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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Internalization will be completed by year-end 2025, using office, retail, and hotel assets valued at MXN 12.3 billion to pay the advisor, eliminating annual fees and reducing debt. The transaction preserves a strong office portfolio and has a neutral impact on leverage.
Fiscal Year 2024
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Q4 revenue rose 5.1% QoQ and controlled FFO grew 10.1%, with strong retail and industrial performance and office recovery. Tax confirmation advances NEXT; management targets H1 2025 internalization and expects the carve-out to reduce leverage.
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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.