Fibra Danhos (DANHOS13.MX): 2Q26 Earnings First Take: Fundamental Trends Still Positive

研报英文原文证据摘录

Fibra Danhos (DANHOS13.MX): 2Q26 Earnings First Take: Fundamental Trends Still Positive

Equity Research

22 July 2026 | 1:42AM BRT

Fibra Danhos (DANHOS13.MX): 2Q26 Earnings First Take: Fundamental

Trends Still Positive

Our Take: We see Fibra Danhos 2Q26 results as showing continued positive Jorel Guilloty

+55(11)3372-3522 |

momentum but do not believe they will be a catalyst for shares. We expect a muted jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

stock reaction. On the positive side we saw improving occupancy for both the retail

Igor Machado

and office portfolios, which respectively increased 50 bps/77 bps q/q and 90 +55(11)3372-0227 |

bps/373 bps y/y. We also note that the operating lease spread at 4.6% slightly igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

increased vs last quarter’s 4.3%. On the negative side we saw retail lease spread

slightly lower from 7.4% to 6.7% q/q, and we also note that Danhos Industrial

Palomas Building 2 was delivered this quarter only 31% leased, whereas the prior

industrial buildings were delivered fully occupied. On the income statement, total

revenue beat on stronger than expected parking revenues, and FFO came in above

our estimate. We note that revenue came 8% above BBG while 2% above GSe. Key

for us on the call is to understand the appetite for further industrial real estate

expansion following the completion of Building 2 at Palomas and management’s view

on spreads for the remaining 2026 lease renewals. We are Neutral rated.

Material differences vs our model: Parking revenues at P$202 mm came 13%

above GSe at P$179 mm. Administrative expenses at -P$47 mm came 6% below GSe

at -P$50 mm, though this represents a 23% sequential increase and roughly in line

y/y. Financial revenue at P$14 mm came above GSe at P$6 mm.