FIBRA Macquarie México (FIBRAMQ 12) Q2 2026 earnings summary

Executive summary

• Focus on industrial and retail real estate in Mexico, with 86% of NOI from industrial and 14% from retail properties.

• Portfolio consists of 263 properties and 1,008 tenants, with a consolidated occupancy rate of 92.5%.

• Achieved record quarterly consolidated revenues of US$74.6 million, up 7.7% year-over-year, and record NOI of US$62.2 million, up 5.9% year-over-year.

• Completed a public tender and exchange offer with FIBRA MTY, with over 80% of certificates tendered, and agreed to internalize management, pending conditions.

• Updated cash distribution policy to monthly payments and reaffirmed FY26 cash distribution guidance of Ps. 2.45 per certificate.

Financial highlights

• Total revenues (excl. SLR) for 2Q26 were Ps. 1,298.4m, down 4.1% year-over-year; NOI (excl. SLR) was Ps. 1,081.9m, down 5.7%.

• AFFO per certificate was Ps. 0.6479, a 12.9% decrease year-over-year.

• Consolidated NOI reached US$62.2 million, up 5.9% year-over-year; EBITDA was US$54.9 million, up 3.4% year-over-year.

• FFO was US$37.2 million, up 0.3% year-over-year; AFFO was US$29.7 million, down 2.2% year-over-year (excluding transaction-related costs and non-recurring expenses).

• NOI margin (excluding SLR) was 83.3%, down 148 bps year-over-year; AFFO margin was 40.2%, down 388 bps year-over-year.

Outlook and guidance

• FY26 cash distribution guidance reaffirmed at Ps. 2.45 per certificate.

• FY2026 AFFO guidance withdrawn due to the ongoing transaction with FIBRA MTY and potential internalization of management.

• Industrial rental rates increased 5.5% year-over-year to US $6.80/sqm/month.

• Retail rental rates rose 2.5% year-over-year to Ps. 195.80/sqm/month.

• Industrial and retail release spreads remained positive, supporting future rental growth.