Slide 1: Corporate Presentation
Corporate Presentation August 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Trust F/7401 (the “Trust”, “FIBRA” or the “Company”). This presentation should not be considered by its recipients as a substitute for the exercise of their own judgment, study, opinion, or assessment of FIBRA, its subsidiaries, affiliates, or assets
Slide 3: FIBRA NEXT At-a-Glance
FIBRA NEXT At-a-Glance Anchoring Mexico's Industrial & Logistics Real Estate Market As of 2Q26 83.4m GLA (sqft) +60% Central MX US$570m EBITDA Scaled and Asset (Annualized) Profitable Scale 205 Properties 86.0% EBITDA Margin Platform 437 Buildings 33.1% LTV Prudent Premium 80% Logistics Portfolio Le
Slide 4: Reminder: FIBRA NEXT’s Corporate Structure
Reminder: FIBRA NEXT’s Corporate Structure 61% 39% ~US$2.2bn Market Cap Public Market Internalized management structure since day 1 Transparent and fully aligned Fully aligned partnership with e- 50% Independent mechanism in place for related-party ROFO / ROFR of Technical Committee Group: tra
Slide 5: A Full Year Since IPO: Delivering Growth
A Full Year Since IPO: Delivering Growth Where We Started What We Promised What We Delivered Jul – ’25 2Q26 01 US$431m 02 Corporate Restructure 03 Corporate Restructure IPO Combination with FUNO Jul – ’25 industrial and Jupiter Additional contribution US$400m Follow-On Nov – ’25 Jupiter Initial Foll
Slide 6: Generating Significant Value for our Holders
Generating Significant Value for our Holders Blended Cap Rate of Deployment Stabilization of 9.16% Acquisitions Implied Cap Rate from +76.4% Equity Offerings $0.39 IPO 7.45% $0.22 $6.46 +21.1% FFO / CBFI Ann.(1) (US$) $5.33(3) NAV / CBFI(2) (US$) Total Acquisitions: US$1,261m Calopark Atlas Triple H
Slide 7: Highly Accretive Deployment that Demonstrates NEXT’s Competitive Advantage
Highly Accretive Deployment that Demonstrates NEXT’s Competitive Advantage In US$m Blended Cap Rate of Deployment Implied Cap Rate from 9.16% Pending closing Cap Stabilization Equity Offerings of acquisition 7.45% 11.27% 8.94% 9.32% 9.00% 7.45% Blended Blended Acquisition Cost $41 $138 $420 $661 NOI
Slide 8: FIBRA NEXT’s Current Portfolio
FIBRA NEXT’s Current Portfolio At IPO(1,2) At FO(3) Pro-forma (incl. Saturno) (Jul’25) (Nov’25) (Stabilization of Acquisitions) # of Properties 9 200 208(6) GLA (m sqft) 8.1 82.3 93.6 Occupancy Rate (%) 99.3% 97.9% 97.7% NOI Ann. (US$m) $57 $596 $725 (NOI Margin) 92.9% 92.9% 89.4% EBITDA Ann. (US$m)
Slide 9: We are Ready for the NEXT Chapter
We are Ready for the NEXT Chapter Two paths with a clear runway of attractive opportunities Development Acquisitions +10.0% Envisioned Yield +8.0% Yield-on-Cost for Deployment Cap Rate Leverage on exclusive access to e-Group’s premium and Strategic acquisitions of stabilized assets in US$- large lan
Slide 10: NEXT’s Biggest Competitive Advantage
NEXT’s Biggest Competitive Advantage A value generating, large scale and fully-aligned strategic partnership Exponential growth through exclusive access to the largest Our strategic partnership with e-Group In a market environment with and highest quality Landbank provides a superior competitive adv
Slide 11: T-MEX Park
T-MEX Park NAFTA HIGHWAY Laguna De Zumpango Tepozpark N Available area 1m sqft N Cuautipark Leased area 5m sqft Future available area 14m sqft Casetas N Santa Lucía International Airport N La Joya Park Tultitlan N Mexiquensepark Park N N Tultipark N Airport Sanmartinobispopark Parque Estatal N
Slide 12: Leading Platform of Scale, Best Positioned to Seize the Opportunity
Leading Platform of Scale, Best Positioned to Seize the Opportunity Figures as of 2Q26 (1) Management Structure Internalized Externally-managed Internalized Internalized ~8% of Revenues in Asset Management Fees GLA & Occupancy (sqft m) 97.8% 95.8% 93.9% 91.7% 231.7 Potential Operational 83.4 87.3 To
Slide 13: Anchored in Mexico’s Key Central Market and Hedged by US$ Border Exposure
Anchored in Mexico’s Key Central Market and Hedged by US$ Border Exposure 205 North Properties GLA: 18.0m sqft % of GLA: 21.6% 83.4m sqft Ensenada of GLA(1) 97.8% Occupancy Central GLA: 51.4m sqft +600 % of GLA: 61.6% Tenants Bajío and West Altamira GLA: 11.0m sqft Tampico % of GLA: 13.2% Tuxpan 14
Slide 14: Leader in Mexico City, the Market with the Most Attractive Growth Dynamics
Leader in Mexico City, the Market with the Most Attractive Growth Dynamics Largest portfolio in the Greater Mexico City area GLA in Mexico City and State of Mexico (m sqft) 49.3 23.3 6.4 1.9 207 Buildings 15 Buildings (1) Next Prologis Vesta FMTY (1) 2 Buildings 2 Buildings Source: Companies Filings
Slide 15: Tangible Upside from Low-Risk Execution of Organic Growth Strategy
Tangible Upside from Low-Risk Execution of Organic Growth Strategy Largest Mark-to-Market Potential Among Peers Central-Market Concentration Drives the Gap(1) (US$ / sqft / year) (US$ / sqft / year) $12.35 Mark-to-Market Current Rent $7.99 $7.11 $10.52 Mark-to-Market $7.00 Current rent $8.46 $6.82 $
Slide 16: World-Class & Diversified Tenant Base
World-Class & Diversified Tenant Base The Most Diversified Portfolio Primary Exposure to Premium Logistics Segment Large and Loyal (Top 10 Tenants as % of Total Annualized Base Rent(1)) (% of Total GLA by Underlying Industry of Tenants(2)) Clientele… Manufacturing Other Manufacturing 5.9% 20% 31.6%
Slide 17: Diversified Funding with Attractive Terms and Staggered Maturity Profile
Diversified Funding with Attractive Terms and Staggered Maturity Profile Loans Breakdown Debt Breakdown Highlights Amount Fibra NEXT Debt Curr. Type Interest Rate Maturity (US$ m) Secured Floating Citi US$ Unsecured SOFR + 80bps Sep-26 $145 9.0% 12.0% BBVA Ps. Unsecured TIIE + 80bps Jul-26 $83 Atiza
Slide 18: Optimal Balance Sheet and Conservative Financial policies
Optimal Balance Sheet and Conservative Financial policies Debt Profile Highlights Total Debt Weighted Avg. Cost(1) Average Life of Debt Net Debt / EBITDA LTV (%) US$3,102m 6.67% 8.3 years ~4.9x 33.1% Debt Breakdown Debt Ps. Debt 33% 11% Assets 100% Equity US$ Debt 67% 89% Naturally Hedged Cash Flows
Slide 19: Seasoned Management Team Supported by Best-in-class Corporate Governance
Seasoned Management Team Supported by Best- in-class Corporate Governance Internally managed by a seasoned team with +40 years of Best-in-class Corporate Governance experience in the Industrial Real Estate Sector Technical Committee Non-Independent Former President and CEO of GE in Mexico, having
Slide 20: Transparent Related-party Mechanism to Cement a Fully-aligned Partnership
Transparent Related-party Mechanism to Cement a Fully-aligned Partnership Related-Party 1 Related-party transaction is presented to the Practices Committee Transaction Fairness Opinion by A mandatory fairness opinion and appraisal from independent Practices Committee Investment Bank 2 advisors are r
Slide 21: Committed to the Best Social and Environmental Practices
Committed to the Best Social and Environmental Practices Sustainability Performance Target Philanthropic Activity (% of certified GLA under sustainable building certifications) 2050E 2040E 80% 2030E 2028E 70% 2Q26 48% 42% 38% FUNO 89% 11% Foundation 70% of workforce coming Water treatment, rainwater
Slide 22: Appendix
NEARSHORING EXPERTS AND TECHNOLOGY
Slide 23: Appendix I: Market Fundamentals and Dynamics
Appendix I Market Fundamentals and Dynamics
Slide 24: Favorable Demographic Frame to Boost Consumption…
Favorable Demographic Frame to Boost Consumption… Population of Mexico Population Pyramid, by age and gender(2) (In m) 131.9 (1) 100 + 126.0 119.9 90 to 94 112.3 80 to 84 103.3 70 to 74 97.5 91.2 60 to 64 81.2 50 to 54 40 to 44 30 to 34 20 to 24 10 to 14 1990 1995 2000 2005 2010 2015 2020 2025E 0 to
Slide 25: … Generating Significant Demand for Logistics Space…
… Generating Significant Demand for Logistics Space… Logistics Inland freight has shown a steady growth in real terms, well …with Greater Mexico City being the country’s inland freight above total GDP… and distribution core… Inland Freight GDP Total Gross Output — Inland Freight (US$bn, real terms b
Slide 26: … Supported by Strong E-Commerce growth…
… Supported by Strong E-Commerce growth… E-Commerce Underpenetrated E-Commerce market with an open road to Compounding fast and set to roughly double by 2030 catch up to developed economies E-Commerce Penetration vs. Other Countries (2025) Mexico Retail E-commerce Sales (% of retail sales) (US$bn, r
Slide 27: … Concentrated Primarily Around Greater Mexico City, Creating Unique Market Dynamics
… Concentrated Primarily Around Greater Mexico City, Creating Unique Market Dynamics Avg. List Px vs Stock Evolution of Avg. List Px (Indexed to 100) $13.00 Fastest growing rent $12.00 prices Avg. List Px (in US$ / sqft per year) $11.00 $10.00 Most sought out market, driving scale and highest $9.00
Slide 28: Appendix II: Complementary Details of Recent Acquisitions
Appendix II Complementary Details of Recent Acquisitions
Slide 29: Profitable Deployment of IPO and FO Proceeds
Profitable Deployment of IPO and FO Proceeds Sources & Uses In US$m(1) Full deployment of proceeds within 8 months Sources of the most recent equity offering Uses Jul-25 2H26 IPO $431 Cash Saturno $661 $237 CBFIs | $209 Cash $215 Debt Assumption Nov-25 Follow-On $400 Cash Jul-26 Triple Home Run $420
Slide 30: Calopark
Calopark 3rd Party Transaction 4 # of buildings GLA Breakdown (k sqft) 538 78(1) 616 Development Stabilized Total Potential Current Stabilized Metrics 100% 18% | 82% 4.6 Occupancy Lease Currency WALT Rate (US$ | MX$) (years) Geographic Footprint Cancún, Quintana Roo Calopark’s Acquisition – 100% Sta
Slide 31: Atlas
Atlas 3rd Party Transaction 15 # of properties GLA Breakdown (m sqft) 2.0 Stabilized Current Stabilized Metrics 99.6% 100% | 0% 3.0 Occupancy Lease Currency WALT Rate (US$ | MX$) (years) Geographic Footprint (~90%) Ciudad Juárez, Chihuahua Ramos Arizpe, Coahuila Celaya, Guanajuato Atlas’ Acquisition
Slide 32: Triple Home Run
Triple Home Run Related Party Transaction Acquisition Structure and Costs 3 # of properties GLA Breakdown (m sqft) 100% Cash Payment 1.5 2.7 4.3(1) Stabilized Development Total Potential Current Stabilized Metrics US$153m 3Q26 100% 61% | 39% 3.9 Stabilized Occupancy Lease Currency WALT Rate (US$ | M
Slide 33: Saturno
Saturno Related Party Transaction Acquisition Structure and Costs 2 # of properties GLA Breakdown (m sqft) US$209m US$237m US$215m Cash CBFI’s Debt Assumption 2.2 3.2 5.4 Stabilized Development Total Potential Current Stabilized Metrics US$288m 2H26 100% 33% | 67% 6.8 Stabilized Occupancy Lease Curr
Slide 34: Appendix III: Selected Development Projects
Appendix III Selected Development Projects
Slide 35: El Marqués Park
El Marqués Park 32 NAFTA 30 31 28 29 HIGHWAY Santiago de 26 27 25 Access Quéretaro 8 7 Access 24 6 Querétaro 23 22 Carretera México-Celaya 1 2 3 4 5 21 20 19 9 10 11 12 18 Access 17 16 Access 13 14 15 Location: Municipio del Marques, Queretaro 18m sqft of land with 9m sqft of expected GLA once ful
Slide 36: Toluca Park 3000
Toluca Park 3000 Xonacatlán Plot 3 Plot 4 Tolucapark II N N Maravillaspark Plot 5 LA Maquinita Toluca International Plot 2 Plot 6 Airport Plot Plot 7 Lermapolaris Lerma N 8 Lermapark I N Tolucapark I N Toluca Paseo Tolocan N Lermapark II Access Access MEX-TOLUCA Plot 1 Metepec San Mateo Atenco Airpo
Slide 37: NEARSHORING EXPERTS AND TECHNOLOGY
NEARSHORING EXPERTS AND TECHNOLOGY