FIBRA MTY (FMTY14.MX): Stable operating trend; focus shifts to Fibra MQ integration

Research evidence excerpt

FIBRA MTY (FMTY14.MX): Stable operating trend; focus shifts to Fibra MQ integration

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02 Aug 2026 20:30:46 ET │ 12 pages

FIBRA MTY (FMTY14.MX)

Stable operating trend; focus shifts to Fibra MQ integration

CITI'S TAKE

Buy We see Fibra MTY’s 2Q26 results as neutral. Despite revenues coming

below our forecasts, reflecting lower rental growth than expected, FFO Price (31 Jul 26 14:00) P$14.97

was broadly in line due to lower financial expenses. More importantly, we Target price P$17.91

believe the quarter should be assessed primarily through the strategic and Expected share price return 19.6%

operational implications of the Fibra Macquarie acquisition. Underlying Expected dividend yield 6.2%

operating trends remained stable. Same-property NOI grew 5.7% in US Expected total return 25.9%

dollars despite the FX translation headwind, tenant retention reached

Market Cap P$71,928M 94.3% in the LTM, and total leasing activity exceeded lease expirations.

US$4,146M Consolidated occupancy declined following the addition of Fibra MQ’s

lower-occupied portfolio, but legacy Fibra MTY occupancy remained

relatively healthy at 95.9%. We see the initial integration of the

consolidated platform, occupancy opportunities and the realization of Andre Mazini, CFAAC

operating synergies as more relevant drivers of the investment case. The +55-11-4009-2017

first full-quarter contribution from Fibra Macquarie in 3Q26 should andre.mazini@citi.com

provide a cleaner view of normalized AFFOPS.

Piero Trotta

+55-11-4009-7781

Transactions update — FMTY completed the acquisition of an 81.38% stake in piero.trotta@citi.com

Fibra Macquarie. The remaining stake needed to reach a potential 95% delisting

threshold would represent ~13.6% of MQ’s market cap (~MXN36bn), or roughly Ps. Kiepher Kennedy