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

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer at IRSA, and I welcome you to the Fiscal Year 2026 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 earnest 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 risk and uncertainties, and actual results may differ materially. Please refer to the detail note in the company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Matias Gaivironsky, CFO.

Thank you, Santiago. Good morning, everybody. So, we are finishing our fiscal year 2026. Remember that we closed the year during June. So we are very happy with the results. We posted a net gain of 421 billion pesos during the year. We reached a record high EBITDA in the rental segment, reaching almost 200 million dollars. So, it was a very active year in terms of development and acquisition. As you remember, we closed two transactions of acquisitions, Aloeste Shopping and Los Gallegos during the year, and also launched the development of a new shopping mall in La Plata, Distrito Diagonal. So, we expect to reach 410,000 square meters at the end of the next fiscal year. Regarding the performance of our model was very solid in terms of occupancy. Revenues grew in line with inflation despite the weaker consumption in Argentina that Santi will explain a little deeper. Regarding the office portfolio, also we reached 100% occupancy and launched a new project to expand an office building next to DOT shopping mall, the SETA building, with Mercado Libre as the main tenant. Regarding Ramblas del Plata, We keep the commercialization progress and the development. We signed during the fiscal year five new border agreements. So we already closed 20 transactions in Rambla de Plata, so we are very happy with that. On the financial side, also we were active. We raised $230 million during the year. $180 million was The re-tap of our international notes and $50 million was in the local market. About the shareholders return during the year, we distributed 10% dividend yield at the beginning or during November last year. So we will announce the new dividend proposal probably in the next week. So with this, we I want to turn the call to Santiago Donato to continue with the presentation. Thank you, Matias.

Here we can see the shopping mall's portfolio evolution. Since last year, we entered into a new growth cycle. Remember that we acquired in 2025, Terrazas de Mayo in the outskirts of the capital city. And this year we added, as Matias mentioned in the highlights, we added Aloeste that currently is under refurnishment and redevelopment, and we expect to open it by the end of this calendar, 2026, second quarter of 2027. And by the end of the period, we also acquired Los Gallegos Shopping Mall, a very traditional mall in Mar del Plata, one of the most populated cities in Argentina. So we are very happy with that. We grew like 20% in our GLA, and we expect to add Distrito Diagonal in La Plata, another important city, very highly populated, with no shopping malls at scale. So we think these malls are going to perform very well. We are starting with commercializations in Los Gallegos and it's doing very well. So we're going to reach next year like 432,000 square meters just in malls, moving to a portfolio of 19 shopping centers in the country. Another trend that we are seeing and we have shown this slide for the last quarters is that the entrance and the growing presence of international brands across our malls, the opening of the economy and all the liberalization is attracting new players in Argentina. Our shopping centers are top of mind and we control like 70% of this market share of Buenos Aires City. So they want to be in our malls and we have received Decathlon, Victoria's Secret, Marango, Deutsche Gabbana and many others. The good problem is that we do not have space for so high demand and we are expanding our current malls in order to give space to all these new brands that enter into our malls. In terms of operating performance, the business remained very resilient despite, we have seen in recent quarters and probably in the last two years, a slowdown in consumption, a softer consumption environment. Tenant sales decreased by 8.5% in real terms in the year, mainly because of price effect. Because tickets and visitors remain stable and with positive numbers in some months of the year and our mall's revenues increase by 1.5%. That is basically explained by our fixed components that 87% of our revenues comes from fixed components that are just by inflation. So provides a strong resiliency during even periods of weaker consumption. In dollar terms, we can see here evolution of EBITDA of the segment. We have reached record levels similar to 2013 and almost 4% above last year. So we are very happy also with the performance in dollars and occupancy quite stable at levels of 97%. So the same, despite a more challenging consumption environment, our malls continue to deliver very strong operating results. Moving to the office portfolio, this is more stable. Remember that we have just five office buildings accounting for 58,000 square meters. As Matias mentioned, we are developing a new building of around 15,000 in the Polo Dot area that Jorge will give more details later. So we think that there is potential also for this and that there is demand for this type of buildings. Occupancy is in 100%, so there is a return to office that we have been seeing for the last The rent is stable at levels of $25 per square meter per month, the average between the premium, the AAA buildings, and the A buildings. Moving to hotels. In general, the portfolio showed solid operating results. Occupancy increased to almost 65%, with an average rate of 218. Better performance in Buenos Aires than Chao Chao. Chao Chao is in process of Daniel Ricardo Elsztain, Jorge Cruces, Matias Ivan Gaivironsky, Saul Zang, Arnaldo Jawerbaum But the reality is that the corporate events and conventions are growing in Argentina, that sector is growing, and we are seeing that in the performance of Libertador and Intercontinental, our hotels in Buenos Aires, that today the occupancy is 70%, very high, and rates at $150 per room. This small segment accounts to $10 million of EBITDA, but it performed quite well this year. Some highlights on the ESG working program. We continue strengthening all the agenda on the environmental, social and governance front. We started our climate risk assessment. We expanded all renewable energy in our malls. We have four malls that today generate renewable energy of green energy, DOT, Distrito Arcos, Alto Palermo, Mendoza, with solar panels. We also strengthened our circular economy initiatives and launched the first pilot of our sustainable purchasing program. On the social site, remember that we have Fundación IRSA, a foundation that started in 1996, and this year it was its 13th anniversary, so it's particularly meaningful for us. We invested more than 2 million dollars in different initiatives and donations, and worked with more than 70 alliances with NGOs in Argentina. And then we know that we have two big office buildings that account for 72% of our portfolio of offices that are LEED. We are planning also that Ramblas del Plata will be LEED certified. And then we are doing some seals with the City of Buenos Aires, the green seal that our malls are entering into that category as well. So we continue to see ESG as an integral part of the way we manage our assets and engage with our communities. I will now give the word to Jorge, our CIO, Jorge Cruces, for all the real estate investments chapter.