Fibra UNO (FUNO 11) Q3 2025 earnings summary

Executive summary

• Achieved double-digit year-over-year growth in total revenue, NOI, and effective payout per share, with expectations to maintain this trend through year-end and into 2026.

• Net consolidated income for the nine months ended September 30, 2025, was $10,725 million pesos, up from $5,968 million pesos for the same period in 2024.

• Strong leasing spreads across all sectors, with only a quarter of contracts revised annually, supporting top-line growth.

• ESG leadership highlighted, with aggressive equality, sustainability, and governance initiatives, including internalization of management and board reshuffling.

• Distributions totaling $6,381 million pesos were paid to certificate holders in 2025, with $4,510 million from fiscal results and $1,871 million as capital refund.

Financial highlights

• Total revenues reached MXN 7.5 billion, up 0.3% quarter-over-quarter and 5.1% year-over-year, driven by inflation indexation and rent increases.

• Revenue from leases and investment property for the nine months ended September 30, 2025, was $20,049 million pesos, compared to $18,469 million pesos in the same period of 2024.

• Net operating income (NOI) was MXN 5.58 billion, flat sequentially, with a 3.1% year-over-year increase.

• Funds from operations (FFO) rose 2% quarter-over-quarter and 5% year-over-year to MXN 2.4 billion.

• Adjusted FFO (AFFO) increased 3.9% sequentially and 7% year-over-year, aided by a MXN 44 million land sale.

Outlook and guidance

• Projecting continued double-digit growth in top-line metrics for 2026, with expectations of more resilience and stability.

• Office occupancy expected to gradually rise, with some corridors already above 90%; full portfolio may reach 90% by 2027.

• No further payments pending for Mitikah; asset is stabilized and fully leased.

• No immediate plans for Mitikah phase two; future development contingent on market conditions.

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