FIBRA Macquarie México (FIBRAMQ 12) Q4 2025 earnings summary

Executive summary

• Delivered record FY25 consolidated revenues and NOI, with AFFO per certificate up 8.3% YoY to Ps. 2.8519, reaching the high end of guidance.

• Achieved total shareholder return of 33% in USD and 19% in MXN for FY25, reflecting strong operational execution.

• Portfolio focused on industrial (87% of NOI) and retail (13% of NOI) real estate in Mexico, with occupancy at 95.5% for industrial and 94.1% for retail.

• Advanced sustainability initiatives, with 44.4% of GLA green-certified and a new LEED Platinum world record for a Mexico City property.

• Strategic acquisitions and developments in key markets, including Monterrey and Mexico City.

Financial highlights

• FY25 AFFO per certificate reached Ps. 2.8519, up 8.3% YoY; AFFO totaled US$118.3 million, up 4.1% YoY.

• FY25 total revenues (excl. SLR) up 11.1% YoY to Ps. 5,334.8m; NOI (excl. SLR) up 9.5% YoY to Ps. 4,508.3m.

• Industrial portfolio NOI grew 8.2% in USD; consolidated NOI up 8.5% in USD.

• Declared Q4 cash distribution of Ps. 0.6125 per certificate, up 17% YoY.

• Cost of funding at 5.5%, with available liquidity of over US$615 million.

Outlook and guidance

• FY26 AFFO per certificate guidance set at Ps. 2.60–2.70, or US$120–124 million, implying ~3% annual growth.

• FY26 cash distribution guidance at Ps. 2.45 per certificate, up 11.1% in USD terms.

• Industrial lease renewal spreads expected in the 10–15% range for FY26.

• Guidance assumes stable geopolitical and FX environment, with upside potential if market conditions improve.

• Target stabilized NOI yield of 9–11% for new growth capex projects.