Borrowings

12 Months Ended

Jun. 30, 2026

20. Borrowings

The breakdown and the fair value of the Group’s borrowings as of June 30, 2026 and 2025 were as follows:

	Book value				Fair value
	06.30.2026		06.30.2025		06.30.2026		06.30.2025
Non-convertible notes		979,396		841,925		1,022,315		846,094
Bank loans and others		430		6,138		430		6,138
Bank overdrafts		21,151		8,965		21,151		8,965
Other borrowings		2,071		3,386		2,071		3,386
Loans with non-controlling interests		3,651		3,811		3,651		3,811
Total borrowings		1,006,699		864,225		1,049,618		868,394
Non-current		830,987		680,816
Current		175,712		183,409
Total		1,006,699		864,225

As of June 30, 2026 and 2025, total borrowings include collateralized liabilities (seller financing, leases and bank loans) of ARS 2,130 and ARS 2,244, respectively. These borrowings are mainly collateralized by trading properties of the Group (Notes 11).

The terms of the loans include standard covenants for this type of financial operation. As of the date of these Consolidated Financial Statements, the Group has complied with the covenants contemplated in its respective loan agreements.

The maturity of the Group’s borrowings is as follows:

	06.30.2026		06.30.2025
Capital
Less than 1 year		155,731		164,602
Between 1 and 2 years		71,092		65,942
Between 2 and 3 years		13		77,024
Between 3 and 4 years		75,831		-
Between 4 and 5 years		-		82,084
Later than 5 years		683,254		454,303
		985,921		843,955
Interest
Less than 1 year		19,981		18,807
Between 1 and 2 years		797		657
Between 2 and 3 years		-		806
		20,778		20,270
		1,006,699		864,225

The following table shows a reconciliation of borrowings during the years ended June 30, 2026 and 2025:

	06.30.2026			06.30.2025
Balance at the beginning of the year		864,225			682,868
Borrowings		382,804			498,602
Payment of borrowings		(152,642	)		(245,861	)
Collection / (payment) of short term loans, net		10,699			(17,758	)
Interests paid		(70,840	)		(63,889	)
Accrued interests		75,021			52,572
Incorporation by business combination (i)		200			-
Cumulative translation adjustment and exchange differences, net		(146,324	)		91,081
Inflation adjustment		36,770			(132,201	)
Reclassifications and other movements		6,786			(1,189	)
Balance at the end of the year		1,006,699			864,225

(i) See note 4 to these Consolidated Financial Statements. The amount is presented net of consolidation adjustments

The following table shows a breakdown of Group’s borrowing by type of fixed-rate and floating-rate, per currency denomination and per functional currency of the subsidiary that holds the loans for the fiscal years ended June 30, 2026 and 2025.

06.30.2026

Rate per currency

Argentine Peso

Uruguayan Peso

Total

Fixed rate:

Argentine Peso

21,581

US Dollar

982,987

2,131

985,118

Subtotal fixed-rate borrowings

1,004,568

2,131

1,006,699

Total borrowings as per analysis

1,004,568

2,131

1,006,699

Total borrowings as per Statement of Financial Position

1,004,568

2,131

1,006,699

06.30.2025

Rate per currency

Argentine Peso

Uruguayan Peso

Total

Fixed rate:

Argentine Peso

15,103

US Dollar

846,878

2,244

849,122

Subtotal fixed-rate borrowings

861,981

2,244

864,225

Total borrowings as per analysis

861,981

2,244

864,225

Total borrowings as per Statement of Financial Position

861,981

2,244

864,225

The following is a summary of the debt issuances made by the Group for the years ended June 30, 2026 and 2025:

Entity	Class	Issuance / expansion date	Amount in original currency	Maturity date	Interest rate	Principal payment	Interest payment
IRSA	Series XXII	oct-24	USD 15.80	10/23/2027	5.75%	At maturity	Semi-annually
IRSA	Series XXIII	oct-24	USD 51.47	10/23/2029	7.25%	At maturity	Semi-annually
IRSA	Series XXIV	mar-25	USD 480.45	3/31/2035	8.00%	33% march-33 - 33% march-34 and 34% march-35	Semi-annually
IRSA	Series XXV	jun-26	USD 50.00	6/8/2027	3.75%	At maturity	Semi-annually

The following debt issuances carried out by the Group during the year ended June 30, 2026 are described below:

Series XXIV Notes

On December 17, 2025, IRSA issued in the international market the Series XXIV Additional Notes for a nominal amount of USD 180 million at an issuance price of 98.503%.

The Series XXIV Notes were issued under New York Law, will mature on March 31, 2035, and will accrue interest at a fixed annual nominal rate of 8.00%, with interest payable semiannually on March 31 and September 30 of each year until maturity. Principal amortization will be made in three installments: (i) 33% of the principal on March 31, 2033, (ii) 33% of the principal on March 31, 2034, and (iii) 34% of the principal on March 31, 2035.

The Series XXIV Additional Notes have terms and conditions identical to the original Series XXIV Notes issued on March 31, 2025.

The total nominal amount outstanding of the Series XXIV Notes amounts to USD 480.5 million.

Series XXV Notes Issuance

On June 8, 2026, IRSA issued Series XXV Notes in the local market for a total amount of USD 50 million. The main characteristics of the issuance are detailed below:

The Series XXV Notes denominated in U.S. dollars for an amount of USD 50.0 million, at a fixed rate of 3.75%, with semiannual interest payments. Principal will be amortized in a single installment on the maturity date, June 8, 2027. The issuance price was 100% of nominal value.