8. Investments in associates and joint ventures

Changes of the Group’s investments in associates and joint ventures for the fiscal years ended June 30, 2026 and 2025 were as follows:

Below is a detail of the investments and the values of the stake held by the Group in associates and joint ventures for the years ended as of June 30, 2026 and 2025, as well as the Group's share of the comprehensive results of these companies for the years ended on June 30, 2026, 2025 and 2024:

The following is additional information about the Group's investments in associates and joint ventures:

La Rural S.A.

In December 2012, the National Executive Branch issued Decree No. 2552/12, which annulled a 1991 decree approving the sale of the Palermo Fairground property to the Argentine Rural Society (Sociedad Rural Argentina, “SRA”) and revoked the related purchase and sale agreement. The SRA filed for injunctive relief seeking to suspend the enforcement of Decree No. 2552/12 and the administrative actions arising therefrom. Such injunction was granted and remains in effect.

IRSA has not been formally notified of, nor is it a party to, the legal proceedings initiated by the SRA. Should the sale ultimately be declared null and void, the decision could affect assets related to the property.

 The case remains in the evidentiary stage.

There are currently no indications that La Rural S.A.’s usufruct rights over the property may be affected. The Group will continue monitoring the progress of the proceedings in light of the existing legal uncertainty.

Set out below is summarized financial information of the associates and joint ventures considered material to the Group:

(i) The amount of net assets includes the non-controlling interest.

BHSA

BHSA is subject to certain restrictions on the distribution of dividends imposed by Central Bank of Argentina (“BCRA”) regulations.

The Group estimated that the value in use of its investment in BHSA as of June 30, 2026 amounted to ARS 205,848. The value in use was estimated based on the present value of the future cash flows expected to be generated by the business. The main assumptions used were as follows:

The estimated value in use exceeds the carrying amount of the investment and, therefore, no adjustment to the carrying value of the investment was required.

Puerto Retiro (joint venture)

Puerto Retiro owns a plot of land of 8.2 hectares, whose U.P. zoning restricts its use to port activities. It faces: (i) a request for extension of bankruptcy initiated by the National Government, and (ii) a civil action filed by Tandanor and the Ministry of Defense regarding the bidding of the Dársena Norte property.

On September 7, 2018, the Federal Criminal Oral Court (“TOFC”) No. 5 upheld the statute of limitations defense raised by Puerto Retiro; however, in the criminal case, where Puerto Retiro is not a party, the forfeiture of the “Planta I” property was ordered.

During fiscal year 2019, Puerto Retiro recorded a provision equivalent to 100% of the carrying value of its investment property, subject to reversal if a favorable judgment is obtained.

On November 26, 2024, the Supreme Court of Justice of the Nation annulled the cassation judgment regarding the statute of limitations of the civil action, ordered a new ruling to be issued, and confirmed the forfeiture, ordering its restitution to Tandanor.

On June 24, 2025, Chamber IV of the Federal Court of Cassation annulled the parts of TOFC No. 5 related to the statute of limitations and the destination of the forfeiture and remitted the proceedings to said court for a new resolution. On August 20, 2026, Oral Court No. 5 ordered: (i) the forfeiture of the property known as Tandanor SACIN Plant I; (ii) the restitution of the property to Tandanor SACIN (Sections 23, 29 and 30 of the Argentine Criminal Code); and (iii) the issuance of an official communication to the Assignment Office of the National Court of Civil Appeals so that it may assign the competent National First Instance Civil Court to hear the request for a declaration of the absolute nullity of the deed through which Puerto Retiro S.A. acquired the property known as “Plant I”. The decisions referred to in (i) and (ii) are consistent with the rulings previously issued by the Argentine Supreme Court and the Federal Court of Criminal Cassation and would not appear to be subject to appeal.

The civil court assigned pursuant to item (iii) above is National First Instance Civil Court No. 13, and the case is captioned: “BOFILL, ALEJANDRO ARTURO s/NULIDAD DE ESCRITURA/INSTRUMENTO” No. 069262/2026. The Group has not been notified of the commencement of such proceedings.

It is worth noting that the civil action is directed exclusively against Puerto Retiro and not against IRSA; the facts on which the civil action in criminal jurisdiction is based occurred prior to IRSA’s acquisition of the shares of Puerto Retiro.

As of the issuance date of these Consolidated Financial Statements, the resolution regarding the statute of limitations of the civil action and the destination of the property remains pending.

Given the procedural stage, the final outcome is uncertain.