FibraHotel (FIHO 12) Q3 2025 earnings summary

Executive summary

• Ended Q3 2025 with 85 hotels and 12,360 rooms, operating across 26 states and 51 operators, with 82 properties in the main portfolio excluding leased hotels and one under renovation.

• Third-quarter 2025 results were weak, with soft demand across Mexico impacting occupancy, ADR, and margins; RevPAR increased 1.6% year-over-year, driven by a 3.2% ADR rise, but occupancy fell by 100 basis points.

• Fiesta Americana Condesa Cancun reported 61.5% occupancy and lease revenue of Ps. $28 million, with rate pressure from fewer U.S. tourists and peso appreciation.

• Ongoing development projects include The Ritz-Carlton Cancun and Hilton Garden Inn Tijuana Aeropuerto, with the latter reopening in early 2026.

• Achieved a GRESB ESG score of 88, recognized as Sector Leader in Hotels globally and regionally.

Financial highlights

• Total revenues for Q3 2025 were Ps. $1,270 million, down 2.5% year-over-year; LTM revenues at Ps. $5,446 million.

• EBITDA was Ps. $250 million (19.7% margin), down 17.5% year-over-year; LTM EBITDA of Ps. $1,317 million (24.2% margin).

• Lodging contribution was Ps. $364 million (28.6% margin), down 9.5% year-over-year.

• FFO was Ps. $161 million, down 24.6% year-over-year; AFFO was Ps. $90 million, down 37%.

• Distribution of Ps. $0.15 per CBFI for Q3 2025, totaling Ps. $0.60 per CBFI for the year, a 9% increase year-over-year.

Outlook and guidance

• Demand headwinds are expected to persist, but forward bookings and group reservations show some improvement.

• Management is implementing efficiency and cost-control initiatives to strengthen profitability and margin improvement.

• The World Cup in 2026 is expected to provide a short-term boost, especially in Monterrey and Guadalajara.

• Focus on maximizing AFFO per CBFI long-term through asset sales, repurchases, and selective development.

• The Tijuana hotel repositioning is expected to complete in early 2026.