#1KW IRSA INSTITUTIONAL PRESENTATION IQ FY 2023#2LEADING REAL ESTATE COMPANY IN ARGENTINA 15 Shopping malls ✓ 30 years acquiring, developing and operating real estate ✓ Rental portfolio of approx. 500,000 sqm of GLA across Argentina 25 years listed on the NYSE and accessing capital markets IRSA A simplified vehicle after merge with IRCP 336,240 sqm 6 Office buildings 82,700 sqm Hotels 79,000 sqm RENTAL SEGMENT 3 DEVELOPMENT SEGMENT Costa Urbana 900,000 sqm Other mixed-use landbank 2#3bot BAIRES SHOPPING OUR STRATEGY DESIGN DISTRIAL LEED HMENTAL ENVIRONME 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. 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. 3#4Soleil Premium Outlet BA City Dot DISTRITO ARCOS PREMIUM OUTLET ALTO PALERMO Alcorta 67% BA Malls market share ABASTO SHOPPING ALTOAVELLANEDA PREMIUM PORTFOLIO BEST LOCATIONS SHOPPING MALLS Argentina Philips Philips PatioBullrich Buenos Aires ALTO NOA High income Area Mid Income Area Low Income Area Mendoza Plaza Shopping Alto Comahue Shopping Córdoba Shopping Ribera SHOPPING ALTO ROSARIO SHOPPING Zetta Dot Building OFFICE BUILDINGS BA City 200 Della Paolera Suipacha Intercontinental Expanding Corporate North Area Business Center LLAO LLAO RESORT, GOLF & SPA Patagonia Argentina HOTELS AAA Location Back Office Center 4#5U.S. GREEN BUILDING LEED GOLD USGBC COUNCIL 3652 BEST QUALITY ASSETS Llao Llao Hotel (Bariloche - Patagonia) 2022 (under process) 200 Della Paolera (BA City) 200 Della Paolera (BA City) bot BAIRES SHOPPING THO Zetta Building (BA City) ALTO PALERMO SAMSUNG Soley S Series 93 Verde PEHATEN Patio Bullrich U.S. GREEN BUILDING COUNCIL LEED GOLD USGBC 2022 COMTIONE 5#6SHOPPING MALLS BEST TENANTS V McDonald's OFFICE BUILDINGS mercado libre ZARA NIKE PRÜNE adidas LACOSTE Cargill TM Globant Q-BASF We create chemistry ROUGE PUMA Levi's DIVERSE, ATOMIZED AND NON-DEPENDANT ON ANCOR STORES Services 4% Others 13% Electro 4% Restaurant 8% Entertainment 21% BY GLA Others 18% Services 1% Apparel 50% Electro 8% Restaurant 8% Entertainment 2% BY SALES TOTAL f AstraZeneca Merrill Lynch PREMIUM, MOSTLY INTERNATIONAL GROWING COMPANIES Health 9% Apparel 63% Others 23% Bank Oil & Gas 4% 5% BY GLA Bank 7% Oil & Gas 5% Tech/e-commerce 59% Health 10% Others 17% Tech/e-commerce 61% BY REVENUES 6#7RESILIENT REVENUE MODEL ARS LINKED TO INFLATION SHOPPING MALLS Rental revenues 74% The company collects the highest between a % of tenant monthly sales and a minimum rent (base rent) Other revenues 26% Other revenues include key money, brokerage fee, stands, parking and non-traditional advertising USD LINKED OFFICE BUILDINGS • 3-year average term US Dollar based ● Rental rates for renewed terms are negotiated at market conditions USD 50% Fixed 74% 3-year average term ARS based (inflation linked) ARS Base Rent % of Tenants sales Variable Base Rent Base Rent Of total revenues Others Key money Brokerage fee 24% Variable In advance YEAR 1 YEAR 2 YEAR 3 Per sqm Per sqm Per sqm YEAR 1 YEAR 2 YEAR 3 • HOTELS Revenues from Rate USD Revenues from food, beverage & others PER ROOM Fixed PER NIGHT 7#8SHOPPING MALLS OPERATING FIGURES STOCK & PORTFOLIO OCCUPANCY (ABL: m2) SAME SHOPPING MALLS SALES IN REAL TERMS 94.3% 92.8% 93.7% 89.6% 336,240 70,087 335,641 62,594 333,345 332,277 IQ20 IQ21 ALTO PALERMO + IQ22 EXPANSIONS +4,000 sqm ALTOAVELLANEDA 14,436 +21.9% 85,461 IQ23 IQ20 IQ21 IQ22 IQ23 COVID IMPACT 8#9STOCK (ABL: m2) OFFICE BUILDINGS OPERATING FIGURES OCCUPANCY BY CLASS A+ & A 78.9% 85.5% 76.7% 74.6% 82.0% Impact of Suipacha building (empty) B 41.1% 30.9% 30.9% 33.5% República 24.9% IQ 22 IIQ 22 IIIQ 22 IVQ 22 IQ23 115,640 Bouchard 710 + 200 Della Paolera M 93,144 Boston Tower 113,451 200 Della Paolera 82,708 LEASES (USD/sqm/month) 25.1 24.9 25.0 24.6 24.5 IQ20 IQ21 IQ22 IQ23 IQ22 IIQ22 IIIQ22 IVQ22 IQ23 9#10HOTELS OPERATING FIGURES HOTELS - Portfolio rate & occupancy (USD/room & %) BA HOTELS - Rate & occupancy (USD/room & %) 61.6% 163 62.3% 54.8% 10.9% 62.7% 119 94 0.8% 109 84 IQ20 IQ21 IQ22 IQ23 PANDEMIC LOCKDOWN 243 227 95 21.0% 0.6% LLAO LLAO - Rate & occupancy (USD/room & %) 59.9% 279 46.4% 82.6% 406 336 IQ20 IQ21 IQ22 IQ23 IQ20 IQ21 IQ22 IQ23 10 PANDEMIC LOCKDOWN PANDEMIC LOCKDOWN#11STRONG OFFICE BUILDINGS SALES SINCE 2020 Bouchard 710 July 2020 SAMSUNG SAMSUNG 12 Floors 15,014 GLA sqm 87.2 USD MM 200 Della Paolera 12 Floors* 14,331 GLA sqm June 2020, June & Oct. 2021, March & Aug. 2022 Boston Tower July, August & Nov. 2020 5,800 USD/sqm 122.7 USD MM 8,370 USD/sqm ~16,832 remaining GLA 425.1 USD MM 6,656 Avg. USD/sqm 13 Floors 14,640 GLA sqm 「淨康 「康康 康康 運費 康 *Does not include 4 floors sold to Globant in advance of the development República April 2022 Definitions: GLA as gross leasable area; IRR as internal rate of return 20 Floors 19,885 GLA sqm 131.8 USD MM* 83.4 USD MM 5,700 USD/sqm 6,630 USD/sqm *20% of the sale was paid with a 46 hectares plot on Bs. As. - La Plata Highway in Quilmes district (Bs. As province) 11#12December 2021 Calla doba Retiro Avenida Córdoba OBELISC San las. ientes Avenida 9 de Julio aseo del Bajo COSTA URBANA PROJECT APPROVAL PUERTO Buenos Aires NATIONAL GOVERNMENT MADERO San Telmo Constitución Urbanization area Pedestrian walkways and access points Public and green space RESERVA ECOLÓGICA COSTANERA SUR Vill Rodrigo Bud Costa Urbana PUERTO SUR DE BUENOS AIRES Ciudad de Buenos Aires =1/3 PUERTO MADERO Premium location South Puerto Madero 70 Total Hectares 70% For public uses 30% To develop CONTRIBUTIONS TO THE CITY: ~900,000 Buildable sqm Mixed-uses Potential 15 - 20 years Project 50.8 hectares for public use (71% of the total area of the property) 3 additional parcels of the property USD 2 MM in cash and the amount of 3,000,000 sovereign bonds (AL35) Investment of up to USD 40 million on infrastructure and road works Investment on maintenance of public spaces for 10 years or until the sum of USD 10 million is completed. IRSA is currently working to fulfill all the administrative and governmental requirements 12#13Preliminary render for illustrative purposes EE RIGARRAS 7 781 13#14San Martin (BA province) Caballito (BA city) PROPERTIES FOR MIXED USE DEVELOPMENTS 18 # Land Reserves 16.0 Total surface (mm sqm) 6.7 Buildable surface (mm sqm) Capacity to almost double current rental portfolio Malls expansions (BA City) Patio Bullinch Montevideo (Uruguay) Citi ALTO い Polo Dot (BA city) La Plata (BA province) 14#15E 200 Della Paolera Under LEED certification process +60% LEED Office portfolio Waste management Certifications from BA City ALTO First green seal PALERMO certified mall GESTION ESG PROGRESS – FY 2022 SUSTENTABL sello Verde BA Cludud CERTIFICA S Focus on education, health & gender diversity 40 Group Social Actions 80,000 100 NGO Social Beneficiaries NGOs relationships G Merger between IRSA and IRCP Simplifies corporate structure • Increases Company's float Brings synergies and cost efficiency Eliminates conflicts of interests Board composition Energy saving Transition to led lighting in malls LED +80% Led lighting in malls portfolio + W Fundación IRSA IRSA Social Investment 103.4 ARS MM 5 12 Independent Members 2 Women 15#16MERCADO FINANCIALS OVE ABASTO PROVEEDOR ABASTO de Buenos Aires#17FINANCIAL MANAGEMENT SINCE 2020 USD MILLION ASSETS SALES 275.7 BOSTON TOWER BOUCHARD 710 REPÚBLICA BUILDING 135.3 CAPITAL & DEBT ISSUANCES 171.2 370.2 953 USD MM SERIES XIV (IRCP 23 NOTES EXCHANGE) 200 DELLA PAOLERA (12 FLOORS) FY 22 & SUBSEQUENT ASSET SALES DEBT ISSUANCES TOTAL USD MM 223.5 229.3 452.8 17#18QUARTERLY RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION ANNUAL Shopping Malls Offices Hotels 17 15 4,2 0,8 5,3 80 Reach pre-pandemic levels 131 39 12 38 1,8 4,5 33 26 6,9 3,8 30 3,0 95 9 2,6 5,2 2,2 22 28 28 0,8 5,7 15,5 5,2 12,3 11,4 Iraz1 IIIQ21 4,1 COVID-19 31,1 93 29,5 25,1 25,1 134 11,7 115 15,8 8 18 106,2 44 0 89 25 58 19 IQ22 IIQ22 IIIQ22 IVQ22 IQ23 FY19 FY20 FY21 FY22 LTM IQ23 *Quarterly information calculated in USD at the EOP FX, annual information considers avg. LTM FX at the end of each period COVID-19 18#19696 NET ASSET VALUE¹ USD MILLION (AT OFFICIAL FX) COSTA URBANA 34 497 735 1.086 LTV 12.2% 116 84 305 2.513 2.208 Shopping Malls Offices Hotels Land reserves & Prop. Under development Banco Hipotecario JV, Investees &2 Gross Asset Others Value Net Debt Net Asset Value 1- Assets and liabilities adjusted by ownership as of September 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 19#20DEBT PROFILE SEPTEMBER 30, 2022 - USD MILLION 1.3x NET DEBT / EBITDA LTM 461.1 GROSS DEBT 12.2% LTV 2.3x NET DEBT / RENTAL EBITDA LTM NET DEBT EVOLUTION*: 640 FY 19 755 FY 20 *Does not include notes repurchased 574 -59% 323 307 FY 21 FY 22 IQ 23 AMORTIZATION SCHEDULE: 204,6 Cash: 154.6 121 Series II IRCP23 112,9 42,1 27,3 27,3 46,8 FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 20#21SHARES REPURCHASE PLAN & DIVIDEND APPROVED 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: 9,419,623 ordinary shares (99.51% of the Plan). Investment: ARS 995.1 million SHARE PRICE EVOLUTION 로 Initial date Mar 15th ADS EVOLUTION Initial date 125,3 Mar 15th 4,06 DIVIDEND DISTRIBUTION Approved by the Annual Shareholders' Meeting held on October 28th, 2022 ✓ Amount: ARS 4,340 million ✓ % of share capital: 541.44% ✓ ARS/share: 5.41 ✓ ARS/GDS: 54.14 ✓ Dividend yield: ~ 4.5% ✓ Record date: November 7th ✓ Payment date: November 8th /1/2022 1/2/2022 1/3/2022 1/4/2022 1/5/2022 1/6/2022 1/7/2022 1/8/2022 /1/2022 1/2/2022 1/3/2022 1/4/2022 1/5/2022 1/6/2022 1/7/2022 1/8/2022 21#22GROUP CAPITAL MARKETS TRACK RECORD NUMBER OF CAPITAL MARKETS TRANSACTIONS +200 IRSA IPO AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY 歐 +USD 18bn 4 New York, Buenos Aires, & Sao Paulo Even in the worst Argentinean crisis (2001) & COVID-19 APSA IPO (now IRCP) IRS BA & NY LISTING APSA LISTED NYSE BA & NY LISTING NASDAQ LISTED BYMA Bolsas y Mercados Argentinos BYMA Bolsas y Mercados Argentinos O APSA & IRSA CONVERTIBLE NOTES CRESUD FOLLOW ON USD 288 MM Regional expansion LIABILITY MANAGEMENT Tender offer IRSA bonds New IRCP USD 360 MM bond IRCP 8% SPO USD 138 MM LOCAL MARKET DOLLAR LINKED ISSUANCES USD 265 MM DEBT EXCHANGES USD 148 MM COVID-19 PANDEMIC 1994 1997 2000/1 2006 2008 2012 2016/7 2018/9 2020 2021 2022/3 CRESUD US LISTING CRESY NASDAQ LISTED Follow on USD 92 MM BRASILAGRO IPO USD 276 MM Company Foundation AGRO3 NOVO MERCADO BM&FBOVESPA BRASILAGRO US LND LISTED LISTING NYSE DEBT REFINANCING CRESUD USD 246 MM IRSA USD 227 MM CAPITAL INCREASE BRASILAGRO USD 93 MM CRESUD USD 45 MM IRSA USD 29 MM LOCAL MARKET ISSUANCES & DEBT EXCHANGES USD 255 MM LOCAL MARKET ISSUANCES & DEBT EXCHANGES USD 499 MM 22#23CONTACT US K A OUR ADRESS Della Paolera 261 9th floor OUR EMAIL [email protected] OUR PHONE (+54) 911 4323-7449 OUR WEBSITE www.irsa.com.ar TWITTER @IRSAIR