Fibra Mty S A P I (FMTY 14) Q4 2025 earnings summary

Executive summary

• Achieved upper end of 2025 AFFO per CBFI guidance at Ps. 1.022 per share, reflecting strong execution and financial discipline, and a 9.5% yield on the starting CBFI price.

• Advanced portfolio optimization with significant divestments in office and retail segments, including the sale of the "Catacha" property and agreements totaling Ps. 1,892.7 million.

• Ended 2025 with 118 properties, 2,050,396 m² GLA, and 96.6% occupancy, with industrial assets as the core focus.

• S&P Global Ratings assigned a BBB- global corporate credit rating with stable outlook.

• Outperformed Mexican equity market and peers with a total return exceeding 50% since last equity offering.

Financial highlights

• NOI margin reached 92.4% and EBITDA margin 84.9%, with NOI for 4Q25 at Ps. 768.6M (+8.7% YoY) and EBITDA at Ps. 705.7M (+7.5% YoY).

• AFFO per CBFI closed at Ps. 1.022, at the upper end of guidance, with AFFO for 2025 at US$32.6M.

• Investment property balance increased to Ps. 41.4 billion, up from Ps. 36.8 billion year-over-year.

• Distribution for 2025 was US$32.6M, up 5.2% year-over-year.

• Cash and equivalents: Ps. 3,377.1 million; total assets: Ps. 42,595.1 million.

Outlook and guidance

• Lease spreads expected to remain stable, with upside potential of 10%-15% moving forward.

• Acquisition pipeline stands at US$700M, with 38 properties and 8.1M ft² GLA under review, and expansion pipeline totals US$173.8M.

• Preference to operate at or below 30% LTV, even if it temporarily limits acquisition capacity.

• 2026 guidance to be published with 1Q26 results, pending outcome of potential equity offering.

• Investment capacity of US$300–500 million in industrial assets, keeping LTV within 30–35%.