Fibra UNO (FUNO 11) Q1 2025 earnings summary

Executive summary

• Focus on total return through dividend distributions and capital appreciation via active portfolio management, including acquisitions, sales, and developments.

• Portfolio is diversified across industrial, retail, and office segments, with stable occupancy and cash flows through cycles.

• Net consolidated income for Q1 2025 was $1,585.7 million pesos, down from $2,769.3 million pesos in Q1 2024.

• Total assets as of March 31, 2025, were $353,097.8 million pesos, slightly down from $354,843.7 million pesos at year-end 2024.

• Nearshoring trends expected to positively impact all segments, driving demand for industrial, retail, and office spaces.

Financial highlights

• Over 86 billion pesos distributed to holders over 57 quarters, nearly matching current market cap.

• NAV per CBFI has grown at a 5.2% CAGR over 57 quarters; distribution per CBFI CAGR is 7.5%.

• NOI per CBFI has grown over 5x since IPO, with a 14.3% CAGR, even through major crises.

• Investment property income for Q1 2025 was $6,756.6 million pesos, up from $6,030.2 million pesos in Q1 2024.

• Operating income for Q1 2025 was $5,404.6 million pesos, compared to $4,932.5 million pesos in Q1 2024.

Outlook and guidance

• Strategic objective to carve out the industrial portfolio into a pure-play FIBRA vehicle, pending market conditions.

• Continued focus on extending debt maturity and maintaining prudent leverage.

• Management does not consider the business subject to material seasonal fluctuations.

• No material impact expected from new IFRS standards not yet mandatory.