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A. History and Development of the Company
General Information
Our legal name is Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria, and our commercial name is “Cresud”. We were incorporated and organized on December 31, 1936, under Argentine law as a stock corporation (sociedad anónima) and were registered with the IGJ, on February 19, 1937 under number 26, on page 2, book 45 of National By-laws Volume. Pursuant to our bylaws, our term of duration expires on June 6, 2082.
Our common shares are listed and traded on the ByMA and our ADSs representing our common shares are listed on the NASDAQ. Our headquarters are located at Carlos M. Della Paolera 261, 9th Floor (C1001ADA), City of Buenos Aires, Argentina. Our telephone is +54 (11) 4814-7800, and our website is www.cresud.com.ar. Information contained in or accessible through our website is not a part of this Annual Report. We assume no responsibility for the information contained on these sites.
Our depositary agent for the ADSs in the United States is The Bank of New York Mellon whose address is 240 Greenwich Street, New York, NY 10286, and whose telephone numbers are +1-888-BNY-ADRS (+1-888-269-2377) for U. S. calls and +1-201-680-6825 for calls outside U.S.
History
We were incorporated in 1936 as a subsidiary of Credit Foncier, a Belgian company engaged in the business of providing rural and urban loans in Argentina. We were incorporated to manage real estate holdings foreclosed by Credit Foncier. Credit Foncier was liquidated in 1959, and as part of such liquidation, our shares were distributed to Credit Foncier’s shareholders and in 1960 were listed on the BASE. During the 1960s and 1970s, our business shifted to exclusively agricultural activities.
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During 1993 and 1994, Consultores Asset Management S.A. acquired on behalf of certain investors approximately 22% of our outstanding shares on the Buenos Aires Stock Exchange. In late 1994, an investor group led by Consultores Asset Management S.A. (and including Dolphin Fund plc., currently Dolphin Fund Ltd.) purchased additional shares increasing their aggregate shareholding to approximately 51.4% of our outstanding shares. In 1995, we increased our capital through a rights offering and global public offering of ADSs representing our common shares and listed such ADSs on the NASDAQ. We started our agricultural activities with seven farmlands and 20,000 hectares under management.
In 2002, we acquired a 19.85% interest in IRSA, a real estate company related to certain shareholders of Cresud, and in 2009, we increased our ownership percentage in IRSA to 55.64% and IRSA became Cresud’s direct principal subsidiary. As of June 30, 2025, we had a 54.06% equity interest in IRSA (net of treasury shares) and a majority of our directors are also directors of IRSA. IRSA is one of Argentina’s largest real estate companies and is engaged in a range of diversified real estate activities including residential properties, office buildings, shopping malls and luxury hotels, as well as the sales and development residential properties, it has a 29.12% interest in Banco Hipotecario, one of the main financial institutions in the country, and selected investments outside of Argentina. IRSA’s common shares are listed and traded on the ByMA and IRSA’s GDSs representing its common shares are listed on the NYSE.
In March 2008 we made a follow on offering for up to 180 million shares in the local and international markets, which were fully subscribed, for a total amount of USD 288 million. The proceeds allowed us to expand our international operations to Paraguay and Bolivia, currently we run these operations through BrasilAgro.
In line with our international expansion strategy, in September of 2005 we participated in the creation of BrasilAgro with the purpose of replicating our business model in Brazil. We created BrasilAgro together with our partners, Cape Town Llc, Tarpon Investimentos S.A., Tarpon Agro LLC, Agro Investments S.A. and Agro Managers S.A. On May 2, 2006, BrasilAgro’s shares were listed on the Novo Mercado of the Brazilian Stock Exchange with the symbol AGRO3 and on November 8, 2012, BrasilAgro’s ADSs became listed on the NYSE, under the ticker LND. In February 2021, it made a capital increase for BRL 440 million shares, we subscribed shares in the capitalization. In addition, in May 2021 we exercised warrants that had been granted to the founders of the Company at the initial public offering, before its maturity. As a result of our follow-on subscription and the warrants exercise we increased our stake in BrasilAgro, net of treasury shares, to 39.4%. As of June 30, 2025, our interest in BrasilAgro was 35.22% (net of treasury shares).
Also, we provide the best services for the agricultural community through our subsidiaries. We boost our clients’ businesses through the consulting, marketing and storage services operated by FyO, which main business is crop trading (crop brokerage, futures and options, consulting, logistics and financial services) and sale and distribution of own inputs and third-party products. As of June 30, 2025, we had a 51.2% equity interest in FyO. Looking ahead to next year, the company will continue working on its expansion plans to other countries in the region.
We are pioneers in creating the first online agro marketplace. Agrofy continued to position itself this year as the leading online business platform for agriculture in Argentina and Brazil, exceeding 40 million visits. As of June 30, 2025, our interest in Agrofy was 18.6% and 1.7% of the capital stock through BrasilAgro. In August 2025, Agrofy conducted a capital increase as a result of which our interest in Agrofy increased to 19.6% and 1.3% of the capital stock through BrasilAgro.
As of June 30, 2025, we owned, directly and through our subsidiaries, 26 farms, with a total area of 578,217 hectares and during the fiscal year ended June 30, 2025 approximately 596,017 hectares were used (including areas sold during the year) and distributed in Argentina, Brazil, Bolivia and Paraguay. In addition, we have the rights to hold approximately 132,000 hectares of land under concession for a 35-year period that can be extended for another 29 years.
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Significant acquisitions, dispositions and development of business
Agricultural Business
Acquisition of “Agrícola Nova Horizonte” - BrasilAgro
On May 20, 2024, BrasilAgro acquired Agrícola Nova Horizonte S.A., an agricultural company focused on grain production, with 4,767 hectares leased for 16 years, at an average price of 13 bags of soybeans per hectare. This acquisition is aligned with the Company’s strategy to expand its presence in the sector, increase market share, and optimize agricultural operations.
On August 6, 2024, after fulfilment of the condition’s precedent, the closing agreement was signed and BrasilAgro assumed control of the operations. As of that date, the assets and liabilities of the acquired company were consolidated.
The total value of the acquisition was BRL 6.2 million (ARS 1,421 million), as stipulated in the contract. The contract provided for a price adjustment to reflect the variation in equity between June 30, 2024 and the date of the transaction. Accordingly, a gain of BRL 0.348 million (ARS 80 million) was recognized.
Sale of fraction of “Alto Taquari” farm - BrasilAgro
On September 26, 2024, BrasilAgro completed the sale of the remaining balance of 1,157 hectares of the Alto Taquari farm, a rural property located in the municipalities of Alto Taquari and Araputanga - Mato Grosso, Brazil. The contract was signed on September 1, 2021 and established the transfer of possession in two stages, the first being on October 10, 2021.
The purchase price was 1,272,274 bags of soybeans, equivalent to BRL 189.4 million (ARS 43,395 million) at the date of the transaction. The gain on this sale has been recognized in the line item “Gain from disposal of farmlands” of our Audited Consolidated Financial Statements for a total amount of ARS 22,179 million.
Sale of fraction of “Rio do meio” farm – BrasilAgro
On September 30, 2024, BrasilAgro transferred 190 hectares due to the sale of the Rio do Meio farm, a rural property located in the municipality of Correntina, Bahia, Brazil. The contract was signed on November 8, 2022 and established the transfer of ownership in four stages, this being the third, with the deadline for the fourth and final transfer set for May 2025.
The sale price was 54,053 bags of soybeans, equivalent to BRL 7 million (ARS 1,604 million) at the date of the transaction.
On May 23, 2025, an additional 660 hectares of the same property were transferred, corresponding to the fourth and final stage of the transfer. The sale price was 75,454 bags of soybeans, equivalent to BRL 10 million (ARS 2,132 million) at the date of the transaction, to be collected in annual instalments maturing between July 31, 2027 and 2028.
The gain on this sale has been recognized in the line item “Gain from disposal of farmlands” of our Audited Consolidated Financial Statements for a total amount of ARS 2,300 million.
Sale of fraction of “Los Pozos” farm - CRESUD
On September 30, 2024, Cresud transferred a fraction of the farmland of the property called “Los Pozos”, located in the Province of Salta, with a total area of 3,630 hectares, retaining the ownership of approximately 231,700 hectares of such property. The total price was USD 2.23 million (USD/hectare 614), equivalent to ARS 2,742 million, of which USD 1.1 million (ARS 1,347 million) has been collected to date. The remaining balance of USD 1.13 million (ARS 1,395 million), guaranteed with a mortgage on the property, has been collected in a single instalment in September 2025.
The gain on this sale has been recognized in the line item “Gain from disposal of farmlands” of our Audited Consolidated Financial Statements for a total amount of ARS 2,597 million.
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Sale of the entire “Preferencia” farm – BrasilAgro
As of June 30, 2025, BrasilAgro completed the sale of the entire Preferencia farm, a rural property located in the municipality of Baianópolis, Bahia, Brazil, with a total area of 17,799 hectares.
The sale price was agreed at 452,342 arrobas of cattle (6,785,130 kg), equivalent to BRL 140.0 million (ARS 29,854 million) at the date of the transaction. As of June 30, 2025, the buyer made an initial payment of BRL 2.0 million (ARS 425 million), and in July 2025 paid the first instalment of BRL 40.0 million (ARS 8,530 million), equivalent to 135,703 arrobas of cattle (2,035,545 kg).
The remaining balance of 316,640 arrobas (4,749,600 kg) will be paid in six annual instalments of 52,773 arrobas (791,595 kg) each, maturing between October 31, 2026 and October 31, 2031.
The gain on this sale has been recognized in the line item “Gain from disposal of farmlands” of our Audited Consolidated Financial Statements for a total amount of ARS 14,916 million.
Urban property business and investments
Purchase of property adjacent to Alto Avellaneda shopping mall — IRSA
On August 1, 2024, IRSA acquired a property adjacent to its Alto Avellaneda shopping mall, located at Gral. Güemes 861, Avellaneda, Province of Buenos Aires.
The property has a total area of 86,861 square meters and a built-up area of 32,660 square meters, with potential for future expansion.
The purchase price was USD 12.2 million (ARS 14,636 million), of which USD 9.2 million has already been paid, and the remaining USD 3 million will be settled upon the transfer of the title deed, which will be granted within 3 years from the signing of the preliminary sale agreement. The transaction includes the assignment to IRSA of the existing lease agreements until their original expiration and the signing of a new lease agreement with the seller for a term of 3 years.
This transaction has been recognized as an addition in the line item “Investment Properties” of our Audited Consolidated Financial Statements.
“261 Della Paolera” floor sale - IRSA
On October 15, 2024, a deed was signed for the sale of a floor in the “261 Della Paolera” tower located in the Catalinas district of the Autonomous City of Buenos Aires for a total leasable area of approximately 1,197 square meters and 8 parking units in the same building.
The transaction price was approximately USD 7.1 million (MEP) (USD/sqm 6,000), equivalent to ARS 8,558 million, of which USD 6.0 million has already been collected, and the remaining USD 1.1 million, guaranteed with a mortgage, will be collected in 24 monthly installments at an annual interest rate of 8%. See Note 9 to our Audited Consolidated Financial Statements.
After this transaction, IRSA retains ownership of 3 floors of the building with an approximate leasable area of 3,740 sqm in addition to parking lots and other complementary spaces.
This transaction has been recognized as a disposal in the line item “Investment Properties” of our Audited Consolidated Financial Statements and generated a gain of ARS 5,340 million, which has been recognized in the line item “Net gain from fair value changes of investment properties” of our Audited Consolidated Financial Statements.
Purchase of Shopping Mall “Terrazas de Mayo” – IRSA
On December 3, 2024, IRSA signed an agreement to acquire the business assets of the “Terrazas de Mayo” shopping mall located at the intersection of routes 8 and 202, in front of Campo de Mayo, in the Malvinas Argentinas district, in the northwest of Greater Buenos Aires. The shopping mall has 85 stores, 20 stands and a built-up area of 33,703 square meters, which includes 15 gastronomic stores and 10 movie theaters.
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The amount of the transaction was USD 27.75 million (ARS 34,335 million), of which 60% was paid at the time of signing the bill with possession, 20% will be paid at the time of signing the final deed, and the remaining 20% will be paid 36 months after signing the deed. Implicit interest has been segregated for a total of USD 1.5 million.
This transaction has been recognized as an addition in the line items “Investment Properties” (ARS 33,530 million), “Intangible Assets” (ARS 796 million), and “Property, Plant and Equipment” (ARS 9 million) of our Audited Consolidated Financial Statements.
Sale of lots and barter agreements – "Ramblas del Plata" - IRSA
On January 27, 2025, IRSA signed two sales agreements for two lots. The total price of both transactions was approximately USD 23.4 million (ARS 28,138 million), of which 30% was paid at the time of signing the bill. The remaining balance of approximately USD 16.4 million will be paid upon signing the deeds and transferring possessions.
Additionally, during February and March 2025, IRSA signed two barter agreements for eight lots, for a total amount of approximately USD 38.5 million (ARS 45,197 million), which will be paid to IRSA through a cash advance and saleable square meters to be received in the future.
During May 2025, IRSA signed three barter agreements for three lots. The transaction price was approximately USD 12.2 million (ARS 14,554 million), with a 5% down payment to IRSA upon signing. The balance will be paid upon signing the deeds and delivery of possession.
These barter transactions have been recognized as a transfer between the line items “Investment Properties” and “Trading properties” of our Audited Consolidated Financial Statements.
For information of significant acquisitions, dispositions and development of business after June 30, 2025, please see “Item 4. Information on the Company - A. History and Development of the Company - Recent Developments”.
Recent Developments
Cresud’s Recent Developments
General Ordinary and Extraordinary Shareholders’ Meeting
On September 25, 2025, we informed that our Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders’ Meeting to be held on October 30, 2025, at 02:30 p.m. at first call, and at 03:30 p.m. at second call, from the corporate premises located at Carlos María Della Paolera 261, 9th Floor, City of Buenos Aires, according to the following agenda:
1. Appointment of two shareholders to sign the meeting’s minutes.
2. Consideration of documents contemplated in section 234, paragraph 1, of law no. 19,550 for the fiscal year ended June 30, 2025.
3. Allocation of net income for the fiscal year ended June 30, 2025, for ARS 75,608,298,323.55, and consideration of unallocated results from previous fiscal years for ARS 19,480,344,053.25. Consideration of the distribution of dividends payable in cash and/or in kind for up to ARS 88,500,000,000.
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4. Consideration of Board of Directors’ performance for the fiscal year ended June 30, 2025.
5. Consideration of Supervisory Committee’s performance for the fiscal year ended June 30, 2025.
6. Consideration of compensation payable to the Board of Directors for ARS 686,090,660.27 for the fiscal year ended June 30, 2025.
7. Consideration of compensation payable to the Supervisory Committee for ARS 31,559,086 for the fiscal year ended June 30, 2025.
8. Determination of the number and appointment of regular Directors and alternate Directors for a term of up to three fiscal years, as per section twelve of the bylaws.
9. Appointment of regular and alternate members of the Supervisory Committee for a term of one fiscal year.
10. Appointment of Certifying Accountant for the fiscal year ending June 30, 2026.
11. Approval of compensation payable to Certifying Accountant for the fiscal year ended June 30, 2025.
12. Treatment of the amounts paid as personal assets tax by the Company acting as substitute responsible party on behalf of the shareholders.
13. Consideration of the subscription of an addendum to the warrant agreement dated February 24, 2021, as amended on September 17, 2021, to incorporate the option of the warrant holders to exercise the warrants on a cashless basis. Delegation to the Board of Directors for its implementation with the broadest powers.
14. Consideration of the distribution of up to 5,300,000 own shares to the shareholders in proportion to their holdings pursuant to the provisions of section 67 of law no. 26,831.
15. Consideration of the annual budget for the implementation of the Audit Committee’s annual plan.
16. Authorization to carry out registration proceedings relating to this shareholders’ meeting before the CNV, BYMA, Caja de Valores S.A. and IGJ.
Exercise of Warrants
On September 30, 2025, we reported that between September 17, 2025, and September 25, 2025, certain holders of warrants had exercised their right to acquire additional shares of the Company. As a result, a total of 17,769,882 common shares of the Company were issued, with a face value of ARS 1.00, and USD 7,141,716 were collected by the Company.
After the exercise of these warrants, the number of shares and the capital stock of the Company increased from 614,074,273 to 631,844,155, and the number of outstanding warrants decreased from 73,294,802 to 60,669,566.
Likewise, the exercise of the warrants has been carried out in accordance with the terms and conditions established in the issuance prospectus dated February 12, 2021, and complementary notices regarding the offer made by the Company of 90,000,000 ordinary book-entry shares and 90,000,000 warrants.
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IRSA’s Recent Developments
Acquisition of “Al Oeste Shopping”
On September 17, 2025, IRSA informed that it 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 underutilized in terms of occupancy and commercial activity, and within the framework of the IRSA’s development plan to create opportunities in different districts of the Province of Buenos Aires, and 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.
With this acquisition, as of the date of this Annual Report IRSA’s shopping mall portfolio includes 17 assets, 16 of which are operated by IRSA, totaling approximately 390,000 GLA sqm.
General Ordinary and Extraordinary Shareholders’ Meeting
On September 25, 2025, IRSA informed that its Board of Directors has resolved to call a General Ordinary and Extraordinary Shareholders’ Meeting to be held on October 30, 2025, at 12:30 p.m. at first call, and at 01:30 p.m. at second call, from the corporate premises located at Carlos María Della Paolera 261, 9th Floor, City of Buenos Aires, according to the following agenda:
1. Appointment of two shareholders to sign the meeting’s minutes.
2. Consideration of documents contemplated in section 234, paragraph 1, of law no. 19,550 for the fiscal year ended June 30, 2025.
3. Consideration of the financial results for the fiscal year ended June 30, 2025, amounting to a profit of ARS 195,677,675,452.86. Consideration of the distribution of dividends payable in cash and/or in kind for up to ARS 164,000,000,000.
4. Consideration of IRSA’s Board of Directors’ performance for the fiscal year ended June 30, 2025.
5. Consideration of IRSA’s Supervisory Committee’s performance for the fiscal year ended June 30, 2025.
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6. Consideration of compensation payable to IRSA’s Board of Directors ARS 18,192,594,071.06 (total compensation) in excess of ARS 7,988,274,783.50 over the five percent (5%) limit of accrued profits pursuant to section 261 of law no. 19,550 and related regulations, in view of the proposed dividend distribution.
7. Consideration of compensation payable to the IRSA’s Supervisory Committee for ARS 31,559,086 for the fiscal year ended June 30, 2025.
8. Determination of the number and appointment of IRSA’s regular Directors and alternate Directors, and determination of their terms of office for up to three fiscal years, as per section twelve of the bylaws.
9. Appointment of IRSA’s regular and alternate members of the Supervisory Committee for a term of one fiscal year.
10. Appointment of IRSA’s Certifying Accountants for the fiscal year ending June 30, 2026.
11. Approval of compensation payable to IRSA’s Certifying Accountants for the fiscal year ended June 30, 2025.
12. Treatment of the amounts paid as personal assets tax by the Company acting as substitute responsible party on behalf of the shareholders.
13. Consideration of the subscription of an addendum to the warrant agreement dated April 29, 2021, as amended on September 17, 2021, to incorporate the option of the warrant holders to exercise the warrants on a cashless basis. Delegation to the Board of Directors for its implementation with the broadest powers.
14. Consideration of the annual budget for the implementation of the IRSA’s Audit Committee’s annual plan.
15. Authorization to carry out registration proceedings relating to this shareholders’ meeting before the CNV, BYMA, Caja de Valores S.A. and the IGJ.
Exercise of Warrants
On September 30, 2025, IRSA informed that between September 17, 2025, and September 25, 2025, certain holders of warrants had exercised their right to acquire additional shares. Therefore, a total of 10,536,907 common shares of IRSA were issued with a face value of ARS 10.00. As a result of this exercise, and USD 3,073,616 were collected by IRSA.
After the exercise of these warrants, the number of shares of IRSA increased from 762,520,793 to 773,057,700 with a face value of ARS 10.00, and the new number of outstanding warrants of IRSA decreased from 60,964,074 to 53,853,144.
B. Business Overview
General
We are a leading Latin American agricultural company engaged in the production of basic agricultural commodities with a growing presence in the agricultural sector of Argentina and Brazil as well as in other Latin American countries, through our investment in Brasilagro. We are currently involved in several farming activities including grains, sugarcane production and cattle raising. Our business model focuses on the acquisition, development and exploitation of agricultural properties having attractive prospects for agricultural production and/or value appreciation and the selective sale of such properties where appreciation has been realized. In addition, we lease land to third parties and perform agency and agro-industrial services. Our shares are listed on the NASDAQ and the ByMA.
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We are also directly and indirectly engaged in the real estate business through IRSA and its subsidiaries and joint ventures, one of Argentina’s leading real estate companies. IRSA is engaged in the development, acquisition and operation of shopping malls, premium offices, and luxury hotels in Argentina. IRSA’s shares are listed on the ByMA and the NYSE. We own 54.06% of the outstanding common shares (net of treasury shares) of IRSA.
During the fiscal years ended June 30, 2025 and 2024, we had consolidated revenues of ARS 914,157 million, and ARS 959,359 million, respectively, and consolidated profit / (loss) from operation, before financing and taxation, of ARS 247,835 million and (ARS 145,974) million, respectively. During the fiscal year ended June 30, 2025 and 2024, our total consolidated assets increased 5.09% from ARS 4,842,217 million to ARS 5,088,822 million, and our consolidated shareholders’ equity increased 1.63% from ARS 2,178,241 million to ARS 2,213,792 million.
Segment information is analyzed based on products and services: (i) agricultural business and (ii) urban properties and investment business.
Agricultural Business
Our Agricultural business is further comprised of four reportable segments:
· The “Agricultural production” segment consists of planting, harvesting and sale of crops as wheat, corn, soybeans, cotton and sunflowers; breeding, purchasing and/or fattening of free-range cattle for sale to slaughterhouses and local livestock auction markets; leasing of the Company's farms to third parties; and planting, harvesting and sale of sugarcane. Our Agricultural production segment had assets of ARS 839,697 million and ARS 827,260 million as of June 30, 2025 and 2024, respectively, representing 80.85% and 81.31% of our agricultural business assets, respectively. Our Agricultural production segment generated profit from operations of ARS 16,305 million and ARS 4,648 million for fiscal years ended June 30, 2025 and 2024, respectively, representing 34.29% and 4.91% of our agricultural business profit from operations for those years, respectively.
The segment “agricultural production” aggregate the crops, cattle, sugarcane and agricultural rental and services activities:
· Our “Crops” activity consists of planting, harvesting and sale of crops as wheat, corn, soybeans, cotton, and sunflowers. The Company is focused on the long-term performance of the land and seeks to maximize the use of the land through crop rotation, and the use of technology and techniques. In this way, the type and quantity of harvested crops change in each agricultural campaign. Our Crops activity had assets of ARS 560,909 million and ARS 570,883 million as of June 30, 2025 and 2024, respectively, representing 54.01% and 56.11% of our Agricultural Business assets at such dates. Our Crops activity generated a loss from operations of (ARS 5,229) million for fiscal year ended June 30, 2025 and a profit from operations of ARS 6,046 million for fiscal year ended June 30, 2024, representing (11.00%) and 6.39% of our Agricultural Business operating profit for such years, respectively.
· Our “Cattle” activity consists of breeding, purchasing and/or fattening of free-range cattle for sale to meat processors and local livestock auction markets. Our Cattle activity had assets of ARS 122,022 million and ARS 108,983 million as of June 30, 2025 and 2024, respectively, representing 11.75% and 10.71% of our agricultural business assets at such dates, respectively. Our Cattle activity generated profit / (loss) from operations of ARS 8,545 million and (ARS 7,177) million for fiscal years ended June 30, 2025 and 2024, respectively, representing 17.97% and (7.59%) of our profit from operations from the Agricultural Business for such years, respectively.
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· Our “Sugarcane” activity consists of planting, harvesting and sale of sugarcane. Our Sugarcane activity had assets of ARS 141,527 million and ARS 125,796 million as of June 30, 2025 and 2024, respectively, representing 13.63% and 12.36% of our agricultural business assets at such dates, respectively. Our Sugarcane activity generated profit from operations of ARS 8,931 million and ARS 4,274 million for fiscal years ended June 30, 2025 and 2024, respectively, representing 18.78% and 4.52% of our profit from operations from the Agricultural Business for such years, respectively.
· Our “Agricultural rentals and Services” activity consists of agricultural services (for example, irrigation) and leasing of the Company’s farms to third parties. Our Agricultural Rentals and Services activity had assets of ARS 15,239 million and ARS 21,598 million as of June 30, 2025 and 2024, respectively, representing 1.47% and 2.12% of our agricultural business assets at such dates, respectively. Our Agricultural Rentals and Services activity generated profit from operations of ARS 4,058 million and ARS 1,505 million for fiscal years ended June 30, 2025 and 2024, respectively, representing 8.53% and 1.59% of our profit from operations from the Agricultural Business for such years, respectively.
· Our “Land transformation and Sales” segment comprises gains from the development and disposal of farmlands. Our Land Transformation and Sales segment had assets of ARS 117,320 million and ARS 95,332 million as of June 30, 2025 and 2024, respectively, representing 11.30% and 9.37% of our agricultural business assets at such dates, respectively. Our Land Transformation and Sales segment generated profit from operations of ARS 55,929 million and ARS 80,047 million for fiscal years ended June 30, 2025 and 2024, respectively, representing 117.61% and 84.61% of our profit from operations from the Agricultural Business for such years, respectively.
· Our “Other segments” includes, principally, brokerage activities, among others. Our Others segment had assets of ARS 81,519 million and ARS 94,806 million as of June 30, 2025 and 2024, respectively, representing 7.85% and 9.32% of our agricultural business assets at such dates, respectively. Our Others activity generated loss from operations of (ARS 18,755) million and profit from operations of ARS 16,302 million for fiscal years ended June 30, 2025 and 2024, respectively, representing (39.44%) and 17.23% of our profit from operations from the Agricultural Business for such years, respectively. The segment “Other segments” aggregates the activities Agro‑industrial and Others.
· The “Corporate” segment includes, principally, the corporate expenses related to the agricultural business. Our Corporate segment generated operating losses of (ARS 5,925) million and (ARS 6,390) million for fiscal years ended June 30, 2025 and 2024, respectively, representing (12.46%) and (6.75%) of our profit from operations from the Agricultural Business for such years, respectively.
Urban properties and investment business
We operate our business in Argentina through five reportable segments, namely “Shopping Malls,” “Offices,” “Sales and Developments,” “Hotels” and “Others” as further described below:
· Our “Shopping Malls” segment includes the operating results from our portfolio of shopping malls principally comprising lease and service revenue from tenants. Our Shopping Malls segment had assets of ARS 1,465,040 million and ARS 966,753 million as of June 30, 2025 and 2024, respectively, representing 53.08% and 35.59% of our operating assets for the urban properties and investment business at such dates, respectively. Our Shopping Malls segment generated operating profit of ARS 650,765 million and ARS 168,063 million for the fiscal years ended June 30, 2025 and 2024, respectively.
· Our “Offices” segment includes the operating results from lease revenues of offices, other rental spaces and other service revenues related to the office activities. Our Offices segment had assets of ARS 255,125 million and ARS 424,678 million as of June 30, 2025 and 2024, respectively, representing 9.24% and 15.63% of our operating assets for the urban properties and investment business at such dates, respectively. Our Offices segment generated an operating loss of (ARS 133,692) million and (ARS 79,231) million for the fiscal years ended June 30, 2025 and 2024, respectively.
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· Our “Sales and Developments” segment includes the operating results of the development, maintenance and sales of undeveloped parcels of land and/or trading properties. Real estate sales results are also included. Our Sales and Developments segment had assets of ARS 812,722 million and ARS 1,097,464 million as of June 30, 2025 and 2024, respectively, representing 29.45% and 40.40% of our operating assets for the urban properties and investment business at such dates, respectively. Our Sales and Developments segment generated an operating loss of (ARS 324,287) million and (ARS 374,655) million for the fiscal years ended June 30, 2025 and 2024, respectively.
· Our “Hotels” segment includes the operating results of our hotels mainly comprised of room, catering and restaurant revenues. Our Hotels segment had assets of ARS 48,164 million and ARS 43,751 million as of June 30, 2025 and 2024, respectively, representing 1.75% and 1.61% of our operating assets for the urban properties and investment business, respectively. Our Hotels segment generated an operating profit of ARS 3,949 million and ARS 25,025 million for the fiscal years ended June 30, 2025 and 2024, respectively.
· Our “Others” primarily includes the entertainment activity through La Arena S.A. (former ALG Golf Center S.A.), La Rural S.A. and Buenos Aires Convention Center (Concession), We Are Appa and the financial activities carried out through BHSA / BACS, as well as other investments in associates for both years. Our Others segment had assets of ARS 178,912 million and ARS 183,698 million as of June 30, 2025 and 2024, respectively, representing 6.48% and 6.76% of our operating assets for the urban properties and investment business, respectively. Our Others segment generated operating profit of ARS 14,378 million and ARS 34,760 million for the fiscal years ended June 30, 2025 and 2024, respectively.
Agricultural Business
As of June 30, 2025, we owned 26 farms with approximately 578,217 hectares distributed in Argentina, Brazil, Bolivia and Paraguay and during the fiscal year ended June 30, 2025 approximately 596,017 hectares were used (including areas sold during the year) and distributed in Argentina, Brazil, Bolivia and Paraguay, of which approximately 105,317 hectares of the land used for crop production, approximately 69,029 hectares were for cattle production, 85,000 hectares were for sheep production and approximately 19,694 hectares were leased to third parties for crop and cattle production.
The remaining 316,977 hectares of land reserves are primarily natural woodlands. In addition, we have the rights to hold approximately 132,000 hectares of land under concession for a 35-year period that can be extended for another 29 years. Out of this total, we have assigned 22,469 hectares for crop production and 2,696 hectares for cattle production, 1,405 leased to third parties and the remaining 105,430 of land reserves are primarily natural woodlands. Also, during the fiscal year ended June 30, 2025, we leased 118,638 hectares to third parties for crop production and 10,896 hectares for cattle production.
The following table sets forth, at the dates indicated, the amount of land used for each production activity (including owned and leased land, and land under concession):
2025(1) 2024(1) 2023(1) 2022(1) 2021(1)
Crops (2) 246,424 232,472 223,178 220,663 224,185
Cattle (3) 82,621 81,605 82,431 78,537 80,835
Sheep 85,000 85,000 85,000 85,000 85,000
Land Reserves 427,926 445,145 464,858 457,711 466,421
Own farmlands leased to third parties 21,099 21,380 28,064 25,103 25,908
Total 863,070 865,602 883,531 867,014 882,349
______________________
(1) Includes Brazil, Paraguay, Agro-Uranga S.A. at 34.86% and 132,000 hectares in Concession.
(2) Includes wheat, corn, sunflower, soybean, sorghum and others.
(3) Breeding and fattening.
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Our Principal Business Activities
During the fiscal year ended June 30, 2025, we conducted our operations on 27 owned farms (includes Preferencia farm which was sold in June 2025), through subsidiaries, and/or through affiliates, and 126 leased farms. Some of the farms that we own are dedicated to more than one productive activity simultaneously.
The following charts show, for the fiscal year ended June 30, 2025, the surface area in operation for each line of business (includes production in surfaces with double crops), as well as the hectares held as land reserves:
Agricultural Business
Land Transformation and Sales
Land Acquisitions
We seek to increase our lands portfolio, through the acquisition of large areas of land with high potential for appreciation. We also aim to increase the productivity of the land by applying state-of-the-art technology to improve agricultural yields.
Several important intermediaries, with whom we usually work, bring farmlands available for sale to our attention. The decision to acquire farmlands is based on the assessment of a large number of factors. In addition to the land’s location, we normally carry out an analysis of soil and water, including the quality of the soil and its suitability for our intended use (crops, cattle, or milk production), classify the various sectors of the lot and the prior use of the farmland; analyze the improvements in the property, any easements, rights of way or other variables in relation to the property title; examine satellite photographs of the property (useful in the survey of soil drainage characteristics during the different rain cycles) and detailed comparative data regarding neighboring farms (generally covering a 50-km area). Based on the foregoing factors, we assess the farmland in terms of the sales price compared against the production potential of the land and capital appreciation potential. We consider that competition for the acquisition of farmlands is, in general, limited to small farmers for the acquisition of smaller lots, and that there is scarce competition for the acquisition of bigger lots.
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The following table presents, for the years indicated and in real terms, certain information related to the fields acquired during the last 12 fiscal years ended on June 30:
FY Number of farms acquired Acquisition value (million of ARS)
2013 – 2016 – –
2017 1 43,546
2018 – 2019 – –
2020 1 8,691
2021 – 2022 – –
2023 2 77,693
2024 – –
2025 – –
Land Sales
Occasionally we sell properties that have reached a considerable valuation to reinvest in new fields with greater potential. We consider the sale of farms based on a number of factors, including the future performance of the farm for farming, the potential appreciation of the farm, the availability of other investment opportunities and cyclical factors affecting global farm values.
On September 26, 2024, BrasilAgro completed the sale of the remaining 1,157 hectares of the Alto Taquari farm, located in the State of Mato Grosso, Brazil. The contract was signed on September 1, 2021 and provided for the transfer of possession in two stages, the first of which occurred on October 10, 2021. The purchase price was 1.27 million soybean bags, equivalent to BRL 189.4 million at the date of the transaction.
On September 30, 2024, the Company sold a 3,630-hectare fraction of land reserve with productive potential of the “Los Pozos” farm, located in the Province of Salta, Argentina, retaining ownership of approximately 231,700 hectares of the property. The total amount of the transaction was USD 2.23 million (USD/ha. 614). As of the date of this Annual Report, USD 1.1 million has been duly collected, while the outstanding USD 1.13 million balance, secured by a mortgage and originally due in September 2025, is under renegotiation to extend maturity until September 2026. The book value of the land sold was ARS 56 million and the gain from the transaction amounted to approximately ARS 2,150 million. On the same date, BrasilAgro transferred 190 hectares of the Rio do Meio farm, located in Correntina, State of Bahia, Brazil. The contract had been signed on November 8, 2022, and established the transfer of ownership in four phases, this being the third. The fourth and final transfer of 662 hectares was completed in May 2025. The payment amount for the third transfer was set at 54,000 soybean sacks, equivalent to BRL 7 million, and for the fourth transfer at 75,500 soybean sacks, equivalent to BRL 10 million, at the date of each transaction.
Finally, in June 2025, BrasilAgro completed the sale of the entire “Preferencia” farm of 17,799 hectares (12,413 productive hectares), located in the Municipality of Baianópolis, State of Bahia, Brazil, which had been acquired in 2008. The total amount of the transaction was BRL 141.1 million, of which BRL 42.0 million had been collected as of the date of this Annual Report, and the remaining balance will be collected in six annual installments. The book value of the farm was BRL 34.7 million. The internal rate of return in U.S. dollars achieved was approximately 1.8%.
Land productivity potential
We believe that our agricultural lands have significant productivity potential and, through the implementation of best agricultural practices and application of our accumulated knowledge and experience, we are able to enhance the value of our agricultural lands.
As of June 30, 2025, we owned land reserves in the region extending over more than 316,977 hectares of our own farmlands that were purchased at very attractive prices. In addition, we have a concession of 105,430 hectares as reserved.
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During this fiscal year, we added to our portfolio 1,703 productive hectares in the region: 1,022 hectares in Argentina and 681 hectares in Brazil though BrasilAgro.
Newly Developed Area FY 2025 FY 2024
(hectares)
Argentina 1,022 1,300
Brazil 681 3,616
Total 1,703 4,916
Results
The following table shows the land transformation segment results for fiscal year 2025, compared to the preceding fiscal year:
FY 2025 FY 2024 YoY var
2025 vs. 2024
(in millions of ARS) %
Revenues — — —
Costs (389 ) (318 ) (22.3 )
Gross Loss (389 ) (318 ) (22.3 )
Net result for changes in fair value of investment properties 12,467 (10,392 ) —
Gain from disposition of farmlands 41,992 73,352 (42.8 )
General and administrative expenses (86 ) (88 ) (2.3 )
Selling expenses (1,552 ) (1,658 ) (6.4 )
Other operating results, net 3,497 19,151 (81.7 )
Profit from operations 55,929 80,047 (30.1 )
Segment profit 55,929 80,047 (30.1 )
Agricultural Production
Production
The following table shows, for the fiscal years indicated, our production volumes measured in tons:
Production Volume (1) FY2025 FY2024 FY2023 FY2022 FY2021
Corn 237,951 348,302 291,236 401,104 342,726
Soybean 367,654 329,890 302,430 327,176 339,954
Wheat 44,439 28,800 21,419 35,398 36,594
Sorghum 1,425 11,965 8,978 15,469 26,704
Sunflower 616 971 9,617 3,493 4,846
Cotton 19,036 18,038 12,343 7,157 8,781
Other 19,901 25,952 6,890 15,068 16,628
Total Crops (tons) 691,022 763,918 652,913 804,865 776,233
Sugarcane (tons) 1,840,588 1,488,530 1,640,394 2,187,134 2,364,535
Cattle (tons) 11,572 9,982 9,743 8,746 9,956
__________________
(1) Includes BrasilAgro. Agro-Uranga S.A. is not included.
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Crops and Sugarcane
Our crop production is mainly based on crops and oilseeds and sugarcane. Our main crops include soybean, wheat, corn, and sunflower. Other crops, such as sorghum and peanut, are sown occasionally and represent only a small percentage of total sown land.
Below is the geographical distribution of our agricultural production for the last five fiscal years:
2025 Season Argentina Brazil Bolivia Paraguay Total
(in tons)
Corn 163,496 73,341 — 1,114 237,951
Soybean 141,623 216,296 3,624 6,111 367,654
Wheat 44,439 — — — 44,439
Sorghum 1,425 — — — 1,425
Sunflower 616 — — — 616
Cotton 3,489 15,547 — — 19,036
Other 10,512 9,388 — — 19,900
Total Crops and Other 365,600 314,572 3,624 7,225 691,021
Sugarcane — 1,735,045 105,543 — 1,840,588
2024 Season Argentina Brazil Bolivia Paraguay Total
(in tons)
Corn 233,024 111,200 2,377 1,701 348,302
Soybean 118,197 203,334 — 8,359 329,890
Wheat 28,800 — — — 28,800
Sorghum 9,242 2,578 — 145 11,965
Sunflower 971 — — — 971
Cotton 1,002 14,737 2,299 — 18,038
Other 10,612 15,263 77 — 25,952
Total Crops and Other 401,848 347,112 4,753 10,205 763,918
Sugarcane — 1,329,888 158,642 — 1,488,530
2023 Season Argentina Brazil Bolivia Paraguay Total
(in tons)
Corn 159,246 117,642 819 13,528 291,235
Soybean 92,423 183,453 16,119 10,435 302,430
Wheat 21,419 8,588 — 3,755 33,762
Sorghum 4,899 — — — 4,899
Sunflower 8,710 4,091 — (12 ) 12,789
Cotton — 752 155 — 907
Other 6,890 — — — 6,890
Total Crops and Other 293,587 314,526 17,093 27,706 652,912
Sugarcane — 1,523,387 117,007 — 1,640,394
2022 Season Argentina Brazil Bolivia Paraguay Total
(in tons)
Corn 259,059 131,155 3,877 7,013 401,104
Soybean 129,276 180,509 17,391 — 327,176
Wheat 34,938 — 460 — 35,398
Sorghum 26,232 292 180 — 26,704
Sunflower 3,493 — — — 3,493
Cotton — 7,157 — — 7,157
Other 7,178 7,549 5 336 15,068
Total Crops and Other 460,176 326,662 21,913 7,349 816,100
Sugarcane — 2,083,485 103,649 — 2,187,134
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2021 Season Argentina Brazil Bolivia Paraguay Total
(in tons)
Corn 233,900 99,441 7,127 2,258 342,726
Soybean 151,808 168,747 15,907 3,492 339,954
Wheat 36,594 — — — 36,594
Sorghum 26,232 292 180 — 26,704
Sunflower 4,846 — — — 4,846
Cotton — 8,781 — — 8,781
Other 4,120 7,207 — 5,301 16,628
Total Crops and Other 457,500 284,468 23,214 11,051 776,233
Sugarcane — 2,196,119 168,416 — 2,364,535
Sales
Below is the total volume sold broken down into geographical areas, measured in thousands of tons:
Volumen of Sales (3) FY2025 FY2024 FY2023 FY2022 FY2021
DM (1) FM (2) Total DM (1) FM (2) Total DM (1) FM (2) Total DM (1) FM (2) Total DM (1) FM (2) Total
Corn 195.0 26.7 221.7 241.4 110.1 351.5 184.5 97.6 282.1 295.2 72.5 367.7 286.6 70.0 356.6
Soybean 138.5 148.6 287.1 150.2 119.9 270.1 163.9 114.7 278.6 255.0 128.0 383.0 229.3 56.1 285.4
Wheat 28.4 — 28.4 31.1 — 31.1 16.9 — 16.9 34.1 — 34.1 31.6 3.1 34.7
Sorghum 13.2 — 13.2 4.2 — 4.2 15.5 — 15.5 30.0 — 30.0 3.4 — 3.4
Sunflower 0.6 — 0.6 3.5 — 3.5 8.3 — 8.3 3.0 — 3.0 4.7 — 4.7
Cotton 13.5 5.8 19.3 15.1 3.6 18.7 6.9 — 6.9 3.3 1.3 4.6 7.2 — 7.2
Others 13.3 — 13.3 18.2 — 18.2 9.5 — 9.5 9.8 1.4 11.2 6.4 1.0 7.4
Total Crops (thousands of tons) 402.5 181.1 583.6 463.7 233.6 697.3 405.5 212.3 617.7 630.4 203.2 833.6 569.2 130.2 699.4
Sugarcane (thousands of tons) 1.840.6 — 1.840.6 1.488.5 — 1.488.5 1.640.4 — 1.640.4 1.997.3 — 1.997.3 2.169.9 — 2.169.9
Cattle (thousands of tons) 16.6 — 16.6 49.5 — 49.5 10.4 — 10.4 12.5 — 12.5 16.6 — 16.6
__________________
(1) Volume of sales in domestic market.
(2) Volume of sales in foreign market.
(3) Includes BrasilAgro. Excludes Agro-Uranga.
The following table shows the sown surface area assigned to crop production, classified into own, under lease, under concession and leased to third parties for the fiscal years indicated below, measured in hectares:
2025 (1) 2024 (1) 2023 (1) 2022 (1) 2021 (1)
Own 112,128 114,674 113,720 113,452 109,576
Under lease 150,836 124,844 121,713 122,662 130,940
Under concession 22,469 22,087 22,314 22,121 22,771
Leased to third parties 18,204 21,380 27,994 23,778 24,133
Total 303,637 282,985 285,741 282,013 287,420
__________________
(1) Includes double crops, all farms in Argentina, Bolivia, Paraguay and Brazil, and Agro-Uranga (Associated – 34.86%).
Season
Stock of crops 2025 2024 Variation
(in tons) %
Corn 47,960 30,993 54.7
Soybean 160,867 122,491 31.3
Sunflower 941 612 53.8
Sorghum 801 6,680 (88.0 )
Wheat 15,775 2,159 630.7
Cotton 4,059 3,818 6.3
Beans 7,681 7,351 4.5
Other 6,381 3,755 69.9
Total 244,465 177,859 37.4
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We seek to diversify our mix of products and the geographic location of our farmlands to achieve an adequate balance between the two principal risks associated with our activities: weather conditions and the fluctuations in the prices of commodities. In order to reduce such risks, we own and lease land in several areas of Argentina with different climate conditions that allow us to sow a diversified range of products. Our leased land for crops is mostly located in the Pampas region, a favorable area for crop production. The leased farms are previously studied by technicians who analyze future production expectations based on the historic use of the land. The initial duration of lease agreements is typically one or three seasons. Leases of farms for production of crops generally consist of lease agreements with payments based on a fixed amount of Pesos per hectare or sharecropping agreements with payments in kind based on a percentage of the crops obtained or a fixed amount of tons of crops obtained or their equivalent value in Pesos. The principal advantage of leasing farms is that leases do not require us to commit large amounts of capital to the acquisition of lands but allow us to increase our scale in the short term and reduce the risk of inclement weather. The disadvantage of this strategy is that the cost of leasing can increase over time, in part, because increased demand for leased land increases the price of leased land.
In order to increase our production yields, we use, besides state-of-the-art technology, labor control methods which imply the supervision of the seeding’s quality (density, fertilization, distribution, and depth), crop monitoring (determination of natural losses and losses caused by harvester) and verification of bagged crop quality. In this way, we work jointly with our suppliers to achieve the best management of inputs, water and soil.
Wheat seeding takes place from June to August, and harvesting takes place from December to January. Corn, soybean and sunflower are sown from September to December and are harvested from February to August. Crops are available to be sold as commodities after the harvest from December to June and we usually store part of our production until prices recover after the drop that normally takes place during the harvesting season. A major part of production, especially soybean, wheat, corn and sorghum, is sold and delivered to buyers pursuant to agreements in which price conditions are fixed by reference to the market price at a specific time in the future that we determine. The rest of the production is either sold at current market prices or delivered to cover any futures contract that we may have entered into.
Agro-Uranga S.A.
As of June 30, 2025, our holding in Agro-Uranga was 34.86%. This company optimizes production processes with special emphasis in soil conservation, the application of rational techniques and care of the environment.
At present, with the assistance of its foreign trade team it is seeking to develop new products so as to significantly increase export volumes, encouraged by the world’s growing demand.
Lease of Farmlands
We conduct our business on owned and leased land. Rental payments increase our production costs, as the amounts paid as rent are accounted for as operating expenses.
Our land leasing policy is designed to supplement our expansion strategy, using our liquidity to make production investments in our principal agricultural activities. On the other hand, our leasing strategy provides us with an added level of flexibility in the share of each of our products in total production, providing for greater diversification.
The initial duration of the lease agreements is for two agricultural seasons on 60% of the area we lease and for three agricultural seasons on the remaining 11%, a model we aim to increase each year.
Leases of farms for production of crops consist in lease agreements with payments based on a fixed amount of quintals of grain per arable hectare or sharecropping agreements with payments in kind based on a percentage of the crops obtained or a fixed amount of tons of crops obtained or their equivalent value in Pesos. Leases of farmlands for cattle breeding consist in lease agreements with fixed payments based on a fixed amount of steer kilograms plus a variable sum, assuming there is a positive net margin of the farm.
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During the fiscal year 2025, we leased to third parties a total of 126 farms, covering 135,052 hectares, including 67,265 hectares through BrasilAgro. Out of the total leased area 118,638 hectares were assigned to agricultural production including double crops, and 10,896 hectares to cattle raising. The properties for agricultural production were leased, primarily, for a fixed price prior to harvest and only a small percentage consisted of sharecropping agreements.
The following table shows a breakdown of the number of hectares of leased land used for each of our principal production activities:
2025 2024 2023 2022 2021
Crops 118,638 100,612 99,183 100,470 107,013
Cattle 10,896 11,596 13,821 12,590 12,635
Due to the rise in the price of land, we adopted a policy of not validating excessive prices and applying strict criteria upon adopting the decision to lease, selecting those lands with values that would ensure appropriate margins.
Results
The following table shows the Company’s results for fiscal year 2025 for Crops and Sugarcane activities, compared to the preceding fiscal year:
Crops
FY 2025 FY 2024 YoY var 2025 vs. 2024
(in millions of ARS) %
Revenues 197,038 258,615 (23.8 )
Costs (172,437 ) (235,306 ) (26.7 )
Initial recognition and changes in the fair value of biological assets and agricultural produce 1,163 11,869 (90.2 )
Changes in the net realizable value of agricultural produce 4,688 9,999 (53.1 )
Gross profit 30,452 45,177 (32.6 )
General and administrative expenses (16,143 ) (19,616 ) (17.7 )
Selling expenses (30,257 ) (35,372 ) (14.5 )
Other operating results, net 10,356 13,699 (24.4 )
(Loss)/Profit from operations (5,592 ) 3,888 —
Share of profit of associates and joint ventures 363 2,158 (83.2 )
(Loss)/Profit from Activity (5,229 ) 6,046 —
Sugarcane
FY 2025 FY 2024 YoY var 2025 vs. 2024
(in millions of ARS) %
Revenues 71,980 66,034 9.0
Costs (63,036 ) (58,735 ) 7.3
Initial recognition and changes in the fair value of biological assets and agricultural produce 8,724 4,432 96.8
Gross profit 17,668 11,731 50.6
General and administrative expenses (3,816 ) (4,148 ) (8.0 )
Selling expenses (2,051 ) (2,090 ) (1.9 )
Other operating results, net (2,870 ) (1,219 ) 135.4
Profit from operations 8,931 4,274 109.0
Profit from Activity 8,931 4,274 109.0
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Cattle
Our cattle production involves the breeding and fattening of our own animals. In some cases, if market conditions are favorable, we also purchase and fatten cattle which we sell to slaughterhouses and supermarkets. As of June 2025, our cattle aggregated 77,784 heads, and we had a total surface area of 82,621 hectares of own and leased lands devoted to this business activity.
During the fiscal year ended June 30, 2025, our production was 11,572 tons, an 15.9% year-on-year increase. The following table sets forth, for the fiscal years indicated below, the cattle production volumes measured in tons:
2025 2024 2023 2022 2021
Cattle production(1) 11,572 9,982 9,743 8,746 9,956
__________________
(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 cattle owned by us.
We develop livestock production under two modalities:
1. Full-cycle with owned cattle, which includes breeding, rearing, and fattening.
2. Feedlot fattening of purchased cattle, acquired for finishing and sale.
In the full-cycle system, we work with breeding cows and bulls. Each cow gives birth approximately once a year and their productive lifespan is from six to seven years. Six months after birth, calves are weaned and transferred to pastures for rearing and fattening. During this stage, the cattle are for 12 to 18 months until they reach optimal finishing weight.
In the feedlot fattening of purchased cattle, animals (steers, heifers, and calves) enter directly into the finishing system, remaining in the feedlot for about 120 days before being sold as finished cattle. Slaughter weights average between 380 and 430 kg for steers and 280 to 295 kg for heifers, depending on the breed.
Pregnancy rates have shown positive evolution in recent years, maintaining acceptable efficiency levels despite adverse weather conditions. This outcome is supported by genetic improvement, herd management, and the adoption of reproductive technologies such as artificial insemination with selected bovine genetics acquired from specialized suppliers.
Herd health is supported by veterinary products from national and international laboratories and supervised by an external committee of veterinary advisors who visit each establishment monthly to evaluate, plan, and coordinate tasks.
All our establishments are officially registered as export farms, complying with current identification and traceability regulations. Each animal is individually identified, allowing us to develop special business opportunities and ensure the quality of the final product.
To improve livestock production and quality, we apply advanced breeding techniques and perform crossbreeding among indicine, British (Angus and Hereford), and continental breeds, seeking animals adapted to the conditions of each field. Pasture improvement is a permanent priority, with investments in seeds and fertilizers, increased availability of water troughs, and the incorporation of machinery for the preparation and storage of hay rolls.
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Our commitment to animal health includes compliance with national regulations, laboratory testing, and vaccination programs to prevent diseases, especially foot-and-mouth disease.
The direct costs of livestock activity are mainly concentrated in grain-based feeding and supplementation, health care, and labor, among other inputs.
Our cattle stock is organized into breeding and fattening activities. The following table shows, for the fiscal years indicated, the number of heads of cattle for each activity:
2025 2024 2023 2022 2021
Breeding stock 56,934 62,947 70,635 66,532 58,086
Winter grazing stock 20,850 12,525 5,357 4,798 4,972
Total Stock (heads) 77,784 75,472 75,992 71,330 63,058
We seek to improve cattle production and quality in order to obtain a higher price through advanced breeding techniques. We cross breed our stock of Indicus, British (Angus and Hereford) and Continental breeds to obtain herds with characteristics better suited to the pastures in which they graze. To enhance the quality of our herds even further, we plan to continue improving our pastures through permanent investment in seeds and fertilizers, an increase in the watering troughs available in pastures, and the acquisition of round bailers to cut and roll grass for storage purposes.
Our emphasis on improving the quality of our herd also includes the use of animal health-related technologies. We comply with national animal health standards that include laboratory analyses and vaccination aimed at controlling and preventing disease in our herd, particularly foot-and-mouth disease or FMD.
Direct costs of beef production consist primarily of crops for feeding and dietary supplementation purposes, animal health and payroll costs, among others.
Results
The following table shows cattle activity’s results for fiscal year 2025, compared to the preceding fiscal years:
FY 2025 FY 2024 YoY var 2025 vs. 2024
(In millions of ARS) %
Revenues 44,721 35,545 25.8
Costs (37,399 ) (28,447 ) 31.5
Initial recognition and changes in the fair value of biological assets and agricultural produce 7,828 (8,857 ) —
Changes in the net realizable value of agricultural produce after harvest (46 ) 3 —
Gross profit/(loss) 15,104 (1,756 ) —
General and administrative expenses (2,510 ) (2,677 ) (6.2 )
Selling expenses (2,866 ) (2,223 ) 28.9
Other operating results, net (1,188 ) (524 ) 126.7
Profit/(loss) from operations 8,540 (7,180 ) —
Profit from Joint Ventures 5 3 66.7
Activity profit/(loss) 8,545 (7,177 ) —
Leases and Agricultural Services
We lease own farms to third parties for agriculture. On the one hand, in our farms under irrigation in the Province of San Luis (Santa Bárbara and La Gramilla) enter into production agreements to seed companies. These farms are ideal for obtaining steady production levels, given the quality of their soil and the weather conditions of the area, along with the even humidity provided by irrigation.
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On the other hand, when market conditions are favorable, we lease farms recently put into production after agricultural development. In this way, we manage to reduce our production risk, ensuring fixed rental income until the new farms reach stable productivity levels.
Results
The following table shows Leases and Agriculture Services’s results for fiscal year 2025, compared to the preceding fiscal years:
FY 2025 FY 2024 YoY var 2025 vs. 2024
(In millions of ARS) %
Revenues 13,236 13,985 (5.4 )
Costs (7,567 ) (10,776 ) (29.8 )
Gross profit 5,669 3,209 76.7
General and administrative expenses (789 ) (942 ) (16.2 )
Selling expenses (511 ) (655 ) (22.0 )
Other operating results, net (311 ) (107 ) 190.7
Profit from operations 4,058 1,505 169.6
Activity profit 4,058 1,505 169.6
Others
We include within “Others” the results coming from our investment in FyO.
Results
The following table shows Others activities’ results for fiscal year 2025, compared to preceding fiscal year:
FY 2025 FY 2024 YoY var 2025 vs. 2024
(In millions of ARS) %
Revenues 121,291 129,435 (6.3 )
Costs (105,934 ) (85,248 ) 24.3
Gross profit 15,357 44,187 (65.2 )
General and administrative expenses (13,194 ) (13,093 ) 0.8
Selling expenses (21,988 ) (19,024 ) 15.6
Other operating results, net 2,472 7,904 (68.7 )
(Loss)/Profit from operations (17,353 ) 19,974 (186.9 )
Profit from associates (1,402 ) (3,672 ) (61.8 )
Segment (Loss)/Profit (18,755 ) 16,302 (215.0 )
Corporate
This segment includes, principally, the corporative expenses related to the agricultural business.
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Results
The following table shows the “Corporate” segment’s results for fiscal year 2025, compared to preceding fiscal years:
FY 2025 FY 2024 YoY var 2025 vs. 2024
(In millions of ARS) %
Revenues — — —
Costs — — —
Gross profit — — —
General and administrative expenses (5,925 ) (6,390 ) (7.3 )
Loss from operations (5,925 ) (6,390 ) (7.3 )
Segment loss (5,925 ) (6,390 ) (7.3 )
Futuros y Opciones.Com S.A. (FyO)
FyO is an Argentine company, leader in the agricultural business since more than 25 years that provides high-quality services, whose mission is to provide specialized agricultural products to feed the world in a responsible and sustainable way, generating opportunities and growth, integrating production services, process, logistics and marketing of special products from the farm to the final consumer. Working with top-level experts and suppliers, ensuring traceability and quality throughout the commercial chain, adding value to the agricultural production chain. As of June 30, 2025, our interest in FyO was 51.26%.
FyO owns 96.37% of Amauta Agro S.A. (AMAUTA), whose objective is to carry out activities of production, export and import, and national and international purchase and sale of raw materials and agricultural products, focused on soil nutrition, and also owns a 96.37% stake in Fyo Acopio S.A. whose objective is the wholesale consignment of cereals and oilseeds, as well as the storage and conditioning service in the collection plant and the sale of agricultural inputs.
On August 2, 2023, FYOFOODS S.A.U. was established, with the main activity of production, formulation, marketing, national and/or international buy and sell, consignment, collection, storage, processing, export and/or intermediation of goods, raw materials, products, by-products, and/or derivatives of agricultural exploitation. As of June 30, 2025, FyO interests in FYOFOODS S.A.U. was 100%.
Additionally, in June 2025, Amauta Agro S.A. acquired Agrofy S.A.U., whose objective is to simplify and enhance agribusiness through the digitalization of the sector. Agrofy S.A.U. is a technology company with an agricultural DNA, committed to the development of the farming community throughout the region. It is the most important digital solutions ecosystem for agribusiness in Latin America.
Agrofy Global
During the year, Agrofy focused on optimizing its business units and streamlining its cost structure, within a challenging macroeconomic environment in the region. The Company maintained its focus on the business lines with the highest profitability and scalability potential.
From a financial standpoint, although total revenues decreased compared to the prior fiscal year, efforts to contain expenses and improve operational efficiency led to a substantial improvement in gross margins and a significant reduction in the burn rate. This strategy was complemented by a prudent management of working capital, resulting in a stronger and more orderly financial position at year-end.
During the fiscal year ended June 30, 2025, the Company also advanced in the technological development of its platform, particularly through the strengthening of Agrofy Pay and the implementation of artificial intelligence tools, including “Clementina,” an assistant designed to enhance the purchasing experience of agricultural producers.
The main objectives of Agrofy are:
· consolidate and scale the membership and transaction businesses, strengthening the value proposition for both sellers and producers.
· streamline the organizational structure, aligning available resources with key growth and profitability objectives;
· drive the growth of Agrofy Pay as a comprehensive and reliable payment solution within the agribusiness ecosystem; and
· expand the use of artificial intelligence through tools such as “Clementina,” contributing to greater personalization and efficiency in the user experience.
Despite the adverse context, Agrofy was able to sustain website traffic and improve engagement indicators, reflecting the strength of its market positioning and the trust of the ecosystem in its value proposition.
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Farmland Portfolio
As of June 30, 2025, we owned, together with our subsidiaries, 26 farms, with a total surface area of 578,217 hectares.
The following table sets forth our farm portfolio as of June 30, 2025:
Potential use of farms owned and under concession as of June 30, 2025
Locality Province Date of Acquisition Surface Area (has) Main Business Cattle (has) Sheep (has) Agriculture (has) Cattle (Head)
El Recreo Recreo Catamarca May ’95 12,395 Natural woodlands
Los Pozos JV González Salta May ’95 231,746 Cattle / Agriculture / Natural woodlands 32,697 27,769 41,067
San Nicolás (1) Rosario Santa Fe May ‘97 1,396 Agriculture 105 1,008
Las Playas (1) Idiazabal Córdoba May ‘97 1,497 Agriculture 1,413
La Gramilla/ Santa Bárbara Merlo San Luis Nov ‘97 7,072 Agriculture Under irrigation 4,975
La Suiza Villa Angela Chaco Jun ‘98 26,371 Agriculture / Cattle 18,100 794 8,140
El Tigre Trenel La Pampa Apr ‘03 7,860 Agriculture 449 6,179 7,026
San Pedro Concepción de Uruguay Entre Rios Sep ‘05 3,584 Agriculture 1,380 1,876 788
8 De Julio/ Estancia Carmen Puerto Deseado Santa Cruz May ‘07/ Sep ‘08 100,911 Sheep 85,000
Cactus Argentina Villa Mercedes San Luis Dec ‘97 171 Natural woodlands 101
Finca Mendoza Lujan de Cuyo Mendoza Mar ‘11 674 Natural woodlands
Establecimiento Mendoza Finca Lavalle Mendoza Nov ’03 9 Natural woodlands
Los Sauces Conhello La Pampa Jun ‘23 1,250 Agriculture 1,200
Jatoba Jaborandi/BA Brazil Mar ‘07 8,868 Agriculture 7,006
Alto Taquari Alto Taquari/MT Brazil Aug ‘07 1,373 Agriculture 696
Chaparral Correntina/BA Brazil Nov ‘07 24,841 Agriculture 17,336
Nova Buriti Januária/MG Brazil Dec ‘07 24,212 Forestry
São José São Raimundo das Mangabeiras/MA Brazil Feb ‘17 17,566 Agriculture 9,394
Arrojadinho Jaborandi/BA Brazil Jan ‘20 16,644 Agriculture 2,723 5,543 2,218
Rio do Meio Correntina/BA Brazil Jan ‘20 5,753 Agriculture 3,947
Serra Grande Baixa Grande do Ribeiro/PI Brazil Apr ‘20 4,489 Agriculture 2,208
Panamby Querencia/MT Brazil Sep ‘22 10,793 Agriculture 5,379
Marangatu/Udra Mariscal Estigarribia Paraguay Feb ‘09 58,722 Agriculture / Natural woodlands 4,543 11,923 5,579
Las Londras Santa Cruz Bolivia Nov ‘08 4,555 Agriculture 4,102
San Rafael Santa Cruz Bolivia Nov ‘08 3,109 Agriculture 2,814
La Primavera Santa Cruz Bolivia Jun ‘11 2,356 Agriculture 1,860
Subtotal Owned 578,217 60,098 85,000 117,422 64,818
Agropecuaria Anta S.A. Las Lajitas Salta 132,000 2,696 — 22,469 —
Subtotal Under Concession 132,000 2,696 — 22,469 —
Total 710,217 62,794 85,000 139,891 64,818
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(1) Hectares in proportion to our 34.86% interest in Agro-Uranga S.A.
(2) Does not include sheep or cattle in sold or rented fields.
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Additional information about our Farmlands
Argentina
El Recreo
“El Recreo” farm, located 970 kilometers northwest of Buenos Aires, in the Province of Catamarca, was acquired in May 1995. It has semi-arid climate and annual rainfall, which do not excess of 400 mm. This farm is maintained as a productive reserve.
Los Pozos
“Los Pozos” farm located 1,600 kilometers northwest of Buenos Aires, in the Province of Salta, was acquired in May 1995. This property is located in a semi-arid area with average annual rainfall of 500 mm. The area is naturally suited to cattle raising and it has agricultural potential for summer crops such as soybean, sorghum and corn, among others. For the fiscal year ended June 30, 2025, we used 27,769 hectares in agricultural production, 5,175 hectares were leased to third parties, and there were 41,067 heads of cattle in this farm.
On October 5, 2023, we sold a fraction of 4,262 hectares fraction of land reserve with productive potential of “Los Pozos” farm, keeping the ownership of approximately 235,300 hectares of the property.
On September 30, 2024, the Company informed that it had sold a 3,630 hectares fraction of land reserve with productive potential of the “Los Pozos” farm. For more information see “Item 4. Information on the Company - A. History and Development of the Company - Significant acquisitions, dispositions and development of business — Agricultural Business —Sale of fraction of “Los Pozos” farm”.
San Nicolás
“San Nicolás” is a 4,005 hectares farm owned by Agro-Uranga S.A., and is located in the Province of Santa Fe, approximately 45 kilometers from the Port of Rosario. As of June 30, 2025, 5,468 hectares were planted for agricultural production, including double crops, and 146 hectares were used for cattle. The farm has two plants of silos with a storage capacity of 14,950 tons.
Las Playas
“Las Playas” farm has a surface area of 4,294 hectares and is owned by Agro-Uranga S.A. It is located in the Province of Córdoba, and it is used for agricultural purposes. As of June 30, 2025, the farm had a sown surface area, including double crops, of 5,795 hectares for crop production.
La Gramilla and Santa Bárbara
These farms have a surface area of 7,072 hectares and it is located in Valle de Conlara, in the Province of San Luis. Unlike other areas in the Province of San Luis, this valley has a high-quality underground aquifer which makes these farms well suited for agricultural production after investments were made in the development of lands, wells and irrigation equipment. In the course of the 2024/2025 crop season, a total of 6,430 hectares were sown, including double crops. The remaining hectares were allocated to land reserves.
La Suiza
“La Suiza” farm has, at the end of the fiscal year, a surface area of 26,371 hectares and is located in Villa Ángela, Province of Chaco. It is used for agriculture and raising cattle. As of June 30, 2025, “La Suiza” had a stock of approximately 8,140 heads of cattle. During the 2024/2025 season, we used 794 hectares for agricultural production and 18,100 for livestock production.
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El Tigre
“El Tigre” farm was acquired on April 30, 2003, and has a surface area of 7,860 hectares. It is located in Trenel, Province of La Pampa. As of June 30, 2025, 7,633 hectares were assigned to crop production, including double crops.
San Pedro
“San Pedro” farm was purchased on September 1, 2005. It has a surface area of 3,582 hectares and is located in Concepción del Uruguay, Province of Entre Ríos, which is 305 kilometers north of Buenos Aires. In the course of the 2024/2025 crop season, 2,526 hectares were used for agricultural production, including double crops. As of June 30, 2025, there were 788 heads of cattle in this farm.
8 de Julio and Estancia Carmen
“8 de Julio” farm was acquired on May 15, 2007, and has a surface area of 90,000 hectares. It is in the Department of Deseado in the Province of Santa Cruz. Due to its large surface area, this farm offers excellent potential for sheep production. In addition, we believe the land has potential for future tourism and recreational activities, as the southeast border of the farm, a coast stretches over 20 kilometers. “Estancia Carmen” was acquired on September 5, 2008, and has a surface area of 10,911 hectares. It is in the Province of Santa Cruz, next to our “8 de Julio” farm.
Cactus
The property has a surface area of 171 hectares. It is located in Villa Mercedes, Province of San Luis. Given the proximity to the urban areas, it has potential for urban development.
Finca Mendoza
In March 2011, we acquired a farm located in the province of Mendoza, Department of Luján de Cuyo, with a surface area of 674 hectares, which is currently maintained as a productive reserve.
Los Sauces
On June 30, 2023, “Los Sauces” farm was acquired and has a surface area of 1,250 hectares for agriculture located in the department of Conhello, in the province of La Pampa. In the course of the 2024/2025 crop season, 1,498 hectares were used for agricultural production, including double crops.
Establecimiento Mendoza
The farm is located on the north of the city of Mendoza, in the department of Lavalle. It consists of 9 hectares, which are currently not in use and are considered land reserves.
Agropecuaria Anta (concession)
The “Agropecuaria Anta” farm is located in the department of Anta, in the western region of Salta Province. It lies approximately 46 km away from Las Lajitas and 87 km from Joaquín V. Gonzaález. The land is held under a 35-year concession agreement, expiring in 2035, with an option to extend for an additional 29 years peridod.
In connection with the abovementioned concession agreement entered into with the state-owned company “Salta Forestal S.A.”, the Governor of Salta issued Executive Orders No. 815/20, 395/21, 396/21, 397/21, 398/21, 129/23, 130/23, 131/23, 132/23, 133/23, 134/23, and 135/23. These Exectuve Orders rejected the appeals filed by Cresud against the fee assessments corresponding to the agricultural campaigns of 2013/2014 through 2020/2021. In response, Cresud filed a number of lawsuits to challenge those executive orders. Meanwhile the Province of Salta filed certain enforcement proceedings and seizure actions to recover the disputed amounts.
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However, on December 6, 2024, Cresud and Salta Forestal S.A. executed a settlement agreement, effective as of January 2025, under which all pending executive and administrative legal proceedings between the parties were terminated. Under the terms of the agreement, Cresud committed to pay the claimed fees, and Salta Forestal agreed to return the excess amounts previously seized, and the parties established guidelines for the calculation and payment of future fees. This agreement resolved all existing disputes between the parties as of the date of execution.
Brazil (through our subsidiary BrasilAgro)
Jatobá
Jatobá is a farm in the northeastern region of Brazil, with a total surface area of 8,868 hectares. Jatobá was acquired in March 2007. We consider that this farm is in a very advantageous location for the movement of crops, as it is close to the Candeias Port, in the State of Bahia. During the 2024/2025 season, 6,729 hectares were used for agriculture.
Alto Taquarí
Alto Taquarí is located in the municipal district of Alto Taquarí, State of Mato Grosso, with a total surface area of 1,373 hectares. The farm was acquired in August 2007. Before we purchased it, the farm had been used for agriculture and cattle raising. Following its transformation, it is being used for sugarcane production.
Chaparral
Chaparral is a 24,885-hectare farm, with 14,815 hectares dedicated to agriculture production. It is located in the municipal district of Correntina, State of Bahia. The farm was acquired in November 2007.
Nova Buriti
Located in the municipal district of Januária, State of Minas Gerais, Nova Buriti has a surface area of 24,212 hectares. Nova Buriti was acquired in December 2007.
São José
Located in São Raimundo das Mangabeiras, in the state of Maranhão. With a total area of 17,566 hectares, of which 11,904 hectares devoted to agricultural activities. It was acquired in February 2017.
Arrojadinho
Located in Jaborandi, in the state of Bahia. With a total area of 16,642 hectares, of which 5,424 hectares of arable area and 2,723 for livestock activities. It was acquired in January 2020.
Rio do Meio
Located in Correntina, in the state of Bahia. With a total area of 5,753 hectares, of which 3,947 hectares are used for agricultural activities. It was acquired in January 2020.
Serra Grande
Located in Baixa Grande do Ribeiro, in the state of Piauí. With a total area of 4,489 hectares, of which 2,208 hectares are agricultural hectares. It was acquired in May 2020.
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Panamby
Located in the municipality of Querência, in the State of Mato Grosso. The Panamby farm has an area of 10,844 hectares, 5,427 hectares of which are agricultural activities. It was acquired in September 2022.
Paraguay (through BrasilAgro)
Marangatú / Udra
We own, through BrasilAgro, the “Marangatú/UDRA” farm, located in Mariscal José Félix Estigarribia, Department of Boquerón, Paraguayan Chaco, Republic of Paraguay, with a total area of 58,722 hectares, 11,923 hectares of which are agricultural hectares and 4,543 for livestock activities.
Bolivia (through BrasilAgro)
In February 2021, the company sold 100% of the shares of its indirectly controlled subsidiaries, Agropecuaria Acres del Sud S.A. (“Acres del Sud”), Ombu Agropecuaria S.A, Yatay Agropecuaria S.A., and Yuchan Agropecuaria S.A. owners of approximately 9,900 agricultural hectares in the core zone from Bolivia to BrasilAgro for the approximate sum of USD 30 million.
Las Londras
On January 22, 2009, the bill of purchase for the “Las Londras” farm was cast into public deed; it has a surface area of 4,555 hectares and is located in the Province of Guarayos, Republic of Bolivia.
Acres del Sud is the plaintiff in a lawsuit in the 2nd Room of the Agro-Environmental Court of Santa Cruz that seeks the invalidation of the Sanitation Final Resolution – RASS No. 0504/2021 of November 25, 2021, by which Instituto Nacional de Reforma Agrária e Servicio Nacional de Areas Protegidas - INRA (i) determined that the Acres del Sud fraction (previously known as Las Londras I, Las Londras II, and Las Londras III), is superimposed on the Guarayos Forest Reserve, declaring the illegality of the possession of Acres del Sud regarding the property called Acres del Sud in an area of 4,435.1 hectares; and (ii) declared it as non-available fiscal land, leaving only 50 hectares remaining out of a total of 4,485.1 hectares. On September 13, 2023, the 2nd Room of the Agro-Environmental Court of Santa Cruz dismissed the lawsuit as unfounded, maintaining the Sanitation Final Resolution – RASS No. 0504/2021 of November 25, 2021. On January 15, 2024, Acres del Sud filed a constitutional injunction to challenge a ruling issued by the Agro-Environmental Court, and on January 25, 2024, the Fourth Constitutional Chamber issued Judgment No. 04/24, annulling the decision issued on September 13, 2023, by the Agro-Environmental Court. The ruling determined that the Agro-Environmental Court must issue a new decision considering the arguments presented by the Constitutional Court. Based on the assessment of its external legal advisors in Bolivia, Acres del Sud believes it is likely that the Agro-Environmental Court will issue a favorable new ruling, which is why Acres del Sud has not made a provision regarding this matter. If a successful and a favorable new ruling is not issued, Acres del Sud will suffer an adverse impact of approximately USD 13.0 million.
On October 16, 2025, the 2nd Room of the Agro-Environmental Court declared the nullity of the Sanitation Final Resolution – RASS No. 0504/2021 of November 25, 2021, up to the Conclusions Report, ordering the Ministry of Environment and Water and the Ministry of Rural Development and Lands to carry out a new re-delimitation of the Guarayos Forest Reserve.
San Rafael
On November 19, 2008, the bill of purchase for the “San Rafael” farm was cast into public deed. This farm is located in the Province of Guarayos, Republic of Bolivia, and has a surface area of 3,109 hectares, which were used for agricultural production during the 2024/2025 crop season.
La Primavera
On June 7, 2011, we acquired the “La Primavera” farm, located in the Province of Guarayos, Republic of Bolivia, with a surface area of approximately 2,356 hectares. During the 2024/2025 season, this farm was used for agricultural production.
Land Management
In contrast to traditional Argentine farms, run by families, we centralize policy making in an Executive Committee that meets on a weekly basis in Buenos Aires. Individual farm management is delegated to farm managers who are responsible for farm operations. The Executive Committee lays down commercial and production rules based on sales, market expectations and risk allocation.
We rotate the use of our pasture lands between agricultural production and cattle feeding and the frequency depends on the location and characteristics of the farmland. The use of preservation techniques (including exploitation by no till sowing) frequently allows us to improve farm performance.
Subsequent to the acquisition of the properties, we make investments in technology in order to improve productivity and increase the value of the property. It may be the case that upon acquisition, a given extension of the property is under-utilized or the infrastructure may be in need of improvement. We have invested in traditional fencing and in electrical fencing, watering troughs for cattle herds, irrigation equipment and machinery, among other things.
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Principal Markets
Crops
Our crop production is mostly sold in the domestic market. The prices of our crops are based on the market prices quoted in Argentine grains exchanges such as the Buenos Aires Grains Exchange (Bolsa de Cereales de Buenos Aires) and the cereal exchanges in each country, which take as reference the prices in international grains markets. The largest part of this production is sold to exporters who offer and ship this production to the international market. Prices are quoted in relation to the month of delivery and the port in which the product is to be delivered. Different conditions in price, such as terms of storage and shipment, are negotiated between the end buyer and ourselves.
Cattle
Our cattle production is sold in the local market. The main buyers are slaughterhouses and supermarkets. Prices in the cattle market in Argentina are basically fixed by local supply and demand. There is the Mercado Agroganadero (located on the outskirts of Buenos Aires Province), which serves as a benchmark a standard in price formation across the rest of the domestic market. In this market live animals are sold by auction on a daily basis.
Prices at the Mercado Agroganadero are negotiated by kilogram of live weight and are mainly determined by local supply and demand. Prices tend to be lower than in industrialized countries. Some supermarkets and meat packers establish their prices by kilogram of processed meat; in these cases, the final price is influenced by processing yields.
Customers
For the fiscal year 2025, our sales from the agribusiness segment (excluding sales of farms) were made to approximately 30 customers. Sales to our ten largest customers represented approximately 55% to 60% of our net sales. Some of these customers included Cargill, FASA, Bunge Alimentos S.A., ACA, GLENCORE, Quilmes, COFCO, Grobocopatel, Molinos Río de la Plata, Boomalt and Viterra. We have signed non-binding letters of intent with some of our largest customers that allow us to estimate the volume of the demand for certain products and to plan production accordingly. We generally enter into short-term agreements with a term of less than a year.
Marketing Channels and Sales Methods
Crops
We normally work with grains brokers and other intermediaries to trade in the exchanges. We sell part of our production in advance through futures contracts and buy and sell options to hedge against a drop in prices. Approximately 91% of the futures and options contracts are closed through the Buenos Aires Grains Exchange and 9% in the Chicago Board of Trade for hedging purposes.
Cattle
We have several marketing channels. We sell directly to local meat processors and supermarkets, as well as in markets and auctions. Our customers include Frigorífico Swift, La Anonima S.A., Colombo y Magliano S.A., Frimsa S.A and and Frigorífico General Pico S.A. at prices based on the cattle market for export and local categories.
We are usually responsible for the costs of the freight to the market and, in general, we pay commissions on our transactions.
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Inputs
The current direct cost of our production of crops varies in relation to each crop and normally includes the following costs: tillage, seeds, agrochemicals and fertilizers. We buy in bulk and store seeds, agrochemicals and fertilizers to benefit from discounts offered during off-season sales.
Competition
The agricultural and livestock sector is highly competitive, with a huge number of producers. We are one of the leading producers in Argentina and the region. However, if we compare the percentage of our production to the country’s total figures, our production would appear as extremely low, since the agricultural market is highly atomized. Our leading position improves our bargaining power with suppliers and customers. In general, we obtain discounts in the region in the acquisition of raw materials and an excess price in our sales.
Historically, there have been few companies competing for the acquisition and leases of farmlands for the purpose of benefiting from land appreciation and optimization of yields in the different commercial activities. However, we anticipate the possibility that new companies, some of them international, may become active players in the acquisition of farmlands and the leases of sown land, which would add players to the market in coming years.
Seasonality
As is the case with any company in the agro-industrial sector, our business activities are inherently seasonal. Harvest and sales of crops (corn, soybean and sunflower) in general take place from February to June. Wheat is harvested from December to January. With respect to our international market, in Bolivia climate conditions allow a double season of soybean, corn and sorghum production and, accordingly, these crops are harvested in April and October, while wheat and sunflower are harvested during August and September, respectively. Other segments of our activities, such as our sales of cattle and our forestry activities tend to be more of a successive character than of a seasonal character. However, the production of beef is generally higher during the second quarter, when pasture conditions are more favorable. In consequence, there may be significant variations in results from one quarter to the other.
Urban Properties and Investments Business (through our subsidiary IRSA)
As of June 30, 2025, our investment in IRSA’s common shares amounts to 54.06%.
The following information corresponds to data of the segments extracted from our subsidiary IRSA’s Annual Report and Financial Statements as of June 30, 2025.
Overview
Shopping Malls
As of June 30, 2025, IRSA owned a majority interest in, and operated a portfolio of, 16 shopping malls in Argentina, six of which are located in the City of Buenos Aires (Abasto Shopping, Alcorta Shopping, Alto Palermo Shopping, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), three of which are located in the greater Buenos Aires area (Alto Avellaneda, Soleil Premium Outlet and Terrazas de Mayo), and the rest of which are located in different provinces of Argentina (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera and Patio Olmos (operated by a third party) in the City of Córdoba, La Ribera Shopping in Santa Fe (through a joint venture) and Alto Comahue in the City of Neuquén.
As of June 30, 2025, IRSA portfolio’s leasable area totaled 371,242 sqm of GLA (excluding certain spaces occupied by hypermarkets, which are not our tenants). Real tenants’ sales of our shopping centers reached ARS 3,062,900 million in the fiscal year 2025, 2.8% lower than 2024, and ARS 3,151,757 million in the fiscal year 2024. The tenants’ sales of our shopping centers are relevant to our income and profitability because they are one of the factors that determine the amount of rent that we can collect from them. They also affect the overall occupancy costs of tenants as a percentage of their sales.
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As a subsequent event, on September 17, 2025, we informed that IRSA 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 underutilized in terms of occupancy and commercial activity, and within the framework of the IRSA’s development plan to create opportunities in different districts of the Province of Buenos Aires, and 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.
With this acquisition, as of the date of this Annual Report, IRSA’s shopping mall portfolio includes 17 assets, 16 of which are operated by IRSA, totaling approximately 390,000 GLA sqm. See “Item 4. Information on the Company — A. History and Development of the Company — Recent Developments—IRSA’s Recent Developments— Acquisition of “Al Oeste Shopping.”
The following table shows certain information about IRSA’s shopping malls as of June 30, 2025:
Shopping malls Date of acquisition/development Location GLA (1) Number of stores Occupancy rate (2) Our ownershipinterest (3) Rental revenue
(sqm) (%) (%) (in millions of ARS)
Alto Palermo Dec‑97 City of Buenos Aires 20,715 139 98.9 100 38,730
Abasto Shopping (4) Nov‑99 City of Buenos Aires 37,253 153 98.9 100 37,854
Alto Avellaneda Dec‑97 Buenos Aires Province 39,849 121 93.0 100 28,201
Alcorta Shopping Jun‑97 City of Buenos Aires 15,845 106 98.4 100 23,514
Patio Bullrich Oct‑98 City of Buenos Aires 11,472 89 91.0 100 11,763
Dot Baires Shopping May‑09 City of Buenos Aires 48,373 159 99.3 80 26,648
Soleil Premium Outlet Jul‑10 Buenos Aires Province 15,673 72 100.0 100 13,647
Distrito Arcos Dec‑14 City of Buenos Aires 14,502 62 100.0 90.0 18,310
Terrazas de Mayo Dec-24 Buenos Aires Province 33,703 85 88.6 100 2,783
Alto Noa Shopping Mar‑95 Salta 19,428 83 96.4 100 8,080
Alto Rosario Shopping Nov‑04 Santa Fe 35,039 128 100.0 100 26,433
Mendoza Plaza Shopping Dec‑94 Mendoza 41,511 117 97.8 100 12,240
Córdoba Shopping Dec‑06 Córdoba 15,604 98 99.3 100 9,113
La Ribera Shopping Aug‑11 Santa Fe 10,572 67 92.0 50 2,460
Alto Comahue Mar‑15 Neuquén 11,703 82 99.1 99.95 9,079
Patio Olmos (5) Sep‑07 Córdoba — — — —
Total 371,242 1.561 97.7 (6) 268,855
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(1) Corresponds to GLA at each property. Excludes common areas and parking spaces.
(2) Calculated dividing occupied square meters by leasable area as of the last day of the fiscal year.
(3) IRSA’s effective ownership interest in each of its business units.
(4) Excludes Museo de los Niños which represents 3,732 square meters in Abasto.
(5) Does not include the rental revenues of Patio Olmos. IRSA owns the historic building where the Patio Olmos shopping mall is located in the province of Cordoba. The property is managed by a third party.
(6) Excluding Terrazas de Mayo.
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Tenant retail sales
During the fiscal year 2025, the sales of IRSA’s shopping malls tenants reached ARS 3,062,900 million, decreasing by 2.8% compared to the previous fiscal year.
Tenants’ sales of shopping malls located in the City of Buenos Aires and Greater Buenos Aires decreased a 4.3% compared to previous fiscal year, from ARS 2,237,794 million to ARS 2,142,254 million during the fiscal year 2025, while those in the interior of the country increased by 0.7% compared to previous fiscal year, from ARS 913,963 million to ARS 920,646 million during the fiscal year 2025.
The following table sets forth the total retail sales of IRSA’s shopping mall tenants for the fiscal years indicated:
For the fiscal years ended June 30, (1)
2025 2024 2023 2022 2021
(in millions of ARS)
Alto Palermo 354,725 409,246 432,597 356,542 132,501
Abasto Shopping 399,402 427,034 471,889 364,252 117,099
Alto Avellaneda 343,522 325,486 323,055 255,450 96,446
Alcorta Shopping 207,171 237,152 254,672 243,710 101,472
Patio Bullrich 107,006 131,228 141,045 129,068 65,590
Dot Baires Shopping 276,459 266,262 265,300 226,122 89,549
Soleil Premium Outlet 193,646 196,182 175,632 161,575 77,231
Distrito Arcos 209,493 245,204 246,426 209,681 113,671
Terrazas de Mayo 50,830 — — — —
Alto Noa Shopping 113,330 125,855 135,030 128,811 95,644
Alto Rosario Shopping 338,666 330,115 373,557 337,113 202,512
Mendoza Plaza Shopping 193,527 192,827 202,127 191,229 164,907
Córdoba Shopping Villa Cabrera 101,243 105,782 117,459 107,425 67,111
La Ribera Shopping (2) 51,428 51,290 59,246 51,254 24,952
Alto Comahue 122,452 108,094 100,730 81,193 36,879
Total 3,062,900 3,151,757 3,298,765 2,843,425 1,385,564
__________________
(1) Retail sales based upon information provided to IRSA by retailers and prior owners. The amounts shown reflect 100% of the retail sales of each shopping mall, although in certain cases IRSA owns less than 100% of such shopping malls. Includes sales from stands and excludes spaces used for special exhibitions.
(2) Owned by Nuevo Puerto Santa Fe S.A., in which IRSA is a joint venture partner with a 50% ownership stake.
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Total tenant retail sales by type of business
The following table sets forth the retail sales of IRSA’s shopping mall tenants by type of business for the fiscal years indicated:
For the fiscal years ended June 30, (1)
2025 2024 2023 2022 2021
(in millions of ARS)
Clothes and footwear 1,676,386 1,825,399 1,928,404 1,700,925 770,864
Entertainment 89,913 83,808 94,307 67,880 10,482
Home and decoration 80,016 76,655 81,119 76,937 39,799
Home Appliances 371,064 364,942 365,464 268,891 105,739
Restaurants 414,795 406,805 382,356 427,579 219,408
Miscellaneous 76,741 71,769 57,412 45,810 19,353
Services 342,241 321,269 389,703 255,403 160,845
Department Store (2) 11,744 1,110 — — 59,074
Total 3,062,900 3,151,757 3,298,765 2,843,425 1,385,564
__________________
(1) Sales based on information provided by tenants. The figures reflect 100% of the retail sales of each shopping mall, although in certain cases IRSA owns a percentage of less than 100% of said shopping centers. Includes sales from stands and excludes spaces used for special exhibitions.
(2) Currently includes “Ronda”, a multipurpose store located in Dot Baires, composed of 70% gastronomy, 25% entertainment and 5% clothing.
Occupancy rate
The following table sets forth the occupancy rate of IRSA’s shopping malls expressed as a percentage of GLA of each shopping mall for the fiscal years indicated:
As of June 30,
2025 2024 2023 2022 2021
(%)
Alto Palermo 98.9 99.4 100.0 98.0 98
Abasto Shopping 98.9 99.5 99.5 98.9 100
Alto Avellaneda 93.0 93.7 92.5 81.4 65
Alcorta Shopping 98.4 99.9 96.1 99.7 91
Patio Bullrich 91.0 91.2 92.7 92.4 88
Dot Baires Shopping 99.3 99.3 98.6 83.5 81
Soleil Premium Outlet 100.0 100.0 100.0 100.0 90
Distrito Arcos 100.0 100.0 100.0 100.0 100
Terrazas de Mayo 88.6 — — — —
Alto Noa Shopping 96.4 99.4 100.0 96.7 98
Alto Rosario Shopping 100.0 93.7 93.8 96.3 95
Mendoza Plaza Shopping 97.8 98.6 99.1 91.1 97
Córdoba Shopping Villa Cabrera 99.3 99.5 97.7 100.0 91
La Ribera Shopping 92.0 91.7 96.8 97.1 96
Alto Comahue 99.1 99.4 96.7 97.4 92
Total 97.7 (1) 97.6 97.4 93.1 89.9
__________________
(1) Excluding Terrazas de Mayo
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Rental price
The following table shows the annual average rental price per square meter of IRSA’s shopping malls for the fiscal years indicated:
For the fiscal years ended June 30, (1)
2025 2024 2023 2022 2021
(in ARS)
Alto Palermo 1,316,422 1,367,639 1,424,708 1,136,992 484,504
Abasto Shopping 737,605 737,952 770,568 564,617 189,656
Alto Avellaneda 581,345 518,586 530,761 368,740 132,081
Alcorta Shopping 1,023,667 1,036,662 1,081,811 968,942 426,257
Patio Bullrich 697,847 773,999 807,697 556,231 235,932
Dot Baires Shopping 375,561 334,193 346,363 272,223 85,002
Soleil Premium Outlet 722,424 691,097 606,776 520,939 238,424
Distrito Arcos 942,908 1,011,920 1,014,587 810,261 468,467
Terrazas de Mayo 74,245 — — — —
Alto Noa Shopping 336,250 336,799 336,764 298,355 194,851
Alto Rosario Shopping 628,738 581,031 648,623 589,304 322,773
Mendoza Plaza Shopping 249,765 223,886 234,591 195,789 137,697
Córdoba Shopping Villa Cabrera 472,892 451,338 476,927 402,553 235,430
La Ribera Shopping 183,977 171,927 179,540 130,429 39,988
Alto Comahue 650,688 552,748 490,554 362,778 93,621
__________________
(1) Corresponds to consolidated annual accumulated rental prices divided by gross leasable square meters. Does not include revenue from Patio Olmos.
Revenues from the Shopping Malls segment
When analyzing the composition of the income of the shopping malls segment between 2025 and 2024, we can observe a recovery in rental income, which represented approximately 56% of the segment’s income, while percentage rent, which depends on the sales of our tenants, represented approximately 20% of the segment’s income.
The following table sets forth IRSA’s revenue from cumulative leases by revenue category for the fiscal years presented:
For the fiscal years ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 150,216 107,689 98,811 65,919 45,070
Percentage rent 52,998 86,850 101,091 93,523 26,423
Total rent 203,214 194,539 199,902 159,442 71,493
Non-traditional advertising 11,277 8,438 5,372 4,445 2,010
Revenue from admission rights 26,946 24,182 20,740 15,669 14,426
Fees 2,487 2,224 2,155 2,337 2,465
Parking 14,830 11,665 10,847 6,433 683
Commissions 9,869 7,855 5,941 4,590 3,294
Other 232 275 427 471 3,282
Subtotal 268,855 249,178 245,384 193,387 97,653
Other revenues (1) 1,676 1,290 339 181 166
Adjustments and eliminations — — — — (368 )
Total 270,531 250,468 245,723 193,568 97,451
__________________
(1) As of June 30, 2025, includes ARS 243.2 million attributable to Patio Olmos ARS 411.7 million attributable to production sponsorship income (BAF), and ARS 1,022.6 million from Re! Outlet stands revenue.
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Rental revenue
The following table sets forth total rental income for each of IRSA’s shopping malls for the fiscal years indicated:
For the fiscal years ended June 30, (1)
2025 2024 2023 2022 2021
(in millions of ARS)
Alto Palermo 38,730 38,299 38,745 30,877 14,452
Abasto Shopping 37,854 36,320 35,990 25,517 10,376
Alto Avellaneda 28,201 24,721 24,102 17,388 8,453
Alcorta Shopping 23,514 23,025 22,274 18,949 8,832
Patio Bullrich 11,763 12,005 12,276 8,579 3,874
Dot Baires Shopping 26,648 22,360 21,093 16,135 8,163
Soleil Premium Outlet 13,647 12,650 11,158 9,525 4,542
Distrito Arcos 18,310 18,699 18,125 14,529 7,604
Alto Noa Shopping 8,080 7,527 7,320 6,444 4,413
Alto Rosario Shopping 26,433 24,443 26,215 22,879 13,457
Mendoza Plaza Shopping 12,240 11,024 11,007 9,449 7,055
Córdoba Shopping Villa Cabrera 9,113 8,443 8,428 6,858 4,309
La Ribera Shopping (2) 2,460 2,263 2,228 1,555 580
Alto Comahue 9,079 7,399 6,423 4,703 1,543
Terrazas de Mayo 2,783 — — — —
Subtotal 268,855 249,178 245,384 193,387 97,653
Other revenues (3) 1,677 1,290 339 181 166
Reconciliation adjustments — — — — (368 )
Total 270,532 250,468 245,723 193,568 97,451
__________________
(1) Includes base rent, percentage rent, admission rights, fees, parking, commissions, revenue from non-traditional advertising and others. Does not include Patio Olmos.
(2) Through IRSA’s joint venture Nuevo Puerto Santa Fe S.A.
(3) As of June 30, 2025, includes ARS 243.2 million attributable to Patio Olmos, ARS 411.7 million attributable to production sponsorship income (BAF), and ARS 1,022.6 million from Re! Outlet stands revenue.
Lease expirations
The following table sets forth the schedule of estimated lease expirations for IRSA’s shopping malls for leases in effect as of June 30, 2025, assuming that none of our tenants exercises its option to renew or terminate its lease prior to expiration:
As of June 30, 2025
Agreements’ Expiration (as of end of fiscal year) Number of agreements (1) Square meters to expire Due to expire Total lease payments (2) Agreements
(%) (in millions of ARS) (%)
Vacant Stores 54 12,719 — — —
Expired in-force 30 11,697 3.0 1,610 1.1
2026 450 80,906 20.8 44,676 30.2
2027 500 77,529 19.9 35,710 24.1
2028 351 72,362 18.6 41,174 27.9
2029 and subsequent years 181 148,174 37.7 24,752 16.7
Total (3) 1,512 390,668 100.0 147,922 100.0
__________________
(1) Includes vacant stores as of June 30, 2025. A lease may be associated with one or more stores.
(2) The amount expresses the annual base rent as of June 30, 2025, of agreements due to expire.
(3) Does not include unoccupied stores.
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New leases and renewals
The following table shows certain information about IRSA’s leases agreement as of June 30, 2025:
Number of Annual Average annual base rent per sqm Number of Annual base rent amount per sqm
Type of business agreements renewed Annual base rent admissionrights New and renewed Former agreements non‑renewed agreements (1) Non‑renewed agreements (1)
(in millions of ARS) (ARS/sqm) (ARS/sqm)
Clothing and footwear 321 30,949 6,297 770,002 458,002 518 550,354
Miscellaneous (2) 75 6,662 1,505 814,633 464,646 164 478,511
Restaurant 57 4,512 818 611,865 385,582 179 585,929
Services 18 814 99 167,309 94,480 40 149,783
Home appliances 45 5,443 788 612,296 348,077 51 460,220
Home and decoration 30 1,995 361 375,559 211,167 37 127,172
Supermarket 1 283 — 45,949 20,076 3 14,705
Entertainment 12 2,072 123 134,883 64,902 24 58,754
Total (3) 559 52,730 9,991 547,380 318,082 1,016 335,776
__________________
(1) Includes vacant stores as of June 30, 2025. GLA with respect to such vacant stores is included under the type of business of the last tenant to occupy such stores.
(2) Miscellaneous includes anchor stores.
(3) Weighted average for Average annual base rent per sqm related to Number of agreements renewed.
Five largest tenants of the portfolio
The five largest tenants in our portfolio (in terms of sales) as of June 30, 2025 represents approximately 9.3% of IRSA’s gross leasable, 10.6% of the annual basic rent of the shopping mall for the fiscal year ending on that date.
The following table describes our portfolio’s five largest tenants:
Tenant Type of Business Sales GLA
(%) (sqm) (%)
Zara Clothes and footwear 6.1 10,771 2.9
Nike Clothes and footwear 3.4 6,994 1.9
Adidas Clothes and footwear 2.9 6,150 1.7
McDonald’s Restaurant 2.8 5,145 1.4
Puma Clothes and footwear 2.6 5,242 1.4
Total 17.8 34,302 9.3
Principal Terms of our Leases
Under the Argentine Civil and Commercial Code, the term of the leases cannot exceed twenty years for residential leases and fifty years for the other leases.
Leasable space in IRSA’s shopping malls is marketed through an exclusive arrangement with our wholly owned subsidiary and real estate broker Fibesa S.A., or “Fibesa.” IRSA use a standard lease agreement for most tenants at our shopping malls, the terms and conditions of which are described below. However, our largest or “anchor” tenants generally negotiate better terms for their respective leases. No assurance can be given that lease terms will be as set forth in the standard lease agreement.
Rent amount specified in IRSA’s leases generally is the higher of (i) a monthly Base Rent and (ii) a specified percentage of the tenant’s monthly gross sales in the store, which percentage generally ranges between 2% and 12% of tenant’s gross sales. Additionally, under the rent adjustment clause included in most of its rental contracts, the tenant’s basic rent is generally updated monthly or quarterly and cumulatively by the CPI index.
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In addition to rent, IRSA charge most of its tenants an admission right, which must be paid upon execution of the lease agreement and upon its renewal. The admission right is normally paid as a lump sum or in a small number of monthly installments. If the tenants pay this fee in installments, the tenants are responsible for paying the balance of any such unpaid amount if they terminate the lease prior to its expiration. In the event of unilateral termination and/or resolution for breach by the tenants, tenants will not be refunded their admission payment without our consent.
IRSA lease its stores, kiosks and spaces in its shopping malls through our wholly-owned subsidiary Fibesa. IRSA charge its tenants a fee for the brokerage services, which usually amounts to approximately three months of the Base Rent plus the admission right.
The tenants of the shopping centers have electricity, gas and water services and, if applicable, depending on the tenant's commercial activity, telephone switchboard, central air conditioning connection, connection to the general fire detection and extinguishing system, and provision of emergency energy through generator sets in common sectors. Each tenant is responsible for completing all necessary installations within their unit, and must also pay the direct expenses generated by these services within each unit. Direct expenses generally include electricity, water, gas, telephone and air conditioning. The tenants must also pay a percentage of the total costs and general taxes related to the maintenance of the common areas. IRSA determines that percentage or “coupe” based on different factors. Common area expenses include, among other things, administration, security, operations, maintenance, cleaning and taxes.
IRSA carries out promotional and marketing activities to draw consumer traffic to its shopping malls. These activities are paid for with the tenants’ contributions to the Collective Promotion Fund, or “CPF,” which is administered by us. Tenants are required to contribute 15% of their rent (Base Rent plus Percentage Rent) to the CPF. IRSA may increase the percentage tenants must contribute to the CPF with up to 25% of the original amount set forth in the corresponding lease agreement for the contributions to the CPF. IRSA may also require tenants to make extraordinary contributions to the CPF to fund special promotional and marketing campaigns or to cover the costs of special promotional events that benefit all tenants. IRSA may require tenants to make these extraordinary contributions up to four times a year provided that each extraordinary contribution may not exceed 25% of the tenant’s preceding monthly lease payment.
Each tenant leases its rental unit as a shell without any fixtures and is responsible for the interior design of its rental unit. Any modifications and additions to the rental units must be pre-approved by IRSA. IRSA has the option to charge the tenant for all costs incurred in remodeling the rental units and for removing any additions made to the rental unit when the lease expires. Furthermore, tenants are responsible for obtaining adequate insurance for their rental units, which must cover, among other things, damage caused by fire, glass breakage, theft, flood, civil liability and workers’ compensation.
Control Systems
IRSA has computer systems equipped to monitor tenants’ sales in all of its shopping malls. IRSA also conducts regular revenues audits of our tenants’ accounting sales records in all of our shopping malls. IRSA uses the information generated from the computer monitoring system to prepare statistical data regarding, among other things, total sales, average sales and peak sale hours for marketing purposes and as a reference for the revenues audit. Most of its shopping mall lease agreements require the tenant to have its point of sale system linked to our server.
Competition
IRSA is the largest owner and operator of shopping malls, offices and other commercial properties in Argentina in terms of GLA and number of rental properties. Given that most of our shopping malls are located in highly populated areas, there are competing shopping malls within, or in close proximity to, areas targeted by our real estate portfolio, as well as stores located on avenues or streets. The number of shopping malls in a particular area could have a material effect on the ability to lease space in shopping malls and on the amount of rent that we are able to charge. We believe that due to the limited availability of large plots of land and zoning restrictions in the City of Buenos Aires, it is difficult for other companies to compete in areas through the development of new shopping malls. The principal competitor is Cencosud S.A. which owns and operates Unicenter Shopping and the Jumbo hypermarket chain, among others.
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The following table shows certain information concerning the most significant owners and operators of shopping malls in Argentina, as of June 30, 2025:
Entity Shopping malls Location GLA Market share (1)
sqm (%)
IRSA Alto Palermo City of Buenos Aires 20,715 1.63
Abasto Shopping (2) City of Buenos Aires 37,253 2.93
Alto Avellaneda Province of Buenos Aires 39,849 3.13
Alcorta Shopping City of Buenos Aires 15,845 1.25
Patio Bullrich City of Buenos Aires 11,472 0.90
Dot Baires Shopping (3) City of Buenos Aires 48,373 3.81
Soleil Premium Outlet Province of Buenos Aires 15,673 1.23
Distrito Arcos City of Buenos Aires 14,502 1.14
Terrazas de Mayo Gran Buenos Aires, Provincia de Buenos Aires 33,703 2.73
Alto Noa City of Salta 19,428 1.53
Alto Rosario City of Rosario 35,039 2.69
Mendoza Plaza City of Mendoza 41,511 3.27
Córdoba Shopping City of Córdoba 15,604 1.23
La Ribera Shopping (4) City of Santa Fe 10,572 0.83
Alto Comahue City of Neuquén 11,703 0.92
Subtotal 371,242 29.22
Cencosud S.A. 279,505 21.99
Other operators 620,317 48.79
Total 1,271,064 100.0
__________________
(1) Corresponding to GLA in respect of total GLA. Market share is calculated dividing sqm over total reported square meters, including inactive stores.
(2) Does not include Museo de los Niños (3,732 square meters in Abasto).
(3) Our interest in PAMSA is 80%.
(4) Owned by Nuevo Puerto Santa Fe S.A., in which IRSA is a joint venture partner.
Source: INDEC – National survey of shopping malls.
Seasonality
IRSA business is directly affected by seasonality, influencing the level of our tenants’ sales. During Argentine summer holidays (January and February) its tenants’ sales typically reach their lowest level, whereas during winter holidays (July) and in Christmas (December) they reach their maximum level. Clothing retailers generally change their collections in spring and autumn, positively affecting our shopping malls’ sales. Discount sales at the end of each season are also one of the main seasonal factors affecting our business.
Information technology
IRSA keeps investing in technological innovation. The advances of society and changes in consumer habits constantly challenge us and motivate us to apply the latest technological trends to serve the visitor’s experience in the shopping malls and learn more about our clients. IRSA continued with the Company digital transformation, extending the use of cloud-based purchases and auctions platform for cost optimization, Robotic Process Automation or RPA automation in different areas. IRSA continues renewing its CCTV system, to improve security and enable future capabilities, such as the use of artificial intelligence. In its shopping malls, with a large flow of vehicles, IRSA has implemented new guided parking systems and digital payment systems. IRSA started using artificial intelligence to improve the work efficiency of its employees.
This year IRSA continued the development of APPA, the application that facilitates the experience of consumers in shopping malls, through which they can pay for parking, book a place for events and shows, redeem gift cards, obtain discounts, benefits and participate in promotions. During the year, users of ¡appa! carried out more than 5.3 million transactions on the platform, including consumption in shopping malls, use of parking spaces, and redemption of Corporate benefits.
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Offices
Properties
The following table sets forth certain information regarding IRSA’s office buildings, all of which are located in the Autonomous City of Buenos Aires, as of June 30, 2025:
Offices Date of acquisition/development GLA (1) Occupancy rate (2) Ownership interest Total rental income for the fiscal year ended June 30, 2025 (4)
(sqm) (%) (%) (in million of ARS)
AAA & A offices
Intercontinental Plaza (3) Dec-14 2,979 100.0 100 1,120
Dot Building Nov-06 11,242 100.0 80 3,256
Zetta Building May-19 32,173 99.3 80 11,958
261 Della Paolera (5) Dec-20 3,740 100.0 100 1,959
Total AAA & A offices 50,134 99.6 18,293
B offices
Philips Building (6) Jun-17 7,940 75.3 100 1,772
Total B offices 7,940 75.3 1,772
Total Offices 58,074 96.2 20,065
__________________
(1) Corresponds to the total leasable surface area of each property as of June 30, 2025. Excludes common areas and parking spaces.
(2) Calculated by dividing occupied square meters by total GLA of the relevant property as of June 30, 2025.
(3) We own 13.2% of the building which covers an area of 22,535 square meters of GLA, meaning we own 2,979 square meters of GLA.
(4) Corresponds to the accumulated income of the period.
(5) IRSA owns 10.4% of the building that has 35,872 square meters of GLA. The GLA includes sqm corresponding to other common spaces.
(6) The building is fully allocated to the workplace business.
Occupancy rate
The following table shows IRSA’s offices occupancy percentage as of the end of fiscal years ended June 30:
Occupancy rate (1)
As of June 30,
2025 2024 2023 2022 2021
(%)
República Building (2) — — — — 66.9
Intercontinental Plaza 100.0 100.0 100.0 100.0 100.0
DOT Building 100.0 79.4 51.6 92.6 84.9
Zetta Building (3) 99.3 100.0 94.6 92.2 84.7
261 Della Paolera 100.0 100.0 100.0 67.1 80.2
Philips Building 75.3 50.6 41.9 81.4 93.1
Suipacha 652/664 (2) — — — — 17.3
Total 96.2 89.4 68.7 73.3 74.7
__________________
(1) Leased square meters pursuant to lease agreements in effect as of the end of fiscal year over GLA of offices for the same fiscal year.
(2) The office buildings were sold.
(3) In fiscal year 2022, excludes 815 sqm from the occupancy calculation because they were under construction for the development of the “Workplace Offices” project.
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Annual average income per surface area as of the end of fiscal years ended June 30:
Income per square meter (1)
As of June 30,
2025 2024 2023 2022 2021
(ARS/sqm)
República Building (2) — — — — 697,270
Intercontinental Plaza 376,041 352,758 339,283 549,358 870,914
DOT Building 289,586 362,465 488,185 348,481 532,003
Zetta Building 374,305 431,541 449,949 465,486 609,413
261 Della Paolera (3) 523,817 765,119 610,374 674,410 410,202
Philips Building 296,208 167,556 293,100 299,652 341,680
Suipacha 652/664 (2) — — — — 525,061
__________________
(1) Calculated by dividing annual rental income by the GLA of offices based on our interest in each building as of June 30 for each fiscal period.
(2) The office buildings were sold.
(3) The building became operational in December 2020, due to which the contracts and related revenues are not comparable to previous years.
New agreements and renewals
The following table sets forth certain Information on lease agreements as of June 30, 2025:
Property Number of lease agreement (1) (5) Annual rentalprice (2) Rental income per sqm (new and renewed) (3) Previous rental income per sqm (3) Number of non‑renewedleases Non‑ renewed leases annual base rentamount (4)
(in millions of ARS) (ARS) (ARS) (in millions of ARS)
Dot Building 4 1,083.8 18,904 24,931 — —
Philips Building — — — — 3 133.6
Intercontinental Plaza — — — — — —
261 Della Paolera — — — — 1 488.5
Zetta Building 1 771.9 22,966 22,009 — —
Total (6) 5 1,855.7 20,405 23,851 4 622.1
__________________
(1) Includes new and renewed leases executed in fiscal 2025.
(2) Leases in U.S. dollars converted to Pesos at the exchange rate prevailing on the first month of the agreement, multiplied by 12 months.
(3) Monthly value.
(4) Leases in U.S. dollars converted to Pesos at the exchange rate prevailing in the last month of the agreement, multiplied by 12 months.
(5) It does not include leases over parking spaces, antennas, terrace area and Workplace (Zetta y Philips).
(6) Weighted average for total rental income per sqm (new and renewed) and previous rental income per sqm.
The following table sets forth the schedule of estimated lease expirations for IRSA’s offices and other properties for leases in effect as of June 30, 2025. This data is presented assuming that none of IRSA’s tenants exercises its option to renew or terminate its lease prior to expiration (most leases have renewal clauses):
Fiscal year of lease expiration (1) (2) Number of leases dueto expire Square meters of leases due toexpire Square meter of leases due toexpire Annual rental income amountof leases due toexpire Annual rental income amountof leases toexpire
(sqm) (%) (in millions of ARS) (%)
2026 13 11,434 23 326.6 22
2027 8 8,506 17 273.3 18
2028 and thereafter 6 29,379 60 898.7 60
Total 27 49,319 100 1,498.6 100
__________________
(1) Includes offices with leases that have not been renewed as of June 30, 2025.
(2) It does not include vacant square meters and contracts from: parking spaces, terraces, antennas and Workplace (Zetta y Philips).
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Intercontinental Plaza
Intercontinental Plaza is a modern 24-story building located next to the Intercontinental Hotel in the historic neighborhood of Monserrat in downtown City of Buenos Aires. IRSA owns a 13.2% interest in the building which has footage averaging 22,535 square meters of GLA; meaning IRSA owns 2,979 square meters of GLA in this building. The principal tenant currently is Total Austral, and as an added value Banco Supervielle (Bank Branch) and Starbucks Coffee providing different services to the building.
Dot Building
IRSA’s subsidiary Panamerican Mall S.A. developed an office building of 11,242 square meters of GLA next to Dot Baires Shopping. This building was inaugurated in July 2010, which meant IRSA’s arrival at the growing corridor of the Northern Area with respect to offices for rent. The building’s principal tenants include Farmanet, Astrazeneca S.A., Carrier, Salentain, Distrinando and HP, among others.
Zetta Building
IRSA’s subsidiary Panamerican Mall S.A. built an office building of 32,173 square meters of GLA and 11 floors located in the commercial complex “Polo Dot” in Buenos Aires City. This A+, certified with LEED Gold of Core & Shell standards of the US Green Building Council, was inaugurated in May 2019, continuing to consolidate IRSA’s position in the North Zone corridor of offices for rent.
As of June 30, 2025, the building was occupied approximately 91% by Mercado Libre, and has other tenants such as Vacunar, MMS Publicis and DreamCo. On the ground floor, it is currently operating the first Workplace office space with 815 sqm sectors. The space offers private offices, fully equipped, furnished and fully operational, ready to use.
261 Della Paolera Building
261 Della Paolera is a 126-meters high triangular-shaped tower of AAA offices and 55,000 square meters of surface, plus 70 linear meters of Curtain Wall on the Río de la Plata, developed on the last vacant land plot of Catalinas Norte. Located in the most prestigious corporate area in Argentina, with approximately 35,000 square meters of GLA, 318 parking spaces, changing rooms, security, gastronomy services, 261 Della Paolera has become an icon of the city, built sustainability in mind and high quality design. This new A+ building was recently certified to LEED Gold of Core & Shell standards by the US Green Building Council.
IRSA has 3,740 square meters of property, which are 100% leased to the tenant Globant. It is currently a highly valued asset for large corporations for the acquisition of floors, due to its characteristics and current contracts.
Phillips Building, City of Buenos Aires
The historic Philips Building adjoins our Dot Baires shopping mall, and faces Avenida General Paz, in the City of Buenos Aires. It has 4 office floors, a total GLA of approximately 7,940 sqm, and a remaining construction capacity of approximately 20,000 sqm. IRSA owns 100% of the building and the headquarters of Workplace operate in the building, with an occupancy rate of 75% at the end of the fiscal year ended June 30, 2025. As of the date of this Annual Report, the building is undergoing expansion to achieve full occupancy.
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Leases
IRSA generally leases its office spaces and other properties under lease agreements with an average initial term of three years, and a limited number of contracts have been executed with five-year terms. These agreements typically include renewal options for additional periods of two or three years, at the discretion of the tenant. In addition, IRSA has two spaces named “Workplace by IRSA”, which IRSA leases as a co-working place, that are fully equipped and all inclusive by using services contracts with semi-annually and annually average term.
Contracts for the rental of office buildings and other commercial properties are generally stated in U.S. dollars. Rental rates for renewed periods are negotiated at market value.
Competition
Virtually all IRSA office’s properties and other commercial properties other than shopping malls are in developed urban areas. There is a great number of office buildings, shopping malls, retail stores and residential houses in the zones where IRSA’s properties are located. It is a highly fragmented market and the abundant number of comparable properties in the vicinity may have an adverse impact on the ability to lease or sell office space and other properties and may have an adverse impact on the sale and rental price of properties.
In the future, both domestic and foreign companies are likely to participate in the real estate market in Argentina, hence competing with us when it comes to business opportunities. In addition, in the future IRSA may participate in the development of a market for foreign real property, and we are likely to find well-established competitors.
In the premium office segment, IRSA competes with other relevant market players, such as RAGHSA S.A., who together with IRSA represent the 2 most important players.
Hotels
Hotel activity recorded a decline in revenues and occupancy during this year as a result of the appreciation of the Argentine peso against the U.S. dollar . Nevertheless, the exclusive Llao Llao resort, which IRSA owns in the city of Bariloche, in southern Argentina, continues to be a major attraction for the high-income segment, while the Libertador and Intercontinental hotels in the city of Buenos Aires target the corporate segment. We are working on new proposals for product improvement and differentiation in anticipation of the full recovery of conventions and corporate events. During the fiscal year 2025, IRSA kept its 76.34% interest in Intercontinental hotel, 100% interest in Libertador hotel and 50.00% interest in Llao Llao.
The following chart shows certain information regarding IRSA’s luxury hotels:
Hotels Date of Acquisition IRSA’s Interest Number of rooms Occupancy (1) Average Price per Room(2) Fiscal Year Sales as of June 30(in millions of ARS)
(%) (%) ARS 2025 2024 2023 2022 2021
Intercontinental (3) 11/01/1997 76.34 313 67.8 172,607 20,914 24,018 21,331 8,924 2,398
Libertador (4) 03/01/1998 100 200 54.6 117,736 7,388 9,592 8,464 3,300 788
Llao Llao (5) 06/01/1997 50 205 56.5 464,561 36,294 52,230 47,717 35,794 13,680
Total 718 60.9 236,245 64,596 85,840 77,512 48,018 16,866
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(1) Accumulated average in the twelve-month period.
(2) Accumulated average in the twelve-month period.
(3) Through Nuevas Fronteras S.A.
(4) Through Hoteles Argentinos S.A.U.
(5) Through Llao Llao Resorts S.A. and IRSA – Galerías Pacífico S.A. UT (until March 31, 2023).
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Hotel Intercontinental, City of Buenos Aires
In November 1997, IRSA acquired 76.34% of the Hotel Intercontinental. The Hotel Intercontinental is located in the downtown City of Buenos Aires neighborhood of Montserrat, near the Intercontinental Plaza office building. Intercontinental Hotels Corporation, a United States corporation, currently owns 23.66% of the Hotel Intercontinental. The hotel’s meeting facilities include eight meeting rooms, a convention center and a divisible 588 sqm ballroom. Other amenities include a restaurant, a business center, a sauna and a fitness facility with a swimming pool. The hotel was completed in December 1994 and has 313 rooms.
Hotel Libertador, City of Buenos Aires
In March 1998 IRSA acquired 100% of the Sheraton Libertador Hotel from Citicorp Equity Investment for an aggregate purchase price of USD 23 million. In March 1999, IRSA sold a 20% interest in the Sheraton Libertador Hotel for USD 4.7 million to Hoteles Sheraton de Argentina.
During the fiscal year 2019, IRSA reacquired 20% of the shares of HASAU, reaching 100% of the capital stock of HASAU and beginning to operate the hotel directly under the name “Libertador.” The hotel is in downtown Buenos Aires. The hotel contains 193 rooms and 7 suites, eight meeting rooms, a restaurant, a business center, a spa and fitness facilities with a swimming pool.
Hotel Llao Llao, San Carlos de Bariloche, Province of Rio Negro
In June 1997 IRSA acquired the Hotel Llao Llao from Llao Llao Holding S.A. 50% is currently owned by the Sutton Group. The Hotel Llao Llao is located on the Llao Llao peninsula, 25 kilometers from the City of San Carlos de Bariloche, and it is one of the most important tourist hotels in Argentina. Surrounded by mountains and lakes, this hotel was designed and built by the famous architect Bustillo in a traditional alpine style and first opened in 1938. The hotel was renovated between 1990 and 1993 and has a total constructed surface area of 15,000 sqm and 158 original rooms. The hotel-resort also includes an 18-hole golf course, tennis courts, fitness facility, spa, game room and swimming pool. The hotel is a member of The Leading Hotels of the World, Ltd., a prestigious luxury hospitality organization representing 430 of the world’s finest hotels, resorts, and spas. During 2007, the hotel was subject to an expansion and the number of suites in the hotel rose to 205 rooms. Throughout the year 2025, renovation works continued in the rooms of the Bustillo wing, where 47 rooms are currently undergoing upgrades and refurbishment. This phase of the renovation is expected to be completed during the first quarter of 2026.
Bariloche Plot, “El Rancho,” San Carlos de Bariloche, Province of Río Negro (land reserve)
On December 14, 2006, through IRSA’s hotel operator subsidiary, Llao Llao Resorts S.A., IRSA acquired a land covering 129,533 sqm of surface area in the City of San Carlos de Bariloche in the Province of Río Negro. The total price of the transaction was USD 7 million. The land is on the border of the Lago Gutiérrez, close to the Llao Llao Hotel in an outstanding natural environment and it has a large cottage covering 1,000 sqm of surface area designed by the architect Ezequiel Bustillo.
Sale and Development of Properties and Land Reserves
Residential Development Properties
The acquisition and development of residential apartment complexes and residential communities for sale is one of our core activities. IRSA developments of residential apartment complexes consists of the new construction of high-rise towers or the conversion and renovation of existing structures such as factories or warehouses. In connection with its developments of residential communities, IRSA frequently acquire vacant land, develop infrastructure such as roads, utilities, and common areas, and sell plots of land for construction of single-family homes. IRSA may also develop or sell portions of land for others to develop complementary facilities such as shopping areas within residential developments.
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In the fiscal year ended June 30, 2025, revenues from the sale and development of properties amounted to ARS 12,761 million, compared to ARS 12,891 million posted in the fiscal year ended June 30, 2024.
Construction and renovation works on IRSA’s residential development properties are performed, under its supervision, by independent Argentine construction companies that are selected through a bidding process. IRSA enter into turnkey contracts with the selected company for the construction of residential development properties pursuant to which the selected company agrees to build and deliver the development for a fixed price and at a fixed date. IRSA is generally not responsible for any additional costs based upon the turnkey contract. All other aspects of the construction, including architectural design, are performed by third parties.
Another modality for the development of residential undertakings is the exchange of land for constructed square meters. In this way, IRSA deliver undeveloped pieces of land and another firm is in charge of building the project. In this case, IRSA receive finished square meters for commercialization, without taking part in the construction works.
This segment is expected to increase its activity in the coming years, both through own developments and land swap transactions, given the recent launch of several residential projects, most notably Ramblas del Plata, which has a development potential of approximately 866,000 sqm, of which 693,000 sqm are salable.
The following table shows information about IRSA’s land reserves as of June 30, 2025:
Ownership Interest Date of acquisition Land Surface Buildable surface GLA Salable Surface Book Value
(%) (sqm) (in millions of ARS)
RESIDENTIAL - BARTER AGREEMENTS
Coto Abasto air space – Tower 1 - City of Buenos Aires 100 Sep-97 — — — 1,610 4,820
Coto Abasto air space – Tower 2 - City of Buenos Aires 100 Sep-97 — — — 1,694 3,987
Ancón (Luis M. Campos) Trust 100 Feb-21 — — — 608 1,332
Av. Figueroa Alcorta 6464 Trust 100 Feb-21 — — — 1,339 8,115
Córdoba Shopping Adjoining plots – Residential 100 May-15 — — — 2,515 2,600
Ramblas del Plata – First stage swaps 100 Jul-97 — — — 16,885 87,890
Caballito Ferro Plot 1 – City of Buenos Aires 100 Jan-99 — — — 2,908 6,278
Ezpeleta plot (Quilmes II) 100 Apr-22 — — — 56,491 17,048
Total Barter Agreements (Residential) — — — 84,050 132,070
LAND RESERVES:
Ramblas del Plata – City of Buenos Aires (formerly Costa Urbana) 100 Jul-97 184,813 734,175 — 587,341 419,278
La Plata - Greater Buenos Aires 100 Mar-18 47,834 81,341 — — 8,657
Polo Dot mixed uses expansion – City of Buenos Aires (6) 80 Nov-06 12,800 — — 38,395 37,867
Caballito Ferro Plots 2, 3 and 4 – City of Buenos Aires 100 Jan-99 20,462 86,387 — 75,277 37,311
Luján Plot – Buenos Aires (5) 100 May-08 1,152,106 464,000 — — 9,890
La Adela – Buenos Aires 100 Aug-14 9,868,500 3,951,227 — — 14,557
Puerto Retiro – City of Buenos Aires (4) 50 May-97 82,051 246,153 — — —
Subtotal Mixed-uses 11,368,566 5,563,283 — 701,013 527,560
Caballito Block 35 – City of Buenos Aires (3) 100 Oct-98 9,767 57,192 — 31,257 13,376
Zetol – Uruguay 90 Jun-09 — — — 65,450 6,535
Vista al Muelle – Uruguay 90 Jun-09 — — — 58,494 4,936
Parcelas Rosario – Santa Fe 100 Nov-24 13,750 48,126 — 41,390 14,835
Neuquén - Residential plot – Neuquén (2) 100 Jul-99 13,000 57,000 — 42,800 5,852
Subtotal residential 36,517 162,318 — 239,391 45,534
La Plata - Greater Buenos Aires 100 Mar-18 30,780 35,212 22,844 — 6,142
Beruti y Coronel Diaz Building – City of Buenos Aires 100 Jun-22 2,387 8,900 7,800 — 10,627
Subtotal retail 33,167 44,112 30,644 — 16,769
Polo Dot – Zetta – City of Buenos Aires 80 Nov-06 — — 15,940 — 46
Paseo Colón 245 Building – City of Buenos Aires 100 May-23 1,579 13,690 9,500 — 5,931
Intercontinental Plaza II – City of Buenos Aires 100 Feb-98 6,135 9,400 7,500 — 2,176
Córdoba Shopping adjoining plots – Córdoba (2) 100 May-15 5,365 5,000 4,823 — 2,412
Subtotal offices 13,079 28,090 37,763 — 10,565
Total future developments 11,451,329 5,797,803 68,407 940,404 600,428
Other land reserves (1) 3,305,974 — — — 19,514
Total land reserves 14,757,303 5,797,803 68,407 940,404 619,942
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(1) Includes Zelaya 3102-3103, Chanta IV, Anchorena 665, Ocampo parking spaces, DOT adjoining plot. adjoining plot Mendoza Shopping, Pilar R8 Km 53, Conil land (Plot II), Pontevedra, San Luis Land and Llao Llao Land.
(2) These lands are classified as Property for sale; therefore, their value is maintained at historical cost basis adjusted by inflation. The rest of the land is classified as Investment Properties, valued at market value.
(3) “Caballito Manzana 35” consists of 3 residential buildings of 27, 22 and 18 floors.
(4) This land is in judicial litigation.
(5) Estimated maximum buildable area according to the projects, still pending final approvals.
(6) Applicable to the expansion of the Zetta Building.
The following table shows information about IRSA’s expansions on its current assets as of June 30, 2025:
Expansions Ownership interest Surface Locations
(%) (sqm)
Alto Palermo 100 4,336 City of Buenos Aires
Paseo Alcorta 100 1,337 City of Buenos Aires
Alto Avellaneda 100 23,737 Buenos Aires
Alto Noa 100 3,068 Salta
Soleil Premium Outlet 100 17,718 Buenos Aires
Alto Comahue 100 3,325 Neuquén
Total in Shopping Malls 53,521
Patio Bullrich 100 20,000 City of Buenos Aires
Alto Palermo 100 14,119 City of Buenos Aires
Córdoba Shopping 100 7,000 Cordoba
Total in offices + residential 41,119
Total expansions 94,640
Intangibles – Units to be received under barter agreements
Coto Abasto air space – Towers 1 & 2 – City of Buenos Aires
IRSA owns an airspace, known as “Human Abasto,” to construct approximately 23,000 square meters above the premises of the Coto hypermarket that is close to Abasto Shopping in the heart of the City of Buenos Aires. On September 24, 1997, IRSA and Coto Centro Integral de Comercialización S.A. (Coto) granted a deed through which the Company acquired the rights to receive functional parking units and the rights to raise the property located between Agüero, Lavalle, Guardia Vieja and Gallo streets, in the Abasto neighborhood.
On October 25, 2019, IRSA transferred to a non-related third party the rights to develop a residential building (“Tower 1”) on Coto Supermarket airspace located in the Abasto neighborhood in the City of Buenos Aires. Tower 1 will have 22 floors of 1 to 3 rooms apartments, totaling an area of 8,400 sqm. The operation was set for the total of USD 4.5 million: USD 1 million was paid in cash and the balance in at least 35 functional units of departments, with a guaranteed minimum of 1,982 sqm.
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On June 30, 2023, in compliance with the agreement into with Abasto Twins S.A. in June 2016, we signed the assignment of a parking unit and the right to build the Tower 2 of Abasto for USD 3 million. As of the date of this Annual Report, IRSA received the sum of USD 15,250 in cash as monetary consideration, and the right to receive at least 29 functional units that are part of the future tower as non-cash consideration. This non-cash consideration represents the equivalent of 20% of the square meters of the plans approved by the GCBA for the construction of the tower, with a guaranteed minimum of 1,639 sqm.
In addition, as of June 30, 2025, the construction work of Tower 1 had been completed and has begun commercialization, while the construction of Tower II, already underway, was 18% complete.
Trusts: Ancón (Luis M. Campos 100 and Ancón) and Figueroa Alcorta 6464
On February 9, 2021, as a result of the reorganization of Manibil S.A., IRSA received a participation in three trusts:
· Ancón Trust: The original project, which consisted in an office building, was changed to a residential building, of which 608 sqm and 6 garages units would correspond to IRSA. As of the date of this Annual Report, there is a protection action (amparo) in relation to this project, thus the work is suspended; and
· Figueroa Alcorta 6464 Trust: corresponds to 1,786 sqm of apartments and 11 garage units. As of June 30, 2025, the work has started and has been completed by more than 50%.
Córdoba Shopping Adjoining Plots – Residential
On August 18, 2022, the plot 1 of 3,240 sqm was bartered with Proaco, where two residential towers is expected to be built. IRSA expect to receive as consideration, within a period of between 36 and 44 months, functional units that represent 16% of the square meters, with a minimum of 2,160 square meters, together with garage units and, if built, also storage units. The value of the swap is USD 2 million.
On July 11, 2024, the General Direction of Environmental Impact of the Secretary of Sustainable Development, under the Ministry of Environment and Circular Economy, indicated that the project is not subject to the Environmental Impact Assessment Procedure requested from the Developer by the Municipality of Córdoba. As of June 30, 2025, construction had already commenced with a progress of 10%.
Ramblas del Plata – Permutas Etapa 1
For more information see “Item 4. Information on the Company — B. Business Overview - Sale and Development of Properties and Land Reserves—Mixed uses – Ramblas del Plata – formerly Costa Urbana – Costanera Sur, City of Buenos Aires”.
Caballito Ferro Plot 1 – City of Buenos Aires
For more information see “Item 4. Information on the Company — B. Business Overview - Sale and Development of Properties and Land Reserves—Mixed uses – Caballito Ferro Plots 2, 3 and 4 – City of Buenos Aires”.
Ezpeleta Plot – Quilmes, Buenos Aires
Acquired in April 2022 as part of the payment for the sale of the Republica Building. The property is made up of four plots and has a frontage of 851 meters on the Bs As - La Plata Highway, on the side of the urbanized area the property has a frontage of 695 meters on Río Gualeguay Street between Tupungato and La Guarda streets. It has a total area of 465,642 sqm, with a usable area of 242,151 sqm and a buildable area of 521,399 sqm.
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On December 7, 2023, the exchange of the property took place with the Fiduciary of the Nuevo Quilmes II Trust for the development of a private neighborhood. As of June 30, 2025, the works are at an advanced stage and IRSA had sold 41 single-family lots received in exchange transactions for approximately USD 6.3 million.
Mixed uses
Ramblas del Plata – formerly Costa Urbana – Costanera Sur, City of Buenos Aires
On December 21, 2021, the law from Buenos Aires City congress approving a New Zoning Regulations for the development of the property, was passed, and published. The Plot of approximately 70 hectares, owned by the Company since 1997, previously known as “Costa Urbana” or “Solares de Santa María”, is in the riverfront of the Río de la Plata, in the South Coast of the Autonomous City of Buenos Aires, southeast of Puerto Madero. The published law grants a New Zoning Area, designated: “U73 - Public Park and Costa Urbana Urbanization”, which enables a mixed-use development, combining, residential, office buildings, retail, services, public spaces, education, and entertainment.
IRSA will have a construction capacity of approximately 866,806 sqm, which will drive growth for the coming years through the development of mixed-use projects.
IRSA promised to give to the City of Buenos Aires 50.8 hectares designated for public use, which represent approximately 71% of the total area of the property and contribute with three additional lots of the property, two for the Sustainable Urban Development Fund and one for the Innovation Trust, Science and Technology of the GCBA, in addition to the sum of USD 2,6 million in cash and the amount of 3,000,000 sovereign bonds (AL35) which was also contributed.
Likewise, the Company will oversee putting in place the infrastructure and road works on the property serving the new city blocks generated and will carry out the public space works contributing up to USD 40 million, together with the maintenance of the public spaces assigned for 10 years or until the sum of USD 10 million is completed.
In March 2023, measurement was approved with a proposal for subdivision, division, transfer of streets and public space. On November 15, 2023, the 3 parcels and the public park lot were registered on public record in favor of the GCBA, and the 61 lots of IRSA were created. On May 22, 2024, IRSA received the parcel certificates corresponding to the 61 lots.
With the issuance of the Environmental Aptitude Certificate in December 2024, Phase A of the project’s infrastructure works began, starting with earthmoving tasks, followed by sheet piling installation, as well as road and stormwater networks, buffer planting, and bay remediation. In January 2025, commercialization of the project began.
During the fiscal year 2025, IRSA signed 2 sales agreements and 11 barter contracts with various developers for 13 lots of the extended first phase of “Ramblas del Plata” project.
After the end of the fiscal year, on July 17, 2025, IRSA executed an addendum to the purchase agreement dated January 27, 2025, which consisted of the substitution of one of the plots. As part of this modification, an additional USD 3.5 million was paid in cash and the price was increased by the delivery of saleable square meters valued at USD 3.6 million. This transaction added USD 7.1 million in value to the original agreement, corresponding to 5,000 additional saleable square meters because of the change in the lot in question.
The plots have an estimated saleable area of 110,585 square meters, and the transactions amount to approximately USD 81,1 million.
“Phase I” extended consists of 20 lots totaling approximately 163,800 square meters, which represents 23.4% of the project’s total saleable area, and currently, seven lots remain available for commercialization.
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“Ramblas del Plata” will change the landscape of the City of Buenos Aires, bringing life to an undeveloped area and will be an exceptional project due to its size, location and connectivity, providing the City the possibility of expanding and recovering its access to the Río de la Plata coast with walkable areas, recreation, green spaces, public parks and mixed-use.
La Plata Plot of land
On March 22, 2018, we acquired 100% of a plot of land of 78,614 sqm of surface in the town of La Plata, province of Buenos Aires. The transaction was consummated through the purchase of 100% of the shares of CELAP that owns 61.85% of the property and the direct purchase of the remaining 38.15% from unrelated third parties.
The price of the acquisition was USD 7.5 million which has been fully paid. IRSA intends to use the property to develop a mixed-use project, given the property’s characteristics for a commercial development in a district with high potential.
On January 21, 2019, Ordinance No. 11,767 approved by the “Honorable Consejo Deliberante de La Plata” on December 26, 2018, was enacted. With this enactment, the uses and indicators requested to develop a project of 116,553 square meters were formally confirmed.
As of the date of this Annual Report, the plans and construction permissions for the “Shopping La Plata” project have been approved, and a hydraulic project has been submitted to the provincial hydraulic authority.
As of June 30, 2025, construction of the Distrito Diagonal Shopping Mall had commenced, with preliminary tasks, earthworks and stormwater drainage. During the fiscal year ended June 30, 2025, several bids were awarded, including the concrete structure, the steel structure, and the external gas works.
Polo Dot mix uses expansion – City of Buenos Aires
On the plot where the Zetta Building is located, IRSA has a surplus buildable surface of 15,940 sqm, where alternatives are being analyzed to develop a mixed-use project.
Caballito Ferro Plots 2, 3 and 4 – City of Buenos Aires
Caballito is a property of approximately 20,462 sqm in the City of Buenos Aires, neighborhood of Caballito, one of the most densely populated of the city, which the Company purchased in November 1997. This plot will be used for the development of residential with retail and public spaces, with more than 85,000 sqm. This Project is approved by the GCBA authorities.
On December 23, 2019, IRSA transferred Parcel 1 of the land reserve located at Av. Avellaneda and Olegario Andrade 367 in the Caballito neighborhood of the City of Buenos Aires to an unrelated third party.
As of June 30, 2025, the development is awaiting the resolution of an appeal filed with the GCBA.
Luján Plot of Land – Luján, Province of Buenos Aires
This 115-hectare plot of land is located in the 62 Km of the West Highway, in the intersection with Route 5 and was originally purchased by CRESUD from Birafriends S.A. for USD 3 million. In May 2012, IRSA acquired the property through a purchase and sale agreement entered into between related parties, thus becoming the current owner. IRSA’s intention is to carry out a mixed-use project, taking advantage of the environment consolidation and the strategic location of the plot. As of the date of this Annual Report, the change of the zoning parameters is completed.
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La Adela – Buenos Aires
During 2015 IRSA acquired the “La Adela” land reserve with an area of approximately 987 hectares, located in the District of Luján, Province of Buenos Aires, that was previously owned by CRESUD. Given its degree of development and closeness to the City of Buenos Aires, IRSA intend to develop a new real estate project.
Puerto Retiro – City of Buenos Aires
At present, Puerto Retiro S.A. has an 8.2 hectares plot of land, which is affected by a zoning regulation defined as U.P. which prevents the property from being used for any purposes other than strictly port activities.
Puerto Retiro S.A. was involved in a bankruptcy extension judicial action initiated by the Argentine Government, to which the Board of Directors is totally unrelated. Management and the Company’s legal advisors consider that there are sufficient legal technical arguments to consider that the request for the extension of bankruptcy will be rejected by the court. However, given the current state of the case, the resolution is uncertain.
In turn, Tandanor filed a civil action against Puerto Retiro S.A. and the other defendants in the criminal case for violation of Section 174 (5) based on Section 173 (7) of the Criminal Code. Such action seeks -on the basis of the nullity of the decree that approved the bidding process involving the Dársena Norte property- the restitution of the property and a reimbursement in favor of Tandanor for all such amounts it has allegedly lost as a result of a suspected fraudulent transaction involving the sale of the property. Puerto Retiro has presented the allegation on the merit of the evidence, highlighting that the current shareholders of Puerto Retiro did not participate in any of the suspected acts in the criminal case since they acquired the shares for consideration and in good faith several years after the facts told in the process. Likewise, it was emphasized that the company Puerto Retiro is foreign - beyond its founders - to the bidding / privatization carried out for the sale of Tandanor shares.
On September 7, 2018, the Oral Federal Criminal Court No. 5 released the operative part of the Sentence, from which it follows that the prescription exception filed by Puerto Retiro was allowed. However, in the criminal case, where Puerto Retiro is not a party, it was ordered, among other issues, the confiscation (decomiso) of the property owned by Puerto Retiro known as Planta I. The reasons for the Court’s sentence were read on November 11, 2018. From that moment, all the parties might file the appeals. Faced with this fact, an extraordinary appeal was filed, which was rejected, and as a result, a complaint was filed for a rejected appeal, which was granted.
On July 26, 2024, the CSJN ruled on the various complaints filed by the parties. With respect to the civil action, it upheld the extraordinary appeals filed by Tandanor and the Ministry of Defense and resolved unanimously to: (i) overturn the appealed cassation judgment regarding the statute of limitations of the civil action (ordering a new ruling based on the doctrine of arbitrariness of judgments); and (ii) confirm the forfeiture of Plant I, although ordering its restitution to Tandanor instead of to the Argentine Government, clarifying that the forfeiture itself was upheld. While the CSJN clarified that its decision does not imply addressing the merits of the civil action claim, it did order that the competent Court issue a new resolution taking into account the defenses raised by Tandanor and the Ministry of Defense in their responses to the statute of limitations objection, particularly regarding the date on which the limitation period began to run. As a result, the case was assigned to Chamber IV of the Federal Criminal Cassation Court, which reconstituted its members in order to issue a new judgment in compliance with the CSJN’s decision. Judges Carvallo and Borinsky recused themselves, being replaced by Judges Yacobucci and Barroetaveña. Judge Gustavo Hornos did not recuse himself from continuing to intervene in the case, despite having participated in the ruling that the CSJN overturned. In light of this, Puerto Retiro S.A. challenged Judge Hornos for objective cause. Chamber IV of the Court rejected the recusal motion. Consequently, an extraordinary federal appeal was filed against such decision, which was rejected by judgment rendered and notified on March 28, 2025. Against such ruling, within the legal term, a complaint appeal was filed for denial of the extraordinary appeal, which as of the date hereof remains pending.
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In parallel, on May 26, 2025, a hearing was held under Articles 465 (last paragraph) and 468 of the Argentine Criminal Procedure Code, where the parties presented their arguments. Finally, on June 24, 2025, Chamber IV of the Federal Criminal Cassation Court – composed of Judges Gustavo M. Hornos, Diego G. Barroetaveña and Guillermo J. Yacobucci – notified Puerto Retiro S.A. of its judgment unanimously resolving to annul operative items “II” (upholding the statute of limitations defense of the civil action) and “XVIII” (granting the forfeited property to the Argentine Government rather than to Tandanor) of the appealed decision rendered by TOCF No. 5, and remand the case to the lower court for a new ruling on the statute of limitations defense of the civil action and the destination of the forfeited property. In summary, the Cassation Court issued a new ruling following the CSJN’s guidelines and ordered TOCF No. 5 to issue a new decision on the statute of limitations defense of the civil action, taking into account both the CSJN’s decision and the present ruling by the Cassation Court, as well as regarding the destination of the forfeited property (in favor of Tandanor). The case was remanded to TOCF No. 5.
In the framework of the criminal case, the complainant denounced the non-compliance by Puerto Retiro S.A. of the precautionary measure decreed in the criminal court consisting of the prohibition to innovate and contract with respect to the property that is the object of the civil action. As a result of this complaint, the Oral Federal Criminal Court No. 5 filed an incident and ordered and executed the closure of the property where the lease contracts with Los Cipreses S.A. and Flight Express S.A. were being fulfilled, in order to enforce compliance with the aforementioned measure. As a result of this circumstance, it was learned that the proceedings were turned to the Criminal Chamber for the assignment of a court to investigate the possible commission of a disobedience crime. As of the date of issuance of this Annual Report, there has been no news regarding the progress of this case.
In the face of the evolution of the legal cases affecting it and based on the reports of its legal advisors, the Management of Puerto Retiro has decided to record, during the fiscal year 2019, an impairment equivalent to 100% of the book value of its investment property, without prejudice to the reversal of the same in the event that a favorable judgment is obtained in the actions brought.
Residential
Caballito Block 35 – City of Buenos Aires
In October 2011, we acquired a plot of land located at Méndez de Andes street in the neighborhood of Caballito in the City of Buenos Aires. A neighborhood association named Asociación Civil y Vecinal SOS Caballito secured a preliminary injunction which suspended the works to be carried out in the above mentioned property. In July 2018, the CSJN issued a favorable final decision allowing the construction of 57,192 sqm of apartments on the plot.
As of June 30, 2025, the work for the concrete structure of the first tower (“Tower 3”) was completed and the completion of the internal masonry works of Tower 1 was at an advanced stage. Zetol S.A. and Vista al Muelle S.A. – District of Canelones – Uruguay
In the course of fiscal year 2009 IRSA acquired a 100% ownership interest in Liveck S.A., a company organized under the laws of Uruguay. In June 2009, Liveck had acquired a 90% stake in the capital stock of VAM and Zetol S.A., for USD 7.8 million. The remaining 10% ownership interest in both companies is in the hands of Banzey S.A. These companies have undeveloped lands in Canelones, Uruguay, close to the capital city of Uruguay, Montevideo.
IRSA intend to develop in these 13 plots, with a construction capacity of 182,000 sqm, an urban project that consists of the development and commercialization of 1,860 apartments. Such a project has the “urban feasibility” status for the construction of approximately 180,000 sqm for a term of 10 years, which was granted by the Mayor’s Office of the Canelones department and by its Local Legislature. Zetol S.A. and VAM agreed to carry out the infrastructure works for USD 8 million as well as a minimum amount of square meters of properties. The satisfaction of this commitment under the terms and conditions agreed upon will grant an additional 10-year effective term to the urban feasibility status.
The total purchase price for Zetol S.A. was USD 7 million; of which USD 2 million were paid. Sellers may opt to receive the balance in cash or through the delivery of units in the buildings to be constructed in the land owned by Zetol S.A. equivalent to 12% of the total marketable meters to be constructed.
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Besides, VAM owned since September 2008 a plot of land purchased for USD 0.83 million. Then, in February 2010, plots of land were acquired for USD 1 million. In December 2010, VAM executed the title deed of other plots for a total amount of USD 2.66 million, of which USD 0.3 million were paid.
As a result of the plot barter agreements executed in due time between the IMC, Zetol S.A. and VAM in March 2014, the parcel redistribution dealing was concluded. This milestone, as set forth in the amendment to the Master Agreement executed in 2013, initiates the 10-year term for the investment in infrastructure and construction of the buildings mentioned above. Construction capacity of the 13 plots is 180,000 sqm.
On November 15, 2018, the translation deed of sale of the first plot where the first Tower of Departments, Villas and single and double parking spaces is currently being built has been signed, the total exchange price was USD 7.3 million equivalent to 16% of all of the marketable built meters in the first Tower. 12% of it has been used to cancel part of the price balance maintained to date with the sellers of the plots acquired by Zetol S.A in June 2009.
On June 18, 2025, two lots belonging to the ‘Distrito Boating’ were exchanged, on which three residential buildings of identical characteristics will be developed under construction-related tax benefits, denominated Promoted Housing regime.
On July 3, 2025, IRSA entered into an agreement with the Municipality of Canelones, which certified the infrastructure works carried out to date by Vista al Muelle and Zetol for a total amount of USD 4.5 million.
Neuquén Residential Plot– Neuquén, Province of Neuquén
Through Shopping Neuquén S.A., IRSA owns a plot of 13,000 square meters with an estimated construction capacity of 57,000 square meters of residential properties in an area with significant growth potential. This area is located close to the shopping mall Alto Comahue and the hypermarket currently in operation.
Rosario Lots adjacent to Alto Rosario – Rosario, Province of Santa Fe
On the land where the Alto Rosario Shopping Mall is located, there is a section identified as Lot 1B with a surface area of 84,189 sqm. On December 27, 2024, a subdivision was carried out, generating four lots totaling 48,126 sqm with a maximum floor area ratio (FAR) of 3.5.
Retail
Coronel Diaz and Beruti Building – City of Buenos Aires
In February 2022, IRSA purchased by means of public auction from the GCBA, a property located at the corner of the intersections of Beruti Street and Coronel Díaz Avenue. Such property is located in front of Alto Palermo Shopping, a shopping center owned by IRSA, located in the neighborhood of Palermo, one of the main commercial corridors of the City of Buenos Aires.
The property has an area of approximately 2,387 sqm, consisting of a first floor, six upper levels and a basement area. Furthermore, it has a total covered area of approximately 8,137 sqm with future expansion potential.
The purchase price was ARS 2,158.6 million, which was paid in full by IRSA.
On June 14, 2022, the transfer deed of ownership was signed. Simultaneously with the deed, IRSA is required to sign a bailment agreement with the GCBA, with the latter holding the property free of charge for a period of up to 30 months, in accordance with the conditions agreed upon in the auction.
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Offices
Polo Dot offices 2 and 3 – City of Buenos Aires
These two parcels of 6,400 square meters with a construction capacity of 38,400 square meters each, are located adjoining to where the extension of Dot Baires Shopping is planned. As a result of important developments, the intersection of Av. General Paz and Panamericana have experienced great growth in recent years. In April 2018, both plots were unified into a single one of 12,800 square meters.
Paseo Colón 245 Building and Paseo Colón 275 Parking spaces – City of Buenos Aires
On December 28, 2022, IRSA was awarded two Public Auctions (2901 and 2902) carried out by the GCBA, for a property located at Paseo Colón 245 and 12 parking spaces at Paseo Colón 275. The property, with mixed-use potential, has 13 office floors in a covered area of approximately 13,690 sqm and a basement with parking spaces. The purchase price was ARS 1,434.8 million, which was fully paid.
On May 29, 2023, the deed was signed and simultaneously was signed a bailment agreement contract with the GCBA, that will hold the property free of charge for a period of 18 months (with the option to extend it for 6 additional months under rental agreement), in accordance with the conditions agreed upon in the auction.
Intercontinental Plaza II Plot - City of Buenos Aires
In the heart of the neighborhood of Monserrat, just a few meters from the most trafficked avenue in the city and the financial center, is the Intercontinental Plaza complex consisting of an office tower and the exclusive Intercontinental Hotel. In the current plot of 6,135 square meters a second office tower of 19,597 square meters and 25 stories could be built to supplement the tower currently located in the intersection of Moreno and Tacuarí streets.
As of June 30, 2025, as a result of the entry into force of the new Urban Planning Code of the Autonomous City of Buenos Aires on January 1, 2025, which introduced new urban codifications, the buildable area was adjusted to 7,500 sqm.
Córdoba Shopping Adjoining Plots – Residential
On the parking lot of the Córdoba Shopping mall, IRSA has a land on which we can build an office tower of up to 4,823 sqm, in accordance with Ordinance 12,860 of the Municipality of Córdoba.
Other Land Reserves
Other Land Reserves – Includes Zelaya 3102 and 3103, Chanta IV, Anchorena 665, Mendoza Shopping Adjoining Plots, Pilar Route 8 km 53, Conil Plot II, Pontevedra Plot, San Luis Plot and Llao Llao Plot.
IRSA grouped here those plots of land with a significant surface area the development of which is not feasible in the short term either due to their current urban and zoning parameters, their legal status or the lack of consolidation of their immediate environment. This group totals around 3.3 million square meters.
Del Plata Building Trust
On November 10, 2023, IRSA entered into a trust agreement at cost for a project development of 35,120 sqm salable area consisting on the construction of a residential building, stores (gastronomic use), and complementary parking spaces, and under which IRSA acts as the money trustor and beneficiary of the trust. Under this agreement, IRSA will receive approximately 5,128 salable square meters and 32 parking spaces, and will perform functions as a developer based on its expertise in residential real estate development. TMF Trust Company (Argentina) S.A., a company with a fiduciary purpose that is not a related party, acts as trustee. Other non-related companies also participate as money trustors in the trust.
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The aforementioned trust agreement involved the contribution of a building owned by Banco Hipotecario. The building is located in the block embraced by the streets Carlos Pellegrini, Presidente Perón, Sarmiento and Pasaje Carabelas, in the City of Buenos Aires. On December 28, 2023, Banco Hipotecario transferred the fiduciary ownership of the aforementioned property in favor of the trustee as a contribution to the trust.
The project underlying the trust has approval for the Microcenter reconversion regime pursuant to Law No. 6508 issued by the GCBA. On June 14, 2024, the GCBA issued Joint Resolution No. 1078/MHFGC/24 that suspended the effects of the tax benefits granted to the trust, which are rights acquired by it. In order to preserve its rights, on July 17, 2024, the trust filed an administrative appeal against this measure in order for it to be revoked and the validity of the suspended tax benefits to be restored.
By Resolution No. 7/MDECGC/24 dated November 1, 2024, the GCBA resolved to lift the suspension imposed by Resolution No. 1078/MHFGC/24, for the purpose of continuing with the proceedings related to the adjustment of the downtown area transformation projects as agreed under the respective agreements. Furthermore, on October 29, 2024, the GCBA, on the one hand, and Banco Hipotecario together with the trustee of the trust, on the other, entered into an agreement pursuant to which the latter adjusted the project so that the maximum investment amount to be considered per square meter would not exceed the maximum amount established therein, and agreed to defer the collection of the benefits corresponding to the investments to be made, thereby rescheduling the construction and investment timeline of the project originally submitted.
As of the date of this Annual Report, construction works have begun. Any modification to the reimbursement regime established by the GCBA could affect the scope or timing of the project.
Others
Banco Hipotecario
As of June 30, 2025, IRSA held a 29.12% of the equity of in Banco Hipotecario. Established in 1886 by the Argentine Government and privatized in 1999, Banco Hipotecario has historically been Argentina’s leading mortgage lender, provider of mortgage-related insurance and mortgage loan services. All its operations are located in Argentina where it operates a nationwide network of 52 branches in the 23 Argentine provinces and the City of Buenos Aires.
Banco Hipotecario is an inclusive commercial bank that provides universal banking services, offering a wide variety of banking products and activities, including a wide range of individual and corporate loans, deposits, credit and debit cards and related financial services to individuals, small-and medium-sized companies, and large corporations. As of June 30, 2025, Banco Hipotecario’s shareholders’ equity was ARS 520,633 million, its consolidated assets were ARS 3,533,572.8 million, and its net income for the three-month period ended June 30, 2025, was ARS 19,436 million. Since 1999, Banco Hipotecario’s shares have been listed on the BASE in Argentina, and since 2006 it has had a Level I ADR program.
Banco Hipotecario’s business strategy is to continue diversifying its loan portfolio. Banco Hipotecario’s non-mortgage loans to the non-financial private sector, in nominal terms, were ARS 40,522.8 million as of December 31, 2020, ARS 48,760.9 million as of December 31, 2021, ARS 61,353.5 million as of December 31, 2022, ARS 163,728.3 million as of December 31, 2023, ARS 528,543 million as of December 31, 2024 and ARS 808,788 million as of June 30, 2025.
Also, Banco Hipotecario has diversified its funding sources by developing its presence in the local and international capital markets, as well as increasing its deposit base. As of June 30, 2025, its capital markets debt representing 7% of its total funding.
Banco Hipotecario’s subsidiaries include BACS Banco de Crédito y Securitización S.A., a bank specialized in investment banking, asset securitization and asset management, from which Banco Hipotecario owns directly 62.3% and IRSA owns directly 37.7%; BHN Vida S.A., a life insurance company; and BHN Seguros Generales S.A., a property insurance company.
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La Rural (convention centers and fairs activities) and La Arena (stadium concession)
In relation to the investment in La Rural S.A., its main activity includes the organization of congresses, fairs, exhibitions and events and is carried out by IRSA, both at the Palermo Fairgrounds and at the “Centro de Exposiciones y Convenciones de la Ciudad Autónoma de Buenos Aires” through a Transitory Union of Companies that obtained, by public tender, the concession of this property for a period of 15 years and the “Punta del Este Convention and Exhibition Center”. IRSA has an indirect participation of 35%.
Ogden Argentina S.A., indirectly controlled by IRSA by 70%, owns an 82.85% stake in “La Arena S.A.”, a company that developed and operates the stadium previously known as “DirecTV Arena”, located in the kilometer 35.5 of the Pilar branch, Tortuguitas, in the province of Buenos Aires.
During fiscal year ended June 30, 2025, La Rural S.A. consolidated its leadership in the trade fair and events business in Argentina. The fiscal year began with a successful edition of the 2024 Rural Exhibition, which achieved a remarkable public turnout, full occupancy and solid commercial results, in a context of high political and economic expectations. Throughout the fiscal year, numerous events were held, most notably a new edition of “Celebration,” which brought together more than 50 year-end celebrations and reached its highest operating level since its launch in 2004, reaffirming La Rural as a benchmark venue for this type of corporate events. The upcoming fiscal year presents challenges given the electoral context and the tight operating margins in the sector.
As for the Buenos Aires Convention Center, it maintained stable occupancy in 2025, consolidating its position as a venue for congresses, conventions and institutional events. Throughout the fiscal year, its activity increased progressively, with a diverse and growing agenda that reflects its potential as a benchmark space in the segment. In addition, the Buenos Aires Convention Center strengthened its internationalization strategy, participating in global fairs in search of new congresses, in line with a more globally integrated Argentina.
We are appa S.A. (formerly Pareto S.A.)
On October 8, 2018, the Company We are appa S.A. was incorporated, with the social purpose of design, programming and development of software, mobile and web applications. As of June 30, 2025, We are appa S.A. had 42 employees and IRSA’s share of “We are appa” reached 93.63%.
The mission of “We are appa’s” is to transform the physical in-store shopping experience through the use of artificial intelligence and data science, connecting brands and consumers. Through its proprietary technology, ¡appa! reduces frictions in the purchasing process, enhances decision-making and boosts conversion at the point of sale.
Through its application, ¡appa!, “We are appa” provides shopping malls and tenants a 100% digital customer loyalty system through which they can communicate with visitors, enhancing their visiting and shopping experience.
During the fiscal year ended June 30, 2025, users of ¡appa! carried out more than 5.3 million transactions on the platform, including consumption in shopping malls, use of parking spaces, and redemption of corporate benefits. Of these, approximately 5.2 million visitor transactions were identified in IRSA shopping malls, corresponding to consumption of more than ARS 46,800 million by 970,000 users. This information allows the teams of the shopping malls to manage their communications and actions in a more efficient and segmented way that results in greater loyalty and attractiveness of the shopping malls’ proposal towards its visitors.
Avenida Inc.
As of June 30, 2025, IRSA indirectly owned 2.71% of Avenida Inc., a company dedicated to the e-commerce business.
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Compara en casa
Compara en casa is a digital insurance broker that compares the policies of the main insurers in one place. They operate in Argentina, Brazil, Mexico, Paraguay and Uruguay.
As of June 30, 2025, IRSA indirectly owned 14.82% of Comparaencasa Ltd.
Shefa Holding LLC (“Shefa”)
Shefa, IRSA’s wholly owned subsidiary, identifies selective investment opportunities in retail projects, prioritizing sectors with high growth potential. Its mission is to create an ecosystem of complementary companies in the retail and technology industries, capitalizing on opportunities that enhance the consumer experience, optimize processes, and generate long-term sustainable value. Shefa invests in businesses that integrate physical retail with digital solutions, promoting omnichannel strategies and providing retailers of all scales with the technological capabilities of major platforms.
Shefa’s current portfolio includes solutions in payments, last-mile logistics, e-commerce, audiences, and data, generating cross-sector synergies that accelerate the validation, distribution, and monetization of new business models. One of its main investments is Turismo City, which is described below.
Turismo City
As of June 30, 2025, the Company owns indirectly 9.28% of Rundel Global Ltd., commercially known as Turismo City, which is a company that holds interest in different business related with tourism and travel assistance in Argentina, Brazil and Chile.
Regulation and Government Supervision of our Agricultural Business
Farming and Animal Husbandry Agreements
Agreements relating to farming and animal husbandry activities are regulated by Argentine law, the Argentine Civil and Commercial Code, provincial laws, local regulations and local customs.
According to Law No. 13,246, as amended by Law No. 22,298, all lease agreements related to rural properties and land are required to have a minimum duration of 3 years, except in the case of those designated as “accidental agreements” pursuant to Section 39, Law No. 13,246. Upon death of the tenant farmer, the agreement may continue with his successors. Upon misuse of the land by the tenant farmer or default in payment of the rent, the landowner may initiate an eviction proceeding.
Law No. 13,246, amended by Law No. 22,298, also regulates sharecropping agreements pursuant to which one of the parties furnishes the other with animals or land for the purpose of sharing benefits between the parties. These agreements are required to have a minimum term of duration of 3 years, although the rule of Section 39 of Law No. 13,246 on accidental agreements for smaller terms also applies in this case. The agreement is not assignable under any circumstance whatsoever, unless expressly agreed by the parties. Upon death, disability of the tenant farmer or other impossibility, the agreement may be terminated.
Quality control of Crops and Cattle
The quality of the crops and the health measures applied on the cattle are regulated and controlled by the SENASA, which is an entity within the Agro-industry Secretary that oversees farming and animal sanitary activities.
Argentine Law No. 22,939 establishes that cattle brands should be registered with each provincial registry and that there cannot be similar cattle brands within the same province.
Registration of Agricultural Producers
In accordance with Resolution No. 423/2014 issued by SENASA, agricultural producers are required to register in the Argentine Registry of Agricultural Producers (Registro Nacional Sanitario de Productores Agropecuarios). This registry covers all agricultural, livestock, and forestry activities, with the aim of linking producers to the crops they grow and the area allocated to each product. This measure is intended to ensure proper control and traceability of production activities.
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Sale and Transportation of Cattle
Even though the sale of cattle is not specifically regulated at the Argentine federal level, general contract provisions apply. Further, every Argentine province has its own rural code regulating the administrative aspects of the sale of cattle, including traceability measures, taxation and duties.
Argentine law establishes that the transportation of cattle is lawful only when it is done with the respective certificate that specifies the relevant information about the cattle. The required information for the certificate is established by the different provincial regulations, the inter-provinces treaties and the regulations issued by the SENASA.
Environment
The development of our agribusiness activities is regulated by a series of national, provincial, and municipal laws and regulations that promote the protection of the environment.
Section 41 of the Argentine Constitution, as amended in 1994, provides that all Argentine inhabitants have the right to a healthy and balanced environment fit for human development and have the duty to preserve it. Environmental damage shall bring about primarily the obligation to redress it as provided by applicable law. The authorities shall protect this right, the rational use of natural resources, the preservation of the natural and cultural heritage and of biodiversity and shall also provide for environmental information and education. The Argentine Government shall establish minimum standards for environmental protection and Provincial and Municipal Governments shall determine specific standards and issue the applicable regulations.
On November 6, 2002, the Argentine Congress passed Law No. 25,675. This law regulates the minimum standards for the achievement of a sustainable environment and the preservation and protection of biodiversity and sets environmental policy goals. Moreover, Law No. 25,675 establishes the activities that will be subject to an environmental impact assessment procedure and certain requirements applicable thereto. In addition, the Law sets forth the duties and obligations that will be triggered by any damage to the environment and imposes the obligation to restore it to its former condition or, if that is not technically feasible, to pay a compensation in lieu thereof. The Law also fosters environmental education and provides for certain minimum obligations to be fulfilled by natural and artificial persons.
On November 28, 2007, the Argentine Congress passed a law known as the Forest Law which sets minimum standards for the conservation of native forests and incorporates minimum provincial expenditures to promote the protection, restoration, conservation and sustainable use of native forests. The Forest Law prevents landowners, including owners of native forests, from deforesting or converting forested areas into non-forested land for other commercial uses without prior permission from each local government that gives the permit and requires the preparation, assessment and approval of an environmental impact report. The Forest Law also provides that each province should adopt its own legislation and regional regulation map within a term of one year. Until such provincial implementation is carried into effect, no new areas may be deforested. In addition, the Forest Law also establishes a national policy for sustainable use of native forests and includes the recognition of native communities and aims to provide preferential use rights to indigenous communities living and farming near the forest. In case a project affects such communities, the relevant provincial authority may not issue permits without formal public hearings and written consent of the communities.
As a consequence of non-compliance with re rules we may be subject to criminal and administrative penalties, including taking action to reverse the adverse impact of our activities on the environment and to reimburse third parties for damages resulting from contraventions of environmental laws and regulations. Under the Argentine Criminal Code, persons (including directors, officers and managers of corporations) who commit crimes against public health, such as poisoning or dangerously altering water, food or medicine used for public consumption and selling products that are dangerous to health, without the necessary warnings, may be subject to fines, imprisonment or both. Some courts have enforced these provisions in the Argentine Criminal Code to sanction the discharge of substances which are hazardous to human health. At the administrative level, the penalties vary from warnings and fines to the full or partial suspension of the activities, which may include the revocation or cancellation of tax benefits, cancellation or interruption of credit lines granted by state banks and a prohibition against entering into contracts with public entities.
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The Forestry Legislation of Argentina prohibits the devastation of forests and forested lands, as well as the irrational use of forest products. Landowners, tenants, and holders of natural forests require an authorization from the Forestry Competent Authority for the cultivation of forest land. The legislation also promotes the formation and conservation of natural forests in properties used for agriculture and farming purposes.
In accordance with legislative requirements, we have applied for approval to develop certain parts of our land reserves and were authorized to develop them partially and to maintain other areas as land reserves. We cannot assure you that current or future development applications will be approved, and if so, to what extent we will be allowed to develop our land reserves. We intend to use genetically modified organisms in our agricultural activities. In Argentina, the development of genetically modified organisms is subject to special laws and regulations and special permits.
Law No. 27,566, passed on October 16, 2020, approves the “Regional Agreement on Access to Information, Public Participation and Access to Justice in Environmental Matters in Latin America and the Caribbean” (the “Escazú Agreement”) by Argentine Republic. The Escazú Agreement aims to guarantee the full and effective implementation in Latin America and the Caribbean of the rights of access to environmental information, public participation in environmental decision-making processes and access to justice in environmental matters, as well as the creation and strengthening of capacities and cooperation, contributing to the protection of the right of each person, of present and future generations, to live in a healthy environment and to sustainable development. It is the only binding agreement emanating from the United Nations Conference on Sustainable Development (Rio+20), the first regional environmental agreement in Latin America and the Caribbean and the first in the world to contain specific provisions on human rights defenders in environmental matters.
In addition to the current legislation, the CNV Rules provide that publicly traded companies whose corporate purpose includes environmentally hazardous activities should report to their shareholders, investors and the general public their compliance with the applicable environmental laws and risks inherent to such activities, so as to be able to reasonably assess such hazards.
Likewise, our subsidiary Brasilagro is subject to the following regulatory matters:
Environmental Regulation
The development of Brasilagro agribusiness activities depends on a number of federal, state and municipal laws and regulations related to environmental protection. Brasilagro may be subject to criminal and administrative penalties, besides being obligated to restore the environment and reimburse third parties for possible damages arising from non-compliance with such laws and regulations.
Environmental licensing is required for activities utilizing environmental resources that are considered potentially pollutant, or those that may in any way cause environmental degradation. Some Brazilian states, Paraguay and Bolivia require licenses for agricultural and animal-raising activities.
The environmental licensing procedure includes authorizations to change land use, water use licenses, licenses for agriculture, animal-raising activities and livestock activities, etc. All of these licenses guarantee that activities are being carried out in compliance with environmental laws and their possible impacts are being mitigated or compensated.
Brasilagro is in the process of obtaining environmental licenses for some operations. As of the date of this Annual Report, Brasilagro issued 41 new environmental licenses, including water use licenses, operating permits, controlled burning and vegetation clearing permits.
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Protected Areas
All rural properties in Brazil are required by law to maintain legal reserve areas. A legal reserve area is an area of each rural property where deforestation is not allowed and that is necessary for the sustainable use of natural resources, conservation and rehabilitation of ecological processes, conservation of biodiversity and shelter and protection for native fauna and flora. These areas are required in perpetuity and, in some cases, are recorded as such in the real estate registry.
In Brazil, it is mandatory to maintain as legal reserve at least 80% of an agricultural property located in Floresta biome within Amazonia Legal, 35% for an agricultural property in the savannah region within Amazonia Legal and 20% for an agricultural property located in other forms of native vegetation in other regions of Brazil. In Paraguay, it is mandatory to maintain as legal reserve at least 25% of all agricultural property with more than 20 hectares in forest regions and also a corridor of native vegetation of at least 100 meters for every 100 hectares of agricultural or livestock.
Brasilagro properties in Brazil and Paraguay have legal reserve areas, and a part of such legal reserves are currently being recorded with applicable government agencies. Additionally, applicable environmental laws require the protection of certain other areas, such as permanent preservation areas.
Permanent preservation areas are spaces, in both public domain and private domain, where the exercise of property rights has been limited. Permanent preservation areas include the margins of any water streams, the surroundings of headwaters and of natural water reservoirs, as well as lands inclined more than 45º. It is only be possible to modify these areas through previous authorization obtained from the competent state environmental agency.
In addition to these areas, there are also areas for environmental compensation, and ecological corridors, which safeguard interconnection of fragments of vegetation, ensuring protection of local biodiversity. Protected areas may not be suppressed and may be used only under a regime of sustainable forest stewardship in accordance with technical and scientific criteria set forth in applicable regulations.
As of June 30, 2025, 60,610.65 hectares, or approximately 30% of the total area of Brasilagro properties, consisted of protected areas.
Rural Environmental Register (CAR)
In Brazil, all rural properties are required by law (Law No. 12.651/12 and Decrees Nos. 7.830/2012 and 8.235/2014) to register with the rural environmental register (“CAR”). This electronic registration integrates environmental information regarding the property, deforestation control, the monitoring and combating of forests and other forms of native vegetation, as well as environmental and economic planning of rural properties. The CAR gathers environmental information for each property regarding the situation of permanent preservation areas, legal reserve areas, forests and remnants of native vegetation, restricted use areas, consolidated areas, etc.
This register requires the rural proprietary to regularize their environmental situation. It is a requirement to have access to credit, however, sanctions are not imposed for those who are not registered with CAR.
All of Brasilagro owned properties are registered or in the process of being registered with CAR.
Ownership of Agricultural Land in Brazil by Foreigners
In August 2010, the then-president of Brazil approved Opinion AGU-LA-2010 of the Federal Attorney General’s Office (AGU). The AGU-LA-2010 Opinion revised Opinions GQ-181 of 1998 and GQ-22 of 1994, accepted paragraph 1 of article 1 of Law No. 5,709/1971 and article 1 of Decree No. 74,965/1974 (which regulates Law No. 5,709/1971), in the light of the Brazilian Federal Constitution of 1988, and considered companies headquartered in Brazil with majority foreign ownership that grants their owners the power to influence the resolutions of the general meeting, to elect the majority of the company’s directors and to direct the company’s business activities and guide the functioning of the company’s corporate governance bodies, for the purposes of Law No. 5,709/1971, as foreign companies. As a result, Brazilian companies treated as foreign companies for the purposes of Law No. 5,709/1971 became subject to restrictions on the acquisition of rural properties in Brazil, under the terms of Law No. 5,709/1971 and Decree No. 74,965/1974. Under Article 23 of Federal Law No. 8,629/1993, the same restrictions apply to the leasing of rural properties by foreigners.
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Article 9 of Decree No. 74,965, of November 26, 1974, which regulates Law No. 5, 709/1971, provides that the interested party wishing to obtain authorization to acquire a rural property must apply to INCRA stating: (i) whether or not they own other rural properties; (ii) whether, considering the new acquisition, their properties in the aggregate do not exceed an area equivalent to 50 indefinite exploitation modules (MEI), in a continuous or discontinuous area; (iii) the purpose for using the property, by means of the presentation of an exploitation project, if the area exceeds 20 MEIs. Article 12 of Decree No. 74,965/1974 provides that the interested party seeking approval of the project must submit it to the competent body, which is: (i) INCRA, for colonization; (ii) SUDAM and SUDENE, for agricultural and livestock projects located in their respective jurisdiction areas; and (iii) the Ministry of Industry and Commerce, for industrial and tourist projects, through the Industrial Development Council and the Brazilian Tourism Company, respectively. The project must be accompanied by documents showing, among other things: (i) the total area of the municipality where the property to be acquired is located; and (ii) the sum of the rural areas registered in the name of foreigners in the municipality, by nationality group. In addition, agricultural areas belonging to foreigners or Brazilian companies whose majority share capital is held by foreigners must not exceed 25% of the municipality’s surface area, up to 40% of which must not belong to foreigners or Brazilian companies whose majority share capital is held by foreigners of the same nationality, which means that the sum of agricultural areas belonging to foreigners or Brazilian companies whose majority share capital is held by foreigners of the same nationality must not exceed 10% of the surface area of the relevant municipality.
Since the approval of the AGU-LA-2010 Opinion, there has been no approval of acquisitions or leases by Brazilian companies whose majority share capital is held by foreigners by INCRA.
Law No. 13,986, of April 7, 2020, amended Law No. 5,709/91 and established that the limitations mentioned above do not apply to: (i) the constitution of real estate collateral or real guarantees (including the transfer of fiduciary ownership of real estate); and (ii) the settlement of debts arising from the execution of real estate collateral or real guarantees. Both exceptions favor Brazilian companies whose majority share capital is held by foreigners of the same nationality or foreign entities, which creates certain business opportunities.
In accordance with the applicable regulations, we are unable to identify with certainty what percentage of our share capital is held by foreign final beneficiaries. If the relevant authorities in Brazil conclude that we should be considered a foreign company for the purposes of Law No. 5,709/71, we may be subject to challenges involving acquisitions and leases made by the Company after the approval of the AGU-LA- 2010 Opinion, and the possible application of Law No. 5,709/71 could result in substantial delays in our future acquisitions of rural properties and our inability to obtain the necessary approvals. In addition, acquisitions made in breach of existing restrictions may be declared null and void.
The applicability of Law No. 5,709/71 is being discussed in the Original Civil Action (Ação Cível Originária) No. 2,463 and in the Action for Breach of Constitutional Provision (Ação de Descumprimento de Preceito Fundamental) No. 342, both before the Brazilian Supreme Court (STF). The first action (Original Civil Action No. 2,463) concerns the Opinion No. 461/2012-E of the General Inspectorate of Justice of the State of São Paulo (Corregedoria-Geral de Justiça do Estado de São Paulo), which established that notaries and real estate registry officials of the State of São Paulo would be exempt from complying with the restrictions imposed by Law No. 5,709/71 and by Decree No. 74,965/74. The second action (Action for Breach of Constitutional Provision No. 342), which is related to the first lawsuit, was filed on April 16, 2015 by the Brazilian Rural Society (Sociedade Rural Brasileira) questioning the applicability of paragraph 1, article 1, of Law No. 5,709/71 and consequently, of the opinion issued by the Federal Attorney General’s Office (AGU) in 2010.
A trial began before the Brazilian Supreme Court (STF) in February 2021, with the vote of the rapporteur Justice stating that the restrictions on companies considered to be controlled by a foreign entity must be maintained. A second Justice asked to pause the proceedings to review the file, thereby interrupting the trial, which was only resumed in June 2021, when the Justice presented his vote diverging from the rapporteur, confirming the inapplicability of the restrictions. As of the date of this Annual Report, a final judgment is still pending, and Brasilagro is not able to provide an estimate of the timeframe for a final judgment to be issued by the Supreme Court. Depending on the final decisions of these pending lawsuits, Brasilagro may need to modify its business strategy and intended practices in order to be able to acquire agricultural and rural properties.
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Regulation and Argentine Government Supervision
Laws and regulations governing the acquisition and transfer of real estate, as well as municipal zoning ordinances, apply to the development and operation of our properties. Currently, Argentine law does not specifically regulate shopping mall leases. Since our shopping mall leases generally differ from ordinary commercial leases, we have developed contractual provisions which govern the commercial relationship with our shopping mall tenants.
Leases
On December 20, 2023, President Milei enacted Emergency Decree No. 70/2023, which introduced amendments to certain provisions applicable to lease agreements, including the repeal of Law No. 27,551 and the amendment of specific articles of the Argentine Civil and Commercial Code. The Decree 70/2023 became effective on December 29, 2023. The principal changes introduced with respect to real estate lease agreements include the following:
1. Elimination of statutory minimum lease terms. The statutory minimum terms previously applicable to real estate lease agreements have been eliminated. Accordingly, as from the effective date of the Decree No. 70/2023, lease agreements for real estate, regardless of their intended use (residential or otherwise), may be entered into for such term as may be agreed by the parties. In the absence of an express contractual term, the default terms under the Civil and Commercial Code shall apply: two years for permanent housing with or without furniture, three years for all other purposes, and, in the case of temporary leases, the term established by the customs and practices prevailing at the location of the leased property.
2. Currency and adjustment mechanisms. The Decree No. 70/2023 expressly authorizes the rent to be denominated either in legal tender (Argentine pesos) or in foreign currency (U.S. dollars, euros, etc.). Where rent is denominated in foreign currency, the tenant may not compel the landlord to accept payment in any other currency (e.g., pesos). The parties may freely determine the index applicable to rent adjustments. In the event the index selected by the parties ceases to be published, the official index of similar characteristics published by INDEC shall apply. In the case of leases denominated in foreign currency, if the selected index ceases to be published, the applicable index shall be the official index of similar characteristics performing the same function in the jurisdiction of the currency of payment.
3. Payment frequency and guarantees. The parties may freely determine the frequency of rent payments, provided that such frequency is not less than one month. Accordingly, advance payments covering future periods of the lease term may be agreed (e.g., six months, one year, etc.). The parties may also freely agree upon the amount and currency of security deposits and guarantees.
Limitations on lease terms. Pursuant to the Civil and Commercial Code, the maximum duration of lease agreements cannot exceed fifty years for any purpose (with a maximum of twenty years for residential leases). In practice, lease agreements in Argentina generally range between three and ten years.
Right of early termination. The Decree No. 70/2023 further provides that tenants may unilaterally terminate the agreement at any time, without prior notice or minimum elapsed term, subject to the payment of an early termination penalty equal to ten percent (10%) of the rent outstanding for the remainder of the contractual term, calculated from the date of notification of termination through the contractually agreed expiration date.
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Other
Most of our leases provide that the tenants pay all costs and taxes related to the property in proportion to their respective leasable areas. Notwithstanding the foregoing, in accordance with the latest amendment to Section 1209 of the Argentine Civil and Commercial Code, the tenant is not responsible for the payment of charges and contributions levied on the property or extraordinary common expenses. In the event of a significant increase in the amount of such costs and taxes, the Argentine Government may respond to political pressure to intervene by regulating this practice, thereby adversely affecting our rental income. Considering that the Decree No. 70/2023 repealed Section 1209 of the Argentine Civil and Commercial Code, we may freely agree with the tenants on the method of payment for expenses and taxes related to the property in proportion to the corresponding lease areas, without legal restrictions. Although the Argentine Code of Civil and Commercial Procedure allows the landlord, in the event of non-payment of rents, to proceed to collect the rents through an executory proceeding, there is a large amount of jurisprudence that holds that shopping center lease agreements do not fulfill the requirements of the law in force to be collected through the executory proceeding. In those cases, in which executory proceedings are granted, debtors have fewer defenses available to prevent foreclosure, making these proceedings substantially shorter than ordinary ones. In executory proceedings the origin of debt is not under discussion; the trial focuses on the formalities of the debt instrument itself. The Code also permits special eviction proceedings, which are carried out in the same way as ordinary proceedings. The Argentine Civil and Commercial Code requires that a notice be given to the tenant demanding payment of the amounts due in the event of breach prior to eviction, of no less than ten days for leases for residential purposes and establishes no limitation or minimum notice for leases for other purposes. However, historically, large court dockets and numerous procedural hurdles have resulted in significant delays to eviction proceedings, which generally last from six months to two years from the date of filing of the suit to the time of actual eviction.
Development and use of the land
Buenos Aires Urban Code. Our real estate activities are subject to several municipal zoning, building, occupation, and environmental regulations. In the City of Buenos Aires, where the vast majority of the real estate properties are located, there are the following regulations:
Buenos Aires Urban Planning Code
The Buenos Aires Urban Code (Código Urbanístico de la Ciudad de Buenos Aires) generally restricts the density and use of property and regulates physical features of improvements to property, such as height, design, set back and overhang, consistent with the city’s urban planning policy. The administrative agency in charge of the Urban Code is the Secretary of Urban Planning of the City of Buenos Aires (Secretaría de Planeamiento Urbano) is responsible for implementing and enforcing the Buenos Aires Urban Code.
Buenos Aires Building Code.
The Buenos Aires Building Code (Código de Edificación de la Ciudad de Buenos Aires) complements the Buenos Aires Urban Planning Code and regulates the structural use and development of property in the City of Buenos Aires. The Buenos Aires Building Code requires builders and developers to file applications for building permits, including the submission to the Secretary of Work and Public Services (Secretaría de Obras y Servicios Públicos) of architectural plans for review, to assure compliance therewith.
Sales and ownership
Protection for the Disabled Law. The Protection for the Disabled Law No. 22,431, enacted on March 20, 1981, as amended, provides that in connection with the construction and renovation of buildings, obstructions to access must be eliminated in order to enable access by handicapped individuals. In the construction of public buildings, entrances, transit pathways and adequate facilities for mobility impaired individuals must be provided for.
Buildings constructed before the enforcement of the Protection for the Disabled Law must be adapted to provide accesses, transit pathways and adequate facilities for mobility-impaired individuals.
Those pre-existing buildings, which due to their architectural design may not be adapted to the use by mobility-impaired individuals, are exempted from the fulfillment of these requirements.
The Protection for the Disabled Law provides that residential buildings must ensure access by mobility impaired individuals to elevators and aisles. Architectural requirements refer to pathways, stairs, ramps and parking.
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Real Estate Installment Sales Law. The Real Estate Installment Sales Law No. 14,005, as amended by Law No. 23,266 and Decree No. 2015/85, imposes a series of requirements on contracts for the sale of subdivided real estate property regarding, for example, the sale price which is paid in installments and the deed, which is not conveyed until final payment of such price. The provisions of this law require, among other things:
The registration of the intention to sell the property in subdivided plots with the Real Estate Registry corresponding to the jurisdiction of the property. Registration will only be possible with regard to unencumbered property. Mortgaged property may only be registered where creditors agree to divide the debt in accordance with the subdivided plots. However, creditors may be judicially compelled to agree to the division.
The preliminary registration with the Real Estate Registry of the purchase instrument within 30 days of execution of the agreements.
Once the property is registered, the installment sale may not occur in a manner inconsistent with the Real Estate Installment Sales Act, unless the seller registers its decision to desist from the sale in installments with the Real Estate Registry. In the event of a dispute over the title between the purchaser and third-party creditors of the seller, the installment purchaser who has duly registered the purchase instrument with the Real Estate Registry will obtain the deed to the plot. Further, the purchaser can demand conveyance of title after at least 25% of the purchase price has been paid, although the seller may demand a mortgage to secure payment of the balance of the purchase price.
After payment of 25% of the purchase price or the construction of improvements on the property equal to at least 50% of the property value, the Real Estate Installment Sales Act prohibits the rescission of the sales contract for failure by the purchaser to pay the balance of the purchase price. However, in such an event the seller may take action under any mortgage on the property.
Other Regulations
Consumer Relations. Consumer or End User Protection. The Argentine Constitution expressly states in Article 42 that consumers and users of goods and services have the right to protection of their health, safety, and economic interests in consumer relationships. Law No. 24,240 on Consumer Protection, along with its amendments, regulates various issues concerning the protection of consumers and end users within a consumer relationship, both in arrangements and contract formation. The purpose of the Consumer Protection Law, as well as the relevant parts of the Argentine Civil and Commercial Code, is to regulate the constitutional right granted to the weaker party in a consumer relationship. It aims to prevent potential abuses arising from the stronger bargaining position of products and service providers in a market economy where standardized contracts or adhesion to pre-established general clauses are common.
For this reason, the Consumer Protection Law and the Argentine Civil and Commercial Code consider certain contractual provisions in agreements with consumers or end users to be null and void. These include clauses that:
(1) disort obligations or limit liability for damages.
(2) imply a waiver or restriction of consumer rights and an expansion of the seller’s rights.
(3) impose a reversal of the burden of proof to the detriment of the consumer.
Additionally, the Consumer Protection Law imposes penalties that can be applied independently or joinly ranging from warnings and fines of 0.5 to 2,100 times the basic food basket for a household (as published by the INDEC), to the seizure of goods, closure of an establishment for up to 30 days, suspension of up to 5 years from state supplier registries, and even the loss of concessions, privileges or special tax or credit regimes enjoyed by the sanctioned party.
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The Consumer Protection Law and the Argentine Civil and Commercial Code define consumers or end users as individuals or legal entities who acquire or use goods or services, for a fee or for free, for final use or for their own benefit, or the benefit of their family or social group. Both laws also consider anyone who, without being a party to a consumer relationship, acquires or uses goods or services as a consequence of or on the occasion of such a relationship, for a fee or for free, for their own final use or for the benefit of their family or social group, to be equivalent to consumers.
Furthermore, the Consumer Protection Law defines providers of goods and services as individuals or legal entities, both public and private, who, professionally, even if occasionally, produce, import, distribute or market goods or provide services to consumers or users.
The Argentine Civil and Commercial Code defines a consumer contract as one entered into between a consumer or end user and an individual or legal entity acting professionally or occasionally, or with a private or public company that produces goods or provides services, whose purpose is the acquisition, use or enjoyment of goods or services by consumers or users for their private, family or social use.
It is important to note that the legal protection granted to consumers and end users covers the entire consumer relationship, from the product or service offer itself, and not just the contractual stage or its consequences.
The Consumer Protection Law establishes a system of joint liability, meaning that for damages caused to a consumer resulting from a defect or risk in the product or service provided, the producer, manufacturer, importer, distributor, provider, seller and anyone who has put their brand on the product or service will be held liable.
The Consumer Protection Law excludes services provided by liberal professionals who require a university degree and a license granted by officially recognized professional organizations or government authorities. However, the law does regulate the advertising fot the services of these professionals.
The Consumer Protection Law stipulates that the information included in an offer directed at an undetermined number of potential consumers, is binding on the offeror during the offer period and until its public revocation. It also determines that the specifications included in advertisements, announcements, brochures, circulars or other media are binding on the offeror and are considered part of the contract concluded with the consumer.
Through Resolution No. 104/05 of the Technical Coordination Secretariat of the Ministry of Economy, Mercosur Common Market Group Resolution No. 21/2004 was incorporated into the Consumer Protection Law. This resolution requires all those engaged in commercial activities on the internet (e-business) to clearly and precisely disclose the characteristics of the products and/or services offered and the terms and conditions of sale. Failure to comply with the terms of the offer is considered an unjustified refusal to sell and is subject to penalties.
In 2014, through Law No. 26,993, the "System for Conflict Resolution in Consumer Relationships" was established, which included the Pre-litigation Conciliation Service in Consumer Relationships (“COPREC” and in Spanish “Servicio de Conciliación Previa en las Relaciones de Consumo”). This service allowed consumers and end users to file claims for amounts not exceeding a fixed sum equivalent to 55 times the minimum vital and mobile wage. However, the Argentine Government dissolved the COPREC through Decree 55/2025, which was in effect until February 2025. Consumers can still file their claims for free through administrative channels, such as the Single Window for Consumer Protection or various municipal and provincial offices.
Specifically, in the City of Buenos Aires, claims can be filed for free either through the City's Consumer Protection office or via the "Mi Reclamo" portal of the City's Council of the Judiciary. These prior instances must be exhausted before a judicial claim can be filed. The jurisdiction of the former National Consumer Court was transferred to the Court of Administrative, Tax, and Consumer Relations of the City of Buenos Aires, which is governed by Law 6407. This law created the Procedural Code for Justice in Consumer Relations in the City of Buenos Aires, giving this court jurisdiction over all consumer disputes within the city.
Additionally, in the City of Buenos Aires, consumers can seek a pre-litigation mediation under Law 26,589. If the claim is not resolved, they can initiate a judicial process with the ordinary National Justice system. It is expected that a considerable portion of the claims filed against us will likely be resolved within these systems. We also must not forget the full validity of the existing administrative complaint channels in the provinces, where potential claims can also be filed.
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Antitrust Law
Argentina's Antitrust Law (Law No. 27,442) aims to prevent and punish anticompetitive practices by requiring administrative authorization for transactions that constitute an economic concentration, such as mergers, acquisitions of control, or transfers of goodwill.
A transaction must be filed with the National Commission for the Defense of Competition CNDC for analysis and authorization if the total business volume of the involved companies in Argentina exceeds 100 million Mobile Units (UM), a value that has been updated to ARS 1,102.28 by Resolution 21/2025 from the Secretariat of Industry and Commerce. The "total business volume" is defined as revenue from the sale of products, provision of services, and direct subsidies, excluding discounts and taxes.
While the filing can currently be made either before or within a week after the transaction, it's important to note that upon the establishment of the new CNDC, filings will only be accepted in advance. The CNDC has the power to authorize the transaction, subject it to certain conditions, or reject it. There are specific exemptions to the notification obligation, including when the transaction value and the value of assets in Argentina do not exceed 20 million UM (ARS 22,045,600,000).
However, the transaction must still be notified if the aggregate value of all transactions by the companies in the previous 12 months exceeds this same threshold, or 60 million UM (ARS 66,136,800,000) in the previous 36 months. As our consolidated annual sales volume and our parent’s consolidated annual sales volume exceeds the relevant thresholds, we must provide notice to the CNDC of any concentration unless an exception under Section 11 of the Antitrust Law applies.
Money laundering
For more information about money laundering see, “Item 10. Additional Information—D. Exchange Controls—Money Laundering.”
Environmental Law
Our activities are subject to several national, provincial, and municipal environmental provisions.
Section 41 of the Argentine Constitution, as amended in 1994, provides that all Argentine inhabitants have the right to a healthy and balanced environment fit for human development and have the duty to preserve it. Environmental damage shall bring about primarily the obligation to restore it as provided by applicable law. The authorities shall control the protection of this right, the rational use of natural resources, the preservation of the natural and cultural heritage and of biodiversity and shall also provide for environmental information and education. The Argentine Government has the authority to establish minimum standards for environmental protection whereas provincial and municipal Argentine governments have the authority to fix specific standards and regulatory provisions.
On November 6, 2002, the Argentine Congress passed Law No. 25,675, which regulates the minimum standards for the achievement of a sustainable environment and the preservation and protection of biodiversity and fixes environmental policy goals.
Law No. 25,675 establishes the activities that will be subject to an environmental impact assessment procedure and certain requirements applicable thereto. In addition, this law sets forth the duties and obligations that will be triggered by any damage to the environment and mainly provides for restoration of the environment to its former condition or, if that is not technically feasible, for payment of compensation in lieu thereof. This law also fosters environmental education and provides for certain minimum reporting obligations to be fulfilled by natural and legal entities.
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On August 4, 2004, the Argentine Congress passed Law No. 25,916 by means of which the minimum environmental protection guidelines for the integral management of residential, commercial and industrial waste were established. This law denotes integral management as a set of interdependent and complementary activities, which make up a process of actions for the management of household waste (that includes residence, urban, commercial and/or industrial, among others) in order to protect the environment and the population’s quality of life. This law establishes that the integral management of household waste consists of the following stages: generation, initial disposal, collection, transfer, transportation, treatment and final disposal. Competent authorities are determined by local jurisdictions.
In addition, the CNV Rules require the obligation to report to the CNV any events of any nature and fortuitous acts that seriously hinder or could potentially hinder performance of our activities, including any events that generate or may generate significant impacts on the environment, providing details on the consequences thereof.
The Argentine Civil and Commercial Code introduced the acknowledgement of collective rights, including the right to a healthy and balanced environment. Accordingly, the Argentine Civil and Commercial Code expressly sets forth that the law does not protect an abusive exercise of individual rights if such exercise could have an adverse impact on the environment and the rights with a collective impact in general.
Insurance
We carry all-risk insurance for our shopping malls and other buildings covering damages to the property caused by fire, acts of terrorism, explosion, gas leak, hail, storm and winds, earthquakes, vandalism, theft and business interruption. We also have civil liability insurance covering all potential damages to third parties or goods arising from the development of our businesses throughout the whole Argentine territory. We are in compliance with all the legal requirements relating to mandatory insurance, including statutory coverage under the Occupational Risk Law, life insurance required under collective bargaining agreements and other insurance required by the laws and decrees. Our history of material damages is limited to only one claim made as a result of a fire in Alto Avellaneda Shopping in March 2006, in which the loss was substantially recovered from our insurers. These insurance policies have all the specifications, limits and deductibles that we believe are adequate for the risks to which we are exposed in our daily operations. We also purchased civil liability insurance to cover our Directors’ and officers’ liability.
Sustainability
Sustainability is a central pillar of our organization. Our policy is based on the United Nations Sustainable Development Goals, and we work in that direction internally in our teams and externally through our value chain, operating as agents of social and environmental change. We seek to apply the best agricultural practices in our fields through the responsible use of natural resources and the most modern and sustainable technologies, with the mission of producing quality food for a growing world population.
The agricultural activity that we carry out allows us to interact with communities throughout the national territory since we have fields from Salta to Santa Cruz. We live daily with nature and the social challenges that each region offers us. We listen to the communities and give individual responses to each one in order to accompany them in their development.
We work with schools, community centers and NGOs throughout Argentina. In the eight rural schools located in Salta, Santa Fe and Chaco, we focus our Social Responsibility programs taking education, health, and environmental care as pillars, while we have made building improvements. In our property “Los Pozos”, located in the north of Argentina and where have six rural schools, many students are already attending and graduating from high school remotely through satellite internet and we plan to improve the educational level by working together with civil organizations.
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We promote transformations that boost economic activity in the territory, hand in hand with access to social, health and educational services, as well as housing and better infrastructure, including communications technology. Our view of development goes beyond business profitability and adds aspects associated with quality of life, in its broadest sense. The company contributes with its own role, but also aims to be an actor in innovation, social cohesion, and the construction of possibilities.
Environmental management
Environmental management is a commitment assumed by CRESUD, which is declared through its Environmental Policy, and manifests itself in everyday management.
· We are committed to the environment.
· We innovate in the use of best practices for the development of our activities.
· We work to achieve a balance between the efficient use of resources and a growing production.
· We care about the relationship with our people and the communities where we choose to work, of which we are a part.
· We plan for the long term, seeking to develop in a sustainable way so that our environment can also be enjoyed by future generations.
· We work towards continuous improvement and compliance with current legislation and regulations, including those to which we voluntarily subscribe.
· We are part of a process of cultural change, which we share and extend to the people with whom we interact.
We are aware of the impacts caused by the activities we develop, and we strive to prevent and mitigate them. The responsible management of natural and human resources and the protection of the environment is part of our daily tasks:
· We comply with applicable and current regulations at the municipal, provincial, and national levels.
· We evaluate the environmental aspects and impacts of our operations and take prevention and control measures to reduce and mitigate them: We work in interdisciplinary teams to address the impacts and prevention and control measures.
· We make rational and efficient use of natural resources, applying the best practices in our fields, homes, and offices.
· We promote differentiated waste management through reduction, reuse, and recycling.
· The gates of our fields are open to the community, regulatory bodies, customers, suppliers, employees, and other interested parties to share our work model, technological innovations and the results achieved.
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Environmental Certifications
2BSvs program (Biomass Biofuels Sustainability voluntary scheme):
The 2BSvs certification is a French scheme, which applies to the European Union, aimed at the sustainable production of biomass. It is relevant for producers, in which sustainability criteria are established for the use in biofuels. The raw material must come from lands that have been agricultural as of January 1, 2008. There must be documentary traceability between the soybeans produced and the biodiesel distributed in Europe. Biofuels must demonstrate GHG (greenhouse gas) emissions savings of 35% compared to fossil fuel, among other aspects related to good agricultural, environmental, social and labor practices.
During the 2024/2025 campaign, we certificated a volume of 970 tons under this program.
RTRS (Round Table on Responsible Soy):
The RTRS standard, renowned in the agricultural sector and highly valued by the international market, recognizes the Company's commitment to compliance with laws and good business practices, the provision of good working conditions, respect and relationship with local communities, care for the environment and production under good agricultural practices.
This standard guarantees zero deforestation and zero conversions in soy production, taking 2009 as the cut-off date for native forest. The RTRS certification for Responsible Soy Production is valid for five years and involves mandatory annual follow-up audits.
CRESUD began 2023 certifying soybean lots under RTRS standards at the El Tigre farm, located in La Pampa. In 2024, we incorporated the La Gramilla farm, in the province of San Luis.
For 2025, we decided to expand certification to more owned farms, such as San Pedro (province of Entre Ríos) and Los Sauces (La Pampa), and also to leased farms: Los Talas (Entre Ríos), Chapultepec and El Descanso (province of Buenos Aires), and two additional farms: El Chara and La Celia, located in the province of Córdoba.
With this expansion, we reached a total of 18,875 hectares of certified soybean and corn, both in owned and leased farms.
Triple S (Sustainably Sourced and Supplied):
Triple S is a certification scheme provided by Cargill and Aapresid, implemented through Aapresid Certifications, which guarantees to its customers abroad that the products meet the following criteria:
1. that they have been produced with biomass grown in fields that were in production before January 2008, respecting deforestation regulations;
2. that the greenhouse gas savings are consistent with those required in the European Union, throughout the entire value chain, including production, transportation, and processing; and
3. that biomass producers have a commitment to rural workers and their working conditions.
During the 2024/2025 season, we marketed a volume of 5,400 tons under this program.
ProTerra Program:
The ProTerra Standard is based on the Basel Criteria for Responsible Soy Production, published in 2004. It has four basic objectives:
1. Promote good agricultural practices.
2. Guarantee the supply of NON-GMO ingredients for feed and food, sustainably produced and with complete traceability.
3. Protect the environment.
4. Encourage that rural workers and communities are treated with dignity and respect.
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The packaging seal of ProTerra products is a means by which they can communicate directly to consumers and interested parties their commitment to sustainability and non-GMO use. The ProTerra seal guarantees the consumer that the product was produced in a sustainable and traceable manner and meets NON-GMO requirements.
During the 2024/2025 campaign we allocated a total of 8,264.6 hectares of NON-GMO crops in Argentina.
Indigo – Regenerative Agriculture Practices Valorization Program
During the 2024/2025 season, we participated with a volume of 18,500 tons of yellow corn and 6,000 tons of soybeans, from lots where valorized regenerative agricultural practices were implemented.
Among these practices are:
· No-till seeding
· Cover crops
· Use of biological products, among others.
RWS (Responsible Wool Standard):
RWS is a global voluntary standard, which addresses the welfare of sheep and land management practices, providing key differentiation and full wool traceability. International Agricultural Organization (OIA), a leading certification company, audits each stage of the supply chain to ensure that all program requirements are met.
Products may contain 100% certified wool or blends, ranging from 5% to 99% certified wool. Only products containing 100% certified wool can be labeled with the RWS logo. The advantages are the protection of animal welfare, the preservation of the health of the land and the traceability of the supply chain.
Our 8 de Julio farm, located in the province of Santa Cruz, received the RWS certification in April 2022 on good practices in shearing.
Technological innovation
We know that investment in new technologies contributes not only to productive efficiency but also to the development of a sustainable and efficient activity in the use of resources. It is because of that:
· We strive to implement good agricultural practices such as crop rotation, direct seeding, integrated pest management.
· We use inputs efficiently to ensure the maximum return with the minimum environmental impact. Using tools such as directed applications of agrochemicals as well as variable planting by adjusting the number of seeds and fertilizers.
· Through the flight of unmanned aircraft with remote sensors, we monitor crops and obtain vegetation indices for a better agronomic diagnosis.
· Using satellite images, soil maps and rainfall maps, we define the capacity for land use and carry out activities based on their suitability, whether for livestock or agriculture. Soil analyzes are carried out every year to assess their condition and if any correction is needed based on the crop to be planted. We are working with INTA to define an indicator that can help us monitor the state of our soils and their evolution.
· Every year we increase the area of “cover crops”. With the aim of improving soil fertility and water quality, controlling weeds and pests, and increasing biodiversity in agroecological production systems (Lu et al, 2000). Reducing the use of fertilizers and phytosanitary products, making a more rational and efficient use of water, whether from rain or irrigation.
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· We also work on the integrated control of pests and weeds, carrying out constant monitoring and applications. In the case of weeds through the "WeedSeeker" technology, which applies phytosanitary products only where the weeds are found. In this way we reduce the unnecessary use of chemical products protecting the soil, water, flora, and local fauna.
· A large part of the planting area is carried out using variable planting technology, determining the potential of each environment within each lot with the aim of improving the use of inputs and making an optimal distribution of them, whether seeds or fertilizers. In some cases, the "Precision Planting" system is used to further improve planting quality.
· We carry out quality controls in all our tasks, sowing, harvesting, spraying, fertilization, etc. In addition, checks are carried out on each of our machines, before and during the work, to have the best quality in all our work.
· In irrigation, soil moisture, forecasts and satellite images are permanently monitored, to use the least amount of water possible. We have underground drip irrigation that increases the efficiency of the system, avoiding resource losses due to evapotranspiration. The groundwater is also monitored to ensure that there are no agrochemical residues.
· All the farms have meteorological stations for weather monitoring and the possibility of making productive decisions.
· Monitoring of natural resources is carried out through measurements of energy consumption, water, flora and fauna, quality of productive and reserve soils.
Fundación IRSA
Fundación IRSA was created in 1996 with the aim of fostering initiatives that promote the integral development of individuals, with a special focus on education, human well-being, and social inclusion and support to vulnerable communities. We support civil society organizations because we believe in the power of networking, which enhances individualities and promotes sustainable relationships.
The work of Fundación IRSA is organized around three action areas that chart innovative towards a more equitable and integrated community. These pillars are:
· Education: We promote education, access to culture and educational research as key tools for personal and collective development. Through programs and partnerships, we foster opportunities in both formal and non-formal settings, with an approach based on diversity and identity. Since our inception, we have financed the Education Observatory, which generates reliable data to improve public education policies. Since 2024, we have been part of the governance body of the Literacy and Secondary Education Advocacy Table of the Group of Foundations and Companies (GDFE). In addition, for the tenth consecutive year, we will support more than 60 tertiary students in their Nursing studies, contributing to their entry into the healthcare system.
· Human well-being: We understand well-being as a comprehensive right that encompasses the physical, emotional and social dimensions. Since 2014, we have contributed state-of-the-art equipment and technology to hospitals and healthcare centers throughout the country. In addition, we work alongside specialized organizations addressing specific diseases, and promote the ongoing training of healthcare professionals, understanding that access to quality medical care requires not only resources, but also continuous training and updating. Through the Nutrir Program, we provide sustained support to 10 community kitchens with the supply of fresh food, including meat, fruits, vegetables and dairy products. In 2025, the program expanded with new partners and kitchens, and strengthened its coordination with organizations dedicated to food recovery.
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· Insertion / inclusion: We address two core challenges: employability and the prevention of violence. We support Asociación Civil Diagonal, which provides training and assistance to people over 45 years of age, and finance the +45 Observatory, which produces knowledge on the labor challenges faced by this age group. With respect to violence, we are the main funder of the Observatory on Initial Practices for Addressing Child Abuse, and we work together with “Red por la Infancia” in the development of certifications, prevention guidelines and protocols for educational, community and tourism environments, in order to guarantee childhoods free of violence.
New Lines of Action
In 2025, we began to explore emerging topics such as mental health and active longevity, with the objective of identifying opportunities for innovative intervention in response to growing challenges that affect people’s well-being. These lines pave the way for new partnerships and proposals that reinforce our vision of comprehensive human development.
We explore new emerging topics such as mental health and active longevity, recognizing their increasing social relevance.
Our Commitment
In 2025, we worked with more than 79 social organizations and made a direct social investment of ARS 828,894,598.
We evaluate our projects through qualitative and quantitative indicators that allow us to continuously improve. Looking ahead, we renew our commitment to active listening, knowledge generation and on-the-ground engagement to build collective solutions with real and sustainable impact.
“Puerta 18” Foundation
“Puerta 18” Foundation is a free space for artistic and technological creation for young people aged 13 to 24. Through a non-formal education approach, it encourages the development of skills, vocations, and talents in young people through the multiple resources offered by technology.
Over its 17 years, more than 5,500 young people have received free training, and today more than 350 have found employment in areas related to their training at the institution. This sustained growth reaffirms the “Puerta 18” Foundation’s commitment to building real opportunities for youth. Thanks to the recognition from the IGJ (General Inspection of Justice) so that, under Section 81c, donations continue to be deductible from income tax, which has allowed us to strengthen partnerships with companies and expand the impact of our actions.
“Puerta 18” Foundation’s educational approach continues to be centered on the interests and needs of each young person. Educators act as facilitators, promoting meaningful learning in disciplines such as Graphic Design, Photography, UX, Programming, Video Production, 3D Modeling and Animation, Video Games, Robotics, among others. In addition, the Foundation has a Child and Youth Protection Policy, designed in line with the guidelines of international organizations, which ensures a safe, respectful and caring environment for all participants.
Currently, the Foundation offers activities for an average of over 70 young people per day, both in the 13-18 age group and those over 18, focusing all its actions at the Zelaya Street headquarters. Additionally, together with #Digtar and #programarte, they have awarded scholarships to 80 young people to continue their educational studies at other institutions, expanding their social capital, deepening their knowledge, and significantly improving their job prospects.
During 2025, “Puerta 18” Foundation consolidated significant institutional progress that strengthened its mission of supporting young people in the development of their educational, personal and professional paths. A new specific role focused on job intermediation was incorporated, with the objective of enhancing support in the transition to the labor market, providing concrete tools for professional integration.
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The space for young people between 13 and 18 years of age was selected as a venue for ACAP (Workplace Orientation Activities) of the Government of the City of Buenos Aires. These pedagogical experiences in the field, aimed at fifth-year high school students, seek to bring them closer to the labor market, cultural activities and higher education, promoting meaningful learning in real contexts and strengthening their life projects. With the expectation of receiving more than 100 students during the year, this initiative expands the Foundation’s reach and its articulation with the formal education system.
In line with its commitment to the third sector, diversity and inclusion, the Foundation established new partnerships with entities such as Contratá Trans, promoting equity in recruitment and hiring processes, and Fundación Navarro Viola, which works with elderly people, generating intergenerational exchange and mutual learning opportunities. In addition, “Puerta 18” Foundation became a member of RACI (Argentine Network for International Cooperation), a network that connects organizations to strengthen institutional capacities and foster international cooperation. Through this membership, it participates in training, coordination and institutional strengthening spaces, sharing experiences and best practices with other institutions in the country.
Strategic alliances were also maintained with Asociación Civil Minu, with whom the educational video game C35: Misión Derechos was developed, an interactive initiative aimed at adolescents to promote knowledge and exercise of their rights. Along the same lines, together with Fundación Encontrarse —which works for a more just, inclusive and diverse society—, spaces for exchange were promoted that enriched the institutional proposal.
On the communications front, the Foundation began a new stage with the agency Alurralde, Jasper y Asociados, professionalizing its external communications strategy and strengthening its institutional positioning. Within this framework, a comprehensive renewal of the website (puerta18.org.ar) was carried out, improving the browsing experience and access to information for young people, families, donors and partners.
The relationship with IRSA was also deepened. In this context, new job placements of graduates were achieved in the technology area, reaffirming the impact of “Puerta 18” Foundation’s training model and its capacity to generate real employment opportunities. This strategic partnership was further strengthened through the participation of employees as volunteers, who offered career coaching sessions, talks on personal finance and guidance on human resources, thereby enhancing participants’ soft skills and preparedness for the labor market. Likewise, an employee carried out her professional practice as a Social Work student at the Foundation, reflecting the virtuous circle promoted by this partnership and the potential to continue building shared spaces for learning, inclusion and professional development.
“Museo de los Niños” Foundation
The Museo de los Niños Abasto is an interactive museum that recreates the spaces of a city and enhances the activities of children within it. Here, children and adults have fun and learn by playing the daily activities carried out in a community.
The Museum offers an enriching and alternative meeting space that integrates play, movement, perception, understanding, and expression, encouraging curiosity, interest in learning, and imagination from a transformative perspective.
Based on the Declaration of the Rights of the Child, it has been designed to foster in each child the development of their own potential: “learning by doing” and “playing and having fun while learning.”
The Museum is dedicated to children up to 12 years old, their families, educators, and through them, the community. For the youngest children, up to 3 years old, it has two soft rooms specially built to stimulate their activity. In addition, it has an Exhibition Hall and an Auditorium where shows, film screenings, conferences, book presentations and various events are held.
Additionally, it has an Exhibition Hall and an Auditorium where shows, training sessions, conferences, book presentations, and various events are held.
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Through the scheduled activities, we aim to offer children a series of learning experiences that foster actions of solidarity and commitment to society as a whole, through play, imagination, and participation.
Taking these points into account, we received approximately 850,000 visitors, and the number of companies providing support through sponsorship increased.
As every year, the source of income from the Annual Winter Vacation event, as well as family days celebrated by different companies and institutions, and advance ticket sales, proved to be a fundamental and regular economic support for the Foundation.
School visits and birthday celebrations also increased.
Museo de los Niños has been declared:
· of Educational Interest by the Ministry of Education of Argentina pursuant to Resolution No. 123;
· of Cultural Interest by the Secretariat of Culture and Communication of the Presidency of Argentina pursuant to Resolution No. 1895;
· of Cultural Interest by the Secretariat of Culture of the GCBA;
· of Tourist Interest by the Secretariat of Tourism of the Presidency of Argentina pursuant to Resolution No. 281; and
· sponsored by the Secretariat of Education of the GCBA pursuant to Resolution No. 537.
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C. Organizational Structure
Subsidiaries and associated companies
The following table includes a description of our direct subsidiaries and associated companies as of June 30, 2025:
Companies Effective Ownership and Voting Power Percentage Property/Activity
Associates
Agro-Uranga S.A. 34.86 (1) Agro-Uranga S.A. is an agricultural company which owns 2 farmlands (Las Playas and San Nicolás) that have 8.299 hectares on the state of Santa Fe and Córdoba.
Uranga Trading S.A 34.86 (1) Uranga Trading S.A. is committed to facilitate and optimally manage the trade of grains of the highest quality, locally and internationally.
Subsidiaries
Brasilagro Companhia Brasileira de Propiedades Agrícolas 35.22(2)(3) Brasilagro is mainly involved in four areas: sugar cane, crops and cotton, forestry activities, and livestock.
Futuros y Opciones.Com S.A. 51.21 A leading agricultural web site which provides information about markets and services of economic and financial consulting through the Internet. The company has begun to expand the range of commercial services offered to the agricultural sector by developing direct sales of supplies, crops brokerage services and cattle operations.
Amauta Agro S.A. 98.25(4) Amauta Agro S.A.’s purpose is to engage, in its own name or on behalf of or associated with third parties, in activities related to the production of agricultural products and raw materials, export and import of agricultural products and national and international purchases and sales of agricultural products and raw materials.
FyO Acopio S.A. 98.25(4) FyO Acopio S.A. is principally engaged to the warehousing of cereals and brokering of grains.
Helmir S.A. 100 Helmir S.A. is involved in investments in entities organized in Uruguay or abroad through the purchase and sale of bonds, shares, debentures and any kind of securities and commercial paper under any of the systems or forms created or to be created, and to the management and administration of the capital stock it owns on companies controlled by it.
IRSA Inversiones y Representaciones Sociedad Anónima 54.06(2) It is a leading Argentine company devoted to the development and management of real estate.
Jofshi S.A.U. 100 It is engaged in investments, real estate development, and property management. Its activities include the acquisition, exploitation, and commercialization of real estate assets, as well as participation in real estate projects both locally and abroad.
(1) Includes Jofshi S.A.U.’s interest.
(2) Excludes effect of treasury stock.
(3) Includes Helmir’s interest.
(4) Includes Futuros y Opciones.Com S.A.’s interest.
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D. Property, Plants and Equipment
Overview of Agricultural Properties
As of June 30, 2025, we owned, together with our subsidiaries, 27 farmlands, which have a total surface area of 578,217 hectares.
The following table sets forth our properties’ size (in hectares), primary current use and book value. The market value of farmland is generally higher the closer a farmland is located to Buenos Aires:
Facility Province Country Gross Size (in hectares) Date of Acquisition Primary Current Use Net Book Value (ARS Millions) (1)
1 El Recreo Catamarca Argentina 12,395 May ’95 Natural woodlands 585
2 Los Pozos Salta Argentina 231,746 May ’95 Cattle/ Agriculture/ Natural woodlands 72,870
3,4 San Nicolás/Las Playas (2) Santa Fe/Córdoba Argentina 2,893 May ‘97 Agriculture/ Dairy 34,925
5 La Gramilla/ Santa Bárbara San Luis Argentina 7,072 Nov ‘97 Agriculture Under irrigation 24,192
6 La Suiza Chaco Argentina 26,371 Jun ‘98 Agriculture/ Cattle 24,708
7 El Tigre La Pampa Argentina 7,860 Apr ‘03 Agriculture/ Dairy 16,091
8 San Pedro Entre Rios Argentina 3,584 Sep ‘05 Agriculture 16,408
9 8 De Julio/ Estancia Carmen Santa Cruz Argentina 100,911 May ‘07/ Sep ‘08 Sheep 4,299
10 Administración Cactus San Luis Argentina 171 Dec ‘97 Natural woodlands 456
11 Los Sauces La Pampa Argentina 1,250 Jun ‘23 Agriculture 6,236
12 Finca Mendoza Mendoza Argentina 674 Mar ‘11 Natural woodlands 415
13 Establecimiento Mendoza Mendoza Argentina 9 Nov’03 Natural woodlands 1,996
14/27 Brasilagro (3) Brazil / Bolivia / Paraguay 183,281 Agriculture/ Forestry/Cattle 365,448
578,217 568,629
(1) Acquisition costs plus improvements and furniture necessary for the production, less depreciation.
(2) Hectares and carrying amount in proportion to our 34.86% interest in Agro-Uranga S.A.
(3) See the section “Overview of Brasilagro’s Properties”.
Overview of BrasilAgro’s Properties
As of June 30, 2025, we owned, together with our subsidiaries, 14 farmlands, which have a total surface area of 183,281 hectares, acquired at a highly convenient value compared to the average of the region, all of them with a great appreciation potential.
Total Area Net book Value
Properties Place (ha) Use (ARS Million) (USD Million)
Jatobá Farmland Jaborandi/BA 8,868 Agriculture 45,116 37
Alto Taquari Farmland Alto Taquari/MT 1,373 Agriculture 711 1
Chaparral Farmland Correntina/BA 24,841 Agriculture 37,325 31
Nova Buriti Farmland Januária/MG 24,212 Forestry 5,461 5
São José Farmland Maranhão/MA 17,566 Agriculture 27,753 23
Marangatu/ Udra Farmlands Boqueron Paraguay 58,722 Agriculture 60,645 50
Arrojadinho Farmland Barreiras/BA 16,644 Agriculture 40,441 34
Rio do Meio Farmland Correntina/BA 5,753 Agriculture 40,504 34
Serra Grande Farmland Piaui/BA 4,489 Agriculture 9,776 8
Las Londras/San Rafael/ La Primavera Bolivia 10,020 Agriculture 30,555 25
Panamby Farmland Mato Grosso/BA 10,793 Agriculture 67,161 56
183,281 365,448 303
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Overview of Urban Properties and investment business
The Company owns and operates properties for administrative, commercial, and rental use in Argentina. These assets are measured at fair value or at cost less accumulated depreciation, depending on the asset type, and there are no significant environmental issues affecting their utilization.
The following table sets forth certain information about our properties for the Urban Properties and investment business as of June 30, 2025:
Property (6) Date of Acquisition Leasable/ Sale m2 / Rooms (1) Location Net BookValue ARS (2) Use Occupancy rate (%)
Bouchard Plaza 551 Mar-07 — City of Buenos Aires, Argentina 3,670 Office Rental N/A
Intercontinental Plaza building Dec-14 2,979 City of Buenos Aires, Argentina 8,817 Office Rental 100.00
Dot building Nov-06 11,242 City of Buenos Aires, Argentina 44,174 Office Rental 100.00
Zetta building May-19 32,173 City of Buenos Aires, Argentina 151,697 Office Rental 99.30
Phillips building Jun-17 7,940 City of Buenos Aires, Argentina 22,465 Office Rental 75.30
Other Properties(5) N/A N/A City of Buenos Aires, Argentina / Detroit U.S 34,793 Other Rentals N/A
Abasto Shopping Nov-99 37,253 City of Buenos Aires, Argentina 202,861 Shopping Mall 98.90
Alto Palermo Dec-97 20,715 City of Buenos Aires, Argentina 221,508 Shopping Mall 98.90
Alto Avellaneda Dec-97 39,849 Province of Buenos Aires, Argentina 154,425 Shopping Mall 93.00
Alcorta shopping (15) Jun-97 15,845 City of Buenos Aires, Argentina 136,903 Shopping Mall 98.40
Patio Bullrich Oct-98 11,472 City of Buenos Aires, Argentina 63,883 Shopping Mall 91.00
Alto Noa Shopping Mar-95 19,428 City of Salta, Argentina 42,708 Shopping Mall 96.40
Mendoza Plaza Shopping Dec-94 41,511 City of Mendoza, Argentina 56,133 Shopping Mall 97.80
Alto Rosario Shopping Nov-04 35,039 City of Santa Fe, Argentina 151,347 Shopping Mall 100.00
Córdoba shopping (11) Dec-06 15,604 City of Córdoba, Argentina 44,615 Shopping Mall 99.30
Dot Baires Shopping May-09 48,373 City of Buenos Aires, Argentina 143,385 Shopping Mall 99.30
Terrazas de Mayo Dec-24 33,703 Province of Buenos Aires, Argentina 36,139 Shopping Mall 88.60
Soleil Premium Outlet Jul-10 15,673 Province of Buenos Aires, Argentina 76,716 Shopping Mall 100.00
Distrito Arcos Dec-14 14,502 City of Buenos Aires, Argentina 32,604 Shopping Mall 100.00
Alto Comahue Mar-15 11,703 City of Neuquén, Argentina 61,731 Shopping Mall 99.10
Patio Olmos Sep-07 — City of Córdoba, Argentina 10,023 Shopping Mall N/A
Beruti Parking Space N/A — City of Buenos Aires, Argentina 4,755 Shopping Mall N/A
Caballito –Ferro plot of land Jan-99 — City of Buenos Aires, Argentina 37,311 Land Reserve N/A
Luján plot of land May-08 1,152,106 Province of Buenos Aires, Argentina 9,890 Mixed uses N/A
Ramblas del Plata Jul-97 693,446 City of Buenos Aires, Argentina 419,278 Other Rentals N/A
Beruti and Coronel Diaz building Jun-22 — City of Buenos Aires, Argentina 10,627 Other Rentals N/A
Paseo Colon 245 Building May-23 — City of Buenos Aires, Argentina 5,931 Other Rentals N/A
261 Della Paolera Dec-20 3,740 City of Buenos Aires, Argentina 25,716 Offices and Other Rentals 100.00
Other Land Reserves (4) N/A N/A City and Province of Buenos Aires 96,475 Land Reserve N/A
Other Developments (14) N/A N/A City of Buenos Aires, Argentina 650 Properties under development N/A
Buildable potentials (13) N/A N/A City of Buenos Aires, Córdoba and Santa Fé 43,945 Other Rentals N/A
Intercontinental Hotel (7) (12) Nov-97 313 City of Buenos Aires, Argentina 12,157 Hotel 67.80
Libertador Hotel (8) (12) Mar-98 200 City of Buenos Aires, Argentina 6,127 Hotel 54.60
Llao Llao Hotel (9)(10) (12) Jun-97 205 City of Bariloche 26,365 Hotel 56.50
Others (3) N/A N/A City and Province of Buenos Aires 1,958 Others N/A
(1) Total leasable area for each property. Excludes common areas and parking spaces.
(2) Shopping Malls, Offices and Land Reserves are valued at fair value. Our Hotels are valued at cost of acquisition or development plus improvements, less accumulated depreciation, less allowances.
(3) Includes EH UT.
(4) Includes the following land reserves: Pontevedra plot, San Luis Plot, Pilar plot and Intercontinental Plot, Annexed to Dot Plot, Mendoza Plot, Casona Husdon Plot, Mendoza 2.992 East Av. Plot, Mendoza Bandera de los Andes 3027 plot, Güemes 902 plot (Conil), Córdoba plot, Neuquén plot, La Plata plot, Varela plot, Annexed to Alto Avellaneda Plot, Manzana 35 Caballito plot.
(5) Includes the following properties: Anchorena 665, Anchorena 545 (Chanta IV), Zelaya 3102 y 3103, Abasto Offices, Av Córdoba 633/637 building, La Adela, Libertador 498, Beruti 3330/3336/3358 Paseo del sol, Bankboston Tower.
(6) Percentage of occupation of each property. Land reserves are assets that the company keeps in the portfolio for future developments.
(7) Through Nuevas Fronteras S.A.
(8) Through Hoteles Argentinos S.A.U.
(9) Through Llao Llao Resorts S.A.
(10) Includes “Terreno Bariloche.”
(11) The cinema building located at Córdoba Shopping – Villa Cabrera is included in Investment Properties, which is encumbered by a right of antichresis as a result of loan due to Empalme by NAI INTERNACIONAL II Inc.
(12) Express in number of rooms.
(13) Includes buildable potentials related to the following shopping malls: Patio Bullrich, Alto Palermo, Córdoba Shopping and Alto Rosario.
(14) Includes PH Office Park.
(15) Includes “Ocampo parking spaces”.
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Insurance
Agricultural Business
We carry insurance policies with insurance companies that we consider to be financially sound. We employ multi-risk insurance for our farming facilities and industrial properties, which covers property damage, negligence liability, fire, falls, collapse, lightning and gas explosion, electrical and water damages, theft, and business interruption. Such insurance policies have specifications, limits and deductibles which we believe are customary. Nevertheless, they do not cover damages to our crops. We carry directors and officer’s insurance covering management’s civil liability, as well as legally mandated insurance, including employee personal injury. We also provide life or disability insurance for our employees as benefits.
We believe our insurance policies are adequate to protect us against the risks for which we are covered. Nevertheless, some potential losses are not covered by insurance and certain kinds of insurance coverage may become prohibitively expensive.
The types of insurance used by us are the following:
Insured Property Risk Covered Amount Insured (in Millions of ARS) Book Value (in Millions of ARS)
Buildings, machinery, silos, installation and furniture and equipment Theft, fire and technical insurance 60,713 144,651
Vehicles Theft, fire and civil and third parties liability 2,199 1,387
Urban Properties and Investment Business
IRSA carries all-risk insurance for the shopping malls and other buildings covering damages to the property caused by fire, acts of terrorism, explosion, gas leak, hail, storm and winds, earthquakes, vandalism, theft and business interruption. In addition, IRSA carries liability insurance covering all potential damages to third parties or goods arising from the development of our businesses throughout the whole Argentine territory. We are in compliance with all the legal requirements relating to mandatory insurance, including statutory coverage under the Occupational Risk Law, life insurance required under collective bargaining agreements and other insurance required by the laws and executive orders. IRSA’s decrees. Our history of material damages is limited to only one claim made as a result of a fire in Alto Avellaneda Shopping in March 2006, in which the loss was substantially recovered from our insurers. These insurance policies have all the specifications, limits and deductibles that we believe are adequate for the risks to which we are exposed in our daily operations. IRSA also purchased civil liability insurance to cover our directors’ and officers’ liability.
Control Systems
IRSA has computer systems equipped to monitor tenants’ sales in all of its shopping malls. IRSA also conducts regular revenues audits of our tenants’ accounting sales records in all of our shopping malls. IRSA uses the information generated from the computer monitoring system to prepare statistical data regarding, among other things, total sales, average sales and peak sale hours for marketing purposes and as a reference for the revenues audit. Most of its shopping mall lease agreements require the tenant to have its point of sale system linked to our server.
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