Fibra Mty S A P I (FMTY 14) Q3 2026 earnings summary

Executive summary

• Control of Fibra Macquarie was acquired May 29, 2026, with consolidation beginning June 1; Q3 included three full months of acquired-platform results.

• The combined portfolio ended September with 382 properties, 5.58 million m² of GLA and 93.9% occupancy.

• Integration, industrial portfolio growth and non-industrial divestments remained priorities, with a goal of becoming fully industrial by 2027.

• The second tender offer exceeded the 95% ownership threshold; internalization of management was expected after settlement and satisfaction of closing conditions.

Financial highlights

• Q3 revenue was Ps. 1,881.3 million, NOI Ps. 1,618.7 million and Adjusted EBITDA Ps. 1,461.9 million, up 124.1%, 110.2% and 106.1% YoY.

• FFO was Ps. 1,175.6 million and AFFO Ps. 1,026.2 million, up 84.2% and 66.8% YoY; AFFO distributed was Ps. 1,020.7 million, up 65.9%.

• NOI margin was 86.0% and Adjusted EBITDA margin 77.7%; excluding the acquired portfolio, margins were 90.5% and 82.4%.

• Net income was Ps. 2,130.6 million, including a Ps. 1,782.4 million fair-value gain; management internalization expenses were Ps. 3,037.9 million.

Outlook and guidance

• 2026 follow-on commitments targeted US$750 million; US$357.9 million was committed by Q3, ~48% of target, at a weighted expected return of 7.6%.

• Estimated full-year cash flow was expected to exceed annual results guidance; 2026 leasing-spread guidance remained 10%-15%, with trailing-12-month spreads at 14.8%.

• 2027 retention was expected in the low 80%s and renewal spreads in the high single digits.

• Potential industrial investment capacity was ~US$640 million while maintaining consolidated LTV at 35%; capacity depends partly on tender-offer cash demand and non-industrial asset-sale proceeds.

• SAP was selected as the common platform, with integration targeted for year-end or early 2027; management described the timing as ambitious.