Cresud SACIF y A (CRESY) 2025 Q4 法說會逐字稿

Good afternoon, everyone. I'm Santiago Donato, Investor Relations Officer of Cresud, and I welcome you to the fiscal year 2025 results conference call. First of all, I would like to remind you that both audio and slideshow may be accessed through company's Investor Relation website at www.cresud.com.ar by clicking on the banner webcast link. The following presentation and the earnings release are also available for download on the company website.

大家下午好。我是 Cresud 投資者關係官 Santiago Donato，歡迎您參加 2025 財政年度業績電話會議。首先，我想提醒您，您可以透過點擊橫幅網絡廣播鏈接，在公司的投資者關係網站 www.cresud.com.ar 上訪問音頻和幻燈片。以下簡報和收益報告也可在公司網站上下載。

(Event Instructions) Before we begin, I would like to remind you that this call is being recorded and that information discussed today may include forward-looking statements regarding the company's financial and operating performance.

（活動說明）在我們開始之前，我想提醒您，本次電話會議正在錄音，今天討論的資訊可能包括有關公司財務和經營業績的前瞻性陳述。

All projections are subject to risk and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements. I will now turn the call over to Mr. Alejandro Elsztain, CEO.

所有預測都存在風險和不確定性，實際結果可能存在重大差異。請參閱公司收益報告中有關前瞻性陳述的詳細說明。現在我將把電話轉給執行長 Alejandro Elsztain 先生。

Good afternoon, everybody. We are finishing our fiscal year 2025. And if we begin in page number 2, we can see the seven main highlights of the year related to agriculture. 2025 was a very big campaign in size and the combination of leasing and owning land, that it's not very big in the com in comparison. It's close to the 50, 50 or a little bigger than 50, 50 in leasing comparing to own.

大家下午好。我們即將結束 2025 財年。如果我們從第 2 頁開始，我們可以看到今年與農業相關的七個主要亮點。 2025 年是一場規模非常大的運動，而且結合了租賃和擁有土地，相比之下，它在 com 中並不是很大。租賃與自有的比例接近 50%，或略高於 50%。

But larger in our history and expecting to have a larger next year because the leasing conditions of this year. Relating to climate, we had good conditions, but some areas of Argentina and Paraguay mainly suffered very tough, the scars of water, and that was impacting a lot in the yields of mainly Los Pozos farm and Paraguay farms. And the rest of Argentina had a good weather and center and south. So majority of the country was in good condition, but our position on the north was not very good.

但在我們的歷史上，這一數字更大，而且由於今年的租賃條件，預計明年的數字也會更大。就氣候而言，我們的條件很好，但阿根廷和巴拉圭的一些地區主要遭受了非常嚴峻的考驗，水災，這對洛斯波佐斯農場和巴拉圭農場的產量造成了很大影響。阿根廷其他地區以及中部和南部地區天氣良好。所以全國大部分地區狀況良好，但我們北部的情況不太好。

Stable, the year was stable in in commodity prices. We had a big drop last year. This year was most stable and input cost made in some of them a big correction like crop production, protection, but in some of them like fertilizers, still the prices were high.

穩定，全年大宗商品價格整體穩定。去年我們經歷了大幅下滑。今年最穩定，投入成本使得一些領域（如農作物生產、保護）出現了大幅調整，但一些領域（如化肥）的價格仍然很高。

So that made us lower margins and that affected the activity in Argentina mainly. There was a big impact on Argentine macro and we're going to show you, share you later about the reduction of grain taxes on exports and the GAAP on the $2.

這導致我們的利潤率降低，主要影響了阿根廷的業務活動。這對阿根廷宏觀經濟產生了很大的影響，我們稍後會向您展示並分享有關降低出口糧食稅和 2 美元 GAAP 的資訊。

And that is the next where the removal of capital controls in Argentina made a very important move for farmers of Argentina that in the past we had 100% or 150% gap and today close to zero gap made us to be raising directly dollars when we do agriculture.

接下來，阿根廷取消資本管制，這對阿根廷農民來說是一個非常重要的舉措，過去我們的缺口是 100% 或 150%，而今天接近於零的缺口使我們在從事農業時能夠直接籌集美元。

Relating to Brasilagro was good related to production in sugarcane. Some yields were affected because some frozen and some lack of water in sugarcane was more mixed in crops. There they, some of them mainly soybeans and cotton were affected in yields. The price were almost the same we expected. The inputs went down, but the margins were better compared to last year, but much lower than in the past comparing to the best years of Brazil.

與巴西農業公司的關係與甘蔗生產關係良好。一些產量受到影響，因為一些甘蔗受到冰凍，一些甘蔗缺水，作物中混雜了更多甘蔗。其中，主要是大豆和棉花的產量受到影響。價格幾乎和我們預期的一樣。投入雖然下降了，但利潤率比去年有所提高，但與巴西最好的年份相比，利潤率卻比過去低得多。

Relating to cattle, the cattle is really spending very good time. We have higher prices, better margins, better production, more stock. So we are intensifying our activity in the two farms in Argentina, and we're going to show you a little later. And related to real estate, there was some activity. One was in Argentina, the first quarter of the last year.

說到牛，牛確實過得很愉快。我們的價格更高、利潤更高、產量更高、庫存更多。因此，我們正在加強在阿根廷兩個農場的活動，稍後我們會向你們展示。與房地產相關的活動也有一些。一次是在阿根廷，發生在去年第一季。

They were affecting the -- we had the first quarter in Los Pozos farm there was a sale, but the other quarters we had in other farms in Brazil. The other three are in Brazil. So we are going to show you the case that we have in these four sales.

它們影響了——我們在洛斯波佐斯農場進行了第一季的銷售，但其他季度我們在巴西的其他農場進行了銷售。其餘三人在巴西。因此，我們將向您展示這四筆銷售中的案例。

Yeah. We are -- comparing in the page number 3, we see the evolution on the crops planting in the region in the population of the four countries. And we can see that we are achieving this close to 300,000 hectares of agriculture.

是的。透過與第 3 頁進行比較，我們可以看到四個國家人口在該地區種植的農作物的變化。我們可以看到，我們正在實現近30萬公頃的農業目標。

And where main activity is soybean; corn, the second; sugarcane, the third; wheat, the fourth. And we are growing and we are forecasting the big growth for next year. We're surpassing the 300,000 for next year. What I said in the past in a combination of more leases and maybe some more purchasing, but for the next campaign we are forecasting much more volume related to agriculture.

其中主要種植作物為大豆，其次是玉米，第三是甘蔗，第四是小麥。我們正在成長，並預測明年將有大幅成長。明年我們的人數將超過 30 萬人。我過去說過，會有更多的租賃和更多的購買，但對於下一次活動，我們預測與農業相關的交易量會更多。

In page number 4, we can see the prices of the commodities. And here we can see this is a long term, 15 years, and we see that in soybean and corn that they are very similar. We see that they were the years of '20 to '24 higher prices. There was -- the '24 to '25 was almost stable, and with a little rebound, 9% in soybeans, 8% in corn. There was some movement on plantation. They are losing some areas of soybean in the US, and that is affecting more for more corn in the US. So probably more recovery of stocks on corn, less recovery in North America related to soybean, but Brazil is forecasting again to plant a lot and Argentina again too.

在第4頁，我們可以看到商品的價格。我們可以看到，這是一個長期的，15 年，我們發現大豆和玉米非常相似。我們看到，20 年至 24 年是價格上漲的時期。24 年至 25 年期間，大豆價格基本上保持穩定，略有反彈，大豆價格上漲 9%，玉米價格上漲 8%。種植園裡有一些動靜。美國正在失去一些大豆種植區，這對美國的玉米種植造成更大的影響。因此，玉米庫存可能會恢復更多，而北美大豆庫存的恢復較少，但巴西預計將再次大量種植，阿根廷也將再次大量種植。

So the combination of the countries related to corn and soybean is expecting for next year to have a good enough quantity of commodities for next campaign. So there are no big news related to prices in the region. If we move to the next stage and related to Argentine government more measures, they were really very favorable and the permanent reduction of grain that was announced by the government in July of this year, saying it was not a transitional like it was at the beginning. Now they did a permanent.

因此，玉米和大豆相關國家預計明年將有足夠數量的商品用於下一季的種植。因此，該地區沒有與價格相關的重大新聞。如果我們進入下一階段並與阿根廷政府採取更多措施有關，這些措施確實非常有利，政府在今年 7 月宣布永久性減少糧食產量，並表示這不像一開始那樣是一個過渡措施。現在他們做了永久的。

Before it was 33% on taxes on soybeans and now at 26%. The corn went from 12% to 9.5%. Wheat and barley the same. Sunflower from 7% to 5.5%. Beef cattle depending in the categories, cows are at zero and steers at 5%. So there was a big reduction, but apart of that, the exchange rate flexibilization and convergence. Look at before '23, the gap was 100%, 150%.

之前大豆的稅率是33%，現在則是26%。玉米從12%下降到9.5%。小麥和大麥相同。向日葵從7%降至5.5%。肉牛按類別劃分，母牛為零，閹牛為 5%。因此，雖然出現了大幅削減，但除此之外，匯率也實現了靈活化和趨同。看看 23 年之前，差距是 100%、150%。

After the [Malays governs] 20%, 30%, but recently from April of this year, the gap is close to 0.5%. So now farmers of Argentina are receiving the real sales of dollars still with taxes on exports, but the promise of the government to keep reducing in the time they will have a surplus in the fiscal deficit. Now, they don't want to be reducing the tax before they have the increasing on the tax collection and the government related to that is being serious.

此前[馬來人執政] 20%、30%，但最近從今年4月開始，差距已接近0.5%。因此，現在阿根廷農民收到的實際銷售額仍為美元，但出口稅仍然很高，但政府承諾隨著時間的推移，他們將繼續減少財政赤字。現在，他們不想在增加稅收之前降低稅收，政府對此非常重視。

So it's doing its steps and we expect the government to keep doing and finally to accomplish their promise to go to zero taxes on exports that all the world, almost all the world is in taxes zero or subsidizing production as many of the developed countries of the world. So this is really relevant news affecting the margins, operational margins and the real estate margins that we're going to show you later.

因此，它正在採取措施，我們期望政府繼續這樣做，並最終實現其承諾，對出口實施零稅率，就像世界上許多已開發國家一樣，幾乎全世界都實行零稅率或補貼生產。因此，這是真正相關的新聞，會影響利潤率、營運利潤率和房地產利潤率，我們稍後會向您展示。

If you do move to page number 6, we can see some of the climate conditions and we divided in Argentina and Brazil. Argentina late and scattered rains once again affected yields and mainly in the north, and that affected north of Argentina and Paraguay, the [Chaco] from Paraguay.

如果您翻到第 6 頁，我們可以看到一些氣候條件，我們將其分為阿根廷和巴西。阿根廷遲來的零星降雨再次影響了產量，主要影響在北部地區，影響範圍包括阿根廷北部和巴拉圭查科地區。

The two regions were affected. In case of Argentina, we had the cattle business in the north that was very profitable in there we had much better results because of the cattle business in that part of that. We didn't have that in Paraguay. Related to the southern areas -- central and, southern, rain there, they were much better conditions and the yields were much better than compared to the normal.

這兩個地區都受到了影響。就阿根廷而言，我們在北部的養牛業利潤非常豐厚，由於那部分地區的養牛業，我們的業績要好得多。在巴拉圭我們沒有這種事。與南部地區（中部和南部）相比，那裡的降雨情況要好得多，產量也比正常水平高得多。

And in related to Brazil, the adverse weather conditions reduced soybean and cotton yields [Spain] too, and sugarcane too were affected too, but the related to previous seasons, they were better prices of corn and in corn better yields. So finally, the operational business in Brazil is better than in Argentina in the comparison.

與巴西相比，惡劣的天氣條件也導致西班牙大豆和棉花產量下降，甘蔗也受到影響，但與前幾季相比，玉米價格上漲，玉米產量也提高。因此，最終，相較之下，巴西的營運業務比阿根廷好。

So we can move to the next page and to look at the volumes, total volumes. There was a big jump in a comparable size, a little bigger, but there was a 17% increase on volume in crop, in crop volumes, still lower comparing to the yields that we expected when we planted, but much better to compare it to last year. Are related to the sugar cane the same. There was a big effect in the drought and early frozen in Brazil. So that is affecting are less hectares, though, there are some less hectares in Brazil and the sugar production. When we compares of year on year, we see a little increase in the corn yield.

因此我們可以轉到下一頁並查看卷數和總卷數。就規模而言，產量有了很大的增長，稍微大了一點，但產量增加了 17%，雖然與我們種植時預期的產量相比仍然較低，但與去年相比要好得多。都跟甘蔗一樣。巴西的乾旱和早期霜凍影響很大。因此，影響的是種植面積的減少，巴西的種植面積和糖產量確實減少。當我們與去年同期進行比較時，我們發現玉米產量略有增加。

Last year, we had 5.09. This year, we're having 5.5 in corn. So corn gave us good results in yield and in the prices, there was a good price in the region. Corn and that was a very positive crop. And in the soybean, there was a small drop, 2.71% to 2.6%. So, year to year, we have a much normal yield but two regions, the Salta Pozo region and Paraguay, they were the more affected.

去年，我們的玉米產量是 5.09 噸。今年，我們的玉米產量是 5.5 噸。因此，玉米的產量和價格都很好，在該地區的價格也很好。玉米是一種非常豐收的作物。大豆價格小幅下跌，為2.71%至2.6%。因此，每年我們的產量都很正常，但薩爾塔波索地區和巴拉圭這兩個地區受到的影響較大。

Moving to the next page, we can see what happened to cattle that it's representing again some importance in result. In some years, cattle was at a $2 million or $3 million [EBITDA] in business, but these last two years was more than $8 million or close to $9 million gross margin number '24 and '25, with close to 60,000 heads of cattle in Argentina.

翻到下一頁，我們可以看到牛發生了什麼，這在結果中再次體現出一定的重要性。有些年份，牛的營業額為 200 萬美元或 300 萬美元 [EBITDA]，但最近兩年，24 年和 25 年的毛利超過 800 萬美元或接近 900 萬美元，阿根廷的牛存欄量接近 6 萬頭。

And this is becoming a more relevant business. We are introducing -- as we did in the combination of own lands and leased land in the agriculture, we are doing now on the beef industry. We are doing more feedlot, finalization of the animals and that's in this case is where the drop of the prices of like the corn that we are now spending and the corn went down with the combination of 6, 7 kilograms of corn doing a kilogram of beef that it's in a maximum prices in US and in Argentina and in the region, we are doing a very good business and that's why we are intensifying a lot.

這正成為一項更相關的業務。我們正在引入——就像我們在農業中將自有土地和租賃土地結合一樣，我們現在也在牛肉產業中這樣做。我們正在進行更多的飼養，對動物進行最終定型，在這種情況下，我們現在花費的玉米價格下降了，每公斤牛肉需要 6、7 公斤玉米，這是美國、阿根廷和該地區的最高價格，我們的生意非常好，這就是我們大力加強的原因。

Argentina is in a much better price than in the past and all the regions in a better price and the lower price of grain with a better price of beef is making a more balanced activity and more important for Brazil, the cattle activity too.

阿根廷的價格比過去好得多，所有地區的價格也都更好，穀物價格較低，牛肉價格也更好，這使得活動更加平衡，對巴西來說，牛的活動也更加重要。

So we spent a very good year relating to beef and we expect the same. We are expanding our operation in some two fields that we have on farms. In the old past we had fields -- professional field in [Via Mercedes] that was for clients, but now we are doing two smaller fieldworks of close to 10,000 heads each of them in the farm of [Eir] and the farm of Los Pozos, and the two are very profitable, and that's the reason why this margin of cattle is improving so much the last few years.

因此，我們在牛肉方面度過了非常好的一年，我們期望也會如此。我們正在農場的兩個油田擴大經營。過去，我們在 [Via Mercedes] 有專門的牧場，供客戶使用，但現在我們在 [Eir] 農場和 Los Pozos 農場進行兩個規模較小的牧場工作，每個農場都飼養了近 10,000 頭牛，這兩個農場的利潤率都非常高，這也是為什麼過去幾年牛的利潤率大幅提高的原因。

We move now on page number 9, we see the four fractions. They are not sales of the total farm. All the kinds of Preferencia, yes, total farm 18,000 hectares. We sold 100% of that activity. The rest are small portions of farms that were sold, and we did finance sales of $60 million-more having a big gain of real estate in the year.

我們現在翻到第 9 頁，我們看到了四個分數。它們不是整個農場的銷售額。是的，所有種類的 Preferencia 農場總面積為 18,000 公頃。我們已將該活動的 100% 售出。其餘的則是出售的農場的一小部分，我們確實為 6000 萬美元的銷售提供了融資，這一年我們的房地產收益巨大。

So, when we talk about these four transactions, only one in Argentina, Los Pozos, that was just land reserve that was in a book value of $10 and we sold to $500 or $600 per hectare. Huge gain majority is gain plus to zero value. And in the case of Brazil, the three are different. So we are again reflecting a big portion of the gain of Cresud through Brasilagro and Cresud through the real estate part. That every year, not selling so much. This is a comparing all of the hectares of the company, small fractions, but still bringing good gains to the balance sheet. We always show only the gain of the pieces that we are selling every year.

因此，當我們談論這四筆交易時，只有阿根廷的洛斯波索斯 (Los Pozos) 的一筆交易只是土地儲備，賬面價值為 10 美元，而我們以每公頃 500 美元或 600 美元的價格出售。巨額獲利大多數是獲利加到零值。而就巴西而言，這三者又有所不同。因此，我們再次反映了 Cresud 透過 Brasilagro 獲得的大部分收益以及 Cresud 透過房地產部分獲得的大部分收益。那每年都賣不了那麼多。這是將公司的所有土地進行比較，雖然只是很小的一部分，但仍然為資產負債表帶來了良好的收益。我們始終只展示每年銷售的商品的收益。

And here in the next graph, we see this year are four pieces, fractions, or one that is 100%. $66 million total dollars in nominal sale, bringing $56 million of gain, so a big majority in nominal gain. So, and look at the, what we expected and we expressed in the past about the land value.

在下圖中，我們可以看到今年有四個部分，也就是 100% 的部分。名義銷售額總計 6,600 萬美元，帶來 5,600 萬美元的收益，因此名目收益佔了很大一部分。那麼，看看我們過去對土地價值的預期和表達。

Some of the land is decreasing the price in the corn belt of the US or the best areas of Brazil, but there is some increasing price in Argentina that is a combination of better climate conditions and better operational yields, and the gap we spoke and the taxes reduction and Argentina is re-entering to the price valuation of the world, still very far, but the trend of the year was in the gains of the rest of the countries. So, saying that we can move to the next page, the commercial services.

美國玉米帶或巴西優質產區的部分土地價格正在下降，但阿根廷的價格有所上漲，這是由於氣候條件改善、產量提高以及我們所說的差距和稅收減少，阿根廷正在重新進入世界價格評估，雖然距離還很遠，但今年的趨勢是其他國家都在上漲。所以，我們可以進入下一頁，即商業服務。

And here we are seeing the evolution of FyO as our subsidiary where Cresud owns 51.2%. This company that is in segments of acopio, capital, credits, advisory, goods and digital, so helping farmers to improve their commercial part. This is advising to sell and to buy better and not entering into production. The only production is [a Malta], where we sell some fertilizers, but majority is helping farmers in inputs and outputs. And this company that didn't exist in the past went to more than 7 million tons. This is our record year, 7.25 million.

現在，我們看到 FyO 正在發展成為我們的子公司，Cresud 擁有其中 51.2% 的股份。該公司涉及農業、資本、信貸、諮詢、商品和數位領域，幫助農民提高商業效益。這是建議賣出並買入更好的產品，而不是進入生產。唯一的生產地點是[馬耳他]，我們在那裡出售一些肥料，但大部分是幫助農民進行投入和產出。而這個以前不存在的公司，到了現在，產量已經達到了700多萬噸。這是我們創紀錄的一年，725萬。

We are expecting to close that represents 6% of Argentine total growth. So, the largest broker of Argentina, making a very big net income, there was a drop this year because of inflation and devaluation, but still a very positive number that it's impacting the balance sheet of Cresud.

我們預計這一數字將佔阿根廷總成長的 6%。因此，阿根廷最大的經紀商，其淨收入非常高，今年由於通貨膨脹和貨幣貶值而有所下降，但這仍然是一個非常積極的數字，對 Cresud 的資產負債表產生了影響。

I will now introduce Mr. Santiago Donato that will share with us some progress relating to his ESG.

現在我將介紹聖地亞哥·多納托先生，他將與我們分享他在 ESG 方面的一些進展。

Thank you, Alejandro. Well, here in this page, we can share some of the main achievements on the ESG agenda this year. On the environmental side, we continue advancing in our RTRS certification program both in soybean and corn. In this campaign, we certified seven additional farms, reaching a total of nine in our portfolio in Argentina, almost 36,000 tons in soybean and in corn. This is approximately 25% of our total production of soy in Argentina and 15% in the case of corn.

謝謝你，亞歷杭德羅。好吧，在這個頁面上，我們可以分享今年 ESG 議程的一些主要成就。在環境方面，我們繼續推進大豆和玉米的 RTRS 認證計劃。在這次活動中，我們又認證了 7 個農場，使我們在阿根廷的投資組合中的農場總數達到 9 個，大豆和玉米產量接近 36,000 噸。這約佔阿根廷大豆總產量的 25% 和玉米總產量的 15%。

So we are very proud of this. This is a very well-known certification that implies that the farm was -- has no deforestation since 2008, and the best agricultural practices in the farm and also relationship with the communities near the farm. In parallel, we maintain our international certifications, including 2BS, Cargill Triple S, and the EPA. On the social front, one of the highlights of this year was the anniversary -- 20th anniversary of our school at Los Pozos farm in Salta. This is a school founded by Cresud in 2005, which today educates both primary and secondary students in the community. This is a farm that is 350 kilometers far away from the city of Salta.

所以我們對此感到非常自豪。這是一個非常著名的認證，表明該農場自 2008 年以來沒有砍伐過森林，並且採用了最佳的農業實踐，並且與農場附近的社區關係良好。同時，我們也保持著我們的國際認證，包括 2BS、嘉吉 Triple S 和 EPA。在社會方面，今年的亮點之一是周年紀念——我們在薩爾塔的 Los Pozos 農場的學校建校 20 週年。這是一所由 Cresud 於 2005 年創辦的學校，目前為社區的小學生和中學生提供教育。這是一個距離薩爾塔市350公里的農場。

So in the middle of anywhere that with the company provides, health service, a school inside the farm. Apart from that, more broadly, during 2025, we invested over ARS700 million in different communities in the country, in social programs directly and through Fundacion IRSA, building relationships with more than 80 NGOs and carrying out like 100 community initiatives. These actions reaffirm Cresud's long-term vision that is produced food responsibly from South America to the world, creating positive impact both on the environment and on the communities where Cresud operates.

因此，在公司提供的任何地方，農場內都有一所學校，提供醫療服務。除此之外，更廣泛地說，在 2025 年期間，我們向該國不同社區、直接向社會項目以及透過 Fundacion IRSA 投資了超過 7 億阿根廷比索，與 80 多個非政府組織建立了關係並開展了大約 100 項社區倡議。這些行動重申了 Cresud 的長期願景，即負責任地生產來自南美洲的食品並將其銷往世界各地，對環境和 Cresud 營運所在的社區產生積極影響。

I will now give the word to Matias Gaivironsky, CFO for Cresud Investments in IRSA and the financial chapter.

現在我將發言權交給 IRSA 和財務分會 Cresud Investments 的財務長 Matias Gaivironsky。

Thank you, Santi, and good afternoon, everybody. So if we move to page 13, we can see the results of our stake in IRSA where we control 54% of the shares. IRSA has a very good year, with a net gain of ARS196 billion compared with a loss last year of ARS32 billion.

謝謝你，桑蒂，大家下午好。因此，如果我們翻到第 13 頁，我們可以看到我們在 IRSA 的持股結果，我們控制著 54% 的股份。IRSA 今年表現非常好，淨收益達 1,960 億阿根廷比索，而去年則虧損 320 億阿根廷比索。

There was a strong annual recovery in shopping malls, with a 10% increase in pesos terms and a higher increase in dollar terms. Tenant sales finished the year with a small drop of 2.8%, but in very good levels, when we measure on historical records.

購物中心年度復甦強勁，以比索計算成長10%，以美元計算增幅更高。租戶銷售額全年小幅下降 2.8%，但從歷史記錄來看，已經處於非常好的水平。

About the malls' portfolio, there was a lot of movement in the portfolio. We acquire a new shopping center during the year. We acquired also a plot of land adjoining [Alto de Janea] to double the size of the shopping mall. And also we are launching a new mall development. It's a green field in La Plata City in the province of Buenos Aires.

關於購物中心的投資組合，投資組合中有很多變動。我們今年收購了一個新的購物中心。我們也收購了毗鄰 [Alto de Janea] 的一塊土地，以使購物中心的規模擴大一倍。此外，我們也正在啟動一個新的購物中心開發案。這是布宜諾斯艾利斯省拉普拉塔市的綠色田野。

About the office portfolio remain stable compared with the previous year with almost full occupancy and the hotels suffer a little drop in the margins because of the inflation. Basically, the tariff in dollar terms remain stable and the cost in pesos terms increased by inflation.

與前一年相比，辦公大樓組合保持穩定，入住率幾乎達到滿員，而飯店利潤率則因通貨膨脹而略有下降。基本上，以美元計算的關稅保持穩定，而以比索計算的成本因通貨膨脹而增加。

Another significant milestone during the year was the commercialization of Ramblas del Plata project. Remember, this is the most ambitious project of IRSA for the last decade or probably for the whole history of IRSA. We started the commercialization during the fiscal year and we already signed 13 transactions that IRSA will receive around 111,000 -- sorry, will receive around 58,000 square meters of sellable square meters in the future.

今年的另一個重要里程碑是 Ramblas del Plata 計畫的商業化。請記住，這是 IRSA 過去十年甚至可能是整個歷史上最雄心勃勃的項目。我們在本財年啟動了商業化進程，目前已經簽署了 13 筆交易，IRSA 未來將獲得約 111,000 —— 抱歉，是約 58,000 平方米的可售面積。

Also, there was a new issuance of a note in the international capital marketers atop the international capital market after probably 10 years. So we issued a $300 million notes that will expire in 2035. And as we already discussed it during the year, IRSA paid a significant dividends to Cresud and to the rest of the shareholders with an 8% dividend yield and 3.6% of own shares.

另外，大概10年後，國際資本市場又出現了新的國際資本市場發行機構所發行的票據。因此，我們發行了 3 億美元的票據，將於 2035 年到期。正如我們今年已經討論過的，IRSA 向 Cresud 和其他股東支付了可觀的股息，股息殖利率為 8%，自有股份殖利率為 3.6%。

On the right side of the slide, we can see the evolution in dollar terms of the EBITDA, and the rental EBITDA and we can see a significant improvement against last year, 15.3% and shopping malls reaching $169 million. That is a record for the last 10 years.

在幻燈片的右側，我們可以看到 EBITDA 和租金 EBITDA 以美元計算的演變情況，我們可以看到與去年相比有顯著的改善，增長了 15.3%，購物中心達到了 1.69 億美元。這是過去十年來的紀錄。

In the next page, so as part of the review of this fiscal year, we detected a mistake in the calculation of the inflation adjustment on a shared premium from the warrants exercise in fiscal years 2022, 2023, and 2024. Basically, the error duplicated the inflation adjustment, overstating the share premium and decrease the net income result.

在下一頁中，作為本財政年度審查的一部分，我們發現在計算 2022、2023 和 2024 財政年度認股權證行使的共享保費的通貨膨脹調整時存在錯誤。基本上，該錯誤重複了通貨膨脹調整，誇大了股票溢價並降低了淨收入結果。

For the last year, this decrease was approximately ARS17.8 billion. So after detecting this error and in line with IAS 8, the company restated the affected items of prior financial statement retroactively and the detail -- all details is presented in the current fiscal year. So we already, this -- in this page, we can see already the restated numbers of the previous year.

去年，這一數字下降了約 178 億阿根廷比索。因此，在發現此錯誤後，根據《國際會計準則第 8 號》，公司追溯重述了先前財務報表中受影響的項目，並在本財政年度列示了所有細節。因此，我們已經可以在這個頁面上看到上一年重述的數字。

So I will explain the main drivers of the increase that we are finishing the fiscal year with a net income of ARS224.3 billion compared with ARS163.8 billion.

因此，我將解釋成長的主要原因，即我們本財年的淨收入為 2,243 億阿根廷比索，而去年同期為 1,638 億阿根廷比索。

According to controlling interest is ARS96.1 billion against ARS135.7 billion of the last year. So there's many drivers here that affect the result. The main driver is in line six, the change in fair value of investment properties regarding IRSA regarding the urban properties, every quarter and then every year, IRSA revalued its investment properties according to different methodologies.

控股權益為 961 億阿根廷比索，而去年同期為 1,357 億阿根廷比索。所以這裡有很多驅動因素會影響結果。主要驅動因素在第六行，即 IRSA 投資性房地產公允價值的變化，關於城市房地產，每個季度，然後每年，IRSA 都會根據不同的方法重新評估其投資性房地產。

Last year, because of the evolution of the exchange rate and the inflation, we have to post a significant impairment of the investment properties. This year, we are recovering because basically the shopping malls with better performance and lower cost of capital, we improved significantly evaluation of the shopping malls, so that this year generates a gain of ARS6.6 billion. So when we see the rest of the results, we can see an improvement in the urban properties, if they operating income from the last year of ARS256 billion to a gain of ARS180.8 billion. Related to agribusiness, we can see a decrease from ARS96.3 billion to ARS49.1 billion gain this year that we will enter in more details in the coming pages.

去年，由於匯率和通貨膨脹的變化，我們不得不對投資性房地產提列重大減損。今年，我們正在復甦，因為基本上那些業績較好、資金成本較低的購物中心，我們大幅提高了對購物中心的評估，因此今年產生了 66 億阿根廷比索的收益。因此，當我們看到其餘結果時，我們可以看到城市房地產的改善，如果他們的營業收入從去年的 2560 億阿根廷比索增加到 1808 億阿根廷比索。與農業綜合企業相關的是，我們可以看到今年的收益從 963 億阿根廷比索下降到 491 億阿根廷比索，我們將在接下來的頁面中詳細介紹。

And also, the other important numbers are in line 13 and line 14 related to net financial results and income tax that also we will show it in the following pages. So going to the next one, we can see here the -- so entering more details on the operating results on the agricultural business.

此外，第 13 行和第 14 行中還有與淨財務結果和所得稅相關的其他重要數字，我們也將在以下頁面中展示。因此，進入下一個環節，我們可以在這裡看到 - 因此可以輸入有關農業業務經營成果的更多詳細資訊。

We can see that the drop this year against last year is basically related to lower results in farm and sales. Although we sold this year, Alejandro mentioned the four farms. Last year, we sold a little more, generating more results and also adjusting that by, inflation, this number is bigger. So this is the reason of the 30% drop. And when we see the farming activity on the right side of the page, we can see an improvement from ARS2.5 billion to ARS15.9 billion this year. So we can see an important gain in sugarcane related to better prices, and more yields and more area under production.

我們可以看到，今年與去年相比的下降主要與農場和銷售業績下降有關。儘管我們今年已經賣掉了，但亞歷杭德羅提到了四個農場。去年，我們的銷售量略有增加，業績也更好，根據通貨膨脹調整後，這個數字也更大了。這就是下降30%的原因。當我們看到頁面右側的農業活動時，我們可以看到今年的農業活動從 25 億阿根廷比索增加到了 159 億阿根廷比索。因此，我們可以看到甘蔗價格上漲、產量增加、生產面積擴大，進而帶來重要效益。

Also in cattle, we see a significant increase related to more production also and much better prices than inflation. Last year, the prices increased much lower than inflation; this year, much higher, so that generates results from the holding and also from the production.

同樣，在牛肉方面，我們也看到了產量的大幅成長，而且價格遠低於通貨膨脹率。去年，價格漲幅遠低於通膨率；今年，價格漲幅則高得多，因此，這既能產生持有成果，也能產生生產成果。

And about the grains, we see this drop from ARS3.9 billion to a loss of ARS5.6 billion that there different drivers here as well. There is an adjustment in the estimations that we did at the beginning of the campaign that generate a loss because of lower prices and a little lower yields that we expected at the beginning of the campaign.

至於穀物，我們看到其損失從 39 億阿根廷比索下降到 56 億阿根廷比索，這其中也有不同的驅動因素。我們在活動開始時所做的估算有所調整，由於價格較低且產量比活動開始時預期的要低，因此產生了損失。

And when we measure some numbers and historical levels without adjusting inflation, that is positive, but when -- then we adjust by inflation since prices increased lower than inflation, we are posting a decrease in the numbers. If we see the breakdown here between the part that came from Argentina, part from Brazil, Argentina is suffering against last year and Brazil is better than the previous year.

當我們在不調整通貨膨脹的情況下衡量一些數字和歷史水平時，這是正數，但是當我們根據通貨膨脹進行調整時，由於價格漲幅低於通貨膨脹率，我們公佈的數字就會下降。如果我們將這裡的數據分為來自阿根廷和巴西的部分，阿根廷的表現與去年相比有所下滑，而巴西的表現則比前一年有所好轉。

Going to next page and finally, we have the evolution of our, net financial results, that is still positive. So we have here basically all the interest burden of our debt and assets is still positive. We are -- since there is more devaluate -- sorry, there since there is more inflation than devaluation, all numbers related to our dollar denominated debt generate positive results. And also we have the evaluation of our all the liquidity and assets, financial assets that are generating positive numbers.

進入下一頁，最後，我們來看看淨財務表現的演變，這仍然是正面的。因此，我們債務和資產的利息負擔基本上仍然是正的。由於貶值幅度更大，抱歉，由於通貨膨脹率高於貶值幅度，因此與美元計價債務相關的所有數字都產生了積極的結果。我們也對所有流動性和資產以及產生正數的金融資產進行了評估。

Well, finally, with all of this, we are finishing this fiscal year with this gain of ARS224 billion and attributable to our controlling shareholders, ARS96.1 billion. About our debt, there were two transactions in the recent quarter. We issued two new bonds, one for a three=year tenure, $43.7 million at an interest rate of 8%.

最後，綜合以上所有，我們本財政年度結束時的收益為 2,240 億阿根廷比索，其中歸屬於控股股東的收益為 961 億阿根廷比索。關於我們的債務，最近一個季度有兩筆交易。我們發行了兩筆新債券，其中一筆期限為三年，金額為 4,370 萬美元，利率為 8%。

The other was a couple of weeks ago that we issued $31.3 million at a rate of 7.25% for a two-year tenure note. So with this, we are financing part of the amortization of this fiscal year 2026. So there is still a remaining that we are planning to refinance in the local market in the -- during this fiscal year. The net debt remains stable at levels of $354 million.

另一筆是幾週前，我們以 7.25% 的利率發行了 3,130 萬美元的兩年期債券。因此，我們正在為 2026 財年的部分攤提提供資金。因此，我們仍計劃在本會計年度在當地市場進行剩餘的再融資。淨債務保持穩定在 3.54 億美元的水平。

So with this, we finished the formal presentation. Now we open the line to receive your questions.

至此，我們的正式演講就結束了。現在我們開通熱線來接收您的提問。

(Event Instructions)

（活動須知）

Yeah, we have the first that is related to the value of Cresud today, given that it's undervalued in the opinion of this investor, if the management is considering taking an action in order to unlock value at [CRESI] today. He says that the market cap of Cresud is equal to the -- its value of its stake in IRSA, so the rest of the assets are given for free. So what's the opinion of the management here and if the management is thinking to take actions in this direction?

是的，第一個與 Cresud 目前的價值有關，因為在這位投資者看來，它被低估了，如果管理層正在考慮採取行動以釋放 [CRESI] 目前的價值。他說，Cresud 的市值等於其在 IRSA 的股份價值，因此其餘資產都是免費提供的。那這裡的管理階層的意見是什麼？管理階層是否正在考慮朝這個方向採取行動？

So let me answer the question. So if we analyze what we have been doing during the last five years, I would say that both IRSA and Cresud were very concentrated in our own capital structure. So we haven't launched significant projects during the last years because of the volatility basically in Argentina. There's different environment in Brazil, but we have been selling much more assets than buying assets and at the same time canceling debt, paying back to our shareholders through dividends and through buybacks of shares.

那麼就讓我來回答這個問題。因此，如果我們分析過去五年所做的事情，我會說 IRSA 和 Cresud 都非常集中在我們自己的資本結構中。由於阿根廷局勢動盪，我們在過去幾年沒有啟動重大計畫。巴西的情況有所不同，但我們出售的資產比購買的資​​產多得多，同時也取消了債務，透過股息和回購股票的方式回報股東。

So I think -- I'm trying to simplify also the structure -- our corporate structure, and also, so sometimes I think the question is related more between the arbitrage that you can see between IRSA and Cresud and which one is cheaper than the other. So that part we can't do the arbitrage is more for our investors than for the company itself.

所以我認為——我也試圖簡化結構——我們的公司結構，而且，有時我認為問題更多地與 IRSA 和 Cresud 之間的套利有關，以及哪一個比另一個更便宜。因此，我們不能進行套利，這對我們的投資者來說比對公司本身更重要。

What I -- what we can do and I think we have been doing a lot during the years, it was to pay dividends that our shareholders, if they believe that it's cheap, the shares, they can keep buying shares or also to launch buyback programs for the companies, that is something that we did probably during the three last years both Cresud and IRSA.

我所能做的，我想這些年來我們一直在做，就是向股東支付股息，如果他們認為股價便宜，他們可以繼續購買股票，或者為公司推出回購計劃，這可能是我們在過去三年中在 Cresud 和 IRSA 所做的事情。

But there we have some limitations. It's not that the company can buy back all the shares that we want. There is some restrictions according to the CMB about how much or about the value or the volume that we can buy. So we can do it through both ways, not to distribute dividends and our shareholders will buy or to buy back shares directly.

但我們仍存在一些限制。並不是說公司可以回購我們想要的所有股份。根據 CMB，對於我們可以購買的數量、價值或數量有一些限制。所以我們可以透過兩種方式來實現，不派發股息，由股東購買，或是直接回購股票。

Next question, if the company thinking in buying farms in Argentina or selling farms in the country? Are you seeing opportunities and in terms of prices, which trends do you -- are you seeing in the local country in Argentina?

下一個問題是，該公司是否考慮在阿根廷購買農場或在該國出售農場？您是否看到了機會？就價格而言，您在阿根廷當地看到了哪些趨勢？

Argentina, at the time that it's been reconnected to the world, it's giving more liquidity to the real estate. And with that, probably we are going to do the two. We are going to be selling some of the assets and reevaluate a lot and we don't see a lot of more potential, because of the situation of that land of that region.

阿根廷在重新與世界接軌的同時，也為房地產提供了更多的流動性。有了這些，我們可能會同時做這兩件事。我們將出售部分資產並進行重新評估，但由於該地區土地狀況，我們認為沒有太多潛力。

But at the same time to be buying again because some farms are very delayed of the prices of the world. So yes, I imagine liquidity is going to help us to do the two and we are in the process of doing the two, exactly that.

但同時，由於一些農場對世界價格的延遲，他們不得不再次購買。所以是的，我想流動性將幫助我們做到這兩點，而我們正在做這兩點，確實如此。

In Brazil, liquidity was not a subject and it was not in the past. It's still not in the present. Little lower prices comparing what they were, but there we are a little waiting for more adjustment on price to buy buying again because the adjustment is not enough to be buying actively.

在巴西，流動性不是一個問題，過去也不是。它仍然不在現在。與之前相比，價格略低，但我們還需等待價格進一步調整，以便再次買入，因為調整還不足以引起積極購買。

Yeah. If there is any other question, we give some minutes more, use the chat.

是的。如果還有其他問題，我們會再給您幾分鐘時間，使用聊天。

There's one more related to outlook for next campaign, what you're expecting in terms of prices, climate, in Argentina and the region.

還有一個問題與下一場活動的前景有關，您對阿根廷和該地區的價格、氣候有何預期。

We are going to record our plantation and our cattle, no cattle in the past, we had many years, a long time ago, some more cattle than now. But in the case of grain, we're going to surpass our records and we are going to -- I think we are doing a good adjustment on the margin and the intensification of agriculture. What I'm saying with that, you -- we are advancing a lot in searching machinery, following what we planned, understanding images.

我們要記錄我們的種植園和牛群，過去沒有牛，很多年前，很久以前，我們有牛，比現在多一些。但就糧食而言，我們將打破紀錄，而且我們將要——我認為我們正在對邊際和農業集約化進行良好的調整。我想說的是，我們在搜尋機械、按照計劃進行以及理解圖像方面取得了很大進展。

So there is a big change in agriculture for the future, and Cresud and Brasilagro, the two are adjusting their model for this moment of slower margins, smaller margins, and the -- we think we're going to do fast in a big size, no. We surpassing the 300,000 hectares of planted area and with the understanding of the -- and maturity of the land that in some regions, we were beginning land that was not enough mature, but it's beginning to be every year more.

因此，未來農業將發生巨大變化，Cresud 和 Brasilagro 兩家公司正在調整其模式，以適應利潤率下降、利潤率下降的現狀，而且——我們認為我們將在大規模上快速發展，不是嗎？我們的種植面積超過了 30 萬公頃，隨著對土地成熟度的了解，在某些地區，我們開始種植一些還不夠成熟的土地，但每年都在增加。

So we are optimistic that the tools that they are appearing on the market as Starlink is helping to give WiFi to whole --100% of some farms and following machinery and advancing in the using of less inputs per hectare because of that tracking of the machinery and the use of good herbicides and pesticides. We are expecting a big campaign related to climate. Up to now, the winter in Argentina was very good and rained a lot, so the winter crop is coming with a very good condition in our farms.

因此，我們樂觀地認為，像 Starlink 這樣的出現在市場上的工具將有助於為整個農場（100％）提供 WiFi，追蹤機械，並透過追蹤機械和使用優質的除草劑和殺蟲劑來減少每公頃的投入。我們期待一場與氣候有關的大型活動。到目前為止，阿根廷的冬天非常好，雨水充足，因此我們農場的冬季作物長得很好。

It's a little more relevant is the summer crop for us. So we are expecting a big and a good campaign and related cattle too, now. We expect the prices to keep high and with the big number of heads made in Argentina and growing in Paraguay.

對我們來說，這與夏季作物更相關。因此，我們現在期待一場盛大的、好的運動以及相關的牛群。我們預計價格將保持高位，並且阿根廷生產的魚頭數量將大幅增加，巴拉圭的魚頭數量也將不斷增加。

So yes, we expect a good year, related to beyond our step in Brazil related to the services of FyO and [Bon] is this year is surpassing 300,000 tons of servicing in Brazil, 5% of Argentine volume, but we are expecting to double to next year, so it's going to grow a lot in Brazil, our revolution on servicing. So we are optimistic that our company is very used to these prices because of our origin in Argentina.

所以是的，我們預計今年會是好年頭，這與我們超越巴西的步伐有關，與 FyO 和 [Bon] 的服務有關，今年我們在巴西的服務量將超過 300,000 噸，佔阿根廷服務的 5%，但我們預計明年將翻一番，因此巴西的服務量將大幅增長，這是我們在服務方面的革命。因此，我們樂觀地認為，由於我們的原產地是阿根廷，我們的公司已經非常習慣這些價格。

So we are expecting a good campaign for next year and maybe some small rebound in some of the prices. Saying that, we are going to have a -- next quarters, we are going to be discussing about the -- we hope to have more real estate too next year and mainly in Argentina. And so we are optimistic in the business and the company having these three branches. The operational and the two in the [more irrigation], we are going to keep doing more regulation in the region, so we are increasing in regulation of the region.

因此，我們預計明年的產季將會很好，部分價格可能會出現小幅反彈。話雖如此，我們將會——下個季度，我們將討論——我們希望明年能有更多的房地產，主要是在阿根廷。因此，我們對擁有這三個分支機構的業務和公司感到樂觀。在營運和[更多灌溉]兩方面，我們將繼續在該地區進行更多監管，因此我們正在加強對該地區的監管。

So the, operational, the real estate, and the services plus the other things that Cresud owns through IRSA. We are really very optimistic. So let's see and the gap that Argentina is going to receive if the government keeps doing what we expect that is reduction in taxes, they did the FX. So we expect some reduction on the taxes too is going to benefit us too again.

因此，Cresud 透過 IRSA 擁有營運、房地產和服務以及其他東西。我們確實非常樂觀。因此，讓我們看看，如果政府繼續按照我們預期的方式減稅，阿根廷將會收到多少差額，他們也採取了外匯政策。因此，我們預計稅收的減少也將再次使我們受益。

So saying that, we are optimistic in our evolution and keeping decreasing our debt, that was a very good job that we did the last five years.

所以說，我們對我們的發展持樂觀態度，並不斷減少我們的債務，這是我們過去五年做得非常好的工作。

There is another question. Late question, late question, and we close then with this, which is the cost of capital of the company? Or how do we estimate that and what are the best investment opportunities? I think I have to mention some in the agribusiness, but for the next couple of years, as a holding company or Cresud, which are the best investment opportunities that you are seeing?

還有一個問題。遲到的問題，遲到的問題，我們以此結束，公司的資本成本是多少？或者我們如何估計這一點以及最佳的投資機會是什麼？我想我必須要提到農業綜合企業中的一些，但是在接下來的幾年裡，作為控股公司或 Cresud，您看到的最佳投資機會是什麼？

Costs of capital, Mati, what is the cost of capital for Cresud, would you say?

資本成本，Mati，您認為 Cresud 的資本成本是多少？

Today we are using weighted average cost of capital more or less about 12%. So that is probably our harder rate today.

今天我們使用的加權平均資本成本約為 12%。所以這可能是我們今天的更艱難的利率。

And related to -- we are going to keep increasing the leasing the land probably in Argentina and the buying of farms in Brazil with the adjustment, but we don't mind up to when we find the opportunities. So we are patient enough. We have years of buying and years of selling, and in Brazil, it's not still clear that it's now the moment of buying. So I'm keeping investing in the technology to have a good margin in the volume that we have.

與此相關的是——我們將繼續增加在阿根廷的土地租賃，並隨著調整購買巴西的農場，但我們並不介意，直到我們找到機會為止。所以我們有足夠的耐心。我們已經進行了多年的購買和銷售，但在巴西，現在是否是購買的時機還不清楚。因此，我會繼續投資技術，以便在現有產量上獲得良好的利潤。

So we are expecting the campaign of 300 or close to 10,000. It's really a big campaign, so to be very effective related to production and service to the farms. So good condition for this company and in the company -- some companies in Argentina are suffering of solvency. And this company is really very strong, so that is helping.

因此，我們預計此次活動的參與人數將達到 300 人或接近 10,000 人。這確實是一場大型活動，對農場的生產和服務非常有效。這家公司的狀況很好，但阿根廷的一些公司面臨償付能力不足的問題。這家公司確實非常強大，所以這很有幫助。

If the contracts are long term, Cresud can get benefit of that too because this company can be leasing as Brazil does in 6, 10 or 12 years or sometimes 30 years. In case of Argentina, in the past, there were one year. Now we're increasing to two to three, and we can benefit on that because of the solvency of the company.

如果合約是長期的，Cresud 也可以從中受益，因為該公司可以像巴西一樣租賃 6 年、10 年、12 年甚至 30 年。就阿根廷而言，過去有一年。現在我們將其增加到兩到三家，並且由於公司的償付能力，我們可以從中受益。

Perfect. Well, with this, if there are no more questions, we can conclude the presentation. I think Alejandro will close the year, so we see you next quarter from the beginning of fiscal year 2026 and the initiation of the next campaign. Thank you very much.

完美的。好了，如果沒有其他問題的話，我們的演示就可以結束了。我認為亞歷杭德羅將結束這一年，所以我們將在下個季度從 2026 財年開始和下一個活動的啟動時見到你。非常感謝。

Thank you.

謝謝。