FIBRA Macquarie México (FIBRAMQ 12) Q2 2025 earnings summary

Executive summary

• Achieved record consolidated revenues, NOI, and AFFO per certificate in Q2 2025, with AFFO reaching US$30.3 million, up 8.6% YoY in USD and 23.3% YoY in Peso terms, driven by disciplined capital allocation and strong same-store performance.

• Focused on industrial and retail real estate in Mexico, with 94.6% consolidated occupancy as of June 30, 2025; industrial portfolio represents 87% of NOI, retail 13%, and 85% of NOI is USD-denominated.

• Declared a quarterly distribution of Ps. 0.6125 per certificate, a 16.7% YoY increase, maintaining a high-quality distribution with an 8% dollarized cash yield and a prudent mid-80% payout ratio.

• Market capitalization at US$1.3bn, total assets at US$3.6bn, and regulatory LTV at 33.7%.

• Expanded industrial development program, including a new Tijuana park JV with up to four Class A buildings (750k sqft GLA).

Financial highlights

• Total revenues (excl. SLR) for 2Q25 were Ps. 1,353.3m, up 19.2% YoY; NOI (excl. SLR) was Ps. 1,147.7m, up 18.1%; consolidated NOI reached Ps. 1,140.5m (up 16.9% YoY), US$58.4m (up 2.9% YoY).

• AFFO for 2Q25 was US$30.3m (up 8.6% YoY), Ps. 592.8m (up 23.3% YoY), and per certificate Ps. 0.7435.

• EBITDA margin at 77.0%, AFFO margin at 44.0%, and FFO margin at 53.9% for the quarter.

• Occupancy EOP: 94.6% (down 226 bps YoY); average occupancy: 94.5%.

• Net loss for 2Q25: Ps. (1,888.4)m, mainly due to unrealized FX losses and revaluation effects.

Outlook and guidance

• Reaffirmed FY25 AFFO guidance in USD: US$115–119 million (1–5% annual increase); AFFO per certificate guidance updated to Ps. 2.80–2.85.

• FY25 cash distribution guidance: Ps. 2.45 per certificate (16.7% YoY increase), payout ratio ~87%.

• Target stabilized NOI yield for new projects is 9–11%.

• Guidance assumes stable macro conditions, no new acquisitions/divestments, and no certificate repurchases.

• Updated FX assumption to MXN 18.5/USD, revising peso AFFO guidance.