IRSA Inversiones y Representaciones SA (IRS) 2025 Q4 法說會逐字稿

Good afternoon, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the fiscal year '25 results conference call. First of all, I would like to remind you that both audio and a slide show may be accessed through company's Investor Relations website at www.irsa.com.ar by clicking on the banner webcast link.

大家下午好。我是IRSA的投資人關係主管聖地牙哥‧多納托，歡迎各位參加2025財年業績電話會議。首先，我想提醒各位，您可以透過公司投資者關係網站 www.irsa.com.ar，點擊橫幅網絡直播鏈接，即可訪問音頻和幻燈片演示。

The following presentation and the earnings release are also available for download on the company website. After management remarks, there will be a question-and-answer session for analysts and investors. If you want to make a question, please use the chat.

以下簡報和收益報告也可在公司網站上下載。管理層致詞後，將舉行分析師和投資人問答環節。如果想提問，請使用聊天功能。

Before we begin, I would like to remind you that this call is being recorded, and the information discussed today may include forward-looking statements regarding the company's financial and operating performance. All projections are subject to risks and uncertainties, and actual results may differ materially. Please refer to the detailed note in the company's earnings release regarding forward-looking statements.

在開始之前，我想提醒各位，本次通話正在錄音，今天討論的資訊可能包含有關公司財務和營運績效的前瞻性陳述。所有預測均存在風險和不確定性，實際結果可能與預測有重大差異。有關前瞻性陳述的詳細說明，請參閱公司盈利報告中的相關內容。

I will now turn the call over to Mr. Eduardo Elsztain, CEO.

現在我將把電話交給執行長 Eduardo Elsztain 先生。

Thank you so much. Good afternoon, everyone, and thank you for joining us today. We are closing fiscal year 2025 with strong progress and important milestones for IRSA.

太感謝了。各位下午好，感謝各位今天參加我們的節目。2025 財年即將結束，IRSA 取得了顯著進展並達成了重要里程碑。

First, we delivered a net gain of ARS196 billion compared to a significant loss in the previous year. Second, our Shopping Malls show a solid recovery with adjusted EBITDA growing by 10% year over year. Third point, we express our Malls portfolio through acquisition and developments, including Terrazas de Mayo, that's one we acquired from Carrefour, the adjoining piece land of Alto Avellaneda, which is eight hectares next to our shopping and the launch of a shopping center in La Plata, which has no shop in that city.

首先，我們實現了1,960億阿根廷比索的淨收益，而前一年則出現了重大虧損。其次，我們的購物中心業務呈現穩健復甦態勢，調整後 EBITDA 年成長 10%。第三點，我們透過收購和開發來展現我們的購物中心組合，包括從家樂福收購的 Terrazas de Mayo，毗鄰我們購物中心的 Alto Avellaneda 的八公頃土地，以及在拉普拉塔推出的購物中心，該購物中心在該市還沒有門市。

Four, regarding the Office segment, rents remained stable and occupancy of our premium portfolio reached almost 100%. Hotels were challenging by the appreciation of the Argentine peso against the US dollar and registered lower revenues and occupancy. Five, we also achieved significant progress in Ramblas del Plata with 13 transactions completed, including cash sales and swaps totaling approximately 111,000 sellable square meters. That's a big, big change for an asset that was in the company for more than 28 years.

第四，就辦公大樓市場而言，租金保持穩定，我們優質物業組合的入住率接近 100%。阿根廷比索對美元升值給酒店業帶來了挑戰，導致酒店收入和入住率下降。第五，我們在 Ramblas del Plata 也取得了重大進展，完成了 13 筆交易，包括現金銷售和交換，總計約 111,000 平方米可售面積。對於公司擁有超過 28 年的資產來說，這是一個非常大的改變。

Six, on the financing side, we successfully returned to the international debt market after nearly a decade, issuing $300 million in a Series XXIV notes with a 10-year tenure and executing the exchange of Series XIV notes.

第六，在融資方面，我們時隔近十年成功重返國際債務市場，發行了 3 億美元的 XXIV 系列票據，期限為 10 年，並執行了 XIV 系列票據的交換。

And seven, we distribute an 8% dividend during this fiscal year and treasury shares equivalent to 3.6% of our capital stocks. These achievements demonstrate IRSA resilience and our continued focus on creating long-term value for our shareholders.

第七，本財年我們將派發 8% 的股息，並發放相當於我們股本 3.6% 的庫存股。這些成就展現了IRSA的韌性，以及我們持續致力於為股東創造長期價值的決心。

Now I will leave you with the team to guide you through the presentation and the details of all the whole year, which has been a very special year. Thank you.

現在我將把工作交由團隊來指導大家完成演示，並詳細介紹過去一年的所有細節，這真是非常特別的一年。謝謝。

Thank you, Eduardo. Moving to the following page. Here, we can see the Shopping Malls performance. They continued their recovery process and observed very good results in the fourth quarter of fiscal year '25. Tenant sales grew by 3.2% compared to the same quarter in 2024 and ended the fiscal year a little bit below inflation, just 2.8% below due to the quarter performance during the first half of the fiscal year, but then EBITDA and revenues in the segment grew by 10% and 8%, respectively, in fiscal year '25 compared to 2024 as we have a big part of the revenues linked directly to inflation.

謝謝你，愛德華多。跳轉至下一頁。在這裡，我們可以看到購物中心的表現。他們繼續推進復甦進程，並在 2025 財年第四季取得了非常好的成果。與 2024 年同期相比，租戶銷售額增長了 3.2%，本財年結束時略低於通貨膨脹率，僅比通貨膨脹率低 2.8%，這主要是由於本財年上半年的季度業績，但與 2024 年相比，2025 財年該部門的 EBITDA 和收入分別增長了 10% 和 8%，因為我們的大部分收入與通貨膨脹相關。

The stock increased due to the incorporation of Terrazas de Mayo that Jorge Cruces will explain later, adding almost 34,000 square meters to the portfolio and reaching a little bit more than 370,000 square meters of GLA.

由於 Terrazas de Mayo 的併入（Jorge Cruces 稍後將對此進行解釋），庫存增加，為投資組合增加了近 34,000 平方米，總建築面積略高於 370,000 平方米。

Occupancy remained at very, very high levels, close to 98%. This excludes Terrazas de Mayo, as we have recently acquired it, and we expect to improve its occupancy in the upcoming months. In fact, we bought it with an 81% occupancy and currently is at levels of 89% Terrazas de Mayo.

入住率保持在非常非常高的水平，接近 98%。這不包括 Terrazas de Mayo，因為我們最近收購了它，我們預計在接下來的幾個月中會提高它的入住率。事實上，我們買下它時入住率為 81%，目前 Terrazas de Mayo 的入住率達到了 89%。

In page number 4, here we have the Office segment. This segment remained quite stable. We sold a floor, an additional floor of [Haciendo] Della Paolera, so we have today a stock 58,000 square meters. Then rents remains quite stable in levels of $25 per square meter per month, and occupancy was reached almost full occupancy in our premium portfolio at almost 100%, 99.6%.

第 4 頁是「辦公室」部分。該部分市場保持了相當穩定。我們賣掉了[Haciendo Della Paolera]的一層，也就是額外的一層，所以我們現在有58000平方米的庫存。然後，租金保持相當穩定，每月每平方米 25 美元，而我們優質物業組合的入住率幾乎達到滿租，接近 100%，99.6%。

Moving to the Hotel. The Hotel segment has [represented the] challenge this year after two years of record EBITDA and occupancy. The tourism activity in Argentina faced this year a situation of lower influx of international tourism in the country due to the FX appreciation of the peso compared to the dollar. So occupancy decreased from levels of 66% two years ago to levels of 60%, 61% and rates per room also adjusted a little bit, and we observed lower margins in this segment.

前往酒店。酒店業在經歷了兩年創紀錄的 EBITDA 和入住率之後，今年面臨挑戰。由於比索對美元升值，阿根廷今年的旅遊業面臨國際旅客數量減少的局面。因此，入住率從兩年前的 66% 下降到 60%、61%，每間客房的價格也略有調整，我們觀察到該領域的利潤率較低。

Here, we have the ESG progress during the year. We made a lot of progress on our ESG agenda during this fiscal year '25. Today, over 90% of our malls are transitioned to LED lighting, and we have the solar panels in three additional malls, Alto Palermo, Dot and Distrito Arcos, in addition to Mendoza Plaza. This is still incipient in our portfolio, but if conditions allow, the plan is to increase our exposure to renewable energy in our malls.

這裡展示的是本年度的 ESG 進度。在 2025 財年，我們在 ESG 議程上取得了巨大進展。如今，我們超過 90% 的購物中心都已改用 LED 照明，除了 Mendoza Plaza 之外，我們還在另外三個購物中心（Alto Palermo、Dot 和 Distrito Arcos）安裝了太陽能電池板。這在我們目前的投資組合中仍處於起步階段，但如果條件允許，我們計劃增加在購物中心使用再生能源的比例。

We also completed our third carbon balance measurement, and we are currently working on mitigation plans and a climate risk metric to guide future actions in our malls and offices. 80% of our carbon balance comes from electricity. So it's a Scope 2, and we are working very, very hard in mitigating that measurement.

我們也完成了第三次碳平衡測量，目前正在製定減排計畫和氣候風險指標，以指導我們商場和辦公室未來的行動。我們80%的碳排放來自電力。所以這是範圍 2，我們正在非常努力地減輕這種測量的影響。

On the social front, remember that we own -- we have a very -- an old, from 1996, foundation called IRSA Foundation together with [directly] and through Fundacion. This year, IRSA invested like ARS500 million in different type of actions, benefiting like 70,000 people. We also have a contact center serving more than 400,000 customers in our malls. So reinforcing inclusion through different certifications and programs. So these are good milestones that reflects our focus on sustainability and long-term value creation.

在社會方面，請記住我們擁有——我們有一個非常——歷史悠久的基金會，成立於 1996 年，名為 IRSA 基金會，與 Fundacion 直接合作。今年，IRSA投資了約5億阿根廷比索用於各種類型的行動，惠及約7萬人。我們還有一個客服中心，為我們商場的 40 多萬名顧客提供服務。因此，要透過不同的認證和項目來加強包容性。這些都是很好的里程碑，體現了我們對永續發展和長期價值創造的重視。

I will now turn to Jorge Cruces, CIO of the company, for the projects of the year.

接下來，我將請公司資訊長 Jorge Cruces 為大家介紹年度最佳專案。

Thank you, Santiago. Good morning, everybody. Well, we started our fiscal year with 336,000 square meters of GLA, having 15 shopping centers. In December, we bought our 16th shopping center, Terrazas de Mayo, which added 34,000 square meters more to our portfolio, reaching 371,000 square meters. The acquisition of the plot next to Alto Avellaneda mall increased another 32,700 square meters. We are developing [La Plata] shopping mall, amplifying another 22,000 square meters of GLA. By the way, we estimate its opening for May 2027.

謝謝你，聖地牙哥。大家早安。本財年開始時，我們的總建築面積為 336,000 平方米，擁有 15 個購物中心。12 月，我們收購了第 16 個購物中心 Terrazas de Mayo，使我們的投資組合增加了 34,000 平方米，達到 371,000 平方米。收購 Alto Avellaneda 購物中心旁的地塊，使建築面積增加了 32,700 平方米。我們正在開發[拉普拉塔]購物中心，新增22,000平方公尺的建築面積。順便一提，我們預計它將於 2027 年 5 月開業。

Altogether, the growth adds up to 426,000 square meters of GLA, boosting 27% our portfolio. There's also been strong real estate activity on the residential development side. Del Plata Building Trust, located in the heart of the theater district of Buenos Aires, kind of like the Broadway of Buenos Aires, this development has 720 residential units in eight retail spaces, altogether, 35,000 square meters of sellable area.

總計新增建築面積達 426,000 平方米，使我們的投資組合成長了 27%。住宅開發方面也出現了強勁的房地產活動。Del Plata Building Trust 位於布宜諾斯艾利斯劇院區的中心地帶，有點像布宜諾斯艾利斯的百老匯，該項目擁有 720 套住宅單元和 8 個零售空間，總共有 35,000 平方米的可售面積。

To date, we've sold 76 units for $11.4 million at an average price above of $4,000 per square meters. Most of the trusters are not selling yet. Some of them even want to keep the apartment for themselves. As for the construction phase, we are currently running tenders for demolition, concrete structure, masonry and basin level installations.

截至目前，我們已售出 76 間單元房，總售價為 1,140 萬美元，平均售價超過每平方公尺 4,000 美元。大多數受託人尚未出售。他們有些人甚至想把公寓據為己有。至於施工階段，我們目前正在進行拆除、混凝土結構、砌體和水池安裝的招標。

Nuevo Quilmes II, we own 124 single-family lots. To date, 41 lots have been sold for $6.3 million at an average price of $247 per square meter. We expect that the infrastructure will be completed by next summer. [Coto] Abasto towers, the project is located across the street from Abasto shopping mall. We've sold eight units for $1.1 million. The average price sale is currently around $2,600 per square meter. The handover of these units is planned for the next couple of weeks. Actually, we started yesterday.

Nuevo Quilmes II，我們有 124 個獨​​棟住宅地塊。截至目前，已售出 41 塊土地，總成交額為 630 萬美元，平均價格為每平方公尺 247 美元。我們預計基礎設施將於明年夏天完工。[Coto] Abasto 大廈，該項目位於 Abasto 購物中心對面。我們已售出 8 套，總收入 110 萬美元。目前平均售價約為每平方公尺 2600 美元。這些單元的交接計劃在未來幾週內進行。實際上，我們昨天就開始了。

Ramblas del Plata, is one of the most outstanding real estate developments ever undertaken in the City of Buenos Aires, set in a premium location right next to Puerto Madero. Given the strong interest in the project, we decided to expand the initial sales stage from 14 lots to 20, meaning Stage 1 plus now covers around 164,000 sellable square meters. We sold two lots: A number 2 and A number 13, both with approximately 45,000 sellable square meters. The total transaction value was $30.5 million.

Ramblas del Plata 是布宜諾斯艾利斯市有史以來最傑出的房地產開發項目之一，位於緊鄰馬德羅港的黃金地段。鑑於大家對此專案的濃厚興趣，我們決定將首期銷售階段從 14 個地塊擴大到 20 個地塊，這意味著第一期及以後的可售面積約為 164,000 平方米。我們售出了兩塊土地：A 2 號地塊和 A 13 號地塊，兩塊土地可售面積均為約 45,000 平方公尺。交易總額為3050萬美元。

Additionally, we swapped 11 lots, totaling approximately [65,500] sellable square meters with a total value of $50.6 million. The combined value of these deals stands at $81 million, covering [110,000] sellable square meters to be developed.

此外，我們也交換了 11 塊土地，總計約 [65,500] 平方公尺可出售土地，總價值為 5,060 萬美元。這些交易的總價值為 8,100 萬美元，涵蓋待開發的 11,0000 平方米可售面積。

Now I'll give the floor to our CFO, Matias Gaivironsky. Thank you.

現在我將把發言權交給我們的財務長馬蒂亞斯·蓋維龍斯基。謝謝。

Thank you, Jorge. Going to page 11. So here we can see some information about our stake in Banco Hipotecario. IRSA has a 29% stake in the bank. So the main milestone for the year for the bank, there was a reduction in the ratios, basically because of lower margins in the financial area. The interest rate and the gaps today are much lower than the year ago, so that are generating a reduction in the ratios.

謝謝你，豪爾赫。轉到第11頁。這裡我們可以看到一些關於我們在 Banco Hipotecario 的股份資訊。IRSA持有該銀行29%的股份。因此，該銀行今年的主要里程碑是各項比率的下降，這主要是由於金融領域的利潤率降低。目前的利率和缺口遠低於一年前，因此導致比率下降。

The results to IRSA reflect that. So that year, Banco Hipotecario contributed with ARS40.8 billion to IRSA, this year is ARS13.6 billion. The ratios are in good -- the solvency ratios and NPL are in good shape. And something important was that Banco Hipotecario started to distribute dividends. Last year distributed, was -- the part of IRSA was ARS13 billion. This year IRSA will receive ARS18 billion from the bank. This was, for the first time in many years, that bank paid two year in a row dividends.

提交給IRSA的結果也反映了這一點。所以那一年，Banco Hipotecario 向 IRSA 貢獻了 408 億阿根廷比索，而今年是 136 億阿根廷比索。各項比率都很好——償付能力比率和不良貸款率都處於良好狀態。更重要的是，Banco Hipotecario 開始發放股息。去年分配的金額為——IRSA 的一部分為 130 億阿根廷比索。今年IRSA將從該銀行獲得180億阿根廷比索。這是該銀行多年來首次連續兩年派發股息。

Also important to mention that Banco Hipotecario was the first Argentinian bank to restore the mortgage loans in the country. And after that, many other banks also started to provide mortgages. Remember that Banco Hipotecario has around 2% market share of the banking industry. And in this market, we are one of the leaders and the market share is 4%.

值得一提的是，Banco Hipotecario 是阿根廷第一家恢復抵押貸款業務的銀行。此後，許多其他銀行也開始提供抵押貸款。請記住，Banco Hipotecario 在銀行業市場佔有率約為 2%。在這個市場中，我們是領先者之一，市佔率 4%。

Going to our financial results. So we can see that during the year, we finished the -- with a net income of ARS196 billion compared with a loss last year of ARS32 billion. There are some effects in different lines. The main line is line 4, the change in the fair value of our investment properties. During the year, there was an appreciation of the peso and also there was a big reduction in the Blue-Chip Swap Exchange Rate. Remember that we value the offices and the land bank at the Blue-Chip Swap.

接下來我們將公佈財務業績。因此我們可以看到，在這一年中，我們實現了淨收入 1,960 億阿根廷比索，而去年則虧損了 320 億阿根廷比索。不同線路之間存在一些影響。主線是第 4 行，即我們投資性房地產公允價值的變動。年內，比索升值，藍籌股掉期匯率也大幅下降。請記住，我們在藍籌股互換中重視辦公大樓和土地儲備。

And since we saw an appreciation in real term, of that exchange rate, we posted significant losses regarding both offices and land bank. But when we also include the shopping malls, there was also almost a flat results in that line, only ARS2.5 billion reduction against ARS488 billion last year. About the shopping malls, we increased valuation because we are performing a DCF model where the cost of capital released in Argentina and also the performance of shopping malls were much better than previous year.

由於我們看到實際匯率升值，我們在辦公室和土地儲備方面都遭受了重大損失。但如果我們把購物中心也算進去，這項的業績幾乎持平，僅比去年的 4,880 億阿根廷比索減少了 25 億阿根廷比索。關於購物中心，我們提高了估值，因為我們正在進行 DCF 模型分析，其中阿根廷釋放的資本成本以及購物中心的表現都比去年好得多。

The combination of the two drivers generate an appreciation of the Malls in dollar terms of almost ARS500 million. So today, our malls in our books are valued at ARS1.2 billion -- $1.2 billion that, in terms of ratios, it's more or less 7.5 times EBITDA.

這兩個因素共同作用，使購物中心的價值以美元計價增加了近 5 億阿根廷比索。因此，今天我們帳面上的購物中心估值為 12 億阿根廷比索——12 億美元，以比率計算，大約是 EBITDA 的 7.5 倍。

And the other important effects are in the line 10, the income tax and in line 9, the net financial results that we can see in the following pages. The next one entering more detail about the adjusted EBITDA. As Santi mentioned, there was a very good performance in our shopping malls, increasing 10% in real terms against last year. This is in pesos and a reduction in Offices and in Hotels. The Hotel segment is the most affected because of the current macro situation and an increasing cost in pesos term adjusted by inflation with a rate in dollars that was flat during the year and some reduction in occupancy.

其他重要影響體現在第 10 行（所得稅）和第 9 行（淨財務結果），我們可以在接下來的幾頁中看到。接下來將詳細介紹調整後的 EBITDA。正如桑蒂所提到的，我們的購物中心表現非常好，與去年相比實際成長了 10%。這是以比索計算的，辦公室和酒店都有折扣。受當前宏觀經濟情勢和比索價格上漲（經通貨膨脹調整後，以美元計價的匯率在年內保持穩定）以及入住率下降的影響，酒店業受到的影響最大。

The Office segment remained stable. We have today a smaller portfolio of 58,000 square meters that is fully occupied with a stable tariff in dollar terms. But when we compare with the previous year, that inflation was higher than the valuation. And since this year, we sold a floor in one of our office buildings. That is the reduction that business remained stable.

辦公板塊保持穩定。我們目前擁有的物業組合規模較小，為 58,000 平方米，全部出租，租金以美元計價保持穩定。但與前一年相比，通貨膨脹率高於估值。今年以來，我們賣掉了一棟辦公大樓裡的一層。這是業務維持穩定的一個縮減幅度。

In terms of margins, you can see an improvement in shopping malls, a little reduction in offices and the hotels that there we have a big impact this year. About the net financial results. There was a reduction in the numbers, but still positive that line. Part is generated by appreciation of the peso, part is generated by the valuation of our liquidity and the investment of our liquidity and the inflation adjustment.

從利潤率來看，購物中心的利潤率有所提高，而辦公大樓和酒店的利潤率則略有下降，今年這些行業受到了很大的影響。關於淨財務業績。數量有所減少，但這條線仍然呈正增長。部分資金來自比索增值，一部分資金來自我們流動性的估值和流動性的投資以及通貨膨脹調整。

And about taxes, this year, IRSA started to pay taxes again. We used to have a tax credit during the last years. There was that we already consumed all the tax credit and now we will start to pay cash component this year. With all this, we finished the year with this profit of ARS196 billion.

至於稅務方面，今年IRSA又開始繳稅了。過去幾年我們一直享有稅收抵免。我們已經用完了所有的稅收抵免，今年我們將開始支付現金部分。綜上所述，我們最終實現了1960億阿根廷比索的利潤。

Here, we can see information in dollar terms and evolution of our rental EBITDA for the last 10 years. So leaving aside the pandemic that was a worst crisis for the company ever, we can see the resiliency in dollar terms. No matter the context of Argentina and the volatility of Argentina, we were able to maintain good levels of cash generation in dollar terms in all the years. This year, especially, we had a record in the Shopping Malls, $169 million generated from the Shopping Mall segment that is record for the last 10 years.

在這裡，我們可以看到以美元計價的資訊以及我們過去 10 年的租賃 EBITDA 的變化。因此，撇開疫情這場對公司而言前所未有的危機不談，我們可以從美元的角度來看待其韌性。無論阿根廷的局勢如何變化，無論阿根廷的經濟多麼動盪，我們多年來都能保持良好的美元現金流。今年，購物中心業務尤其創下紀錄，購物中心業務收入達到 1.69 億美元，創下近 10 年來的最高紀錄。

About our debt structure. We believe that we have a very healthy debt position today with only $184 million of net debt. In terms of ratio, this is 1 times EBITDA or 8% of our assets or 12% of coverage ratios are very, very conservative. So we are ready to grow and to increase our debt if we find good opportunities to acquire or to develop interest projects.

關於我們的債務結構。我們認為公司目前的債務狀況非常健康，淨債務僅 1.84 億美元。就比率而言，這相當於 EBITDA 的 1 倍，或我們資產的 8%，或覆蓋率的 12%——這些比率都非常非常保守。因此，如果我們發現收購或開發相關項目的絕佳機會，我們已做好成長和增加債務的準備。

So our debt today is very well structured and long-term, spread about the next 10 years. So the duration, we extend the tenure significantly with the issuance that we did in March, extending the debt for the next 10 years.

因此，我們目前的債務結構非常合理，期限較長，大約持續 10 年。因此，透過我們在 3 月發行的債券，我們大幅延長了債券期限，將債務期限延長了 10 年。

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

至此，正式的演示環節就結束了。現在我們開通提問專線。

(Operator Instructions)

（操作員指示）

We have a question from BTG. Says that with inflation coming down and early signs of mortgage market reemerging in Argentina, how do you see this impacting demand for residential projects and your broader land bank monetization strategy? And on the supply side, how do you see the construction activity responding in the upcoming months?

我們收到BTG提出的問題。鑑於通貨膨脹下降，阿根廷抵押貸款市場出現復甦的早期跡象，您認為這將如何影響住宅項目的需求以及您更廣泛的土地儲備貨幣化策略？那麼在供應方面，您認為未來幾個月建築活動將如何應對？

I will repeat the question. With inflation coming down and early signs of mortgage market remerging in Argentina, how do you see this impacting demand for residential projects and your broader land bank monetization strategy? And on the supply side, how do you see construction activity responding in the coming months?

我將重複這個問題。隨著通貨膨脹下降，阿根廷抵押貸款市場出現復甦的早期跡象，您認為這將如何影響住宅項目的需求以及您更廣泛的土地儲備貨幣化策略？那麼在供應方面，您認為未來幾個月建築活動將如何應對？

Well, we've been talking about this this last, I don't know, six months that, obviously, with mortgages, the stock of apartments in Buenos Aires started to move, mostly Buenos Aires, but the whole Argentina has been great these last six months. And we said there was a lot of activity. Prices even went up 20%, 30%, 50% depending the neighborhoods.

嗯，過去六個月我們一直在討論這個問題，很明顯，隨著抵押貸款的增加，布宜諾斯艾利斯的公寓庫存開始流動，主要是布宜諾斯艾利斯，但過去六個月整個阿根廷的情況都很好。我們說當時活動很多。根據地段不同，房價甚至上漲了 20%、30%、50%。

Now regarding construction, construction it's a little bit higher because the labor is higher in dollars. So in the near future, I suppose it's going to be less construction maybe than last year, but there's still some stock to be sold.

至於建築業，由於勞動成本較高（以美元計），所以建築業的成本略高一些。所以，我估計在不久的將來，建築活動可能會比去年減少，但仍會有一些庫存需要出售。

So I think the mortgages has helped Argentina to get out of a crisis of stock. There's not much more apartments to be bought that have been invested during these last 10 or 15 years. So I think it's going to be -- from next year, there's going to be a lot of construction and new activity. But nowadays, I think the mortgages had mostly affected what was already in stock, and some apartments that were rented were starting to be bought. And I think we're going to have a great year next year.

所以我認為抵押貸款幫助阿根廷擺脫了股票危機。過去10到15年間投資興建的公寓已經不多了，現在可供購買的公寓數量並不多。所以我認為從明年開始，將會有許多建設和新的活動。但如今，我認為抵押貸款主要影響的是現有庫存，一些原本出租的公寓也開始被購買了。我認為明年我們會迎來非常棒的一年。

Something else about the mortgage industry, probably what is today missing in the sector that there is probably a lack of funding for the banks. Now the banks are providing mortgages, the demand over the banks is huge. Probably the banks today are limiting the offer because the lack of funding.

關於抵押貸款行業，還有一點需要說明，那就是目前該行業可能存在的問題是銀行資金不足。現在銀行開始提供抵押貸款，對銀行貸款的需求龐大。銀行目前限制貸款額度可能是因為資金不足。

What is missing is that the securitization market where the banks can sell part of the portfolio in the market. So we believe that there is a normalization in the market and no risk of devaluations and fluctuation of exchange rate and inflation maybe that market will appear. And that is what is today missing to have a real market and a real offer from different players in the market.

目前缺少的是證券化市場，銀行可以在市場上出售部分投資組合。因此，我們認為市場正在走向正常化，不存在貨幣貶值和匯率波動以及通貨膨脹的風險，或許市場將會恢復正常。而這正是如今要形成真正的市場，以及市場上不同參與者提供真正有價值的產品所缺乏的。

Another question regarding the electoral climate. How important is for IRSA what's going to happen next October? And if we expect some political economic stability in the coming months.

關於選舉情勢的另一個議題。對於愛爾蘭稅務局 (IRSA) 來說，明年十月將要發生的事情有多重要？如果我們預期未來幾個月政治經濟會保持穩定。

I don't know the answer. I hope to know, but we really don't know what will be the outcome of the elections. Of course, always an election in Argentina generate uncertainty and volatility. What IRSA has proven during the last, I would say, 30 years is that, no matter the context, we have a very resilient business that always the main drivers of volatility in Argentina came from inflation and devaluation. We have assets that are dollar-denominated and our structure of revenues are hedged against the inflation.

我不知道答案。我希望知道結果，但我們真的不知道選舉結果會是什麼。當然，阿根廷的選舉總是會帶來不確定性和波動性。IRSA 在過去 30 年裡已經證明，無論環境如何，我們的業務都非常具有韌性，而阿根廷經濟波動的主要驅動因素始終是通貨膨脹和貨幣貶值。我們擁有以美元計價的資產，我們的收入結構已對沖了通貨膨脹的影響。

Having said that, of course, we need an economy that grow and with a sustainable growth. Now of course, this volatility is not good for anyone in terms of taking major decisions. We're going to launch us. We are doing many projects. We need to see a stable economy, but this is for our growth. For our existing portfolio, I will say that we have proved that in many different contexts, we are able to manage the company.

當然，話雖如此，我們也需要一個能夠成長且可持續成長的經濟體。當然，這種波動對任何人做出重大決定都不利。我們將啟動我們的專案。我們正在進行許多項目。我們需要穩定的經濟，但這關乎我們的發展。對於我們現有的投資組合，我想說，我們已經證明，在許多不同的情況下，我們都有能力管理好公司。

Here's a question regarding the financing. If we are considering tapping the domestic or international markets to fund projects, how do you see volatility and interest rates in the coming quarters?

這裡有一個關於融資的問題。如果我們考慮利用國內或國際市場為專案融資，您如何看待未來幾季的市場波動和利率？

No, we are not thinking to go to the market with our current capital structure and the cash position of the company. And with current plans, as Jorge mentioned, the projects that we already launched, we can fund the operations without the need to go to the market. If we see a good opportunity to acquire something, of course, our capital structure and the [net] position allow us to increase. But with the organic growth, we don't need to go again to the market in the coming quarters.

不，我們目前沒有考慮以公司的資本結構和現金狀況進入市場。正如豪爾赫所提到的，按照目前的計劃，對於我們已經啟動的項目，我們可以在無需進入市場的情況下為營運提供資金。如果我們發現收購的好機會，當然，我們的資本結構和（淨）資產狀況允許我們進行增持。但憑藉內生成長，我們未來幾季不需要再次進入市場。

I'm sorry, and about the interest rates and what is happening about the peso curve today, we hope to see a normalization of that. IRSA today has no debt in pesos, but you know that Argentina during the last two months were very volatile in terms of the interest rate. That will affect definitely consumption. If the interest rates remain very high, and the consumer financing disappear, that will affect consumption. So we hope to see a normalization of the peso curve after the elections.

很抱歉，關於利率以及目前比索曲線的情況，我們希望看到它恢復正常。IRSA 目前沒有比索債務，但您也知道，阿根廷在過去兩個月的利率波動非常劇烈。那肯定會影響消費。如果利率持續高企，消費融資消失，這將影響消費。所以我們希望大選後比索匯率能夠恢復正常。

Here, there is a question regarding the difference in the square meters sold at Ramblas and this is because we have recently made an addendum to one previous transaction, adding $7 million and approximately 5,000 additional square meters. That is something that we can discuss details, but it's just an addendum to a previous transaction. And this is why today, we are showing like 111,000 square meters from swaps and sales in the total Ramblas Del Plata.

這裡有一個關於蘭布拉大道售出面積差異的問題，這是因為我們最近對之前的交易進行了補充，增加了 700 萬美元和大約 5000 平方米的額外面積。我們可以詳細討論這個問題，但這只是對先前交易的補充。因此，今天我們展示了 Ramblas Del Plata 地區透過交換和銷售獲得的約 111,000 平方米的房產。

That was a transaction that was signed for a specific plot of land. And then the buyer decided to change in a better location and better unit. So we received the deal. We charged them difference in price and they paid for that. And now they have a bigger project.

那是一份針對特定地塊簽訂的交易協議。然後買家決定換一個位置更好、房子更好的單位。我們達成了協議。我們向他們收取了差價，他們也支付了這筆費用。現在他們有了一個更大的項目。

Another -- an additional question related to this is how do you see the pace of future sales in Ramblas evolving from here? If we should expect this to maintain or to accelerate at Ramblas. (inaudible)

另一個相關的問題是，您認為蘭布拉大道未來的銷售速度將如何發展？如果我們應該預期這種情況在蘭布拉大道上會持續或加速發展。（聽不清楚）

We're doing much faster than we thought we would. So we're very happy. We started by The Bay. The Bay is mostly completed. And now, as I said before, we're going -- it's bigger. We went from 14 to 20 lots. And I think we're going to be -- it's going to continue. I think the developers are going to continue to be buying in Ramblas. We are very interested in having the best developers of Argentina and the region in Ramblas. So I think it's going to happen. I think we are going to be selling all 20 lots in the next six months or eight months, what's left of what we have planned to be sold.

我們所取得的進展比預想的快得多。所以我們非常高興。我們從海灣出發。海灣工程已基本完工。現在，正如我之前所說，我們要去——它更大了。我們從14個地塊增加到20個地塊。我認為這種情況將會持續下去。我認為開發商們會繼續在蘭布拉大道購買房產。我們非常希望將阿根廷和該地區最優秀的開發商引入蘭布拉大道。所以我認為這件事會發生。我認為我們將在未來六個月或八個月內售出所有 20 塊土地，也就是我們計劃出售的剩餘部分。

Perfect. One that we have already answered.

完美的。我們已經回答過這個問題了。

And prices, I don't know if they ask prices, but we've been -- I think the price that we've been selling, it's almost 800 and something for each sellable square meter. And the swaps, I think they're going to be going up. So the swaps might be close to 30 and the prices should be over 850 for each sellable square meter in the future.

至於價格，我不知道他們是否會問價格，但我們一直以來的售價——我認為我們一直以來的售價，大約是每平方米800多元。我認為互換利率將會上漲。因此，交換數量可能接近 30，未來每平方公尺可販賣價格應超過 850。

Another question regarding Hotels. If we expect to divest our small position there in Hotels, or joining with our partner, or what are the expectations there with hotels?

關於酒店的另一個問題。如果我們打算剝離我們在酒店業的少量股份，或與我們的合作夥伴合併，那麼我們對酒店業的預期是什麼？

Well, we always analyze opportunities if appears in the market. You know that we haven't grew in the Hotel segment for many years now. So we have the portfolio of the three hotels. Last year was probably the record high in our history. This year is a little more affected, but we are not growing. And if there is opportunities to sell some of our assets, maybe we will analyze.

我們始終會分析市場上出現的各種機會。你知道，我們在酒店業務領域已經很多年沒有成長了。所以我們擁有這三家酒店的投資組合。去年可能是我們史上最高的年份。今年受到的影響稍大一些，但我們並沒有成長。如果存在出售部分資產的機會，我們或許會進行分析。

Questions regarding Manzana 35 project in Caballito, if it is advancing.

關於卡瓦利託的 Manzana 35 項目，請問該項目是否正在推進？

We're planning to launch Manzana 35, one of the towers, between March and May next year. It all depends on the elections, the situation of the country next year. But most possibly, we're going to launch one of the towers next year, between March and May.

我們計劃於明年三月至五月間推出其中一座塔樓－Manzana 35。這一切都取決於選舉結果以及明年的國家局勢。但最有可能的情況是，我們將在明年三月到五月之間發射其中一座發射塔。

Questions regarding dividends. Are we expecting to pay this year?

關於股利的問題。我們預計今年需要付款嗎？

Yes, we are expecting to pay like last years. We haven't defined yet the final proposals. So we will submit to our shareholders' meeting by the end of the month, the proposal. So we have time until that moment. But yes, the idea is to keep paying the dividends.

是的，我們預計支付金額將與去年相同。我們尚未確定最終方案。因此，我們將在本月底前將該提案提交給股東大會。所以，在那一天到來之前，我們還有時間。是的，我們的想法是繼續發放股利。

Some additional questions. Do you plan to build new offices as rental properties, something that the company is thinking today?

還有一些問題。公司目前正在考慮是否計劃建造新的辦公大樓作為出租物業？

Yes, we actually are thinking about that. We are very concentrated at the moment, close to the Dot shopping mall. We already have two office buildings. And most possibly next year, we may start construction of more office buildings in the Dot section. At least one of the two that we have planned, we may start next year construction, adding around 15,000 square meters of GLA.

是的，我們確實在考慮這個問題。我們目前位置非常集中，靠近Dot購物中心。我們已經有兩棟辦公大樓了。明年很可能就會在 Dot 區開始建造更多的辦公大樓。我們計劃的兩個項目中至少有一個可能會在明年開工建設，新增約 15,000 平方米的建築面積。

Perfect. Give some minutes more for some additional questions. I have a lot here, then you have my contact details or specific questions, we can go on a follow-up call. You have the IR department contact. But I give some minutes more for any additional questions that you may have.

完美的。請再留幾分鐘時間回答其他問題。我這裡有很多資料，如果您有我的聯絡方式或具體問題，我們可以進行後續通話。你有投資人關係部門的聯絡人。但我會再留幾分鐘時間回答您可能提出的任何其他問題。

Okay. There are no more questions. We conclude the Q&A session and the presentation. Thank you very much for joining. I hope to see you in the beginning of the first of the fiscal year '26. Thank you very much.

好的。沒有其他問題了。問答環節和演講到此結束。非常感謝您的加入。我希望能在2026財年的第一年見到你。非常感謝。

Thank you.

謝謝。

Good day. Bye-bye.

再會。再見。