Fibra Macquarie Mexico · BIVA:FIBRAMQ/12
Fibra Macquarie Mexico — Deutsche Bank Mexico Reit — Q4 2025 Earnings Presentation
47 slides from Fibra Macquarie Mexico's earnings presentation, Feb 13, 2026
Slide 1: FIBRA Macquarie México Supplementary Information Fourth Quarter 2025
FIBRA Macquarie México Supplementary Information (BMV: FIBRAMQ) 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: Executive Summary: 4Q25 financial and operational results
Executive Summary: 4 4Q25 financial and operational results 1 Growth capex 10 2 Industrial portfolio 13 3 Retail portfolio 17 4 Selected financial statements 22 5 Debt profile 30 6 AFFO calculation methodology 34 7 Appendix 37 3
Slide 4: FIBRA Macquarie at a glance
FIBRA Macquarie at a glance As of December 31, 2025 Strategic focus Financial summary Metric Amount • FIBRA Macquarie focuses on the acquisition, development, ownership and Market capitalization EOP2 US$1.5bn / Ps. 27.1bn management of industrial and retail real estate properties in Mexico Total ass
Slide 5: Executive summary
Executive summary 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 bps YoY) Ps. 0.
Slide 6: 4Q25 Key financial metrics
4Q25 Key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 1 Consolidated Portfolio 4Q25 4Q24 Variance (%) 4Q25 4Q24 Variance (%) Total revenues (inc. SLR) 1,312.2 1,320.1 -0.6% 71.7 65.8 8.9% Total revenues (exc. SLR) 1,321.6 1,317.0 0.3% 72.2 65.6 10.0% 2 Net Operating Income (inc. SLR) 1,091.6 1,11
Slide 7: FY25 Key financial metrics
FY25 Key financial metrics Ps. m5 Ps. m5 US$m5,6 US$m5,6 1 Consolidated Portfolio FY25 FY24 Variance (%) FY25 FY24 Variance (%) Total revenues (inc. SLR) 5,324.7 4,818.6 10.5% 277.0 263.3 5.2% Total revenues (exc. SLR) 5,334.8 4,803.1 11.1% 277.5 262.4 5.7% 2 Net Operating Income (inc. SLR) 4,498.2
Slide 8: 4Q25 Key portfolio metrics
4Q25 Key portfolio metrics Retention rate1 Occupancy (End of quarter) (LTM by GLA) 100.0% 100.0% 98.0% 95.8% 94.7% 94.8% 94.9% 95.5% 96.0% 90.0% 83.1% 95.4% 83.4% 81.7% 94.0% 95.5% 94.6% 94.7% 79.4% 78.8% 80.1% 77.8% 75.3% 80.9% 80.5% 94.4% 80.0% 94.1% 76.4% 92.0% 78.9% 93.3% 93.0% 93.4% 93.6% 70.0%
Slide 9: Lease rental rate summary
Lease rental rate summary Industrial portfolio lease summary Portfolio ABR composition by Considers leases that have been in place for at least 12 months through to 4Q25 currency Rental Rate Rental Rate Weighted Average Weighted Average Weighted Average GLA (sqm '000s) ABR (US$m) (US$/sqm/m) (US$/sq
Slide 10: Growth capex
FIBRA Macquarie MACQUARIE Mexico O1 Growth capex
Slide 11: 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$15.8 million (excluding transaction costs) Buildings under stabilization: Latest completed buildings Juarez (JUA045) Tijuana (TIJ031)
Slide 12: Industrial development and expansions
Industrial development and expansions # of Incremental GLA Investment Completion / Expected Expected NOI Initial Lease Project City NOI Yield1 Projects ('000 sqft) (eUS$m) Completion Contribution Date term (years) Expansions (inception to date) Total 27 1,054 51.2 11.7% Actual 8.5 Developments deliv
Slide 13: Industrial portfolio
FIBRA Macquarie MACQUARIE Mexico 02 Industrial portfolio
Slide 14: Industrial portfolio: operating highlights
Industrial portfolio: operating highlights Financial and operational metrics 1 4Q25 3Q25 Var (%) 4Q25 vs 3Q25 4Q24 Var (%) 4Q25 vs 4Q24 FY25 FY24 Var (%) FY25 vs FY24 Selected financial metrics (Ps. m) Revenues $1,090.0 $1,104.5 (1.3%) $1,106.3 (1.5%) $4,448.6 $3,995.5 11.3% Expenses ($144.6) ($143.
Slide 15: FIBRA Macquarie's industrial presence
FIBRA Macquarie’s industrial presence Use of space Lease expiration profile (% of annualized base rent) (% of annualized base rent) 31.0% Industrial Only Consolidated Portfolio1 Other 1% Retail 15% Other 1% 20.5% 19.4% Distribution 31% 14.5% 12.5% Distribution 26% Manufacturing 2.1% Manufacturing 68
Slide 16: Industrial leasing summary and regional overview
Industrial leasing summary and regional overview 4Q25 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 Monterrey 199,681 Consumer Goods South Kore
Slide 17: Retail portfolio
FIBRA Macquarie MACQUARIE Mexico 03 Retail portfolio
Slide 18: Retail portfolio: operating highlights
Retail portfolio: operating highlights Financial and operational metrics Var (%) 4Q25 Var (%) 4Q25 Var (%) FY25 Ps. millions; except operating stats11 4Q25 3Q25 vs 3Q25 4Q24 vs 4Q24 FY25 FY24 vs FY24 Selected financial metrics Revenues $222.2 $222.8 (0.3%) $213.9 3.9% $876.1 $823.0 6.4% Lease Rental
Slide 19: 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 20: Retail leasing and regional overview
Retail leasing and regional overview 4Q25 Retail leasing highlights Retail leasing activity3 Transaction Shopping Center GLA (sqm) Sector Customer (sqm in thousands) New Lease Multiplaza Ojo de Agua 1,200 Restaurant KFC New Leases Renewals Leased Expansions / Development / Acquisitions New Lease Mag
Slide 21: 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 22: Selected financial statements
5 04 Selected financial statements 22
Slide 23: Detailed IFRS consolidated income statement by segment
Detailed IFRS consolidated income statement by segment Dec 31, 2025 Dec 31, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial2,3 Combined Combined Lease related income - 989.6 115.1 1,104.7 57.0 29.4 1,191.2
Slide 24: Detailed IFRS consolidated income statement by segment (cont'd)
Detailed IFRS consolidated income statement by segment (cont’d) Dec 31, 2025 Dec 31, 2024 Ps. millions unless otherwise stated Wholly-owned JV Proportionally Proportionally FIBRA Industrial Retail Consolidated Retail Industrial1,2 Combined Combined Management fees (62.7) - - (62.7) - - (62.7) (63.3)
Slide 25: IFRS net profit to NOI Adjustments by segment
IFRS net profit to NOI1 Adjustments by segment Dec 31, 2025 Dec 31, 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 241.4
Slide 26: Adjustments by segment FFO and AFFO
Adjustments by segment FFO1 and AFFO2 Dec 31, 2025 Dec 31, 2024 Wholly-owned JV Proportionally Proportionally Ps. millions unless otherwise stated FIBRA Industrial Retail Consolidated Retail Industrial8 Combined Combined7 Net Operating Income 0.0 916.2 100.0 1,016.2 46.3 29.2 1,091.6 1,115.5 Managem
Slide 27: Reconciliations of profit/(loss) to FFO and AMEFIBRA FFO
Reconciliations of profit/(loss) per interim financial statements to FFO and AMEFIBRA FFO Dec 31, 2025 Dec 31, 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 28: Net assets by segment
Net assets by segment Dec 31, 2025 Dec 31, 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 1,787.1 53.0 39.3 1,879.4 17.6 207.8 2,104.9 657.2 Trad
Slide 29: Net assets by segment (cont'd)
Net assets by segment (cont’d) Dec 31, 2025 Dec 31, 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 30: Debt profile
FIBRA Macquarie MACQUARIE Mexico O05 Debt profile
Slide 31: Debt overview
Debt overview Overview Key debt ratios2,4 ● CNBV Regulatory LTV of 32.3%1 and Regulatory Debt Service Coverage Ratio of 5.1x1 Total and net debt Real estate gross7, net Interest coverage6 to EBITDA5 3.6x and regulatory LTV ● Real Estate net LTV of 33.0% and weighted average cost of debt of 5.5% per
Slide 32: 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 1,347.5 Fixed
Slide 33: CNBV regulatory ratios
CNBV regulatory ratios 4Q25 Leverage ratio Ps.’000 1 Bank debt 20,671,478 Bonds - Total assets 64,092,652 20,671,478 Leverage ratio = = 32.3% 64,092,652 Ps.’000 Debt service coverage ratio ( ICD t ) 4 t=0 ∑ t=1 AL 0 Liquid assets 2,087,228 - IVA t Value added tax receivable - - UO t Net operating in
Slide 34: AFFO calculation methodology
7 06 AFFO calculation methodology 34
Slide 35: 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 36: AFFO calculation methodology (cont'd)
AFFO calculation methodology (cont’d) Quarterly cash deployment vs normalized methodology 4Q25 4Q24 Actual cash deployment for the three months ended Var (%) Ps. m Ps. m Financing costs (65.3) (0.1) NM Maintenance capital expenditures (87.4) (80.1) 9.2% Tenant improvements (15.4) (46.3) -66.6% Above
Slide 37: Appendix
MACQUARIE Mexico O07 Appendix FIBRA Macquarie
Slide 38: Rental rate bridges Year-on-year
Rental rate bridges Year-on-year Industrial rental rate bridge from 4Q24 to 4Q25 (US$/sqm/m) +0.04 +0.02 +0.07 6.62 +0.02 +0.14 +0.001 1.1% +0.13 0.3% +6.5% 0.6% 6.22 0.0% 2.2% 0.3% 2.1% 4Q24 Contract Increases New Leases Contractual Extensions Negotiated Renewals Growth Capex Moveouts Fx 4Q25 Retai
Slide 39: Full year AFFO bridge
Full year AFFO bridge AFFO per certificate in Ps. FY24 to FY25 3.500 13.2% 0.0% -0.1% -4.6% 3.000 5.4% 2.8519 0.0027 -5.6% -0.9% 0.0001 2.6330 0.1367 0.0261 8.3% 2.500 0.3904 0.1577 0.8% 0.1639 2.000 +10.3% 1.500 1.000 FY2024 AFFO Increased Same Store Increased NOI - Growth Increased Internal Net In
Slide 40: 4Q25 Quarterly AFFO per certificate bridges (Ps.)
4Q25 Quarterly AFFO per certificate bridges (Ps.) AFFO per certificate in Ps. 3Q25 to 4Q25 0.0298 0.0000 0.0010 0.0124 0.0404 0.6578 0.6950 0.0132 0.0% 4.3% -0.1% -1.8% -5.8% (5.4%) -1.9% 3Q25 AFFO Increased Same Store Decreased NOI - Growth Increased Normalized Increased Same Store Net Decreased In
Slide 41: Consolidated portfolio: Same Store metrics
Consolidated portfolio: Same Store metrics1 Financial Metrics 4Q252 4Q243 Var (%) FY25 FY24 Var (%) Revenues (Inc. SLR) Ps. 1,274.0m Ps. 1,286.7m (1.0%) Ps. 5,185.2m Ps. 4,754.2m 9.1% Net Operating Income (Inc. SLR) Ps. 1,052.3m Ps. 1,087.4m (3.2%) Ps. 4,372.1m Ps. 4,090.9m 6.9% Net Operating Income
Slide 42: Industrial portfolio: Same Store metrics
Industrial portfolio: Same Store metrics1 Financial Metrics (Ps.) 4Q252 4Q243 Var (%) FY25 FY24 Var (%) Revenues (Inc. SLR) Ps. 1,051.7m Ps. 1,072.8m (2.0%) Ps. 4,309.1m Ps. 3,931.1m 9.6% Net Operating Income (Inc. SLR) Ps. 906.1m Ps. 941.1m (3.7%) Ps. 3,774.1m Ps. 3,516.9m 7.3% Net Operating Income
Slide 43: Retail portfolio: Same Store metrics
Retail portfolio: Same Store metrics1 Financial Metrics 4Q25 4Q24 Var (%) FY25 FY24 Var (%) Revenues (Inc. SLR) Ps. 222.2m Ps. 213.9m 3.9% Ps. 876.1m Ps. 823.0m 6.4% Net Operating Income (Inc. SLR) Ps. 146.3m Ps. 146.4m (0.1%) Ps. 598.0m Ps. 573.9m 4.2% Net Operating Income Margin (Inc. SLR) 65.8% 6
Slide 44: 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 8.0% 618 18.2% Ciudad Juárez North 453 15.
Slide 45: 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 19.7% 6.59 Ciudad Juárez 36 36 92.3% 4,880.2 453.4 15.3% 6.40
Slide 46: 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 47: 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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