Mexico · Delayed Price · Currency is MXN Fibra Mty, S.A.P.I. de C.V. Earnings Call Transcripts
Fiscal Year 2026
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The acquisition of Fibra Macquarie transformed the platform, nearly tripling assets under management and doubling market cap, while driving a 9% increase in NAV per share and strong credit upgrades. Integration is progressing, with ongoing portfolio optimization and robust industrial fundamentals supporting future growth.
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Strong equity raise and portfolio optimization drive growth, with revenues up 12% and AFFO up 7% year-over-year. Industrial assets now comprise over 80% of revenues, and guidance targets full industrialization by 2027. AFFO per share is expected to rebound as new investments are deployed.
Fiscal Year 2025
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AFFO per CBFI reached MXN 1.02, with NOI margin at 92.4% and a robust $700 million acquisition pipeline. Industrial assets now generate 80% of revenues, LTV stands at 26%, and S&P assigned a BBB- rating. MSCI index inclusion and strong capital deployment support future growth.
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Stock price rose nearly 30% YTD, driven by robust NOI growth, strong industrial fundamentals, and strategic acquisitions. Portfolio is nearing 80% industrial, with further divestments and $500M+ in acquisition pipeline supporting future growth.
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Q2 2025 saw strong financial results with AFFO up 8% year-over-year and NOI margin at 91%. Major industrial acquisitions and asset recycling advanced, while the portfolio remains resilient to trade risks and maintains ample financial flexibility.
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Strong year-over-year growth in NOI and AFFO was driven by acquisitions, expansions, and FX gains, with industrial assets now over 78% of revenue. Capital deployment remains disciplined amid market uncertainty, and office divestments are progressing at or above book value.
Fiscal Year 2024
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Surpassed 2024 guidance with strong AFFO growth, robust industrial acquisitions, and disciplined capital allocation. Office portfolio divestment underway to become a pure industrial vehicle, with further expansion and buybacks planned. Vacancy rates remain healthy despite market uncertainties.
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Industrial demand remains robust, driving NOI and AFFO above guidance, with strong expansion activity and share buybacks enhancing value. Portfolio is highly dollarized, benefiting from FX movements, while office divestitures and prudent capital management support high margins and future growth.
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Advanced over $400 million in industrial investments, with strong progress on office divestments and high portfolio occupancy. NOI margin reached 89.7%, and guidance remains at the high end, supported by robust market fundamentals and active capital management.