The following is a summary of the IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) Q2 2024 Earnings Call Transcript:

Financial Performance:

• IRSA recorded strong results in the first half of fiscal year 2024 with tenant sales strong and hotel and premium office occupancies higher than the previous year.

• Adjusted EBITDA and operating Income saw increases of 54% and 47%, respectively. The net result also increased from ARS48 billion to ARS146 billion.

• Net debt was significantly reduced with lower Leverage to Value and Net Debt to EBITDA ratios.

• The company was very active in real estate transactions including the sale of two floors of the Della Paolera building and the completion of a new trust which fetched profits well above the costs invested.

Business Progress:

• The company undertook key real estate developments including the Barter agreement for land ownership transfer and further progress in the Costa Urbana project.

• A significant investment was made to develop a luxury residential property by the Obelisk with hopes to turn the area into a tourist and youth attraction.

• Improvements were witnessed in shopping mall and office portfolio occupancy rates reaching 98% and 93% respectively.

• Expansion plans include initiation of new mixed-use projects and further refinancing of their fiscal year 24 debt via new bonds.

• Despite the expected slowdown due to inflation, the company remains optimistic due to its quality portfolio and chances of quick recovery.

More details: IRSA Inversiones y Representaciones IR

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