# EDGAR Filing Document

**Accession Number:** 0001034957
**File Stem:** 0001034957-26-000020
**Filing Date:** 2026-2
**Character Count:** 190103
**Document Hash:** b1aa6c7edcab1e030d846c0c9d22859e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001034957-26-000020.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001034957-26-000020

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260225

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CRESUD INC
- **CENTRAL INDEX KEY:** 0001034957
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** C1
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-29190
- **FILM NUMBER:** 26674241

**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

**Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Unaudited Condensed Interim Consolidated Financial Statements as of December 31, 2025, and for the six and three-month periods ended as of that date, presented comparatively.**

------

 **Legal information**

---

| | | |
|:---|:---|:---|
| **Denomination:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | **Denomination:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria | **Denomination:** Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria |
| **Fiscal year N°**: 93, beginning on July 1, 2025 | **Fiscal year N°**: 93, beginning on July 1, 2025 | **Fiscal year N°**: 93, beginning on July 1, 2025 |
| **Legal address:** Carlos Della Paolera 261, 9th floor – Autonomous City of Buenos Aires, Argentina | **Legal address:** Carlos Della Paolera 261, 9th floor – Autonomous City of Buenos Aires, Argentina | **Legal address:** Carlos Della Paolera 261, 9th floor – Autonomous City of Buenos Aires, Argentina |
| **Company activity:** Real estate and agricultural activities | **Company activity:** Real estate and agricultural activities | **Company activity:** Real estate and agricultural activities |
| **Date of registration of the by-laws in the Public Registry of Commerce**: February 19, 1937 | **Date of registration of the by-laws in the Public Registry of Commerce**: February 19, 1937 | **Date of registration of the by-laws in the Public Registry of Commerce**: February 19, 1937 |
| **Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** Ordinary and Extraordinary General Assembly of October 28, 2022 registered in the General Inspection of Justice on December 5, 2022 under Number 22602 of Book 110 T- of Stock Companies. | **Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** Ordinary and Extraordinary General Assembly of October 28, 2022 registered in the General Inspection of Justice on December 5, 2022 under Number 22602 of Book 110 T- of Stock Companies. | **Date of registration of last amendment of the by-laws in the Public Registry of Commerce:** Ordinary and Extraordinary General Assembly of October 28, 2022 registered in the General Inspection of Justice on December 5, 2022 under Number 22602 of Book 110 T- of Stock Companies. |
| **Expiration of Company charter:** June 6, 2082 | **Expiration of Company charter:** June 6, 2082 | **Expiration of Company charter:** June 6, 2082 |
| **Registration number with the Supervisory Board of Companies:** 26, folio 2, book 45, Stock Companies | **Registration number with the Supervisory Board of Companies:** 26, folio 2, book 45, Stock Companies | **Registration number with the Supervisory Board of Companies:** 26, folio 2, book 45, Stock Companies |
| **Stock:** 648,742,437 common shares | **Stock:** 648,742,437 common shares | **Stock:** 648,742,437 common shares |
| **Common stock subscribed, issued and paid up nominal value (millions of ARS**)**:** 649 | **Common stock subscribed, issued and paid up nominal value (millions of ARS**)**:** 649 | **Common stock subscribed, issued and paid up nominal value (millions of ARS**)**:** 649 |
| **Control Group:** Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Consultores Asset Management S.A.. | **Control Group:** Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Consultores Asset Management S.A.. | **Control Group:** Eduardo S. Elsztain directly and through Inversiones Financieras del Sur S.A., Consultores Venture Capital Uruguay S.A. and Consultores Asset Management S.A.. |
| **Legal addresses:** Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (Consultores Venture Capital Uruguay S.A.) - Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Consultores Asset Management S.A.). | **Legal addresses:** Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (Consultores Venture Capital Uruguay S.A.) - Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Consultores Asset Management S.A.). | **Legal addresses:** Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Eduardo S. Elsztain) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (IFISA) - Road 8, km 17,500, Zonamérica Building 1, store 106, Montevideo, Uruguay (Consultores Venture Capital Uruguay S.A.) - Bolívar 108, 1st floor, Autonomous City of Buenos Aires, Argentina (Consultores Asset Management S.A.). |
| **Parent companies' activity**: Investment | **Parent companies' activity**: Investment | **Parent companies' activity**: Investment |
| **Direct and indirect participation of the Control Group over the capital**: 233,323,903 shares | **Direct and indirect participation of the Control Group over the capital**: 233,323,903 shares | **Direct and indirect participation of the Control Group over the capital**: 233,323,903 shares |
| **Voting stock (direct and indirect equity interest):** 35.97% (\*) | **Voting stock (direct and indirect equity interest):** 35.97% (\*) | **Voting stock (direct and indirect equity interest):** 35.97% (\*) |
| **Type of stock** | **CAPITAL STATUS** | **CAPITAL STATUS** |
| **Type of stock** | **Authorized to be offered publicly (Shares)** | **Subscribed, Issued and Paid-in (millions of ARS)** |
| Ordinary certified shares of ARS 1 nominal value and 1 vote each | 648,742,437 (\*\*) | 649 |
| (\*) For computation purposes, treasury shares have been subtracted. | (\*) For computation purposes, treasury shares have been subtracted. | (\*) For computation purposes, treasury shares have been subtracted. |
| (\*\*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition. | (\*\*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition. | (\*\*) Company not included in the Optional Statutory System of Public Offer of Compulsory Acquisition. |

---

------

 **Index**

---

| | |
|:---|:---|
| Glossary of terms | 1 |
| Unaudited Condensed Interim Consolidated Statements of Financial Position | 2 |
| Unaudited Condensed Interim Consolidated Statements of Income and Other Comprehensive Income | 3 |
| Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | 4 |
| Unaudited Condensed Interim Consolidated Statements of Cash Flows | 6 |
| Notes to the Unaudited Condensed Interim Consolidated Financial Statements: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 1 - The Group's business and general information | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 2 - Summary of significant accounting policies | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 3 - Seasonal effects on operations | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 4 - Acquisitions and disposals | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 5 - Financial risk management and fair value estimates | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 6 - Segment information | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 7 - Investments in associates and joint ventures | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 8 - Investment properties | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 9 - Property, plant and equipment | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 10 - Trading properties | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 11 - Intangible assets | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 12 - Right-of-use assets and lease liabilities | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 13 - Biological assets | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 14 - Inventories | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 15 - Financial instruments by category | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 16 - Trade and other receivables | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 17 - Cash flow and cash equivalents information | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 18 - Trade and other payables | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 19 - Provisions | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 20 - Borrowings | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 21 - Taxation | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 22 - Revenues | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 23 - Costs | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 24 - Expenses by nature | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 25 - Other operating results, net | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 26 - Financial results, net | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 27 - Related parties transactions | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 28 - CNV General Resolution N° 622 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 29 - Cost of sales and services provided | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 30 - Foreign currency assets and liabilities | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 31 - Other relevant events of the period | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Note 32 - Subsequent Events | 35 |

---

------

 **Glossary of terms**

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. |
| BACS | Banco de Crédito y Securitización S.A. |
| BHSA | Banco Hipotecario S.A. |
| CAMSA | Consultores Assets Management S.A. |
| CNV | Securities Exchange Commission (Argentina) |
| CODM | Chief operating decision maker |
| Cresud, "the Company", "us" | Cresud S.A.C.I.F. y A. |
| GCDI | GCDI S.A. |
| GLA | Gross Leasable Area |
| IASB | International Accounting Standards Board |
| IDBD | IDB Development Corporation Ltd. |
| IFISA | Inversiones Financieras del Sur S.A. |
| IPC | Consumer's price index |
| IRSA | IRSA Inversiones y Representaciones S.A. |
| New Lipstick | New Lipstick LLC |
| IAS | International Accounting Standards |
| IFRS | International Financial Reporting Standards |
| NIS | New Israeli Shekel |
| Puerto Retiro | Puerto Retiro S.A. |
| U.S. | United States |

---

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 **as of December 31, 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 | **12.31.2025**<br>| **06.30.2025**<br>|
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Investment properties | 8 | 2889523  | 2747757  |
| Property, plant and equipment | 9 | 933646  | 814549  |
| Trading properties | 10 | 172042  | 142547  |
| Intangible assets | 11 | 32477  | 32573  |
| Right-of-use assets | 12 | 169712  | 139480  |
| Biological assets | 13 | 51668  | 49779  |
| Investment in associates and joint ventures | 7 | 221577  | 214345  |
| Deferred income tax assets | 21 | 16609  | 14722  |
| Income tax credit |  | 81  | 87  |
| Restricted assets | 15 | 4977  | -  |
| Trade and other receivables | 16 | 202313  | 200846  |
| Investment in financial assets | 15 | 35982  | 31809  |
| Derivative financial instruments | 15 | 2003  | 2822  |
| **Total non-current assets** |  | **4732610**  | **4391316**  |
| **Current assets** |  |  |  |
| Trading properties | 10 | 48120  | 40797  |
| Biological assets | 13 | 187748  | 120788  |
| Inventories | 14 | 157584  | 202768  |
| Income tax credit |  | 546  | 1385  |
| Trade and other receivables | 16 | 460912  | 506149  |
| Investment in financial assets | 15 | 285319  | 258548  |
| Derivative financial instruments | 15 | 11623  | 7751  |
| Cash and cash equivalents | 15 | 434767  | 286711  |
| **Total current assets** |  | **1586619**  | **1424897**  |
| **TOTAL ASSETS** |  | **6319229**  | **5816213**  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Shareholders' equity (according to corresponding statement) |  | 1103635  | 1109320  |
| Non-controlling interest |  | 1503300  | 1420908  |
| **TOTAL SHAREHOLDERS' EQUITY** |  | **2606935**  | **2530228**  |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Trade and other payables | 18 | 70713  | 88436  |
| Borrowings | 20 | 1345597  | 922754  |
| Deferred income tax liabilities | 21 | 1013025  | 986989  |
| Provisions | 19 | 47579  | 37067  |
| Payroll and social security liabilities |  | 466  | 142  |
| Lease liabilities | 12 | 118849  | 101089  |
| Derivative financial instruments | 15 | 3614  | 4534  |
| **Total non-current liabilities** |  | **2599843**  | **2141011**  |
| **Current liabilities** |  |  |  |
| Trade and other payables | 18 | 434366  | 377762  |
| Borrowings | 20 | 533492  | 612340  |
| Provisions | 19 | 6417  | 5994  |
| Payroll and social security liabilities |  | 30307  | 43511  |
| Income tax liabilities |  | 54868  | 64859  |
| Lease liabilities | 12 | 49308  | 36413  |
| Derivative financial instruments | 15 | 3693  | 4095  |
| **Total Current liabilities** |  | **1112451**  | **1144974**  |
| **TOTAL LIABILITIES** |  | **3712294**  | **3285985**  |
| **TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES** |  | **6319229**  | **5816213**  |

---

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.) <u>) </u> <br> Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 **for the six and three-month periods ended December 31, 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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Six months**  | **Six months**  | **Three months**  | **Three months**  |
|  | Note | **12.31.2025**<br>| **12.31.2024 Restated (i)**<br>| **12.31.2025**<br>| **12.31.2024 Restated (i)**<br>|
| Revenues | 22 | 651055  | 546608  | 307501  | 255717  |
| Costs | 23 | (410032) | (348082) | (183677) | (150891) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest |  | (5752) | 5751  | (3855) | 8536  |
| Changes in the net realizable value of agricultural products after harvest |  | 7164  | (2376) | (680) | (5251) |
| **Gross profit** |  | **242435**  | **201901**  | **119289**  | **108111**  |
| Net gain / (loss) from fair value adjustment of investment properties | 8 | 184494  | (299744) | (49841) | 16039  |
| Gain from disposal of farmlands |  | -  | 31211  | -  | -  |
| General and administrative expenses | 24 | (63100) | (62195) | (33070) | (33876) |
| Selling expenses | 24 | (55183) | (47986) | (25156) | (21934) |
| Other operating results, net | 25 | 5187  | (1575) | 13604  | (1411) |
| Management fees |  | (7137) | -  | (3936) | -  |
| **Profit / (loss) from operations** |  | **306696**  | **(178388)** | **20890**  | **66929**  |
| Share of profit of associates and joint ventures | 7 | 10472  | 31116  | 15501  | 20928  |
| **Profit / (loss) before financial results and income tax** |  | **317168**  | **(147272)** | **36391**  | **87857**  |
| Finance income | 26 | 6720  | 4407  | 2085  | (1510) |
| Finance cost | 26 | (77416) | (48817) | (37966) | (23163) |
| Other financial results | 26 | 21602  | 122458  | 60559  | 47056  |
| Inflation adjustment | 26 | 13390  | 10580  | 14559  | 1556  |
| Financial results, net | 26 | (35704) | 88628  | 39237  | 23939  |
| **Profit / (loss) before income tax** |  | **281464**  | **(58644)** | **75628**  | **111796**  |
| Income tax | 21 | (87532) | 29793  | (484) | (56638) |
| **Profit / (loss) for the period** |  | **193932**  | **(28851)** | **75144**  | **55158**  |
| Other comprehensive income / (loss): |  |  |  |  |  |
|  ***Items that may be reclassified subsequently to profit or loss:*** |  |  |  |  |  |
| Currency translation adjustment and other comprehensive results from subsidiaries and associates (ii) |  | 28479  | (112357) | (34609) | (86170) |
| Revaluation surplus |  | 4545  | 364  | 4545  | 9  |
| **Total other comprehensive income / (loss) for the period** |  | **33024**  | **(111993)** | **(30064)** | **(86161)** |
| **Total comprehensive income / (loss) for the period** |  | **226956**  | **(140844)** | **45080**  | **(31003)** |
|  ***Profit / (loss) for the period attributable to:*** |  |  |  |  |  |
| Equity holders of the parent |  | 74448  | (25103) | 34709  | 12278  |
| Non-controlling interest |  | 119484  | (3748) | 40435  | 42880  |
|  ***Total comprehensive income / (loss) attributable to:*** |  |  |  |  |  |
| Equity holders of the parent |  | 86107  | (65383) | 24119  | (18915) |
| Non-controlling interest |  | 140849  | (75461) | 20961  | (12088) |
|  ***Profit / (loss) for the period per share attributable to equity holders of the parent (iii):*** |  |  |  |  |  |
| Basic |  | 119.00  | (41.76) | 55.48  | 20.42  |
| Diluted  |  | 110.18  | (41.76)(iv) | 51.37  | 18.20  |

---

(i) See Note 1 to these Condensed Interim Consolidated Financial Statements.

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

(iii) See Note 30 to the Annual Consolidated Financial Statements as of June 30, 2025.

(iv) 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 Condensed Interim Consolidated Financial Statements.) <u>) </u> <br> Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 **for the six-month period ended December 31, 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** |  |  |
|  | **Share capital** | **Share capital** |  |  |  |  |  |  |  |  |  |  |
|  | **Outstanding shares**<br>| **Treasury shares (iii)**<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>| **Other reserves (iv)**<br>| **Retained earnings**<br>| **Subtotal**<br>| **Non-controlling interest**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2025** | **607**  | **7**  | **324979**  | **25089**  | **416796**  | **(35794)** | **49392**  | **235921**  | **92323**  | **1109320**  | **1420908**  | **2530228**  |
| Profit for the period | -  | -  | -  | -  | -  | -  | -  | -  | 74448  | 74448  | 119484  | 193932  |
| Other comprehensive income for the period | -  | -  | -  | -  | -  | -  | -  | 11659  | -  | 11659  | 21365  | 33024  |
| **Total comprehensive income for the period** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **11659**  | **74448**  | **86107**  | **140849**  | **226956**  |
| Assignment of results - Shareholders' meeting | -  | -  | -  | -  | -  | -  | 5434  | 2096  | (7530) | -  | -  | -  |
| Distribution of treasury shares | 5  | (5) | -  | -  | -  | (10679) | -  | 10655  | -  | (24) | -  | (24) |
| Reserve for share-based payments | -  | -  | -  | -  | -  | -  | -  | 1  | -  | 1  | 69  | 70  |
| Dividends distribution | -  | -  | -  | -  | -  | -  | -  | -  | (101150) | (101150) | (76805) | (177955) |
| Exercise of warrants (ii) | 35  | -  | 1  | (8081) | 27337  | -  | -  | -  | -  | 19292  | 4952  | 24244  |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | (9911) | -  | (9911) | 9911  | -  |
| Other changes in shareholders' equity | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | (50) | (50) |
| Capitalization of irrevocable contributions | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 3466  | 3466  |
| **Balance as of December 31, 2025** | **647**  | **2**  | **324980**  | **17008**  | **444133**  | **(46473)** | **54826**  | **250421**  | **58091**  | **1103635**  | **1503300**  | **2606935**  |

---

(i) Includes ARS 1 of Inflation adjustment of treasury shares as of December 31, 2025. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(ii) As of December 31, 2025, the remaining warrants to exercise amount to 49,708,631. See Note 31 to these Condensed Interim Consolidated Financial Statements.

(iii) On September 26, 2025, the Company transferred 1,054,383 treasury shares to a trust with the purpose of allocating them to a new long-term incentive plan for certain employees.

(iv) Group's other reserves for the period ended December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for currency translation adjustment**<br>| **Reserve for the acquisition of securities issued by the Company**<br>| **Special reserve**<br>| **Other reserves (i)**<br>| **Total other reserves**<br>|
| **Balance as of June 30, 2025** | **(12816)** | **(30544)** | **3126**  | **298655**  | **(22500)** | **235921**  |
| Other comprehensive income for the period | -  | 11610  | -  | -  | 49  | 11659  |
| **Total comprehensive income for the period** | **-**  | **11610**  | **-**  | **-**  | **49**  | **11659**  |
| Assignment of results - Shareholders' meeting | -  | -  | -  | 2096  | -  | 2096  |
| Reserve for share-based payments | -  | -  | -  | -  | 1  | 1  |
| Treasury shares distribution | 10655  | -  | -  | -  | -  | 10655  |
| Changes in non-controlling interest | -  | -  | -  | -  | (9911) | (9911) |
| **Balance as of December 31, 2025** | **(2161)** | **(18934)** | **3126**  | **300751**  | **(32361)** | **250421**  |

---

(i) 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 Condensed Interim Consolidated Financial Statements.) <u>) </u> <br> Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 **for the six-month period ended December 31, 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** |  |  |
|  | **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>| **Other reserves (ii)**<br>| **Retained earnings**<br>| **Subtotal**<br>| **Non-controlling interest**<br>| **Total Shareholders' equity**<br>|
| **Balance as of June 30, 2024 restated (i)** | **594**  | **2**  | **324974**  | **29441**  | **402856**  | **(35620)** | **43751**  | **245732**  | **95248**  | **1106978**  | **1382615**  | **2489593**  |
| Loss for the period restated (i) | -  | -  | -  | -  | -  | -  | -  | -  | (25103) | (25103) | (3748) | (28851) |
| Other comprehensive loss for the period | -  | -  | -  | -  | -  | -  | -  | (40280) | -  | (40280) | (71713) | (111993) |
| **Total comprehensive loss for the period restated (i)** | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **-**  | **(40280)** | **(25103)** | **(65383)** | **(75461)** | **(140844)** |
| Assignment of results - Shareholders' meeting | -  | -  | -  | -  | -  | -  | 5641  | 44903  | (50544) | -  | -  | -  |
| Repurchase of treasury shares | (5) | 5  | -  | -  | -  | -  | -  | (8572) | -  | (8572) | (9859) | (18431) |
| Reserve for share-based payments | -  | -  | -  | -  | -  | (174) | -  | 177  | -  | 3  | 148  | 151  |
| Exercise of warrants | 7  | -  | 135  | (1691) | 5424  | -  | -  | -  | -  | 3875  | 3029  | 6904  |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | -  | -  | (14346) | -  | (14346) | (8132) | (22478) |
| Dividends distribution | -  | -  | -  | -  | -  | -  | -  | -  | (62273) | (62273) | (81442) | (143715) |
| Other changes in shareholders' equity | -  | -  | -  | -  | -  | -  | -  | 10151  | -  | 10151  | -  | 10151  |
| Capitalization of irrevocable contributions | -  | -  | -  | -  | -  | -  | -  | -  | -  | -  | 171  | 171  |
| **Balance as of December 31, 2024 restated (i)** | **596**  | **7**  | **325109**  | **27750**  | **408280**  | **(35794)** | **49392**  | **237765**  | **(42672)** | **970433**  | **1211069**  | **2181502**  |

---

(i) See Note 1 to these Condensed Interim Consolidated Financial Statements.

(ii) Includes ARS 1 of Inflation adjustment of treasury shares as of December 31, 2024. See Note 19 to the Annual Consolidated Financial Statements as of June 30, 2025.

(iii) Group's other reserves for the period ended December 31, 2024, were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Cost of treasury shares**<br>| **Reserve for currency translation adjustment**<br>| **Reserve for future dividends**<br>| **Reserve for the acquisition of securities issued by the Company**<br>| **Special reserve**<br>| **Other reserves (i)**<br>| **Total other reserves**<br>|
| **Balance as of June 30, 2024 restated (i)** | **(4420)** | **(11697)** | **43973**  | **3126**  | **209779**  | **4971**  | **245732**  |
| Other comprehensive (loss) / income for the period | -  | (40675) | -  | -  | -  | 395  | (40280) |
| **Total comprehensive (loss) / income for the period** | **-**  | **(40675)** | **-**  | **-**  | **-**  | **395**  | **(40280)** |
| Assignment of results - Shareholders' meeting | -  | -  | (43973) | -  | 88876  | -  | 44903  |
| Repurchase of treasury shares | (8572) | -  | -  | -  | -  | -  | (8572) |
| Reserve for share-based payments | 176  | -  | -  | -  | -  | 1  | 177  |
| Changes in non-controlling interest | -  | -  | -  | -  | -  | (14346) | (14346) |
| Other changes in shareholders' equity | -  | 328  | -  | -  | -  | 9823  | 10151  |
| **Balance as of December 31, 2024 restated (i)** | **(12816)** | **(52044)** | **-**  | **3126**  | **298655**  | **844**  | **237765**  |

---

(i) 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 Condensed Interim Consolidated Financial Statements.) <u>) </u> <br> Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 **for the six-month periods ended December 31, 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 | **12.31.2025**<br>| **12.31.2024 Restated (i)**<br>|
| **Operating activities:** |  |  |  |
| Net cash generated from operating activities before income tax paid | 15 | 162528  | 35994  |
| Income tax paid |  | (64194) | (9054) |
| **Net cash generated from operating activities** |  | **98334**  | **26940**  |
| **Investing activities:** |  |  |  |
| Proceeds from the sale of participation in associates and joint ventures |  | -  | 6435  |
| Capital contributions to associates and joint ventures |  | (685) | (41) |
| Acquisition of participation in associates |  | (6952) | -  |
| Acquisition and improvement of investment properties |  | (46173) | (25523) |
| Proceeds from sales of investment properties |  | 1490  | 8610  |
| Acquisitions and improvements of property, plant and equipment |  | (35727) | (22954) |
| Acquisition of intangible assets |  | (853) | (2722) |
| Proceeds from sales of property, plant and equipment |  | 17937  | 22357  |
| Dividends collected from associates and joint ventures |  | 39  | -  |
| Loans granted |  | (954) | -  |
| Proceeds from loans granted |  | 992  | 605  |
| Acquisitions of investments in financial assets |  | (867477) | (426842) |
| Proceeds from disposal of investments in financial assets |  | 747862  | 348930  |
| Interest received from financial assets |  | 94751  | 7948  |
| Payments of derivative financial instruments, net |  | (669) | 1272  |
| **Net cash used in investing activities** |  | **(96419)** | **(81925)** |
| **Financing activities:** |  |  |  |
| Borrowings, issuance and new placement of non-convertible notes |  | 547936  | 297926  |
| Payment of borrowings and non-convertible notes |  | (309509) | (112302) |
| Obtaining / (payment) of short-term loans, net |  | 23510  | (1280) |
| Interest paid |  | (53603) | (61592) |
| Capital contributions from non-controlling interest in subsidiaries |  | 3466  | 171  |
| Lease liabilities paid |  | (2492) | (2997) |
| Repurchase of treasury shares |  | -  | (18431) |
| Dividends paid |  | (87197) | (76377) |
| Exercise of warrants |  | 24244  | 6904  |
| Distribution of treasury shares |  | (24) | -  |
| Repurchase of non-convertible notes |  | (5627) | (32694) |
| **Net cash generated from / (used in) financing activities** |  | **140704**  | **(672)** |
| **Net increase / (decrease) in cash and cash equivalents** |  | **142619**  | **(55657)** |
| Cash and cash equivalents at the beginning of the period | 15 | 286711  | 182670  |
| Foreign exchange gain on cash and unrealized fair value result for cash equivalents |  | 5173  | 9995  |
| Inflation adjustment |  | 264  | (8185) |
| **Cash and cash equivalents at the end of the period** | **15** | **434767**  | **128823**  |

---

(i) See Note 1 to these Condensed Interim Consolidated Financial Statements.

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements.) <u>) </u> <br> Marcelo H. Fuxman Síndico Titular Por Comisión Fiscalizadora Alejandro G. Elsztain Vice President II

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

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

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

Cresud was founded in 1936 as a subsidiary of Credit Foncier, a Belgian company primarily engaged in providing rural and urban loans in Argentina and administering real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, the shares of Cresud were distributed to Credit Foncier's shareholders. From the 1960s through the end of the 1970s, the business of Cresud shifted exclusively to agricultural activities.

In 2002, Cresud acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud. In 2009, Cresud increased its ownership percentage in IRSA to 55.64% and IRSA became Cresud's direct principal subsidiary.

Cresud and its subsidiaries are collectively referred to hereinafter as the Group.

Main shareholders´ of the Company are jointly Inversiones Financieras del Sur S.A., Agroinvestment S.A and Consultores Venture Capital Uruguay S.A. These entities are companies incorporated in Uruguay and belong to the same controlling group and the ultimate beneficiary is Eduardo S. Elsztain.

The Board of Directors has approved these Condensed Interim Consolidated Financial Statements for issuance on February 09, 2026.

As of December 31, 2025, the Group operates in two major lines of business: (i) agricultural business and (ii) urban property and investment business.

 **<u>Retroactive Restatement of Previously Issued Financial Statements – Correction in the Inflation Adjustment of the Share Premium Related to the Exercise of Warrants</u>**

While preparing the financial statements for the year ended June 30, 2025, the Company's management identified an error in the computation of the inflation adjustment of the share premium arising from the exercise of warrants during the fiscal years ended June 30, 2024, 2023, and 2022.

This error resulted in a duplication of the recognition of the inflation adjustment of the share premium related to the exercise of warrants, which led to an incorrect inflation adjustment loss reported in the income statement for those years. This error also impacts other items such as management fees, which should have resulted in a higher income tax carryforward. However, since tax loss carryforwards are provided for, this correction did not affect the income tax charge for the years presented.

As a result of the foregoing, the Company retroactively restated the affected items of its previously issued financial statements, correcting the identified error in accordance with IAS 8. The impacts on the Condensed Interim Consolidated Financial Statements as of December 31, 2024, are detailed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2024 As previously reported**<br>| **RECPAM (Inflationary effect)**<br>| **12.31.2024**<br>| **Error correction**<br>| **12.31.2024 Restated**<br>|
| **Current liabilities** |  |  |  |  |  |
| Trade and other payables | 308582  | 97354  | 405936  | 2044  | 407980  |
| **Total Current liabilities** | **818215**  | **258137**  | **1076352**  | **2044**  | **1078396**  |
| **TOTAL LIABILITIES** | **2295450**  | **724186**  | **3019636**  | **2044**  | **3021680**  |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |  |
| Shareholders' equity | 739254  | 233223  | 972477  | (2044) | 970433  |
| **TOTAL SHAREHOLDERS' EQUITY** | **1659876**  | **523670**  | **2183546**  | **(2044)** | **2181502**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2024 As previously reported**<br>| **RECPAM (Inflationary effect)**<br>| **12.31.2024**<br>| **Error correction**<br>| **12.31.2024 Restated**<br>|
| Inflation adjustment | (34418) | (10859) | (45277) | 55857  | 10580  |
| **Financial results, net** | **24913**  | **7858**  | **32771**  | **55857**  | **88628**  |
| **(Loss) / profit for the period** | **(64391)** | **(20317)** | **(84708)** | **55857**  | **(28851)** |
| **(Loss) / profit for the period per share attributable to equity holders of the parent:** |  |  |  |  |  |
| Basic | (102.38) | (32.32) | (134.70) | 92.94  | (41.76) |
| Diluted | (102.38) | (32.32) | (134.70) | 92.94  | (41.76) |

---

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2024 As previously reported**<br>| **RECPAM (Inflationary effect)**<br>| **12.31.2024**<br>| **Error correction**<br>| **12.31.2024 Restated**<br>|
| Net cash (used in) / generated from operating activities before income tax paid | (13487) | (4255) | (17742) | 53736  | 35994  |
| **Net cash (used in) / generated from operating activities** | **(20371)** | **(6425)** | **(26796)** | **53736**  | **26940**  |
| Exercise of warrants | 46098  | 14542  | 60640  | (53736) | 6904  |
| **Net cash generated from / (used in) financing activities** | **40338**  | **12726**  | **53064**  | **(53736)** | **(672)** |

---

**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 condensed interim consolidated financial statements, as accepted by IFRS Accounting Standards.

These condensed interim consolidated financial statements as of December 31, 2025 and for the interim periods of six months ended December 31, 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 year.

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 December 31, 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 December 31, 2025 (six months)<br>| As of December 31, 2025 (twelve months)<br>|
| Price variation | 14% | 32% |

---

As a consequence of the aforementioned, these condensed interim consolidated financial statements as of December 31, 2025, were restated in accordance with IAS 29.

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**2.2** **Accounting policies**

The accounting policies applied in the presentation of these Condensed Interim Consolidated 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 December 31, 2024, presented in these 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). Certain figures have been corrected and adjusted for the purposes of comparative presentation with those of the current financial period (See Note 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 condensed interim consolidated 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.

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

 **<u>Agricultural business</u>**

Some of the Group's businesses are more affected by seasonal effects than others. The operations of the Group's agricultural business are subject to seasonal effects. The harvests and sale of grains in Argentina generally take place each year since June in the case of corn and soybean since March, since October in the case of wheat, and since December in the case of sunflower. In Brazil, the harvest and sale of soybean take place since February, and in the case of corn weather conditions make it possible to have two seasons, therefore the harvest take place between March and July. In Bolivia, weather conditions also make it possible to have two soybean, corn and sorghum seasons and, therefore, these crops are harvested in July and May, whereas wheat is harvested in August and September, respectively. In the case of sugarcane, harvest and sale take place between April and November of each year. Other segments of the agricultural business, such as beef cattle production tend to be more stable. However, beef cattle production is generally larger during the second quarter, when conditions are more favorable. As a result, there may be material fluctuations in the agricultural business results across quarters.

 **<u>Urban properties and investments business</u>**

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 six-month period ended December 31, 2025 are detailed below.

 **<u>Urban property business and investments</u>**

 **<u>Sale of lots and barter agreements – "Ramblas del Plata" – IRSA</u>**

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.

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

On November 7 and December 26, 2025, IRSA signed barter agreements for two lots, for an approximate total amount of USD 11.8 million, equivalent to ARS 17,555 million, which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.

The sale 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 1,386 million, which has been recognized in the line item "Net gain / (loss) from fair value changes of investment properties" of these Consolidated Financial Statements. The barter agreement was recorded as a transfer between the line item "Investment properties" and "Trading properties" of these Consolidated Financial Statements.

 **<u>Acquisition of the Al Oeste Shopping - IRSA</u>**

On September 17, 2025, IRSA 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, therefore, 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 13,323 million, "Intangible assets" for ARS 15 million, and "Accrued interest" for ARS 1,153 million.

 **<u>Sale of lot Pilar - IRSA</u>**

On October 17, IRSA signed a purchase agreement for a plot of land located in the Municipality of Pilar, Province of Buenos Aires, with a total surface area of approximately 609,343 square meters. The transaction price amounted to USD 1.2 million, equivalent to ARS 1,802 million.

This transaction was recorded as a disposal of "Investment properties" and generated a gain of ARS 98 million, which was recognized in the line item "Net gain / (loss) from fair value changes of investment properties" of these Consolidated Financial Statements.

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

On October 30, 2025, 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 square meters, has an existing built area of approximately 17,000 square meters and potential for future expansion. The purchase price was USD 6.8 million, which was fully paid. IRSA intends to refurbish the property, enhancing an iconic asset of the City of Buenos Aires.

As of the date of issuance of these Financial Statements, the execution of the deed of transfer of ownership remains pending.

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

These Condensed Interim Consolidated 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 the previous year-end.

From June 30, 2025 and up to the date of issuance of these Condensed Interim Consolidated 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).

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

As explained in Note 6 to the Annual Consolidated Financial Statements, segment information is reported from the perspective of products and services: (i) agricultural business and (ii) urban properties and investment business.

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 Statement of Income and Other Comprehensive Income of the Group for the six-month periods ended December 31, 2025 and 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** |
|  | **Agricultural business (I)**<br>| **Urban Properties and Investment business (II)**<br>| **Total segment information**<br>| **Joint ventures (i)**<br>| **Adjustments (ii)**<br>| **Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)**<br>| **Total Statement of Income and Other Comprehensive Income/ Financial Position**<br>|
| Revenues | 362192  | 234536  | 596728  | (1366) | 58911  | (3218) | 651055  |
| Costs | (299911) | (51652) | (351563) | 145  | (59063) | 449  | (410032) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (8191) | -  | (8191) | -  | -  | 2439  | (5752) |
| Changes in the net realizable value of agricultural products after harvest | 7164  | -  | 7164  | -  | -  | -  | 7164  |
| **Gross profit / (loss)** | **61254**  | **182884**  | **244138**  | **(1221)** | **(152)** | **(330)** | **242435**  |
| Net gain from fair value adjustment of investment properties | -  | 183831  | 183831  | 663  | -  | -  | 184494  |
| General and administrative expenses | (23582) | (39842) | (63424) | 160  | -  | 164  | (63100) |
| Selling expenses | (41612) | (13957) | (55569) | 79  | -  | 307  | (55183) |
| Other operating results, net | (2290) | 7136  | 4846  | (12) | 316  | 37  | 5187  |
| Management fees | -  | -  | -  | -  | (7137) | -  | (7137) |
| **(Loss) / profit from operations** | **(6230)** | **320052**  | **313822**  | **(331)** | **(6973)** | **178**  | **306696**  |
| Share of (loss) / profit of associates and joint ventures | (818) | 10706  | 9888  | 584  | -  | -  | 10472  |
| **Segment (loss) / profit** | **(7048)** | **330758**  | **323710**  | **253**  | **(6973)** | **178**  | **317168**  |
| Reportable assets | 1257359  | 3414572  | 4671931  | (2532) | -  | 1649830  | 6319229  |
| Reportable liabilities (\*) | -  | -  | -  | -  | -  | (3712294) | (3712294) |
| **Net reportable assets** | **1257359**  | **3414572**  | **4671931**  | **(2532)** | **-**  | **(2062464)** | **2606935**  |

---

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

Below is a summarized analysis of the lines of business of the Group for the period ended December 31, 2024:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** |
|  | **Agricultural business (I)**<br>| **Urban Properties and Investment business (II)**<br>| **Total segment information**<br>| **Joint ventures (i)**<br>| **Adjustments (ii)**<br>| **Elimination of inter-segment transactions and non-reportable assets / liabilities (iii)**<br>| **Total Statement of Income and Other Comprehensive Income/ Financial Position Restated (iv)**<br>|
| Revenues | 269767  | 223819  | 493586  | (1250) | 56500  | (2228) | 546608  |
| Costs | (241107) | (50275) | (291382) | 116  | (56816) | -  | (348082) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 3665  | -  | 3665  | -  | -  | 2086  | 5751  |
| Changes in the net realizable value of agricultural products after harvest | (2376) | -  | (2376) | -  | -  | -  | (2376) |
| **Gross profit / (loss)** | **29949**  | **173544**  | **203493**  | **(1134)** | **(316)** | **(142)** | **201901**  |
| Net loss from fair value adjustment of investment properties | (850) | (298613) | (299463) | (281) | -  | -  | (299744) |
| Gain from disposal of farmlands | 31211  | -  | 31211  | -  | -  | -  | 31211  |
| General and administrative expenses | (25038) | (37489) | (62527) | 207  | -  | 125  | (62195) |
| Selling expenses | (35254) | (12823) | (48077) | 79  | -  | 12  | (47986) |
| Other operating results, net | 11069  | (12789) | (1720) | (11) | 177  | (21) | (1575) |
| **Profit / (loss) from operations** | **11087**  | **(188170)** | **(177083)** | **(1140)** | **(139)** | **(26)** | **(178388)** |
| Share of (loss) / profit of associates and joint ventures | (1477) | 31652  | 30175  | 941  | -  | -  | 31116  |
| **Segment profit / (loss)** | **9610**  | **(156518)** | **(146908)** | **(199)** | **(139)** | **(26)** | **(147272)** |
| Reportable assets | 1089061  | 2866352  | 3955413  | 1193  | -  | 1246576  | 5203182  |
| Reportable liabilities (\*) | -  | -  | -  | -  | -  | (3021680) | (3021680) |
| **Net reportable assets** | **1089061**  | **2866352**  | **3955413**  | **1193**  | **-**  | **(1775104)** | **2181502**  |

---

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

(ii) Includes ARS (152) and ARS (316) corresponding to Expenses and FPC as of December 31, 2025, and 2024, respectively, and ARS 7,137 to management fees, as of December 31, 2025.

(iii) Includes deferred income tax assets, income tax and MPIT 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.

(iv) See Note 1 to these Condensed Interim Consolidated Financial Statements.

(\*) The CODM focuses its review on reportable assets.

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 *(I)*

 *Agriculture line of business*

The following tables present the reportable segments of the agriculture line of business:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** |
|  | **Agricultural production**<br>| **Land transformation and sales**<br>| **Corporate**<br>| **Others**<br>| **Total Agricultural business**<br>|
| Revenues | 245391  | -  | -  | 116801  | 362192  |
| Costs | (214925) | (221) | -  | (84765) | (299911) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (8191) | -  | -  | -  | (8191) |
| Changes in the net realizable value of agricultural products after harvest | 7164  | -  | -  | -  | 7164  |
| **Gross profit / (loss)** | **29439**  | **(221)** | **-**  | **32036**  | **61254**  |
| General and administrative expenses | (14145) | (125) | (1955) | (7357) | (23582) |
| Selling expenses | (25487) | (33) | -  | (16092) | (41612) |
| Other operating results, net | (2322) | (1807) | -  | 1839  | (2290) |
| **(Loss) / profit from operations** | **(12515)** | **(2186)** | **(1955)** | **10426**  | **(6230)** |
| Share of profit / (loss) of associates and joint ventures | 290  | -  | -  | (1108) | (818) |
| **Segment (loss) / profit** | **(12225)** | **(2186)** | **(1955)** | **9318**  | **(7048)** |
| Investment properties | -  | 12116  | -  | -  | 12116  |
| Property, plant and equipment | 785317  | 49474  | -  | 3433  | 838224  |
| Investments in associates and joint ventures | 10680  | -  | -  | 198  | 10878  |
| Other reportable assets | 315214  | -  | -  | 80927  | 396141  |
| **Reportable assets** | **1111211**  | **61590**  | **-**  | **84558**  | **1257359**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** |
|  | **Agricultural production**<br>| **Land transformation and sales**<br>| **Corporate**<br>| **Others**<br>| **Total Agricultural business**<br>|
| Revenues | 195695  | -  | -  | 74072  | 269767  |
| Costs | (164078) | (176) | -  | (76853) | (241107) |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | 3665  | -  | -  | -  | 3665  |
| Changes in the net realizable value of agricultural products after harvest | (2376) | -  | -  | -  | (2376) |
| **Gross profit / (loss)** | **32906**  | **(176)** | **-**  | **(2781)** | **29949**  |
| Net loss from fair value adjustment of investment properties | -  | (850) | -  | -  | (850) |
| Gain from disposal of farmlands | -  | 31211  | -  | -  | 31211  |
| General and administrative expenses | (14158) | (49) | (3443) | (7388) | (25038) |
| Selling expenses | (21374) | (991) | -  | (12889) | (35254) |
| Other operating results, net | (2198) | 11750  | -  | 1517  | 11069  |
| **(Loss) / profit from operations** | **(4824)** | **40895**  | **(3443)** | **(21541)** | **11087**  |
| Share of loss of associates and joint ventures | (416) | -  | -  | (1061) | (1477) |
| **Segment (loss) / profit** | **(5240)** | **40895**  | **(3443)** | **(22602)** | **9610**  |
| Investment properties | -  | 85718  | -  | -  | 85718  |
| Property, plant and equipment | 653211  | 2015  | -  | 4790  | 660016  |
| Investments in associates and joint ventures | 10255  | -  | -  | 774  | 11029  |
| Other reportable assets | 238184  | 435  | -  | 93679  | 332298  |
| **Reportable assets** | **901650**  | **88168**  | **-**  | **99243**  | **1089061**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 *(II)*

 *Urban properties and investments line of business*

Below is a summarized analysis of the lines of business of Group's in the urban properties and investments line of business:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** | **12.31.2025** |
|  | **Shopping Malls**<br>| **Offices**<br>| **Sales and developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| Revenues | 165708  | 13200  | 7300  | 42611  | 5717  | 234536  |
| Costs | (14591) | (1362) | (7120) | (26472) | (2107) | (51652) |
| **Gross profit** | **151117**  | **11838**  | **180**  | **16139**  | **3610**  | **182884**  |
| Net gain / (loss) from fair value adjustment of investment properties (i) | 124743  | 19061  | 40165  | -  | (138) | 183831  |
| General and administrative expenses | (19961) | (1238) | (8988) | (5976) | (3679) | (39842) |
| Selling expenses | (8204) | (548) | (1738) | (2630) | (837) | (13957) |
| Other operating results, net | 795  | 206  | 12034  | (219) | (5680) | 7136  |
| **Profit / (Loss) from operations** | **248490**  | **29319**  | **41653**  | **7314**  | **(6724)** | **320052**  |
| Share of profit of associates and joint ventures | -  | -  | -  | -  | 10706  | 10706  |
| **Segment profit** | **248490**  | **29319**  | **41653**  | **7314**  | **3982**  | **330758**  |
| Investment and trading properties | 1800754  | 310166  | 994229  | -  | 2237  | 3107386  |
| Property, plant and equipment | 5029  | 534  | 30542  | 55218  | 4135  | 95458  |
| Investment in associates and joint ventures | -  | -  | -  | -  | 202908  | 202908  |
| Other reportable assets | 2365  | 2027  | -  | 966  | 3462  | 8820  |
| **Reportable assets** | **1808148**  | **312727**  | **1024771**  | **56184**  | **212742**  | **3414572**  |

---

(i) For the six-month period ended December 31, 2025, the net gain from fair value adjustment of investment properties was ARS 183,831. The net impact of the values in pesos of our properties was mainly a consequence of the change in macroeconomic conditions:

 **<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 7.96% during the six-month period ended December 31, 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 55,706 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 291,927 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 52 basis points in the discount rate used for cash flows and a decrease of 54 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 99,726.

Additionally, due to the impact of the inflation adjustment, ARS 205,794 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** | **12.31.2024** |
|  | **Shopping Malls**<br>| **Offices**<br>| **Sales and developments**<br>| **Hotels**<br>| **Others**<br>| **Total**<br>|
| Revenues | 159099  | 11432  | 9069  | 40182  | 4037  | 223819  |
| Costs | (11130) | (834) | (10770) | (25217) | (2324) | (50275) |
| **Gross profit / (loss)** | **147969**  | **10598**  | **(1701)** | **14965**  | **1713**  | **173544**  |
| Net gain / (loss) from fair value adjustment of investment properties | 156861  | (137750) | (317499) | -  | (225) | (298613) |
| General and administrative expenses | (18081) | (1463) | (7068) | (7187) | (3690) | (37489) |
| Selling expenses | (7150) | (295) | (1356) | (3101) | (921) | (12823) |
| Other operating results, net | (368) | 74  | (15241) | (389) | 3135  | (12789) |
| **Profit / (Loss) from operations** | **279231**  | **(128836)** | **(342865)** | **4288**  | **12**  | **(188170)** |
| Share of profit of associates and joint ventures | -  | -  | -  | -  | 31652  | 31652  |
| **Segment profit / (loss)** | **279231**  | **(128836)** | **(342865)** | **4288**  | **31664**  | **(156518)** |
| Investment and trading properties | 1308304  | 323396  | 840420  | -  | 3073  | 2475193  |
| Property, plant and equipment | 4609  | 518  | 30527  | 53392  | 4413  | 93459  |
| Investment in associates and joint ventures | -  | -  | -  | -  | 225803  | 225803  |
| Other reportable assets | 2317  | 2027  | 63245  | 791  | 3517  | 71897  |
| **Reportable assets** | **1315230**  | **325941**  | **934192**  | **54183**  | **236806**  | **2866352**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

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

Changes in the Group's investments in associates and joint ventures for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| **Beginning of period** | **214160**  | **219241**  |
| Share capital increase and contributions (Note 27) | 685  | 40  |
| Sale of interest in associates and joint ventures | -  | (4271) |
| Share of profit | 10472  | 30733  |
| Other comprehensive income / (loss) | 688  | (546) |
| Dividends (Note 27) | (4597) | (31267) |
| Transfers to/from financial assets (ii) | -  | 399  |
| Decrease of interest (iii) | -  | (169) |
| **End of the period (i)** | **221408**  | **214160**  |

---

(i) As of December 31, 2025, and June 30, 2025, includes ARS (169) and ARS (185) respectively, reflecting interests in companies with negative equity, which were disclosed in "Provisions" (Note 19).

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **% ownership interest** | **% ownership interest** | **Value of Group's interest in equity** | **Value of Group's interest in equity** | **Group's interest in comprehensive income** | **Group's interest in comprehensive income** |
| **Name of the entity** | **12.31.2025**<br>| **06.30.2025**<br>| **12.31.2025**<br>| **06.30.2025**<br>| **12.31.2025**<br>| **12.31.2024**<br>|
| New Lipstick | 49.96% | 49.96% | 1788  | 1682  | 105  | (99) |
| BHSA | 29.12% | 29.12% | 157991  | 152971  | 5021  | 19351  |
| BACS | 37.72% | 37.72% | 12613  | 12622  | (10) | 280  |
| Nuevo Puerto Santa Fe S.A. | 50.00% | 50.00% | 7774  | 9719  | 622  | 1003  |
| GCDI | -  | -  | -  | -  | -  | 3969  |
| La Rural S.A. | 50.00% | 50.00% | 27709  | 24023  | 5685  | 7928  |
| Agrouranga S.A. | 34.86% | 34.86% | 8776  | 8386  | 390  | (223) |
| Other associates and joint ventures | N/A  | N/A  | 4757  | 4757  | (653) | (1582) |
| **Total associates and joint ventures** |  |  | **221408**  | **214160**  | **11160**  | **30627**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Last financial statement issued** | **Last financial statement issued** | **Last financial statement issued** | **Last financial statement issued** | **Last financial statement issued** | **Last financial statement issued** |
| **Name of the entity** | **Location 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>|
| New Lipstick | U.S. | Real estate | 23631037  | (\*)  | 47  | (\*)  | (1) | (\*)  | (51) |
| BHSA | Argentina | Financing | 436780922  | (\*\*)  | 1500  | (\*\*)  | 17242  | (\*\*)  | 528687  |
| BACS | Argentina | Financing | 33125751  | (\*\*)  | 88  | (\*\*)  | (26) | (\*\*)  | 33435  |
| Nuevo Puerto Santa Fe S.A. | Argentina | Real estate | 138750  |  | 28  |  | 1245  |  | 14887  |
| La Rural S.A. | Argentina | Organization of events | 714998  | (\*\*)  | 1  | (\*\*)  | 11556  | (\*\*)  | 55427  |
| Agrouranga S.A. | Argentina | Agriculture | 2532206  |  | 7  |  | 1119  |  | 5474  |

---

(\*) Amounts expressed in dollars.

(\*\*) Information as of December 31, 2025, according to IFRS.

**Puerto Retiro (joint venture)**

There were no changes to the information disclosed in Note 7 to the Annual Consolidated Financial Statements as of June 30, 2025.

**La Rural S.A. (joint venture)**

There were no changes to the information disclosed in Note 7 to the Annual Consolidated Financial Statements as of June 30, 2025.

**Arcos**

There were no changes to the information disclosed in Note 7 to the Annual Consolidated Financial Statements as of June 30, 2025.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

Changes in the Group's investment properties for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **12.31.2025** | **12.31.2025** | **06.30.2025** | **06.30.2025** |
|  | **Level 2**<br>| **Level 3**<br>| **Level 2**<br>| **Level 3**<br>|
| **Fair value at the beginning of period / year** | **1118535**  | **1629222**  | **1732478**  | **1056609**  |
| Additions | 45364  | 11151  | 30795  | 54366  |
| Disposals | (1864) | -  | (10388) | (21) |
| Transfers | (102798) | (459) | (127026) | (4371) |
| Net gain / (loss) from fair value adjustment | 62939  | 121555  | (500988) | 522791  |
| Additions of capitalized leasing costs | 28  | 86  | 74  | 134  |
| Amortization of capitalized leasing costs (i) | (77) | (142) | (150) | (286) |
| Currency translation adjustment | 5983  | -  | (6260) | -  |
| **Fair value at the end of the period / year** | **1128110**  | **1761413**  | **1118535**  | **1629222**  |

---

(i) Amortization charges of capitalized leasing costs were included in "Costs" in the Statement of Income and Other Comprehensive Income (Note 24).

The following is the balance by type of investment property of the Group as of December 31, 2025 and June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| Leased out farmland | 12116  | 84584  |
| Offices and other rental properties | 339080  | 315621  |
| Shopping malls (i) | 1778746  | 1645530  |
| Undeveloped parcels of land | 756654  | 699041  |
| Properties under development | 751  | 743  |
| Others | 2176  | 2238  |
| **Total** | **2889523**  | **2747757**  |

---

(i) Includes parking spaces.

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

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Revenues | 246432  | 234379  |
| Direct operating expenses | (80310) | (74765) |
| Development expenses | (4434) | (8263) |
| Net unrealized gain / (loss) from fair value adjustment of investment property (i) | 183033  | (303346) |
| Net realized gain from fair value adjustment of investment property (ii) | 1461  | 3602  |

---

(i) It includes the result from changes in the fair value of those investment properties that are in the portfolio and have not yet been sold. It has been generated in accordance with what is described in the section called "valuation techniques", mainly affected by the macroeconomic effects of inflation and changes in the reference exchange rates mentioned therein.

(ii) 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.

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

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

Changes in the Group's property, plant and equipment for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Owner occupied farmland**<br>| **Bearer plant (iii)**<br>| **Buildings and facilities**<br>| **Machinery and equipment**<br>| **Others (i)**<br>| **12.31.2025**<br>| **06.30.2025**<br>|
| Costs | 736839  | 85402  | 188636  | 74418  | 46098  | 1131393  | 1093253  |
| Accumulated depreciation | (88647) | (51764) | (82242) | (64543) | (29648) | (316844) | (279807) |
| **Net book amount at the beginning of the period / year** | **648192**  | **33638**  | **106394**  | **9875**  | **16450**  | **814549**  | **813446**  |
| Additions | 24539  | 2558  | 6543  | 869  | 1280  | 35789  | 51136  |
| Incorporation by business combination | -  | -  | -  | -  | -  | -  | 5581  |
| Disposals | (44) | (240) | (169) | -  | (162) | (615) | (13315) |
| Currency translation adjustment | 15305  | 1407  | 624  | (7) | 400  | 17729  | (33980) |
| Transfers | 84777  | 77  | 456  | 120  | 15  | 85445  | 28718  |
| Depreciation charges (ii) | (6711) | (4660) | (4525) | (1833) | (1522) | (19251) | (37037) |
| **Balances at the end of the period / year** | **766058**  | **32780**  | **109323**  | **9024**  | **16461**  | **933646**  | **814549**  |
| Costs | 861416  | 89204  | 196090  | 75400  | 47631  | 1269741  | 1131393  |
| Accumulated depreciation | (95358) | (56424) | (86767) | (66376) | (31170) | (336095) | (316844) |
| **Net book amount at the end of the period / year** | **766058**  | **32780**  | **109323**  | **9024**  | **16461**  | **933646**  | **814549**  |

---

(i) Includes furniture and fixtures and vehicles.

(ii) As of December 31, 2025, the depreciation charge has been charged to the line "Costs" for ARS 3,841, "General and administrative expenses" for ARS 1,753 and "Selling expenses" for ARS 386, in the Statement of Income and Other Comprehensive Income (Note 24), ARS 13,271 were capitalized as part of the cost of biological assets.

(iii) Corresponds to the plantation of sugarcane with a useful life of more than one year.

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

Changes in the Group's trading properties for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Completed properties**<br>| **Properties under development**<br>| **Undeveloped sites**<br>| **12.31.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **2470**  | **165347**  | **15527**  | **183344**  | **31781**  |
| Additions | -  | 3041  | 533  | 3574  | 3437  |
| Currency translation adjustment | -  | 1010  | -  | 1010  | (757) |
| Transfers | -  | 24359  | -  | 24359  | 186643  |
| Reversal / charge of impairment (i) | 32  | 11981  | -  | 12013  | (21858) |
| Disposals | -  | (4137) | (1) | (4138) | (15902) |
| **End of the period / year** | **2502**  | **201601**  | **16059**  | **220162**  | **183344**  |
| Non-current |  |  |  | 172042  | 142547  |
| Current |  |  |  | 48120  | 40797  |
| **Total** |  |  |  | **220162**  | **183344**  |

---

(i) IRSA makes a quarterly comparison between the cost and the net realizable value of its trading properties. As of the end of the current period, a partial reversal of the impairment previously recognized on trading properties was recorded. This recovery is attributable to an increase in the net realizable value as a result of improvements in macroeconomic conditions. The value of these assets recorded at their inflation-adjusted cost is ARS 192,604, while the net realizable value amounts to ARS 204,617, resulting in an impairment reversal of ARS 12,013. The reversal / charge of impairment has been recognized under "Other operating results, net" in the statement of income and other comprehensive income (Note 25).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

Changes in the Group's intangible assets for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goodwill**<br>| **Information systems and software**<br>| **Concession rights, brands and others**<br>| **12.31.2025**<br>| **06.30.2025**<br>|
| Costs | 7607  | 34205  | 32060  | 73872  | 152868  |
| Accumulated amortization | -  | (27066) | (14233) | (41299) | (37367) |
| **Net book amount at the beginning of the period / year** | **7607**  | **7139**  | **17827**  | **32573**  | **115501**  |
| Additions | -  | 1215  | 15  | 1230  | 4548  |
| Disposals | -  | -  | -  | -  | (16) |
| Transfers | -  | 339  | -  | 339  | (83395) |
| Currency translation adjustment | 28  | 53  | -  | 81  | (133) |
| Amortization charges (i) | -  | (1533) | (213) | (1746) | (3932) |
| **Balances at the end of the period / year** | **7635**  | **7213**  | **17629**  | **32477**  | **32573**  |
| Costs | 7635  | 35812  | 32075  | 75522  | 73872  |
| Accumulated amortization | -  | (28599) | (14446) | (43045) | (41299) |
| **Net book amount at the end of the period / year** | **7635**  | **7213**  | **17629**  | **32477**  | **32573**  |

---

(i) As of December 31, 2025, amortization charge was recognized in the amount of ARS 1,373 under "Costs", in the amount of ARS 365 under "General and administrative expenses" and in the amount of ARS 8 under "Selling expenses", in the Statement of Income and Other Comprehensive Income (Note 24).

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

The Group's right-of-use assets as of December 31, 2025, and June 30, 2025, are the following:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| Farmland | 147348  | 118427  |
| Convention center | 4688  | 5059  |
| Offices, shopping malls and other buildings | 12680  | 11563  |
| Machinery and equipment | 4996  | 4431  |
| **Right-of-use assets** | **169712**  | **139480**  |
| Non-current | 169712  | 139480  |
| Total | **169712**  | **139480**  |

---

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

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Farmland | 11,386  | 11,632  |
| Convention center | 371  | 530  |
| Offices, shopping malls and other buildings | 1,415  | 981  |
| Machinery and equipment | 747  | 783  |
| **Depreciation charge of right-of-use assets (i)** | **13,919**  | **13,926**  |

---

(I) As of Dectember 31, 2025, the amortization charge has been allocated ARS 936 within "Costs", ARS 449 in "General and administrative expenses" and ARS 401 in "Selling expenses" in the Statement of Income and Other Comprehensive Income (Note 24), ARS 12,133 were capitalized as part of the cost of biological assets.

The Group's lease liabilities as of December 31, 2025, and June 30, 2025, are the following:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| Farmland | 157742  | 126798  |
| Convention center | 2607  | 2639  |
| Offices, shopping malls and other buildings | 7808  | 8065  |
| **Lease liabilities** | **168157**  | **137502**  |
| Non-current | 118849  | 101089  |
| Current | 49308  | 36413  |
| **Total** | **168157**  | **137502**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**13.** **Biological assets**

Changes in the Group's biological assets and their allocation to the fair value hierarchy for the six-month period ended December 31, 2025 and for the year ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Sown land-crops** | **Sown land-crops** | **Sugarcane fields**<br>| **Breeding cattle and cattle for sale (i)**<br>| **Other cattle (i)**<br>| **Others**<br>|  |  |
|  | Level 1<br>| Level 3<br>| Level 3<br>| Level 2<br>| Level 2<br>| Level 1<br>| **12.31.2025**<br>| **06.30.2025**<br>|
| **Net book amount at the beginning of the period / year** | **10197**  | **47189**  | **31491**  | **80017**  | **972**  | **701**  | **170567**  | **137534**  |
| Purchases | -  | -  | -  | 22186  | 59  | -  | 22245  | 23949  |
| Transfers | (733) | 733  | -  | -  | -  | -  | -  | -  |
| Initial recognition and changes in the fair value of biological assets | -  | (3979) | (3600) | 1589  | (146) | -  | (6136) | 22343  |
| Decrease due to harvest | -  | (88543) | (48664) | -  | -  | -  | (137207) | (312643) |
| Sales | -  | -  | -  | (43712) | -  | -  | (43712) | (42744) |
| Consumes | -  | -  | -  | (115) | (1) | (59) | (175) | (560) |
| Costs for the period / year | 39602  | 107787  | 52734  | 28675  | -  | 34  | 228832  | 358840  |
| Currency translation adjustment | 388  | 1536  | 1186  | 1892  | -  | -  | 5002  | (16152) |
| **Balances at the end of the period / year** | **49454**  | **64723**  | **33147**  | **90532**  | **884**  | **676**  | **239416**  | **170567**  |
| Non-current (Production) | -  | -  | -  | 50284  | 713  | 671  | 51668  | 49779  |
| Current (Consumable) | 49454  | 64723  | 33147  | 40248  | 171  | 5  | 187748  | 120788  |
| **Net book amount at the end of the period / year** | **49454**  | **64723**  | **33147**  | **90532**  | **884**  | **676**  | **239416**  | **170567**  |

---

(i) Biological assets with a production cycle of more than one year (that is, cattle) generated "Initial recognition and changes in fair value of biological assets" amounting to ARS 1,443 and ARS 8,437, for the six-month period ended December 31, 2025 and for the fiscal year ended June 30, 2025, respectively; amounts of ARS 13.581 and ARS 9,261 was attributable to price changes, and amounts of ARS (12,138) and ARS (824), was attributable to physical changes, respectively.

During the six-month period ended December 31, 2025, transfers occurred between fair value hierarchy Levels 1 and 3 related to sown land-crop amounting to ARS 733. There were no reclassifications among their respective categories.

The fair value less estimated point of sale costs of agricultural produce at the point of harvest (which have been harvested during the period/year) amount to ARS (111,766) and ARS (242,811) for the six-month period ended December 31, 2025, and the year ended June 30, 2025, respectively.

See information on valuation processes used by the entity in Note 14 to the Annual Financial Statements.

As of December 31, 2025, the better and maximum use of biological assets shall not significantly differ from the current use.

Capitalized cost of production as of December 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Supplies and labors | 176369  | 148123  |
| Salaries, social security costs and other personnel expenses | 11164  | 8308  |
| Depreciation and amortization | 25404  | 27779  |
| Fees and payments for services | 1071  | 596  |
| Maintenance, security, cleaning, repairs and others | 1889  | 1173  |
| Taxes, rates and contributions | 414  | 255  |
| Leases and service charges | 221  | 101  |
| Freights | 2211  | 1975  |
| Travelling, library expenses and stationery | 1092  | 1142  |
| Other expenses | 8963  | 6125  |
|  | **228798**  | **195577**  |

---

**14.** **Inventories**

Breakdown of Group's inventories as of December 31, 2025 and June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| Crops | 75299  | 112761  |
| Materials and supplies | 79879  | 87874  |
| Sugarcane | 1440  | 1466  |
| **Agricultural inventories** | **156618**  | **202101**  |
| Supplies for hotels | 966  | 667  |
| **Total inventories** | **157584**  | **202768**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**15.** **Financial instruments by category**

In accordance with IFRS 7, the present note shows 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 16 to the Annual Financial Statements.

Financial assets and financial liabilities as of December 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **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** |  |  |  |
|  | **Financial assets at amortized cost**<br>| **Level 1**<br>| **Level 2**<br>| **Level 3**<br>| Subtotal financial assets<br>| Non-financial assets<br>| Total<br>|
| **December 31, 2025** |  |  |  |  |  |  |  |
| **Assets as per Statement of Financial Position** |  |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16) | 496784  | 48645  | -  | -  | 545429  | 126711  | 672140  |
| Investment in financial assets: |  |  |  |  |  |  |  |
| - Public companies' securities | -  | 37156  | -  | -  | 37156  | -  | 37156  |
| - Bonds | -  | 115708  | -  | -  | 115708  | -  | 115708  |
| - Mutual funds | -  | 135066  | -  | -  | 135066  | -  | 135066  |
| - Others | 7530  | 8014  | 16056  | 1771  | 33371  | -  | 33371  |
| Derivative financial instruments: |  |  |  |  |  |  |  |
| - Commodities options contracts | -  | 1085  | -  | -  | 1085  | -  | 1085  |
| - Commodities futures contracts | -  | 2256  | -  | -  | 2256  | -  | 2256  |
| - Bonds futures contracts | -  | 206  | -  | -  | 206  | -  | 206  |
| - Foreign-currency options contracts | -  | 6714  | -  | -  | 6714  | -  | 6714  |
| - Foreign-currency future contracts | -  | 38  | -  | -  | 38  | -  | 38  |
| - Swaps | -  | -  | 2046  | -  | 2046  | -  | 2046  |
| - Others | -  | 1281  | -  | -  | 1281  | -  | 1281  |
| Restricted assets (i) | 4977  | -  | -  | -  | 4977  | -  | 4977  |
| Cash and cash equivalents (excluding bank overdrafts): |  |  |  |  |  |  |  |
| - Cash on hand and at bank | 332643  | -  | -  | -  | 332643  | -  | 332643  |
| - Short-term investments | 1817  | 100307  | -  | -  | 102124  | -  | 102124  |
| **Total assets** | **843751**  | **456476**  | **18102**  | **1771**  | **1320100**  | **126711**  | **1446811**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Financial liabilities at fair value through profit or loss**<br>|  |  |  |
|  | **Financial liabilities at amortized cost**<br>| **Level 1**<br>| **Subtotal financial liabilities**<br>| Non-financial liabilities<br>| Total<br>|
| **December 31, 2025** |  |  |  |  |  |
| **Liabilities as per Statement of Financial Position** |  |  |  |  |  |
| Trade and other payables (Note 18) | 332900  | -  | 332900  | 172179  | 505079  |
| Borrowings (Note 20) | 1879089  | -  | 1879089  | -  | 1879089  |
| Derivative financial instruments: |  |  |  |  |  |
| - Commodities options contracts | -  | 99  | 99  | -  | 99  |
| - Commodities futures contracts | -  | 3369  | 3369  | -  | 3369  |
| - Foreign-currency options contracts | -  | 63  | 63  | -  | 63  |
| - Foreign-currency future contracts | -  | 83  | 83  | -  | 83  |
| - Swaps | -  | 3673  | 3673  | -  | 3673  |
| - Others | -  | 20  | 20  | -  | 20  |
| Lease liabilities (Note 12) | 168157  | -  | 168157  | -  | 168157  |
| **Total liabilities** | **2380146**  | **7307**  | **2387453**  | **172179**  | **2559632**  |

---

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

(i) Corresponds to deposits and bonds in guarantee for the payment of loans.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Financial assets at fair value through profit or loss** | **Financial assets at fair value through profit or loss** |  |  |  |
|  | **Financial assets at amortized cost**<br>| **Level 1**<br>| **Level 2**<br>| **Subtotal financial assets**<br>| **Non-financial assets**<br>| **Total**<br>|
| **June 30, 2025** |  |  |  |  |  |  |
| **Assets as per Statement of Financial Position** |  |  |  |  |  |  |
| Trade and other receivables (excluding the allowance for doubtful accounts and other receivables) (Note 16) | 502186  | 60322  | -  | 562508  | 151747  | 714255  |
| Investment in financial assets: |  |  |  |  |  |  |
| - Public companies' securities | -  | 40515  | -  | 40515  | -  | 40515  |
| - Bonds | -  | 67133  | -  | 67133  | -  | 67133  |
| - Mutual funds | -  | 153363  | -  | 153363  | -  | 153363  |
| - Others | 6422  | 7185  | 15739  | 29346  | -  | 29346  |
| Derivative financial instruments: |  |  |  |  |  |  |
| - Commodities options contracts | -  | 1369  | -  | 1369  | -  | 1369  |
| - Commodities futures contracts | -  | 2190  | -  | 2190  | -  | 2190  |
| - Foreign-currency options contracts | -  | 4717  | -  | 4717  | -  | 4717  |
| - Swaps | -  | -  | 2186  | 2186  | -  | 2186  |
| - Others | -  | 111  | -  | 111  | -  | 111  |
| Cash and cash equivalents (excluding bank overdrafts): |  |  |  |  |  |  |
| - Cash on hand and at bank | 220790  | -  | -  | 220790  | -  | 220790  |
| - Short-term investments | -  | 65921  | -  | 65921  | -  | 65921  |
| **Total assets** | **729398**  | **402826**  | **17925**  | **1150149**  | **151747**  | **1301896**  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Financial liabilities at fair value through profit or loss**<br>|  |  |  |
|  | **Financial liabilities at amortized cost**<br>| **Level 1**<br>| **Subtotal financial liabilities**<br>| Non-financial liabilities<br>| Total<br>|
| **June 30, 2025** |  |  |  |  |  |
| **Liabilities as per Statement of Financial Position** |  |  |  |  |  |
| Trade and other payables (Note 18) | 290181  | -  | 290181  | 176017  | 466198  |
| Borrowings (Note 20) | 1535094  | -  | 1535094  | -  | 1535094  |
| Derivative financial instruments: |  |  |  |  |  |
| - Commodities options contracts | -  | 3  | 3  | -  | 3  |
| - Commodities futures contracts | -  | 2989  | 2989  | -  | 2989  |
| - Foreign-currency options contracts | -  | 185  | 185  | -  | 185  |
| - Foreign-currency future contracts | -  | 462  | 462  | -  | 462  |
| - Swaps | -  | 4990  | 4990  | -  | 4990  |
| Lease liabilities (Note 12) | 137502  | -  | 137502  | -  | 137502  |
| **Total liabilities** | **1962777**  | **8629**  | **1971406**  | **176017**  | **2147423**  |

---

The valuation models used by the Group for the measurement of Level 2 instruments are no different from those used as of June 30, 2025.

As of December 31, 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 Group uses a range of valuation models for the measurement of Level 2 and 3 instruments, details of which may be obtained from the following table. When no quoted prices are available in an active market, fair values (particularly with derivatives) are based on recognized valuation methods.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pricing model / method** | **Parameters** | **Fair value hierarchy** | **Range**<br>|
| Derivative financial instruments – Swaps | Theoretical price | Underlying asset price and volatility | &nbsp;&nbsp;&nbsp; Level 2 | -  |
| Purchase option – Warrant (Others) | Black & Scholes without dilution | Underlying asset price and volatility | &nbsp;&nbsp;&nbsp; Level 3 | -  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**16.** **Trade and other receivables**

Group's trade and other receivables as of December 31, 2025 and June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| Trade, leases and services receivable (\*) | 481929  | 447284  |
| Less: allowance for doubtful accounts | (8915) | (7260) |
| **Total trade receivables** | **473014**  | **440024**  |
| Prepayments | 66803  | 100403  |
| Borrowings, deposits and others | 36026  | 39846  |
| Dividends receivable | 8929  | 21374  |
| Guarantee deposits | 112  | 106  |
| Tax receivables | 60040  | 50708  |
| Others | 18301  | 54534  |
| **Total other receivables** | **190211**  | **266971**  |
| **Total trade and other receivables** | **663225**  | **706995**  |
| Non-current | 202313  | 200846  |
| Current | 460912  | 506149  |
| **Total** | **663225**  | **706995**  |

---

(\*) Includes field sales credits, which are revalued based on the soybean price and the livestock weight measured in arrobas at each balance sheet date. The related impact in the Statement of Income and Other Comprehensive income is presented within "Financial results, net.

The carrying amounts of the Group's trade and other receivables denominated in foreign currencies are detailed in Note 30.

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

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| **Beginning of the year** | **7260**  | **6819**  |
| Additions (i) | 2162  | 2136  |
| Recovery (i) | (193) | (264) |
| Currency translation adjustment | 660  | 726  |
| Used during the period / year | (41) | (261) |
| Inflation adjustment | (933) | (1896) |
| **End of the year** | **8915**  | **7260**  |

---

(i) The 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 24).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**17.** **Cash flow information**

Following is a detailed description of cash flows generated by the Group's operations for the six-month periods ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | Note | **12.31.2025**<br>| **12.31.2024 Restated (i)**<br>|
| **Profit for the period** |  | **193932**  | **(28851)** |
| *Adjustments for:* |  |  |  |
| Income tax | 21 | 87532  | (29793) |
| Amortization and depreciation | 24 | 9731  | 8860  |
| Gain from disposal of trading properties |  | (2082) | 1342  |
| Gain from disposal of property, plant and equipment |  | (20) | (4) |
| Net (gain) / loss from fair value adjustment of investment properties |  | (184494) | 299744  |
| Gain from lease modification |  | -  | (2210) |
| (Reversal) / charge of impairment of trading properties and intangible assets |  | (12013) | 15586  |
| Gain from disposal of subsidiary and associates | 25 | -  | (2711) |
| Financial results, net |  | 65043  | (129496) |
| Provisions and allowances |  | 22848  | 15763  |
| Share of loss / (profit) of associates and joint ventures | 7 | (10472) | (31116) |
| Management fees |  | 7137  | -  |
| Changes in net realizable value of agricultural products after harvest |  | (7164) | 2376  |
| Unrealized initial recognition and changes in fair value of biological assets and agricultural products at the point of harvest |  | (21782) | (28032) |
| Gain from disposal of farmlands |  | -  | (31211) |
| **Changes in operating assets and liabilities:** |  |  |  |
| Decrease in inventories |  | 49260  | 22563  |
| Decrease in trading properties |  | 2647  | 5643  |
| Increase in biological assets |  | (19248) | (12226) |
| Increase in trade and other receivables |  | (12861) | (11159) |
| Increase / (decrease) in trade and other payables |  | 20079  | (20289) |
| Decrease in salaries and social security liabilities |  | (13342) | (4798) |
| Decrease in provisions |  | (1118) | (379) |
| Decrease in lease liabilities |  | (9940) | (3466) |
| Net variation in derivative financial instruments |  | (1145) | (142) |
| **Net cash generated from operating activities before income tax paid** |  | **162528**  | **35994**  |

---

(i) See Note 1 to these Condensed Interim Consolidated Financial Statements.

The following table presents a detail of significant non-cash transactions occurred in the six-month periods ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Increase in investment properties through an increase in trade and other payables | 6269  | 16308  |
| Decrease in investment properties through an increase in property, plant and equipment | 85445  | 4174  |
| Currency translation adjustment and other comprehensive results from associates and joint ventures | 11610  | 40675  |
| Other changes in shareholders' equity | 20  | 12176  |
| Increase of non-convertible notes through a decrease in non-convertible notes | -  | 16027  |
| Decrease in property, plant and equipment through an increase in investment properties | -  | 3183  |
| Increase in shareholders' equity through an increase in investment properties | -  | 488  |
| Increase in deferred income tax liabilities through a decrease in shareholders' equity | -  | 171  |
| Decrease in lease liabilities through an increase in trade and other payables | -  | 526  |
| Increase in investment properties through a decrease in investment in financial assets | 4187  | 23889  |
| Decrease in investment in financial assets through a decrease in trade and other payables | 6198  | 13655  |
| Decrease in investment in financial assets through an increase in trade and other receivables | -  | 3111  |
| Increase in property, plant and equipment through an increase in trade and other payables | 62  | 3850  |
| Decrease in property, plant and equipment through an increase in trade and other receivables | -  | 1583  |
| Increase in investment in financial assets through an increase in borrowings | -  | 608  |
| Decrease in shareholders' equity through a decrease in investment in financial assets | 96463  | 67374  |
| Increase in right of use assets through an increase in lease liabilities | 42364  | 11783  |
| Increase in investment in associates and joint ventures through a decrease in financial assets | -  | 2611  |
| Increase in intangible assets through a decrease in investment properties | 339  | 2786  |
| Increase in intangible assets through an increase in trade and other payables | 15  | 909  |
| Increase in investments in financial assets through a decrease in trade and other receivables | 4885  | -  |
| Decrease in investment in associates and joint ventures through an increase in trade and other receivables | 2002  | -  |
| Decrease in investment properties through an increase in trade and other receivables | 374  | 1522  |
| Increase in investments in financial assets through a decrease in investment in associates and joint ventures | 8315  | 3144  |
| Decrease in investment in associates and joint ventures through a decrease in borrowings | 1193  | -  |
| Increase in group of assets held for sale through a decrease in property, plant and equipment | -  | 435  |
| Barter transaction investment properties | -  | 18  |
| Decrease in shareholders' equity through an increase in trade and other payables | 199  | 2791  |
| Increase in investments in financial assets through a decrease in derivative financial instruments | -  | 46  |
| Decrease in borrowings through an increase in trade and other payables | -  | 3493  |
| Decrease in shareholders' equity through a decrease in trade and other receivables | -  | 5628  |
| Decrease in investment properties through an increase in trading properties | 24359  | -  |
| Increase in intangible assets through an increase in payroll and social security liabilities | 362  | -  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**18.** **Trade and other payables**

Group's trade and other payables as of December 31, 2025, and June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| Trade payables | 270515  | 218279  |
| Advances from sales, leases and services (\*) | 91362  | 95215  |
| Accrued invoices | 26918  | 24933  |
| Deferred income | 592  | 646  |
| Admission fees (\*) | 48842  | 51816  |
| Deposits in guarantee | 1160  | 735  |
| **Total trade payables** | **439389**  | **391624**  |
| Dividends payable to non-controlling interests | 211  | 6151  |
| Tax payables | 31383  | 28341  |
| Director´s Fees | 6141  | 8183  |
| Management fees | 7137  | 10226  |
| Others | 20818  | 21673  |
| **Total other payables** | **65690**  | **74574**  |
| **Total trade and other payables** | **505079**  | **466198**  |
| Non-current | 70713  | 88436  |
| Current | 434366  | 377762  |
| **Total** | **505079**  | **466198**  |

---

(\*) Corresponds mainly 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 30.

**19.** **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>| **12.31.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **42876**  | **185**  | **43061**  | **41709**  |
| Additions (i) | 8966  | -  | 8966  | 6185  |
| Decreases (i) | (128) | (54) | (182) | (2273) |
| Participation in the results | -  | 38  | 38  | 106  |
| Inflation adjustment | 3429  | -  | 3429  | (707) |
| Currency translation adjustment | (198) | -  | (198) | 259  |
| Used during the period / year | (1118) | -  | (1118) | (2218) |
| **End of the period / year** | **53827**  | **169**  | **53996**  | **43061**  |
| Non-current |  |  | 47579  | 37067  |
| Current |  |  | 6417  | 5994  |
| **Total** |  |  | **53996**  | **43061**  |

---

(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 lawsuit.

There were no significant changes to the processes mentioned in Note 21 to the Annual Financial Statements.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **<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.

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. During November 2025, IDBD, IRSA and Dolphin were required to file affidavits regarding the main aspects of their claims or defenses, identifying the documents in their possession; however, by a ruling dated December 28, 2025, the Court extended the deadline to January 11, 2026. IDBD filed its affidavits in January 2026, and the Court granted IRSA and Dolphin an extension to file theirs until May 5, 2026. The Court has suggested that the parties engage in private negotiations or mediation to reach a resolution. In this regard, the parties have informed the Court of their intention to hold a private meeting to initiate negotiations aimed at resolving the dispute, 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 consolidated financial statements, the legal process is still ongoing.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**20.** **Borrowings**

The breakdown of the Group's borrowings and their fair value as of December 31, 2025, and June 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  | **12.31.2025**<br>| **06.30.2025**<br>| **12.31.2025**<br>| **06.30.2025**<br>|
| Non-convertible notes | 1610345  | 1259146  | 1618874  | 1251014  |
| Bank loans | 202424  | 238622  | 202424  | 238622  |
| Bank overdrafts | 32868  | 16497  | 32868  | 16497  |
| Others | 33452  | 20829  | 33452  | 20829  |
| **Total borrowings** | **1879089**  | **1535094**  | **1887618**  | **1526962**  |
| Non-current | 1345597  | 922754  |  |  |
| Current | 533492  | 612340  |  |  |
| **Total** | **1879089**  | **1535094**  |  |  |

---

 **<u>Series XLVIII Notes – CRESUD</u>**

On July 11, 2025, the Company issued Series XLVII Notes in the local market for the amount of USD 43.7 million. The main features of the issue are detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Series XLVIII Notes denominated in dollars for an amount of USD 43.7 million at a fixed rate of 8.0%, with semiannual interest. The principal will be repaid in one installment on the maturity date, July 11, 2028. The issue price was 100% of the face value.

 **<u>Series XLIX Notes – CRESUD</u>**

On September 2, 2025, the Company issued Series XLIX Notes in the local market for a total amount of USD 31.3 million. The main features of the issue are detailed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Series XLIX Notes denominated in dollars for an amount of USD 31.3 million, bearing interest at a fixed annual rate of 7.25%, payable semi-annually. The principal will be made in one installment, on the maturity date, September 2, 2027. The issue price was 100% of the nominal value.

 **<u>Series L Notes – CRESUD</u>**

On December 20, 2025, the Company issued the Series L Notes on the local market for a total amount of USD 29.6 million, bearing interest at a fixed annual rate of 7.25%, payable semi-annually, except for the first payment, which will be made on September 10, 2026. The capital amortization will be 100% at maturity, on March 10, 2029. The issuance price was 100.0%

 **<u>Series XXIV Notes Issuance</u> <u>– IRSA</u>**

On December 17, 2025, IRSA issued in the international market the Series XXIV Additional Notes for a nominal amount of USD 180 million at an issuance price of 98.503%.

The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. Principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

The Series XXIV Additional Notes have terms and conditions identical to the original Series XXIV Notes issued on March 31, 2025.

The total nominal amount outstanding of the Series XXIV Notes amounts to USD 480.5 million.

**21.** **Taxation**

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

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Current income tax | (67583) | (81981) |
| Deferred income tax | (19949) | 111774  |
| **Income tax** | **(87532)** | **29793**  |

---

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 six-month periods ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Tax calculated at the tax rates applicable to loss / (profit) in the respective countries | (95679) | 32095  |
| Permanent differences: |  |  |
| Share of profit of joint ventures and associates | 3806  | 10765  |
| Tax rate differential | 327  | 210  |
| Provision for unrecoverability of tax loss carry-forwards | (52298) | 19463  |
| Difference between affidavit and provision | 966  | (5607) |
| Non-taxable profit, non-deductible expenses and others | 44983  | (4115) |
| Tax inflation adjustment | (5924) | (37885) |
| Fiscal transparency | (2540) | (15536) |
| Inflation adjustment permanent difference | 17291  | 27069  |
| Others | 1536  | 3334  |
| **Income tax** | **(87532)** | **29793**  |

---

The gross movement in the deferred income tax account as of December 31, 2025 and June 30, 2025 is as follows:

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **06.30.2025**<br>|
| **Beginning of the period / year** | **(972267)** | **(1001366)** |
| Currency translation adjustment | (1859) | 10229  |
| Revaluation surplus | (2341) | (203) |
| Charged to the Statement of Income | (19949) | 19073  |
| **End of the the period / year** | **(996416)** | **(972267)** |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**22.** **Revenues**

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Crops | 158660  | 119982  |
| Sugarcane | 43545  | 59406  |
| Cattle | 50570  | 23399  |
| Supplies | 67504  | 39417  |
| Consignment | 19801  | 9858  |
| Advertising and brokerage fees | 15729  | 12686  |
| Agricultural rental and other services | 3314  | 3144  |
| **Income from sales and services from agricultural business** | **359123**  | **267892**  |
| Trading properties and developments | 6220  | 7309  |
| Rental and services | 243118  | 231236  |
| Hotel operations, tourism services and others | 42594  | 40171  |
| **Income from sales and services from urban properties and investment business** | **291932**  | **278716**  |
| **Total revenues** | **651055**  | **546608**  |

---

**23.** **Costs**

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Other operative costs | 222  | 176  |
| **Cost of property operations** | **222**  | **176**  |
| Crops | 132391  | 93388  |
| Sugarcane | 35620  | 48424  |
| Cattle | 44210  | 19060  |
| Supplies | 57171  | 34904  |
| Consignment | 13741  | 28870  |
| Advertising and brokerage fees | 13853  | 13079  |
| Agricultural rental and other services | 2256  | 3206  |
| **Cost of sales and services from agricultural business** | **299242**  | **240931**  |
| Trading properties and developments | 6054  | 10208  |
| Rental and services | 78055  | 71560  |
| Hotel operations, tourism services and others | 26459  | 25207  |
| **Cost of sales and services from sales and services from urban properties and investment business** | **110568**  | **106975**  |
| **Total costs** | **410032**  | **348082**  |

---

**24.** **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>| **12.31.2025**<br>| **12.31.2024**<br>|
| Change in agricultural products and biological assets | 185932  | -  | -  | 185932  | 130164  |
| Salaries, social security costs and other personnel expenses | 53361  | 30622  | 4733  | 88716  | 83068  |
| Fees and payments for services | 36082  | 7029  | 1722  | 44833  | 46875  |
| Cost of sale of goods and services | 70318  | -  | -  | 70318  | 70949  |
| Maintenance, security, cleaning, repairs and others | 31984  | 5073  | 76  | 37133  | 34784  |
| Taxes, rates and contributions | 9315  | 2590  | 18324  | 30229  | 23325  |
| Advertising and other selling expenses | 11159  | 33  | 3407  | 14599  | 15475  |
| Freights | 24  | 9  | 16932  | 16965  | 15726  |
| Director's fees | -  | 12030  | 11  | 12041  | 11944  |
| Depreciation and amortization | 6368  | 2568  | 795  | 9731  | 8860  |
| Leases and service charges | 2220  | 869  | 34  | 3123  | 3188  |
| Travelling, library expenses and stationery | 1723  | 942  | 776  | 3441  | 3352  |
| Supplies and labors | 7  | 1  | 3098  | 3106  | 2766  |
| Other expenses | 881  | 164  | 1394  | 2439  | 2397  |
| Bank expenses | 56  | 1140  | 31  | 1227  | 1323  |
| Conditioning and clearance | -  | -  | 1866  | 1866  | 2406  |
| Interaction and roaming expenses | 602  | 30  | 15  | 647  | 785  |
| Allowance for doubtful accounts, net | -  | -  | 1969  | 1969  | 876  |
| **Total expenses by nature as of 12.31.2025** | **410032**  | **63100**  | **55183**  | **528315**  | **-**  |
| **Total expenses by nature as of 12.31.2024** | **348082**  | **62195**  | **47986**  | **-**  | **458263**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**25.** **Other operating results, net**

'

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| Gain from commodity derivative financial instruments | 2803  | 4455  |
| Gain from sale of property, plant and equipment | 20  | 4  |
| Reversal / (charge) of impairment of trading properties and intangible assets | 12013  | (15586) |
| Gain from sale of associates and joint ventures | -  | 2711  |
| Donations | (667) | (619) |
| Lawsuits and other contingencies | (8838) | (2943) |
| Interest and allowances generated by operating assets | 1302  | 13935  |
| Administration fees | 817  | 726  |
| Others | (2263) | (4258) |
| **Total other operating results, net** | **5187**  | **(1575)** |

---

**26.** **Financial results, net**

---

| | | |
|:---|:---|:---|
|  | **12.31.2025**<br>| **12.31.2024**<br>|
| **Financial income** |  |  |
| Interest income | 6705  | 4392  |
| Other finance income | 15  | 15  |
| **Total financial income** | **6720**  | **4407**  |
| **Financial costs** |  |  |
| Interest expense | (64488) | (42649) |
| Other financial costs | (12928) | (6168) |
| **Total finance costs** | **(77416)** | **(48817)** |
| **Other financial results:** |  |  |
| Foreign exchange, net | (45154) | 48312  |
| Fair value gain from financial assets and liabilities at fair value through profit or loss | 71797  | 90561  |
| Gain / (loss) from repurchase of non-convertible notes | 385  | (177) |
| Loss from derivative financial instruments (except commodities) | (5426) | (16313) |
| Others | -  | 75  |
| **Total other financial results** | **21602**  | **122458**  |
| Inflation adjustment | 13390  | 10580  |
| **Total financial results, net** | **(35704)** | **88628**  |

---

**27.** **Related party transactions**

The following is a summary of the balances with related parties as of December 31, 2025 and June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Item** | **12.31.2025**<br>| **06.30.2025**<br>|
| Trade and other receivables | 55318  | 61340  |
| Investments in financial assets | 24503  | 5701  |
| Trade and other payables | (25457) | (32942) |
| Borrowings | -  | (978) |
| **Total** | **54364**  | **33121**  |

---

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Related party** | **12.31.2025**<br>| **06.30.2025**<br>| **Description of transaction** | **Item** |
| New Lipstick | 353  | 334  | Reimbursement of expenses receivable | Trade and other receivables |
| Comparaencasa Ltd. | 3155  | 2983  | Other investments | Investments in financial assets |
|  | 463  | 417  | Loans granted | Trade and other receivables |
| Banco Hipotecario S.A. | 62  | 59  | Leases and/or right of use assets receivable | Trade and other receivables |
|  | 6928  | 21374  | Dividends receivable | Trade and other receivables |
| La Rural S.A. | 5433  | 2154  | Canon | Trade and other receivables |
|  | 1999  | -  | Dividends receivable | Trade and other receivables |
|  | (13) | (563) | Other payables | Trade and other payables |
|  | 15  | 6  | Other receivables | Trade and other receivables |
|  | (8) | (1) | Leases and/or right of use assets payable | Trade and other payables |
| Other associates and joint ventures (i) | 1  | 1  | Equity incentive plan receivable | Trade and other receivables |
|  | -  | 19  | Loans granted | Trade and other receivables |
|  | -  | (978) | Borrowings | Borrowings |
|  | 2  | -  | Dividends receivable | Trade and other receivables |
|  | 5  | 10  | Management fees receivable | Trade and other receivables |
|  | (121) | (79) | Other payables | Trade and other payables |
|  | 107  | 58  | Other receivables | Trade and other receivables |
| **Total associates and joint ventures** | **18381**  | **25794**  |  |  |
| CAMSA and its subsidiaries | (7137) | (10226) | Management fee payables | Trade and other payables |
| Golden Juniors Segregated Portfolio | 18476  | -  | Mutual funds | Investments in financial assets |
| Yad Levim LTD | 30718  | 28275  | Loans granted | Trade and other receivables |
| Galerias Pacifico | 1  | 3  | Other receivables | Trade and other receivables |
| Sutton | 7464  | 6995  | Loans granted | Trade and other receivables |
|  | (93) | (115) | Other payables | Trade and other payables |
| Rundel Global LTD | 2872  | 2718  | Other investments | Investments in financial assets |
| Sociedad Rural Argentina | (11734) | (11125) | Other payables | Trade and other payables |
| Other related parties | 1693  | 1594  | Other receivables | Trade and other receivables |
|  | (198) | (2295) | Other payables | Trade and other payables |
|  | 74  | 41  | Reimbursement of expenses receivable | Trade and other receivables |
|  | -  | (229) | Dividends payable | Trade and other payables |
|  | (20) | (113) | Legal services | Trade and other payables |
| **Total other related parties** | **42116**  | **15523**  |  |  |
| Directors and Senior Management | (6133) | (8196) | Fees for services received | Trade and other payables |
| **Total Directors and Senior Management** | **(6133)** | **(8196)** |  |  |
| **Total** | **54364**  | **33121**  |  |  |

---

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

The following is a summary of the results with related parties for the six-month periods ended December 31, 2025, and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **12.31.2025**<br>| **12.31.2024**<br>| **Description of transaction** |
| BHN Seguros Generales S.A. | 2  | -  | Financial operations |
| Comparaencasa Ltd. | 261  | (188) | Financial operations |
| Other associates and joint ventures (i) | (19) | (7) | Leases and/or right of use assets |
|  | 299  | 351  | Corporate services |
|  | (171) | 49  | Financial operations |
| **Total associates and joint ventures** | **372**  | **205**  |  |
| CAMSA and its subsidiaries | (7137) | -  | Management fee |
| Yad Levim LTD | 867  | 804  | Financial operations |
| Golden Juniors Segregated Portfolio | 10359  | -  | Financial operations |
| Sociedad Rural Argentina | 1534  | 1443  | Financial operations |
| Other related parties | (172) | (145) | Leases and/or rights of use |
|  | (519) | (726) | Fees and remunerations |
|  | 69  | 66  | Corporate services |
|  | (377) | (333) | Legal services |
|  | 535  | (664) | Financial operations |
|  | (414) | (495) | Donations |
|  | 237  | 606  | Income from sales and services from agricultural business |
| **Total other related parties** | **4982**  | **556**  |  |
| IFISA | 1  | 20  | Financial operations |
| **Total Parent Company** | **1**  | **20**  |  |
| Directors | (12041) | (11944) | Management fee |
| Senior Management | (410) | (802) | Compensation of Directors and senior management |
| **Total Directors and Senior Management** | **(12451)** | **(12746)** |  |
| **Total** | **(7096)** | **(11965)** |  |

---

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

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

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

The following is a summary of the transactions with related parties for the six-month periods ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Related party** | **12.31.2025**<br>| **12.31.2024**<br>| **Description of transaction** |
| Puerto Retiro | -  | (40) | Irrevocable contributions |
| Agrofy Global | (685) | -  | Irrevocable contributions |
| **Total irrevocable contributions** | **(685)** | **(40)** |  |
| La Rural S.A. | 1999  | 2702  | Dividends received |
| Viflor | 30  | -  | Dividends received |
| Nuevo Puerto Santa Fe S.A. | 2568  | 442  | Dividends received |
| **Total dividends received** | **4597**  | **3144**  |  |

---

**28.** **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 this Financial Statements that disclose the information required by the Resolution in Exhibits.

---

| | |
|:---|:---|
| Exhibit A - Property, plant and equipment | Note 8 - Investment properties |
|  | Note 9 - Property, plant and equipment |
| Exhibit B - Intangible assets | Note 11 - Intangible assets |
| Exhibit C - Equity investments | Note 7 - Investments in associates and joint ventures |
| Exhibit D - Other investments | Note 15 - Financial instruments by category |
| Exhibit E – Provisions and allowances | Note 16 – Trade and other receivables and Note 19 - Provisions |
| Exhibit F - Cost of sales and services provided | Note 29 - Cost of sales and services provided |
| Exhibit G - Foreign currency assets and liabilities | Note 30 - Foreign currency assets and liabilities |

---

**29.** **Cost of goods sold and services provided**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Cost of sales and services from agricultural business (i)**<br>| **Cost of sales and services from sales and services from urban properties and investment business (ii)**<br>| **12.31.2025**<br>| **12.31.2024**<br>|
| **Inventories at the beginning of the period** | **83997**  | **184011**  | **268008**  | **124920**  |
| Initial recognition and changes in the fair value of biological assets and agricultural products at the point of harvest | (6132) | -  | (6132) | 14006  |
| Changes in the net realizable value of agricultural products after harvest | 7164  | -  | 7164  | (2376) |
| Currency translation adjustment | 72195  | 1010  | 73205  | 9443  |
| Transfers | -  | 24359  | 24359  | -  |
| Impairment | -  | 12013  | 12013  | -  |
| Harvest | 212608  | -  | 212608  | 196635  |
| Acquisitions and classifications | 241806  | 110303  | 352109  | 285951  |
| Consume | (63396) | -  | (63396) | (39641) |
| **Inventories at the end of the period** | **(249000)** | **(221128)** | **(470128)** | **(241032)** |
| **Cost as of 12.31.2025** | **299242**  | **110568**  | **409810**  | **-**  |
| **Cost as of 12.31.2024** | **240931**  | **106975**  | **-**  | **347906**  |

---

(i) Includes biological assets (see Note 13).

(ii) Includes trading properties (see Note 10).

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**30.** **Foreign currency assets and liabilities**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Item / Currency (1)** | **Amount (2)**<br>| **Prevailing exchange rate (3)**<br>| **12.31.2025**<br>| **06.30.2025**<br>|
| **Assets** |  |  |  |  |
| **Trade and other receivables** |  |  |  |  |
| US Dollar | 132.167  | 1446.00  | 191114  | 164101  |
| Euros | 0.010  | 1698.91  | 17  | 16  |
| Uruguayan pesos | 0.134  | 37.19  | 5  | -  |
| **Trade and other receivables related parties** |  |  |  |  |
| US Dollar | 27.878  | 1455.00  | 40563  | 37540  |
| **Total Trade and other receivables** |  |  | **231699**  | **201657**  |
| **Investment in financial assets** |  |  |  |  |
| US Dollar | 96.021  | 1446.00  | 138846  | 162786  |
| New Israel Shekel | 11.667  | 456.26  | 5323  | 3071  |
| Pounds | 0.690  | 1947.18  | 1344  | 999  |
| **Investment in financial assets related parties** |  |  |  |  |
| US Dollar | 14.879  | 1455.00  | 21649  | 2983  |
| **Total Investment in financial assets** |  |  | **167162**  | **169839**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 5.205  | 1446.00  | 7526  | 4854  |
| **Total Derivative financial instruments** |  |  | **7526**  | **4854**  |
| **Cash and cash equivalents** |  |  |  |  |
| US Dollar | 243.271  | 1446.00  | 351770  | 204523  |
| Chilenean pesos | 6.190  | 1.62  | 10  | 147  |
| Euros | 0.015  | 1698.91  | 25  | 16  |
| Guaraníes | 77.098  | 0.22  | 17  | 10  |
| Brazilian Reais | 0.174  | 264.40  | 46  | 50  |
| New Israel Shekel | 0.002  | 456.26  | 1  | 1  |
| Pounds | 0.002  | 1947.18  | 4  | 5  |
| Uruguayan pesos | 0.081  | 37.19  | 3  | 2  |
| **Total Cash and cash equivalents** |  |  | **351876**  | **204754**  |
| **Total Assets** |  |  | **758263**  | **581104**  |
| **Liabilities** |  |  |  |  |
| **Trade and other payables** |  |  |  |  |
| US Dollar | 111.528  | 1455.00  | 162273  | 115959  |
| Uruguayan pesos | 0.672  | 37.19  | 25  | 34  |
| Brazilian Reais | 0.012  | 1713.12  | 20  | -  |
| **Trade and other payables related parties** |  |  |  |  |
| US Dollar | 7.997  | 1455.00  | 11636  | 11026  |
| Bolivian pesos | 0.346  | 211.28  | 73  | 67  |
| **Total Trade and other payables** |  |  | **174027**  | **127086**  |
| **Lease liabilities** |  |  |  |  |
| US Dollar | 5.644  | 1455.00  | 8212  | 8051  |
| **Total Lease liabilities** |  |  | **8212**  | **8051**  |
| **Provisions** |  |  |  |  |
| New Israel Shekel | 105.086  | 456.26  | 47946  | 36417  |
| **Total Provisions** |  |  | **47946**  | **36417**  |
| **Borrowings** |  |  |  |  |
| US Dollar | 1125.410  | 1455.00  | 1637471  | 1325946  |
| **Borrowings with related parties** |  |  |  |  |
| US Dollar | 0.195  | 1455.00  | 284  | 1245  |
| **Total Borrowings** |  |  | **1637755**  | **1327191**  |
| **Derivative financial instruments** |  |  |  |  |
| US Dollar | 0.568  | 1455.00  | 826  | 51  |
| **Total Derivative financial instruments** |  |  | **826**  | **51**  |
| **Total Liabilities** |  |  | **1868766**  | **1498796**  |

---

(1) The Group uses derivative instruments as complement in order to reduce its exposure to exchange rate movements (Note 15).

(2) Considering foreign currencies those that differ from each Group's subsidiaries functional currency at each period/year-end.

(3) Exchange rates as of December 31, 2025 according to Banco Nación Argentina and the Central Bank of the Argentine Republic

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

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

 **<u>Warrants exercise - CRESUD</u>**

During the six-month period ended December 31, 2025, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 13.3 million, equivalent to ARS 19,292 million, were received, for converted warrants of 23,586,171 and a total of 34,668,164 common shares of the Company with a nominal value of ARS 1 were issued.

 **<u>Warrants exercise - IRSA</u>**

During the six-month period ended December 31, 2025, certain warrant holders exercised their right to purchase additional shares. For this reason, USD 3.4 million, equivalent to ARS 4,952 million, were received, for converted warrants of 7,802,868 and a total of 11,669,360 common shares of the Company with a nominal value of ARS 10 were issued.

 **<u>Dividend Payment – BrasilAgro</u>**

On October 22, 2025, General Ordinary and Extraordinary Shareholders' Meeting, BrasilAgro approved the payment of dividends for a total amount of BRL 42 million, equivalent to ARS 11,683 million. The full amount was paid as of the date of these Consolidated Financial Statements.

 **<u>General Ordinary and Extraordinary Shareholders' Meeting - CRESUD</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 5,038 million, to the legal reserve, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 5,434 million; (ii) to distribute a dividend to shareholders in proportion to their shareholdings, based on the total accumulated unallocated results from previous years and the amount corresponding to the fiscal year result, for the sum of ARS 93,782 million, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 101,150 million, allocating (i) the restated sum of ARS 65,080 million to the distribution of a cash dividend, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 70,193 million; and (ii) the remaining balance of ARS 28,702 million to the distribution of a dividend payable in kind, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 30,957 million, consisting of shares issued by IRSA, owned by the Company, in the amount of 12,700,000 ordinary shares with a par value of ARS 10; (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 1,944 million, to the integration of a facultative reserve named "special reserve", which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 2,096 million, and which may be used for future dividend distributions, share buybacks, and/or new projects related to the Company's business plan.

On November 7, 2025, the Company distributed among its shareholders the cash dividend of ARS 65,080 million and the in-kind dividend of ARS 28,702 million through the delivery of 12,700,000 ordinary shares with a par value of ARS 10 issued by IRSA, owned by the Company.

Additionally, the distribution of treasury shares of up to 5,300,000 shares was considered, and the subscription of an addendum to the warrant agreement originally entered on February 24, 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 them without paying cash (except for the payment of the nominal value of the shares) for the differential amount between the cash exercise price and the market value.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **<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, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 11,183 million; (ii) to distribute a dividend to shareholders in proportion to their shareholdings, payable in cash for the sum of ARS 173,788 million, which restated as of the closing date of these Consolidated Financial Statements amounts to ARS 187,442 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 restated as of the closing date of these Consolidated Financial Statements amounts to ARS 25,023 million, and 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 them without paying cash (except for the payment of the nominal value of the shares) for the differential amount between the cash exercise price and the market value.

 **<u>Change in Warrants terms and conditions - IRSA</u>**

On November 6, 2025, IRSA announced that the terms and conditions of the outstanding options (warrants) to subscribe for the Company's ordinary shares had been modified because of the cash dividend payment to its shareholders carried out by the Company on November 4, 2025. Below are the terms that have been modified:

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

● Number of shares to be issued per warrant: Pre-dividend ratio: 1.4818 (nominal value ARS 10). Post-dividend ratio: 1.6367 (nominal value ARS 10).

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

● Exercise price per new share to be issued: Pre-dividend price: USD 0.2917 (nominal value ARS 10). Post-dividend price: USD 0.2641 (nominal value ARS 10).

The other terms and conditions of the warrants remain the same.

 **<u>Change in Warrants terms and conditions - CRESUD</u>**

On November 10, 2025, the Company announced that the terms and conditions of the outstanding options (warrants) to subscribe for the Company's ordinary shares had been modified because of the cash and in-kind dividend and own shares distributed to the shareholders on November 7, 2025. Below are the terms that have been modified:

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

● Number of shares to be issued per warrant: Pre-dividend ratio: 1.4075. Post-dividend ratio: 1.5417.

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

● Exercise price per new share to be issued: Pre-dividend price: USD 0.4019. Post-dividend price: USD 0.3669.

The other terms and conditions of the warrants remain the same.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

**32.** **Subsequent events**

 **<u>Series L Additional and Series LI Notes – CRESUD</u>**

On January 20, 2026, the Company issued the Series L Additional Notes and Series LI Notes on the local market for USD 87.6 million. The main features of the issue are detailed below:

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

● Series L Additional Notes denominated in dollars for an amount of USD 40.8 million at a fixed rate of 7.25%, the issuance price was 100.75%, with semiannual interest, the first payment, which will be made on September 10, 2026. The capital amortization will be 100% at maturity, on March 10, 2029. The total nominal value, including the original issuance made on December 10, 2025, of the Series L Notes amounts to USD 70.4 million.

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

● Series LI Notes denominated in dollars for an amount of USD 46.8 million, with 5.75% interest rate, with semi-annual payments. The capital amortization will be 100% at maturity, on January 20, 2027. The issuance price was 100% of the nominal value.

 **<u>Series IV Class A and B Notes – FyO</u>**

On January 20, 2026, FyO issued the Series IV Class A and B Notes on the local market for a total amount equivalent to USD 28 million. The main features of the issuance are detailed below:

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

● Class A Notes, denominated in dollars, for an amount of USD 21 million, bearing interest at a fixed rate of 7.9% with quarterly interest payments. The capital amortization will be 100% at maturity, on January 20, 2027, payable in U.S. dollars. The issuance price was 100% of the nominal value.

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

● Class B Notes, denominated in dollars, for an amount of USD 7 million, bearing interest at a fixed rate of 8.5% with semi-annual interest payments. The capital amortization will be 100% at maturity, on July 20, 2027, payable in argentine pesos at the applicable exchange rate. The issuance price was 100% of the nominal value.

Véase nuestro informe de fecha 11/11/22

PRICE WATERHOUSE & Co. S.R.L.

C.P.C.E.C.A.B.A. T° 1 F° 17

------

 **Cresud Sociedad Anónima,**

 **Comercial, Inmobiliaria, Financiera y Agropecuaria**

 **Report on review of interim financial information**

To the Shareholders, President and Directors of

Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria

 **Introduction**

We have reviewed the accompanying unaudited condensed interim consolidated statement of financial position of Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria and its subsidiaries (the 'Group') as at December 31, 2025 and the related unaudited condensed interim consolidated statement of income and other comprehensive income for the six-month and three-month periods then ended, and unaudited condensed interim consolidated statements of changes in shareholders' equity and cash flows for the six-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 condensed interim 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**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Price Waterhouse & Co. S.R.L. Bouchard 557, 8<sup>th</sup> floor, C1106ABG<br> 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 unaudited condensed interim consolidated financial information is not prepared, in all material respects, in accordance with IAS 34.

 **Emphasis of Matter – Retroactive restatement of previously issued financial statements**

Without modifying our conclusion, we draw attention to Note 1 to the accompanying unaudited condensed interim consolidated financial statements, which describes the effects of the retroactive restatement of the inflation adjustment of the share premium arising from the exercise of warrants.

Autonomous City of Buenos Aires, February 9, 2026

<u> PRICE WATERHOUSE & CO. S.R.L. &nbsp;&nbsp;&nbsp;&nbsp; (Partner) </u> <br> Carlos Martín Barbafina

------

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

 **Consolidated Results**

---

| | | | |
|:---|:---|:---|:---|
|  ***(In ARS million)*** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | 651055  | 546608  | 19.1% |
| Costs | (410032) | (348082) | 17.8% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (5752) | 5751  | (200.0)% |
| Changes in the net realizable value of agricultural produce after harvest | 7164  | (2376) | -  |
| **Gross profit** | **242435**  | **201901**  | **20.1%** |
| Net gain from fair value adjustment on investment properties | 184494  | (299744) | -  |
| Gain from disposal of farmlands | -  | 31211  | (100.0)% |
| General and administrative expenses | (63100) | (62195) | 1.5% |
| Selling expenses | (55183) | (47986) | 15.0% |
| Other operating results, net | 5187  | (1575) | -  |
| Management Fee | (7137) | -  | 100.0% |
| **Result from operations** | **306696**  | **(178388)** | **-**  |
| Depreciation and Amortization | 35135  | 36639  | (4.1)% |
| Rights of use installments | (21123) | (12767) | 65.4% |
| **EBITDA (unaudited)** | **320708**  | **(154516)** | **-**  |
| **Adjusted EBITDA (unaudited)** | **137967**  | **170335**  | **(19.0)%** |
| Results from joint ventures and associates | 10472  | 31116  | (66.3)% |
| **Result from operations before financing and taxation** | **317168**  | **(147272)** | **-**  |
| Financial results, net | (35704) | 88628  | (140.3)% |
| **Result before income tax** | **281464**  | **(58644)** | **-**  |
| Income tax expense | (87532) | 29793  | (393.8)% |
| **Result for the period from continuing operations** | **193932**  | **(28851)** | **-**  |
| Result from discontinued operations after taxes. | -  | -  | -  |
| **Result for the period** | **193932**  | **(28851)** | **-**  |
| **Attributable to** |  |  |  |
| Equity holder of the parent | 74448  | (25103) | **-**  |
| Non-controlling interest | 119484  | (3748) | **-**  |

---

Consolidated Revenues increased during the first half of fiscal year 2026 by 19.1% whereas Adjusted EBITDA decreased 19.0%, compared to the same period of fiscal year 2025. Agribusiness segments adjusted EBITDA was ARS 15,350 million and urban properties and investments business (through IRSA) adjusted EBITDA was ARS 132,333 million.

The net result for the first half of fiscal year 2026 registered a gain of ARS 193.932 million. This higher result is mainly explained by the gain from changes in fair value of investment properties in the urban properties and investment business (IRSA).

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Description of Operations by Segment**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **6M 2026** | **Agribusiness**<br>| **Urban Properties and Investments**<br>| **Total**<br>| **6M 26 vs. 6M 25**<br>|
| **Revenues** | 362192  | 234536  | 596728  | 20.9% |
| Costs | (299911) | (51652) | (351563) | 20.7% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (8191) | -  | (8191) | (323.5)% |
| Changes in the net realizable value of agricultural produce after harvest | 7164  | -  | 7164  | -  |
| **Gross profit** | **61254**  | **182884**  | **244138**  | **20.0%** |
| Net gain from fair value adjustment on investment properties | -  | 183831  | 183831  | -  |
| Gain from disposal of farmlands | -  | -  | -  | (100.0)% |
| General and administrative expenses | (23582) | (39842) | (63424) | 1.4% |
| Selling expenses | (41612) | (13957) | (55569) | 15.6% |
| Other operating results, net | (2290) | 7136  | 4846  | -  |
| **Result from operations** | **(6230)** | **320052**  | **313822**  | **-**  |
| Share of profit of associates | (818) | 10706  | 9888  | (67.2)% |
| **Segment result** | **(7048)** | **330758**  | **323710**  | **-**  |

---

---

| | | | |
|:---|:---|:---|:---|
| **6M 2025** | **Agribusiness**<br>| **Urban Properties and Investments**<br>| **Total**<br>|
| **Revenues** | 269767  | 223819  | 493586  |
| Costs | (241107) | (50275) | (291382) |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | 3665  | -  | 3665  |
| Changes in the net realizable value of agricultural produce after harvest | (2376) | -  | (2376) |
| **Gross profit** | **29949**  | **173544**  | **203493**  |
| Net gain from fair value adjustment on investment properties | (850) | (298613) | (299463) |
| Gain from disposal of farmlands | 31211  | -  | 31211  |
| General and administrative expenses | (25038) | (37489) | (62527) |
| Selling expenses | 835254) | (12823) | (48077) |
| Other operating results, net | 11069  | (12789) | (1720) |
| **Result from operations** | **11087**  | **(188170)** | **(177083)** |
| Share of profit of associates | (1477) | 31652  | 30175  |
| **Segment result** | **9610**  | **(156518)** | **(146908)** |

---

 **2026 Campaign**

The 2026 regional agricultural campaign is progressing broadly in line with expectations, in a context of stable international commodity prices, although still at historically low levels, and input costs that remain elevated. This environment reinforces the need to maintain a strong focus on operational efficiency and on maximizing margins per hectare.

In Argentina, the campaign started with adequate rainfall, allowing for solid wheat yields. Subsequently, a prolonged dry period during January affected crop development in the central region; however, conditions have improved in recent weeks, with rainfall in several areas and more favorable weather forecasts toward February. As a result, soybean yields are expected to be broadly in line with initial estimates, while early corn could show some downside risk, still subject to weather developments.

The agricultural sector has begun to benefit from a more predictable macroeconomic environment, with increased certainty following the October election results and continued progress in the regulatory framework. The gradual reduction in export taxes and greater exchange rate flexibility are contributing to a more favorable environment for investment and profitability.

In the livestock segment, prices remain firm, supported by stronger international demand and a domestic market that mirrors this trend. Cattle prices continue to outperform inflation, allowing for the preservation of positive margins, within a context of productive intensification and a continued focus on efficiency.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Our Portfolio**

During the first semester of fiscal year 2026, our portfolio under management consisted of 728,017 hectares, of which 289,634 hectares are productive, and 438,383 hectares are land reserves distributed in the four countries of the region where we operate.

 *Breakdown of Hectares*

*<u>Own and under Concession</u>* <sup>(\*) (\*\*) (\*\*\*)</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Productive Lands** | **Productive Lands** |  |  |
|  |  ***Agricultural***<br>|  ***Cattle***<br>|  ***Reserved***<br>|  ***Total***<br>|
| Argentina | 70725  | 138419  | 317793  | 526937  |
| Brazil | 48640  | 3745  | 79953  | 132338  |
| Bolivia | 8776  | -  | 1244  | 10020  |
| Paraguay | 14425  | 4904  | 39393  | 58722  |
| **Total** | **142566**  | **147068**  | **438383**  | **728017**  |

---

<sup>(\*)</sup> Includes Brazil, Paraguay, Agro-Uranga S.A. at 34.86% and 132,000 hectares under Concession.

<sup>(\*\*)</sup> Includes 85,000 hectares intended for sheep breeding

<sup>(\*\*\*)</sup> Excludes double crops.

 *<u>Leased</u> <sup>(\*)</sup>*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  ***Agricultural***<br>|  ***Cattle***<br>|  ***Other***<br>|  ***Total***<br>|
| Argentina | 65866  | 10896  | -  | 76762  |
| Brazil | 62848  | -  | 5747  | 68595  |
| Bolivia | 1065  | -  | -  | 1065  |
| **Total** | **129779**  | **10896**  | **5747**  | **146422**  |

---

<sup>(\*)</sup> Excludes double crops.

 **Segment Income – Agricultural Business**

 **I)**

 **Land Development and Sales**

We periodically sell properties that have reached considerable appraisal to reinvest in new farms with higher appreciation potential. We analyze the possibility of selling based on several factors, including the expected future yield of the farmland for continued agricultural and livestock exploitation, the availability of other investment opportunities and cyclical factors that have a bearing on the global values of farmlands.

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | **-**  | **-**  | -  |
| Costs | (221) | (176) | 25.6% |
| **Gross loss** | **(221)** | **(176)** | **25.6%** |
| Net gain from fair value adjustment on investment properties | -  | (850) | (100.0)% |
| Gain from disposal of farmlands | -  | 31211  | (100.0)% |
| General and administrative expenses | (125) | (49) | 155.1% |
| Selling expenses | (33) | (991) | (96.7)% |
| Other operating results, net | (1807) | 11750  | (115.4)% |
| **Result from operations** | **(2186)** | **40895**  | **(105.3)%** |
| **Segment result** | **(2186)** | **40895**  | **(105.3)%** |
| Depreciations and amortizations | 25  | 25  | -  |
| **EBITDA** | **(2161)** | **40920**  | **(105.3)%** |
| **Adjusted EBITDA** | **(2161)** | **41770**  | **(105.2)%** |

---

Segment profit decreased by ARS 43,081 million compared to the first semester of fiscal year 2025. There were no farmland sales in the region during period.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **II)**

 **Agricultural Production**

The result of the Farming segment reported a ARS 12,225 million loss during the first half of fiscal year 2026, compared to a ARS 5,240 million loss in the same period of fiscal year 2025.

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | **245391**  | **195695**  | **25.4%** |
| Costs | (214925) | (164078) | 31.0% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (8191) | 3665  | (323.5)% |
| Changes in the net realizable value of agricultural produce after harvest | 7164  | (2376) | -  |
| **Gross profit** | **29439**  | **32906**  | **(10.5)%** |
| General and administrative expenses | (14145) | (14158) | (0.1)% |
| Selling expenses | (25487) | (21374) | 19.2% |
| Other operating results, net | (2322) | (2198) | 5.6% |
| **Results from operations** | **(12515)** | **(4824)** | **159.4%** |
| Results from associates | 290  | (416) | -  |
| **Segment results** | **(12225)** | **(5240)** | **133.3%** |
| **EBITDA** | **(7041)** | **11204**  | **(162.8)%** |
| **Adjusted EBITDA** | **5294**  | **24365**  | **(78.3)%** |

---

 **II.a) Crops and Sugarcane**

 **Crops**

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | **147723**  | **110721**  | **33.4%** |
| Costs | (132391) | (93388) | 41.8% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (6410) | (9437) | (32.1)% |
| Changes in the net realizable value of agricultural produce after harvest | 7094  | (2351) | -  |
| **Gross result** | **16016**  | **5545**  | **188.8%** |
| General and administrative expenses | (10116) | (9862) | 2.6% |
| Selling expenses | (21436) | (18460) | 16.1% |
| Other operating results, net | (865) | 751  | (2152)% |
| **Profit from operations** | **(16401)** | **(22026)** | **(25.5)%** |
| Results from associates | 286  | (416) | -  |
| **Activity Profit** | **(16115)** | **(22442)** | **(28.2)%** |

---

 **Sugarcane**

---

| | | | |
|:---|:---|:---|:---|
| **in ARS million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | 43545  | 59406  | (26.7)% |
| Costs | (35620) | (48424) | (26.4)% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce at the point of harvest | (3600) | 7722  | (146.6)% |
| **Gross result** | **4325**  | **18704**  | **(76.9)%** |
| General and administrative expenses | (2421) | (2444) | (0.9)% |
| Selling expenses | (1793) | (1016) | 76.5% |
| Other operating results, net | (388) | (1191) | (67.4)% |
| **Profit from operations** | **(277)** | **14053**  | **(102.0)%** |
| **Activity profit** | **(277)** | **14053**  | **(102.0)%** |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Production Volume <sup>(1)</sup>** | **6M 26**<br>| **6M 25**<br>| **6M 24**<br>| **6M 23**<br>| **6M 22**<br>|
| Corn | 214277  | 123188  | 226709  | 159712  | 231058  |
| Soybean | 5855  | 1549  | 7499  | 13760  | 10559  |
| Wheat | 62627  | 42620  | 24495  | 22696  | 33615  |
| Sorghum | 349  | 1078  | 3161  | 2066  | 2725  |
| Sunflower | 63  | -  | 177  | (7) | 232  |
| Cotton | 25619  | 20449  | 14676  | 3353  | 3094  |
| Other | 14180  | 8395  | 10138  | 6939  | 5860  |
| **Total Crops (tons)** | **322970**  | **197279**  | **286855**  | **208519**  | **287143**  |
| **Sugarcane (tons)** | **971466**  | **1340673**  | **1305064**  | **1287194**  | **1532990**  |

---

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

(1) Includes BrasilAgro, Acres del Sud, Ombú, Yatay y Yuchán. Excludes Agro-Uranga.

Next, we present the total volume sold according to its geographical origin measured in tons:

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Volume of** | **6M 26** | **6M 26** | **6M 26** | **6M 25** | **6M 25** | **6M 25** | **6M 24** | **6M 24** | **6M 24** | **6M 23** | **6M 23** | **6M 23** | **6M 22** | **6M 22** | **6M 22** |
| **Sales <sup>(3)</sup>** | **M.L. (1)**<br>| **M.E. (2)**<br>| **Total**<br>| **M.L. (1)**<br>| **M.E. (2)**<br>| **M.L. (1)**<br>| **M.E. (2)**<br>| **Total**<br>| **M.L. (1)**<br>| **M.E. (2)**<br>| **M.L. (1)**<br>| **M.E. (2)**<br>| **Total**<br>| **M.L. (1)**<br>| **M.E. (2)**<br>|
| Corn | 153.3  | 36.0  | 189.3  | 118.9  | 20.0  | 138.9  | 152.4  | 94.4  | 246.8  | 153.8  | 84.4  | 238.2  | 193.8  | 65.3  | 259.1  |
| Soybean | 87.1  | 58.9  | 146.0  | 30.2  | 72.8  | 103.0  | 22.1  | 34.9  | 57.0  | 47.9  | 15.5  | 63.4  | 83.7  | 50.3  | 134.0  |
| Wheat | 27.5  | -  | 27.5  | 17.8  | -  | 17.8  | 6.8  | -  | 6.8  | 8.4  | -  | 8.4  | 12.0  | 1.0  | 13.0  |
| Sorghum | -  | -  | -  | 12.8  | -  | 12.8  | 2.8  | -  | 2.8  | 12.1  | -  | 12.1  | 21.4  | -  | 21.4  |
| Sunflower | 1.0  | -  | 1.0  | 0.6  | -  | 0.6  | 2.0  | -  | 2.0  | 0.7  | -  | 0.7  | 0.3  | -  | 0.3  |
| Cotton | 14.8  | 2.3  | 17.1  | 9.4  | 2.2  | 11.6  | 9.9  | 1.2  | 11.1  | 5.0  | -  | 5.0  | 3.8  | -  | 3.8  |
| Others | 2.5  | -  | 2.5  | 5.7  | -  | 5.7  | 6.4  | -  | 6.4  | 6.0  | -  | 6.0  | 5.6  | 1.2  | 6.8  |
| **Total Crops (thousand ton)** | **286.2**  | **97.2**  | **383.4**  | **195.4**  | **95.0**  | **290.4**  | **202.4**  | **130.5**  | **332.9**  | **233.9**  | **99.9**  | **333.8**  | **320.6**  | **117.8**  | **438.4**  |
| **Sugarcane (thousands ton)** | **971.5**  | **-**  | **971.5**  | **1.340.7**  | **-**  | **1.340.7**  | **1305.1**  | **-**  | **1305.1**  | **1161.0**  | **-**  | **1161.0**  | **1387.7**  | **-**  | **1387.7**  |

---

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

(1) Local Market

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

(2) International Market

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

(3) Includes BrasilAgro. Does not include Agro-Uranga S.A

The Grains activity presented a positive variation by ARS 6,327 million, from a ARS 22,442million loss during the first half of fiscal year 2025 to a ARS 16,115 million loss during the same period of fiscal year 2026, mainly because of:

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

● A gain in production and holding results in Argentina, driven by a better price performance relative to inflation, mainly in corn and soybean, together with higher volumes commercialized and lower production losses compared to the previous season.

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

● Partially offset by a loss in sales and production results in Brazil, due to lower average prices per ton, mainly in cotton, although partially compensated by higher soybean and corn sales..

The result of the Sugarcane activity decreased by 102.0%, from a gain of ARS 14.053 million in the first half of fiscal year 2025 to a ARS 277 million loss in the same period of 2026. This is mainly due to lower sales and production results in Brazil, driven by a reduction in commercialized volumes, stable prices and higher costs, further aggravated by adverse weather events such as fires and frosts.

---

| | | | |
|:---|:---|:---|:---|
| **Area in Operation (hectares)** <sup>(1)</sup> | **As of 12/31/25**<br>| **As of 12/31/24**<br>| **YoY Var**<br>|
| Own farms | 113518  | 114272  | (0.7)% |
| Leased farms | 166460  | 152735  | 9.0% |
| Farms under concession | 22301  | 22469  | (0.7)% |
| Own farms leased to third parties | 17922  | 14507  | 23.5% |
| **Total Area Assigned to Production** | **320201**  | **303983**  | **5.3%** |

---

(1) Includes Agro-Uranga.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **II.b) Cattle Production**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **6M 25**<br>| **6M 25**<br>| **6M 24**<br>| **6M 23**<br>| **6M 22**<br>|
| Cattle herd (tons) <sup>(1)</sup> | **6012**  | **5495**  | **4496**  | **4273**  | **3575**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Production measured in tons of live weight. Production is the sum of the net increases (or decreases) during a given period in live weight of each head of livestock we own.

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Volume of** | **6M 25** | **6M 25** | **6M 25** | **6M 24** | **6M 24** | **6M 24** | **6M 23** | **6M 23** | **6M 23** | **6M 22** | **6M 22** | **6M 22** | **6M 21** | **6M 21** | **6M 21** |
| **Sales <sup>(1)</sup>** | **D.M**<br>| **F.M**<br>| **Total**<br>| **D.M**<br>| **F.M**<br>| **Total**<br>| **D.M**<br>| **F.M**<br>| **Total**<br>| **D.M**<br>| **F.M**<br>| **Total**<br>| **D.M**<br>| **F.M**<br>| **Total**<br>|
| **Cattle herd** | **13.9**  | **-**  | **13.9**  | **7.9**  | **-**  | **7.9**  | **6.3**  | **-**  | **6.3**  | **5.2**  | **-**  | **5.2**  | **6.2**  | **-**  | **6.2**  |

---

D.M.: Domestic market

F.M.: Foreign market

 **Cattle**

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | **50570**  | **23399**  | **116.1%** |
| Costs | (44210) | (19060) | 132.0% |
| Initial recognition and changes in the fair value of biological assets and agricultural produce | 1819  | 5380  | (66.2)% |
| Changes in the net realizable value of agricultural produce after harvest | 70  | (25) | -  |
| **Gross Profit** | **8249**  | **9694)** | **(14.9)%** |
| General and administrative expenses | (1320) | (1476) | (10.6)% |
| Selling expenses | (2029) | (1743) | 16.4% |
| Other operating results, net | (1014) | (1579) | -  |
| **Result from operations** | **3886**  | **4896**  | **(20.6)%** |
| Results from associates | 4  | -  | -  |
| **Activity Result** | **3890**  | **4896**  | **(20.5)%** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Area in operation – Cattle (hectares) <sup>(1)</sup>** | **As of 12/31/25**<br>| **As of 12/31/24**<br>| **YoY Var**<br>|
| Own farms | 59192  | 69034  | (14.3)% |
| Leased farms | 10896  | 10896  | -  |
| Farms under concession | 2876  | 2696  | 6.7% |
| Own farms leased to third parties | -  | 2797  | (100.0)% |
| **Total Area Assigned to Cattle Production** | **72964**  | **85423**  | **(14.6)%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Includes Agro-Uranga, Brazil and Paraguay,

---

| | | | |
|:---|:---|:---|:---|
| **Stock of Cattle Heard** | **As of 12/31/25**<br>| **As of 12/31/24**<br>| **YoY Var**<br>|
| Breeding stock | 53767  | 65169  | (17.5)% |
| Winter grazing stock | 21721  | 17183  | 26.4% |
| Sheep stock | 14239  | 12325  | 15.5% |
| **Total Stock (heads)** | **89727**  | **94677**  | **(5.2)%** |

---

The result of the Cattle activity decreased by 20.5%, from a ARS 4,896 million gain during the first half of fiscal year 2025 to a ARS 3,890 million gain in the same period of fiscal year 2026. This decline is mainly explained by margin compression driven by inflationary effects, which impacted both revenues and costs, despite solid productive performance and improvements in prices and volumes sold.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **II.c) Agricultural Rental and Services**

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | 3553  | 2169  | 63,8% |
| Costs | (2704) | (3206) | (157)% |
| **Gross profit** | **849**  | **(1037)** | **-**  |
| General and Administrative expenses | (288) | (376) | (234)% |
| Selling expenses | (229) | (155) | 47,7% |
| Other operating results, net | (55) | (179) | (693)% |
| **Result from operations** | **277**  | **(1747)** | **-**  |
| **Activity Result** | **277**  | **(1747)** | **-**  |

---

The result of the activity increased by ARS 2,024 million, from a ARS 1,747 million loss in the first half of fiscal year 2025 to a ARS 277 million gain in the same period of 2026.

 **III) Other Segments**

We include within "Others" the results coming from our investment in FyO.

The result of the segment increased by ARS 31,920 million, going from a ARS 22,602 million loss during the first half of fiscal year 2025 to an ARS 9,318 million gain for the same period of fiscal year 2026. This improvement reflects a normalization of operating results, as during the first half of fiscal year 2025 certain hedging strategies caused results to be largely recognized within financial results. In addition, performance improved in stockpiling and consignment operations, driven by higher volumes handled, better market prices, and a recovery in brokerage and input sales activities.

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| **Revenues** | **116801**  | **74072**  | **57.7%** |
| Costs | (84765) | (76853) | 10.3% |
| **Gross result** | **32036**  | **(2781)** | **-**  |
| General and administrative expenses | (7357) | (7388) | (0.4)% |
| Selling expenses | (16092) | (12889) | 24.9% |
| Other operating results, net | 1839  | 1517  | 21.2% |
| **Result from operations** | **10426**  | **(21541)** | **-**  |
| Profit from associates | (1108) | (1061) | 4.4% |
| **Segment Result** | **9318**  | **(22602)** | **-**  |
| **EBITDA** | **12247**  | **(19709)** | **-**  |
| **Adjusted EBITDA** | **12217**  | **(19748)** | -  |

---

 **IV) Corporate Segment**

The negative result went from a loss of ARS 3,443 million in the first semester of the fiscal year 2025 to a ARS 1,955 million loss in the same period of fiscal year 2026.

---

| | | | |
|:---|:---|:---|:---|
| **In ARS Million** | **6M 26**<br>| **6M 25**<br>| **YoY Var**<br>|
| General and administrative expenses | (1955) | (3443) | (43.2)% |
| **Loss from operations** | **(1955)** | **(3443)** | **(43.2)%** |
| **Segment loss** | **(1955)** | **(3443)** | **(43.2)%** |
| **EBITDA** | **(1944)** | **(3443)** | **(43.5)%** |
| **Adjusted EBITDA** | **(1944)** | **(3443)** | **(43.5)%** |

---

 **Urban Properties and Investments Business (through our subsidiary Irsa Inversiones y Representaciones Sociedad Anónima)**

We develop our Urban Properties and Investments segment through our subsidiary IRSA. As of December 31, 2025, our direct and indirect equity interest in IRSA was 51.61% over stock capital.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Consolidated results of our subsidiary IRSA Inversiones y Representaciones S.A.**

---

| | | | |
|:---|:---|:---|:---|
| **en ARS Millones** | **6M 26**<br>| **6M 25**<br>| **Var a/a**<br>|
| Revenues | 291620  | 278614  | 4.7% |
| Results from operations | 319428  | (189902) | -  |
| **EBITDA** | **326716**  | **(182128)** | **-**  |
| **Adjusted EBITDA** | **132333**  | **135674**  | **(2.5)%** |
| **Segment results** | **330758**  | **(156518)** | **-**  |

---

Consolidated revenues from sales, rentals and services increased by 4.7% during the first half of fiscal year 2026 compared to the same period of 2025. Adjusted EBITDA reached ARS 132,33 million, 2.5% lower than in the same period of the previous fiscal year.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Financial Indebtedness and Other**

The following tables contain a breakdown of the company's indebtedness as of December 31, 2025:

 **Agricultural Business**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Currency** | **Amount (USD MM)<sup>(1)(2)</sup>**<br>| **Interest Rate**<br>| **Maturity** |
| Loans and bank overdrafts | ARS | 0.5  | Variable<br>| < 30 days |
| Series XXXVIII | USD | 70.4  | 8.00% | mar-26 |
| Series XLII | USD | 30.0  | 0.00% | may-26 |
| Series XLV | USD | 10.2  | 6.00% | aug-26 |
| Series XL | USD | 38.2  | 0.00% | dec-26 |
| Series XLIV | USD | 39.8  | 6.00% | jan-27 |
| Series XLVI | USD | 23.8  | 1.50% | jul-27 |
| Series XLIX | USD | 31.3  | 7.25% | sep-27 |
| Series XLVIII | USD | 43.7  | 8.00% | jul-28 |
| Series XLVII | USD | 64.4  | 7.00% | nov-28 |
| Series L | USD | 64.4  | 7.25% | mar-29 |
| Other debt | USD | 450  |  |  |
| **CRESUD's Total Debt <sup>(3)</sup>** | **USD** | **418.4**  |  |  |
| Cash and cash equivalents <sup>(3)</sup> | USD | 78.1  |  |  |
| **CRESUD's Net Debt** | **USD** | **340.3**  |  |  |
| **Brasilagro's Total Net Debt** | **USD** | **148.4**  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) Net of repurchases

&nbsp;&nbsp;&nbsp;&nbsp; (2) Principal amount stated in USD (million) at an exchange rate of 1,455.0 ARS/USD and 5.4778 BRL/USD, without considering accrued interest or elimination of balances with subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp; (3) Does not include FyO

 **Urban Properties and Investments Business**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Currency** | **Amount (USD MM) <sup>(1)</sup>**<br>| **Interest Rate**<br>| **Maturity** |
| Bank overdrafts | ARS | 16.2  | Variable<br>| < 360 days |
| 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 | 473.7  | 8.00% | mar-35 |
| **IRSA's Total Debt** | **USD** | **667.3**  |  |  |
| Cash & Cash Equivalents + Investments <sup>(2)</sup> | USD | 364.2  |  |  |
| **IRSA's Net Debt** | **USD** | **302.8**  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Principal amount in USD (million) at an exchange rate of ARS 1,455.0/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.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Comparative Summary Consolidated Balance Sheet Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-25**<br>| **Dec-24**<br>| **Dec-23**<br>| **Dec-22**<br>| **Dec-21**<br>|
| Current assets | 1586603  | 1131323  | 1746657  | 1231474  | 1298656  |
| Non-current assets | 4732610  | 4071859  | 5969955  | 5134399  | 5797059  |
| **Total assets** | **6319213**  | **5203182**  | **7716612**  | **6365873**  | **7095715**  |
| Current liabilities | 1112435  | 1078394  | 1479441  | 1226685  | 1066654  |
| Non-current liabilities | 2599843  | 1943284  | 2964996  | 2488934  | 3401206  |
| **Total liabilities** | **3712278**  | **3021678**  | **4444437**  | **3715619**  | **4467860**  |
| Total capital and reserves attributable to the shareholders of the controlling company | 1103635  | 970437  | 1359787  | 1110595  | 962950  |
| Minority interests | 1503300  | 1211067  | 1912388  | 1539659  | 1664905  |
| **Shareholders' equity** | **2606935**  | **2181504**  | **3272175**  | **2650254**  | **2627855**  |
| **Total liabilities plus minority interests plus shareholders' equity** | **6319213**  | **5203182**  | **7716612**  | **6365873**  | **7095715**  |

---

 **Comparative Summary Consolidated Statement of Income Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-25**<br>| **Dec-24**<br>| **Dec-23**<br>| **Dec-22**<br>| **Dec-21**<br>|
| Gross profit | 242435  | 201901  | 272412  | 229691  | 254456  |
| **Profit from operations** | **306696**  | **(178388)** | **590572**  | **(151293)** | **589884**  |
| Results from associates and joint ventures | 10472  | 31116  | 56929  | 7241  | 1080  |
| Profit from operations before financing and taxation | 317168  | (147272) | 647501  | (144052) | 590964  |
| Financial results, net | (35704) | 88628  | (183663) | 78590  | 144848  |
| Profit before income tax | 281464  | (58644) | 463838  | (65462) | 735812  |
| Income tax expense | (87532) | 29793  | (107954) | 237177  | (74879) |
| **Result for the period** | **193932**  | **(28851)** | **355884**  | **171715**  | **660933**  |
| Controlling company's shareholders | 74448  | (25103) | 145602  | 94432  | 368592  |
| Non-controlling interest | 119484  | (3748) | 210282  | 77283  | 292341  |

---

 **Comparative Summary Consolidated Statement of Cash Flow Data**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-25**<br>| **Dec-24**<br>| **Dec-23**<br>| **Dec-22**<br>| **Dec-21**<br>|
| Net cash generated by / (used in) operating activities | 98334  | 26940  | 146123  | (3195) | 180262  |
| Net cash (used in) / generated by investment activities | (96419) | (81925) | 155513  | 49074  | 128645  |
| Net cash generated by / (used in) in financing activities | 140704  | -672) | (328681) | (294923) | (337687) |
| **Total net cash generated / (used) during the period** | **142619**  | **(55657)** | **(27045)** | **(249044)** | **(28780)** |

---

 **Ratios**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **In ARS million** | **Dec-25**<br>| **Dec-24**<br>| **Dec-23**<br>| **Dec-22**<br>| **Dec-21**<br>|
| Liquidity <sup>(1)</sup> | 1.43  | 1.05  | 1.18  | 1.00  | 1.22  |
| Solvency <sup>(2)</sup> | 0.70  | 0.72  | 0.74  | 0.71  | 0.59  |
| Restricted capital <sup>(3)</sup> | 0.75  | 0.78  | 0.77  | 0.81  | 0.82  |
| Indebtedness <sup>(4)</sup> | 3.36  | 3.11  | 3.27  | 3.35  | 4.64  |

---

&nbsp;&nbsp;&nbsp;&nbsp; (1) Current Assets / Current Liabilities

&nbsp;&nbsp;&nbsp;&nbsp; (2) Total Shareholders' Equity/Total Liabilities

&nbsp;&nbsp;&nbsp;&nbsp; (3) Non-current Assets/Total Assets

&nbsp;&nbsp;&nbsp;&nbsp; (4) Total Liabilities / Equity attributable to the controlling interest.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Material events of the quarter and subsequent events**

 ***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 or in kind dividend of ARS 88,500 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;

● Distribution of own treasury shares.

&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 7, 2025, the Company distributed among its shareholders a cash dividend in an amount of ARS 65,079,917,808.30 and a dividend in kind in the amount of ARS 28,702,000,000.00. The dividend in kind will consist of the delivery of 12,700,000 shares of IRSA INVERSIONES Y REPRESENTACIONES S.A., with a par value of ARS 10 each, owned by the Company, at the closing price of ARS 2,260.00 as of October 29, 2025. This distribution is equivalent to 10.38769027273% of the share capital entitled to receive dividends in the case of the cash dividend and 4.5812517324644% in the case of the dividend in kind, based on a total of 626,509,995 shares outstanding.

Regarding the cash dividend, the amount per common share (par value ARS 1) was ARS 103.8769027273, and the amount per American Depositary Share ("ADS") was ARS 1,038.769027273. Regarding the dividend in kind, shareholders received 0.020271025365 IRSA shares (par value ARS 10) per Cresud common share, and 0.20271025365 IRSA shares (par value ARS 10) per ADS.

Additionally, it has distributed treasury shares of the Company, previously acquired, totaling 5,300,000 book-entry common shares, each entitled to one vote and with a par value of ARS 1. The share distribution corresponds to 0.0084595617664 Cresud shares per common share and 0.084595617664 per American Depositary Share ("ADS"), representing 0.84595617664% of the share capital represented by 626,509,995 shares of par value ARS 1, net of treasury shares.

 ***November 2025: Warrants – Post dividends distribution***

On November 10, 2025, the Company reported that due to the dividend in cash and in kind, and own shares distributed to the shareholders, the terms and conditions of the outstanding warrants for common shares of the Company have been modified as follows, while the other terms and conditions remain the same:

Number of shares to be issued per warrant:

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

● Ratio before the adjustment: 1.4075

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

● Ratio after the adjustment (current): 1.5417

Warrant exercise price per new share to be issued:

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

● Price before the adjustment: USD 0.4019

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

● Price after adjustment (current): USD 0.3669

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 ***November 2025: Warrants Exercise***

Between November 17 and 25, 2025, certain warrants holders have exercised their right to acquire additional shares.

Therefore, a total of 16,898,282 ordinary shares of the Company were registered, with a face value of ARS 1. As a result of the exercise, USD 6,199,980 were collected by the Company.

After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 631,844,155 to 648,742,437, and the number of outstanding warrants decreased from 60,669,566 to 49,708,631.

 ***December 2025 and January 2026: Notes Issuance***

On December 20, 2025, Cresud issued the Series L Notes on the local market for a total amount of USD 29.6 million with 7.25% interest rate, with semi-annual payments starting on September 10, 2026. The Capital amortization will be 100% at maturity, on March 10, 2029. The issuance price was 100.0%.

After the end of the period, on January 20, 2026, the Company reopened the Series L Notes on the local market for USD 40.8 million, The issuance price was 100.75% and the total nominal value of the Series L after the additional issuance is USD 70.4 million.

On the same date, January 20, 2026, Cresud also issued Series LI Notes in dollars for USD 46.8 million, with 5.75% interest rate, with semi-annual payments. The Capital amortization will be 100% at maturity, on January 20, 2027. The issuance price was 100.0%.

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **EBITDA Reconciliation**

In this summary report, we present EBITDA and Adjusted EBITDA. We define EBITDA as profit for the period excluding: (i) result of discontinued operations, (ii) income tax expense, (iii) financial results, net iv) results from participation in associates and joint ventures; and (v) depreciation and amortization. We define Adjusted EBITDA as EBITDA minus net profit from changes in the fair value of investment properties, not realized and realized sales.

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 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 for the relevant period to EBITDA and Adjusted EBITDA for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>| **2024**<br>|
| Result for the period | 193932  | (28851) |
| Income tax expense  | 87532  | (29793) |
| Net financial results  | 35704  | (88628) |
| Share of profit of associates and joint ventures  | (10472) | (31116) |
| Depreciation and amortization  | 35135  | 36639  |
| Rights of use installments | (21123) | (12767) |
| **EBITDA (unaudited)**  | **320708**  | **(154516)** |
| Gain from fair value of investment properties, not realized - agribusiness | -  | 850  |
| Gain from fair value of investment properties, not realized - Urban Properties Business | (184494) | 298894  |
| Realized sale – Real Estate | 1461  | (3602) |
| Initial recognition and changes in fair value of biological assets | 1028  | (1290) |
| Realized initial recognition and changes in fair value of biological assets | 11277  | 14412  |
| Reversal of provision for directors' fees |  | 15587  |
| Impairment Result on Intangible Assets | (12013) | -  |
| **Adjusted EBITDA (unaudited)**  | **137967**  | **170335**  |

---

------

 **Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria**

Summary as of December 31, 2025

 **Brief comment on prospects for the fiscal year**

The 2026 regional crop season is, in general, progressing in line with expectations, within a context of stable international commodity prices, albeit still low by historical standards, and persistently high input costs. This environment reinforces the need to remain focused on operational efficiency and margins per hectare.

In Argentina, the season began with favorable rainfall, allowing for solid wheat yields. During January, a prolonged dry period in the central region affected crop development. However, conditions have improved gradually in recent weeks, with rainfall in several regions and more favorable forecasts toward February. This should allow soybean yields to remain in line with expectations, while early corn may experience some decline, still subject to upcoming weather conditions.

The October election outcome, which confirmed the continuity of the current administration's economic policy, has provided greater certainty and macroeconomic stability, strengthening the sector's outlook. The gradual reduction of export taxes and increased exchange-rate flexibility continue to foster a favorable environment for investment and profitability. In this context, we are maintaining our strategy of expanding planted acreage—on both owned and leased land—and intensifying our livestock operations, mainly through feedlots in Salta and La Pampa, supported by a favorable input-output ratio and firm cattle prices.

At BrasilAgro, the season is unfolding under balanced weather conditions across most operating regions, with expectations of greater production stability and improved cost absorption in the second half of the cycle. Although the lower contribution from sugarcane and price pressure in certain crops are resulting in tighter margins, the strong performance of grains and cotton, together with active sales management, supports a gradual improvement in results.

In real estate, early signs of recovery in land values in Argentina continue to emerge, along with increased interest in our assets. In line with our strategy, we will pursue portfolio rotation, prioritizing the sale of farms that have reached their maximum appreciation potential.

Our agribusiness services business, through FyO, continues to show strong growth prospects in grain marketing and input distribution, while Amauta is further consolidating its sustainable plant nutrition platform in Argentina and neighboring countries.

At IRSA, we are seeing positive momentum across our rental segments—shopping malls, offices, and hotels—and we expect the start of the initial construction works at Ramblas del Plata in Puerto Madero Sur, along with progress in other strategic developments that position the company for a new stage of expansion.

Consistent with recent years, we will continue optimizing our cost structure and strengthening our financial position through corporate and financial tools, including bond issuances, share repurchase programs, dividend distributions, and potential asset disposals, ensuring adequate liquidity levels.

With a diversified portfolio of rural and urban real estate, an experienced management team, and a strong track record in accessing capital markets, CRESUD is well positioned to capture the opportunities of this new economic cycle.

Alejandro G. Elsztain

CEO

&#xD;