Fibra Prologis: 2Q26 Conference Call Highlights

Research evidence excerpt

Fibra Prologis: 2Q26 Conference Call Highlights

ial deceleration in cash spreads (25% vs. 36% in 1Q26 financial adviser to Prologis, Inc. in relation

and 40% in 4Q25) was attributed to rollover mix and lease-specific factors. to its possible all-share offer for SEGRO

Management now frames the embedded portfolio mark-to-market at ~30%, down plc (“SEGRO”), as announced on 24th

from the ~40% cited in 4Q, reflecting softer market rents in the border markets June 2026.

where leases are rolling. With roughly 20% of leases rolling annually, management This research report and the information

expects to capture this upside over about five years, subject to market dynamics. contained herein is not intended to provide

voting advice, serve as an endorsement of

Capital allocation. The $200–500mn acquisition guidance was maintained, with the proposed transaction or result in

deals underwritten on an unlevered IRR basis. Deal flow is spread across procurement, withholding or revocation of

geographies, though value remains concentrated in the six core markets, with the a proxy or any other action by a security

Toluca / Mexico City corridor highlighted alongside active sponsor development. holder.

On dispositions, management noted ~$40mn sold in the first half and “good

prospects” over the next six to nine months, framing sales as opportunistic

recycling into stronger markets rather than a forced program.

Pro-forma margins following the Terrafina acquisition. A normalized

EBITDA margin of ~77% is the go-forward target. Recent margin improvement

reflects the tail end of the Terrafina integration rather than a new step-up, with the

prior drag tied to acquisition, delisting (completed February), and tender-offer

expenses that are not expected to recur.