Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Q4 2025 Earnings Presentation
32 slides from Fibra Macquarie Mexico's earnings presentation, Mar 3, 2026
Slide 1: FIBRA Macquarie México Investor Presentation Fourth Quarter 2025
FIBRA Macquarie México Investor Presentation Fourth 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 FIBRA Macquarie (BMV: FIBRAMQ12) is a leading owner of industrial and retail real estate properties, with a best-in- class management platform and focus on high quality industrial assets1 36.6m US$3.6bn sqft GLA2 Total assets 79.2% of rents 77.2% Industrial 245 Industrial properties 17 Reta
Slide 4: Leveraging a well-positioned platform to create value
Leveraging a well-positioned platform to create value Strong Portfolio High quality industrial focused portfolio Property Management Vertically integrated Property Administration Platform Development Program Propietary Development Program with attractive pipeline Robust Performance Robust financial
Slide 5: Foundation of FIBRA Macquarie's disciplined growth platform
Foundation of FIBRA Macquarie’s disciplined growth platform Internal Real Estate Value External Growth Maximazation Growth Delivering strong Same Store Enhance and create value from Growth through disciplined and NOI growth existing real estate asset base opportunistic development and acquisitions A
Slide 6: Track record of long-term value creation
Track record of long-term value creation Growth of Real Estate Players in Mexico (Base = 1.00 as of January 1, 2021) NAV/CBFI (US$, Indexed) FIBRAMQ FIBRAPL VESTA FIBRAMTY 66.1% 60.0% 53.8% 40.0% 42.1% 20.0% 13.4% 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 4
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$m, YoY% variance) 27.7% 6.4% 1.3% 4.6% 1.9% 6.7% 22.0% 51.2 50.5 16.5% 16.6% 49.7 19.8% 48.8 LTM 48.0 3.8% 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2
Slide 8: Macquarie Property Administration - MPA
Macquarie Property Administration - MPA Internal, vertically-integrated property administration platform ▪ MPA, a subsidiary of FIBRAMQ, is an integral service platform with a high-quality team shaped by ~90 professionals – MPA is an employer of choice recognized as Great Place to Work® ▪ Scalable p
Slide 9: Robust long-term market dynamics
01 Robust long-term market dynamics 9
Slide 10: Market dynamics support continued growth
Market dynamics support continued growth Mexico remains a resilient trade partner in North America's integrated supply chain, even as markets navigate uncertainty Real estate Supply chain MX Government USMCA market dynamics Demographics evolution Initiatives ● Privileged tariff-free ● Constrained ●
Slide 11: Well positioned despite recent market uncertainties
Well positioned despite recent market uncertainties Mexico remains a crucial player in global supply chains and is a competitive place to do business with its North American partners FIBRAMQ positioning: USMCA Revision: Confidence in Long-Term Fundamentals, while focusing on • Increased caution on c
Slide 12: Mexico is continuing to play an important role in the global supply chain
Mexico is continuing to play an important role in the global supply chain Avg. manufacturing wages (US$/hr)1 U.S. imports – US$bn2 Strategic position in global trade Mexico China Mexico China ● Competitive labor costs and 537 skilled workforce support 7.6 manufacturing competitiveness 6.0 365 ● Mexi
Slide 13: Industries supporting Mexico's real estate sector
Industries supporting Mexico’s real estate sector Ecommerce sales growth (US$bn)1 Auto parts sector at record levels (US$bn)2 Ecommerce sales growth (2019 – 2024): MXN: 34% | USD: 35% Domestic Market Exports % Change YoY CAGR 10% 20.1% 13.2% 13.4% 1.5% 6.8% 0.7% 2.3% -4.4% -19.4% 73 122 124 119 CAGR
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, MCMA1, and Guadalajara US$255.4m ● Over next five y
Slide 16: Growth capex projects
Growth capex projects ➢ ~0.4m sqft of growth GLA under stabilization ➢ Target stabilized NOI yield of 9—11% ➢ Acquisition of a prime logistic facility in MCMA, for US$15.8 million (excluding transaction costs) Buildings under stabilization: Latest completed buildings Tijuana (TIJ031) Tijuana (TIJ031
Slide 17: 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 18: Quality portfolio
FIBRA Macquarie MACQUARIE México O03 Quality portfolio
Slide 19: Well-located high-quality portfolio
Well-located high-quality portfolio High-quality industrial-focused portfolio with a high exposure to northern markets Geographical footprint by region (# properties / % of GLA) Tijuana Mexicali 25/5.9% 13/3.0% Nogales 2/2.7% Cd. Juárez 36/13.3% Hermosillo 11 / 5.3% Chihuahua 11/2.9% Nuevo Laredo 9/
Slide 20: Ideally positioned to support Mexico's manufacturing and logistics industries
Ideally positioned to support Mexico’s manufacturing and logistics industries Industrial highlights 74.1% 3.1 24.5% ● Strongest presence in ABR1 from the Northern Weighted average lease ABR1 contribution of Northern states of Mexico, a and Border states term remaining in years Top 10 customers high
Slide 21: Defensive, high quality retail portfolio
Defensive, high quality retail portfolio Retail highlights 81.8% 3.6 40.7% ● Defensive portfolio primarily located in top three retail Weighted average lease ABR2 contribution of in Mexico City Metropolitan markets of Mexico1 term remaining in years Top 10 customers Area (MCMA), Mexico’s top retail
Slide 22: Prudent capital management
04 Prudent capital management 22
Slide 23: Well-positioned balance sheet
Well-positioned balance sheet2 5.5% 97.4% US$757m of debt denominated in Average cost of debt Liquidity6 US$ 100% 33.0%3 3.7 years Average debt tenor Fixed rate debt Real Estate Net LTV remaining 5.3x 67.8% 73.3% Net debt/EBITDA Green financing and Assets unencumbered5 ratio1,4 sustainability-linked
Slide 24: Reliable financial performance
05 Reliable financial performance 24
Slide 25: Solid performance and prudent distribution payout ratio
Solid performance and prudent distribution payout ratio Net operating income (NOI)1 (US$m) US$ per CBFI 0.22 0.23 0.23 0.23 0.24 0.28 0.29 0.29 NOI Margin (%) 87.5% 87.8% 87.4% 87.7% 87.4% 86.2% 85.7% 84.5% Adjusted funds from Operations (AFFO)1 and Distribution2 (US$m) 140 114 118 120 111 99 103 10
Slide 26: Solid performance and prudent distribution payout ratio
Solid performance and prudent distribution payout ratio Net operating income (NOI)1 (Ps. m) 6,000 4,498 4,131 3,693 3,542 3,753 3,739 4,000 3,307 3,403 2,000 - 2018 2019 2020 2021 2022 2023 2024 2025 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% 87.4% 87.7% 87.4% 86
Slide 27: Sustainability focus and corporate governance
06 Sustainability focus and corporate governance 27
Slide 28: Sustainability at the core of our business
Sustainability at the core of our business Green Building Certification program 2040 Net Zero Plan 75.0% Industrial GLA by 2035 ● FIBRA Macquarie commits to support a goal of Target Awarded EDGE Champion status by the IFC for net zero greenhouse gas emissions by 2040, in green building performance l
Slide 29: 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 3 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 30: Appendix
FIBRA Macquarie MACQUARIE México Appendix
Slide 31: Quarterly and FY25 key metrics
Quarterly and FY25 key metrics 4Q25 Key metrics FY25 Key metrics US$6.62 Industrial rental rates NOI per CBFI1 NOI1 Ps. 1.3809 Ps. 4,508.3m (+9.5% YoY | US$: +4.3% YoY) sqm/m (+1.0% QoQ; +6.5% YoY) (-0.4% QoQ; -1.0% YoY) Industrial occupancy EOP AFFO per CBFI NOI per CBFI1 95.5% (+68 bps QoQ; -28 bp
Slide 32: 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
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