Consolidating Mexican toll roads; Initiating FEXI at Buy, P$21 PO

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Consolidating Mexican toll roads; Initiating FEXI at Buy, P$21 PO

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Fibra Exi

Consolidating Mexican toll roads; Initiating

FEXI at Buy, P$21 PO

Initiating Coverage: BUY | PO: 21.00 MXN | Price: 17.00 MXN

Four pillars support our positive view on Fibra Exi 19 July 2026

We initiate MX toll road owner-operator Fibra Exi (FEXI) with a Buy rating, and a DDM Equity

based PO of P$21/share. Our positive view on FEXI is supported by: 1) leading

consolidator in the sector, expected to acquire next 5 yrs one to two toll roads per year, Carlos Peyrelongue >> Mex Eq Strat/Research Analyst

2) important tax advantages, 3) best in class corporate governance, & 4) attractive terms Merrill Lynch (Mexico)

in MX toll road concessions. FEXI today has a high-quality portfolio of six mature cash +52carlos.peyrelongue@bofa.com55 5201 3276

flow generating assets driven by dynamic manufacturing/logistics and tourist industries. Alan Macias >>

Research Analyst

Lead consolidator of Mexico’s fragmented toll road market Merrill+52 55Lynch5201 (Mexico)3433

We expect FEXI to outpace all its peers in the consolidation of Mexico's large pool of alan.macias@bofa.com

privately- held toll roads with over 6k km held under concessions. We estimate the pool Daniel Rojas Vielman >>

of potential acquisitions over the next 3-5 years to be 2,114 Km (see Exhibit 2). New Merrill Lynch (Mexico)

opportunities are expected to arise under the Scheinbaum administration’s ambitious 6- +52 55 5201 6248 daniel.rojas2@bofa.com

year National Roads Infrastructure Program which includes ~US$9.4bn in new tollway

investments driven by PPP schemes and tax incentives. After completing the US$406mn

CIBSA acquisition in June, FEXI is now negotiating to buy three toll roads for US$700mn.

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