Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the second quarter of Fiscal Year 2024 Results Conference Call. First of all, I would like to remind you that both audio and a slideshow may be accessed through company's Investor Relations website at www.irsa.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. 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. 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. I will now turn the call over to Mr. Matias Gaivironsky, CFO.

Good morning, everybody. We are finishing the first half of our fiscal year 2024 with very good results on the operational and financial. We will see the numbers later. During the first half, the tenant sales were very good and occupancy was higher than the year before. Also, the hotels remained with a very strong and high occupancy. Our premium offices, we also improved occupancy. Also during the first half, we have a very active on real estate transactions, selling two floors of Della Paolera building, and we did a new barter agreement on one plot of land that, of course, we will explain later. And also, we finished the setup of a new trust for a very important building in downtown Buenos Aires. Also, we finished with our dividend distribution, but that was some delay to -- for the payment of our -- to GDS holders because of the regulation, now we finish with everything and we already distributed that. So now, Santiago will answer in more details about our operational performance.

Thank you, Matias. Well here, we see that the shopping malls figures. Well, occupancy have increased to levels of 98%. This is maximum historical levels after all the impact of the pandemic, we finally reached our maximum levels. This is the same than previous quarter and the first quarter of 2023. Sales grew 8% in real terms in the second quarter, compared to the same quarter of 2023. And we are about 30% when we compare to pre-pandemic levels. This shows really good performance of our tenant sales in malls that surpassed inflation as of the first half of the year. The second half, the one that we are going to present in the future is going to be a challenge to keep these levels of sales, given the acceleration of inflation due to the first measures of the new government after December and its impact on real wages and consumption. So we expect slowdown in sales and in visitors in the next quarter. But we trust in the quality of the portfolio, we hope this is going to be a short impact that we soon recover our growth trend. Moving to the office portfolio. Here, we can see that we kept selling some floors, as Matias mentioned, we sold the two -- the entire building in the Suipacha building and two floors of the Della Paolera at very good prices. We have a portfolio of around 60,000 square meters mostly A+ and A. We have only 1 building B category, that is Philips. The plan is in the future to recycle and position as a premium building in all that [Dot] (ph) complex together with the shopping and the second building and some other projects that the company owns there. When we see occupancy, occupancy has increased to levels…

Thank you, Santiago. Good morning, everybody. In December, we signed a Barter agreement transferring ownership of a land Ezpeleta to a well-known land developer of Quilmes district. We have developed very successfully Quilmes Nuevo, and they named this new development, Quilmes Quilmes Nuevo 2. We will receive 40% of the development, meaning 125 single-family lots and 40% of the buildable square meters of the multifamily lots. Banco Hipotecario had acquired the main office building of the city's administration to build its headquarters. For a number of reasons, this never happened, and this building was on sale. Currently, there is a reconversion program from commercial to residential with tax benefits. We gathered a pool of companies willing to take advantage of this program and invest with us in this great premium residential development. Our stake of the investment will be 20.5% of the reconversion cost, obtaining 14.7% of the square meters of the project. We estimate a total investment of approximately $50 million net. The development has 720 departments sets, studios, one bedroom's apartment and up to two bedrooms apartment, has 220 car spaces, has the amenities, rooftop, gym, co-working. It's a great development. It's a whole city block, right, one block away from the Obelisk, on the main avenues of Argentina, it's called Nueve de Julio. Well, this is going to be a very important project in Buenos Aires and we are very proud to announce this development. Costa Urbana, on November 15, notarial deeds were signed transferring ownership to the city of four plots of land and creating the 61 lots for [indiscernible]. With this act, we fulfilled the second step in the process of creating the land registrations in the industrial database of the city for issuing the title of ownership and enabling IRSA to transfer the plots. The third and final step will be accomplished when we finish the road works and infrastructures for each block, enabling IRSA to officially transfer the ownership of the plot to third parties. By end of January, we have completed the submittal of all additional information and documents requested by City Hall for granting the approval of the project for the infrastructures and road works that configure the master plan of the development and updated assessments requested by the environmental authorities and we are looking forward to the convening of a public hearing. We expect the hearing to be held by the end of March. Well, thank you very much. Now I'm going to hand over back to Matias.

Thank you, Jorge. I'm trying to turn on the camera, but I can't Santiago. So if you can allow me to turn on the camera, I’ll put it. So I started with the macro situation, trying to understand some of our results that has an impact due to the evolution of the FX and the inflation. As you know, during the last quarter, there was a devaluation of the official exchange rate from ARS350 to ARS800 from previous quarter that represents 131% increase against the 36% increase during the first quarter. So if we see in real terms, devaluation in the first quarter was almost zero. Then in the second quarter was 51%, that will have an impact on our dollar-denominated debt when we have to convert it into pesos and also in our ECS model for investment properties, where we'll have to assess the value for our malls that will have a positive result. Regarding the other part of the portfolio, the offices and the land bank, remember that we measure that at the dollar MEP, a double check swap. And if you see in the bottom right of the slide, you can see the real FX -- MEP FX evolution that during the first quarter, we have a jump of 21% and now a decrease of 18%. So in terms of -- when we convert those properties into pesos, the result of the semester is almost flat, the 0.2% that you saw -- you see there. So going to the next page. And we can see the evolution of the EBITDA, the adjusted EBITDA increased by 54% during the semester. We can see good results in our malls, increasing by 15%. The hotels increasing by 33.7% and a decrease in the offices by 37%. Here we have a…

Well, now is the time for the Q&A session. If you have a question, please use the chat. We will take the questions in the order we receive them. Here, we have a first question. Can you tell us more about your upcoming bond issue?

Well, we have some concentration of amortizations during the coming months. So we are planning to tap the local market with a structure that we haven't defined and we will announce probably in the coming days. But will be something similar on what we did at [indiscernible] level at the beginning of the year.

A new question. Do you expect that access to international markets will improve as the new government seek to cut the fiscal deficit and return the economy to growth?

We hope so. We believe that, well, Argentina was a little disconnected to the world in the past three years. So we hope that with the normalization of the economy, the companies are in very good shape in Argentina. So the problem is the sovereign ceiling on the cost of Argentine debt. So we believe that if that starts to normalize, then there will appear opportunities for corporates. There was an example of one or YPF that tapped the international market at the beginning of the year. So that definitely will happen in Argentina normalized. In the case of IRSA, with the current status of our projects, we don't need to tap the international market for that. I hope that the amortizations that we have are very limited with the level of CapEx that we announced, we have the liquidity and the cash generation to finance the process. So we are not expecting. But of course, if the cost of capital starts to reduce, then we can accelerate our investment process and maybe we can tap the market in the future, but we are not planning that in the short term.

Here, we have two additional questions on the financial side. One is if the debt net -- if the net debt position that we showed to take into account the dividend payment?

Yes, yes. That is as of December -- at the end of December, so already deducted the payment. The part that remain at the company level was taken out of our cash position in terms of our disclosure. So yes, it was net debt after the deal.

And then what influences do you see by the FX liberalization or the pesos property valuation in general and for IRSA specifically -- the impact of the FX stabilization on real estate and IRSA in general?

Let me say something, and, Jorge, please add whatever you want. Always, real estate in Argentina was a safe haven against the devaluation and inflation. So real estate prices were always quote in dollars. So all the properties was measured in dollars, so it's not measured in pesos term. What you have to analyze is cost of construction that maybe if we have an inflation in dollar terms, cost of construction will be higher. That means that, that can trigger prices of real estate up, during the last two years, we saw some decline in prices because of that. The cost of construction was cheaper. So I believe that this devaluation hasn't an impact in the short term of real estate prices, offices prices remain stable. So I don't see an important impact on our portfolio. And I know, Jorge, if you want to add something? You are on mute.

Yes. I believe that in the short term, it's not going to influence very much as Argentina may recover I suppose, the whole real estate is going to recover in Buenos Aires. The salaries are going to recover. So in the meantime, it may be a little bit higher, the cost of development but then the people are going to have better salaries to acquire real estate. So it should be a steady process of real estate going up in maybe a little bit in the near future, not in the short future.

Next question, can you give us more color on Del Plata building project?

Well, yes, it's a pleasure for you asking about that project. The project, as I said before, it's a whole city block, only a block away from the Obelisk. And well, here you can see the pictures right on Nueve de Julio. Nueve de Julio, I mean, in that part of the city is like talking about Times Square is like in New York, you're close to everything, to the theaters, you're close to subways, buses, you have great, great infrastructure. It's very nice to be there. And as I said before, it's a whole city block. So it has a very big impact in the city. Behind that picture that we see right there, there's a pedestrian street. So hopefully, we're planning to develop the whole ground floor with restaurants and something very nice. So it's going to be a place where a lot of tourism that's going to go there behind that building to have a cup of coffee or have a beer. It's going to be a building mostly for youngsters. There's a lot of studios. We're talking about people not only youngsters studying in universities in the city right near to that property, but also for a lot of tourism, tourism not only from the country, like people from Cordoba, from Rosario, from Mendoza, it is very comfortable to be there and to work here, maybe people who come a couple of days a week. But also this -- we estimate there's going to be a lot of foreigners using the building. We don't know if foreigners are going to be investing in buying apartments but even though if an Argentinian is buying an apartment, there's going to be a lot of foreigners using these apartments, maybe like Airbnb or just like monthly rents. There's a…

Thank you, Jorge. If there are any additional questions, we give some minutes more. During the presentation here, there's someone that asked if we can request a presentation by e-mail, it's going to be uploaded in the website. It's already there. So you can see it or you can contact the IR team directly. So if there are no more questions, we conclude the Q&A session and the presentation. Thank you for joining. I will turn back to Matias for his closing remarks.

Thank you very much, Santi. Thank you, everybody, to participating in the call. I believe we have during the first semester excellent numbers, excellent performance. We believe that probably during the second half will be more challenging because of the new measures of the administration trying to normalize the economy, there will be a slowdown in consumption. There was an acceleration of inflation trying to accumulate relative prices in the economy. So there was an increase in inflation and will have an impact in real wages. So consumption probably will suffer during the next months, and we will see that in our malls. I don't know in dollar terms, that will depend on what happened between inflation and devaluation. But maybe we will see better numbers in dollar terms but lower numbers in pesos terms. So that we're going to see in the next quarter or in the second part of the year. IRSA is very well prepared to face this new stage of Argentina. We have been preparing our capital structure, deleveraging the company. So we are ready for a new stage of Argentina. If there is a normalization, we are ready to accelerate our investment process and launch many, many projects that we have in our pipeline. So we are very confident on our situation and while we expect to have, although weak consumption levels in the coming months, very good numbers on our financial situation. So nothing else to add on that. So thank you very much for your participation, and we hope to see you in the next quarter.