Fibra UNO (FUNO 11) Q1 2026 earnings summary

Executive summary

• Achieved 95.7% overall occupancy, with industrial at 97.8–97.9%, retail at 93.7–94.1%, and office at 81.7–82.1%.

• Completed internalization of management, enhancing efficiency and reducing advisory fees.

• First full quarter with Fibra NEXT fully consolidated, including IPO and JV, broadening investor base.

• Major events included acquisition of fully occupied industrial property and full consolidation of Mitikah.

• Appointment of Marimar Torreblanca as Independent Board Member to strengthen governance.

Financial highlights

• Quarterly revenues reached MXN 8,007.2 million, up 1.7% quarter-over-quarter and from MXN 7,605 million in Q1 2025.

• Net operating income (NOI) decreased by MXN 153.9 million (2.5%) vs. Q4 2025; NOI margin at 85.1%.

• Net income for Q1 2026 was MXN 1,980 million, a 25% increase year-over-year.

• FFO per CBFI: MXN 0.6504 (-2.1% QoQ, +3.9% YoY); AFFO per CBFI: MXN 0.6720 (+21% QoQ, +7.3% YoY).

• Quarterly distribution of MXN 2.362 billion (MXN 0.62 per CBFI), up 11.7% year-over-year.

Outlook and guidance

• Expecting double-digit growth across main lines for 2026.

• Targeting FFO per CBFI of MXN 2.85–2.90 for the year, with dividend yield at MXN 2.75.

• Guidance policy to be implemented, with more specific metrics to be provided later in the year.

• Positioned for future growth with access to non-dilutive capital and a broadened investor base.

• Ongoing focus on sustainability, aiming for net zero by 2050 and significant ESG investments.