Fibra Next Trimming Estimates on Delayed Execution, but LT Thesis Remains Intact

研报英文原文证据摘录

Fibra Next Trimming Estimates on Delayed Execution, but LT Thesis Remains Intact

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

22 May 2026

Fibra Next Overweight

NEXT25.MX, NEXT25 MM

Trimming Estimates on Delayed Execution, but LT Price (21 May 26):Ps95.74

Thesis Remains Intact Price Target (Dec-26):Ps115.00

We are lowering our NEXT estimates to reflect three main adjustments: (i) the LatAm Real Estate

ACdelay in the Triple Home Run portfolio closing, which we now model in 2Q26 Adrian E Huerta

vs. 4Q25 previously, as management confirmed during the 1Q call that the (52-81) 8152-8720

transaction is still being finalized; (ii) a one- to two-quarter push-out on all adrian.huerta@jpmorgan.com

development-related activity, as the team is prioritizing its acquisition pipeline— J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

including the potential tender for up to 100% of FMQ, over near-term development

Felipe Barragan Sanchez

starts; and (iii) a more granular phasing of the acquisition pipeline, which the (52-55) 5283-1666

1Q supplement now breaks into three portfolios totaling ~325k m2 and ~$23.3mn felipe.barragan@jpmorgan.com

of NOI, split between 3Q26 (Portfolio 1, ~200k m2) and 4Q26 (Portfolios 2 and J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

3, ~125k m2 combined), vs. our prior assumption of a single lump-sum closing. On

the top line, we are also incorporating 1Q’s realized FX of ~Ps17.5/USD, well Marcelo Motta

(55-11) 4950-6712

below the ~Ps19.5 originally guided. These revisions take our 26e/27e revenue marcelo.g.motta@jpmorgan.com

estimates down -6%/-5% vs. prior, still implying extraordinary y/y growth of Banco J.P. Morgan S.A.

+622%/+16% off the low 2025 base (which only captured partial-quarter Jonathan S. Koutras