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Borrowings

12 Months Ended

Jun. 30, 2025

22. Borrowings

The breakdown and the fair value of the Group borrowings as of June 30, 2025 and 2024 was as follows:

	Book value				Fair value
	06.30.2025		06.30.2024		06.30.2025		06.30.2024
Non-convertible notes		1,101,673		1,026,693		1,094,559		995,222
Bank loans		208,780		59,609		208,780		59,609
Bank overdrafts		14,435		46,221		14,435		46,221
Others		18,224		14,256		18,224		14,256
Total borrowings		1,343,112		1,146,779		1,335,998		1,115,308

Non-current		807,352		663,070
Current		535,760		483,709
Total		1,343,112		1,146,779

As of June 30, 2025 and 2024, total borrowings include collateralized liabilities (seller financing and bank loans) of ARS 188,379 and ARS 157,481, respectively. These borrowings are mainly collateralized by trading properties of the Group (Note 11).

The terms of the loans include standard covenants for this type of financial operations. 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:

	06.30.2025		06.30.2024

Capital:
Less than one year		510,491		454,899
Between 1 and 2 years		171,963		336,884
Between 2 and 3 years		188,438		186,985
Between 3 and 4 years		8,135		107,956
Between 4 and 5 years		69,604		10,154
More than 5 years		346,421		20,478
		1,295,052		1,117,356
Accrued interest:
Less than one year		25,269		28,810
Between 1 and 2 years		1,353		4
Between 2 and 3 years		17,954		-
Between 3 and 4 years		5		609
Between 4 and 5 years		-		-
More than 5 years		3,479		-
		48,060		29,423
		1,343,112		1,146,779

The following table shows a detail of evolution of borrowing during the years ended June 30, 2025 and 2024:

	06.30.2025			06.30.2024
Balance at the beginning of the year		1,146,779			1,357,396
Borrowings		871,196			456,477
Payment of borrowings		(584,461	)		(445,457	)
(Payment) / collection of short term loans, net		(11,201	)		45,380
Incorporation by business combination (i)		6,644			-
Interests paid		(95,356	)		(178,537	)
Accrued interests		85,359			198,268
Currency translation adjustment and exchange differences, net		102,213			300,346
Inflation adjustment		(177,378	)		(589,079	)
Reclassifications and other movements		(683	)		1,985
Balance at the end of the year		1,343,112			1,146,779

(i) See Note 4 Acquisition Nova Horizonte

The following tables 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, 2025 and 2024:

	06.30.2025
	Argentine Peso		Brazilian Reais		Uruguayan Peso		Total
Fixed rate:
Argentine Peso		25,231		-		-		25,231
Brazilian Reais		-		61,441		-		61,441
US Dollar		1,115,445		27,649		1,680		1,144,774
Subtotal fixed-rate borrowings		1,140,676		89,090		1,680		1,231,446
Floating rate:
Brazilian Reais		-		111,275		-		111,275
US Dollar		391		-		-		391
Subtotal floating rate borrowings		391		111,275		-		111,666
Total borrowings		1,141,067		200,365		1,680		1,343,112

	06.30.2024
	Argentine Peso		Brazilian Reais		Uruguayan Peso		Total
Fixed rate:
Argentine Peso		54,174		-		-		54,174
Brazilian Reais		-		42,425		-		42,425
US Dollar		819,175		1,818		5,289		826,282
Subtotal fixed-rate borrowings		873,349		44,243		5,289		922,881
Floating rate:
Argentine Peso		103,660		-		-		103,660
Brazilian Reais		-		120,238		-		120,238
Subtotal floating rate borrowings		103,660		120,238		-		223,898
Total borrowings		977,009		164,481		5,289		1,146,779

The following describes the debt issuances made by the Group for the years ended June 30, 2025, and 2024:

Entity	Class	Issuance / expansion date	Amount in original currency	Maturity date	Interest rate	Principal payment	Interest payment
CRESUD	Series XLIII	jan-24	ARS 19,886.02	1/17/2025	Badlar + 0.00%	At expiration	Quarterly
CRESUD	Series XLIV	jan-24	USD 39.77	1/17/2027	6.00%	At expiration	Semi-annually
CRESUD	Series XLV	apr-24	USD 10.20	8/22/2026	6.00%	At expiration	Semi-annually and last one quarterly
CRESUD	Series XLVI	jul-24	USD 28.55	7/18/2027	1.50%	At expiration	Semi-annually
CRESUD	Series XLVII	nov-24	USD 64.42	11/15/2028	7.00%	At expiration	Semi-annually
IRSA	Series XVIII	feb-24	USD 21.41	2/28/2027	7.00%	At expiration	Semi-annually
IRSA	Series XIX	feb-24	ARS 26,203.85	2/28/2025	Badlar + 0.99%	At expiration	Quarterly
IRSA	Series XX	jun-24	USD 23.02	6/10/2026	6.00%	At expiration	Semi-annually
IRSA	Series XXI	jun-24	ARS 17,012.71	6/10/2025	Badlar + 4.50%	At expiration	Quarterly
IRSA	Series XXII	oct-24	USD 15.80	10/23/2027	5.75%	At expiration	Semi-annually
IRSA	Series XXIII	oct-24	USD 51.47	10/23/2029	7.25%	At expiration	Semi-annually
IRSA	Series XXIV	mar-25	USD 300.45	3/31/2035	8.00%	33% march-33 - 33% march-34 y 34% march-35	Semi-annually

Series XLVI Notes - CRESUD

On July 18, 2024, Cresud issued Notes on the local market for a total amount of USD 28.6 million. Below are the main characteristics of the issuance:

· Series XLVI Notes: Denominated in dollars and payable in Argentina pesos at the applicable exchange rate for ARS 28.6 million at a fix rate of 1.5%. The principal will be paid at the expiration. The price of issuance was 100.0% of the nominal value.

Series XLVII Notes - CRESUD

On November 15, 2024, the Company issued Notes on the local market for a total amount of USD 64.4 million. Below are the main characteristics of the issuance:

· Series XLVII Notes: Denominated in dollars for a total amount of USD 64.4 million at a fixed rate of 7.0%, with semiannual interest payments. The principal will be repaid in one instalment on the maturity date, November 15, 2028. The issuance price was 100% of the nominal value.

Local Notes Issuance – Series XXII & XXIII Notes - IRSA

On October 23, 2024, IRSA informed the results of the auction for two series of notes on the local market for a total amount of USD 67.3 million through the following instruments:

· Series XXII: Denominated in dollars for USD 15.8 million, with 5.75% interest rate and semiannual interests’ payments (except for the first payment on July 23, 2025, and the last payment at maturity). The Capital amortization will be 100% at maturity, on October 23, 2027. The issuance price will be 100.0%.

· Series XXIII: Denominated in dollars for USD 51.5 million, with 7.25% interest rate and semiannual interests’ payments (except for the first payment on July 23, 2025, and the last payment at maturity). The Capital amortization will be 100% at maturity, on October 23, 2029. The issuance price will be 100.0%.

Series XXIV Notes - IRSA

On March 31, 2025, IRSA issued Series XXIV Notes for a nominal value of USD 300 million.

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. The 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.

Of the amount issued, USD 242.2 million were subscribed in cash at an issuance price of 96.903% of the nominal value.

Additionally, USD 57.8 million resulted from the early exchange of Series XIV Notes, which had an early exchange consideration of 1.04 times the exchanged amount. Later, on April 11, 2025, because of the late exchange, USD 0.45 million were issued, with an exchange consideration of 1.0 times the exchanged amount. In the settlements corresponding to the exchange, accrued interest on Series XIV Notes was paid up to the issuance and settlement date, as applicable in each case.

On the settlement dates (early and late) of the exchange, partial cancellations of Series XIV Notes were made, leaving an outstanding amount of USD 85.2 million (on June 22, 2024, the first amortization of 17.5% was paid).

The Class XXIV Notes include certain financial covenants related to the incurrence of additional debt, restricted payments, limitations on transactions with affiliates, among others.