Fibra Mty S A P I (FMTY 14) Q1 2026 earnings summary

Executive summary

• Completed an equity raise of up to $500 million, boosting growth capacity and not tied to the Fibra Macquarie tender offer.

• Launched a public tender offer for up to 100% of Fibra Macquarie, aiming to create a larger, more efficient industrial platform.

• Acquired a US$100 million industrial portfolio via sale-leaseback, adding fully occupied Class A properties.

• Advanced portfolio optimization with significant divestments in office and retail assets, including agreements for US$46.8M and Ps. 2,724.5 million.

• Included in MSCI Small Cap indices and received S&P BBB- rating with stable outlook.

Financial highlights

• Revenues increased by 12% year-over-year in USD terms, but declined 3.8% in MXN due to FX effects.

• AFFO grew up to 10% YoY in USD terms, but declined 5.3% in MXN; distribution per CBFI also up 10% YoY.

• NOI and EBITDA margins remained strong, above 92% and 84%, respectively.

• Same-property NOI for industrial portfolio grew 4.5% YoY in USD; overall rent per sqm up 5% in USD.

• Investment properties increased to Ps. 40.7B from Ps. 38.7B sequentially.

Outlook and guidance

• Plans to invest $750 million in industrial assets over the next 12–18 months, using a mix of equity and debt.

• AFFO per share/CBFI guidance for 2026 is MXN 1.001, a 2.2% decrease from 2025 due to deleveraging, but would have increased 3–5% excluding this effect.

• Lease maturities represent 16.3% of revenues in 2026, with 41% mark-to-market potential.

• Non-speculative development pipeline exceeds $80 million, targeting high single to low double-digit returns.

• ~US$700M acquisitions pipeline active as of 1Q26.