Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Q3 2025 Earnings Presentation
45 slides from Fibra Macquarie Mexico's earnings presentation, October 2025
Slide 1: FIBRA Macquarie México Supplementary Information Third Quarter 2025
FIBRA Macquarie México Supplementary Information (BMV: FIBRAMQ) Third 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: 3Q25 financial and operational results
Executive Summary: 4 3Q25 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 September 30, 2025 Strategic focus Financial summary Metric Amount • FIBRA Macquarie focuses on the acquisition, development, ownership and Market capitalization EOP2 US$1.4bn / Ps. 25.0bn management of industrial and retail real estate properties in Mexico Total as
Slide 5: Executive summary
Executive summary 3Q25 Key Metrics US$6.55 Industrial rental rates NOI per CBFI1 Ps. 1.3863 sqm/m (+1.7% QoQ; +6.8% YoY) (Ps:-3.7% QoQ; +3.0% YoY) Industrial occupancy EOP AFFO per CBFI 94.9% (+9 bps QoQ; -230 bps YoY) Ps. 0.6950 (Ps: -6.5% QoQ; +5.1% YoY) Industrial release spread – commercially ne
Slide 6: 3Q25 key financial metrics
3Q25 key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 1 Consolidated Portfolio 3Q25 3Q24 Variance (%) 3Q25 3Q24 Variance (%) Total revenues (inc. SLR) 1,327.4 1,246.6 6.5% 71.2 65.9 8.0% Total revenues (exc. SLR) 1,316.9 1,232.7 6.8% 70.6 65.2 8.4% 2 Net Operating Income (inc. SLR) 1,115.8 1,087.
Slide 7: 3Q25 key portfolio metrics
3Q25 key portfolio metrics Retention rate1 Occupancy (End of quarter) (LTM by GLA) 100.0% 97.2% 100.0% 98.0% 95.8% 94.7% 94.8% 90.0% 96.0% 96.6% 94.9% 82.5% 82.7% 83.4% 80.1% 80.8% 81.7% 77.8% 83.1% 94.7% 79.4% 78.8% 80.2% 94.0% 95.5% 94.4% 94.6% 80.0% 75.3% 93.6% 92.0% 93.0% 93.3% 93.0% 93.4% 70.0%
Slide 8: Lease rental rate summary
Lease rental rate summary Industrial portfolio lease summary Considers leases that have been in place for at least 12 months through to 3Q25 Portfolio ABR composition by Rental Rate Rental Rate Weighted Average Weighted Average Weighted Average currency GLA (sqm '000s) ABR (US$m) (US$/sqm/m) (US$/sq
Slide 9: Growth Capex
MACQUARIE México O1 Growth Capex FIBRA Macquarie
Slide 10: Growth capex projects
Growth capex projects ➢ ~0.4m sqft of growth GLA under stabilization ➢ Target stabilized NOI yield of 9—11% ➢ Acquired a US$34.8 million prime industrial logistics facility in MCMA via a sale-and-leaseback; triple-net lease in USD. Proforma year 1 NOI of US$2.8 million and ~20% embedded rent growth
Slide 11: Industrial development and expansions
Industrial development and expansions # of Incremental GLA Investment Completion / Expected Expected NOI Initial Lease Project City NOI Yield1 Projects ('000 sqft) (eUS$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 México 02 Industrial Portfolio
Slide 13: Industrial portfolio: operating highlights
Industrial portfolio: operating highlights Financial and operational metrics 1 3Q25 2Q25 Var (%) 3Q25 vs 2Q25 3Q24 Var (%) 3Q25 vs 3Q24 Selected financial metrics (Ps. m) Revenues $1,104.5 $1,133.9 (2.6%) $1,036.8 6.5% Expenses ($143.5) ($137.9) 4.1% ($98.5) 45.7% NOI (incl. SLR) $961.0 $996.0 (3.5%
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) Industrial Only Consolidated Portfolio1 48.2% Other 1% Other 1% Retail 15% Distribution 29% 19.7% 16.5% 12.7% 2.2% 0.6% Manufacturing Distribution Manufacturing 70% 59%
Slide 15: Industrial leasing summary and regional overview
Industrial leasing summary and regional overview 3Q25 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 México City 249,875 Consumer Goods Spain 3
Slide 16: Retail Portfolio
FIBRA Macquarie MACQUARIE México O03 Retail Portfolio
Slide 17: Retail portfolio: operating highlights
Retail portfolio: operating highlights Financial and operational metrics Var (%) 3Q25 Var (%) 3Q25 Ps. millions; except operating stats11 3Q25 2Q25 vs 2Q25 3Q24 vs 3Q24 Selected financial metrics Revenues $222.8 $212.1 5.1% $209.7 6.2% Lease Rental Income2 $169.6 $162.2 4.6% $158.7 6.9% Lease Variab
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% 34.5% 35.0% • All leases are inflation protected and provide
Slide 19: Retail leasing and regional overview
Retail leasing and regional overview 3Q25 Retail leasing highlights Retail leasing activity3 Transaction Shopping Center GLA (sqm) Sector Customer (sqm in thousands) New Lease City Shops del Valle 562 Entertainment Zona Ninja New Leases Renewals Leased Expansions / Development / Acquisitions New Lea
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 Sep 30, 2025 Sep 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2,3 Combined Combined Lease related income - 982.1 113.4 1,095.5 57.2 32.6 1,185.3
Slide 23: Detailed IFRS consolidated income statement by segment (cont'd)
Detailed IFRS consolidated income statement by segment (cont’d) Sep 30, 2025 Sep 30, 2024 Ps. millions unless otherwise stated Wholly-owned JV Proportionally Proportionally FIBRA Industrial Retail Consolidated Retail Industrial1,2 Combined Combined Management fees (63.3) - - (63.3) - - (63.3) (68.0)
Slide 24: IFRS net profit to NOI adjustments by segment
IFRS net profit to NOI1 Adjustments by segment Sep 30, 2025 Sep 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial3,4 Combined Combined Profit/ (loss) for the period per Interim Financial Statements 368.4
Slide 25: Adjustments by segment FFO and AFFO
Adjustments by segment FFO1 and AFFO2 Sep 30, 2025 Sep 30, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial8 Combined Combined7 Net Operating Income 0.0 931.5 105.3 1,036.7 49.5 29.6 1,115.8 1,087.0 Managem
Slide 26: Reconciliations of profit to FFO and AMEFIBRA FFO
Reconciliations of (loss)/profit per interim financial statements to FFO and AMEFIBRA FFO Sep 30, 2025 Sep 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 Sep 30, 2025 Sep 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 2,205.8 327.1 31.4 2,564.3 15.2 173.8 2,753.3 499.7 Tra
Slide 28: Net assets by segment (cont'd)
Net assets by segment (cont’d) Sep 30, 2025 Sep 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
MACQUARIE México O05 Debt Profile FIBRA Macquarie
Slide 30: Debt overview
Debt overview Overview1 Key debt ratios3 ● CNBV Regulatory LTV of 33.2% and Regulatory Debt Service Coverage Ratio of 4.6x Total and net debt Real estate gross6, net Interest coverage5 to EBITDA4 and regulatory LTV ● Real Estate net LTV of 33.3% and weighted average cost of debt of 5.5% per annum 5.
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 1,378.7 Fixed 5.71%
Slide 32: CNBV regulatory ratios
CNBV regulatory ratios 3Q25 Leverage ratio Ps.’000 1 Bank debt 21,595,722 Bonds - Total assets 64,955,230 21,595,722 Leverage ratio = = 33.2% 64,955,230 Ps.’000 Debt service coverage ratio ( ICD t ) 4 t=0 ∑ t=1 AL 0 Liquid assets 2,738,105 - 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 3Q25 3Q24 Actual cash deployment for the three months ended Var (%) Ps. m Ps. m Financing costs (56.2) (39.1) 43.9% Maintenance capital expenditures (38.5) (71.7) (46.3%) Tenant improvements (6.7) (26.5) (74.8%
Slide 36: Appendix
FIBRA Macquarie MACQUARIE México O07 Appendix
Slide 37: Rental rate bridges Year-on-Year
Rental rate bridges Year-on-Year Industrial rental rate bridge from 3Q24 to 3Q25 (US$/sqm/m) +0.03 +0.01 +0.04 6.55 +0.13 +0.17 +0.03 +0.00 0.7% 0.6% 0.2% +6.8% 6.14 0.0% 2.7% 0.5% 2.1% 3Q24 Contract Increases New Leases Contractual Extensions Negotiated Renewals Growth Capex Moveouts Fx 3Q25 Retail
Slide 38: 3Q25 quarterly AFFO per certificate bridges (Ps.)
3Q25 quarterly AFFO per certificate bridges (Ps.) AFFO per certificate in Ps. 2Q25 to 3Q25 0.0213 0.0067 0.0112 0.0154 0.0366 0.6950 0.7435 2.9% 0.0% -0.9% -1.5% -2.1% (6.5%) 2Q25 AFFO Increased Same Store Income Increased Normalized Increased Same Store Expenses Net Increased Corp. G&A FX Impact 3Q
Slide 39: Consolidated portfolio: same store metrics
Consolidated portfolio: same store metrics1 9 Months ended 9 Months ended Financial Metrics (Ps. m) 3Q252 3Q243 Var (%) Sep 30, 2025 Sep 30, 2024 (PCP) Var (%) Revenues (Inc. SLR) Ps. 1,274.0m Ps. 1,225.8m 3.9% Ps. 3,911.2m Ps. 3,467.4m 12.8% Net Operating Income (Inc. SLR) Ps. 1,078.3m Ps. 1,073.3m
Slide 40: Industrial portfolio: same store metrics
Industrial portfolio: same store metrics1 9 Months ended 9 Months ended Financial Metrics (Ps. m) 3Q252 3Q243 Var (%) Sep 30, 2025 Sep 30, 2024 (PCP) Var (%) Revenues (Inc. SLR) Ps. 1,051.2m Ps. 1,016.0m 3.5% Ps. 3,257.3m Ps. 2,858.3m 14.0% Net Operating Income (Inc. SLR) Ps. 923.5m Ps. 924.6m (0.1%
Slide 41: Retail portfolio: same store metrics
Retail portfolio: same store metrics1 9 Months ended 9 Months ended Financial Metrics (Ps. m) 3Q25 3Q24 Var (%) Sep 30, 2025 Sep 30, 2024 (PCP) Var (%) Revenues (Inc. SLR) Ps. 222.8m Ps. 209.7m 6.2% Ps. 653.9m Ps. 609.1m 7.3% Net Operating Income (Inc. SLR) Ps. 154.8m Ps. 148.7m 4.1% Ps. 451.7m 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 583 19.7% 35 8.1% 618 18.2% 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 41 45 93.0% 6,275.9 583.1 19.7% 6.50 Ciudad Juárez 36 35 90.8% 4,880.2 453.4 15.3% 6.37
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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