Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Q2 2025 Earnings Presentation
33 slides from Fibra Macquarie Mexico's earnings presentation, Aug 8, 2025
Slide 1: FIBRA Macquarie México Investor Presentation Second Quarter 2025
FIBRA Macquarie México Investor Presentation 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: Overview
Overview High quality industrial-focused portfolio in prime markets1 36.4m US$3.6bn sqft GLA2 Total assets 79.7% of rents 78.0% Industrial 243 Industrial properties 17 Retail properties6 US$-linked3 GLA in the North US$1.3bn US$227.7m Market cap4 NOI (LTM)5 1. Data as of June 30, 2025. 2. Includes 1
Slide 4: Leveraging a well-positioned platform to create value
Leveraging a well-positioned platform to create value Strong Portfolio High quality industrial focused portfolio Property Management Vertically integrated Property Administration Platform Development Program Propietary Development Program with attractive pipeline Robust Performance Robust financial
Slide 5: Foundation of FIBRA Macquarie’s disciplined growth platform
Foundation of FIBRA Macquarie’s disciplined growth platform Internal Real Estate Value External Growth Maximazation Growth Delivering strong Same Store Enhance and create value from Growth through opportunistic NOI growth existing real estate asset base and disciplined development and acquisitions A
Slide 6: Track record of long-term value creation
Track record of long-term value creation Growth of Real Estate Players in Mexico (Base = 1.00 as of January 1, 2021) NAV/CBFI (US$, Indexed) FIBRAMQ Peer 1 Peer 2 Peer 3 65.3% 60.0% 45.7% 40.0% 45.7% 20.0% 15.7% 0.0% (20.0%) 4Q'20 1Q'21 2Q'21 3Q'21 4Q'21 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 3Q'23 4Q'
Slide 7: Solid operating and financial metrics
Solid operating and financial metrics Industrial Negotiated Renewal Lease Spreads Industrial Same Store NOI1 Weighted average rental rate increase (EOP) (US$, YoY% variance) 27.7% 9.8% 22.0% 6.7% 16.9% 16.5% 6.3% 20.8% 13.0% 4.6% 1.3% 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Negotiated Rene
Slide 8: Macquarie Property Administration - MPA
Macquarie Property Administration - MPA Internal, vertically-integrated property administration platform ▪ MPA, a subsidiary of FIBRAMQ, is an integral service platform with a high-quality team shaped by ~85 professionals – MPA is an employer of choice recognized as Great Place to Work® ▪ Scalable p
Slide 9: Robust long-term market dynamics
01 Robust long-term market dynamics 9
Slide 10: Market dynamics support continued growth
Market dynamics support continued growth Mexico remains a resilient trade partner in North America's integrated supply chain, even as markets navigate uncertainty Real estate Supply chain MX Government USMCA market dynamics Demographics evolution Initiatives ● Privileged tariff-free ● Constrained ●
Slide 11: Well positioned despite recent market uncertainties
Well positioned despite recent market uncertainties Mexico remains a crucial player in global supply chains and is a competitive place to do business with its North American partners FIBRAMQ positioning: USMCA Revision: Confidence in Long-Term Fundamentals, while focusing on • Increased caution on c
Slide 12: Mexico is continuing to play an important role in the global supply chain
Mexico is continuing to play an important role in the global supply chain Avg. manufacturing wages (US$/hr)1 U.S. imports – US$bn2 Strategic position in global trade Mexico China Mexico China ● Competitive labor costs and 6.7 skilled workforce support manufacturing competitiveness 5.6 506 439 2.0 36
Slide 13: Industries supporting Mexico’s real estate sector
Industries supporting Mexico’s real estate sector Ecommerce sales growth (US$bn)1 Auto parts sector at record levels (US$bn)2 Ecommerce sales growth (2019 – 2024): Domestic Market Exports % Change YoY MXN: 34% | USD: 35% 20.1% 13.2% 13.4% 1.5% 6.8% 0.7% 2.3% 3.4% CAGR 10% -19.4% 122 124 129 CAGR 35%
Slide 14: Growth pipeline
FIBRA Macquarie MACQUARIE México 02 Growth pipeline
Slide 15: Proven development platform
Proven development platform Prudently expanding portfolio through high quality industrial developments in core industrial markets Expanding portfolio Industrial completed/In progress developments ● Target markets: Tijuana, Ciudad Juarez, Monterrey, Reynosa, MCMA, and Guadalajara US$257.0m ● Over nex
Slide 16: 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 17: Quality portfolio
FIBRA Macquarie MACQUARIE México O03 Quality portfolio
Slide 18: Well-located High-Quality Portfolio
Well-located High-Quality Portfolio High quality industrial-focused portfolio with a high exposure to northern markets Tijuana Mexicali 25/6.0% 13/3.0% Nogales 2/2.8% Cd. Juárez 36/13.4% Hermosillo 11 / 5.3% Chihuahua 12/3.4% Nuevo Laredo 9/3.1% Reynosa 20/8.1% Los Mochis Matamoros 1 / 0.6% 4/2.0% M
Slide 19: Ideally positioned to support Mexico’s manufacturing and logistics industries
Ideally positioned to support Mexico’s manufacturing and logistics industries Industrial highlights ● Strongest presence in 75.3% 3.4 25.1% Northern states of Mexico, a ABR1 from the Northern Weighted average lease ABR1 contribution of high industrial demand region, and Border states term remaining
Slide 20: Defensive, high quality retail portfolio
Defensive, high quality retail portfolio Retail highlights ● Defensive portfolio primarily 82.3% 3.4 40.4% in Mexico City Metropolitan located in top three retail Weighted average lease ABR2 contribution of Area (MCMA), Mexico’s top markets of Mexico1 term remaining in years Top 10 customers retail
Slide 21: Prudent capital management
04 Prudent capital management 21
Slide 22: Well-positioned balance sheet
Well-positioned balance sheet1 5.6% 97.5% US$192m of debt denominated in Average cost of debt Liquidity US$ 85.0% 32.8%2 3.0 years Average debt tenor Fixed rate debt Real Estate Net LTV remaining 5.2x 68.3% 72.8% Green financing and Net debt/EBITDA ratio3 Assets unencumbered4 sustainability-linked d
Slide 23: Reliable financial performance
05 Reliable financial performance 23
Slide 24: Solid performance and prudent distribution payout ratio
Solid performance and prudent distribution payout ratio Net operating income (NOI)1 0.35 226 228 (US$m) 211 0.30 177 175 186 200 172 172 0.25 0.20 100 0.15 0.10 0.05 - 0.00 2018 2019 2020 2021 2022 2023 2024 2Q25 LTM US$ per CBFI 0.22 0.23 0.23 0.23 0.24 0.28 0.29 0.29 NOI Margin (%) 87.5% 87.8% 87.
Slide 25: Solid performance and prudent distribution payout ratio
Solid performance and prudent distribution payout ratio Net operating income (NOI)1 (Ps. m) 6,000 6 4,493 4,131 5 3,693 3,542 3,753 3,739 4,000 3,307 3,403 4 3 2,000 2 1 - 0 2018 2019 2020 2021 2022 2023 2024 2Q25 LTM Ps. Per CBFI 4.22 4.43 4.84 4.65 4.93 4.91 5.23 5.64 NOI Margin (%) 87.5% 87.8% 87
Slide 26: Sustainability focus
FIBRA Macquarie MACQUARIE México O06 Sustainability focus
Slide 27: Sustainability at the core of our business
Sustainability at the core of our business The only North American developments that are certified Green Building Certification program Platinum in LEEDv4 CS warehouses and logistics centers. Industrial GLA by 2035 75.0% ➢ Awarded EDGE Champion status by the IFC Target for green building performance
Slide 28: Alignment with investors and value creation
Alignment with investors and value creation Corporate governance and fee construct are aligned with investors interest and value creation 1 Fees 2 Governing bodies ● Base management fee of 1% per annum of market capitalization Technical Committee paid every six months ● FIBRAMQ has 6 out of 7 Indepe
Slide 29: Appendix
FIBRA Macquarie MACQUARIE México Appendix
Slide 30: Executive Summary
Executive Summary 2Q25 Key Metrics US$6.45 Industrial rental rates NOI per CBFI1 Ps. 1.4395 sqm/m (+2.1% QoQ; +6.8% YoY) (Ps:-0.6% QoQ; +18.1% YoY) Industrial occupancy EOP AFFO per CBFI 94.8% (+12 bps QoQ; -280 bps YoY) Ps. 0.7435 (Ps: -1.6% QoQ; +23.3% YoY) Industrial release spread – commercially
Slide 31: Industrial development and expansions
Industrial development and expansions # of Incremental GLA Investment Completion / Expected Expected NOI Initial Lease Project City NOI Yield1 Projects ('000 sqft) (eUS$m) Completion Contribution Date term (years) Expansions (inception to date) Total 27 1,054 51.2 11.7% Actual 8.5 Developments deliv
Slide 32: Development case studies
Development case studies Mexico City - Cuautitlan Monterrey - Apodaca ● 15ha site in Mexico City ● 21ha development and a 25ha site acquired in 2Q24, both in Monterrey’s most prominent industrial submarket, Apodaca ● Developed two Class A industrial buildings ● Developing four Class A industrial bui
Slide 33: Development case studies (cont’d)
Development case studies (cont’d) Ciudad Juarez – Sur/Sureste Tijuana - Libramiento ● 51ha site in Ciudad Juarez ● 25ha site in Tijuana ● Completed first Class A building with capacity for up to 10 buildings – Building 1 385k sqft delivered during 1H25 ● Up to 2.5m sqft of GLA: ● Developing 3 Class
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