Fibra Uno: 2Q26 Conference Call Highlights

Research evidence excerpt

Fibra Uno: 2Q26 Conference Call Highlights

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

30 July 2026

Fibra Uno Overweight

FUNO11.MX, FUNO11 MM

2Q26 Conference Call Highlights Price (30 Jul 26):Ps31.20

LatAm Real Estate

Retail Portfolio Outlook. The occupancy-cost model (minimum rent plus a Adrian E Huerta AC

percentage of tenant sales) is converting strong small-tenant performance — (52-81) 8152-8720

apparel, footwear, restaurants, and a recovering cinema segment— into collected adrian.huerta@jpmorgan.com

rent, while big-box tenants are struggling this year. With annual expirations below J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

~25% of the portfolio, renewals are pushing rents toward ~3x inflation, a pace Felipe Barragan Sanchez

expected to persist for a while. On developments, plenty of opportunities still come (52-55) 5283-1666

to FUNO first, but management is watching from the sidelines due to the lack of felipe.barragan@jpmorgan.com

resources —though it was emphasized that they’d like to be more active retail J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

developers.

Marcelo Motta

(55-11) 4950-6712

Office Portfolio Outlook. Management noted that the Mexican office market has marcelo.g.motta@jpmorgan.com

never reached 90% occupancy, pegging the realistic ceiling at ~85%, and called Banco J.P. Morgan S.A.

90% ambitious. Reported occupancy is depressed by the internalization surrender Jonathan S. Koutras

of three high-occupancy assets (Samara, Midtown Jalisco, and Montes Urales); (55-11) 4950-3549

ex-those, the portfolio would sit above 85%. Lease spreads turned positive (+5.9% jonathan.s.koutras@jpmchase.com

MXN, +2.6% USD) after several weak quarters. Banco J.P. Morgan S.A.

Industrial Portfolio Outlook.