Cfe Fibra E Series A · BMV:FCFE/18
Cfe Fibra E Series A — CFE Fibra E — Q3 2025 Earnings Presentation
28 slides from Cfe Fibra E Series A's earnings presentation, October 2025
Slide 1: We will begin shortly
This project is an example of how financial innovation can unlock investment in strategic sectors. Our collaboration with CFE allows us to support the modernization of Mexico’s electric grid, with tangible benefits in job creation, economic development, and national sustainability. Cheryl Edleson, D
Slide 2: Quarterly Report CFE Fibra E (FCFE18) 3Q25
Quarterly Report CFE Fibra E (FCFE18) 3Q25 October 2025
Slide 3: Disclaimer
Disclaimer IMPORTANT: You must read the following before continuing. This presentation has been prepared by CFECapital, S. de R.L. of C.V. (“CFECapital” or the “Administrator”) and is provided to you for informational purposes only. The Administrator, its partners, its representatives, or its member
Slide 4: Dedicated CFECapital team fully committed to FCFE
Dedicated CFECapital team fully committed to FCFE Iván Cajeme Villarreal Camero Chief Executive Officer José Luis Martínez González Gilberto Antonio Vera Cantoral Chief Financial Officer Chief Legal Officer Brenda Janeth Pequeño Vargas María Flores Garza Corporate Relations Manager Administration Ma
Slide 5: Executive Summary: Strong performance with a unique business model and growth potential
Executive Summary: Strong performance with a unique business model and growth potential Macro Fundamentals Power Transmission Sector 1 • Energy growth surpasses GDP, fueling Mexico’s 2 • Assets are constitutionally defined as strategic future and will enable Mexico’s Power Strategy • Investment Plan
Slide 6: Commercial, population, and economic growth are driving the power sector
Commercial, population, and economic growth are driving the power sector Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Share in US Trade Population Increase1 Electricity generation vs real GDP 1994 – 2024 | % 2000 – 2024 | % 2005 – 2024 | (2005=100) 25% 35% Mexi
Slide 7: Stable country risk strengthens Mexico's investment appeal
Stable country risk strengthens Mexico’s investment appeal Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Currency Appreciation vs. USD Credit Default Swap 10y Bond Rate Spreads vs. UST YTD | % 2020 – 2025 | bps (5 years) 600 2019 – 2025 | bps (3-mo moving averag
Slide 8: A comprehensive investment plan to foster electric sector expansion, included transmission
A comprehensive investment plan to foster electric sector expansion, included transmission Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability CFE Fibra E is a key player in the energy national strategy, channeling funds to support the Expansion Plan CFE Investment Pl
Slide 9: Investment is already driving improved performance, higher volumes, and increased revenues
Investment is already driving improved performance, higher volumes, and increased revenues Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Average Service Availability Index (ASAI)1 Transformation Capacity3 (Percentage) (MVA) 170,747 167,390 99.653 99.571 165,263
Slide 10: Electricity transmission volumes have grown steadily at 1.8% on average since 2019
Electricity transmission volumes have grown steadily at 1.8% on average since 2019 Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Volume of electricity transmitted CAGR1 (MWh1 | 2019 – 2025) 36,000 + 1.8% Electricity Volume 34,000 YTD 2019 - 2025 32,000 Monthly A
Slide 11: Sustained tariff increases have driven robust revenue performance
Sustained tariff increases have driven robust revenue performance Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Collection Rights from Promoted Trust CAGR1 (Weekly | 2019 – 2025 | Million pesos) $2,200 + 3.0% Average Collection $2,000 Rights YTD 2019 - 2025 $1,8
Slide 12: The unique transmission business model and regulatory framework support FCFE's long-term stability
The unique transmission business model and regulatory framework support FCFE’s long-term stability Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Unique Business Model Mature Regulatory Framework Transparent Tariff Model Art. 27, 28 CFE: 88 years of operational T
Slide 13: Relevant events FCFE
Relevant events FCFE Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability 13
Slide 14: FCFE's inaugural bond issuance with outstanding results
FCFE’s inaugural bond issuance with outstanding results Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Beneficiary Rights On September 11, 2025, CFE Fibra E successfully completed its inaugural international bond issuance for US$725 million at 9.5075% 5.875% over
Slide 15: A comprehensive hedging strategy effectively mitigating FX risk while minimizing cost
A comprehensive hedging strategy effectively mitigating FX risk while minimizing cost Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Through a dual hedging structure covering both principal and interest, CFE Fibra E strengthens cash flow stability, reduces financ
Slide 16: An accretive transaction generating growing returns for investors
An accretive transaction generating growing returns for investors Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Distributions to Shareholders1 $9,000 (Annual | 2018-2048 |MXN Million) Attractive IRR on incremental +10% shareholder distributions after $8,000 debt
Slide 17: Proceeds used to increase FCFE's stake and fund CFE's CAPEX program
Proceeds used to increase FCFE’s stake and fund CFE’s CAPEX program Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Capacitive compensation in the 115 kV electric network of the Tijuana area Capacitive compensation in the 115 kV electric network of the Tecate area
Slide 18: Strong 3Q 2025 performance
Strong 3Q 2025 performance Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Promoted Trust F/80758 Account Movements Summary Million pesos -9,484 3Q 2025 26,393 -16,466 5,409 -5,578 5,852 Initial balance Income 1 Withdrawals 2 Distribution Final balance -11,543 25,
Slide 19: The Promoted Trust ensures transparency, accountability, and effective budgetary oversight
The Promoted Trust ensures transparency, accountability, and effective budgetary oversight Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Empowered to approve the Budget, with veto rights Independent members of Oversee proper budget execution CFE Fibra E Safeguar
Slide 20: 3Q Distribution of 1,119 million pesos
3Q Distribution of 1,119 million pesos Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Promoted Trust’s Fiscal Results 3Q 20251 CFE Fibra E Distribution 3Q 20251 Million pesos Million pesos CENACE Revenue 22,599 Distribution to the Promoted Trust 16,466 (+) Intere
Slide 21: Payment waterfall aligns incentives and maximizes value for holders
Payment waterfall aligns incentives and maximizes value for holders Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability CFE Fibra E´s waterfall payments 3Q 2025 | Millon pesos Total Distribution $1,119 Distributable Amount Series “A” $742 $0.8699 per CBFE $491 $0 MQD
Slide 22: Composition of the 3Q 2025 Distribution for CBFE
Composition of the 3Q 2025 Distribution for CBFE1 Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Distributable Income composition of Series “A” and “B” Certificates of CFE FIBRA E 3Q 2024 – 3Q 2025| MXN for each CBFE1 0.0752 0.2949 0.5612 0.4547 0.2709 0.2709 0.2
Slide 23: Fiscal Composition of 3Q 2025 Distribution by CBFE
Fiscal Composition of 3Q 2025 Distribution by CBFE1 Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Fiscal composition from distributions of Series “A” and “B” Certificates of CFE FIBRA E 3Q 2024 – 3Q 2025| MXN per CBFE1 In 3Q 2025, total distribution for CFE Fibr
Slide 24: The price of CFE Fibra E has remained stable with a high potential for appreciation
The price of CFE Fibra E has remained stable with a high potential for appreciation Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Price and volume of CFE FIBRA E January 1st, 2025 to September 30th, 2025 | MXN per CBFEs 2 MXN Fundamental value remains above curr
Slide 25: CFE Fibra E leads dividend yields among Mexican REITs during 3Q-2025
CFE Fibra E leads dividend yields among Mexican REITs during 3Q-2025 Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability Dividend Yield CFE FIBRA E1/ vs. Mexican Dividend Yield of CFE FIBRA E1/ vs. REITs2/ Mexican REITS 2/ 3Q 2025| % 2019 – 3Q 2025| % 14% 3Q 2025 Inst
Slide 26: Strengthening our ESG framework through IFC alignment
Strengthening our ESG1/ framework through IFC alignment Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability IFC Anchor Investor Recognition of CFE and FCFE’s The success of CFE Fibra E’s USD 725 million alignment with inaugural bond reflects international investor con
Slide 27: Sustainability: CFE Fibra E - ESG international high standards
Sustainability: CFE Fibra E - ESG1 international high standards Macro fundamentals Power Transmission Sector CFE Fibra E Performance Sustainability ESG strategy structured around four pillars: 1. Risk identification and assessment 3. Transparent reporting 2. Impact management and supervision 4. Gove
Slide 28: Questions & Answers
Questions & Answers investor@cfecapital.com.mx www.cfecapital.com.mx Follow us: CFECapital CFECapital FCFE