Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Q1 2026 Earnings Presentation
45 slides from Fibra Macquarie Mexico's earnings presentation, May 19, 2026
Slide 1: FIBRA Macquarie México Supplementary Information First quarter 2026
FIBRA Macquarie México Supplementary Information (BMV: FIBRAMQ) First quarter 2026 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: 1Q26 financial and operational results
Executive Summary: 4 1Q26 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 of March 31, 2026 Strategic focus Financial summary Metric Amount • FIBRA Macquarie focuses on the acquisition, development, ownership and Market capitalization EOP2 US$1.8bn / Ps. 33.0bn management of industrial and retail real estate properties in Mexico Total assets
Slide 5: Executive summary
Executive summary 1Q26 Key Metrics US$6.70 Industrial rental rates NOI per CBFI1 Ps. 1.3195 sqm/m (+1.2% QoQ; +6.1% YoY) (Ps:-4.4% QoQ; -8.9% YoY) Industrial occupancy EOP AFFO per CBFI 94.6% (-92 bps QoQ; -3 bps YoY) Ps. 0.6529 (Ps: -0.7% QoQ; -13.6% YoY) Industrial release spread – commercially ne
Slide 6: 1Q26 Key financial metrics
1Q26 Key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 1 Consolidated Portfolio 1Q26 1Q25 Variance (%) 1Q26 1Q25 Variance (%) Total revenues (inc. SLR) 1,270.4 1,339.2 -5.1% 72.3 65.6 10.3% Total revenues (exc. SLR) 1,257.0 1,343.1 -6.4% 71.6 65.8 8.8% 2 Net Operating Income (inc. SLR) 1,065.4 1,1
Slide 7: 1Q26 Key portfolio metrics
1Q26 Key portfolio metrics Occupancy Retention rate1 (End of quarter) (LTM by GLA) 100.0% 100.0% 90.0% 80.5% 98.0% 83.1% 80.9% 78.8% 81.7% 80.1% 77.8% 76.4% 79.4% 77.5% 95.5% 80.0% 75.3% 76.2% 96.0% 94.7% 94.8% 94.9% 94.6% 70.0% 95.4% 94.0% 94.4% 94.7% 94.4% 94.6% 60.0% 94.1% 92.0% 93.4% 93.6% 92.5%
Slide 8: Lease rental rate summary
Lease rental rate summary Industrial portfolio lease summary Considers leases that have been in place for at least 12 months through to 1Q26 Portfolio ABR composition by Rental Rate Rental Rate Weighted Average Weighted Average Weighted Average currency GLA (sqm '000s) ABR (US$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 in Tijuana ➢ Target stabilized NOI yield of 9%—11% ➢ Acquisition of a 124-hectare land reserve on Boulevard 2000 in Tijuana for US$113.8m5 with a projected GLA of 3.4m sqft Buildings under stabilization or construction Latest compl
Slide 11: Industrial development and expansions
Industrial development and expansions # of Incremental GLA Investment Completion / Expected Expected NOI Initial Lease Project City NOI Yield1 Projects ('000 sqft) (eUS$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 1Q26 4Q25 Var (%) 1Q26 vs 4Q25 1Q25 Var (%) 1Q26 vs 1Q25 Selected financial metrics (Ps. m) Revenues $1,034.2 $1,090.0 (5.1%) $1,120.2 (7.7%) Expenses ($131.6) ($144.6) (9.0%) ($122.4) 7.5% NOI (incl. SLR) $902.7 $945.4 (
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) 32.7% Industrial Only Consolidated Portfolio1 Other 1% Retail 15% Other 1% 23.0% 20.2% Distribution 31% 12.6% 7.3% 4.2% Distribution 26% Manufacturing Manufacturing 68%
Slide 15: Industrial leasing summary and regional overview
Industrial leasing summary and regional overview 1Q26 Industrial leasing highlights Industrial leasing activity3 Country of (Sqft in thousands) New Leases Renewals Leased Expansions/Development Transaction Market GLA (sqft) Industry Term domicile Renewal Puebla 228,732 Logistics Germany 2 years 3,00
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 (%) 1Q26 Var (%) 1Q26 Ps. millions; except operating stats11 1Q26 4Q25 vs 4Q25 1Q25 vs 1Q25 Selected financial metrics Revenues $236.2 $222.2 6.3% $218.9 7.9% Lease Rental Income2 $183.9 $172.2 6.8% $169.9 8.3% Lease Variab
Slide 18: FIBRA Macquarie's retail presence
FIBRA Macquarie’s retail presence Retail portfolio highlights Lease expiration profile (% of annualized base rent2) • Defensive portfolio primarily located in the top retail market of Mexico City Anchor Total Metropolitan Area (MCMA) 44.5% 40.0% • All leases are inflation protected and provide for r
Slide 19: Retail leasing and regional overview
Retail leasing and regional overview 1Q26 Retail leasing highlights Retail leasing activity3 Transaction Shopping Center GLA (sqm) Sector Customer (sqm in thousands) New Leases Renewals New Lease Coacalco 1,050 Restaurant Miamo 35.00 New Lease Coacalco 520 Health Services Reina Madre Renewal Multipl
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 – 2 urban infills – 3 urban infills – 1 mixed-use property – 1 community shopping center 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 Mar 31, 2026 Mar 31, 2025 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2,3 Combined Combined Lease related income - 937.5 118.2 1,055.7 55.5 28.3 1,139.6
Slide 23: Detailed IFRS consolidated income statement by segment (cont'd)
Detailed IFRS consolidated income statement by segment (cont’d) Mar 31, 2026 Mar 31, 2025 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial1,2 Combined Combined Management fees (61.4) - - (61.4) - - (61.4) (62.1)
Slide 24: IFRS net profit to NOI adjustments by segment
IFRS net profit to NOI1 Adjustments by segment Mar 31, 2026 Mar 31, 2025 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial3,4 Combined Combined Profit for the period per Interim Financial Statements (112.0) 1,137
Slide 25: FFO and AFFO adjustments by segment
FFO1 and AFFO2 Adjustments by segment Mar 31, 2026 Mar 31, 2025 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial8 Combined Combined7 Net Operating Income 0.0 878.0 115.4 993.4 47.3 24.7 1,065.4 1,150.3 Managemen
Slide 26: Reconciliations of profit to FFO and AMEFIBRA FFO
Reconciliations of profit per interim financial statements to FFO and AMEFIBRA FFO Mar 31, 2026 Mar 31, 2025 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2 Combined Combined Profit for the period per Interim
Slide 27: Net assets by segment
Net assets by segment Mar 31, 2026 Mar 31, 2025 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial Combined Combined Current assets Cash and cash equivalents 1,680.2 61.5 28.4 1,770.2 13.5 214.1 1,997.8 4,978.2 Tr
Slide 28: Net assets by segment (cont'd)
Net assets by segment (cont’d) Mar 31, 2026 Mar 31, 2025 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 - 616.9 0.1 617.0 - - 617.0 0.3 Tenant
Slide 29: Debt profile
MACQUARIE México O05 Debt profile FIBRA Macquarie
Slide 30: Debt overview
Debt overview Overview Key debt ratios2,4 ● CNBV Regulatory LTV of 32.3%1 and Regulatory Debt Service Coverage Ratio of 4.2x1 Total and net debt Interest coverage6 Real estate gross7, net to EBITDA5 3.5x and regulatory LTV ● Real Estate net LTV of 33.6% and weighted average cost of debt of 5.5% per
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 and USD 75.0 1,355.0 Fixed
Slide 32: CNBV regulatory ratios
CNBV regulatory ratios 1Q26 Leverage ratio Ps.’000 1 Bank debt 21,665,088 Bonds - Total assets 67,034,032 21,665,088 Leverage ratio = = 32.3% 67,034,032 Ps.’000 Debt service coverage ratio ( ICD t ) 4 t=0 ∑ t=1 AL 0 Liquid assets 1,984,136 - 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 1Q26 1Q25 Actual cash deployment for the three months ended Var (%) Ps. m Ps. m Financing costs (17.1) - 100.0% Maintenance capital expenditures (95.7) (61.1) 56.7% Tenant improvements (7.0) (17.9) -60.7% Above
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 1Q25 to 1Q26 (US$/sqm/m) +0.12 6.70 +0.06 +0.01 +0.02 +0.00 +0.14 +0.04 6.31 0.9% 0.1% 0.3% 0.0% 1.9% 0.6% 2.2% +6.1% 1Q25 Contract Increases Growth Capex FX New Leases Moveouts Contractual Extensions Negotiated Renewals 1Q26 Retail
Slide 38: 1Q26 Quarterly AFFO per certificate bridges (Ps.)
1Q26 Quarterly AFFO per certificate bridges (Ps.) AFFO per certificate in Ps. 4Q25 to 1Q26 0.6578 0.0403 0.0346 0.0195 0.0169 0.6529 0.0081 -3.0% 2.6% 6.1% -5.3% -1.2% (0.7%) 4Q25 AFFO Decreased Same Store Income Increase Normalized Decrease Same Store Expenses Net Decrease Interest income & FX Impa
Slide 39: Consolidated portfolio: Same store metrics
Consolidated portfolio: Same store metrics1 3 Months ended 3 Months ended Financial metrics (Ps. m) 1Q262 1Q253 Var (%) Mar 31, 2026 Mar 31, 2025 (PCP) Var (%) Revenues (inc. SLR) Ps. 1,239.3m Ps. 1,322.5m (6.3%) Ps. 1,239.3m Ps. 1,322.5m (6.3%) Net Operating Income (Inc. SLR) Ps. 1,049.8m Ps. 1,150
Slide 40: Industrial portfolio: Same store metrics
Industrial portfolio: Same store metrics1 3 Months ended 3 Months ended Financial metrics (Ps. m) 1Q262 1Q253 Var (%) Mar 31, 2026 Mar 31, 2025 (PCP) Var (%) Revenues (inc. SLR) Ps. 1,003.1m Ps. 1,103.6m (9.1%) Ps. 1,003.1m Ps. 1,103.6m (9.1%) Net Operating Income (inc. SLR) Ps. 887.0m Ps. 997.7m (1
Slide 41: Retail portfolio: Same store metrics
Retail portfolio: Same store metrics1 3 Months ended 3 Months ended Financial metrics (Ps. m) 1Q26 1Q25 Var (%) Mar 31, 2026 Mar 31, 2025 (PCP) Var (%) Revenues (inc. SLR) Ps. 236.2m Ps. 218.9m 7.9% Ps. 236.2m Ps. 218.9m 7.9% Net Operating Income (inc. SLR) Ps. 162.7m Ps. 152.5m 6.7% Ps. 162.7m 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 19.6% 35 8.0% 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 46 96.2% 6,275.9 583.1 19.6% 6.62 Ciudad Juárez 36 35 90.3% 4,877.9 453.2 15.3% 6.56
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
FIBRA Macquarie México — Q1 2026 Earnings Presentation on 6ix