The following is a summary of the IRSA Inversiones Y Representaciones Sociedad Anónima (IRS) Q1 2025 Earnings Call Transcript:

Financial Performance:

• IRSA reported an adjusted EBITDA of ARS 46.9 billion in Q1 2025, which is 8.8% lower than the previous quarter.

• Net income showed a significant loss of ARS 109 billion due to non-cash effects, mainly from the valuation of investment properties.

• Dividend payments of ARS 90 billion were announced and paid, yielding about 8%.

Business Progress:

• Hotel occupancy fell from 66% to 55%, with a decrease also noted in room rates for the quarter, impacting the Hotels segment negatively.

• The Office segment showed a decrease due to reduced square meterage, although occupancy increased slightly to 98%.

• Significant acquisitions include a property adjoining Alto Avellaneda mall for future expansion and commencement of several new real estate development projects.

• Continued development and financial activities in real estate, with several projects underway and others approaching launch.

Opportunities:

• The new lease laws and reinvigoration of the mortgage market could stimulate further real estate market activities, potentially driving up property demand and values.

• Expected improvements in economic conditions and real salaries may drive recovery in tenant sales and overall market demand.

Risks:

• Decreased hotel sector performance due to reduced tourism, influenced by lesser foreign exchange competitiveness, could persist if economic conditions do not improve.

• Potential fluctuations in property valuations due to macroeconomic instability, specifically around currency depreciation.

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