupancy in the malls. There was a slight decline in occupancy. We were sitting on one floor of one building, so it's only one floor of the vacancy. Daniel Ricardo Elsztain, Arnaldo Jawerbaum Daniel Ricardo Elsztain, Arnaldo Jawerbaum Daniel Ricardo Elsztain, Arnaldo Jawerbaum The dividends we already paid in Buenos Aires and in New York will be soon for our idea holders. There was a cash distribution of $211 billion. So with this I introduce Santiago Donato to continue the process. Moving to the Shopping Mall's performance, here we can see occupancy increase almost 0.6 points from 1997 occupancy. Daniel Ricardo Elsztain, Jorge Cruces, Matias Ivan Gaivironsky, S.A. Global Depositary Shares S.A. Global Depositary Shares and another diagonal in La Plata. Sorry. Ten sales declined 6% in real terms year over year. This is mainly explained by a price effect rather than weak activity in the shopping malls because the area is strong. 24 million people visit our malls in this quarter. This is 1.6% above And tickets are also increasing by 7% this quarter comparing to last year. So rent components, we have surpassed inflation in almost 1%. Something important to highlight is that inflation of opera has been performing below by the general inflation. And Aperel represents around 50% of our tenant index. So, very strong performance of shopping malls in revenues, in EBITDA the same, in line with deflation, and very strong occupancy as well. Daniel Ricardo Elsztain, Jorge Cruces, Matias Ivan Gaivironsky, Saul Zang, Arnaldo Jawerbaum If we add the PE category, we have the co-working there at three years. This is a little bit higher. The total rate per semester increases to levels of $27 when we add this co-working, this work-life by years. And we are increasing. We are under way of that by the next two years. 15,000 sqm across the Isabel area to the office portfolio. On the hotels, we have seen a good year. Last year was quite good. This year, the quarter is even improving. We have reached 66%. Remember that we have the Chao Chao Resort in Bariloche and the two hotels Inversiones Y Representaciones S.A. Global Depositary S.A. Global Depositary S.A. Global Depositary S.A. Global Depositary So the hotels is a marginal segment in our portfolio, but it raises around $10 million. Having said that, I will give the word to Jorge Cruces for the investments and the So, let's take a look at our main construction projects. Anoite outlet. The redevelopment is entering its final stages, so we are pleased to report that we remain on track for the official opening next month. The total investment, including both the acquisition of the asset and CapEx, is around 2,271 commercial units, combining stores and stands, which are already 100% leased. In the meantime, the shopping center will have a future. Hoyte Outlet is a modern outlet center designed to offer unique shopping experiences with brands such as Nike, Adidas, Pullman, Levi's, Miniso, and Garters. The Tito Gallego's large-scale shopping center continues to make solid progress. The project will have 22,000 square meters of GLA and should become a retail destination for London has reached 55% with an average of 400 workers on site. Retail units will start to be delivered to tenants as from January. This is an important milestone for the first phase of our long-term vision Looking ahead, we plan to complement it with residential and mixed-use developments that will further expand the project and create additional value. The SETA Expansion Construction is concurrently focused on the concrete structure. We are also in the bidding process for several construction packages worth around $13,000. Once these contracts are awarded, The expansion will add more than 50,000 square meters of GLA. Today, the building has around 32,000 square meters of GLA. The building will offer more than 47,500 square meters of GLA, but Catalina will be occupying 72%. Inversiones Y Representaciones S.A. Global Depositary S.A. Global Depositary S.A. Global Depositary S.A. Global Depositary Work on site and things to move forward, we are in the bidding process for the sub-line and installation of elevators as well as the garden pool. So far, we have sold more than 100 units for nearly $17 million. It is located on the Rio de la Plata waterfront, right next to Puerto Madero. It has residential buildings, hotels, retail spaces, and a lot of public areas, including a big park. Altogether, more than 690,000 square meters of sellable area. Water, Sewage, Electricity, and Gas Networks Road and Stormwater Infrastructure Works under Phase 1 have been completed in Phase 2 and part of Phase 3. Water, Sewage, and Electricity, and Gas Networks have reached approximately 50% degrees to advance. We have an awarded contract worth $12.5 million and progress on those parts has already reached 80%. At the end of the quarter, a value of $130 million, reaching sales of 81% of the expanded Stage 1. Recently, on October N05, with Uno and Uno, the transaction was valued at $8.7 million and will provide a solid area. We have now completed 21 transactions totaling $138 million. As a result of these agreements, ISA will receive the only 36,000 stocks remaining in this stage. Now I'll give the floor back to our CFO, Mr. Matias Gaivironsky. Thank you, Jorge. So, as I mentioned before, this quarter, if we can move to the next page, this quarter, We saw that the devaluation of the FX still was a deflation of 6% compared with a devaluation of 2%. That should appear in the next pages. And also, last year, if we compare what happened in the second quarter of last year that was in most volatility effects, there was an evaluation on the official exchange rate of 15%, while the inflation in that quarter was the same, 6%. Next page. Well, first, regarding the adjusted EBITDA on the rental segment, as I mentioned, there was a slight increase in peso service. 11.3% in offices. If we measure that number in dollar terms, it's completely different in the offices. And since we are adjusting last year number with inflation, compared with these numbers in pesos of this year, that generate that. We will have an increase of 20% compared with the previous year. Regarding Marches, S.A. and Offices, nothing relevant to mention there. About the change in the value of the investment properties, there is a weakening of the decline compared with the previous year As I mentioned again, so we value our investment properties. Basically, we have to publish the numbers in pesos terms that generate the loss. So if we measure the properties in dollar terms, it remains very stable. And last year was completely the opposite. There was a devaluation, so since we are long dollars, the devaluation in pesos generated that gain. So moving to the next stage, the difference of FX and Inflation is the Net Financial Results. This year, we have again related to Net FX Results. Since we have an appreciation of the pesos that generated a profit, I guess last year that was 0.8 billion pesos. About the income tax, as we always mention, every time that we have to post I am lost in the investment property, in the deferred tax. And the opposite, you know, when we have an appreciation of the investment properties, then we have to express them. So that is, for that reason, is the difference. So with all these numbers and explanations, we close 6.3 billion pesos compared with the profit of last year. Here we include the evolution of our rentals. 12 months is the record high in terms of the recurring part of our business that is shopping malls, offices, and a million dollars. About our debt, some no major news about the debt side but the dividends these days so we will see a decrease in the cash position We will see an increase in the net debt position to 445.8, almost 2.2 times our EBITDA and only 16.6% LTV with a coverage ratio of 8.4 times. So with a little more debt, We will see a slight increase going forward, but we feel very comfortable still going forward. We can reduce the debt very fast if we don't continue the same pace of capex high in terms of compared with the previous year so we feel comfortable that we can manage very well the position and as you can see on the right side so no major pressure in the short term All the dividends as I mentioned, so we just paid the $137 million of dividend yield that was almost 11%, so probably this is the fifth year in a row that we've paid more than 10% dividend yield, so probably the highest dividend Daniel Ricardo Elsztain, Jorge Cruces Daniel Ricardo Elsztain, Jorge Cruces Daniel Ricardo Elsztain, Jorge Cruces Daniel Ricardo Elsztain, Jorge Cruces Daniel Ricardo Elsztain, Jorge Cruces Last year you started to pay taxes again. I believe that with this capital structure will be a little more efficient. So with this we finished the formal presentation. Now we open the time for Q&A session.

Thank you. We initiate the Q&A session if you have a question.