Fibra UNO (FUNO 11) Q4 2025 earnings summary

Executive summary

• Completed the carve-out and drop-down of the industrial portfolio into Fibra NEXT, with only a few days of full revenue consolidation in Q4 2025; full impact expected in Q1 2026.

• Largest fully integrated real estate company in Mexico and Latin America with a counter-cyclical business model and 135.2 million sqft GLA across 630 operations, maintaining 95.5% occupancy and a 4-year average lease term.

• 2025 marked by internalization, Fibra NEXT IPO and JV, and full acquisition of Mitikah, consolidating key assets and positioning for future growth.

• Achieved consolidated net income of $27,049 million pesos for 2025, up from $16,324 million pesos in 2024, reflecting strong operational performance and portfolio growth.

• Major portfolio restructuring: spun off industrial assets and acquired the Jupiter portfolio, resulting in a 60.7% stake in NEXT Properties and control over Fibra NEXT.

Financial highlights

• Total revenue increased by MXN 348 million (4.6%) sequentially, driven by higher occupancy and inflation-linked rent increases, partially offset by peso appreciation.

• Annualized revenues for 4Q25 reached $31.5 billion pesos, with 21% in USD and 79% in MXN.

• NOI rose by MXN 498.3 million (8.9%) quarter-over-quarter, reaching MXN 6.079 billion; NOI margin over rental revenue was 85.1%.

• FFO increased by MXN 157.4 million (6.6%) to MXN 2.55 billion; AFFO up 5% to MXN 2.55 billion sequentially.

• Total assets increased to $414,841 million pesos as of December 31, 2025, from $354,844 million pesos at year-end 2024.

Outlook and guidance

• Full impact of the industrial portfolio carve-out and consolidation expected to be reflected in Q1 2026 results.

• CapEx guidance for 2026 is around MXN 2 billion, consistent with 2025, focused on expansions and asset stabilization, excluding large-scale developments.

• Portfolio expected to benefit from inflation-linked rent increases and continued high occupancy.

• Management does not expect material seasonality in business or financing requirements.

• Sufficient liquidity with $7,632 million pesos available under revolving credit facilities and $13,500 million pesos plus $410 million USD under committed lines.