Fibra Mty S A P I (FMTY 14) Q2 2026 earnings summary

Executive summary

• Completed the largest public M&A in Mexico in a decade, acquiring over 80% of Fibra Macquarie for ~$2.8B, tripling assets under management to $6.6B and nearly doubling market cap to over $4B, marking the largest transaction in company history.

• Integration of Macquarie’s platform is underway, focusing on operational continuity, efficiency, talent retention, and regulatory compliance.

• NAV per share in US dollars increased by 9% year-over-year, with shares trading at an 11% premium to NAV as of June 30, 2026.

• Received credit rating upgrades from S&P Global Ratings and Fitch Ratings following the acquisition, reflecting increased scale and diversification.

Financial highlights

• Revenue, NOI, and EBITDA grew over 37% year-over-year, with 2Q26 total revenue at Ps. 1,197.6 million and NOI at Ps. 1,060.0 million.

• Same-property NOI grew 5.7% year-over-year in USD; consolidated NOI margin at 88.5% after including Fibra Macquarie.

• AFFO per share annualized at Ps. 2.59, in line with guidance; annualized yield at 6.0%.

• LTV ratio at 32.8%, up from 26.4% at 4Q25; net LTV at 25.3%.

• Market cap nearly doubled year-over-year to $4.0B; average daily trading volume more than doubled to $5.5M.

Outlook and guidance

• Integration process in discovery phase, with plans to complete by year-end 2026 and drive further efficiencies and value creation.

• Capacity to deploy US$680 million in industrial investments while maintaining LTV below 35%.

• Expansion pipeline includes $56.3M in projects under construction and $69.9M under stabilization, targeting 9–11% yield on cost.

• Continued focus on disciplined acquisitions, non-speculative development, and property portfolio optimization.

• No immediate impact anticipated from Whirlpool’s announced relocation; lease maturity extends to December 2031.