Mexico · Delayed Price · Currency is MXN Fibra UNO Earnings Call Transcripts
Fiscal Year 2026
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Occupancy reached 95.7% with strong industrial and retail performance, while office recovery continued. Revenue grew 1.7% quarter-over-quarter despite property sales, and internalization plus Fibra NEXT consolidation drove efficiency gains. Double-digit growth is expected for 2026.
Fiscal Year 2025
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Q4 2025 saw strong revenue and NOI growth, record occupancy, and successful consolidation of the industrial portfolio into Fibra NEXT. CapEx is set to remain stable in 2026, with further deleveraging and growth opportunities tied to closing the NAV-share price gap.
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Double-digit year-over-year growth in revenue, NOI, and payout per share was achieved, with strong leasing spreads and stable occupancy across segments. Internalization of management and final Mitikah mortgage payment were completed, while leverage is expected to decline as cash flows rise.
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Double-digit year-over-year growth was achieved, with strong leasing spreads in industrial and retail segments and robust tenant sales. The IPO of Fibra NEXT and an imminent JV are set to further strengthen the industrial platform, while deleveraging and credit rating improvements are expected.
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A major internalization transaction will align shareholder interests by transferring office, retail, and hotel assets valued at MXN 12.3 billion to the advisor, eliminating annual fees and reducing debt by MXN 1.9 billion. The transition is expected to close by year-end 2025, with minimal impact on leverage.
Fiscal Year 2024
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Q4 and FY2024 saw robust revenue and NOI growth, with strong occupancy and leasing spreads across all segments. Strategic milestones included tax approval for Fibra NEXT, refinancing of 2026 bonds, and progress on asset recycling and internalization.
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Record revenue and NOI growth continued, with all segments contributing and office/retail showing strong recovery. Debt and FX risks are managed, distributions remain high, and further asset sales and development decisions are pending.
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Strong operational recovery with pre-pandemic occupancy levels and robust rent growth, especially in industrial assets, drove a 7.4% year-over-year revenue increase. Margin pressure from rising labor costs and hurricane impacts was offset by cost controls and strategic initiatives, with continued progress on internalization and asset carve-out.