# EDGAR Filing Document

**Accession Number:** 0000933267
**File Stem:** 0000933267-25-000024
**Filing Date:** 2025-11
**Character Count:** 143518
**Document Hash:** 9bc1d10ffb4db56a4858e502c6e53974
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000933267-25-000024.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000933267-25-000024

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251125

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IRSA INVESTMENTS & REPRESENTATIONS INC
- **CENTRAL INDEX KEY:** 0000933267
- **STANDARD INDUSTRIAL CLASSIFICATION:** LAND SUBDIVIDERS & DEVELOPERS (NO CEMETERIES) [6552]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13542
- **FILM NUMBER:** 251515433

**BUSINESS ADDRESS:**
- **STREET 1:** CARLOS M. DELLA PAOLERA 261
- **STREET 2:** 9TH FLOOR
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1C1001ADA
- **BUSINESS PHONE:** 00541143237449

**MAIL ADDRESS:**
- **STREET 1:** CARLOS M. DELLA PAOLERA 261
- **STREET 2:** 9TH FLOOR
- **CITY:** BUENOS AIRES
- **STATE:** C1
- **ZIP:** C1C1001ADA

**IRSA Inversiones y Representaciones Sociedad Anónima**

 **Unaudited Condensed Interim Consolidated Financial Statements as of September 30, 2025 and for the three-month period ended as of that date, presented comparatively**

------

 **Legal information**

**Denomination:** IRSA Inversiones y Representaciones Sociedad Anónima.

**Fiscal year N°**: 83, beginning on July 1st, 2025.

**Legal address:** 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina.

**Company activity:** Real estate investment and development.

**Date of registration of the by-laws in the Public Registry of Commerce:** June 23, 1943.

**Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** General Ordinary and Extraordinary Shareholders' Meeting held on April 27, 2023 and registered in the Superintendence on September 12, 2023 with the number 15555, Book 114 Volume – of Joint Stock Companies.

**Expiration of the Company's by-laws:** April 5, 2043.

**Registration number with the Superintendence:** 213,036.

**Capital:** 773,057,700 shares. (\*)

**Common Stock subscribed, issued and paid-up nominal value (in millions of ARS):** 7,731.

**Parent Company:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

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

**Legal Address:** 261 Carlos Della Paolera St., 9th floor, Autonomous City of Buenos Aires, Argentina.

**Main activity of parent Company:** Real estate and agricultural activities.

**Direct interest of the Parent Company on the capital stock:** 412,158,780 common shares.

**Percentage of votes of the Parent Company (direct interest) on the shareholders' equity:** 53.3237% (1).

---

| | | |
|:---|:---|:---|
| Type of stock | **CAPITAL STATUS** | **CAPITAL STATUS** |
| Type of stock | Shares authorized for Public Offering (2) | Subscribed, issued and paid-up nominal value<br> (in millions of Argentine Pesos) |
| &nbsp;&nbsp;&nbsp; Common stock with a face value of ARS 10 per share and entitled to 1 vote each | 773057700 | 7731 |

---

(1) For computation purposes, treasury shares have been subtracted.

(2) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition.

(\*) As of September 30, 2025, the capital increase and the issuance of shares resolved by the board of directors on October 23, 2025, was in process of being registered in the "Inspección General de Justicia" (General Inspection of Justice).

------

 **Index**

---

| | |
|:---|:---|
| Glossary | 1 |
| Unaudited Condensed Interim Consolidated Statement of Financial Position | 2 |
| Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income | 3 |
| Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders' Equity | 4 |
| Unaudited Condensed Interim Consolidated Statement of Cash Flows | 6 |
| Notes to the Unaudited Condensed Interim Consolidated Financial Statements: |  |
| Note 1 – The Group's business and general information | 7 |
| Note 2 – Summary of significant accounting policies | 7 |
| Note 3 – Seasonal effects on operations | 9 |
| Note 4 – Acquisitions and disposals | 9 |
| Note 5 – Financial risk management and fair value estimates | 9 |
| Note 6 – Segment information | 10 |
| Note 7 – Investments in associates and joint ventures | 11 |
| Note 8 – Investment properties | 12 |
| Note 9 – Property, plant and equipment | 14 |
| Note 10 – Trading properties | 14 |
| Note 11 – Intangible assets | 15 |
| Note 12 – Right-of-use assets and lease liabilities | 15 |
| Note 13 – Financial instruments by category | 16 |
| Note 14 – Trade and other receivables | 18 |
| Note 15 – Cash flow and cash equivalent information | 18 |
| Note 16 – Trade and other payables | 19 |
| Note 17 – Borrowings | 20 |
| Note 18 – Provisions | 20 |
| Note 19 – Taxes | 21 |
| Note 20 – Revenues | 22 |
| Note 21 – Expenses by nature | 23 |
| Note 22 – Costs | 23 |
| Note 23 – Other operating results, net | 24 |
| Note 24 – Financial results, net | 24 |
| Note 25 – Related party transactions | 24 |
| Note 26 – CNV General Resolution N° 622 | 27 |
| Note 27 – Foreign currency assets and liabilities | 27 |
| Note 28 – Other relevant events of the period | 28 |
| Note 29 – Subsequent events | 28  |

---

------

 **Glossary**

The following are not technical definitions, but help the reader to understand certain terms used in the wording of the notes to the Group´s Financial Statements.

---

| | |
|:---|:---|
| **Terms** | **Definitions** |
| ARCOS | Arcos del Gourmet S.A. |
| Annual Financial Statements | Consolidated Financial Statements as of June 30, 2024 |
| BACS | Banco de Crédito y Securitización S.A. |
| BCRA | Central Bank of the Argentine Republic |
| BHSA | Banco Hipotecario S.A. |
| BYMA | Buenos Aires Stock Exchange |
| CNV | Securities Exchange Commission (Argentina) |
| CODM | Chief Operating Decision Maker |
| CPI | Consumer Price Index |
| Cresud | Cresud S.A.C.I.F. y A. |
| Financial Statements | Unaudited Condensed Interim Consolidated Financial Statements |
| GCDI | GCDI S.A. |
| IAS | International Accounting Standards |
| IASB | International Accounting Standards Board |
| IDBD | IDB Development Corporation Ltd. |
| IFRS | International Financial Reporting Standards |
| INDEC | Argentine Institute of Statistics and Census |
| IRSA, The Company", "Us", "We" | IRSA Inversiones y Representaciones Sociedad Anónima |
| NIS | New Israeli Shekel |
| New Lipstick | New Lipstick LLC |
| Puerto Retiro | Puerto Retiro S.A. |
| Tandanor | Tandanor S.A.C.I. y N. |
| U.P. | Port use |
| USA | United States of America |

---

------

IRSA Inversiones y Representaciones Sociedad Anónima

 **Unaudited Condensed Interim Consolidated Statement of Financial Position**

 **as of September 30, 2025 and June 30, 2025**

(All amounts in millions of Argentine pesos, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **09.30.2025**<br>| **06.30.2025**<br>|
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Investment properties | 8 | 2720845  | 2484603  |
| Property, plant and equipment | 9 | 57109  | 57319  |
| Trading properties | 10, 22 | 140930  | 132164  |
| Intangible assets | 11 | 19452  | 19211  |
| Right-of-use assets | 12 | 12141  | 12594  |
| Investments in associates and joint ventures | 7 | 182870  | 188840  |
| Deferred income tax assets | 19 | 7218  | 7333  |
| Income tax credit |  | 58  | 61  |
| Trade and other receivables | 13, 14 | 44283  | 34965  |
| Investments in financial assets | 13 | 37138  | 29208  |
| **Total non-current assets** |  | **3222044**  | **2966298**  |
| **Current assets** |  |  |  |
| Trading properties | 10, 22 | 35621  | 37825  |
| Inventories | 22 | 1353  | 1294  |
| Income tax credit |  | 442  | 373  |
| Trade and other receivables | 13, 14 | 137161  | 137742  |
| Investments in financial assets | 13 | 332855  | 231821  |
| Derivative financial instruments | 14 | 1304  | -  |
| Cash and cash equivalents | 13 | 92343  | 187373  |
| **Total current assets** |  | **601079**  | **596428**  |
| **TOTAL ASSETS** |  | **3823123**  | **3562726**  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Shareholders' equity attributable to equity holders of the parent (according to corresponding statement) |  | 1828372  | 1671973  |
| Non-controlling interest |  | 106626  | 99784  |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **1934998**  | **1771757**  |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Borrowings | 13, 17 | 586379  | 540218  |
| Lease liabilities | 12 | 3371  | 3463  |
| Deferred income tax liabilities | 19 | 847250  | 789434  |
| Trade and other payables | 13, 16 | 67610  | 64581  |
| Income tax liabilities |  | 23458  | -  |
| Provisions | 18 | 44318  | 34091  |
| Salaries and social security liabilities |  | 126  | 130  |
| **Total non-current liabilities** |  | **1572512**  | **1431917**  |
| **Current liabilities** |  |  |  |
| Borrowings | 13, 17 | 104618  | 145533  |
| Lease liabilities | 12 | 5374  | 5462  |
| Trade and other payables | 13, 16 | 132854  | 128108  |
| Income tax liabilities |  | 53510  | 58948  |
| Provisions | 18 | 4588  | 5496  |
| Derivative financial instruments | 13 | -  | 52  |
| Salaries and social security liabilities |  | 14669  | 15453  |
| **Total current liabilities** |  | **315613**  | **359052**  |
| **TOTAL LIABILITIES** |  | **1888125**  | **1790969**  |
| **TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES** |  | **3823123**  | **3562726**  |

---

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

<u> . Eduardo S. Elsztain President </u>

------

IRSA Inversiones y Representaciones Sociedad Anónima

 **Unaudited Condensed Interim Consolidated Statement of Income and Other Comprehensive Income**

 **for the three-month periods ended September 30, 2025 and 2024**

(All amounts in millions of Argentine pesos, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **09.30.2025**<br>| **09.30.2024**<br>|
| Revenues | 20 | 129259  | 118414  |
| Costs | 21, 22 | (49903) | (42766) |
| **Gross profit** |  | **79356**  | **75648**  |
| Net gain / (loss) from fair value adjustment of investment properties | 8 | 219935  | (297111) |
| General and administrative expenses | 21 | (16307) | (14631) |
| Selling expenses | 21 | (6295) | (5731) |
| Other operating results, net | 23 | (2417) | (5331) |
| **Profit / (loss) from operations** |  | **274272**  | **(247156)** |
| Share of (loss) / profit of associates and joint ventures | 7 | (3927) | 10754  |
| **Profit / (loss) before financial results and income tax** |  | **270345**  | **(236402)** |
| Finance income | 24 | 2910  | 951  |
| Finance costs | 24 | (19228) | (15341) |
| Other financial results | 24 | (11703) | 28580  |
| Inflation adjustment | 24 | 4067  | 5592  |
| **Financial results, net** |  | **(23954)** | **19782**  |
| **Profit / (loss) before income tax** |  | **246391**  | **(216620)** |
| Income tax expense | 19 | (82953) | 72958  |
| **Profit / (loss) for the period** |  | **163438**  | **(143662)** |
| **Other comprehensive loss:** |  |  |  |
|  ***Items that may be reclassified subsequently to profit or loss:*** |  |  |  |
| Currency translation adjustment and other comprehensive loss from subsidiaries and associates (i) |  | (1443) | (655) |
| **Total other comprehensive loss for the period** |  | **(1443)** | **(655)** |
| **Total comprehensive income / (loss) for the period** |  | **161995**  | **(144317)** |
| **Profit / (loss) for the period attributable to:** |  |  |  |
| Equity holders of the parent |  | 153846  | (139197) |
| Non-controlling interest |  | 9592  | (4465) |
| **Total comprehensive profit / (loss) attributable to:** |  |  |  |
| Equity holders of the parent |  | 152200  | (139572) |
| Non-controlling interest |  | 9795  | (4745) |
| **Profit / (loss) per share attributable to equity holders of the parent: (ii)** |  |  |  |
| Basic |  | 204.04  | (192.26) |
| Diluted |  | 188.31  | (192.26) (iii)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

(i) The components of other comprehensive loss do not generate an impact on income tax.

&nbsp;&nbsp;&nbsp;&nbsp;

(ii) See note 28 to the Annual Consolidated Financial Statements as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;

(iii) Given that the result for the period showed losses, there is no diluted effect of such result.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

<u> . Eduardo S. Elsztain President </u>

------

IRSA Inversiones y Representaciones Sociedad Anónima

 **Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders' Equity**

 **for the three-month period ended September 30, 2025**

(All amounts in millions of Argentine pesos, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** |  |  |
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares (v)**<br>| **Inflation adjustment of share capital and treasury shares (i)**<br>| **Warrants (ii)**<br>| **Share premium**<br>| **Additional paid-in capital from treasury shares**<br>| **Legal reserve**<br>| **Special reserve Resolution CNV 609/12**<br>| **Other reserves (iii)**<br>| **Retained earnings**<br>| **Subtotal**<br>| **Non-controlling interest**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2025** | **7533**  | **92**  | **485611**  | **26307**  | **720687**  | **(67842)** | **70826**  | **274016**  | **(98153)** | **252896**  | **1671973**  | **99784**  | **1771757**  |
| Net profit for the period | -  | -  | -  | -  | -  | -  | -  | -  | -  | 153846  | 153846  | 9592  | 163438  |
| Other comprehensive (loss) / income for the period | -  | -  | -  | -  | -  | -  | -  | -  | (1646) | -  | (1646) | 203  | (1443) |
| **Total comprehensive (loss) / income for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(1646)** | **153846**  | **152200**  | **9795**  | **161995**  |
| Warrants exercise (ii) | 106  | -  | -  | (3069) | 7162  | -  | -  | -  | -  | -  | 4199  | -  | 4199  |
| Capitalization of irrevocable contributions | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 51  | 51  |
| Dividend distribution | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (3004) | (3004) |
| Reserve for share-based payments | -  | -  | -  | -  | -  | 63  | -  | -  | (63) | -  | -  | -  | -  |
| **Balance as of September 30, 2025** | **7639**  | **92**  | **485611**  | **23238**  | **727849**  | **(67779)** | **70826**  | **274016**  | **(99862)** | **406742**  | **1828372**  | **106626**  | **1934998**  |

---

(i) Includes ARS 5 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) As of September 30, 2025, the remaining warrants to exercise amount to 53,853,144. See Note 28 to these Financial Statements.

(iii) Group´s other reserves for the period ended September 30, 2025 are comprised as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Currency translation adjustment reserve**<br>| **Special reserve**<br>| **Other reserves (1)**<br>| **Total Other reserves**<br>|
| **Balance as of June 30, 2025** | **(7609)** | **(4948)** | **52439**  | **(138035)** | **(98153)** |
| Other comprehensive loss for the period | -  | (1646) | -  | -  | (1646) |
| **Total comprehensive loss for the period** | **-**  | **(1646)** | **-**  | **-**  | **(1646)** |
| Reserve for share-based payments | 66  | -  | -  | (129) | (63) |
| **Balance as of September 30, 2025** | **(7543)** | **(6594)** | **52439**  | **(138164)** | **(99862)** |

---

(1) Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

<u> . Eduardo S. Elsztain President </u>

------

IRSA Inversiones y Representaciones Sociedad Anónima

 **Unaudited Condensed Interim Consolidated Statement of Changes in Shareholders' Equity**

 **for the three-month period ended September 30, 2024**

(All amounts in millions of Argentine pesos, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** |  |  |
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares**<br>| **Inflation adjustment of share capital and treasury shares (i)**<br>| **Warrants**<br>| **Share premium**<br>| **Additional paid-in capital from treasury shares**<br>| **Legal reserve**<br>| **Special reserve Resolution CNV 609/12**<br>| **Other reserves (ii)**<br>| **Accumulated deficit**<br>| **Subtotal**<br>| **Non-controlling interest**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2024** | **7181**  | **234**  | **485576**  | **32652**  | **706774**  | **(15226)** | **70826**  | **274016**  | **11182**  | **20388**  | **1593603**  | **109021**  | **1702624**  |
| Net loss for the period | -  | -  | -  | -  | -  | -  | -  | -  | -  | (139197) | (139197) | (4465) | (143662) |
| Other comprehensive loss for the period | -  | -  | -  | -  | -  | -  | -  | -  | (375) | -  | (375) | (280) | (655) |
| **Total comprehensive loss for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(375)** | **(139197)** | **(139572)** | **(4745)** | **(144317)** |
| Repurchase of treasury shares | (115) | 115  | -  | -  | -  | -  | -  | -  | (20667) | -  | (20667) | -  | (20667) |
| Warrants exercise | 54  | -  | 17  | (1794) | 4016  | -  | -  | -  | -  | -  | 2293  | -  | 2293  |
| Capitalization of irrevocable contributions | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 113  | 113  |
| Dividend distribution | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (4390) | (4390) |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | -  | (7) | -  | (7) | 7  | -  |
| **Balance as of September 30, 2024** | **7120**  | **349**  | **485593**  | **30858**  | **710790**  | **(15226)** | **70826**  | **274016**  | **(9867)** | **(118809)** | **1435650**  | **100006**  | **1535656**  |

---

(i) Includes ARS 37 of Inflation adjustment of treasury shares. See Note 17 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) Group's other reserves for the period ended September 30, 2024 are comprised as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for future dividends**<br>| **Currency translation adjustment reserve**<br>| **Special reserve**<br>| **Other reserves (1)**<br>| **Total Other reserves**<br>|
| **Balance as of June 30, 2024** | **(39719)** | **107787**  | **(4307)** | **85803**  | **(138382)** | **11182**  |
| Other comprehensive loss for the period | -  | -  | (375) | -  | -  | (375) |
| **Total comprehensive loss for the period** | **-**  | **-**  | **(375)** | **-**  | **-**  | **(375)** |
| Repurchase of treasury shares | (20667) | -  | -  | -  | -  | (20667) |
| Changes in non-controlling interest | -  | -  | -  | -  | (7) | (7) |
| **Balance as of September 30, 2024** | **(60386)** | **107787**  | **(4682)** | **85803**  | **(138389)** | **(9867)** |

---

(1) Includes revaluation surplus.

The Company does not hold any preferred shares, therefore there are no unpaid dividends on such shares.

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

<u> . Eduardo S. Elsztain President </u>

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**Unaudited Condensed Interim Consolidated Statement of Cash Flows**

 **for the three-month periods ended September 30, 2025 and 2024**

(All amounts in millions of Argentine pesos, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **09.30.2025**<br>| **09.30.2024**<br>|
| **Operating activities:** |  |  |  |
| Net cash generated from operating activities before income tax paid | 15 | 85235  | 65614  |
| Income tax paid |  | (2987) | (2621) |
| **Net cash generated from operating activities** |  | **82248**  | **62993**  |
| **Investing activities:** |  |  |  |
| Acquisition of participation in associates |  | (6319) | -  |
| Acquisition and improvements of investment properties |  | (17574) | (18277) |
| Proceeds from sales of investment properties |  | -  | 138  |
| Acquisitions and improvements of property, plant and equipment |  | (1561) | (1643) |
| Proceeds from sales of property, plant and equipment |  | 25  | -  |
| Acquisitions of intangible assets |  | (139) | (1265) |
| Proceeds from sales of interest held in associates and joint ventures |  | -  | 3206  |
| (Payment) / proceeds from derivative financial instruments |  | (293) | 30  |
| Acquisitions of investments in financial assets |  | (266109) | (76510) |
| Proceeds from disposal of investments in financial assets |  | 158300  | 62226  |
| Interest received from financial assets |  | 18150  | 4604  |
| Proceeds from loans granted to related parties |  | 476  | 293  |
| Loans granted |  | (306) | -  |
| **Net cash used in investing activities** |  | **(115350)** | **(27198)** |
| **Financing activities:** |  |  |  |
| Borrowings, issuance and new placement of non-convertible notes |  | -  | 5882  |
| Payment of borrowings and non-convertible notes |  | (37031) | (16837) |
| (Payments) / obtaining of short term loans, net |  | (4841) | 17616  |
| Interests paid |  | (23143) | (13460) |
| Repurchase of non-convertible notes |  | -  | (10315) |
| Capital contributions from non-controlling interest in subsidiaries |  | 51  | 113  |
| Warrants exercise |  | 4199  | 2293  |
| Payment of lease liabilities |  | (401) | (1004) |
| Repurchase of treasury shares |  | -  | (20667) |
| **Net cash used in financing activities** |  | **(61166)** | **(36379)** |
| **Net decrease in cash and cash equivalents** |  | **(94268)** | **(584)** |
| Cash and cash equivalents at the beginning of the period | 13 | 187373  | 41807  |
| Inflation adjustment of cash and cash equivalents |  | (480) | (90) |
| Foreign exchange loss on cash and cash equivalents and unrealized fair value result for cash equivalents |  | (282) | (1286) |
| **Cash and cash equivalents at end of the period** | 13 | **92343**  | **39847**  |

---

The accompanying notes are an integral part of these Unaudited Condensed Interim Consolidated Financial Statements.

<u> . Eduardo S. Elsztain President </u>

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

 **Notes to the Unaudited Condensed Interim Consolidated Financial Statements**

(Amounts in millions of Argentine pesos, except otherwise indicated)

Free translation from the original prepared in Spanish for publication in Argentina

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1.** **The Group's business and general information**

These Financial Statements have been approved for issuance by the Board of Directors, on November 5, 2025.

IRSA was founded in 1943, and it has engaged in diverse real estate activities in Argentina since 1991. IRSA and its subsidiaries are collectively referred to hereinafter as "the Group".

Cresud is our direct parent company, whose main shareholders are Inversiones Financieras del Sur S.A., Agroinvestment S.A. and Consultores Venture Capital Uruguay S.A., and whose final beneficiary is Eduardo Sergio Elsztain.

As of the date of these Financial Statements, the Group owns 16 shopping malls, 5 office buildings, 3 hotels and an extensive land reserve for future mixed-use developments. Additionally, the Group holds a 29.12% interest in Banco Hipotecario S.A. (BHSA) (see note 7), which is a leading commercial bank in the provision of mortgaged loans in Argentina. BHSA's shares are listed on the BYMA.

The Group operates and holds a majority interest (with the exception of La Ribera Shopping Center, of which it has a 50% ownership interest) in a portfolio of 15 shopping malls in Argentina, six of which are located in the Autonomous City of Buenos Aires (Abasto Shopping, Paseo Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), three in Buenos Aires Province (Alto Avellaneda, Soleil Premium Outlet and Terrazas de Mayo) and the rest are situated in different provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, Alto Comahue in the City of Neuquén and La Ribera Shopping in the City of Santa Fe). The Group also owns the historic building where the Patio Olmos Shopping Mall is located, operated by a third party.

Likewise, the Group manages a portfolio of five office buildings and has majority stakes in three luxury hotels including the Libertador and Intercontinental hotels in the Autonomous City of Buenos Aires and the exclusive Llao Llao resort, in the city of San Carlos de Bariloche, in southern Argentina. Additionally, the Group participates in the development of residential properties for sale, as well as in other investments.

**2.** **Summary of significant accounting policies**

**2.1.** **Basis of preparation**

These financial statements have been prepared in accordance with IAS 34 "Interim financial reporting" and should therefore be read in conjunction with the Group's annual Consolidated Financial Statements as of June 30, 2025 prepared in accordance with IFRS Accounting Standards issued by the IASB. Also, these financial statements include additional information required by Law No. 19,550 and / or regulations of the CNV. Such information is included in the notes to these financial statements, as accepted by IFRS Accounting Standards.

These financial statements as of September 30, 2025 and for the interim periods of three months ended September 30, 2025 and 2024 have not been audited. Management considers that they include all the necessary adjustments to fairly state the results of each period. Interim period results do not necessarily reflect the proportion of the Group's results for the entire fiscal years.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

IAS 29 "Financial Reporting in Hyperinflationary Economies" requires that the financial statements of an entity whose functional currency is one of a hyperinflationary economy be expressed in terms of the current unit of measurement at the closing date of the reporting period, regardless of whether they are based on the historical cost method or the current cost method. To do so, in general terms, the inflation produced from the date of acquisition or from the revaluation date, as applicable, must be calculated by non-monetary items. This requirement also includes the comparative information of the financial statements.

In order to conclude on whether an economy is categorized as hyper-inflationary in the terms of IAS 29, the standard details a series of factors to be considered, including the existence of an accumulated inflation rate in three years that approximates or exceeds 100%. Accumulated inflation in Argentina in three years is over 100%. It is for this reason that, in accordance with IAS 29, Argentina must be considered a country with high inflation economy starting July 1, 2018.

In relation to the inflation index to be used and in accordance with Argentine Federation of Professional Councils in Economic Sciences (FACPCE) Resolution No. 539/18, it will be determined based on the Wholesale Price Index (IPIM) until 2016, considering the average variation of the Consumer Price Index (CPI) of the Autonomous City of Buenos Aires for the months of November and December 2015, because during those two months there were no national IPIM measurements. Then, from January 2017, the National Consumer Price Index (National CPI) is considered.

The table below presents the index for the period between the last fiscal year and as of September 30, 2025, and for the 12-month period ending on the same date, according to official statistics (INDEC) and following the guidelines described in Resolution 539/18.

---

| | | |
|:---|:---|:---|
|  | As of September 30, 2025 (three months)<br>| As of September 30, 2025 (twelve months)<br>|
| Price variation | 6% | 32% |

---

As a consequence, these Unaudited Condensed Interim Consolidated Financial Statements as of September 30, 2025 and their comparative information were restated in accordance with IAS 29.

**2.2.** **Significant accounting policies**

The accounting policies applied in the presentation of these Financial Statements are consistent with those applied in the preparation of the Annual Financial Statements, as described in Note 2 to those Financial Statements.

**2.3.** **Comparability of information**

Balance items as of June 30, 2025 and September 30, 2024 presented in these Unaudited Condensed Interim Consolidated Financial Statements for comparative purposes arise from the financial statements as of and for such periods restated according to IAS 29 (See note 2.1).

**2.4.** **Use of estimates**

The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the period. Actual results might differ from the estimates and evaluations made at the date of preparation of these financial statements. In the preparation of these financial statements, the significant judgments made by Management in applying the Group's accounting policies and the main sources of uncertainty were the same as the ones applied by the Group in the preparation of the Annual Financial Statements described in Note 3 to those Financial Statements.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**3.** **Seasonal effects on operations**

The operations of the Group's shopping malls are subject to seasonal effects, which affect the level of sales recorded by lessees. During summertime in Argentina (January and February), the lessees of shopping malls experience the lowest sales levels in comparison with the winter holidays (July) and Christmas and year-end holidays celebrated in December, when they tend to record peaks of sales. Apparel stores generally change their collections during the spring and the fall, which impacts positively on shopping malls sales. Sale discounts at the end of each season also affect the business. As a consequence, for shopping mall operations, a higher level of business activity is expected in the period from July through December, compared to the period from January through June.

**4.** **Acquisitions and disposals**

Significant acquisitions and disposals for the three-month period ended September 30, 2025 are detailed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.1.** **Sales of "Ramblas del Plata" lots**

On July 17, 2025, IRSA signed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the lots, with an additional cash payment of USD 3.5 million and the inclusion in the price of sellable square meters valued at USD 3.6 million. This transaction added USD 7.1 million, equivalent to ARS 8,953 million, to the original agreement, corresponding to 5,000 additional sellable square meters as a result of the substitution of the lot in question.

This transaction was recorded as a transfer between the line item "Investment properties" and "Trading properties" of these Consolidated Financial Statements, and generated a gain of ARS 1,285 million, which has been recognized in the line item "Net gain / (loss) from fair value changes of investment properties" of these Consolidated Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4.2.** **Acquisition of the Al Oeste Shopping**

On September 17, 2025, we informed that the Company has acquired "Al Oeste" shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.

The shopping mall is currently operating below its potential, and within the framework of the Company's development plan to create opportunities in different districts of the Province of Buenos Aires, it is planned to be converted into an outlet center to be relaunched during next year.

"Al Oeste Shopping" has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

The purchase price was USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.

This transaction was recorded as an addition in the line item "Investment properties" for ARS 12,352 million, "Intangible assets" for ARS 14 million, and "Accrued interest" for ARS 1,069 million of these Consolidated Financial Statements.

**5.** **Financial risk management and fair value estimates**

These Financial Statements do not include all the information and disclosures on financial risk management; therefore, they should be read along with Note 5 to the Annual Financial Statements. There have been no changes in risk management or risk management policies applied by the Group since year-end.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

From June 30, 2025 and up to the date of issuance of these Financial Statements, there have been no significant changes in business or economic circumstances affecting the fair value of the Group's assets or liabilities (either measured at fair value or amortized cost).

**6.** **Segment information**

Segment information was prepared and classified according to the business in which the Group operates, as described in Note 6 to the Annual Financial Statements.

Below is a summary of the Group's operating segments and a reconciliation between the operating income according to segment information and the operating income of the Statements of Income and Other Comprehensive Income of the Group for the three-month periods ended September 30, 2025 and 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09.30.2025** | **09.30.2025** | **09.30.2025** | **09.30.2025** | **09.30.2025** |
|  | **Total**<br>| **Joint ventures (1)**<br>| **Expenses and collective promotion funds**<br>| **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)**<br>| **Total as per statement of income / statement of financial position**<br>|
| Revenues | 103202  | (610) | 26667  | -  | 129259  |
| Costs | (23172) | 64  | (26795) | -  | (49903) |
| **Gross profit / (loss)** | **80030**  | **(546)** | **(128)** | **-**  | **79356**  |
| Net gain / (loss) from fair value adjustment of investment properties | 219665  | 270  | -  | -  | 219935  |
| General and administrative expenses | (16441) | 71  | -  | 63  | (16307) |
| Selling expenses | (6321) | 26  | -  | -  | (6295) |
| Other operating results, net | (2479) | (3) | 128  | (63) | (2417) |
| **Profit from operations** | **274454**  | **(182)** | **-**  | **-**  | **274272**  |
| Share of (loss) / profit of associates and joint ventures | (4492) | 565  | -  | -  | (3927) |
| **Segment profit / (loss)** | **269962**  | **383**  | **-**  | **-**  | **270345**  |
| Reportable assets | 3143667  | (2404) | -  | 681860  | 3823123  |
| Reportable liabilities (i) | -  | -  | -  | (1888125) | (1888125) |
| **Net reportable assets** | **3143667**  | **(2404)** | **-**  | **(1206265)** | **1934998**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **09.30.2024** | **09.30.2024** | **09.30.2024** | **09.30.2024** | **09.30.2024** |
|  | **Total**<br>| **Joint ventures (1)**<br>| **Expenses and collective promotion funds**<br>| **Elimination of inter-segment transactions and non-reportable assets / liabilities (2)**<br>| **Total as per statement of income / statement of financial position**<br>|
| Revenues | 95517  | (560) | 23457  | -  | 118414  |
| Costs | (19230) | 55  | (23591) | -  | (42766) |
| **Gross profit / (loss)** | **76287**  | **(505)** | **(134)** | **-**  | **75648**  |
| Net loss from fair value adjustment of investment properties | (297289) | 178  | -  | -  | (297111) |
| General and administrative expenses | (14759) | 87  | -  | 41  | (14631) |
| Selling expenses | (5767) | 36  | -  | -  | (5731) |
| Other operating results, net | (5348) | (4) | 62  | (41) | (5331) |
| **(Loss) / profit from operations** | **(246876)** | **(208)** | **(72)** | **-**  | **(247156)** |
| Share of profit of associates and joint ventures | 10444  | 310  | -  | -  | 10754  |
| **Segment loss** | **(236432)** | **102**  | **(72)** | **-**  | **(236402)** |
| Reportable assets | 2593920  | 684  | -  | 418026  | 3012630  |
| Reportable liabilities (i) | -  | -  | -  | (1476974) | (1476974) |
| **Net reportable assets** | **2593920**  | **684**  | **-**  | **(1058948)** | **1535656**  |

---

(1) Represents the equity value of joint ventures that were proportionately consolidated for segment information.

(2) Includes deferred income tax assets, income tax credits, trade and other receivables, investment in financial assets, cash and cash equivalents and intangible assets except for rights to receive future units under barter agreements, net of investments in associates with negative equity which are included in provisions in the amount of ARS 99 as of September 30, 2025.

(i) The CODM focuses its review on reportable assets.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Below is a summarized analysis of the segments from the Group for the three-month periods ended September 30, 2025 and 2024:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **09.30.2025** | **09.30.2025** | **09.30.2025** | **09.30.2025** | **09.30.2025** | **09.30.2025** |
|  | **Shopping Malls**<br>| **Offices**<br>| **Sales and developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| Revenues | 72823  | 6085  | 4052  | 17787  | 2455  | 103202  |
| Costs | (6322) | (574) | (3368) | (12110) | (798) | (23172) |
| **Gross profit** | **66501**  | **5511**  | **684**  | **5677**  | **1657**  | **80030**  |
| Net gain / (loss) from fair value adjustment of investment properties | 63953  | 45623  | 110294  | -  | (205) | 219665  |
| General and administrative expenses | (8050) | (497) | (3625) | (2628) | (1641) | (16441) |
| Selling expenses | (3716) | (217) | (723) | (1268) | (397) | (6321) |
| Other operating results, net | 468  | 147  | 70  | (169) | (2995) | (2479) |
| **Profit / (loss) from operations** | **119156**  | **50567**  | **106700**  | **1612**  | **(3581)** | **274454**  |
| Share of loss of associates and joint ventures | -  | -  | -  | -  | (4492) | (4492) |
| **Segment profit / (loss)** | **119156**  | **50567**  | **106700**  | **1612**  | **(8073)** | **269962**  |
| Investment properties and trading properties | 1610386  | 314334  | 979799  | -  | 2040  | 2906559  |
| Investment in associates and joint ventures | -  | -  | -  | -  | 175660  | 175660  |
| Other operating assets | 5398  | 534  | 120  | 48069  | 7327  | 61448  |
| **Reportable assets**  | **1615784**  | **314868**  | **979919**  | **48069**  | **185027**  | **3143667**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **09.30.2024** | **09.30.2024** | **09.30.2024** | **09.30.2024** | **09.30.2024** | **09.30.2024** |
|  | **Shopping Malls**<br>| **Offices**<br>| **Sales and developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| Revenues | 68304  | 5403  | 1926  | 18212  | 1672  | 95517  |
| Costs | (4829) | (378) | (1821) | (11127) | (1075) | (19230) |
| **Gross profit** | **63475**  | **5025**  | **105**  | **7085**  | **597**  | **76287**  |
| Net loss from fair value adjustment of investment properties | (7344) | (89257) | (200443) | -  | (245) | (297289) |
| General and administrative expenses | (6685) | (551) | (2609) | (3231) | (1683) | (14759) |
| Selling expenses | (3256) | (126) | (555) | (1390) | (440) | (5767) |
| Other operating results, net | (96) | (86) | (9039) | (71) | 3944  | (5348) |
| **Profit / (loss) from operations** | **46094**  | **(84995)** | **(212541)** | **2393**  | **2173**  | **(246876)** |
| Share of profit of associates and joint ventures | -  | -  | -  | -  | 10444  | 10444  |
| **Segment profit / (loss)** | **46094**  | **(84995)** | **(212541)** | **2393**  | **12617**  | **(236432)** |
| Investment properties and trading properties | 1022759  | 353143  | 892370  | -  | 2914  | 2271186  |
| Investment in associates and joint ventures | -  | -  | -  | -  | 192336  | 192336  |
| Other operating assets | 4895  | 511  | 70648  | 46944  | 7400  | 130398  |
| **Reportable assets** | **1027654**  | **353654**  | **963018**  | **46944**  | **202650**  | **2593920**  |

---

**7.** **Investments in associates and joint ventures**

Changes in the Group's investments in associates and joint ventures for the three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **188755**  | **191114**  |
| Sale of interest in associates | -  | (3961) |
| Capital contributions | -  | 37  |
| Share of (loss) / profit | (3927) | 29591  |
| Currency translation adjustment | 324  | 101  |
| Dividends (Note 25) | (2381) | (28340) |
| Transfers from/to financial assets (ii) | -  | 370  |
| Decrease of interest (iii) | -  | (157) |
| **End of the period / year (i)** | **182771**  | **188755**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) As of September 30, 2025 and June 30, 2025 includes ARS (99) and ARS (85) respectively, reflecting interests in companies with negative equity, which were disclosed in "Provisions" (Note 18).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ii) Corresponds to the participation in GCDI S.A. and Challenger Gold Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) Corresponds to the decrease of interest due to the liquidation of Cyrsa S.A.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **% ownership interest** | **% ownership interest** | **Value of Group's interest in equity** | **Value of Group's interest in equity** | **Group's interest in comprehensive income / (loss)** | **Group's interest in comprehensive income / (loss)** |
| **Name of the entity**<br>| **09.30.2025**<br>| **06.30.2025**<br>| **09.30.2025**<br>| **06.30.2025**<br>| **09.30.2025**<br>| **09.30.2024**<br>|
| **Associates and joint ventures** |  |  |  |  |  |  |
| New Lipstick | 49.96% | 49.96% | 1677  | 1560  | 117  | (84) |
| BHSA | 29.12% | 29.12% | 135019  | 141828  | (6809) | 5795  |
| BACS | 37.72% | 37.72% | 11137  | 11703  | (566) | (117) |
| Nuevo Puerto Santa Fe | 50.00% | 50.00% | 7212  | 9011  | 581  | 317  |
| La Rural SA | 50.00% | 50.00% | 25166  | 22273  | 2892  | 4038  |
| GCDI | -  | -  | -  | -  | -  | 912  |
| Other joint ventures | N/A  | N/A  | 2560  | 2380  | 182  | (5) |
| **Total associates and joint ventures** |  |  | **182771**  | **188755**  | **(3603)** | **10856**  |

---

Below is additional information about the Group's main investments in associates and joint ventures:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | **Latest financial statements issued** | **Latest financial statements issued** | **Latest financial statements issued** | **Latest financial statements issued** | **Latest financial statements issued** |
| **Name of the entity** | **Place of business / Country of incorporation** | **Main activity** | **Common shares 1 vote**<br>|  | **Share capital (nominal value)**<br>|  | **(Loss) / profit for the period**<br>|  | **Shareholders' equity**<br>|
| **Associates and joint ventures** |  |  |  |  |  |  |  |  |  |
| New Lipstick | USA | Real estate | 23631037  | (\*)  | 47  | (\*)  | (1) | (\*)  | (51) |
| BHSA | Argentina | Financial | 436780922  | (\*\*)  | 1500  | (\*\*)  | (23383) | (\*\*)  | 450806  |
| BACS | Argentina | Financial | 33125751  | (\*\*)  | 88  | (\*\*)  | (1501) | (\*\*)  | 29522  |
| Nuevo Puerto Santa Fe | Argentina | Real estate | 138750  |  | 28  |  | 1162  |  | 13810  |
| La Rural SA | Argentina | Organization of events | 714998  | (\*\*)  | 1  | (\*\*)  | 5870  | (\*\*)  | 50252  |

---

(\*) Amounts in millions of US Dollars.

(\*\*) Prepared in accordance with IFRS regulations.

 **<u>Puerto Retiro (joint venture)</u>**

There have been no changes to what was informed in Note 8 to the Annual Financial Statements.

 **<u>La Rural (joint venture)</u>**

There have been no changes to what was informed in Note 8 to the Annual Financial Statements.

 **<u>Arcos</u>**

There have been no changes to what was informed in Note 8 to the Annual Financial Statements.

**8.** **Investment properties**

Changes in the Group's investment properties for the three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **09.30.2025** | **09.30.2025** | **06.30.2025** | **06.30.2025** |
|  | **Level 2**<br>| **Level 3**<br>| **Level 2**<br>| **Level 3**<br>|
| **Fair value at the beginning of the period / year** | **974060**  | **1510543**  | **1536030**  | **979642**  |
| Additions | 17813  | 5380  | 28552  | 50406  |
| Capitalized leasing costs | 4  | 66  | 69  | 124  |
| Amortization of capitalized leasing costs (i) | (36) | (65) | (139) | (266) |
| Transfers | (6458) | (410) | (93396) | (4051) |
| Disposals | -  | -  | (9631) | (19) |
| Currency translation adjustment | 13  | -  | (68) | -  |
| Net gain / (loss) from fair value adjustment (ii) | 164147  | 55788  | (487357) | 484707  |
| **Fair value at the end of the period / year** | **1149543**  | **1571302**  | **974060**  | **1510543**  |

---

(i) Amortization charges of capitalized leasing costs were recognized in "Costs" in the Statement of Income and Other Comprehensive Income (Note 21).

(ii) For the three-month period ended September 30, 2025, the net gain from fair value adjustment of investment properties was ARS 219,935. The net impact of the values in pesos of our properties was mainly a consequence of the change in macroeconomic conditions:

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 **IRSA Inversiones y Representaciones Sociedad Anónima**

 **<u>Level 2:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a)

The value of our office buildings, undeveloped parcels of land and other rental properties measured in real terms increased by 18.24% during the three-month period ended September 30, 2025, due to the variation of the implicit exchange rate which was well below inflation. Likewise, there is an impact for the sales and acquisitions of the period.

 **<u>Level 3:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a)

loss of ARS 73,514 as a consequence of the variation in the projected income growth rate increase and the conversion to dollars of the projected cash flow in pesos according to the exchange rate estimates used in the cash flow from shopping malls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b)

positive impact of ARS 202,907 resulting from the conversion into pesos of the value of the shopping malls in dollars based on the exchange rate at the end of the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c)

a decrease of 9 basis points in the discount rate used for cash flows and a decrease of 11 basis points in the discount rate used for perpetuity, mainly due to a decrease in the country-risk rate component of the WACC discount rate used to discount the cash flow, which led to an increase in the value of the shopping malls of ARS 17,356.

Additionally, due to the impact of the inflation adjustment, ARS 85,927 were reclassified for shopping malls from "Net gain / (loss) from fair value adjustment" to "Inflation Adjustment" in the Statement of Income and Other Comprehensive Income.

The following is the balance by type of investment property of the Group for the three-month period ended September 30, 2025 and for the year ended June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| Shopping Malls (i) | 1590380  | 1525663  |
| Offices and other rental properties | 360015  | 308056  |
| Undeveloped parcels of land | 767892  | 648120  |
| Properties under development | 689  | 689  |
| Others | 1869  | 2075  |
| **Total** | **2720845**  | **2484603**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Includes parking spaces.

The following amounts have been recognized in the Statements of Income and Other Comprehensive Income:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Revenues (Note 20) | 107903  | 98818  |
| Direct operating costs | (34830) | (30257) |
| Development costs | (1397) | (675) |
| Net realized gain from fair value adjustment of investment properties (i) | -  | 14  |
| Net unrealized gain / (loss) from fair value adjustment of investment properties (ii) | 219935  | (297125) |

---

(i) Corresponds to the result from changes in the fair value realized from sales that occurred during the fiscal year of properties considered as investment properties.

(ii) Includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. This was generated in accordance with what is described in the section named "valuation techniques" in Note 9 to the Annual Consolidated Financial Statements as of June 30, 2025, mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

Valuation techniques are described in Note 9 to the Annual Financial Statements. There were no changes to such techniques.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**9.** **Property, plant and equipment**

Changes in the Group's property, plant and equipment for the three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Buildings and facilities**<br>| **Machinery and equipment**<br>| **Others (i)**<br>| **09.30.2025**<br>| **06.30.2025**<br>|
| Costs | 134070  | 55452  | 12964  | 202486  | 192238  |
| Accumulated depreciation | (83962) | (51111) | (10094) | (145167) | (138227) |
| **Net book amount at the beginning of the period / year** | **50108**  | **4341**  | **2870**  | **57319**  | **54011**  |
| Additions | 1213  | 268  | 80  | 1561  | 8521  |
| Disposals | (23) | -  | -  | (23) | -  |
| Currency translation adjustment | -  | -  | 11  | 11  | 6  |
| Transfers | -  | 96  | -  | 96  | 1721  |
| Depreciation charges (ii) | (1195) | (514) | (146) | (1855) | (6940) |
| **Balances at the end of the period / year** | **50103**  | **4191**  | **2815**  | **57109**  | **57319**  |
| Costs | 135260  | 55816  | 13055  | 204131  | 202486  |
| Accumulated depreciation | (85157) | (51625) | (10240) | (147022) | (145167) |
| **Net book amount at the end of the period / year** | **50103**  | **4191**  | **2815**  | **57109**  | **57319**  |

---

(i) Includes furniture and fixtures and vehicles.

(ii) As of September 30, 2025, depreciation charges of property, plant and equipment were recognized as follows: ARS 1,374 in "Costs", ARS 477 in "General and administrative expenses" and ARS 4 in "Selling expenses", respectively in the Statement of Income and Other Comprehensive Income (Note 21).

**10.** **Trading properties**

Changes in the Group's trading properties for the three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Completed properties**<br>| **Properties under development**<br>| **Undeveloped sites**<br>| **09.30.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **2290**  | **153303**  | **14396**  | **169989**  | **29466**  |
| Additions | -  | 1106  | 215  | 1321  | 3186  |
| Currency translation adjustment | -  | 987  | -  | 987  | (702) |
| Transfers | -  | 6458  | -  | 6458  | 173047  |
| Impairment | -  | -  | -  | -  | (20266) |
| Disposals | -  | (2203) | (1) | (2204) | (14742) |
| **End of the period / year** | **2290**  | **159651**  | **14610**  | **176551**  | **169989**  |
| Non-current |  |  |  | 140930  | 132164  |
| Current |  |  |  | 35621  | 37825  |
| **Total** |  |  |  | **176551**  | **169989**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**11.** **Intangible assets**

Changes in the Group's intangible assets for the three-month period ended September 30, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goodwill**<br>| **Information systems and software**<br>| **Future units to be received from barters and others**<br>| **09.30.2025**<br>| **06.30.2025**<br>|
| Costs | 2634  | 22157  | 18756  | 43547  | 117633  |
| Accumulated amortization | -  | (18073) | (6263) | (24336) | (22206) |
| **Net book amount at the beginning of the period / year** | **2634**  | **4084**  | **12493**  | **19211**  | **95427**  |
| Additions | -  | 314  | 14  | 328  | 3233  |
| Transfers | -  | 314  | -  | 314  | (77320) |
| Currency translation adjustment | -  | -  | -  | -  | 1  |
| Amortization charges (i) | -  | (378) | (23) | (401) | (2130) |
| **Balances at the end of the period / year** | **2634**  | **4334**  | **12484**  | **19452**  | **19211**  |
| Costs | 2634  | 22785  | 18770  | 44189  | 43547  |
| Accumulated amortization | -  | (18451) | (6286) | (24737) | (24336) |
| **Net book amount at the end of the period / year** | **2634**  | **4334**  | **12484**  | **19452**  | **19211**  |

---

(i) As of September 30, 2025, amortization charges were recognized in the amount of ARS 388 in "Costs", ARS 9 in "General and administrative expenses" and ARS 4 in "Selling expenses", in the Statement of Income and Other Comprehensive Income (Note 21).

**12.** **Right-of-use assets and lease liabilities**

The Group's right-of-use assets as of September 30, 2025 and June 30, 2025 are the following:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| Offices, shopping malls and other rental properties | 7623  | 7904  |
| Convention center | 4518  | 4690  |
| **Total Right-of-use assets** | **12141**  | **12594**  |
| Non-current | 12141  | 12594  |
| **Total** | **12141**  | **12594**  |

---

The depreciation charge of the right-of use-assets is detailed below:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Offices, shopping malls and other rental properties | 282  | 169  |
| Convention center | 172  | 321  |
| **Total depreciation of right-of-use assets (i)** | **454**  | **490**  |

---

(i) As of September 30, 2025, amortization charges were recognized as follows: ARS 296 in "Costs", ARS 23 in "General and administrative expenses" and ARS 135 in "Selling expenses", respectively in the Consolidated Statement of Income and Other Comprehensive Income (Note 21).

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

The Group's lease liabilities as of September 30, 2025 and June 30, 2025 are the following:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| Offices, shopping malls and other rental properties | 6217  | 6478  |
| Convention center | 2528  | 2447  |
| **Total lease liabilities** | **8745**  | **8925**  |
| Non-current | 3371  | 3463  |
| Current | 5374  | 5462  |
| **Total** | **8745**  | **8925**  |

---

**13.** **Financial instruments by category**

In accordance with IFRS 7, this note presents the financial assets and financial liabilities by category of financial instrument and a reconciliation to the corresponding line in the Consolidated Statements of Financial Position, as appropriate. Financial assets and liabilities measured at fair value are assigned based on their different levels in the fair value hierarchy. For further information related to fair value hierarchy refer to Note 14 to the Annual Financial Statements.

Financial assets and financial liabilities as of September 30, 2025 are the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial assets at amortized cost**<br>| **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** | **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
|  |  | **Level 1**<br>| **Level 2**<br>| **Level 3**<br>|  |  |  |
| **September 30, 2025** |  |  |  |  |  |  |  |
| **Assets as per Statements of Financial Position** |  |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14) | 146959  | -  | -  | -  | 146959  | 39865  | 186824  |
| Investments in financial assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Public companies' securities | -  | 26892  | -  | -  | 26892  | -  | 26892  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Mutual funds | -  | 149182  | -  | -  | 149182  | -  | 149182  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bonds | -  | 160241  | -  | -  | 160241  | -  | 160241  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Others | 6097  | 11078  | 13709  | 2794  | 33678  | -  | 33678  |
| Derivative financial instruments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Foreign-currency future contracts | -  | 1207  | -  | -  | 1207  | -  | 1207  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bond futures | -  | 97  | -  | -  | 97  | -  | 97  |
| Cash and cash equivalents: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Cash at bank and on hand | 34530  | -  | -  | -  | 34530  | -  | 34530  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Short-term investments | 7229  | 50584  | -  | -  | 57813  | -  | 57813  |
| **Total assets** | **194815**  | **399281**  | **13709**  | **2794**  | **610599**  | **39865**  | **650464**  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities at amortized cost**<br>| **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** | **Subtotal financial liabilities**<br>| **Non-financial liabilities**<br>| **Total**<br>|
|  |  | **Level 1**<br>| **Level 2**<br>| **Level 3**<br>|  |  |  |
| **September 30, 2025** |  |  |  |  |  |  |  |
| **Liabilities as per Statements of Financial Position** |  |  |  |  |  |  |  |
| Trade and other payables (Note 16) | 72039  | -  | -  | -  | 72039  | 128425  | 200464  |
| Borrowings (Note 17) | 690997  | -  | -  | -  | 690997  | -  | 690997  |
| Lease liabilities (Note 12) | 8745  | -  | -  | -  | 8745  | -  | 8745  |
| **Total liabilities** | **771781**  | **-**  | **-**  | **-**  | **771781**  | **128425**  | **900206**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Financial assets and financial liabilities as of June 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial assets at amortized cost**<br>| **Financial assets at fair value through profit or loss**  | **Financial assets at fair value through profit or loss**  | **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
|  |  | **Level 1**<br>| **Level 2**<br>|  |  |  |
| **June 30, 2025** |  |  |  |  |  |  |
| **Assets as per Statements of Financial Position** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 14) | 149487  | -  | -  | 149487  | 28081  | 177568  |
| Investments in financial assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Public companies' securities | -  | 37412  | -  | 37412  | -  | 37412  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Mutual funds | -  | 140122  | -  | 140122  | -  | 140122  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bonds | -  | 59131  | -  | 59131  | -  | 59131  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Others | 5732  | 4040  | 14592  | 24364  | -  | 24364  |
| Cash and cash equivalents: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Cash at bank and on hand | 177680  | -  | -  | 177680  | -  | 177680  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Short term investments | -  | 9693  | -  | 9693  | -  | 9693  |
| **Total assets** | **332899**  | **250398**  | **14592**  | **597889**  | **28081**  | **625970**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial liabilities at amortized cost**<br>| **Financial liabilities at fair value through profit or loss** | **Financial liabilities at fair value through profit or loss** | **Subtotal financial liabilities**<br>| **Non-financial liabilities**<br>| **Total**<br>|
|  |  | **Level 1**<br>| **Level 2**<br>|  |  |  |
| **June 30, 2025** |  |  |  |  |  |  |
| **Liabilities as per Statements of Financial Position** |  |  |  |  |  |  |
| Trade and other payables (Note 16) | 64592  | -  | -  | 64592  | 128097  | 192689  |
| Borrowings (Note 17) | 685751  | -  | -  | 685751  | -  | 685751  |
| Lease liabilities (Note 12) | 8925  | -  | -  | 8925  | -  | 8925  |
| Derivative financial instruments: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Foreign-currency future contracts | -  | 21  | -  | 21  | -  | 21  |
| &nbsp;&nbsp;&nbsp;&nbsp;- Bond futures | -  | 31  | -  | 31  | -  | 31  |
| **Total liabilities** | **759268**  | **52**  | **-**  | **759320**  | **128097**  | **887417**  |

---

As of September 30, 2025, there have been no significant changes to the economic or business circumstances affecting the fair value of the financial assets and liabilities of the Group.

The carrying amount of assets and liabilities measured at amortized cost does not differ significantly from their fair value, except for loans, whose fair value is disclosed in Note 17.

The Group uses a range of valuation models for the measurement of Level 3 instruments, details of which may be obtained from the following table. When there are no quoted prices available in an active market, fair values (especially derivative instruments) are based on recognized valuation methods.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Pricing model / method** | **Parameters** | **Fair value hierarchy** | **Range**<br>|
| Purchase option - Warrant (Others) | Black & Scholes without dilution | &nbsp;&nbsp;&nbsp; Underlying asset price and volatility | &nbsp;&nbsp;&nbsp; Level 3 | -  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**14.** **Trade and other receivables**

Group's trade and other receivables as of September 30, 2025 and June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| Sale, leases and services receivables | 67545  | 73394  |
| Less: Allowance for doubtful accounts | (5380) | (4861) |
| **Total trade receivables** | **62165**  | **68533**  |
| Borrowings, deposits and others | 61962  | 54321  |
| Advances to suppliers | 24530  | 12946  |
| Tax receivables | 9775  | 9512  |
| Prepaid expenses | 3395  | 3427  |
| Dividends receivable | 14143  | 19817  |
| Others | 5474  | 4151  |
| **Total other receivables** | **119279**  | **104174**  |
| **Total trade and other receivables** | **181444**  | **172707**  |
| Non-current | 44283  | 34965  |
| Current | 137161  | 137742  |
| **Total** | **181444**  | **172707**  |

---

The carrying amounts of the Group's trade and other receivables denominated in foreign currencies are detailed in Note 27.

Movements on the Group's allowance for doubtful accounts were as follows:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **4861**  | **4546**  |
| Additions (i) | 484  | 1401  |
| Recovery (i) | (70) | (199) |
| Exchange rate differences | 397  | 751  |
| Receivables written off during the period / year as uncollectible | -  | (178) |
| Inflation adjustment | (292) | (1460) |
| **End of the period / year** | **5380**  | **4861**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Additions and recovery of the allowance for doubtful accounts have been included in "Selling expenses" in the Statement of Income and Other Comprehensive Income (Note 21).

**15.** **Cash flow and cash equivalent information**

Following is a detailed description of cash flows generated by the Group's operations for the three-month periods ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **09.30.2025**<br>| **09.30.2024**<br>|
| Profit / (loss) for the period |  | 163438  | (143662) |
| *Adjustments for*: |  |  |  |
| Income tax | 19 | 82953  | (72958) |
| Amortization and depreciation | 21 | 2811  | 2612  |
| Gain from disposal of property, plant and equipment | 23 | (2) | -  |
| Net (gain) / loss from fair value adjustment of investment properties | 8 | (219935) | 297111  |
| Gain from lease modification |  | -  | (2049) |
| Impairment of intangible assets | 23 | -  | 9226  |
| Gain from disposal of associates and joint ventures | 23 | -  | (1247) |
| Gain on sale of trading properties and others |  | (1375) | (650) |
| Financial results, net |  | 41260  | (22518) |
| Provisions and allowances |  | 10024  | 4019  |
| Share of loss / (profit) of associates and joint ventures | 7 | 3927  | (10754) |
| *Changes in operating assets and liabilities:* |  |  |  |
| Increase in inventories |  | (59) | (8) |
| Decrease in trading properties and under development |  | 2260  | 291  |
| (Increase) / decrease in trade and other receivables |  | (10609) | 14634  |
| Increase / (decrease) in trade and other payables |  | 11790  | (5211) |
| Decrease in salaries and social security liabilities |  | (965) | (3134) |
| Decrease in provisions |  | (283) | (88) |
| **Net cash generated by operating activities before income tax paid** |  | **85235**  | **65614**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

The following table presents a detail of significant non-cash transactions occurred in the three-month periods ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Increase of investments in financial assets through a decrease of investments in associates and joint ventures | 6319  | 410  |
| Decrease in investments in associates and joint ventures through a decrease in borrowings | 1181  | -  |
| Other comprehensive loss for the period | 1443  | 655  |
| Decrease in investment properties through an increase in property, plant and equipment | 96  | 1331  |
| Increase in intangible assets through an increase in salaries and social security liabilities | 175  | -  |
| Decrease in investments in financial assets through a decrease in trade and other payables | 6571  | -  |
| Increase of investments in financial assets through a decrease in trade and other receivables | 4512  | -  |
| Decrease in Shareholders' Equity through an increase in trade and other payables | 3004  | 4390  |
| Barter transactions of investment properties | -  | 18  |
| Decrease in investments in associates and joint ventures through an increase in trade and other receivables | 1200  | -  |
| Increase in intangible assets through a decrease in investment properties | 314  | 2515  |
| Increase in intangible assets through an increase in trade and other payables | 14  | -  |
| Decrease in borrowings through an increase in trade and other payables | -  | 3497  |
| Increase in investments in associates and joint ventures through an increase in trade and other payables | -  | 37  |
| Increase in investment properties through an increase in trade and other payables | 5689  | 4044  |
| Decrease in right-of-use assets through a decrease in lease liabilities | -  | 7230  |
| Decrease of investment in financial assets through an increase in derivative financial instruments | -  | 37  |
| Decrease of investment in financial assets through an increase in trade and other receivables | 320  | -  |
| Decrease in investment properties through an increase in trading properties | 6458  | -  |

---

**16.** **Trade and other payables**

Group's trade and other payables as of September 30, 2025 and June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| Customers´ advances (\*) | 71388  | 68079  |
| Trade payables | 31544  | 25516  |
| Accrued invoices | 15680  | 15073  |
| Admission fees (\*) | 46142  | 48042  |
| Other income to be accrued | 574  | 599  |
| Tenant deposits | 747  | 681  |
| **Total trade payables** | **166075**  | **157990**  |
| Taxes payable | 10321  | 11377  |
| Other payables | 24068  | 23322  |
| **Total other payables** | **34389**  | **34699**  |
| **Total trade and other payables** | **200464**  | **192689**  |
| Non-current | 67610  | 64581  |
| Current | 132854  | 128108  |
| **Total** | **200464**  | **192689**  |

---

(\*) Mainly, corresponds to admission rights and rents collected in advance, which will accrue in an average term of 3 to 5 years.

The carrying amounts of the Group's trade and other payables denominated in foreign currencies are detailed in Note 27.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**17.** **Borrowings**

The breakdown of the Group's borrowings as of September 30, 2025 and June 30, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  | **09.30.2025**<br>| **06.30.2025**<br>| **09.30.2025**<br>| **06.30.2025**<br>|
| Non-convertible notes | 675516  | 668056  | 688624  | 671364  |
| Bank loans and others | 2374  | 4870  | 2374  | 4870  |
| Bank overdrafts | 7870  | 7114  | 7870  | 7114  |
| Other borrowings | 1950  | 2686  | 1950  | 2686  |
| Loans with non-controlling interests | 3287  | 3025  | 3287  | 3025  |
| **Total borrowings** | **690997**  | **685751**  | **704105**  | **689059**  |
| Non-current | 586379  | 540218  |  |  |
| Current | 104618  | 145533  |  |  |
| **Total** | **690997**  | **685751**  |  |  |

---

**18.** **Provisions**

The table below shows the movements in the Group's provisions categorized by type:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Legal claims (iii)**<br>| **Investments in associates and joint ventures (ii)**<br>| **09.30.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **39502**  | **85**  | **39587**  | **36497**  |
| Additions (i) | 6683  | -  | 6683  | 5182  |
| Share of loss of associates | -  | 14  | 14  | 99  |
| Recovery (i) | (7) | -  | (7) | (1522) |
| Used during the period / year | (283) | -  | (283) | (535) |
| Inflation adjustment | 2912  | -  | 2912  | (134) |
| **End of the period / year** | **48807**  | **99**  | **48906**  | **39587**  |
| Non-current |  |  | 44318  | 34091  |
| Current |  |  | 4588  | 5496  |
| **Total** |  |  | **48906**  | **39587**  |

---

(i) Additions and recovery of legal claims are included in "Other operating results, net" in the Statement of Income and Other Comprehensive Income.

(ii) Corresponds to investments in Puerto Retiro, a joint venture with negative equity.

(iii) Includes the provision for the IDBD demand.

 **<u>IDBD</u>**

The Group lost control of IDBD on September 25, 2020.

On September 21, 2020, IDBD filed a lawsuit against Dolphin Netherlands B.V. ("Dolphin BV") and IRSA before the Tel-Aviv Jaffa District Court (civil case no. 29694-09-20). The amount claimed by IDBD is NIS 140 million, alleging that Dolphin BV and IRSA breached an alleged legally binding commitment to transfer to IDBD 2 installments of NIS 70 million. On December 24, 2020, and following approval by the insolvency court, the IDBD trustee filed a motion to dismiss the claim, maintaining the right as IDBD trustee, to file a new inter alia claim in the same matter, after conducting an investigation into the reasons for IDBD's insolvency. On December 24, 2020, the court entered a judgment to dismiss the claim as requested. On October 31, 2021, the Insolvency Commissioner notified that he did not oppose the motion, and on that same date, the court affirmed the motion initiated by the trustee of IDBD.

On December 26, 2021 IDBD filed the lawsuit against Dolphin BV and IRSA for the sum of NIS 140 million, plus interest and costs.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

On January 30, 2023, a copy of the lawsuit was sent to us and we evaluated the legal defense alternatives for the company's interests. During the fiscal year 2023 and to date, the process has followed its natural course and the Company has responded to all the requirements that have been made.

On January 17, 2024, the Court rejected the request for inhibition of assets and seizure of IRSA requested by IDBD. A hearing date has been set in the file dealing with the appeal of jurisdiction and the notification of the lawsuit. A hearing date has also been set in the main claim file, which is currently in the evidentiary stage.

On April 9, 2024, the Court rejected the appeal filed by IRSA regarding the applicable jurisdiction and the form of notification of the claim, ordering that IRSA and Dolphin pay IDBD the sum of NIS 25,000 as expenses. The Court's decision was appealed to the Supreme Court on June 16, 2024 and on June 18, 2024, the Supreme Court refused to address the issue raised.

September 15, 2024 has been set as the deadline for IDBD, IRSA and Dolphin to report to the Court the status of the documentation exchange process. In this process, the parties present the requested documentation as part of the evidentiary stage. A preliminary hearing was held in which the parties discussed document requests and agreed to attempt to reach a consensus on certain facts of the case. In the hearing, the parties were granted a deadline until October 2024 to present witnesses. A list of witnesses has been submitted, and the parties are negotiating to agree on certain facts of the case, to be reflected in a document to be submitted to the Court within the evidentiary stage. On March 30, 2025, a hearing was held in which the Court ordered IDBD to provide all documents requested by IRSA and Dolphin and, if necessary, to request the relevant documentation from the bondholders, setting a deadline of the end of April 2025. Should the bondholders refuse, IRSA and Dolphin would be entitled to file a judicial request to obtain such documentation. In July 2025, IDBD provided additional documentation to the defendants, who reserved the right to request further documents through legal proceedings that may be in the possession of the bondholders. The Court has set November 6, 2025, as the deadline for IDBD to submit its sworn statement regarding the main points of its claim and the documents it holds, while also extending the deadline for IRSA and Dolphin to submit their own statements. The parties have informed the Court of their intention to hold a private meeting to initiate negotiations aimed at resolving the dispute. The Court has suggested that the parties engage in private negotiations or mediation to reach a resolution, although the date for such a meeting has not yet been determined.

The company is discussing the admissibility of the claim in terms of its passive legitimacy and, subsidiarily, refuting the substantive arguments raised by IDBD. Notwithstanding this, based on the analysis of the Company's legal advisors and the actions taken to date, an accounting provision related to this claim has been recorded in accordance with the applicable accounting standards. As of the date of issuance of these condensed interim financial statements, the legal process is still ongoing.

**19.** **Taxes**

The details of the Group's income tax, is as follows:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Current income tax | (25022) | (26290) |
| Deferred income tax | (57931) | 99248  |
| **Income tax** | **(82953)** | **72958**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Below is a reconciliation between income tax recognized and the amount which would result from applying the prevailing tax rate on profit before income tax for the three-month periods ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| **(Profit) / loss for the period at tax rate applicable in the respective countries** | **(84755)** | **73832**  |
| *Permanent differences:* |  |  |
| Share of (loss) / profit of associates and joint ventures | (1388) | 4954  |
| Provision of tax loss carry forwards | (1281) | 668  |
| Accounting Inflation adjustment permanent difference | (425) | 5447  |
| Difference between provision and tax return | 4  | (3) |
| Non-taxable profit, non-deductible expenses and others | 190  | (4107) |
| Tax inflation adjustment permanent difference | 4702  | (7833) |
| **Income tax** | **(82953)** | **72958**  |

---

The gross movement in the deferred income tax account as of September 30, 2025 and June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| **Beginning of period / year** | **(782101)** | **(819174)** |
| Deferred income tax charge | (57931) | 37073  |
| **End of period / year** | **(840032)** | **(782101)** |
| Deferred income tax assets | 7218  | 7333  |
| Deferred income tax liabilities | (847250) | (789434) |
| **Deferred income tax liabilities, net** | **(840032)** | **(782101)** |

---

**20.** **Revenues**

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Base rent | 53751  | 45242  |
| Contingent rent | 10412  | 15709  |
| Admission rights | 7510  | 6609  |
| Parking fees | 4958  | 3859  |
| Commissions | 2758  | 2296  |
| Property management fees | 732  | 657  |
| Others | 1022  | 907  |
| Averaging of scheduled rent escalation | 93  | 82  |
| **Rentals and services income** | **81236**  | **75361**  |
| Revenue from hotels operation and tourism services | 17777  | 18208  |
| Sale of trading properties and others | 3579  | 1388  |
| **Total revenues from sales, rentals and services** | **102592**  | **94957**  |
| Expenses and collective promotion fund | 26667  | 23457  |
| **Total revenues from expenses and collective promotion funds** | **26667**  | **23457**  |
| **Total Group's revenues** | **129259**  | **118414**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**21.** **Expenses by nature**

The Group discloses expenses in the statements of income by function as part of the line items "Costs", "General and administrative expenses" and "Selling expenses". The following table provides additional disclosures regarding expenses by nature and their relationship to the function within the Group.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Costs**<br>| **General and administrative expenses**<br>| **Selling expenses**<br>| **09.30.2025**<br>| **09.30.2024**<br>|
| Cost of sale of goods and services | 3891  | -  | -  | 3891  | 2380  |
| Salaries, social security costs and other personnel expenses | 17587  | 7585  | 583  | 25755  | 23074  |
| Depreciation and amortization | 2159  | 509  | 143  | 2811  | 2612  |
| Fees and payments for services | 1440  | 2031  | 401  | 3872  | 3847  |
| Maintenance, security, cleaning, repairs and others | 14576  | 1381  | 13  | 15970  | 14785  |
| Advertising and other selling expenses | 4063  | 9  | 1344  | 5416  | 4704  |
| Taxes, rates and contributions | 4318  | 841  | 3305  | 8464  | 6331  |
| Director´s fees (Note 25) | -  | 2934  | -  | 2934  | 2819  |
| Leases and service charges | 859  | 374  | 48  | 1281  | 766  |
| Allowance for doubtful accounts, net | -  | -  | 414  | 414  | 115  |
| Other expenses | 1010  | 643  | 44  | 1697  | 1695  |
| **Total as of September 30, 2025** | **49903**  | **16307**  | **6295**  | **72505**  | **-**  |
| **Total as of September 30, 2024** | **42766**  | **14631**  | **5731**  | **-**  | **63128**  |

---

**22.** **Costs**

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Inventories at the beginning of the period | 171283  | 31062  |
| Purchases and expenses | 49079  | 42679  |
| Currency translation adjustment | 987  | (1211) |
| Transfers | 6458  | -  |
| Inventories at the end of the period | (177904) | (29764) |
| **Total costs** | **49903**  | **42766**  |

---

The following table presents the composition of the Group's inventories as of September 30, 2025 and June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **06.30.2025**<br>|
| Real estate | 176551  | 169989  |
| Others | 1353  | 1294  |
| **Total inventories at the end of the period (\*)** | **177904**  | **171283**  |

---

(\*) Inventories include trading properties and inventories, net of impairments.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**23.** **Other operating results, net**

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Lawsuits and other contingencies | (6676) | (1085) |
| Donations | (174) | (217) |
| Interest and allowances generated by operating credits | 727  | 315  |
| Administration fees | 199  | 184  |
| Gain from disposal of associates and joint ventures | -  | 1247  |
| Gain from disposal of property, plant and equipment | 2  | -  |
| Impairment of intangible assets | -  | (9226) |
| Others | 3505  | 3451  |
| **Total other operating results, net** | **(2417)** | **(5331)** |

---

**24.** **Financial results, net**

---

| | | |
|:---|:---|:---|
|  | **09.30.2025**<br>| **09.30.2024**<br>|
| Finance income: |  |  |
| - Interest income | 2910  | 951  |
| **Total finance income** | **2910**  | **951**  |
| Finance costs: |  |  |
| - Interest expenses | (14716) | (14367) |
| - Other finance costs | (4512) | (974) |
| **Total finance costs** | **(19228)** | **(15341)** |
| Other financial results: |  |  |
| - Fair value gain from financial assets and liabilities at fair value through profit or loss, net | 16359  | 9529  |
| - Exchange rate differences, net | (29125) | 18874  |
| - (Loss) / gain from repurchase of non-convertible notes | (9) | 35  |
| - Gain from derivative financial instruments, net | 1072  | 142  |
| **Total other financial results** | **(11703)** | **28580**  |
| - Inflation adjustment | 4067  | 5592  |
| **Total financial results, net** | **(23954)** | **19782**  |

---

**25.** **Related party transactions**

The following is a summary of the balances with related parties as of September 30, 2025 and June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Item** | **09.30.2025**<br>| **06.30.2025**<br>|
| Trade and other receivables | 56341  | 55497  |
| Investments in financial assets | 19266  | 8723  |
| Borrowings | (404) | (1288) |
| Trade and other payables | (21411) | (21535) |
| **Total** | **53792**  | **41397**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **09.30.2025**<br>| **06.30.2025**<br>| **Description of transaction** | **Item** |
| New Lipstick | 335  | 310  | Reimbursement of expenses receivable | Trade and other receivable |
| Comparaencasa Ltd. | 2992  | 2766  | Other investments | Investments in financial assets |
|  | 429  | 387  | Loans granted | Trade and other receivable |
| Banco Hipotecario S.A. | 58  | 54  | Leases and/or rights of use receivable | Trade and other receivable |
|  | 12943  | 19817  | Dividends receivable | Trade and other receivable |
| La Rural S.A. | 4717  | 1998  | Canon | Trade and other receivable |
|  | (78) | (522) | Others | Trade and other payables |
|  | 6  | 5  | Others | Trade and other receivable |
|  | (1) | (1) | Leases and/or rights of use payable | Trade and other payables |
| Other associates and joint ventures (1) | -  | (907) | Loans obtained | Borrowings |
|  | 4  | 10  | Management Fee | Trade and other receivable |
|  | (72) | (64) | Others | Trade and other payables |
|  | 79  | 52  | Others | Trade and other receivable |
|  | 1  | 1  | Share based payments | Trade and other receivable |
|  | 19  | 19  | Loans granted | Trade and other receivable |
|  | 1200  | -  | Dividends | Trade and other receivable |
| **Total associates and joint ventures** | **22632**  | **23925**  |  |  |
| Cresud | 556  | -  | Reimbursement of expenses receivable | Trade and other receivable |
|  | (1843) | (3358) | Corporate services payable | Trade and other payables |
|  | 9001  | 3438  | Bonds | Investments in financial assets |
|  | (3) | (3) | Share based payments | Trade and other payables |
| **Total parent company** | **7711**  | **77**  |  |  |
| Futuros y Opciones.com S.A. | 4549  | -  | Bonds | Investments in financial assets |
| Amauta Agro S.A. | 5  | 3  | Reimbursement of expenses receivable | Trade and other receivable |
|  | -  | (4) | Others | Trade and other payables |
| Helmir S.A. | (404) | (381) | Non-convertible notes | Borrowings |
| **Total subsidiaries of parent company** | **4150**  | **(382)** |  |  |
| Directors | (5160) | (6812) | Fees for services received | Trade and other payables |
|  | 38  | 5  | Reimbursement of expenses receivable | Trade and other receivable |
| Galerias Pacifico | 15  | 3  | Others | Trade and other receivable |
| Sutton | 7044  | 6485  | Loans granted | Trade and other receivable |
|  | (89) | (107) | Others | Trade and other payables |
| Rundel Global LTD | 2724  | 2519  | Other investments | Investments in financial assets |
| Yad Levim LTD | 28733  | 26215  | Loans granted | Trade and other receivable |
| Sociedad Rural Argentina S.A. | (11134) | (10315) | Others | Trade and other payables |
| Others | (63) | (105) | Leases and/or rights of use receivable | Trade and other payables |
|  | 145  | 96  | Others | Trade and other receivable |
|  | (26) | (32) | Others | Trade and other payables |
|  | (2942) | (212) | Dividends payable | Trade and other payables |
|  | 14  | 37  | Reimbursement of expenses receivable | Trade and other receivable |
| **Total directors and others** | **19299**  | **17777**  |  |  |
| **Total at the end of the period / year** | **53792**  | **41397**  |  |  |

---

(1) Includes Avenida Compras S.A., Avenida Inc., BHN Vida S.A., Puerto Retiro S.A. and Nuevo Puerto Santa Fe S.A.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

The following is a summary of the results with related parties for the three-month periods ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **09.30.2025**<br>| **09.30.2024**<br>| **Description of transaction** |
| Comparaencasa Ltd. | 275  | (152) | Financial operations |
| Other associates and joint ventures (1) | (158) | 16  | Financial operations |
|  | (4) | (1) | Leases and/or rights of use |
|  | 148  | 154  | Corporate services |
| **Total associates and joint ventures** | **261**  | **17**  |  |
| Cresud | 195  | 20  | Leases and/or rights of use |
|  | (3817) | (3510) | Corporate services |
|  | 809  | (9) | Financial operations |
| **Total parent company** | **(2813)** | **(3499)** |  |
| Helmir S.A. | (41) | 8  | Financial operations |
| Futuros y Opciones.com S.A. | 82  | -  | Financial operations |
| **Total subsidiaries of parent company** | **41**  | **8**  |  |
| Directors | (2934) | (2819) | Fees and remunerations |
| Senior Management | (104) | (209) | Fees and remunerations |
| &nbsp;&nbsp;&nbsp;&nbsp;Yad Leviim LTD | 403  | 377  | Financial operations |
| Sociedad Rural Argentina S.A. | 603  | 892  | Financial operations |
| Others | 31  | 30  | Corporate services |
|  | (75) | (69) | Leases and/or rights of use |
|  | 558  | (548) | Financial operations |
|  | (170) | (181) | Donations |
|  | (203) | (362) | Fees and remuneration |
|  | (111) | (137) | Legal services |
| **Total others** | **(2002)** | **(3026)** |  |
| **Total at the end of the period** | **(4513)** | **(6500)** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) Includes Avenida Inc., Banco Hipotecario S.A., Cyrsa S.A., BHN Sociedad de Inversión S.A., La Rural S.A. and Nuevo Puerto Santa Fe S.A.

The following is a summary of the transactions with related parties for the three-month periods ended September 30, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **09.30.2025**<br>| **09.30.2024**<br>| **Description of the operation** |
| Puerto Retiro S.A. | -  | (37) | Irrevocable contributions |
| **Total irrevocable contributions** | **-**  | **(37)** |  |
| Nuevo Puerto Santa Fe S.A. | 2381  | 410  | Dividends received |
| **Total dividends received** | **2381**  | **410**  |  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**26.** **CNV General Resolution N° 622**

As required by Section 1°, Chapter III, Title IV of CNV General Resolution N° 622, below there is a detail of the notes to the Unaudited Condensed Interim Consolidated Financial Statements that disclose the information required by the Resolution in Exhibits.

---

| | |
|:---|:---|
| Exhibit A - Property, plant and equipment | Note 8 Investment properties and Note 9 Property, plant and equipment |
| Exhibit B - Intangible assets | Note 11 Intangible assets |
| Exhibit C - Investment in associates | Note 7 Investments in associates and joint ventures |
| Exhibit D - Other investments | Note 13 Financial instruments by category |
| Exhibit E - Provisions and allowances | Note 14 Trade and other receivables and Note 18 Provisions |
| Exhibit F - Cost of sales and services provided | Note 22 Costs |
| Exhibit G - Foreign currency assets and liabilities | Note 27 Foreign currency assets and liabilities |

---

**27.** **Foreign currency assets and liabilities**

Book amounts of foreign currency assets and liabilities are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item / Currency (1)**<br>| **Amount**<br>| **Argentinian Peso exchange rate (2)**<br>| **09.30.2025**<br>| **06.30.2025**<br>|
| **Assets** |  |  |  |  |
| **Trade and other receivables** |  |  |  |  |
| US Dollar | 36.13  | 1371.00  | 49538  | 37105  |
| Euros | 0.01  | 1608.59  | 16  | 15  |
| **Receivables with related parties:** |  |  |  |  |
| US Dollar | 26.67  | 1380.00  | 36804  | 33486  |
| **Total trade and other receivables** |  |  | **86358**  | **70606**  |
| **Investments in financial assets** |  |  |  |  |
| US Dollar | 85.79  | 1371.00  | 117623  | 145413  |
| Pounds | 0.69  | 1842.76  | 1272  | 926  |
| New Israel Shekel | 10.08  | 416.25  | 4197  | 2847  |
| **Investments with related parties:** |  |  |  |  |
| US Dollar | 11.99  | 1380.00  | 16542  | 6203  |
| **Total investments in financial assets** |  |  | **139634**  | **155389**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 0.07  | 1371.00  | 98  | -  |
| **Total Derivative financial instruments** |  |  | **98**  | **-**  |
| **Cash and cash equivalents** |  |  |  |  |
| US Dollar | 41.94  | 1371.00  | 57499  | 173218  |
| Uruguayan pesos | 0.06  | 34.62  | 2  | 2  |
| Pounds | -  | 1842.76  | 4  | 4  |
| Euros | 0.01  | 1608.59  | 16  | 12  |
| New Israel Shekel | -  | 416.25  | 1  | 1  |
| Brazilian Reais | 0.01  | 254.00  | 3  | 2  |
| **Total cash and cash equivalents** |  |  | **57525**  | **173239**  |
| **Total Assets** |  |  | **283615**  | **399234**  |
| **Liabilities** |  |  |  |  |
| **Trade and other payables** |  |  |  |  |
| US Dollar | 30.52  | 1380.00  | 42118  | 34335  |
| Uruguayan pesos | 0.75  | 34.62  | 26  | 24  |
| **Payables to related parties:** |  |  |  |  |
| US Dollar | 8.01  | 1380.00  | 11048  | 10216  |
| **Total Trade and other payables** |  |  | **53192**  | **44575**  |
| **Borrowings** |  |  |  |  |
| US Dollar | 503.46  | 1380.00  | 694773  | 688299  |
| **Borrowings with related parties** |  |  |  |  |
| US Dollar | 0.29  | 1380.00  | 404  | 1286  |
| **Total Borrowings** |  |  | **695177**  | **689585**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | -  | 1380.00  | -  | 31  |
| **Total derivative financial instruments** |  |  | **-**  | **31**  |
| **Lease liabilities** |  |  |  |  |
| US Dollar | 3.37  | 1380.00  | 4649  | 4583  |
| **Total lease liabilities** |  |  | **4649**  | **4583**  |
| **Provisions** |  |  |  |  |
| New Israel Shekel | 104.05  | 416.25  | 43309  | 33765  |
| **Total Provisions** |  |  | **43309**  | **33765**  |
| **Total Liabilities** |  |  | **796327**  | **772539**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Considering foreign currencies as those that differ from each Group's subsidiaries functional currency at each period/year-end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Exchange rates as of September 30, 2025 according to Banco de la Nación Argentina and Central Bank of the Argentine Republic.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

**28.** **Other relevant events of the period**

 **<u>Warrants exercise</u>**

During the three-month period ended September 30, 2025, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 3.1 million, equivalent to ARS 4,199 million, were received, for converted warrants of 7,110,930 and a total of 10,536,907 common shares of the Company with a nominal value of ARS 10 were issued.

**29.** **Subsequent events**

 **<u>General Ordinary and Extraordinary Shareholders' Meeting - IRSA</u>**

On October 30, 2025, the General Ordinary and Extraordinary Shareholders' Meeting was held, where it was resolved: (i) the allocation of 5% of the restated fiscal year result, that is, the sum of ARS 10,368 million, to the legal reserve; (ii) to distribute a dividend to shareholders in proportion to their shareholdings, payable in cash for the sum of ARS 173,788 million; (iii) the allocation of the remaining balance of the fiscal year result, after deducting the legal reserve and the dividend, in the amount of ARS 23,200 million, to the integration of a facultative reserve named "special reserve," which may be used for future dividend distributions, share buybacks, and/or new projects related to the Company's business plan.

On November 4, 2025, the Company distributed among its shareholders the cash dividend in an amount of ARS 173,788 million.

Additionally, the subscription of an addendum to the warrant agreement originally entered on April 29, 2021, and amended on September 17, 2021, was approved, within the framework of the capital increase authorized by the CNV.

The addendum introduces the possibility for option holders to exercise their rights by delivering shares for the difference between the cash exercise price and the equivalent market value, paying only the nominal value of the shares.

 **<u>Property Acquisition</u>**

IRSA acquired, through a judicial process, a property located on Av. Gaona, between Nazca and Terrada, in the Flores neighborhood of the Autonomous City of Buenos Aires.

The property, on a plot of land of 8,856 sqm, has an existing built area of approximately 17,000 sqm and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid. The Company intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires.

As of today, the execution of the deed of transfer of ownership remains pending.

------

Report on review of interim financial information

To the Shareholders, President and Directors of

**IRSA Inversiones y Representaciones Sociedad Anónima**

 **Introduction**

We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of IRSA Inversiones y Representaciones Sociedad Anónima and its subsidiaries (the 'Group') as at September 30, 2025 and the related unaudited condensed interim consolidated statement of financial position, statements of income and other comprehensive income, changes in shareholders' equity and cash flows for the three-month period then ended and selected explanatory notes.

 **Responsibilities of the Board of Directors**

The board of Directors is responsible for the preparation and presentation of this unaudited condensed interim consolidated financial information in accordance with IFRS Accounting Standards and is therefore responsible for the preparation and presentation of the unaudited condensed interim consolidated financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 (IAS 34).

 **Scope of review**

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

www.pwc.com.ar Price Waterhouse & Co. S.R.L. Bouchard 557, 8<sup>th</sup> floor C1106ABG - Autonomous City of Buenos Aires, Argentina T: +(54.11) 4850.0000

------

 **Conclusion**

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Autonomous City of Buenos Aires, November 5, 2025

---

| |
|:---|
| PRICE WATERHOUSE & CO. S.R.L.<br> &nbsp;&nbsp;&nbsp;&nbsp; (Partner) |
| C.P.C.E.C.A.B.A. Tº 1 Fº 17 |
| Dr. Carlos Martín Barbafina |
| Contador Público (UCA)<br> C.P.C.E.C.A.B.A. T° 175 F°65 |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **I. Brief comment on the Company's activities during the period, including references to significant events occurred after the end of the period.**

 **<u>Consolidated Results</u>**

---

| | | | |
|:---|:---|:---|:---|
|  ***(in millions of ARS)*** | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>|
| Revenues | 129259  | 118414  | 9.2% |
| Result from fair value adjustment of investment properties | 219935  | (297111) | -  |
| **Result from operations** | **274272**  | **(247156)** | **-**  |
| Depreciation and amortization | 2811  | 2612  | 7.6% |
| **EBITDA <sup>(1)</sup>** | **277083**  | **(244544)** | **-**  |
| **Adjusted EBITDA <sup>(1)</sup>** | **57148**  | **61807**  | **(7.5)%** |
| **Result for the period** | **163438**  | **(143662)** | **-**  |
| Attributable to equity holders of the parent | 153846  | (139197) | -  |
| Attributable to non-controlling interest | 9592  | (4465) | -  |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) See Point XVI: EBITDA Reconciliation

The Group's revenues increased by 9.2% during the first quarter of fiscal year 2026 compared to the same period in 2025, mainly driven by growth in the shopping malls and office segments.

Rental Adjusted EBITDA reached ARS 64,256 million, 3.5% above the first quarter of the previous fiscal year, of which ARS 56,481 million came from the Shopping Malls segment, ARS 5,050 million from Offices, and ARS 2,725 million from Hotels. Total adjusted EBITDA amounted to ARS 57,148 million, representing a 7.5% decrease compared to the same quarter last year.

Net income for the first quarter of fiscal year 2026 recorded a gain of ARS 163,438 million, compared to a loss of ARS 143,662 million in the same period of the previous fiscal year. This performance was mainly explained by the gain from changes in the fair value of investment properties, driven by the impact of a currency depreciation higher than inflation on properties valued in USD.

 **II. Shopping Malls**

Our portfolio's leasable area totaled 370,801 sqm of GLA. Real tenants' sales of our shopping centers reached ARS 746,472 million in the three-months period of fiscal year 2026, 7.0% lower than in the same period of the previous fiscal year.

Portfolio occupancy during the first quarter of fiscal year 2026 was 97.8%.

 **<u>Shopping Malls' Operating Indicators</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IQ 26**<br>| **IVQ 25**<br>| **IIIQ 25**<br>| **IIQ 25**<br>| **IQ 25**<br>|
| Gross leasable area (sqm) | 370801  | 371242  | 371186  | 370897  | 336884  |
| Tenants' sales (3 months cumulative in current currency) | 746472  | 773905  | 694636  | 974597  | 802564  |
| Occupancy | 97.8%<sup>(1)</sup> | 98.1%<sup>(1)</sup> | 97.7%<sup>(1)</sup> | 96.8% | 97.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Excluding "Terrazas de Mayo" recently acquired.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **<u>Shopping Malls' Financial Indicators</u>**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of ARS)*<br>| **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>|
| Revenues from sales, leases, and services | 72823  | 68304  | 6.6% |
| Net result from fair value adjustment on investment properties | 63953  | (7344) | -  |
| **Result from operations** | **119156**  | **46094**  | **158.5%** |
| Depreciation and amortization | 1278  | 801  | 59.6% |
| **EBITDA <sup>(1)</sup>** | **120434**  | **46895**  | **156.8%** |
| **Adjusted EBITDA <sup>(1)</sup>** | **56481**  | **54239**  | **4.1%** |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) See Point XVI: EBITDA Reconciliation

Income from this segment during the first quarter of fiscal year 2026 reached ARS 72,823 million, 6.6% higher compared with the same period of the previous fiscal year. Adjusted EBITDA reached ARS 56,481million, 4.1% higher than the amount recorded in the same period of 2025.

 **<u>Operating data of our shopping malls</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Date of acquisition** | **Location** | **Gross Leasable Area (sqm)<sup>(1)</sup>**<br>| **Stores**<br>| **Occupancy <sup>(2)</sup>**<br>| **IRSA Interest <sup>(3)</sup>**<br>|
| Alto Palermo | Dec-97 | City of Buenos Aires | 20715  | 137  | 99.1% | 100% |
| Abasto Shopping<sup>(4)</sup>  | Nov-99 | City of Buenos Aires | 37133  | 149  | 97.9% | 100% |
| Alto Avellaneda | Dec-97 | Province of Buenos Aires | 39890  | 121  | 95.3% | 100% |
| Alcorta Shopping | Jun-97 | City of Buenos Aires | 15680  | 105  | 100.0% | 100% |
| Patio Bullrich | Oct-98 | City of Buenos Aires | 11472  | 89  | 91.0% | 100% |
| Dot Baires Shopping | May-09 | City of Buenos Aires | 48225  | 158  | 98.7% | 80% |
| Soleil Premium Outlet | Jul-10 | Province of Buenos Aires | 15477  | 72  | 100.0% | 100% |
| Distrito Arcos | Dec-14 | City of Buenos Aires | 14194  | 62  | 100.0% | 90% |
| Terrazas de Mayo | Dec-24 | Province of Buenos Aires | 33714  | 82  | 89.7% | 100% |
| Alto Noa Shopping | Mar-95 | Salta | 19417  | 82  | 96.0% | 100% |
| Alto Rosario Shopping | Nov-04 | Santa Fe | 35016  | 129  | 99.3% | 100% |
| Mendoza Plaza Shopping | Dec-94 | Mendoza | 41637  | 115  | 97.8% | 100% |
| Córdoba Shopping | Dec-06 | Córdoba | 15424  | 98  | 97.8% | 100% |
| La Ribera Shopping | Aug-11 | Santa Fe | 11097  | 65  | 93.3% | 50% |
| Alto Comahue | Mar-15 | Neuquén | 11710  | 81  | 99.7% | 99,95% |
| Patio Olmos<sup>(5)</sup>  | Sep-07 | Córdoba | -  | -  | -  |  |
| **Total** |  |  | **370801**  | **1545**  | **97.8%<sup>(6)</sup>** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Corresponds to gross leasable area in each property. Excludes common areas and parking spaces.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Calculated dividing occupied square meters by leasable area as of the last day of the fiscal period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) Company's effective interest in each of its business units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) Excludes Museo de los Niños (3,732 square meters in Abasto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) IRSA owns the historic building of the Patio Olmos shopping mall in the Province of Córdoba, operated by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) Excluding "Terrazas de Mayo", recently acquired.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **<u>Quarterly tenants' sales as of the first quarter of FY 2026, compared to the same period of fiscal years 2025, 2024, 2023, and 2022</u> <sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(ARS million)*  | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>| **IQ 24**<br>| **IQ 23**<br>| **IQ 22**<br>|
| Alto Palermo | 82021  | 96015  | -14.6% | 124175  | 106424  | 71618  |
| Abasto Shopping | 90635  | 109456  | -17.2% | 129197  | 121386  | 70922  |
| Alto Avellaneda | 79725  | 88429  | -9.8% | 88849  | 78934  | 52953  |
| Alcorta Shopping | 47670  | 53270  | -10.5% | 68298  | 60260  | 53283  |
| Patio Bullrich | 24952  | 29388  | -15.1% | 38527  | 36100  | 25661  |
| Dot Baires Shopping | 69717  | 69271  | 0.6% | 72530  | 63560  | 46377  |
| Soleil Premium Outlet | 44094  | 54510  | -19.1% | 52011  | 45278  | 39435  |
| Distrito Arcos | 52433  | 59080  | -11.3% | 74858  | 65240  | 46066  |
| Terrazas de Mayo | 28735  | -  | -  | -  | -  | -  |
| Alto Noa Shopping | 26861  | 30966  | -13.3% | 36769  | 35801  | 29801  |
| Alto Rosario Shopping | 81577  | 86129  | -5.3% | 95061  | 95401  | 74878  |
| Mendoza Plaza Shopping | 48609  | 54527  | -10.9% | 56608  | 52093  | 42861  |
| Córdoba Shopping | 22485  | 26017  | -13.6% | 29730  | 28026  | 24599  |
| La Ribera Shopping<sup>(1)</sup> | 14299  | 12909  | 10.8% | 16004  | 15684  | 10733  |
| Alto Comahue | 32659  | 32597  | 0.2% | 30059  | 24892  | 18042  |
| Patio Olmos<sup>(3)</sup> |  |  |  |  |  |  |
| **Total sales** | **746472**  | **802564**  | **-7.0%** | **912676**  | **829079**  | **607229**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;

(1) Retail sales based upon information provided to us by retailers and prior owners. The amounts shown reflect 100% of the retail sales of each shopping mall, although in certain cases we own less than 100% of such shopping malls. Includes sales from stands and excludes spaces used for special exhibitions.

&nbsp;&nbsp;&nbsp;&nbsp;

(2) Through our joint venture Nuevo Puerto Santa Fe S.A.

&nbsp;&nbsp;&nbsp;&nbsp;

(3) IRSA owns the historic building of the Patio Olmos shopping mall in the province of Cordoba, operated by a third party.

 **<u>Quarterly tenants' sales per type of business as of the first quarter of FY 2026, compared to the same period of fiscal years 2025, 202</u><u>4, 2023, and 202</u><u>2</u> <sup>(1)</sup>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(ARS million)*  | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>| **IQ 24**<br>| **IQ 23**<br>| **IQ 22**<br>|
| Clothes and Footwear | 375173  | 444071  | (15.5)% | 513779  | 472438  | 361092  |
| Entertainment | 34510  | 26018  | 32.6% | 31218  | 31780  | 13573  |
| Home | 21612  | 20020  | 8.0% | 23372  | 20004  | 17126  |
| Restaurant | 111226  | 99613  | 11.7% | 114128  | 96020  | 57898  |
| Miscellaneus | 104405  | 104793  | (0.4)% | 109039  | 97092  | 91326  |
| Services | 20552  | 19130  | 7.4% | 19546  | 14611  | 9763  |
| Electronic appliances | 75317  | 85994  | (12.4)% | 101594  | 97134  | 56451  |
| Anchor Store | 3677  | 2925  | 25.7% | -  | -  | -  |
| **Total** | **746472**  | **802564**  | **(7.0)%** | **912676**  | **829079**  | **607229**  |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) Retail sales based on information provided by tenants. The figures reflect 100% of the retail sales of each shopping center, although in certain cases we own a percentage lower than 100% of said shopping centers. Includes sales from stands and excludes spaces for special exhibitions. Includes sales from stands and excludes spaces for special exhibitions.

&nbsp;&nbsp;&nbsp;&nbsp; (2) Currently includes Ronda. Multi-purpose store located in Dot Baires, composed of 70% food service, 25% entertainment, and 5% apparel.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **<u>Revenues from quarterly leases as of the first quarter of FY 2026, compared to the same period of fiscal year 2025, 2024, 2023 and 2022</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(ARS million)*  | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>| **IQ 24**<br>| **IQ 23**<br>| **IQ 22**<br>|
| Base rent<sup>(1)</sup> | 42611  | 36249  | 17.6% | 28540  | 22604  | 12696  |
| Percentage rent | 9803  | 15790  | -37.9% | 26908  | 25698  | 19656  |
| **Total rent** | **52414**  | **52039**  | **0.7%** | **55448**  | **48302**  | **32352**  |
| Non-traditional advertising | 3638  | 2511  | 44.9% | 2061  | 1426  | 781  |
| Revenues from admission rights | 7558  | 6652  | 13.6% | 6099  | 4812  | 3515  |
| Fees | 677  | 614  | 10.3% | 561  | 553  | 622  |
| Parking | 4953  | 3826  | 29.5% | 3766  | 2493  | 1101  |
| Commissions | 2561  | 2289  | 11.9% | 888  | 883  | 959  |
| Other | 1022  | 373  | 174.3% | 1001  | 98  | 178  |
| **Subtotal**<sup>(2)</sup> | **72823**  | **68304**  | **6.6%** | **69824**  | **58567**  | **39508**  |
| Expenses and Collective Promotion Fund | 25406  | 22260  | 14.1% | 21782  | 22303  | 17099  |
| **Total** | **98229**  | **90564**  | **8.5%** | **91606**  | **80870**  | **56607**  |

---

(1) Includes Revenues from stands for ARS 5,751 million cumulative as of September 2025.

(2) Includes ARS 81.1 million from Patio Olmos, ARS 140.5 million from sponsorship income from BAF Production and revenues from Re! Outlet stands for ARS 743.1 million.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **III. Offices**

According to Colliers, the quarter closes with a slight increase in vacancy standing at 12.8%, in the Buenos Aires City premium market (A+ & A), while prices remain stable at average levels of USD 22.3 per sqm.

 **<u>Offices' Operating Indicators</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IQ 26**<br>| **IVQ 25**<br>| **IIIQ 25**<br>| **IIQ 25**<br>| **IQ 25**<br>|
| Gross Leasable area | 58074  | 58074  | 58074  | 58074  | 59271  |
| Total Occupancy | 96.8% | 96.2% | 96.4% | 94.3% | 92.3% |
| Class A+ & A Occupancy | 100.0% | 99.6% | 100.0% | 100.0% | 97.9% |
| Class B Occupancy | 76.5% | 75.3% | 69.2% | 58.7% | 56.1% |
| Rent USD/sqm | 25.8  | 25.5  | 25.7  | 25.5  | 24.6  |

---

The gross leasable area in the first quarter of fiscal year 2026 was 58,074 sqm. The average occupancy of the premium portfolio increased to 100% and of the total portfolio to 96.8%. The portfolio's average rent reached USD 25.8 per sqm.

 **<u>Offices' Financial Indicators</u>**

---

| | | | |
|:---|:---|:---|:---|
| *(in ARS million)*  | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>|
| Revenues from sales, leases and services | 6085  | 5403  | 12.6% |
| Net result from fair value adjustment on investment properties, PP&E e inventories | 45623  | (89257) | -  |
| **Profit from operations** | **50567**  | **(84995)** | **-**  |
| Depreciation and amortization | 106  | 83  | 27.7% |
| **EBITDA<sup>(1)</sup>** | **50673**  | **(84912)** | **-**  |
| **Adjusted EBITDA <sup>(1)</sup>** | **5050**  | **4345**  | **16.2%** |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) See Point XVI: EBITDA Reconciliation

During the first quarter of fiscal year 2026, office revenues increased by 12.6% and Adjusted EBITDA grew by 16.2% compared to the previous year, mainly driven by the impact of currency depreciation above inflation on USD-denominated rents and a slight improvement in portfolio occupancy. The Adjusted EBITDA margin reached 82.9%.

Below is information on our office segment:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Offices & Others** | **Date of Acquisition** | **Gross Leasable Area (sqm)<sup>(1)</sup>**<br>| **Occupancy <sup>(2)</sup>**<br>| **Actual Interest**<br>| **3M 26 - Rental revenues (ARS million) <sup>(4)</sup>**<br>|
| **AAA & A Offices** |  |  |  |  |  |
| Intercontinental Plaza <sup>(3)</sup> | Dec-14 | 2979  | 100.0% | 100% | 312  |
| Dot Building | Nov-06 | 11242  | 100.0% | 80% | 961  |
| Zetta Building | May-19 | 32173  | 100.0% | 80% | 3.484  |
| 261 Della Paolera<sup>(5)</sup> | Dec-20 | 3740  | 100.0% | 100% | 512  |
| **Total AAA & A Offices** |  | **50134**  | **100.0%** |  | **5269**  |
| **B Offices** |  |  |  |  |  |
| Philips Building<sup>(6)</sup> | Jun-17 | 7940  | 76.5% | 100% | 816  |
| **Total B Buildings** |  | **7940**  | **76.5%** | **100%** | **816**  |
| **Subtotal Offices** |  | **58074**  | **96.8%** |  | **6085**  |

---

(1) Corresponds to the total gross leasable area of each property as of September 30, 2025. Excludes common areas and parking lots.

(2) Calculated by dividing occupied square meters by gross leasable area as of September 30, 2025.

(3) We own 13.2% of the building that has 22,535 square meters of gross leasable area.

(4) Corresponds to the accumulated income of the period.

(5) As of September 30, 2025, we owned 10.4% of the building that has 35,872 square meters of gross leasable area. The gross leasable area includes square meters corresponding to other common spaces.

(6) The building is fully dedicated to the workplace business.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **IV. Hotels**

The company's hotels continue to show a decline in revenues and occupancy, consistent with the trend observed over the past two years, mainly due to lower international tourism driven by a loss of currency competitiveness in the country. Although a real depreciation of the exchange rate was observed in the first quarter of fiscal year 2026, it is still too early to anticipate a sustained recovery in the hotel business. Additionally, the winter season in Bariloche was particularly weak due to the lack of snow for ski activities, which affected the performance of the Llao Llao hotel during the period.

---

| | | | |
|:---|:---|:---|:---|
| *(in ARS million)* | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>|
| Revenues | 17787  | 18212  | (2.3)% |
| **Profit from operations** | **1612**  | **2393**  | **(32.6)%** |
| Depreciation and amortization | 1113  | 1104  | 0.8% |
| **EBITDA** | **2725**  | **3497**  | **(22.1)%** |

---

During the first quarter of fiscal year 2026, Hotels segment recorded an decrease in revenues of 2.3% compared with the same period of fiscal year 2025 while the segment's EBITDA reached ARS 2,725 million, a 22.1% decrease when compared to the same period of fiscal year 2025.

The following chart shows certain information regarding our luxury hotels:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hotels** | **Date of Acquisition**<br>| **IRSA's Interest**<br>| **Number of rooms**<br>| **Occupancy <sup>(4)</sup>**<br>|
| Intercontinental <sup>(1)</sup> | 11/01/1997<br>| 76,34% | 313  | 59.8% |
| Sheraton Libertador <sup>(2)</sup> | 03/01/1998<br>| 100,00% | 200  | 61.0% |
| Llao Llao <sup>(3)</sup> | 06/01/1997<br>| 50,00% | 205  | 52.2% |
| **Total** | **-**  | **-**  | **718**  | **58.0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Through Nuevas Fronteras S.A. (Subsidiary of IRSA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Through Hoteles Argentinos S.A.U.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Through Llao Llao Resorts S.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Three months cumulated average.

 **<u>Hotels' operating and financial indicators.</u>**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **IQ 26**<br>| **IVQ 25**<br>| **IIIQ 25**<br>| **IIQ 25**<br>| **IQ 25**<br>|
| Average Occupancy | 58.0% | 56.4% | 67.1% | 67.1% | 55.1% |
| Average Rate per Room (USD/night) | 227.1  | 182.1  | 236.8  | 229.4  | 256.4  |

---

 **V. Sales and Developments**

---

| | | | |
|:---|:---|:---|:---|
| *(in ARS million)* | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>|
| Revenues | 4052  | 1926  | 110,4% |
| Net result from fair value adjustment on investment properties | 110294  | (200443) | -  |
| **Result from operations** | **106700**  | **(212541)** | **-**  |
| Depreciation and amortization | 68  | 59  | 15,3% |
| Net result from fair value adjustment on investment properties | -  | 14  | (1000)% |
| Impairment loss on intangible assets | -  | (9226) | (1000)% |
| **EBITDA <sup>(1)</sup>** | **106768**  | **(212482)** | **-**  |
| **Adjusted EBITDA <sup>(1)</sup>** | **(3526)** | **(2799)** | **26,0%** |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) See Point XVI: EBITDA Reconciliation

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

Adjusted EBITDA of "Sales and Developments" segment recorded a loss of ARS 3,526 million during the first quarter of fiscal year 2026, 26% lower than the same period in the previous year.

 **VI. Others**

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of ARS)* | **IQ 26**<br>| **IQ 25**<br>| **YoY Var**<br>|
| Revenues | 2455  | 1672  | 46.8% |
| Net result from fair value adjustment on investment properties | (205) | (245) | (16.3)% |
| **Result from operations** | **(3581)** | **2173**  | **(264.8)%** |
| Depreciation and amortization | 238  | 590  | (59.7)% |
| **EBITDA** | **(3343)** | **2763**  | **(221.0)%** |
| **Adjusted EBITDA** | **(3138)** | **3008**  | **(204.3)%** |

---

 **VII. Financial Operations and Others**

 **Interest in Banco Hipotecario S.A. ("BHSA")**

BHSA is a leading bank in the mortgage lending industry, in which IRSA held an equity interest of 29.12% as of September 30, 2025. During the three-month period of fiscal year 2026, the investment in Banco Hipotecario generated an ARS 6,809 million loss compared to ARS 5,795 million gain during the same period of 2025, mainly due to lower financial margin driven by declining interest rates and lower yields on financial assets. For further information, visit http://www.cnv.gob.ar or http://www.hipotecario.com.ar.

 **VIII. EBITDA by Segment (ARS million)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **3M 26'** | **Shopping Malls**<br>| **Offices**<br>| **Sales and Developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| **Result from operations** | 119156  | 50567  | 106700  | 1612  | (3581) | 274454  |
| Depreciation and amortization | 1278  | 106  | 68  | 1113  | 238  | 2803  |
| **EBITDA** | **120434**  | **50673**  | **106768**  | **2725**  | **(3343)** | **277257**  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **3M 25'** | **Shopping Malls**<br>| **Offices**<br>| **Sales and Developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| **Result from operations** | 46094  | (84995) | (212541) | 2393  | 2173  | (246876) |
| Depreciation and amortization | 801  | 83  | 59  | 1104  | 590  | 2637  |
| **EBITDA** | **46895**  | **(84912)** | **(212482)** | **3497**  | **2763**  | **(244239)** |
| **EBITDA Var** | **156,8%** | **-**  | **-**  | **(221)%** | **(2210)%** | **-**  |

---

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 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **IX. Reconciliation with Consolidated Statements of Income (ARS million)**

Below is an explanation of the reconciliation of the company's profit by segment with its Consolidated Statements of Income. The difference lies in the presence of joint ventures included in the segment but not in the Statements of Income.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total as per segment**<br>| **Joint ventures\***<br>| **Expenses and CPF**<br>| **Elimination of inter-segment transactions**<br>| **Total as per Statements of Income**<br>|
| Revenues | 103202  | (610) | 26667  | -  | 129259  |
| Costs | (23172) | 64  | (26795) | -  | (49903) |
| **Gross result** | **80030**  | **(546)** | **(128)** | **-**  | **79356**  |
| Result from sales of investment properties | 219665  | 270  | -  | -  | 219935  |
| General and administrative expenses | (16441) | 71  | -  | 63  | (16307) |
| Selling expenses | (6321) | 26  | -  | -  | (6295) |
| Other operating results, net | (2479) | (3) | 128  | (63) | (2417) |
| **Result from operations** | **274454**  | **(182)** | **-**  | **-**  | **274272**  |
| Share of loss of associates and joint ventures | (4492) | 565  | -  | -  | (3927) |
| **Result before financial results and income tax** | **269962**  | **383**  | **-**  | **-**  | **270345**  |

---

\*Includes Puerto Retiro & Nuevo Puerto Santa Fe.

 **X. Financial Debt and Other Indebtedness**

The following table describes our total indebtedness as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Currency** | **Amount (USD MM) <sup>(1)</sup>**<br>| **Interest Rate**<br>| **Maturity** |
| Bank overdrafts | ARS | 2.7  | Variable<br>| < 360 days |
| Series XVII | USD | 25.0  | 5.00% | dec-25 |
| Series XX | USD | 21.3  | 6.00% | jun-26 |
| Series XVIII | USD | 21.4  | 7.00% | feb-27 |
| Series XXII | USD | 15.8  | 5.75% | oct-27 |
| Series XIV | USD | 67.1  | 8.75% | jun-28 |
| Series XXIII | USD | 51.5  | 7.25% | oct-29 |
| Series XVIV | USD | 293.7  | 8.00% | mar-35 |
| **IRSA's Total Debt** | **USD** | **498.5**  |  |  |
| Cash & Cash Equivalents + Investments <sup>(2)</sup> | USD | 310.8  |  |  |
| **IRSA's Net Debt** | **USD** | **187.7**  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Principal amount in USD (million) at an exchange rate of ARS 1,380.0/USD, without considering accrued interest or eliminations of balances with subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Includes Cash and cash equivalents, Investments in Current Financial Assets and related companies notes holding.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **XI. Material and Subsequent Events**

 ***September 2025: Acquisition of "Al Oeste" Shopping Mall***

On September 17, 2025, The Company announced that it has acquired "Al Oeste" shopping mall through the signing of the deed and the transfer of operations. This property is located at the intersection of Luis Güemes and Presidente Perón Avenues, in the town of Haedo, Morón district, west of Greater Buenos Aires.

The shopping mall is currently operating below its potential, and within the framework of the Company's development plan to create opportunities in different districts of the Province of Buenos Aires, it is planned to be converted into an outlet center and relaunched during next year.

"Al Oeste Shopping" has approximately 20,000 GLA sqm, including 40 stores, 6 food court units, 5 padel courts, 14 cinema theaters, and 1,075 parking spaces. In addition, it has an expansion potential of 12,000 GLA sqm.

The purchase price was set at USD 9 million, of which USD 4.5 million has been paid to date. The remaining balance will be paid in four annual installments.

 ***September 2025: Warrants Exercise***

Between September 17 and 25, 2025, certain warrants holders have exercised their right to acquire additional shares and 10,536,907 ordinary shares of the Company will be registered, with a face value of ARS 10. As a result of the exercise, USD 3,073,616 was collected by the Company.

After the exercise of these warrants, the number of shares of the Company increased from 762,520,793 to 773,057,700 with a face value of ARS 10, and the new number of outstanding warrants decreased from 60,964,074 to 53,853,144.

 ***October 2025: General Ordinary and Extraordinary Shareholders' Meeting***

On October 30, 2025, our General Ordinary and Extraordinary Shareholders' Meeting was held. The following matters, inter alia, were resolved by majority of votes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Distribution of a cash dividend of ARS 173,788 million as of the date of the Shareholders' Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Designation of board members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Compensation to the Board of Directors for the fiscal year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● To include the possibility of exercising the warrants to subscribe new shares by delivering shares for the difference between the cash exercise price and the equivalent market value, paying only the nominal value of the shares.

On November 4, 2025, the Company distributed among its shareholders the cash dividend in an amount of ARS 173,787,960,684.31, equivalent to 2,248.41108587223% of the stock capital, an amount per share of ARS 224,841108587223 and an amount per GDS of ARS 2.248,41108587223.

 ***October 2025: Property Acquisition.***

Dated October 30, 2025, after the close of the quarter, the Company announced that it effected, within the framework of judicial proceedings, the acquisition of a property located on Av. Gaona, between Nazca and Terrada, in the Flores neighborhood of the Autonomous City of Buenos Aires.

The property, on a land plot of 8,856 sqm, has an existing built area of approximately 17,000 sqm and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid.

The Company intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires.

As of today, the execution of the deed of transfer of ownership remains pending.

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **XII. Summarized Comparative Consolidated Balance Sheet**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in ARS million)*  | **09.30.2025**<br>| **09.30.2024**<br>| **09.30.2023**<br>| **09.30.2022**<br>| **09.30.2021**<br>|
| Non-current assets | 3222044  | 2673631  | 3900365  | 3840028  | 3938252  |
| Current assets | 601079  | 338999  | 420788  | 339699  | 271809  |
| **Total assets** | **3823123**  | **3012630**  | **4321153**  | **4179727**  | **4210061**  |
| Capital and reserves attributable to the equity holders of the parent | 1828372  | 1435650  | 2292583  | 1882365  | 1186132  |
| Non-controlling interest | 106626  | 100006  | 132916  | 129530  | 398138  |
| **Total shareholders' equity** | **1934998**  | **1535656**  | **2425499**  | **2011895**  | **1584270**  |
| Non-current liabilities | 1572512  | 1063539  | 1533348  | 1596262  | 2248453  |
| Current liabilities | 315613  | 413435  | 362306  | 571570  | 377338  |
| **Total liabilities** | **1888125**  | **1476974**  | **1895654**  | **2167832**  | **2625791**  |
| **Total liabilities and shareholders' equity** | **3823123**  | **3012630**  | **4321153**  | **4179727**  | **4210061**  |

---

 **XIII. Summarized Comparative Consolidated Income Statement**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in ARS million)*  | **09.30.2025**<br>| **09.30.2024**<br>| **09.30.2023**<br>| **09.30.2022**<br>| **09.30.2021**<br>|
| **Profit from operations** | **274272**  | **(247156)** | **494278**  | **(10260)** | **(86662)** |
| Share of profit of associates and joint ventures | (3927) | 10754  | 9025  | 9286  | (2745) |
| **Result from operations before financing and taxation** | **270345**  | **(236402)** | **503303**  | **(974)** | **(89407)** |
| Financial income | 2910  | 951  | 1540  | 571  | 1095  |
| Financial cost | (19228) | (15341) | (16781) | (17930) | (32188) |
| Other financial results | (11703) | 28580  | (9602) | 2084  | 52679  |
| Inflation adjustment | 4067  | 5592  | 26504  | 43563  | 6033  |
| **Financial results, net** | **(23954)** | **19782**  | **1661**  | **28288**  | **27619**  |
| **Results before income tax** | **246391**  | **(216620)** | **504964**  | **27314**  | **(61788)** |
| Income tax | (82953) | 72958  | (174862) | (14738) | 43791  |
| **Result of the period** | **163438**  | **(143662)** | **330102**  | **12576**  | **(17997)** |
| Other comprehensive results for the period | (1443) | (655) | (1366) | (2524) | (2899) |
| **Total comprehensive result for the period** | **161995**  | **(144317)** | **328736**  | **10052**  | **(20896)** |
| Attributable to: |  |  |  |  |  |
| Equity holders of the parent | 152200  | (139572) | 312338  | 8892  | (13525) |
| Non-controlling interest | 9795  | (4745) | 16398  | 1160  | (7371) |

---

 **XIV. Summary Comparative Consolidated Cash Flow**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in ARS million)*  | **09.30.2025**<br>| **09.30.2024**<br>| **09.30.2023**<br>| **09.30.2022**<br>| **09.30.2021**<br>|
| Net cash generated from operating activities | 82248  | 62993  | 43450  | 42008  | 29346  |
| Net cash (used in) / generated from investing activities | (115350) | (27198) | 28129  | 18851  | (3908) |
| Net cash used in financing activities | (61166) | (36379) | (31490) | (178748) | (18346) |
| **Net (decrease) / increase in cash and cash equivalents** | **(94268)** | **(584)** | **40089**  | **(117889)** | **7092**  |
| Cash and cash equivalents at beginning of year | 187373  | 41807  | 47948  | 151184  | 37464  |
| Inflation adjustment | (480) | (90) | (2503) | (1718) | (6489) |
| Foreign exchange (loss) / gain on cash and changes in fair value for cash equivalents | (282) | (1286) | 2410  | 1299  | 154  |
| **Cash and cash equivalents at period-end** | **92343**  | **39847**  | **87944**  | **32876**  | **38221**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **XV. Comparative Ratios**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in ARS million)*  | **09.30.2025**<br>|  | **09.30.2024**<br>|  | **09.30.2023**<br>|  | **09.30.2022**<br>|  | **09.30.2021**<br>|  |
| **Liquidity** |  |  |  |  |  |  |  |  |  |  |
| CURRENT ASSETS | 601079  | 1.90  | 338999  | 0.82  | 420788  | 1.16  | 339699  | 0.59  | 271809  | 0.72  |
| CURRENT LIABILITIES | 315613  |  | 413435  |  | 362306  |  | 571570  |  | 377338  |  |
| **Solvency** |  |  |  |  |  |  |  |  |  |  |
| SHAREHOLDERS' EQUITY | 1934998  | 1.02  | 1535656  | 1.04  | 2425499  | 1.28  | 2011895  | 0.93  | 1584270  | 0.60  |
| TOTAL LIABILITIES | 1888125  |  | 1476974  |  | 1895654  |  | 2167832  |  | 2625791  |  |
| **Capital Assets** |  |  |  |  |  |  |  |  |  |  |
| NON-CURRENT ASSETS | 3222044  | 0.84  | 2673631  | 0.89  | 3900365  | 0.90  | 3840028  | 0.92  | 3938252  | 0.94  |
| TOTAL ASSETS | 3823123  |  | 3012630  |  | 4321153  |  | 4179727  |  | 4210061  |  |

---

 **XVI. EBITDA Reconciliation**

In this summary report we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) interest income, (ii) interest expense, (iii) income tax expense, and (iv) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus (i) total financial results, net excluding interest expense, net (mainly foreign exchange differences, net gains/losses from derivative financial instruments; gains/losses of financial assets and liabilities at fair value through profit or loss; and other financial results, net) and minus (ii) share of profit of associates and joint ventures and minus (iii) net profit from fair value adjustment of investment properties, not realized.

EBITDA and Adjusted EBITDA are non-IFRS financial measures that do not have standardized meanings prescribed by IFRS. We present EBITDA and adjusted EBITDA because we believe they provide investors with supplemental measures of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses EBITDA and Adjusted EBITDA from time to time, among other measures, for internal planning and performance measurement purposes. EBITDA and Adjusted EBITDA should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. EBITDA and Adjusted EBITDA, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to EBITDA and Adjusted EBITDA for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>| **2024**<br>|
| Profit for the period | 163438  | (143662) |
| Interest income  | (2910) | (951) |
| Interest expense  | 14716  | 14367  |
| Income tax | 82953  | (72958) |
| Depreciation and amortization  | 2811  | 2612  |
| **EBITDA (unaudited)**  | **261008**  | **(200592)** |
| Net gain / (loss) from fair value adjustment of investment properties | (219935) | 297111  |
| Realized net gain from fair value adjustment of investment properties | -  | 14  |
| Impairment Loss on Intangible Assets | -  | 9226  |
| Share of profit of associates and joint ventures  | 3927  | (10754) |
| Inflation adjustment | (4067) | (5592) |
| Other financial results | 16215  | (27606) |
| **Adjusted EBITDA (unaudited)**  | **57148**  | **61807**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **XVII. NOI Reconciliation**

In addition, we present in this summary report Net Operating Income or "NOI". We define NOI as gross profit from operations, less Selling expenses, plus realized result from fair value adjustments of investment properties, plus Depreciation and amortization, plus impairment loss on properties for sale.

NOI is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. We present NOI because we believe it provides investors with a supplemental measure of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses NOI from time to time, among other measures, for internal planning and performance measurement purposes. NOI should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. NOI, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to NOI for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>| **2024**<br>|
| Gross profit | 79356  | 75648  |
| Selling expenses  | (6295) | (5731) |
| Depreciation and amortization  | 2811  | 2612  |
| Realized result from fair value of investment properties | -  | 14  |
| **NOI (unaudited)** | **75872**  | **72543**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **XVIII. FFO Reconciliation**

We also present in this summary report Adjusted Funds From Operations attributable to the controlling interest (or "Adjusted FFO"), which we define as Total profit for the year or period plus depreciation and amortization of property, plant and equipment, intangible assets and amortization of initial costs of leases minus total net financial results excluding net financial interests, minus unrealized result from fair value adjustments of investment properties minus inflation adjustment plus deferred tax, and less non-controlling interest net of the result for fair value, less the result of participation in associates and joint ventures.

Adjusted FFO is a non-IFRS financial measure that does not have a standardized meaning prescribed by IFRS. Adjusted FFO is not equivalent to our profit for the period as determined under IFRS. Our definition of Adjusted FFO is not consistent and does not comply with the standards established by the White Paper on funds from operations (FFO) approved by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT"), as revised in February 2004, or the "White Paper."

We present Adjusted FFO because we believe it provides investors with a supplemental measure of our financial performance that may facilitate period-to-period comparisons on a consistent basis. Our management also uses Adjusted FFO from time to time, among other measures, for internal planning and performance measurement purposes. Adjusted FFO should not be construed as an alternative to profit from operations, as an indicator of operating performance or as an alternative to cash flow provided by operating activities, in each case, as determined in accordance with IFRS. Adjusted FFO, as calculated by us, may not be comparable to similarly titled measures reported by other companies. The table below presents a reconciliation of profit from operations to Adjusted FFO for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>| **2024**<br>|
| Result for the period  | 163438  | (143662) |
| Result from fair value adjustments of investment properties | (219935) | 297111  |
| Result from fair value adjustments of investment properties, realized | -  | 14  |
| Impairment Loss on Intangible Assets | -  | 9226  |
| Depreciation and amortization  | 2811  | 2612  |
| Other financial results | 16215  | (27606) |
| Deferred tax | 57931  | (99248) |
| Non-controlling interest | (9592) | 4465  |
| Non-controlling interest related to PAMSA's fair value | 9599  | (14866) |
| Results of associates and joint ventures | 3927  | (10754) |
| Inflation adjustment | (4067) | (5592) |
| **Adjusted FFO (unaudited)** | **20327**  | **11700**  |

---

------

 **IRSA Inversiones y Representaciones Sociedad Anónima**

Summary as of September 30, 2025

 **XIX. Brief comment on prospects for the Next Quarter**

Following the legislative elections held in October, which confirmed the continuity of the economic course initiated by the current administration, the macroeconomic environment shows greater predictability and stability in key variables. A consolidation of policies aimed at reducing the fiscal deficit, gradually opening markets, and restoring confidence is expected — factors that could support both economic and real estate activity in the medium term.

In this context, we will continue strengthening and expanding our shopping mall portfolio, focusing on enhancing the visitor experience and creating value for tenants and consumers. Several international brands are already under construction or preparing to enter the country, which will help diversify and enrich the tenant mix of our malls.

In the office segment, we expect occupancy to remain high, with sustained demand for premium spaces in strategic locations. In the hotel segment, while exchange rate competitiveness remains a challenge, we maintain a constructive outlook for inbound tourism going forward.

In real estate development, we will continue executing residential projects in Caballito, Polo Dot, and Edificio Del Plata, while consolidating progress on the new shopping mall in La Plata and on the company's most ambitious project, Ramblas del Plata.

We will also continue focusing on cost efficiency and evaluating financial, economic, and corporate tools that strengthen the company's competitive position and ensure the liquidity needed to meet its obligations. These tools may include the public and/or private disposal of assets —including real estate properties or marketable securities— as well as the issuance of shares, corporate bonds, or share repurchase programs, among other instruments aligned with our strategic objectives.

Looking ahead, we will continue developing innovative projects that integrate commercial and residential uses, with a focus on experience, quality, and sustainability. We remain confident in the strength of our portfolio and in our team's ability to successfully execute our business strategy.

Eduardo S. Elsztain

Chairman

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