Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Q2 2025 Earnings Presentation
45 slides from Fibra Macquarie Mexico's earnings presentation, July 2025
Slide 1: FIBRA Macquarie México Supplementary Information Second Quarter 2025
FIBRA Macquarie México Supplementary Information (BMV: FIBRAMQ) Second Quarter 2025 1
Slide 2: Important information
Important information This document has been prepared by Macquarie Asset Management No risk control mitigant is failsafe. Notwithstanding the mitigants belief and judgment. Such statements do not reflect or constitute legal México, S.A. de C.V. (“MAM Mexico”), as manager, acting in the name describe
Slide 3: Executive Summary: 2Q25 financial and operational results
Executive Summary: 4 2Q25 financial and operational results 1 Growth Capex 9 2 Industrial portfolio 12 3 Retail portfolio 16 4 Selected financial statements 21 5 Debt profile 29 6 AFFO calculation methodology 33 7 Appendix 36 3
Slide 4: FIBRA Macquarie at a Glance
FIBRA Macquarie at a Glance As at June 30, 2025 Strategic focus Financial summary Metric Amount • FIBRA Macquarie focuses on the acquisition, development, ownership and Market capitalization EOP3 US$1.3bn / Ps. 23.9bn management of industrial and retail real estate properties in Mexico Total assets
Slide 5: Executive Summary
Executive Summary 2Q25 Key Metrics US$6.45 Industrial rental rates NOI per CBFI1 Ps. 1.4395 sqm/m (+2.1% QoQ; +6.8% YoY) (Ps:-0.6% QoQ; +18.1% YoY) Industrial occupancy EOP AFFO per CBFI 94.8% (+12 bps QoQ; -280 bps YoY) Ps. 0.7435 (Ps: -1.6% QoQ; +23.3% YoY) Industrial release spread – commercially
Slide 6: 2Q25 Key financial metrics
2Q25 Key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 1 Consolidated Portfolio 2Q25 2Q24 Variance (%) 2Q25 2Q24 Variance (%) Total revenues (inc. SLR) 1,346.0 1,139.6 18.1% 68.9 66.2 4.0% Total revenues (exc. SLR) 1,353.3 1,135.7 19.2% 69.2 66.0 4.9% 2 Net Operating Income (inc. SLR) 1,140.5 975.
Slide 7: 2Q25 Key Portfolio Metrics
2Q25 Key Portfolio Metrics Retention rate1 Occupancy (End of quarter) (LTM by GLA) 100.0% 97.6% 97.2% 100.0% 98.0% 95.8% 96.0% 96.9% 94.7% 94.8% 90.0% 86.3% 84.5% 81.7% 96.6% 82.5% 82.7% 83.4% 80.1% 94.0% 95.5% 94.4% 94.6% 79.4% 78.8% 82.0% 80.0% 77.8% 81.4% 92.0% 93.4% 93.0% 93.3% 93.0% 70.0% 90.0%
Slide 8: Lease Rental Rate Summary
Lease Rental Rate Summary Industrial portfolio lease summary Portfolio ABR composition by Considers leases that have been in place for at least 12 months through to 2Q25 currency Rental Rate Rental Rate Weighted Average Weighted Average Weighted Average GLA (sqm '000s) ABR (US$m) (US$/sqm/m) (US$/sq
Slide 9: Growth Capex
FIBRA Macquarie MACQUARIE Mexico O1 Growth Capex
Slide 10: Growth capex projects
Growth capex projects ► ~0.6m sqft of growth GLA under stabilization, including the completion of TIJ031 on April 8, 2025 ► Target stabilized NOI yield of 9—11% Buildings under stabilization: 2 Juarez (JUA045) GLA: 585k sqft Total Investment: US$59.1m Tijuana (TIJ031) Monterrey (MTY044) Land bank by
Slide 11: Industrial development and expansions
Industrial development and expansions # of Incremental GLA Investment Completion / Expected Expected NOI Initial Lease Project City NOI Yield1 Projects ('000 sqft) (eUS$m) Completion Contribution Date term (years) Expansions (inception to date) Total 27 1,054 51.2 11.7% Actual 8.5 Developments deliv
Slide 12: Industrial Portfolio
FIBRA Macquarie MACQUARIE Mexico 02 Industrial Portfolio
Slide 13: Industrial portfolio: Operating highlights
Industrial portfolio: Operating highlights Financial and operational metrics 1 2Q25 1Q25 Var (%) 2Q25 vs 1Q25 2Q24 Var (%) 2Q25 vs 2Q24 Selected financial metrics (Ps. m) Revenues $1,133.9 $1,120.2 1.2% $939.1 20.7% Expenses ($137.9) ($122.4) 12.7% ($101.4) 36.0% NOI (incl. SLR) $996.0 $997.8 (0.2%)
Slide 14: FIBRA Macquarie's industrial presence
FIBRA Macquarie’s industrial presence Use of space Lease expiration profile (% of annualized base rent) (% of annualized base rent) 47.7% Industrial Only Consolidated Portfolio1 Other 1% Other 1% Retail 14% Distribution 28% 20.2% 16.7% 10.8% Distribution 2.9% 1.7% 24% Manufacturing In regularization
Slide 15: Industrial leasing summary and regional overview
Industrial leasing summary and regional overview 2Q25 Industrial leasing highlights Industrial leasing activity3 Country of (Sqft in thousands) New Leases Renewals Leased Expansions/Development Transaction Market GLA (sqft) Industry Term domicile New Lease Monterrey 67,242 Automotive Mexico 2 years
Slide 16: Retail Portfolio
FIBRA Macquarie MACQUARIE Mexico 03 Retail Portfolio
Slide 17: Retail portfolio: Operating highlights
Retail portfolio: Operating highlights Financial and operational metrics Var (%) 2Q25 Var (%) 2Q25 Ps. millions; except operating stats11 2Q25 1Q25 vs 1Q25 2Q24 vs 2Q24 Selected financial metrics Revenues $212.1 $218.9 (3.1%) $200.5 5.8% Lease Rental Income2 $162.2 $169.9 (4.5%) $155.0 4.6% Lease Va
Slide 18: FIBRA Macquarie's retail presence
FIBRA Macquarie’s retail presence Retail portfolio highlights Lease expiration profile • Defensive portfolio primarily located in the top retail market of Mexico City (% of annualized base rent2) Anchor Total Metropolitan Area (MCMA) 40.0% 34.6% 35.0% • All leases are inflation protected and provide
Slide 19: Retail leasing and regional overview
Retail leasing and regional overview 2Q25 Retail leasing highlights Retail leasing activity3 Transaction Shopping Center GLA (sqm) Sector Customer (sqm in thousands) New Lease City Shops Valle Dorado 3,220 Entertainment The Club Spider Padel New Leases Renewals Leased Expansions/Development New Leas
Slide 20: Retail segment overview
Retail segment overview Wholly-owned portfolio Joint venture portfolio ● Portfolio consists of 8 properties: ● Portfolio consists of 9 properties: – 2 power centers – 6 community shopping centers – 3 urban infills – 2 urban infills – 1 community shopping center – 1 mixed-use property Monterrey – 1 m
Slide 21: Selected Financial Statements
5 04 Selected Financial Statements 21
Slide 22: Detailed IFRS Consolidated Income Statement by Segment
Detailed IFRS Consolidated Income Statement by Segment Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2 Combined Combined Lease related income - 1,024.6 110.3 1,134.9 56.1 34.1 1,225.2
Slide 23: Detailed IFRS Consolidated Income Statement by Segment (cont'd)
Detailed IFRS Consolidated Income Statement by Segment (cont’d) Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial1 Combined Combined Management fees (62.6) - - (62.6) - - (62.6) (67.3) T
Slide 24: IFRS net profit to NOI Adjustments by Segment
IFRS net profit to NOI1 Adjustments by Segment Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial3 Combined Combined Profit/ (loss) for the period per Interim Financial Statements 927.5 (
Slide 25: Adjustments by Segment FFO and AFFO
Adjustments by Segment FFO1 and AFFO2 Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial8 Combined Combined7 Net Operating Income 0.0 959.3 95.4 1,054.6 49.1 36.7 1,140.5 975.9 Management
Slide 26: Reconciliations of profit to FFO and AMEFIBRA FFO
Reconciliations of (loss)/profit per interim financial statements to FFO and AMEFIBRA FFO Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2 Combined Combined Profit/(loss) for the perio
Slide 27: Net Assets by Segment
Net Assets by Segment Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial Combined Combined Current assets Cash and cash equivalents 3,314.3 116.0 28.7 3,459.0 13.7 156.1 3,628.9 443.3 Tra
Slide 28: Net Assets by Segment (cont'd)
Net Assets by Segment (cont’d) Jun 30, 2025 Jun 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial Combined Combined Non-current liabilities Trade and other payables - - 0.2 0.2 - - 0.2 0.3 Tenant deposit
Slide 29: Debt Profile
FIBRA Macquarie MACQUARIE Mexico O05 Debt Profile
Slide 30: Debt overview
Debt overview Overview1 Key debt ratios3 ● CNBV Regulatory LTV of 33.7% and Regulatory Debt Service Coverage Ratio of 6.3x Total and net debt Real estate gross6, net Interest coverage5 to EBITDA4 and regulatory LTV ● Real Estate net LTV of 32.8% and weighted average cost of debt of 5.6% per annum 3.
Slide 31: Debt Disclosure
Debt Disclosure Debt associated with wholly-owned properties ESG Balance Balance Interest type Interest Security Commencement Maturity Lenders Ccy Amortization2 component US$ m1 Ps. mm1 (Fixed/’Variable) rate p.a. type date date Insurance Companies through a Note Purchase USD 75.0 1,417.0 Fixed 5.71
Slide 32: CNBV Regulatory Ratios
CNBV Regulatory Ratios 2Q25 Leverage ratio Ps.’000 1 Bank debt 22,639,499 Bonds - Total assets 67,177,563 22,639,499 Leverage ratio = = 33.7% 67,177,563 Ps.’000 Debt service coverage ratio ( ICD t ) 4 t=0 ∑ t=1 AL 0 Liquid assets 3,615,166 - IVA t Value added tax receivable - - UO t Net operating in
Slide 33: AFFO Calculation Methodology
7 06 AFFO Calculation Methodology 33
Slide 34: AFFO calculation methodology
AFFO calculation methodology Definitions NOI Item Definition Repairs and maintenance Scheduled or unscheduled work to repair minor damage or normal wear and tear, as well as make-ready expenses. Typically, low value relative to maintenance capex. expense (R&M) FFO Items Transaction related expenses
Slide 35: AFFO calculation methodology (cont'd)
AFFO calculation methodology (cont’d) Quarterly cash deployment vs normalized methodology 2Q25 2Q24 Actual cash deployment for the three months ended Var (%) Ps. m Ps. m Financing costs (0.2) (0.0) 100.0% Maintenance capital expenditures (57.0) (55.5) 2.8% Tenant improvements (18.2) (29.6) -38.8% Ab
Slide 36: Appendix
MACQUARIE Mexico O07 Appendix FIBRA Macquarie
Slide 37: Rental Rate Bridges Year-on-Year
Rental Rate Bridges Year-on-Year Industrial rental rate bridge from 2Q24 to 2Q25 (US$/sqm/m) +0.08 -0.00 +0.01 6.45 +0.12 +0.18 +0.03 +0.00 0.0% 0.1% 1.3% +6.8% 6.04 0.0% 3.0% 0.5% 2.0% 2Q24 Contract Increases New Leases Contractual Extensions Negotiated Renewals Growth Capex Moveouts FX 2Q25 Retail
Slide 38: 2Q25 Quarterly AFFO per Certificate Bridges (Ps.)
2Q25 Quarterly AFFO per Certificate Bridges (Ps.) AFFO per certificate in Ps. 1Q25 to 2Q25 0.0604 0.0075 0.0150 0.0229 0.7435 0.7556 0.0272 -1.0% 8.0% -2.0% -3.0% -3.6% (1.6%) 1Q25 AFFO Increased Same Store Income Decreased Normalized Increased Interest Expense & Increased Same Store Expenses FX Imp
Slide 39: Consolidated Portfolio: Same Store Metrics
Consolidated Portfolio: Same Store Metrics1 6 Months ended 6 Months ended Financial Metrics (Ps. m) 2Q252 2Q243 Var (%) Jun 30, 2025 Jun 30, 2024 (PCP) Var (%) Revenues (inc. SLR) Ps. 1,327.3m Ps. 1,132.4m 17.2% Ps. 2,647.8m Ps. 2,241.7m 18.1% Net Operating Income (inc. SLR) Ps. 1,128.5m Ps. 976.1m
Slide 40: Industrial Portfolio: Same Store Metrics
Industrial Portfolio: Same Store Metrics1 6 Months ended 6 Months ended Financial Metrics (Ps. m) 2Q252 2Q243 Var (%) Jun 30, 2025 Jun 30, 2024 (PCP) Var (%) Revenues (inc. SLR) Ps. 1,115.2m Ps. 931.8m 19.7% Ps. 2,216.8m Ps. 1,842.3m 20.3% Net Operating Income (inc. SLR) Ps. 984.0m Ps. 837.9m 17.4%
Slide 41: Retail Portfolio: Same Store Metrics
Retail Portfolio: Same Store Metrics1 6 Months ended 6 Months ended Financial Metrics (Ps. m) 2Q25 2Q24 Var (%) Jun 30, 2025 Jun 30, 2024 (PCP) Var (%) Revenues (inc. SLR) Ps. 212.1m Ps. 200.5m 5.8% Ps. 431.0m Ps. 399.4m 7.9% Net Operating Income (inc. SLR) Ps. 144.5m Ps. 138.2m 4.5% Ps. 296.9m Ps.
Slide 42: GLA distribution by market
GLA distribution by market Diversified portfolio Key market presence GLA (sqm 000's) Industrial assets in strategic manufacturing markets and retail assets in high density City Region Industrial2 % Retail3 % Total % urban areas. Monterrey North 564 19.1% 35 8.1% 599 17.7% Ciudad Juárez North 453 15.
Slide 43: Portfolio Distribution by Market
Portfolio Distribution by Market Industrial GLA GLA Average Monthly Rent per City Total Number of Properties Total Number of Tenants Occupancy (000’s sqft) (000’s sqm) % Industrial GLA Leased m2 (US$)1 Monterrey 40 45 96.1% 6,076.2 564.5 19.1% 6.46 Ciudad Juárez 36 36 92.0% 4,880.2 453.4 15.4% 6.32
Slide 44: Definitions
Definitions • Adjusted funds from operations (AFFO)1 is equal to FFO less straight-line rent, normalized maintenance capex, normalized above-standard tenant improvements, normalized extraordinary capex, normalized tenant improvement, normalized third-party leasing commissions and normalized leasing
Slide 45: Other important information
Other important information • Redevelopments (generally projects which require capital expenditures exceeding 25% of the gross cost basis) are placed in the operating portfolio upon the earlier of reaching 90% occupancy or twelve months from the completion of renovation construction. • Regulatory LT
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