Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA, and I welcome you to the Second Quarter of Fiscal Year 2025 Results Conference Call. First of all, I would like to remind you that both audio and a sideshow 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 that 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.

Thank you Santiago. Welcome and thank you for joining us in this presentation of our second quarter 2025 results. Let me summarize the main events of the quarter. During these six months period, we reported a net loss of 41 billion Pesos mainly explained by a non-cash effects of the appraisal of our investment properties. Our shopping mall have shown a steady recovery in occupancy and tenant sales. We have also completed the acquisition of our 16th mall Terrazas De Mayo in greater Buenos Aires. In the office segment, we have achieved a full occupancy of our premium portfolio. About our hotel segment, after a record high during the last year, this year, we are seeing weaker results both in occupancy and revenues. Also, we have achieved a major milestone with the sales of the first two plots of our main project, Ramblas Del Plata, that Jorge will explain later. Finally, during the last quarter, we pay again dividends with a yield of 8% plus shares in treasure. So now, let me introduce Santiago Donato, our IRO to continue with the presentation.

Thank you, Matias. Here we can see in this page, Page Number 3, the evolution of real tenant sales in the last years in our shopping malls and occupancy rates as well. As Matias mentioned at the very beginning, our shopping malls keeps recovering on a quarterly basis. They increase by 21.4% on the second quarter 2025, compared to the previous quarter but still 8.5% below compared to the same quarter of last year. The positive news is that we are starting to see positive numbers in recent months so we expect that the next quarter, the third quarter of 2025 is going to be really good. So prospects are positive in line with the economic and real wages recovery in Argentina. In terms of the stock, as you can see there, we incorporated to our portfolio a new shopping mall. This quarter, Terrazas De Mayo that then Jorge Cruces will explain a little bit more about that acquisition, adding almost 34,000 square meters of GLA to the portfolio. Occupancy remain quite -- very high and stable at levels of almost 98%. But if you compared to last quarter, last quarter was a little bit down. This figure we are excluding here, the Terrazas De Mayo as we have recently acquired, Terrazas is occupied at 82.3%, but we expect to improve its occupancy level in the upcoming month. The plan there is to do a turnaround and an improvement in tenant mix and occupancy and profitability that then Jorge will explain better. Moving to next page, here we have the office operating figures. We have been selling some additional floor. We sold one floor more of the Della Paolera in the last quarter at very competitive prices. So we currently manage a portfolio of 58,000 square meters of GLA, mostly…

Thank you, Santiago. Good morning, everybody. Well, as said, we have acquired the Terrazas De Mayo shopping mall located in Malvinas, Argentina. By the way, I live close by. This is the outskirts of the city of Buenos Aires towards the Northwest. It has a gross, leasable area of approximately 33,700 square meters. It features around 86 stores, 20 stands, plus 15 food court shops and 10 cinemas. The transaction amount was set at $27.75 million, of which $16.65 million have been already paid. As for the rest, it will be canceled by halves 20%, 36 months after the first payment, and the other 20% upon the deed signing. We are very excited about this acquisition not only because $800 for each gross, leasable area is a very reasonable acquisition price, but also because we believe there's a great turnaround opportunity. Let's recall key numbers of Ramblas Del Plata. 870,000 buildable square meters with basements, it totals more than a million square meters. If we convert to sellable square meters, it's around 700,000 square meters, more than 10,000 new homes, and an estimated investment over $1.8 billion. We are proud to say that it's the most important private development ever in the city of Buenos Aires history and its rolling. Marketing the peninsula is divided into three phases. Stage one, covers over 125,000 sellable square meters. It's located surrounding Central Bay. Stage two covers close to 300,000 sellable square meters, and it's located towards Porto Madero. And Stage three covers around 270,000 sellable square meters and its closest to the river. We sold two parcels to a well-known developer for $23.4 million with a 30% down payment. The parcels are A, number two, and G, number one. More than 40,000 square meters are allowed to be built. We also signed…

Thank you, Jorge. Trying to explain our financials for this six-month period. First, we need to understand what happened with inflation and the evaluation. Remember that last year in December was the big jump in the FX from $350 pesos to $800 pesos per dollar. During this year, the government implemented a strategy of a crawling peg going at 2% per month and now at 1% per month. So, that in terms of Real appreciation or depreciation of the Peso last year we have an important devaluation of 52%, and this year we have an appreciation of the FX of 7%. And also regarding the Blue Chip swap, this year the FX almost -- the gap between the official and the Blue Chip swap almost disappeared. And remember that we to express in Peso term valuation of our offices and land bank we used the dollar map and because of that we are posting some losses this year because that gap didn't exist anymore. So we are going to the next page about the adjusted EBITDA. We can see numbers in line with the previous year in malls and in offices. In offices we have some improvement because of the FX in terms of dollars is almost the same. Remember that we signed the agreements at official dollars per score meters. So now we have a little better numbers in Pesos term. And we can see here also the drop in the hotel EBITDA from 15 billion Pesos to 5 billion Pesos this year. Our margins, we can see margins of malls in line with the previous year, offices improving a little, and a drop in the hotel margins from 38% to 17%. Next page we can see in the right part the effect of -- the main effect of…

Thank you Matias. While we start the Q&A session we will take the questions by chat in the order we receive them.

Here we have the first one related to Rambla Del Plata if we can give some color on price per square meter that you're planning to achieve for this project?

Well it depends on the building. There's going to be different kinds of buildings. I believe that the high towers are going to be more expensive maybe than the other ones. But let's say there is when we receive those apartments, it's not going to be less than $4000 at the beginning. It depends on how the project is going to be consolidated, it's based on the country also, but I don't think it's going to be less than $4000. The low buildings and maybe close to $5000 the tall towers and it should get including future may get it all the way to $6000 maybe.

Thank you Jorge.

It's going to take a while. We're going to be receiving the apartments maybe like in four years from now. So from now until then it's going to be increasing quite a bit, the amount of dollars for each square meter.

Another question regarding financing of this project probably for Matias. How do you plan to finance all these huge investments that you're expecting for the next years?

Well depend on the project. About Ramblas as we mentioned in the past, what we are doing with this strategy at the beginning we sold some plots that will cover the infrastructure and also we are swapping the rest of the plots with local developers. So basically IRSA won't do any investment. We will receive the score of the finished units and then we will sell the units. So that won't consume any cash for the company. And then regarding La Plata project or Edificio del Plata where IRSA is one of the investors, it's not the only investor. We have around 28% of the square meters or 20 sorry 23% of the square meters. So we are one of the investors. And Nexo building we have today a strong cash generation, so I think that any of these projects will take like two three years of development. So you have to divide the amount of the investment by three years. So we believe that with our own cash generation we can finance easily all those projects. And then if we need to increase a little our debt today we believe that our debt structure is too conservative in terms of ratios, in terms of LTV considering also that the company will start to pay taxes again. So the tax shield on the debt also will help us to improve our capital structure. So maybe if we need we will increase a little our debt.

Well we give some more minutes for any additional questions that you may have. Please use the chat. Well I don't see any more questions so I will turn back. We conclude the presentation. I will now turn back to Matias for his closing remarks. Here I have one more, sorry.

Well how do you plan on managing all the maturities that maturities next year 2025?

Well first of all we have liquidity so we have a cash -- important cash position. So if we want to just to cancel the debt we can. So we will analyze the structure if we go to the market or to raise debt on a banking system. But we have today the liquidity to cancel the debt so we feel very comfortable about the following amortization.

Now yes, Matias if you can conclude with your closing remarks for the period and we see you next quarter.

Okay, so we expect the next two quarters to bring positive news for our shopping mall segment. As Santi said, as we compare against the period following the beginning of the Milei administration when consumer spending experienced a significant contraction, we anticipate seeing improved numbers on our contract when we compare with the last year. Additionally, we should see further progress in signing of the initial swaps of Ramblas del Plata so we expect in the next two quarters positive news about that as well as the commencement of the construction of the several of our projects. So we see the year very positive with good news to come. So thank you very much for all of you to participate in this call and see you in the next one.