Fibra Danhos: 2Q26 Conference Call Highlights

Research evidence excerpt

Fibra Danhos: 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

22 July 2026

Fibra Danhos Neutral

DANHOS13.MX, DANHOS13 MM

2Q26 Conference Call Highlights Price (21 Jul 26):Ps27.99

Mexico Real Estate

i) Retail / variable rent strength. While consumption remains healthy at their Adrian E Huerta AC

properties, the larger driver was a renegotiation with an important retail chain that (52-81) 8152-8720

shifted from fixed to variable rent a couple of quarters ago. Management expects adrian.huerta@jpmorgan.com

overage growth to steady once the portfolio laps that contract change. J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

Felipe Barragan Sanchez

ii) Industrial developments and timelines. On Palomas Building 2, the initial (52-55) 5283-1666

~20k m2 is leased to a logistics tenant that’s now operating, with the remaining felipe.barragan@jpmorgan.com

vacant space (~45k m2) expected to be leased within a year at most. Palomas J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Building 3 (BTS) will be coming online in December. On EdoMex III: two ~105k Morgan Grupo Financiero

m2 will be completed in Aug/Sep, with the recently disclosed 33k m2 spec building Marcelo Motta

(55-11) 4950-6712

targeted for Dec/Jan and land for a potential ~70k m2 BTS is in the cooks. Capital marcelo.g.motta@jpmorgan.com

deployment overall for the company was described as opportunity-driven rather Banco J.P. Morgan S.A.

than target-based, favoring built-to-suit properties at low-teens development Jonathan S. Koutras

yields. (55-11) 4950-3549

jonathan.s.koutras@jpmchase.com

iii) M&A amid maturing CKDs/CERPIs. Despite the coming wave of assets Banco J.P. Morgan S.A.

from maturing vehicles, management reiterated a disciplined, price-first stance,