Fibra Mty S A P I (FMTY 14) Q1 2025 earnings summary

Executive summary

• Benefiting from USMCA, most exports remain tariff-free, supporting long-term industrial real estate commitments despite global trade uncertainty.

• Completed a US$106 million acquisition of a fully leased industrial facility, enhancing logistics exposure and portfolio resilience.

• Same-property NOI increased 24% year-over-year, driven by expansions, rent increases, and FX gains.

• Maintained strong liquidity and investment capacity, with potential to deploy up to $800 million in industrial assets using cash, debt (up to 35% LTV), and asset recycling.

• Sustainability achievements include exceeding S&P Global targets by 15%, improved GRESB score, and maintained Green Star rating.

Financial highlights

• 1Q25 revenue reached Ps. 844.1 million, up 39.5% year-over-year; NOI grew 41.3% to Ps. 779.3 million.

• AFFO for Q1 2025 rose 40.8% year-over-year to Ps. 647.6 million, driven by acquisitions, expansions, and FX tailwinds.

• NOI and EBITDA margins at 92.3% and 84.3%, respectively.

• Shares delivered a total return of 11.1% through March 31, 2025, outperforming the Mexican Stock Exchange Index and peers.

• Dividend yield stood at 7.1% over the last 10 months, with distributions of Ps. 0.82 per CBFI.

Outlook and guidance

• Capacity to invest up to US$800 million in industrial assets without exceeding a 35% LTV.

• Expect continued selective and disciplined capital deployment; expansion projects prioritized with binding agreements.

• Guidance supports a 9.2% AFFO yield and attractive valuation at a 16% discount to book value.

• Market expects construction and leasing activity to remain 25%-30% lower than 2024 for the rest of the year.