FibraHotel (FIHO 12) Q1 2026 earnings summary

Executive summary

• Largest hotel REIT in Mexico with a diversified portfolio of 85 hotels across 26 states and 12,360 rooms, focusing on risk-adjusted returns and sustainability.

• Q1 2026 results were below expectations due to broad-based softness in hotel demand, impacted by security concerns, reduced business travel, and corporate event cancellations.

• Portfolio spans leisure, resort, full-service, and business-class hotels, with 49% of asset value in resort/full-service and 34% leisure.

• Maintains sector leadership in ESG, with 27% of the portfolio LEED or EDGE certified, 32% of debt linked to sustainability, and new solar installations underway.

• Distribution of Ps. $0.1555 per CBFI approved for Q1 2026, with full-year guidance for total distributions up 3.7% over 2025.

Financial highlights

• Q1 2026 total revenues: Ps. $1,235M, down 8.6% year-over-year; EBITDA: Ps. $252M (20.4% margin); AFFO: Ps. $83M, down 55.5% year-over-year; distribution: Ps. $123M or $0.1555 per CBFI.

• LTM EBITDA: Ps. $1.1B (21.7% margin); LTM AFFO per CBFI: Ps. $0.63; LTM distribution per CBFI: Ps. $0.61.

• Net debt as of March 2026: Ps. $4,243M; Net Debt/EBITDA: 3.7x; Loan-to-Value: 27.2%.

• FFO: Ps. $153M, down 42.9% year-over-year; net loss: Ps. $1.3M for the quarter.

• Assets trade at a 54% discount to historical cost; enterprise value: Ps. $10.4B.

Outlook and guidance

• Strategy for 2Q 2026 focuses on accelerating group and individual bookings and cost discipline to recover operational profitability.

• Expectation to pay three additional equal quarterly distributions in 2026, totaling Ps. $0.6220 per CBFI, a 3.7% increase over 2025.

• Ritz-Carlton Cancun Punta Nizuc project progressing, with 17% construction completed and opening set for 2028.

• Management remains confident in operational and financial strength despite challenging demand.