Fibra UNO (FUNO 11) Q2 2025 earnings summary

Executive summary

• Successfully completed the IPO of Fibra NEXT, aiming to consolidate industrial assets and create the largest pure industrial real estate platform in Mexico, with a midterm goal of 250 million sq ft.

• Operates the largest real estate platform in Latin America with 120 million sqft GLA, 614 properties, and 95% occupancy as of 2Q25.

• Double-digit year-over-year growth achieved across key financial metrics, with strong resilience and operational performance.

• Strategic focus on total return via dividends (30%) and NAV growth (70%) through active management, acquisitions, and developments.

• Major strategic transactions include the carve-out of the industrial portfolio into a JV with Fibra NEXT and ongoing internalization of management.

Financial highlights

• Revenue decreased by MXN 99.5 million quarter-over-quarter to MXN 7.5 billion, mainly due to seasonality, occupancy decline, and peso appreciation.

• Year-over-year revenue increased by approximately 10%.

• Total assets reached $356.3 billion pesos as of June 30, 2025, up from $354.8 billion at year-end 2024.

• Net consolidated income for the first half of 2025 was $7.01 billion pesos, slightly above $6.99 billion in the same period of 2024.

• Total debt reduced to MXN 147.4 billion from MXN 151.7 billion, mainly due to bond prepayments and new issuances.

Outlook and guidance

• Expectation of imminent joint venture with Fibra NEXT, anticipated to close within the year, likely in Q3.

• Guidance maintained for high mid-double-digit growth in industrial, 7–10% in retail, and stable office leasing spreads.

• Internalization expected to close in 4Q25, with payment in real estate assets at 1.0x NAV.

• Deleveraging strategy in place, targeting lower LTV and net debt/EBITDA through asset sales and development proceeds.

• Significant growth mapped via development pipeline and landbank, especially through Fibra NEXT JV.