IRS

Business Context and Reporting Period

Company: IRSA Inversiones y Representaciones Sociedad Anonima (IRSA Investments & Representations Inc.)
Filing Type: Form 6-K (Report of Foreign Issuer)
Reporting Period: December 2025 (Event date: December 4, 2025)
Context: The filing discloses the exercise of warrants by holders between November 17 and November 25, 2025, resulting in the issuance of new ordinary shares and a reduction in outstanding warrants.

Key Financial Metrics

Cash Flow: The Company collected USD 299,081 from the warrant exercises.
Capital Structure Changes:

• Ordinary Shares Issued: 1,132,453 shares (Face value: ARS 10).
• Warrants Exercised: 691,938 warrants.
• Exercise Price: USD 0.2641 per ordinary share.
• Current Ratio: 1.6367 ordinary shares per warrant.

Share Count Updates:

• Outstanding Ordinary Shares: Increased from 773,057,700 to 774,190,153.
• Outstanding Warrants: Decreased from 53,853,144 to 53,161,206.
• Fully Diluted Shares: 861,199,098.

Other Metrics: The filing text does not provide clear values for revenue, profit, operating margins, debt levels, or general liquidity ratios beyond the specific cash collection from this transaction.

Material Changes Versus Prior Period

The primary material change is the expansion of the Company's equity base due to the warrant exercise. The total number of outstanding ordinary shares increased by approximately 0.15% (1,132,453 shares), while the pool of outstanding warrants decreased by approximately 1.28% (691,938 warrants). This transaction resulted in a net cash inflow of USD 299,081.

Guidance, Outlook, and Risks

Management Commentary: The filing is a factual disclosure of a completed capital event and does not contain forward-looking guidance, strategic outlook, or management commentary on future performance.
Risks and Contingencies: No specific risks or contingencies are detailed in this filing. The document notes that the share issuance amount includes rounding adjustments for each exercise instruction calculation.
Unusual Items: None reported; the transaction represents a standard exercise of existing warrant rights.

Investor Verification Checklist

• Verify the updated share count of 774,190,153 in subsequent trading data.
• Confirm the reduction of outstanding warrants to 53,161,206.
• Review the impact of the USD 299,081 cash inflow on the Company's overall liquidity position in the next quarterly report.
• Monitor the remaining 53,161,206 warrants and the potential for future dilution (87,008,945 shares to be issued upon full exercise).