A. History and Development of the Company
General Information
Our legal and commercial name is IRSA Inversiones y Representaciones Sociedad Anónima. We were incorporated and organized on April 30, 1943, under Argentine law as a stock corporation (sociedad anónima), and we were registered with the IGJ on June 23, 1943, under number 284, on page 291, book 46 of volume A. Pursuant to our bylaws, our term of duration expires on April 5, 2043.
Our common shares are listed and traded on the ByMA and our GDSs representing our common shares are listed on the NYSE. Our headquarters are located at Carlos M. Della Paolera 261, 9th Floor, City of Buenos Aires (C1001ADA), Argentina. Our telephone is +54 (11) 4323-7400. Our website is www.irsa.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 GDSs 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
IRSA Inversiones y Representaciones Sociedad Anónima, which was founded in 1943, is one of Argentina’s leading real estate companies and the only Argentine real estate company whose shares are listed both on ByMA and on the NYSE.
Shopping Malls
We are engaged in the acquisition, development and management of shopping malls. Since 1994, we have expanded our real estate activities in the shopping mall segment, through the acquisition and development of shopping malls.
41
Table of Contents
As of June 30, 2025, we own 16 shopping malls in Argentina: Alto Palermo, Abasto Shopping, Alto Avellaneda, Alcorta Shopping, Patio Bullrich, Dot Baires Shopping, Soleil Premium Outlet, Distrito Arcos, Terrazas de Mayo (acquired in December 2024), Alto NOA Shopping, Alto Rosario Shopping, Mendoza Plaza Shopping, Córdoba Shopping Villa Cabrera, La Ribera Shopping (through a joint venture), Alto Comahue Shopping and Patio Olmos (operated by a third party), totaling 371,242 sqm of GLA.
Offices
We own, develop and manage office buildings throughout Argentina.
During 2005, attractive prospects in office business led us to initiate the investment in this segment, through the acquisition of premium buildings.
In 2007, through Pamsa, we started the construction of one of our most important projects called “Polo Dot,” a shopping mall, an office building and different plots of land to develop three additional buildings. This project is located in the Saavedra neighborhood, at the intersection of General Paz Avenue and the Panamerican Highway. First, the shopping mall Dot Baires was developed and opened in May 2009 and then the office building was opened in July 2010, which marked the beginning of our operations in the growing corridor of rental offices located in the North Zone of Buenos Aires. In addition, on June 5, 2017, we reported the acquisition of the historic Philips Building, adjacent to the Dot Baires Shopping Mall, located in the Saavedra neighborhood in the City of Buenos Aires. It has 4 office floors, a total GLA of approximately 8,017 sqm which has a remaining construction capacity of approximately 20,000 sqm. Likewise, through Pamsa, we developed the Zetta building, A+, which was inaugurated in May 2019, it has 11 office floors with a profitable area of 32,173 sqm, fully leased at the opening date, and obtained the LEED Gold Core & Shell certification.
On April 29, 2021, we concluded the construction and inaugurated a new office development in Buenos Aires, named “261 Della Paolera”, a AAA-rated office building located in Catalinas, a premium corporate area in Argentina. This 30-story building has a total GLA of 35,000 sqm, 318 parking spaces, services and amenities and obtained the LEED Gold Core & Shell certification. As of June 30, 2025, we own 3,740 sqm. The building is equipped with the latest technology and designed to promote an agile and collaborative working environment.
As of June 30, 2025, we own a participation in five office buildings of rental office property totaling 58,074 sqm of GLA.
Hotels
In 1997, we entered the hotel market through the acquisition of a 50% interest in the Llao Llao Hotel in Bariloche Province of Rio Negro and 76.3% in the Intercontinental Hotel in the City of Buenos Aires. In 1998, we also acquired Libertador Hotel in the City of Buenos Aires and subsequently sold a 20% interest in it to an affiliate of Sheraton Hotels, and during the fiscal year 2019, we re-acquired the 20% interest to obtain 100% of the capital of Hoteles Argentinos S.A.U and began to operate the hotel directly under the name “Libertador”.
Sales and developments
Since 1996, we have also expanded our operations to the residential real estate market through the development and construction of apartment tower complexes in the City of Buenos Aires and through the development of private residential communities in the greater Buenos Aires area.
We own an important 70-hectare property facing the Río de la Plata in the south of Puerto Madero, 10 minutes from the central area of Buenos Aires, previously known as “Costa Urbana” or “Solares de Santa María.” After more than 20 years since we acquired the property on December 21, 2021, a law was passed by the City of Buenos Aires approving the regulations for the development of the property named “Ramblas del Plata.” The Company will have a construction capacity of approximately 866,806 sqm, which is expected to drive growth for the coming years through the development of mixed-use projects. IRSA will destinate 50.8 hectares for public use, which represents approximately 71% of the total area of the property and will 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 government of the Autonomous City of Buenos Aires. During the fiscal year ended June 30, 2025, we signed 2 sale agreements and 11 barter contracts with various developers for 13 lots of the extended first phase of “Ramblas del Plata” project, 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. 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.
42
Table of Contents
We are currently developing the project called “Polo Dot,” through Pamsa, located in the commercial complex adjoining to Dot Baires Shopping Mall. The project will consist of three office buildings (one of them may include a hotel and the recently opened Zetta building) on land reserves we own and the expansion of Dot Baires Shopping by approximately 15,000 sqm of GLA. In the first phase, we developed the Zetta building which was inaugurated in May 2019. The second stage of the project consists of two office and hotel buildings that will add 38,400 sqm of GLA to the complex. We have noticed an important demand for premium office spaces in this new commercial center and we are confident that we will be able to generate a quality enterprise similar to the ones we have done in the past with attractive income levels and high occupancy. Additionally, on the plot where the Zetta Building is located, we have a surplus buildable surface of 15,940 sqm, where alternatives are being analyzed to develop a mixed-use project.
On March 22, 2018, we acquired, directly and indirectly, 100% of a land of approximately 78,000 sqm of surface located, in La Plata, Province of Buenos Aires. The objective of this acquisition is to develop a mixed-use project given that the land offers location and scale adequate characteristics for the commercial development in a place of great potential.
In February 2022, we acquired from the GCBA by public auction 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 the Company, 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. Furthermore, it has a total covered area of approximately 8,136.85 sqm with future expansion potential.
In April 2022, as part of the payment for the sale of the Republica Building, we acquired a property, which is made up of four plots and has a frontage of 851 meters on the Buenos Aires - 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. On December 11, 2023, we signed a barter agreement pursuant to which we transferred the land for a real estate project to be developed on the property, for more information see “Item 4. Information on the Company – Business Overview – Sale and Development of Properties and Land Reserves – Intangibles – Units to be received under barter agreements – Ezpeleta Plot – Quilmes, Buenos Aires.”
In December 2022, we acquired from the GCBA by public auction a property located at Paseo Colón 245 and 12 parking spaces located at Paseo Colón 275, which is close to “Casa Rosada”, the Argentine Government headquarters. The property, with mixed-use potential, has 13 stories in a covered area of approximately 13,700 sqm and a basement with parking lots.
Others
Over the years, we have acquired equity interests in Banco Hipotecario. As of June 30, 2025, our equity interest in Banco Hipotecario was 29.1%. Banco Hipotecario has historically been Argentina’s leading mortgage lender, provider of mortgage-related insurance and mortgage loan services.
In 2008, we decided to expand internationally into the United States, taking advantage of certain investment opportunities generated after the global financial crisis. We acquired a 49% interest in Metropolitan 885 3rd Ave, whose main asset is a 34-story building with 59,000 sqm of GLA named Lipstick Building, located at 885 Third Avenue, New York, and in a hotel real estate investment trust. As of June 30, 2025, we no longer have any interest in these assets.
43
Table of Contents
In 2014, we invested in the Israeli market through our acquisition of a controlling equity stake in IDBD. We carried out the acquisition in the context of a debt restructuring transaction related to IDBD’s holding company. We managed our business and operations in Israel through our subsidiaries IDBD and DIC. On September 25, 2020, the District Court in Tel Aviv-Jaffa, in response to a petition from IDBD’s creditors, declared the insolvency of IDBD and initiated liquidation proceedings. As of June 30, 2025, we no longer own any capital stock of IDBD while we have an investment in DIC that amounts to 1.2 million of shares, representing 0.8% of its capital stock.
Also, as of June 30, 2025, we own, indirectly, 27.28% of GCDI (previously TGLT) capital stock, a construction and real estate company listed on the ByMA.
In order to expand our business to digitalization, on October 8, 2018, we incorporated We are Appa S.A. (former Pareto S.A.), with the social purpose of design, programming and development of software, mobile and web applications. As of June 30, 2025, IRSA’s interest in We are Appa S.A. was 93.63%. Also, as of June 30, 2025, we indirectly have a participation of 2.71% in Avenida Inc., a company dedicated to the e-commerce business.
Significant acquisitions, dispositions and development of business
Purchase of property adjacent to Alto Avellaneda shopping mall
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
On October 15, 2024, a deed was signed for the sale of a floor of 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.
44
Table of Contents
Purchase of Shopping Mall “Terrazas de Mayo”
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.
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"
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 “Properties Held for Sale” 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”.
45
Table of Contents
Recent Developments
Acquisition of “Al Oeste Shopping”
On September 17, 2025, we informed that the Company has 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 Company’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, the Company’s shopping mall portfolio now 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, 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 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 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 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 Supervisory Committee for ARS 31,559,086 for the fiscal year ended June 30, 2025.
46
Table of Contents
8. Determination of the number and appointment of 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 regular and alternate members of the Supervisory Committee for a term of one fiscal year.
10. Appointment of certifying accountants for the fiscal year ending June 30, 2026.
11. Approval of compensation payable to 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 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, we 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 the Company were issued with a face value of ARS 10.00. As a result of the exercise, USD 3,073,616 were collected by the Company.
After the exercise of these warrants, the number of shares of the Company increased from 762,520,793 to 773,057,700 with a face value of ARS 10.00, and the new number of outstanding warrants decreased from 60,964,074 to 53,853,144.
47
Table of Contents
B. Business Overview
Our business strategy is based on three fundamental pillars:
Operating profitability:
· We maximize the return to our shareholders by generating sustainable cash flow growth and increasing the long-term value through the development and operations of mixed-use properties.
· Our privileged locations and our leadership position in Argentina, together with our knowledge of the shopping center and office industry, allow us to maintain high occupancy levels and an optimal tenant mix.
· We seek to strengthen and consolidate the relationship with our tenants through attractive rental conditions, offering a wide range of products and services, as well as administrative and commercial advice to optimize and simplify their operations.
Growth and Innovation:
· We grow through the acquisition and development of real estate properties, and we have a land reserve with premium locations in Argentina to continue expanding our portfolio with mixed-use projects.
· We are pioneers in innovative real estate developments due to their format and scale, due to their concept, due to the appreciation of the area where they are located and due to the search for future synergies.
· We quickly adapt to changes in context and consumption habits, always focusing on the customer to provide the best service through technology and thus enhance their purchasing experience within our shopping centers.
· We maintain our investment in Banco Hipotecario, the main mortgage loan bank in Argentina, since we believe we can achieve good synergies in the long term with a developed mortgage market.
· We seek investments outside of Argentina that represent an opportunity for long-term capital appreciation and thus diversify our portfolio.
Sustainability:
· We are part of the communities where our business units operate. Through Corporate Social Responsibility actions in our properties, we spread and make visible issues of social interest such as inclusion and assistance to the neediest.
· We plan for the long term and work towards continuous improvement, environmental protection, and sustainable Development, seeking to achieve environmental certification standards in our real estate projects.
· We continuously work to achieve the highest standards of corporate Governance, with total transparency and responsibility. We take care of our human capital, and we promote inclusion and diversity both in the governing bodies and in the work teams.
Operations and principal activities
Founded in 1943, IRSA Inversiones y Representaciones Sociedad Anónima is one of Argentina’s leading real estate companies and the only Argentine real estate company whose shares are listed both on ByMA and on the NYSE.
We are engaged, directly and indirectly through subsidiaries and joint ventures, in a range of diversified activities, primarily in real estate, including:
· the acquisition, development and operation of shopping malls,
· the acquisition and development of office buildings and other non-shopping mall properties primarily for rental purposes,
· the development and sale of residential properties,
· the acquisition and operation of luxury hotels,
· the acquisition of land reserves for future development or sale, and
· selective investments outside Argentina.
48
Table of Contents
Segments
We operate our business through the following five segments: (i) Shopping Malls; (ii) Offices; (iii) Hotels; (iv) Sales and Developments; and (v) Others.
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 1,463,412 million and ARS 965,833 million as of June 30, 2025 and 2024, respectively, representing 53.4% and 35.6% of our operating assets at such dates, respectively. Our Shopping Malls segment generated revenues of ARS 270,531 million and ARS 250,468 million for the fiscal years ended June 30, 2025, and 2024, respectively.
Our “Offices” segment includes the operating results from lease revenue of offices. Our Offices segment had assets of ARS 253,379 million and ARS 423,691 million as of June 30, 2025 and 2024, respectively, representing 9.2% and 15.6% of our operating assets at such dates, respectively. Our Offices segment generated revenues of ARS 20,065 million and ARS 22,646 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 revenue. Our Hotels segment had assets of ARS 45,233 million and ARS 44,158 million as of June 30, 2025 and 2024, respectively, representing 1.6% and 1.6% of our operating assets, respectively. Our Hotels segment generated revenues of ARS 64,596 million and revenues ARS 85,840 million for the fiscal years ended June 30, 2025, and 2024, respectively.
Our “Sales and Developments” segment includes the results generated by other rental properties, 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 800,685 million and ARS 1,094,535 million as of June 30, 2025 and 2024, respectively, representing 29.2% and 40.4% of our operating assets, respectively. Our Sales and Developments segment generated revenues of ARS 12,761 million and ARS 12,891 million for the fiscal years ended June 30, 2025 and 2024, respectively.
Our “Others” Segment includes the entertainment activities through La Arena S.A., La Rural S.A. y Centro de Convenciones Buenos Aires, We Are Appa and the financial activities carried out by Banco Hipotecario and BACS, as well as other investments in associates. Our “Others” segment had assets of ARS 178,912 million and ARS 183,698 million as of June 30, 2025 and 2024, respectively, representing 6.5% and 6.8% of our operating assets, respectively. Our Others segment generated revenues of ARS 6,709 million and ARS 5,357 million for the fiscal years ended June 30, 2025 and 2024, respectively.
Overview
Shopping Malls
As of June 30, 2025, we operated and owned a majority interest in 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, our 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.
49
Table of Contents
As a subsequent event, on September 17, 2025, we informed that the Company 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 Company’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, the Company’s shopping mall portfolio now 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— Acquisition of “Al Oeste Shopping.”
The following table shows certain information about our 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
____________
(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) Company’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. We own 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.
50
Table of Contents
Tenant retail sales
During the fiscal year 2025, the sales of our 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 us by retailers and prior owners. The amounts shown reflect 100% of the retail sales of each shopping mall, although in certain cases we own 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 we are a joint venture partner with a 50% ownership stake.
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 we own 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.
51
Table of Contents
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.
Rental price
The following table shows the annual average rental price per square meter of our 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.
52
Table of Contents
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.
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 our 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.
53
Table of Contents
Lease expirations
The following table sets forth the schedule of estimated lease expirations for our 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.
New leases and renewals
The following table shows certain information about IRSA’s leases agreement as of June 30, 2025:
Average annual base rent per sqm
Type of business Number of agreements renewed Annual base rent Annual admissionrights New and renewed Former agreements Number of non‑renewed agreements (1) Annual base rent amount per sqmNon‑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.
54
Table of Contents
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 our 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
Detailed information regarding our shopping malls
Set forth below is certain information regarding our shopping mall portfolio, including certain key lease provisions.
Alto Palermo, City of Buenos Aires
Alto Palermo is a 139-store shopping mall that opened in 1990 in Palermo, a well-known middle class and densely populated neighborhood in the City of Buenos Aires. Alto Palermo is located at the intersection of Santa Fe and Coronel Díaz avenues, only a few minutes from downtown Buenos Aires with nearby access from the Bulnes subway station, which we believe makes it very attractive for visitor. Alto Palermo has a total constructed area of 69,457 square meters (including parking) that consists of 20,715 square meters of GLA spread out over six levels and has a 642-car pay parking space of approximately 30,000 square meters. Alto Palermo’s targeted clientele consists of middle-income individuals between the ages of 28 and 45. The shopping center was reconverted in 2021, after a 5,000 sqm expansion work, the renovation of most of its premises, and the entry of a differential gastronomy with proposals such as Il Quotidiano, Mooi and Base.
During the fiscal year ended June 30, 2025, the public that visited the Alto Palermo shopping mall generated real retail sales totaling approximately ARS 354,725 million, 13.3% lower than the turnover in real terms during the same period of fiscal year 2024. Sales per square meter reached ARS 17,124,065. Total rental income decreased from ARS 28,355 million in real terms for fiscal year ended June 30, 2024, to ARS 27,271 million for fiscal year ended June 30, 2025, which represents an annual revenue per gross leasable square meter of ARS 1,367,639 in fiscal year 2024 and ARS 1,316,422 in fiscal year 2025.
As of June 30, 2025, Alto Palermo’s occupancy rate was 98.9%.
Alto Palermo’s tenant mix
The following table sets forth the tenant mix by type of business at Alto Palermo as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 225,219 63.5 12,672 61.2
Home 6,335 1.8 500 2.4
Restaurant 37,963 10.7 3,391 16.4
Miscellaneous 57,460 16.2 1,548 7.5
Services 10,758 3.0 1,807 8.7
Home appliances 16,990 4.8 797 3.8
Total 354,725 100.0 20,715 100.0
_____________
(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.
55
Table of Contents
Alto Palermo’s revenue
The following table sets forth selected information relating to the revenue sources at Alto Palermo for the fiscal years indicated:
For the fiscal year ended June 30,
2025 2023 2022 2021 2020
(in millions of ARS)
Base rent 20,990 16,266 15,292 11,883 7,003
Percentage rent (1) 6,281 12,089 14,100 11,437 2,703
Total rent 27,271 28,355 29,392 23,320 9,706
Non-traditional advertising 2,902 1,996 1,595 1,818 502
Revenue from admission rights (2) 4,596 4,429 3,957 3,025 3,035
Fees 376 346 336 368 378
Parking 2,269 2,030 2,549 1,555 124
Commissions 1,312 1,133 901 772 694
Other 4 10 16 23 14
Total (3) 38,730 38,299 38,746 30,881 14,453
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Abasto Shopping, City of Buenos Aires
Abasto is a 153-store shopping mall located in downtown Buenos Aires with direct access from the Carlos Gardel subway station, six blocks from the Once railway terminal and near the highway to Ezeiza International Airport. Abasto opened on November 10, 1998. The main building is a landmark building that, between 1889 and 1984 was the primary fresh produce market for the City of Buenos Aires. Our Company converted the property into a 114,312 sqm shopping mall (including parking and common areas) with 37,253 square meters of GLA (40,986 square meters if we consider Museo de los Niños). Abasto is the fourth largest shopping mall in Argentina in terms of GLA.
Abasto has a 28-restaurant food court, a 12-screen movie theatre complex with seating capacity of approximately 3,000 people, covering a surface area of 8,021 sqm, entertainment area and Museo de los Niños with a surface area of 3,732 sqm (the latter is not included within the GLA). The shopping mall is distributed over five stories and includes a parking space for 1,180 vehicles with a surface area of approximately 39,690 sqm.
During the fiscal year ended June 30, 2025, the public visiting the Abasto shopping mall generated real retail sales that totaled approximately ARS 399,402 million, 6.5% lower than sales in real terms recorded in fiscal year 2024, representing sales per square meter of approximately ARS 10,721,338. Total rental income increased from ARS 27,427 million in real terms for the fiscal year ended June 30, 2024, to ARS 27,478 million for fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 737,952 in fiscal year 2024 and ARS 737,605 in fiscal year 2025.
As of June 30, 2025, Abasto Shopping’s occupancy rate was 98.9%.
56
Table of Contents
Abasto Shopping’s tenant mix
The following table sets forth the mix of tenants by type of business at Abasto Shopping as of June 30, 2025:
Type of business(1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 193,182 48.4 14,765 39.6
Entertainment 19,284 4.8 12,649 34.0
Home 3,304 0.8 372 1.0
Restaurant 55,660 13.9 3,294 8.8
Miscellaneous 48,263 12.1 2,439 6.5
Services 4,211 1.1 806 2.2
Home appliances 75,498 18.9 2,928 7.9
Total 399,402 100.0 37,253 100.0
____________
(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.
Abasto Shopping’s revenue
The following table sets forth selected information relating to the revenue of Abasto Shopping during the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 20,992 15,377 14,292 8,878 5,237
Percentage rent (1) 6,486 12,050 14,348 12,106 1,740
Total rent 27,478 27,427 28,640 20,984 6,977
Non-traditional advertising 1,755 1,216 740 482 244
Revenue from admission rights (2) 3,545 3,378 2,875 1,808 2,030
Fees 410 381 368 404 425
Parking 3,456 2,823 2,413 1,284 88
Commissions 1,180 1,089 896 534 336
Other 30 6 57 20 276
Total (3) 37,854 36,320 35,989 25,516 10,376
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Alto Avellaneda, Greater Buenos Aires Area
Alto Avellaneda is a 121-store suburban shopping mall that opened in October 1995 and is located in the City of Avellaneda, which is on the southern border of the City of Buenos Aires. This shopping mall is next to a railway terminal and is close to downtown Buenos Aires. Alto Avellaneda has a total constructed area of 108,598.8 square meters (including parking) which consists of 39,849 square meters of GLA. The shopping mall has a multiplex cinema with eight screens, including the largest XD room in the country, an entertainment center (Neverland Sports & Play), and a food court with 18 restaurants. The shopping mall has 2,400-car free parking spaces consisting of 53,203 square meters.
On August 1, 2024, we acquired a property adjacent to the Alto Avellaneda shopping mall, which has a total area of 86,861 sqm and a constructed area of 32,660 sqm, with potential for future expansion.
57
Table of Contents
During the fiscal year ended June 30, 2025, the public that visited the Alto Avellaneda shopping mall generated real retail sales of approximately ARS 343,522 million, which represents a year-on-year increase of 5.5% in real terms. Sales per square meter was ARS 8,620,593. Total rental income decreased from ARS 20,631 million in real terms for fiscal year ended June 30, 2024, to ARS 23,166 million for fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 518,586 in fiscal year 2024 and ARS 581,345 in fiscal year 2025.
As of June 30, 2025, Alto Avellaneda’s occupancy rate was 93.0%.
Alto Avellaneda’s tenant mix
The following table sets forth the mix of tenants by type of business at Alto Avellaneda as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 173,203 50 16,607 41.7
Entertainment 9,643 3 10,275 25.8
Home 11,825 3 902 2.3
Restaurant 44,824 13 4,658 11.7
Miscellaneous 38,393 11 2,420 6.1
Services 1,906 1 2,805 7.0
Home appliances 63,728 19 2,182 5.5
Total 343,522 100.0 39,849 100.0
____________
(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.
Alto Avellaneda’s revenue
The following table sets forth selected information relating to revenue for Alto Avellaneda for the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 16,639 11,460 10,872 6,133 3,615
Percentage rent (1) 6,527 9,171 10,070 8,598 1,652
Total rent 23,166 20,631 20,942 14,731 5,267
Non-traditional advertising 628 577 368 368 99
Revenue from admission rights (2) 2,717 2,361 1,782 1,564 1,896
Fees 332 301 290 311 336
Parking 194 — — — —
Commissions 1,134 846 694 389 357
Other 30 5 25 25 498
Total (3) 28,201 24,721 24,101 17,388 8,453
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Alcorta Shopping, City of Buenos Aires
Alcorta Shopping is a 106-store shopping mall which opened in 1992, located in the residential area of Palermo Chico, one of the most exclusive areas in the City of Buenos Aires, and a short drive from downtown Buenos Aires. Alcorta Shopping has a total constructed area of approximately 87,553.8 square meters (including parking) that consists of 15,845 square meters of GLA. Alcorta Shopping has a cinema with two screens, a food court with 14 restaurants, 2 exclusive restaurants, a Carrefour hypermarket on the ground floor and a Santander bank. The shopping mall is spread out over three levels and has a free for two hours parking spaces for 1,137 cars and an additional parking space in front of the main building with space for 435 vehicles.
58
Table of Contents
Over the past years, Alcorta Shopping has become a symbol of fashion and avant-garde style in Argentina. It is the place of choice for emerging designers for promoting and selling their new brands.
During the fiscal year ended June 30, 2025, the public that visited the Alcorta Shopping mall generated real retail sales that totaled approximately ARS 207,171 million, which represents fiscal year sales of approximately ARS 13,074,850 per square meter and a year-on-year decrease of 12.6% in real terms. Total rental income increased from approximately ARS 16,440 million in real terms for fiscal year ended June 30, 2024, to ARS 16,220 million for fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 1,036,662 in fiscal year 2024 and ARS 1,023,667 in fiscal year 2025.
As of June 30, 2025, Alcorta Shopping’s occupancy rate was 98.4%.
Alcorta Shopping’s tenant mix
The following table sets forth the mix of tenants by type of business at Alcorta Shopping as of June 30, 2025:
Type of business(1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 131,836 63.6 7,618 48.1
Entertainment 1,281 0.6 1,435 9.1
Home 12,946 6.2 1,236 7.8
Restaurant 15,047 7.3 1,249 7.9
Miscellaneous 33,668 16.3 1,724 10.9
Services 7,646 3.7 2,504 15.8
Home appliances 4,747 2.3 79 0.5
Total 207,171 100.0 15,845 100.0
____________
(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.
Alcorta Shopping’s revenue
The following table sets forth selected information relating to the revenue of Alcorta Shopping during the following fiscal years:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 13,197 9,493 8,754 6,164 4,031
Percentage rent (1) 3,023 6,947 8,381 9,159 2,715
Total rent 16,220 16,440 17,135 15,323 6,746
Non-traditional advertising 1,307 1,117 538 404 145
Revenue from admission rights (2) 2,780 2,553 2,295 1,709 1,341
Fees 202 184 176 191 202
Parking 2,142 1,960 1,585 860 124
Commissions 849 711 461 446 269
Other 14 60 84 15 6
Total (3) 23,514 23,025 22,274 18,948 8,833
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
59
Table of Contents
Patio Bullrich, City of Buenos Aires
Patio Bullrich is the oldest shopping mall of the City of Buenos Aires and opened in 1988 and it is located in the neighborhood of Recoleta, one of the most prosperous areas of the City of Buenos Aires. This district is a residential, cultural and tourist center that includes distinguished private homes, historical sites, museums, theatres and embassies. The shopping mall has 89 stores and is located within walking distance of the most prestigious hotels of the City of Buenos Aires and the subway, bus and train systems.
Patio Bullrich has a total constructed area of 28,984 square meters (including parking) that consist of 11,472 square meters of GLA and common areas covering 12,472 square meters. The shopping mall is spread out over four levels and has paid parking spaces for 206 cars in an area consisting of approximately 4,600 square meters. The shopping mall has a four-screen multiplex cinema with 1,381 seats and soon a fifth luxury screen will be incorporated. In addition, it has the first Food Hall in Argentina that offers French and Italian gastronomy, patisserie, seafood and grill cuisine, and a “gourmet” market with specially selected premium brand products. From the point of view of its tenant mix, it concentrates the most important international and national luxury brands such as Salvatore Ferragamo, Hugo Boss, Bally, Omega, Etiqueta Negra, Jazmin Chebar, among others.
During the fiscal year ended June 30, 2025, the public visiting the Patio Bullrich shopping mall generated real retail sales that totaled approximately ARS 107,006 million, which represents annual sales of approximately ARS 9,327,580 per square meter and a year-on-year decrease of 18.5% in real terms. Total rental income decreased from ARS 8,819 million in real terms for fiscal year ended June 30, 2024, to ARS 8,005 million for fiscal year ended June 30, 2025, which represents a monthly revenue per gross leasable square meter of ARS 773,999 in fiscal year 2024 and ARS 697,847 in fiscal year 2025.
As of June 30, 2025, Patio Bullrich’s occupancy rate was 91.0%.
Patio Bullrich’s tenant mix
The following table sets forth the tenant mix by type of business at Patio Bullrich as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 69,778 65.2 5,645 49.3
Entertainment 391 0.4 1,485 12.9
Home 2,620 2.4 173 1.5
Restaurant 3,172 3.0 1,556 13.6
Miscellaneous 26,634 24.9 1,586 13.8
Services 3,484 3.3 977 8.5
Home appliances 927 0.9 50 0.4
Total 107,006 100.0 11,472 100.0
____________
(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.
60
Table of Contents
Patio Bullrich’s revenue
The following table sets forth selected information relating to the revenue of Patio Bullrich during the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 6,548 4,885 4,485 1,963 1,518
Percentage rent (1) 1,457 3,934 4,719 4,521 1,171
Total rent 8,005 8,819 9,204 6,484 2,689
Non-traditional advertising 498 259 124 166 88
Revenue from admission rights (2) 1,370 1,308 1,166 881 647
Fees 163 156 151 166 176
Parking 1,220 1,065 1,404 683 99
Commissions 506 395 217 176 155
Other 1 3 10 22 21
Total (3) 11,763 12,005 12,276 8,578 3,875
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Dot Baires Shopping, City of Buenos Aires
Dot Baires Shopping is a shopping mall that opened in May 2009. It has 4 floors and 3 underground levels, a covered surface area of 173,000 square meters, of which 48,373 sqm constitute GLA, comprising 159 retail stores, a 10-screen multiplex cinema and parking space for 2,100 vehicles in a surface of approximately 75,000 square meters.
Dot Baires Shopping is located at the spot where Avenida General Paz meets the Panamerican Highway in the neighborhood of Saavedra, City of Buenos Aires, and is the largest shopping mall in the city in terms of square meters. As of June 30, 2025, our equity interest in Panamerican Mall S.A. was 80%.
Dot Baires Shopping is a meeting point in the City of Buenos Aires where daily services, the best brands and differential proposals are offered.
During the fiscal year ended June 30, 2025, the public visiting the Dot Baires shopping mall generated real retail sales that totaled approximately ARS 276,459 million, which represents a year-on-year increase of 3.8% in real terms and annual sales of approximately ARS 5,715,151 per square meter. Total rental income increased from ARS 16,048 million in real terms in the fiscal year ended June 30, 2024, to ARS 18,167 million in the fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 334,193 in fiscal year 2024 and ARS 375,561 in fiscal year 2025.
As of June 30, 2025, Dot Baires Shopping’s occupancy rate was 99.3%.
Dot Baires Shopping’s tenant mix
The following table sets forth the tenant mix in terms of types of business in Dot Baires Shopping as of June 30, 2025:
Type of business(1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 107,541 38.9 11,999 24.8
Department store 11,776 4.3 4,476 9.3
Entertainment 10,602 3.8 8,519 17.6
Home 7,163 2.6 3,634 7.5
Restaurant 44,840 16.2 2,155 4.5
Miscellaneous 41,059 14.8 6,904 14.2
Services 23,955 8.7 8,409 17.4
Home appliances 29,523 10.7 2,277 4.7
Total 276,459 100.0 48,373 100.0
____________
(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.
61
Table of Contents
Dot Baires Shopping’s revenue
The following table sets forth selected information relating to the revenue of Dot Baires Shopping for the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 13,276 9,343 9,122 5,273 2,880
Percentage rent (1) 4,891 6,705 7,438 7,604 1,160
Total rent 18,167 16,048 16,560 12,877 4,040
Non-traditional advertising 1,674 995 652 326 166
Revenue from admission rights (2) 1,926 1,824 1,456 1,160 1,274
Fees 276 268 259 280 300
Parking 3,709 2,455 1,601 1,036 67
Commissions 892 760 538 435 347
Other 4 10 26 21 1,969
Total (3) 26,648 22,360 21,092 16,135 8,163
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Soleil Premium Outlet, greater Buenos Aires, province of Buenos Aires
Soleil Premium Outlet is located in San Isidro, Province of Buenos Aires. It opened in Argentina in 1986, but in 2010 it began a process of change becoming the first Premium Outlet in the country. It has a surface area of 47,525 square meters, 15,673 square meters of which are GLA, with a strong presence in the sports and leisure sector. It comprises 72 stores and 2,599 parking spaces. In addition, it has 6-screen multiplex cinemas, a supermarket and a food court.
During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales that totaled approximately ARS 193,646 million, which represents annual average sales of approximately ARS 12,355,388 per square meter and a year-on-year turnover decrease of 1.3% in real terms. Total rental income increased from ARS 10,833 million in real terms for the fiscal year ended June 30, 2024, to ARS 11,324 million for the fiscal year ended June 30, 2025, representing annual income per gross leasable square meter of ARS 691,097 in fiscal year 2024 and ARS 722,424 in fiscal year 2025.
As of June 30, 2025, Soleil Premium Outlet’s occupancy rate was 100.0%.
Soleil Premium Outlet’s tenant mix
The following table sets forth the tenant mix in terms of types of business in Soleil Premium Outlet as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 160,544 82.9 11,036 70.5
Entertainment 4,039 2.1 3,262 20.8
Home 992 0.5 100 0.6
Restaurant 16,087 8.3 711 4.5
Miscellaneous 8,081 4.2 502 3.2
Services 791 0.4 — —
Home appliances 3,112 1.6 62 0.4
Total 193,646 100.0 15,673 100.0
____________
(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.
62
Table of Contents
Soleil Premium Outlet’s revenue
The following table sets forth selected information relating to the revenue of Soleil Premium Outlet during the following periods:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 7,164 5,362 4,739 3,486 2,549
Percentage rent (1) 4,160 5,471 4,771 4,714 1,072
Total rent 11,324 10,833 9,510 8,200 3,621
Non-traditional advertising 216 255 217 88 57
Revenue from admission rights (2) 1,528 1,145 1,036 881 704
Fees 108 96 93 99 114
Parking — — — — —
Commissions 471 318 290 244 46
Other — 3 11 14 —
Total (3) 13,647 12,650 11,157 9,526 4,542
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Distrito Arcos, City of Buenos Aires
We opened Distrito Arcos on December 18, 2014. Distrito Arcos is a premium outlet located in the neighborhood of Palermo, City of Buenos Aires. It has 14,502 square meters of GLA and it consists of 62 stores, 427 parking spaces and 34 outdoor selling stands. In an open urban space, Arcos was consolidated in all its business units with sustained year-on-year growth.
During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales of approximately ARS 209,493 million, which represents a year-on-year decrease of 14.6% in real terms and sales per square were approximately ARS 14,445,801. Total rental income increased from ARS 14,681 million in real terms for the fiscal year ended June 30, 2024, to ARS 13,675 million in fiscal year ended June 30, 2025, representing annual income per gross leasable square meter of ARS 1,011,920 in fiscal year 2024 and ARS 942,908 in fiscal year 2025. The shopping mall concession is undergoing legal proceedings. For more information, see “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings—Arcos del Gourmet”.
As of June 30, 2025, Distrito Arcos’ occupancy rate was 100%.
Distrito Arcos’ tenant mix
The following table sets forth the mix of tenants by type of business at Distrito Arcos as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 176,159 84.1 11,147 76.8
Home 1,484 0.7 — —
Restaurant 1,549 0.7 — —
Miscellaneous 11,555 5.5 694 4.8
Services 9,781 4.7 1,463 10.1
Home appliances 8,965 4.3 1,198 8.3
Total 209,493 100.0 14,502 100.0
____________
(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.
63
Table of Contents
Distrito Arcos’ revenue
The following table sets forth selected information relating to the revenue from Distrito Arcos during the following periods:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 9,979 6,656 5,502 4,176 3,594
Percentage rent (1) 3,696 8,025 9,168 7,537 3,113
Total rent 13,675 14,681 14,670 11,713 6,707
Non-traditional advertising 432 591 264 290 191
Revenue from admission rights (2) 1,886 1,566 1,429 1,026 114
Fees 82 72 67 78 78
Parking 1,474 1,281 1,290 1,015 166
Commissions 761 505 393 378 336
Other — 3 13 29 11
Total (3) 18,310 18,699 18,126 14,529 7,603
_____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Terrazas de Mayo
Terrazas de Mayo is located in the district of Malvinas Argentinas, in the Province of Buenos Aires. It was inaugurated in 2014 and acquired by IRSA in December 2024. It has a gross leasable area (GLA) of 33,703 square meters within a total surface area of 124,000 square meters. The property comprises 85 retail stores and parking capacity for 1,600 vehicles. In addition, it includes 10-screen cinemas, a supermarket and a food court.
During the fiscal year ended June 30, 2025, mainly in the second half, visitors to the shopping mall generated total retail sales of approximately ARS 50,830 million, representing average sales during the fiscal year of approximately ARS 1,508,174 per square meter. Total rental income amounted to ARS 2,580 million in real terms for the fiscal year ended June 30, 2025, which represents rental income per square meter of GLA of ARS 76,551 for the period.
As of June 30, 2025, Terrazas de Mayo’s occupancy rate was 88.6%.
Terrazas de Mayo’s tenant mix
The following table sets forth the mix of tenants by type of business at Terrazas de Mayo as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 16,592 32.6 11,082 32.9
Home appliances 6,590 13.0 1,001 3.0
Entertainment 5,332 10.5 8,239 24.5
Restaurant 12,145 24.0 2,367 7.0
Home appliances 1,287 2.5 886 2.6
Miscellaneous 8,406 16.5 2,408 7.1
Services 478 0.9 7,720 22.9
Total 50,830 100.0 33,703 100.0
____________
(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.
64
Table of Contents
Terrazas de Mayo’s revenue
The following table sets forth selected information relating to the revenue of Terrazas de Mayo during the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 1,536 — — — —
Percentage rent (1) 1,044 — — — —
Total rent 2,580 — — — —
Non-traditional advertising 15 — — — —
Revenue from admission rights (2) 63 — — — —
Fees 82 — — — —
Parking 0 — — — —
Commissions 40 — — — —
Other 3 — — — —
Total (3) 2,783 — — — —
Alto NOA, City of Salta, Province of Salta
Alto Noa is an 83-store shopping mall that opened in 1994. Alto Noa is located in the City of Salta, the capital of the Province of Salta, in the northwest region of Argentina. The province of Salta has a population of approximately 1.3 million inhabitants with approximately 0.8 million inhabitants in the City of Salta. The shopping mall has a total constructed area of approximately 31,046 square meters (including parking) which consists of 19,428 square meters of GLA. Alto Noa has a food court with 12 restaurants, a large entertainment center, a supermarket and a multiplex cinema with eight screens. The shopping mall occupies one floor and has free parking spaces for 520 cars. Alto Noa’s targeted clientele consists of middle-income individuals between the ages of 28 and 40.
During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales that totaled approximately ARS 113,330 million, which represents fiscal period sales of approximately ARS 5,833,333 per square meter and a year-on-year decrease of 10.0% in real terms. Total rental income increased from ARS 6,543 million in real terms in fiscal year ended June 30, 2024, to ARS 6,533 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 336,799 in fiscal year 2024 and ARS 336,250 in fiscal year 2025.
As of June 30, 2025, Alto Noa’s occupancy rate was 96.4%.
65
Table of Contents
Alto NOA’s tenant mix
The following table sets forth the mix of tenants by type of business at Alto NOA as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 34,352 30.3 4,707 24.2
Entertainment. 10,391 9.2 6,507 33.5
Home 1,821 1.6 245 1.3
Restaurant 16,205 14.3 1,417 7.3
Services 5,378 4.7 302 1.6
Miscellaneous 29,910 26.4 5,528 28.4
Home appliances 15,273 13.5 722 3.7
Total 113,330 100.0 19,428 100.0
______________
(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.
Alto NOA’s revenue
The following table sets forth selected information relating to the revenue of Alto NOA during the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 5,006 3,813 3,300 2,522 2,337
Percentage rent (1) 1,527 2,730 3,243 3,258 1,429
Total rent 6,533 6,543 6,543 5,780 3,766
Non-traditional advertising 216 123 78 124 78
Revenue from admission rights (2) 637 553 420 326 347
Fees 47 43 42 46 46
Parking 367 50 — — —
Commissions 280 211 227 155 114
Other 0 4 10 13 61
Total (3) 8,080 7,527 7,320 6,444 4,412
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Alto Rosario, City of Rosario, Province of Santa Fe
Alto Rosario is a 128-store shopping mall located in the City of Rosario, Province of Santa Fe, the third largest city in Argentina in terms of population. It has a total constructed area of approximately 100,750 square meters which consists of 35,039 square meters of GLA. Alto Rosario has a food court with 20 restaurants, a large entertainment center, a supermarket, and a Showcase cinema with 14 state-of-the-art screens. The shopping mall occupies one floor and has free parking spaces that can accommodate 1,700 cars. Alto Rosario’s targeted clientele consists of middle-income individuals between the ages of 28 and 40.
During the fiscal year ended June 30, 2025, the public visitors to the shopping mall generated real retail sales of approximately ARS 338,666 million, which represents a year-on-year increase of 2.6% in real terms. Sales per square meter were approximately ARS 9,665,401. Total rental income increased from ARS 20,254 million in real terms in fiscal year ended June 30, 2024, to ARS 21,489 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 581,043 in fiscal year 2024 and ARS 613,288 in fiscal year 2025.
As of June 30, 2025, Alto Rosario’s occupancy rate was 100%.
66
Table of Contents
Alto Rosario’s tenant mix
The following table sets forth the tenant mix by type of business at Alto Rosario as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 177,306 52.4 16,965 48.2
Entertainment 7,169 2.1 9,586 27.4
Home 9,862 2.9 654 1.9
Restaurant 43,877 13.0 2,366 6.8
Miscellaneous 36,349 10.7 2,410 6.9
Services 4,198 1.2 1,218 3.5
Home appliances 59,905 17.7 1,840 5.3
Total 338,666 100.0 35,039 100.0
____________
(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.
Alto Rosario’s revenue
The following table sets forth selected information relating to the revenue of Alto Rosario during the following periods:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 15,264 11,137 10,370 7,614 5,469
Percentage rent (1) 6,225 9,117 12,240 12,396 5,418
Total rent 21,489 20,254 22,610 20,010 10,887
Non-traditional advertising 687 569 353 166 166
Revenue from admission rights (2) 3,027 2,670 2,518 2,047 1,797
Fees 172 156 151 166 176
Parking — — — — —
Commissions 1,039 791 565 456 347
Other 19 3 20 35 84
Total (3) 26,433 24,443 26,217 22,880 13,457
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Mendoza Plaza, City of Mendoza, Province of Mendoza
Mendoza Plaza is a 117-store shopping mall, opened in 1992 and is located in the district of Guaymallén, in the Province of Mendoza. The city of Mendoza has a population of approximately 1.5 million inhabitants, making it the fourth largest City in Argentina. Mendoza Plaza Shopping consists of 41,511 square meters of GLA and has a multiplex cinema covering an area of approximately 3,659 square meters with ten screens, one of them a 4D being the first in the province, a food court with 10 restaurants, 5 restaurants on the street in the new sector called “Shopping District Food”, an entertainment center and a supermarket, which is also a tenant. The shopping mall has two levels and has free parking spaces for 1,817 cars, 358 of which are underground. Mendoza Plaza’s targeted clientele consists of middle-income individuals between the ages of 28 and 40.
During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales that totaled approximately ARS 193,527 million, which represents annual sales for approximately ARS 4,662,065 per square meter and a year-on-year increase of 0.4% in real terms. Total rental income decreased from ARS 9,293 million in real terms in fiscal year ended June 30, 2024 to ARS 10,368 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 223,886 in fiscal year 2024 and ARS 249,765 in fiscal year 2025.
As of June 30, 2025, Mendoza Plaza’s occupancy rate was 97.8%.
67
Table of Contents
Mendoza Plaza’s tenant mix
The following table sets forth the mix of tenants by type of business at Mendoza Plaza as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 62,733 32.4 10,503 25.4
Entertainment 8,502 4.4 7,351 17.7
Home 11,071 5.7 6,776 16.3
Restaurant 26,066 13.5 4,166 10.0
Miscellaneous 37,031 19.1 7,689 18.5
Services 1,996 1.0 2,384 5.7
Home appliances 46,128 23.8 2,642 6.4
Total 193,527 100.0 41,511 100.0
____________
(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.
Mendoza Plaza’s revenue
The table sets forth selected information relating to the revenue of Mendoza Plaza during the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 7,875 5,702 5,133 3,554 3,796
Percentage rent (1) 2,493 3,591 4,605 4,703 2,165
Total rent 10,368 9,293 9,738 8,257 5,961
Non-traditional advertising 293 282 151 114 145
Revenue from admission rights (2) 930 857 647 570 534
Fees 95 91 88 99 99
Parking — — — — —
Commissions 451 402 280 259 124
Other 103 99 103 149 191
Total (3) 12,240 11,024 11,007 9,448 7,054
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
Córdoba Shopping—Villa Cabrera, City of Córdoba
Córdoba Shopping Villa Cabrera is a shopping mall covering 35,000 square meters of surface area, with 15,604 square meters being GLA. Córdoba Shopping has 98 commercial stores, a 12-screen multiplex cinema and parking spaces for 1,500 vehicles, located in Villa Cabrera, City of Córdoba, Province of Córdoba, the second largest City in Argentina in terms of population.
During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales of approximately ARS 101,243 million, which represents a year-on-year decrease of 4.3% in real terms. Sales per square meter were approximately ARS 6,488,272. Total rental income decreased from ARS 6,936 million in real terms in fiscal year ended June 30, 2024, to ARS 7,379 million in fiscal year ended June 30, 2025, which represents annual income per gross leasable square meter of ARS 451,338 in fiscal year 2024 and ARS 472,892 in fiscal year 2025.
As of June 30, 2025, Córdoba Shopping’s occupancy rate was 99.3%.
68
Table of Contents
Córdoba Shopping—Villa Cabrera’s tenant mix
The following table sets forth the tenant mix in terms of types of business in Córdoba Shopping as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 65,145 64.3 6,334 40.7
Entertainment 2,731 2.7 5,842 37.4
Home 2,724 2.7 226 1.4
Restaurant 10,204 10.1 722 4.6
Miscellaneous 12,154 12.0 1,253 8.0
Services 1,078 1.1 730 4.7
Home appliances 7,207 7.1 497 3.2
Total 101,243 100.0 15,604 100.0
____________
(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.
Revenue from Córdoba Shopping—Villa Cabrera
The following table sets forth selected information relating to the revenue of Córdoba Shopping during the fiscal years indicated:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 5,328 3,757 3,434 2,232 2,010
Percentage rent (1) 2,051 3,179 3,895 3,953 1,606
Total rent 7,379 6,936 7,329 6,185 3,616
Non-traditional advertising 405 266 181 67 99
Revenue from admission rights (2) 920 833 627 357 368
Fees 57 56 52 57 67
Parking — — — — —
Commissions 342 286 171 166 114
Other 10 66 67 26 45
Total (3) 9,113 8,443 8,427 6,858 4,309
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
La Ribera Shopping, City of Santa Fé, Province of Santa Fé
We hold 50% of Nuevo Puerto Santa Fe S.A.’s shares, a corporation that is tenant of a building in which it built and currently operates “La Ribera” shopping mall, which has a surface area of 47,506 square meters, comprising 67 retail stores and seven 2D, 3D and XD-screen multiplex cinema with the latest sound and image technology. It also comprises a 510-square meter cultural center and 24,553 square meters in outdoor areas and free parking space. Its GLA is 10,572 square meters. The shopping mall is strategically located in Dock I of the port of the City of Santa Fe in the Province of Santa Fe, just 3 blocks away from its commercial and banking center, the place with the largest development in terms of real estate in the City of Santa Fe, 27 kilometers away from the City of Paraná and 96 kilometers away from the City of Rafaela, its range of influence represents a potential market of over one million people.
69
Table of Contents
During the fiscal year ended June 30, 2025, the public visiting the shopping mall generated real retail sales of approximately ARS 51,428 million, which represents a year-on-year increase of 0.3% and sales per square meter were approximately ARS 4,864,548. Total rental income decreased from ARS 1,812 million in real terms in fiscal year ended June 30, 2024 to ARS 1,945 million in fiscal year ended June 30, 2025, representing annual income per gross leasable square meter of ARS 171,927 in fiscal year 2024 and ARS 183,977 in fiscal year 2025.
As of June 30, 2025, La Ribera Shopping’s occupancy rate was 92.0%.
La Ribera Shopping’s tenant mix
The following table sets forth the mix of tenants by type of business at La Ribera Shopping as of June 30, 2025:
Type of business(1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 23,465 45.6 3,910 37.0
Entertainment 5,064 9.8 3,323 31.4
Home 1,690 3.3 381 3.6
Restaurant 11,296 22.0 2,031 19.2
Miscellaneous 7,102 13.8 776 7.3
Services 6 0.0 48 0.5
Home appliances 2,805 5.5 103 1.0
Total 51,428 100.0 10,572 100.0
____________
(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.
La Ribera Shopping’s revenue
The following table sets forth selected information relating to the revenue of La Ribera Shopping during the fiscal years indicated:
For the fiscal year ended June 30, (4)
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 1,528 1,192 901 482 311
Percentage rent (1) 417 620 990 891 114
Total rent 1,945 1,812 1,891 1,373 425
Non-traditional advertising 74 74 52 21 21
Revenue from admission rights (2) 183 165 103 67 78
Fees 35 26 31 21 21
Parking — — — — —
Commissions 221 185 152 72 35
Other 2 1 — — —
Total (3) 2,460 2,263 2,229 1,554 580
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
(4) Corresponds to 50% of the shopping mall’s revenues as Nuevo Puerto Santa Fe is a joint venture.
70
Table of Contents
Alto Comahue, City of Neuquén, Province of Neuquén
Alto Comahue, was inaugurated on March 17, 2015, and is located in the City of Neuquén, in the Patagonian region of Argentina. It has a total surface of 35,000 square meters and 11,703 square meters of GLA, approximately 1,066 roof-covered and open-air parking spaces and a large entertainment and leisure area. Alto Comahue offers 82 retail stores that house the most prestigious brands in Argentina and has a 6-screen multiplex cinema and a theme restaurant. It is a three-story building consisting of a basement where the parking space and a 1,000 square meters Food Hall are located; the ground floor consisting of 5,000 square meters for retail stores, and the first floor consisting of 1,000 square meters for restaurants with unique views of the city, 2,600 square meters of retail stores and 2,100 square meters of cinemas.
During the fiscal year ended June 30, 2025, visitors to the shopping mall generated real retail sales that totaled approximately ARS 122,452 million, which represents a year-on-year increase of 13.3% and sales per square meter of approximately ARS 10,463,300. Total rental income increased from ARS 6,468 million in real terms in fiscal year ended June 30, 2024 to ARS 7,615 million in fiscal year ended June 30, 2025, which represents total revenue for the period per GLA of ARS 552,748 in fiscal year 2024 and ARS 650,688 in fiscal year 2025.
As of June 30, 2025, Alto Comahue’s occupancy rate was 99.1%.
Alto Comahue’s tenant mix
The following table sets forth the mix of tenants by type of business at Alto Comahue as of June 30, 2025:
Type of business (1) Tenant Sales GLA
(in millions of ARS) (%) (sqm) (% of total)
Clothes and footwear 54,817 44.8 5,853 50.0
Entertainment 4,974 4.1 2,199 18.8
Home 8,162 6.7 292 2.5
Restaurant 23,304 19.0 1,679 14.3
Miscellaneous 20,944 17.0 772 6.6
Services 2,823 2.3 186 1.6
Home appliances 7,428 6.1 722 6.2
Total 122,452 100.0 11,703 100.0
____________
(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.
Alto Comahue’s revenue
The following table sets forth selected information relating to the revenue derived from Alto Comahue during the following periods:
For the fiscal year ended June 30,
2025 2024 2023 2022 2021
(in millions of ARS)
Base rent 4,895 3,247 2,611 1,574 725
Percentage rent (1) 2,720 3,221 3,129 2,667 368
Total rent 7,615 6,468 5,740 4,241 1,093
Non-traditional advertising 176 114 57 31 31
Revenue from admission rights (2) 838 541 420 259 259
Fees 49 47 46 57 57
Parking — — — — —
Commissions 390 226 145 99 57
Other 11 3 15 15 46
Total (3) 9,079 7,399 6,423 4,702 1,543
____________
(1) Contingent rent is revenue based on a specific percentage of gross sales of our tenants.
(2) Admission rights are the fees required from tenants for entering into a lease or a lease renewal.
(3) Consolidated rents. Revenue relating to the collective promotion fund is not included.
71
Table of Contents
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 our shopping malls is marketed through an exclusive arrangement with our wholly owned subsidiary and real estate broker Fibesa S.A., or “Fibesa.” We 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 our 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 our rental contracts, the tenant’s basic rent is generally updated monthly or quarterly and cumulatively by the CPI index.
In addition to rent, we charge most of our 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.
We lease our stores, kiosks and spaces in our shopping malls through our wholly-owned subsidiary Fibesa. We charge our 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. We determine that percentage or “coupe” based on different factors. Common area expenses include, among other things, administration, security, operations, maintenance, cleaning and taxes.
We carry out promotional and marketing activities to draw consumer traffic to our 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. We 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. We 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. We 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 us. We have 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.
72
Table of Contents
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.
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 we are a joint venture partner.
Source: INDEC – National survey of shopping malls.
73
Table of Contents
Seasonality
Our business is directly affected by seasonality, influencing the level of our tenants’ sales. During Argentine summer holidays (January and February) our 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
We keep 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. We 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. We continue renewing our CCTV system, to improve security and enable future capabilities, such as the use of artificial intelligence. In our shopping malls, with a large flow of vehicles, we have implemented new guided parking systems and digital payment systems. We started using artificial intelligence to improve the work efficiency of our employees.
This year we 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.
Offices
Properties
The following table sets forth certain information regarding our 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) We own 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.
74
Table of Contents
Occupancy rate
The following table shows our 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.
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.
75
Table of Contents
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 our offices and other properties for leases in effect as of June 30, 2025. This data is presented assuming that none of our 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).
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. We own a 13.2% interest in the building which has footage averaging 22,535 square meters of GLA; meaning we own 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
Our 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 our 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.
76
Table of Contents
Zetta Building
Our 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 our 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.
The Company 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.
Leases
We generally lease our 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, we have two spaces named “Workplace by IRSA”, which we lease 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 our office’s properties and other commercial properties other than shopping malls are in developed urban areas. There are a great number of office buildings, shopping malls, retail stores and residential houses in the zones where our 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.
77
Table of Contents
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 we 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, the Company 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 the Company 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, we kept our 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 our 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
____________
(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).
Hotel Intercontinental, City of Buenos Aires
In November 1997, we 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 we acquired 100% of the Sheraton Libertador Hotel from Citicorp Equity Investment for an aggregate purchase price of USD 23 million. In March 1999, we sold a 20% interest in the Sheraton Libertador Hotel for USD 4.7 million to Hoteles Sheraton de Argentina.
During the fiscal year 2019, we 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.
78
Table of Contents
Hotel Llao Llao, San Carlos de Bariloche, Province of Rio Negro
In June 1997 we 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 our hotel operator subsidiary, Llao Llao Resorts S.A., we 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. Our development 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 our development of residential communities, we frequently acquire vacant land, develop infrastructure such as roads, utilities, and common areas, and sell plots of land for construction of single-family homes. We may also develop or sell portions of land for others to develop complementary facilities such as shopping areas within residential developments.
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 our residential development properties are performed, under our supervision, by independent Argentine construction companies that are selected through a bidding process. We 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. We are 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, we deliver undeveloped pieces of land and another firm is in charge of building the project. In this case, we 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.
79
Table of Contents
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
____________
(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.
80
Table of Contents
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
The Company 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, the Company 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.
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, we 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., we 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 us. 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%.
81
Table of Contents
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. We 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.
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.
82
Table of Contents
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, we 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, the Company 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.
“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. The Company 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.
83
Table of Contents
Polo Dot mix uses expansion – City of Buenos Aires
On the plot where the Zetta Building is located, we have 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, the Company 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, the Company acquired the property through a purchase and sale agreement entered into between related parties, thus becoming the current owner. Our 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.
La Adela – Buenos Aires
During 2015 the Company 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, we 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.
84
Table of Contents
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.
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.
85
Table of Contents
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 we 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.
We 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.
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, we 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.
86
Table of Contents
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, the Company 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 the Company, 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 the Company.
On June 14, 2022, the transfer deed of ownership was signed. Simultaneously with the deed, the Company 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.
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, the Company 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.
87
Table of Contents
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, we have 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.
We 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, the Company 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 the Company 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.
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, we 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.
88
Table of Contents
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.
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.
89
Table of Contents
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.
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, the Company indirectly owned 14.82% of Comparaencasa Ltd.
Shefa Holding LLC (“Shefa”)
Shefa, our 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.
Legal Framework
Regulation and Argentine Government Supervision
The 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.
90
Table of Contents
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.
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.
91
Table of Contents
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.
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.
92
Table of Contents
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.
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.
93
Table of Contents
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.
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 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.
94
Table of Contents
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.
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.
95
Table of Contents
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 towards this direction internally within our teams and externally through our value chain, operating as social and environmental change agents. We aim to achieve high quality standards in our real estate operations through the responsible use of resources and sustainable technologies and we seek to develop new projects in harmony with the environment.
Our sixteen shopping malls are an ideal space for the dissemination of topics of societal interest and the organization of corporate social responsibility given that more than 100 million people visit them annually. Regarding the office buildings, they are occupied by national and international organizations, committed to the triple impact of their actions.
We agree on the agenda of topics with social organizations in each community, the public sector and specialists in each field. In this way, we strengthen ties and generate long-term alliances, incorporating actors in the value chain and collaborating with the communities where our business units operate.
Environmental Management
Environmental management constitutes a fundamental pillar of our corporate strategy. This commitment is reflected in our environmental policy, which reaffirms our vision of sustainable development and respect for the environment.
Our environmental policy is structured around the following key pillars:
· Strict compliance with applicable environmental regulations and voluntary commitments undertaken.
· Rational use of natural resources, promoting efficiency across all our operations.
· Proactive management of environmental impacts, with a preventive and corrective approach
· Promotion of the circular economy as a strategic model to reduce waste and maximize material utilization.
96
Table of Contents
· Continuous innovation in sustainable practices, seeking solutions that enhance our environmental performance.
· Sustainable real estate development, managing associated environmental impacts to ensure care of the surroundings.
· Long-term planning of our projects and operational improvements in each business unit.
· Ongoing improvement, aimed at environmental protection and compliance with international standards; and
· Cultural transformation, involving all our employees and stakeholders, fostering a shared environmental awareness.
Accordingly, we are implementing a positive environmental impact strategy through our Environmental Sustainability Strategic Plan, which prioritizes the incorporation of circular economy principles and the reduction of greenhouse gas emissions to address the challenge of reducing our carbon footprint.
Our Environmental Strategy is aligned with the United Nations Sustainable Development Goals, in order to protect the planet and ensure the sustainability of our operations.
We continue to move forward with a responsible, forward-looking vision, committed to creating sustainable value for our shareholders, communities and the environment.
Environmental Certifications
As part of our strategy, we aim to achieve high environmental certification standards in our real estate projects with the goal of having a modern and sustainable portfolio. Our shopping malls in Buenos Aires City are already part of the Circular Economy Network, an initiative of the GCBA that creates a collaborative workspace among various societal actors (companies, NGOs, and universities) to build a more sustainable city.
It reaffirms our commitment and effort to work on various actions that strengthen recycling and promote the circular economy. This seeks to redefine what growth means, with an emphasis on benefits for the entire society. It involves decoupling economic activity from the use of non-renewable resources and reducing (or eliminating) waste generation. It is composed of seven principles: rethink, refuse, reduce, redistribute, reclaim, reuse, and recycle.
All of our shopping malls are implementing a Comprehensive Waste Management Plan from the Circular Economy Paradigm. They are implementing new practices and habits to reduce waste generation, increasing reuse and recycling. The Circular Economy helps transform the economy towards a sustainable future.
The Ministry of Public Space and Urban Hygiene of the city of Buenos Aires awarded the Green Seal to the shopping malls Alto Palermo, Patio Bullrich, and Alcorta:
The office buildings developed by the Company, “261 Della Paolera” and “Zetta,” have LEED Gold Core & Shell certification (Leadership in Energy and Environmental Design). This certification, renowned in the sector and valued by the market, recognizes the company’s commitment to sustainable real estate development, incorporating aspects related to energy efficiency, improvement of indoor environmental quality, water consumption efficiency, sustainable development of open spaces on the plot, and the selection and recycling of materials in the construction.
As of the date of presentation of the Financial Statements, 72% of the premium office portfolio has LEED certification and several tenants are in the process of certifying their interiors, promoting energy and environmental design, quality of life and healthy work spaces.
97
Table of Contents
Energy, water and waste management
The efficient use of resources, as well as the proper management of the waste generated in our activities, are extremely important in our daily operations. For this reason, we carry out various tasks to ensure proper environmental management:
Energy: We continuously carry out actions to consume energy more efficiently and reduce consumption to a minimum, which include:
· Improvements in climate control, lighting, installation systems and constant monitoring.
· Enhancements to the building management systems of our shopping malls to operate more efficiently, adjusting mall temperatures and optimizing climate control and lighting schedules.
· Implementation of a software to monitor electrical variables, which currently has approximately 500 online meters, with more being incorporated.
· Awareness campaigns on resource conservation for our staff, tenants, and customers.
· Automation of lighting in our offices and technical areas through motion sensors that turn lights on and off in meeting rooms, avoiding unnecessary energy use.
· We automate the speed of escalators, reducing their speed when not in use.
· Replacement of lighting with LED technology in more than 90% of our shopping malls and buildings.
· Installation of ONGRID photovoltaic systems in the following shopping malls:
• MENDOZA SHOPPING, Power 12 kW, estimated annual energy 13,140 kWh• DOT, Power 26 kW, annual energy 37,011 kWh• ARCOS, Power 65 kW, estimated annual energy 92,527 kWh• ALTO PALERMO, Power 196 kW, annual energy 279,006 kWh.
Water: The primary use of water is for sanitary supply, and it is also used in the food court sector, in shopping malls, in climate control systems, for cleaning facilities, and for irrigation.
· In the restrooms of our facilities, we use low-consumption sanitary fixtures and fittings through the installation of timers, infrared sensors and aerators, ensuring efficient use of the resource. In establishments where possible, thanks to the facilities and availability of the location, rainwater is collected for other uses, primarily for irrigation.
· Distrito Arcos is an open-air shopping mall with plant beds that are watered with rainwater. On rainy days, the rainwater is collected in underground tanks and used to water the plant beds on sunny days. The chosen irrigation system is drip irrigation, due to its high efficiency.
· In the office buildings: 261 Della Paolera and the “Zetta Building,” rainwater is also used for watering their plant beds. The chosen irrigation system is drip irrigation, due to its high efficiency.
· At Mendoza Shopping, a reverse osmosis filtration system was installed for the treatment of condensate water from the chiller units.
· At Mendoza Shopping and Alto Noa shopping malls, the recovery of greywater for use in toilets is being evaluated.
98
Table of Contents
Waste: We promote waste reduction and are pioneers in recycling management. In all our shopping malls, waste is separated at the source into two fractions: Wet (non-recyclable) and Dry (recyclable). In four of them, Alto Rosario, Alcorta, Patio Bullrich, Alto Palermo, and Distrito Arcos, a third fraction called Organic is separated, generated from food preparation in gastronomic establishments. This waste is collected by the municipalities for composting. The resulting material is used for landscaping boulevards and public plant beds.
We continue working to add more establishments and reduce the waste sent to landfills. We operate a waste management system that allows us to recycle a significant portion of the material produced in our establishments. Additionally, we develop new ways and opportunities to integrate with social organizations and cooperatives to add value to the recovered materials.
We continuously reinforce proper waste management with our tenants, communicating through circulars, site visits, and training sessions. We remind them of the materials to separate into each of the three fractions (recyclable, wet, and organic), the corresponding bag color (according to current regulations), and the storage areas for these materials.
In this regard, the waste management program seeks to reduce the fraction of waste while increasing recycled materials. This achievement will help demonstrate how waste can be transformed into resources, avoiding its disposal as garbage in a landfill. Based on the improvement of indicators year after year, innovative solutions are expected to be incorporated to position us as a benchmark in commercial waste management.
In the kitchens of gastronomic establishments, used vegetable oils (UVOs) are generated from frying and cooking food. The company promotes proper environmental management by transforming the vegetable oil used by food court tenants in our shopping malls into biodiesel. This prevents water contamination by not draining the oils through regular kitchen pipes and gives a second use to the resources.
Education and training program
Training sessions and actions are directed at shopping mall staff, tenants of the establishments, and related suppliers, involving urban recycler cooperatives to share their experiences, understand their work, and highlight the importance of proper waste management.
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.
99
Table of Contents
· 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.
· 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.
100
Table of Contents
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.
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.
101
Table of Contents
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.
C. Organizational Structure
The following table presents information relating to our ownership interest represented by our subsidiaries as of June 30, 2025:
% of ownership interest held by the Company
Name of the entity Country Main activity 06.30.2025 06.30.2024 06.30.2023
IRSA's direct interest:
E-Commerce Latina S.A. Argentina Investment 100.00 100.00 100.00
Hoteles Argentinos S.A.U. Argentina Hotel 100.00 100.00 100.00
Inversora Bolívar S.A. Argentina Investment 100.00 100.00 100.00
Llao Llao Resorts S.A. (1) Argentina Hotel 50.00 50.00 50.00
Nuevas Fronteras S.A. Argentina Hotel 76.34 76.34 76.34
Palermo Invest S.A. Argentina Investment 100.00 100.00 100.00
Ritelco S.A.U. Argentina Investment 100.00 100.00 100.00
Tyrus S.A. Uruguay Investment 100.00 100.00 100.00
U.T. IRSA y Galerías Pacifico (1) (2) Argentina Investment — — 50.00
Arcos del Gourmet S.A. Argentina Real estate 90.00 90.00 90.00
Emprendimiento Recoleta S.A. (in liquidation) Argentina Real estate 53.68 53.68 53.68
Fibesa S.A.U. Argentina Real estate 100.00 100.00 100.00
Panamerican Mall S.A. Argentina Real estate 80.00 80.00 80.00
Shopping Neuquén S.A. Argentina Real estate 99.95 99.95 99.95
Torodur S.A. Uruguay Investment 100.00 100.00 100.00
EHSA Argentina Investment 70.00 70.00 70.00
Centro de Entretenimiento La Plata (4) Argentina Real estate — 100.00 100.00
We Are Appa S.A. Argentina Design and software development 93.63 98.67 98.67
Shefa Fiduciaria S.A.U. Argentina Trustee company 100.00 100.00 —
Fideicomiso Shefa V.C. Argentina Investment 100.00 100.00 —
Tyrus S.A.'s direct interest:
DFL and DN BV Bermuda’s / Netherlands Investment 99.65 99.63 99.59
Shefa Holding LLC USA Investment 100.00 100.00 —
IRSA International LLC USA Investment 100.00 100.00 100.00
Liveck Ltd. (3) British Virgin Islands Investment 100.00 100.00 100.00
Real Estate Strategies LLC USA Investment 100.00 100.00 100.00
DFL's and DN BV's direct interest:
Dolphin IL Investment Ltd. Israel Investment 100.00 100.00 100.00
____________
(1) The Company has consolidated the investment in Llao Llao Resorts S.A. considering its equity interest and a shareholder agreement that confers its majority of votes in decision-making process.
(2) Liquidated in September 2023.
(3) Includes Tyrus’ and IRSA S.A.’s equity interests.
(4) Merged into IRSA as of July 1, 2024.
We have a significant interest in Banco Hipotecario, an Argentine company incorporated under Argentine law and engaged in the banking business. As of June 30, 2025, we held, directly and indirectly, 29.12% of the equity of Banco Hipotecario.
102
Table of Contents
D. Property, Plant and Equipment
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 as of June 30, 2025
Property (6) Date of Acquisition Leasable/ Sale m2 / Rooms (1) Location Net Book Value 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”.
103
Table of Contents