IIIQ 2024 CONFERENCE CALL

May 13, 2024

Hosted by:

Alejandro Elsztain, CEO

Matias Gaivironsky, CFO

MAIN HIGHLIGHTS FOR IIIQ 2024 & SUBSEQUENT

1

2024 REGIONAL CAMPAIGN PROGRESS

Planted area and expected production levels in line with 2023 but lower commodity prices

2

3

BETTER CLIMATE CONDITIONS IN ARGENTINA, AFTER 2023 DROUGHT

Mainly in the South. Northern area with lower production expected due to lack of rains

BRASILAGRO: LOWER PRODUCTIVE RESULTS DUE TO CLIMATE EFFECTS AND LOWER CROP PRICES

4

FRACTION SALE OF "CHAPARRAL" FARM IN BRAZIL FOR BRL 365,4 MM

The sale will be recognized in the financial statements of the 4th quarter of FY 2024

5 ACCOUNTING LOSS OF ARS 25,406 MM (GAIN OF ARS 22,340 MM FOR CONTROLLING SHAREHOLDER)

Mainly explained by the impact of inflation exposure on the FV of investment properties (IRSA)

6 MAY-24: APPROVAL OF A NEW DIVIDEND IN CASH FOR ARS 30,000 MM

(ARS/share 50.5482 & ARS/ADR 505.4820), to be distributed on May 14th.

2

MIXED CLIMATE CONDITIONS 2024 CAMPAIGN

REGIONAL WEATHER CONDITIONS EXPECTED FOR 2024 CAMPAIGN

HARVEST PROGRESS

  • ARGENTINA with better climate conditions after a severe drought in 2023, mainly in the Southern area (northern area affected by lack of rains)
  • BRAZIL with lack of rains and irregular weather conditions in the main productive regions
  • 62% soybean progress and 9% corn progress
  • Wheat 100% harvested

May-24

Soybean

Corn

Wheat

Argentina

30%

11%

100%

Bolivia

90%

100%

-

Brazil

92%

0%

-

Paraguay

0%

0%

-

Total Region

62%

9%

100%

3

FY 2024 - PLANTED AREA (Th. ha)

CROP BREAKDOWN

CORN

22%

SOYBEAN

47%

10%

SUGARCANE

-2%

3%

18%

WHEAT

278

283

279

283

278

OTHERS

262

14

24

24

28

21

Leased to

3rd parties

10

11

13

12

11

Paraguay

14

13

226

220

220

14

12

7

Bolivia

217

213

208

197

181

101

106

109

120

109

Brazil

139

129

119

123

118

Argentina

FY 11

FY 12

FY 13

FY 14

FY 15

FY 16

FY 17

FY 18

FY 19

FY 20

FY 21

FY 22

FY 23

FY 24E

4

INTERNATIONAL COMMODITY PRICES

USD cents per bushel

2.000,00

SOYBEAN

CORN

BOOM POST-COVID

& RUS/UKR WAR

1.800,00

Since Jun-23 (var %)

-21%

-18%

SOYBEAN

+112%

1769

Since Dec-23 (var %)

-5%

-4%

1.600,00

-30%

1.400,00

1.200,00

1229

Downtrend

(2H23)

1.000,00

801

800,00

+161%

-43%

600,00

455

400,00

CORN

200,00

-

5

ARGENTINE FX EVOLUTION

OFFICIAL FX DEVALUATION & FX GAP REDUCTION TURNS FARMING MORE COMPETITIVE

BLUE CHIP SWAP

800

OFFICIAL FX

366

164,5%

130% FX devaluation (first measure of new government on dec-23)

1.063

872

FX GAP

21,9%

2/1/2023

22/2/2023

22/3/2023

22/4/2023

22/5/2023

22/6/2023

22/7/2023

22/8/2023

22/9/2023

22/10/2023

22/11/2023

22/12/2023

22/1/2024

22/2/2024

22/3/2024

22/4/2024

BRECHA CCL OFICIAL

6

AGRICULTURAL PRODUCTION FORECAST FOR 2024 CAMPAIGN

CROP PRODUCTION

SUGARCANE PRODUCTION

(Th. Tn)

(Th. Tn)

+1.3%

813

828

844

798

2,411

2,215

764

774

2,150

172

2,123

2,039

2,076

105

596

589

612

311

146

147

182

141

Bolivia

568

350

536

359

362

328

Region

469

483

435

533

2,004

2,239

2,110

1,976

1,857

1,935 Brasil

478

439

402

446

Argentina

FY 19

FY 20

FY 21

FY 22

FY 23

FY 24E

FY 11 FY 12

FY 13 FY 14

FY 15 FY 16 FY 17 FY 18 FY 19

FY 20

FY 21

FY 22

FY 23 FY 24E

CROP YIELDS

(Tn/ha - regional average)

Corn

6,38

6,28

6,21

5,79

5,69

5,47

2,96

2,86

Soybean

2,76

2,77

2,7

2,59

FY 19

FY 20

FY 21

FY 22

FY 23

FY 24E

CROP YIELDS

(By Country)

Soybean Yield

FY 23

FY 24E

Var. %

(tn/ha)

Argentina

1.89

2.54

+34%

Brazil

3.22

3.21

0%

Bolivia

2.30

2.27

-1%

Paraguay

3.01

0.37

-88%

Region average

2.59

2.77

+7%

Corn Yield

FY 23

FY 24E

Var. %

(tn/ha)

Argentina

5.41

5.71

+6%

Brazil

6.63

6.56

-1%

Bolivia

1.82

3.48

+91%

Paraguay

3.48

0

-100%

Region average

5.69

5.79

+2%

7

CATTLE MARGINS IMPROVEMENT IN ARGENTINA

DUE TO HIGHER PRICES IN THE LAST QUARTER

CATTLE PRICE EVOLUTION (LIVE STEER)

(USD/KG)

3,50

Argentina (USD CCL)

Brazil

3,00Paraguay

Uruguay

2,50

2,00

1,50

1,00

0,50

CATTLE HEADS & GROSS MARGIN

(Th. Heads & USD MM)

TH. HEADS

78

59 48 50

GROSS MARGIN

(USD MM)

4,5 4,9 4,9

3,6

Cresud cattle stock by

country

Brazil &

24% Paraguay

Argentina 76%

53 61

+84%

5,9

3,2

feb-18

may-18

ago-18

nov-18

feb-19

may-19

ago-19

nov-19

feb-20

may-20

ago-20

nov-20

feb-21

may-21

ago-21

nov-21

feb-22

may-22

ago-22

nov-22

feb-23

may-23

ago-23

nov-23

feb-24

FY 19

FY 20

FY 21

FY 22

FY 23

9M 24

8

REAL ESTATE: PARTIAL SALE OF "CHAPARRAL" FARM (MAR-24)

• TOTAL AREA: 12,335 hectares

• ARABLE AREA: 8,796 hectares

• REMAINING AREA: 24,847 hectares

Chaparral

• SALE PRICE: BRL 364.5 million

(BRL 53.5 mm already collected. Balance to be collected

Location:

in three years)

Correntina

• USD IRR: 7.8%

(Bahia)

• GAIN will be recognized in 4Q24

9

AGRICULTURAL COMMERCIAL SERVICES Cresud stake

FORECAST 2023-24

51.2%

8,24%

TRADED TONS EVOLUTION & MARKET SHARE (million & %)

4,00

4,42%

3,31

3,03

2,97%

2,93%

5,10

3,95%

6,44

5,76

5,60%

4,71%

7,20

6,65

6,43%

5,48

5,65%

15-16

16-17

17-18

18-19

19-20

20-21

21-22

22-23

23/24E

10

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

Cresud S.A.C.I.F. y A. published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 18:18:06 UTC.