INSTITUTIONAL

PRESENTATION
FY 2022
 LEADING REAL ESTATE COMPANY IN ARGENTINA

Shopping malls
15 335,000 sqm

✓ 30 years acquiring, RENTAL

developing and operating real SEGMENT 6 Office buildings
84,000 sqm
estate

Hotels
✓ Rental portfolio of approx.
500,000 sqm of GLA
3 79,000 sqm

across Argentina

✓ 25 years listed on the A simplified vehicle Costa Urbana

NYSE and accessing capital after merge with IRCP DEVELOPMENT 900,000 sqm
markets SEGMENT
Other mixed-use landbank
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2

OPERATING PROFITABILITY
Our premium locations and our
leadership position in Argentina,
together with our knowledge of the
shopping center and office industry,
allows us to maintain high occupancy
levels and an optimal tenant mix.
OUR STRATEGY
INNOVATION AND GROWTH
Pioneers in innovative real estate
developments in Argentina due to their
format, scale and concept.
We have created a unique real estate
portfolio in the last 30 years in the
country innovating and adapting to
changes in context and consumption
habits.
SUSTAINABILITY
We are part of the communities where
our business units operate. We plan for
the long term and work towards
environmental protection, and
sustainable Development, seeking to
achieve environmental certification
standards in our real estate projects.
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 PREMIUM PORTFOLIO
BEST LOCATIONS
BA City
SHOPPING OFFICE
Dot Building
MALLS BUILDINGS
Philips
Argentina

Zetta
BA City

200 Della Paolera

Suipacha

Intercontinental

High income Area

Mid Income Area
Low Income Area
67% Expanding Corporate North Area
Business Center
BA Malls AAA Location
market share HOTELS Back Office Center 4
 BEST QUALITY ASSETS

2022

Llao Llao Hotel (Bariloche - Patagonia)

2022
(under process)

200 Della Paolera (BA City) Zetta Building (BA City)

200 Della Paolera (BA City)

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 BEST TENANTS
SHOPPING MALLS OFFICE BUILDINGS

DIVERSE, ATOMIZED AND NON-DEPENDANT ON ANCOR STORES PREMIUM, MOSTLY INTERNATIONAL GROWING COMPANIES

Services Others Others Oil & Gas

4% 13% Oil & Gas
18% Bank Bank 5%
Services 4%
Electro 5% 7%
1% Tech/e-commerce
4% Electro Tech/e-commerce Health
Health 61%
Restaurant Apparel 8% 59% 10%
9%
8% 50%
Restaurant
Apparel Others
Entertainment 8%
63% 23% Others
21% Entertainment 17%
2%
BY GLA BY SALES BY GLA BY REVENUES 6
 RESILIENT REVENUE MODEL

ARS
Variable
SHOPPING MALLS
Rental revenues
3-year
ARS LINKED 74%
average term
Base Rent
50% Fixed
TO The company collects the highest between a % of
tenant monthly sales and a minimum rent (base
ARS based
(inflation linked) Base Rent
rent) Fixed
I N F L AT I O N Other revenues 74%Of total Others Base Rent
26% Key money
revenues
Brokerage fee
Other revenues include key money, brokerage fee,
stands, parking and non-traditional advertising 24% Variable In advance YEAR 1 YEAR 2 YEAR 3

OFFICE BUILDINGS HOTELS

USD

USD
USD • 3-year average term • Revenues from Rate
Per sqm Per sqm Per sqm
LINKED • US Dollar based • Revenues from food, beverage
PER
ROOM
& others
• Rental rates for renewed terms are
negotiated at market conditions

YEAR 1 YEAR 2 YEAR 3

PER NIGHT
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 SHOPPING MALLS RECOVERY SINCE COVID-19
SAME SHOPPING MALLS SALES IN REAL TERMS OCCUPANCY
(ARS MM – Information compared with pre-pandemic figures) (Information compared with pre-pandemic figures)

+9.5% -1.6pp
Mainly explained
254,631 by big vacant
232,601 surfaces
94.7% 93.1% 89.9% 93.1%
172,316

124,081

FY19 FY20 FY21 FY22 FY19 FY20 FY21 FY22

EBITDA & OPENED PORTFOLIO (GLA)

(Quarterly evolution – USD MM)
100% 100% 100% 100% 100% 100% 100% 100%

21,20% 23,70%
13,50% Monthly Avg. 60%

44%
29.5
23.7 25.1 25.1
16.3 15.5
-15,30% 12.3 11.4
6% 4.1
-2,9 -2,0
IQ22 vs IQ19 IIQ22 vs IIQ19 IIIQ22 vs IIIQ19 IVQ22 vs IVQ19
IIQ20 IIIQ20 IVQ20 IQ21 IIQ21 IIIQ21 IVQ21 IQ22 IIQ22 IIIQ22 8IVQ22
(Dec-19) (Mar-20) (Jun-20) (Sep-20) (Dec-20) (Mar-21) (Jun-21) (Sep-21) (Dic-21) (Mar-22) (Jun-22)
EBITDA malls (USD MM) % GLA opened 8
 OFFICE PERFORMANCE SINCE COVID-19
OCCUPANCY BY CLASS 12M REVENUES EVOLUTION
-7.5pp (USD MM)
A & A+
93.0%
85.5%
80.1%

3.1 2.6 2.8 0.1

B 52.4% 48.5%
Impact of Suipacha
building
35.5% (empty)

IVQ 20 IVQ 21 IVQ 22

23.5
20.3
RENT PRICE/sqm
-7.9%
(USD)
26.6 25.7 24.5

FY 21 Sold sqm New sqm Vacancy Rent price FY 22

Bouchard
710 &
200 Della 9
IVQ 20 IVQ 21 IVQ 22 Paolera
Boston
Tower 9
 RECENT OFFICE BUILDINGS SALES
Bouchard 710 12 Floors 11 Floors* 200 Della Paolera
July 2020 June 2020, June & Oct. 2021,
15,014 GLA sqm 13,147 GLA sqm March 2022

87.2 USD MM 110.1 USD MM

5,800 USD/sqm 8,370 USD/sqm
~16% USD IRR ~18,180 remaining GLA
TOTAL *Does not include 4 floors sold to Globant in
advance of the development

Boston Tower 412.5 República

July, August & Nov. 2020 USD MM April 2022
13 Floors 20 Floors
14,640 GLA sqm 19,885 GLA sqm
83.4 USD MM 131.8 USD MM
5,700 USD/sqm 6,630 USD/sqm
~11% USD IRR ~11% USD IRR 10

Definitions: GLA as gross leasable area; IRR as internal rate of return

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 OFFICE BUILDINGS – ACTIVE PORTFOLIO MANAGEMENT
CAPITAL CONTROLS CAPITAL CONTROLS
Intercontinental Della Paolera Boston
200 Della Paolera 261 Tower
5000
5000 200 Della
Paolera
Acquisitions 4900
4200
Sales

A+ Offices prices Maipú 3800 República

Bouchard 710
USD/sqm Rulero

Intercontinental
Boston Tower
2610
Bouchard Plaza Bouchard Plaza Dique IV
2450
2300 2360

Rulero 2050

Bouchard 710 FLIGHT TO

Yacht V & VI QUALITY
Maipú República

770

200 Della Paolera

Zetta Building Opened in Dec-20
Opened in May-19 IRSA new headquarters
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1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 11
 COSTA URBANA PROJECT APPROVAL
December 2021

70 ~900,000
Total Hectares Buildable sqm

70% Mixed-uses
OBELISC For public uses Potential

30% 15 – 20 years
NATIONAL PUERTO To develop Project
GOVERNMENT MADERO
CONTRIBUTIONS TO THE CITY:
▪ 50.8 hectares for public use (71% of the total area of the
property)
=1/3
PUERTO ▪ 3 additional parcels of the property
MADERO
▪ USD 2 MM in cash and the amount of 3,000,000 sovereign
Premium bonds (AL35)
location ▪ Investment of up to USD 40 million on infrastructure and road
South Puerto works

Madero ▪ Investment on maintenance of public spaces for 10 years or

until the sum of USD 10 million is completed.

Urbanization area 12
Pedestrian walkways and access points IRSA is currently working to fulfill all the administrative and governmental requirements
Public and green space 12
 13
Preliminary render for illustrative purposes
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 Caballito (BA city)

PROPERTIES FOR MIXED

U S E D E V E LO P M E N T S
San Martin (BA province) 16.0 Polo Dot (BA city)

18 Total surface
(mm sqm)

# Land Reserves 6.7

Buildable surface
(mm sqm)

Capacity to almost double current rental portfolio

Malls expansions (BA City)

Montevideo (Uruguay) La Plata (BA province) 14

1414
 ESG PROGRESS DURING FY2022

200 Della Paolera

E S
Focus on education, health &
G
Merger between IRSA and IRCP
Under LEED certification process gender diversity
• Simplifies corporate structure
+60%
LEED Office portfolio 40 Group Social Actions • Increases Company’s float
• Brings synergies and cost efficiency
Waste management
Certifications from BA City 80,000 Social Beneficiaries • Eliminates conflicts of interests
First green seal
certified mall 100 NGOs relationships Board composition

Energy saving 5
Transition to led lighting in malls
Social
Investment
12 Independent
+ Members 2
+80%
Led lighting in malls portfolio
103.4 Women 15
ARS MM
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FINANCIALS
 RENTAL ASSETS VALUATION
SHOPPING MALLS EVOLUTION OFFICES EVOLUTION
(USD MILLION – OFFICIAL FX) (USD MILLION – BLUE CHIP SWAP)

807 720
669 580
532 459 421
279

FY19 FY 20 FY 21 FY 22 FY19 FY 20 FY 21 FY 22

SHOPPING MALLS - SQM EVOLUTION OFFICES – SQM EVOLUTION

(USD/SQM) (USD/SQM)

6.401 6.648
5.757
OFFICIAL
3.979 FX
2.431 2.007 2.144
1.589 4.035 3.718 3.330 BLUE CHIP
SWAP

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FY19 FY 20 FY 21 FY 22
FY19 FY 20 FY 21 FY 22 17
 NET ASSET VALUE 1
USD MILLION (AT OFFICIAL FX)

LTV 13%

77 111 321
COSTA URBANA
713 1.052

33 2.466
2.144
495

698
2
Shopping Malls Offices Hotels Land reserves & Prop. Banco Hipotecario JV, Investees & Others Gross Asset Value Net Debt Net Asset Value
Under development

1- Assets and liabilities adjusted by ownership as of June 30, 2022

2- Includes trading properties and barters registered under intangible assets. These two items are recorded at historical cost in the financial statements. It also includes Quality and Nuevo Puerto Santa Fe as JV
and La Rural, Convention Center & TGLT as Investees as well as other rental properties
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 RENTAL EBITDA POST COVID RECOVERY
USD MILLION

200
85 Sales &
162 Developments +
Others
2
19
131 138.5
Shopping Malls
12 94.5 115
Offices 26 95 8
18
9
Hotels
141 28
93
44
89
58 25
19
FY18 FY19 FY20 FY21 FY22

COVID-19
19
 FINANCIAL MANAGEMENT SINCE 2020
USD MILLION

CAPITAL & DEBT

ISSUANCES
940
ASSETS SALES USD MM
275.7
BOSTON TOWER
BOUCHARD 710
REPÚBLICA BUILDING
122.7 171.2
370.2
SERIES XIV
(IRCP 23 NOTES EXCHANGE)
200 DELLA PAOLERA
FY 22 & SUBSEQUENT USD MM
(12 FLOORS)
ASSET SALES 210.9
DEBT ISSUANCES 229.3
TOTAL 440.2
20
20
 DELEVERAGE PROCESS SINCE 2020

NET DEBT EVOLUTION

(USD MILLION) -57%
755
640
566 574
345
306
231 273 MERGED COMPANY

323

410
335 334 301

FY18 FY19 FY20 FY21 FY22

CONSOLIDATED NET DEBT/RENTAL

EBITDA
3.5x 4.9x 8.0x 13.0x 2,8x
NET DEBT / TOTAL
1,6x EBITDA
COVID-19 21
SUBSEQUENT EVENT: IRCP23 NOTES EXCHANGE RESULT
USD 360mm - 8.75% - March 2023
New issuance - Series XIV
360 - Amount: USD 171.2 mm
- Rate: 8.75%
- Maturity: 17.5% from 2024 to
121.0 2027 & 30% 2028
(33.6%)

239
Series XIV Option B
93.6 +2.8 premium (39.2%)
(26.0%)

66.38% 73.7
Series XIV
(50.7%)
acceptance (20.5%) +1.1 premium
Option A
(60.8%)

71.7 Cash
(49.3%)
(19.9%)
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22
 DEBT AMORTIZATION SCHEDULE*
PRE-EXCHANGE OFFER AFTER EXCHANGE
(JUNE 30, 2022 - USD MILLION) (AUGUST 19, 2022 - USD MILLION)

GROSS DEBT 453.7

473.2 CASH & EQUIVALENTS 152.5

NET DEBT 301.2

350.7
198.4

Cash: 111.8
83.8 190.0 27.3
152.5 46.8
122.5 42,1 27.3 27.3
14.8 84.5
27.3
8,5
FY 23 FY 24 FY 25 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28

*Does not include notes repurchased

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 SHARES REPURCHASE PLAN
✓ Maximum amount to invest up to ARS 1,000 million

✓ Payable Price: up to ARS 140 per share and up to USD 7 per ADS

✓ Period: from March until July 2022 (120 days) extended to November 2022 (+120 days)

✓ Number of shares repurchased as of today: 8,495,623 ordinary shares (87.76% of the Plan). Investment: ARS 877.6 million

SHARE PRICE EVOLUTION ADS EVOLUTION

125,3
Initial date
Initial date Mar 15th
Mar 15th

4,06

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1/1/2022 1/2/2022 1/3/2022 1/4/2022 1/5/2022 1/6/2022 1/7/2022 1/8/2022 1/1/2022 1/2/2022 1/3/2022 1/4/2022 1/5/2022 1/6/2022 1/7/2022 1/8/2022
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 GROUP CAPITAL MARKETS TRACK RECORD

NUMBER OF CAPITAL
AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY
MARKETS TRANSACTIONS

+200 +USD 18bn 4 New York, Buenos Aires,

& Sao Paulo
Even in the worst Argentinean
crisis (2001) & COVID-19

IRSA IPO APSA IPO (now IRCP) CRESUD FOLLOW LIABILITY LOCAL MARKET DOLLAR
APSA ON MANAGEMENT LINKED ISSUANCES
BA & NY LISTING BA & NY LISTING
Tender offer IRSA bonds USD 265 MM
APSA & IRSA CONVERTIBLE USD 288 MM
New IRCP USD 360 MM bond DEBT EXCHANGES
NOTES Regional expansion
IRCP 8% SPO USD 138 MM USD 148 MM
COVID-19 PANDEMIC

1994 1997 2000/1 2006 2008 2012 2016/7 2018/9 2020 2021 2022/3

CAPITAL INCREASE LOCAL MARKET

BRASILAGRO USD 93 MM ISSUANCES
CRESUD USD 45 MM & DEBT EXCHANGES
CRESUD US LISTING BRASILAGRO IPO BRASILAGRO US DEBT REFINANCING USD 499 MM
IRSA USD 29 MM
Follow on USD 276 MM LISTING CRESUD USD 246 MM
LOCAL MARKET ISSUANCES
USD 92 MM Company Foundation IRSA USD 227 MM & DEBT EXCHANGES
USD 255 MM 25
2525
 CONTACT US

OUR ADRESS OUR EMAIL OUR PHONE OUR WEBSITE TWITTER

Della Paolera 261 9th floor ir@irsa.com.ar (+54) 911 4323-7449 www.irsa.com.ar @IRSAIR

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