Fibra Prologis (FIBRAPL14.MX): 2026 Earnings First Take: A Soft Quarter, with Key Fundamentals Slowdown

研报英文原文证据摘录

Fibra Prologis (FIBRAPL14.MX): 2026 Earnings First Take: A Soft Quarter, with Key Fundamentals Slowdown

Equity Research

23 July 2026 | 9:23PM BRT

Fibra Prologis (FIBRAPL14.MX): 2Q26 Earnings First Take: A Soft

Quarter, with Key Fundamentals Slowdown

Our Take: We expect a neutral to negative reaction for Fibra Prologis CBFIs following Jorel Guilloty

+55(11)3372-3522 |

results which showed slight income statement misses and softening fundamentals. jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

Versus GS, the company missed on rental revenue (-3%), EBITDA (-2%), and FFO

Igor Machado

(-6%); versus BBG consensus, total revenue beat by 2% and EBITDA was in line. Key +55(11)3372-0227 |

fundamental metrics -while still elevated - slowed or declined. Cash lease spreads fell igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

to 25.5%, the lowest since 3Q25 and down ~10pp q/q. Customer retention dropped

to 60% (~80% last quarter), and core portfolio occupancy declined 120bps q/q to

95.8%, below the 96.5% to 98.5% YE26 guidance. There was a notable 330 bps q/q

decline in key market Mexico City, suggesting a meaningful moveout considering

Mexico City size as FIBRAPL’s largest market by GLA (28%). On tomorrow’s call, we’ll

focus on whether this softness marks an emerging trend or a one-off.

Material differences vs our model: Rental revenues came 3% below our estimates

(US$157 mm vs GSe at US$161 mm) on lower than expected occupancy rates (96.2%

vs GSe 97.0%) and lower rent per sqm (US$ 6.7 vs GSe US$ 6.9). Operating Expenses

were higher than we expected (US$-20.1 mm vs GSe US$-16.0 mm).

Fundamentals trends: We saw negative occupancy trends for Fibra Prologis markets

as Mexico City (35% of total lease rental income and 30% of total GLA) saw a 330bps

q/q decrease to 93.5%.