Fibra Mty S A P I (FMTY 14) Q2 2025 earnings summary

Executive summary

• Addressed new 30% U.S. reciprocal tariff on Mexican imports, with most exports USMCA-compliant and modest impact expected.

• Achieved strong progress on portfolio rationalization and remains on track to meet 2025 guidance, with significant industrial acquisitions and strategic divestments enhancing asset quality and cash flow visibility.

• Strategy remains resilient with long-term, U.S. dollar-denominated leases, increased e-commerce exposure, and focus on core industrial markets.

• Completed major acquisitions, including the fully leased MeLi Leon industrial property and final assets from the Batach portfolio, expanding industrial GLA and tenant diversification.

• Recognized for gender equity initiatives by IMEF and Women in Finance.

Financial highlights

• 2Q25 total revenue reached Ps. 845.2 million, up 34.9% year-over-year; NOI was Ps. 767.0 million (+36.6% YoY); EBITDA was Ps. 702.7 million (+36.8% YoY).

• AFFO for Q2 2025 reached approximately Ps. 629.7 million, up 7.5% year-over-year, driven by acquisitions and expansion projects.

• Same-property NOI increased 17.1% YoY to Ps. 644.1 million, with industrial portfolio NOI growing by more than 20%.

• NOI and EBITDA margins were 90.7% and 83.1%, respectively, among the highest in the industry.

• 2Q25 distribution of Ps. 0.259 per CBFI implies an annualized yield of 8.8%.

Outlook and guidance

• On track to meet full-year 2025 guidance, supported by robust acquisition pipeline exceeding US $850 million and ongoing expansions.

• Expects positive lease spreads of 10%-20% in coming quarters and anticipates office occupancy to surpass 80%.

• Maintains capacity to invest up to US $500 million in industrial assets without exceeding LTV cap.

• Focus on inflation-indexed, USD-denominated leases with long WALTs to ensure portfolio resilience.