EarningsQ4 2025 Earnings Report
FBASF Q4 2025 EPS Results
Actual EPS$0.20
Consensus EPS$0.04
Beat/MissBeat by +$0.16
One Year Ago EPS$0.04
FBASF Q4 2025 Revenue Results
Actual Revenue$433.53M
Expected Revenue$420.29M
Beat/MissBeat by +$13.24M
YoY Revenue Growth+5.33%
Earnings Announcement Details
QuarterQ4 2025
Date02/26/2026
TimeAfter Close
Conference CallThursday, February 26, 2026
FBASF Upcoming Earnings
Fibra Uno Administracion SA de CV's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q4 2025 Earnings Call Audio
FBASF Q4 2025 Earnings Call
0:00 / 0:00
Q4 2025 Earnings Slide Deck
Q4 2025 Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized a string of strategic achievements (Fibra Next IPO/follow-on, internalization, drop-down of industrial portfolio), solid quarter-over-quarter operating momentum (historic 95.5% occupancy, revenue +4.6%, NOI +8.9%, FFO +6.6%), strong leasing spreads especially in industrial, and balance sheet gains in equity and asset base. Lowlights include rising operating and insurance costs, a modest increase in net interest expense and debt due to consolidation, some retail subsegment NOI declines and lingering uncertainty on one-off integration costs. Management outlined a clear deleveraging/credit-rating focus and expects meaningful savings from internalization, while noting capital issuance will be needed to pursue larger growth opportunities.Company Guidance
Consolidated Asset Base
Consolidated assets close to $25 billion following the consolidation and drop-down of the industrial portfolio into Fibra Next.
Historic High Occupancy
Portfolio occupancy reached a historic high of 95.5%, up 50 basis points quarter-over-quarter; industrial 97.7% (+30 bps), retail 93.7% (+10 bps), office 82.9% (-10 bps), in-service portfolio 87.7% (+330 bps).
Revenue Growth
Total revenue increased by MXN 348 million, or 4.6% versus the prior quarter, driven by occupancy gains, inflation-linked contract increases and renewals (partially offset by peso appreciation on USD-denominated rents).
NOI Expansion and Strong Margins
NOI increased by MXN 498.3 million, or 8.9% versus Q3 2025, to MXN 6.079 billion. NOI margin was 85.1% over rental revenue (77.2% versus total revenues) and management noted NOI margin growth of approximately 300 basis points.
FFO / AFFO Improvement and Distributions
FFO (controlled) increased MXN 157.4 million (+6.6%) to MXN 2.55 billion; adjusted FFO increased MXN 121.1 million (+5%) to MXN 2.55 billion. FFO and AFFO per average CBFI were MXN 0.6690 (+6.5%) and MXN 0.6712 (+4.9%) respectively. Quarterly distribution MXN 2.55 billion or MXN 0.67 per CBFI with quarterly AFFO payout 99.8% (annual payout ~94%).
Leasing Spreads Led by Industrial Segment
Leasing spreads showed strong re-pricing: industrial +16.4% (1,240 bps), retail +8.2% (820 bps), office +5.0% (500 bps). Dollar-denominated spreads: industrial +13.9% (1,390 bps), retail +4.6% (460 bps), office -3.2% (-320 bps).
Property-Level Performance and Rent Per Sqm
Rental price per square meter for constant properties rose 5.3% versus weighted annual inflation of 3.6% (170 bps of outperformance). Property-level NOI increased 2.9% overall; industrial NOI rose 11.2% and office NOI rose 5.2%.
Balance Sheet and Capital Raises
Investment properties and related assets increased by MXN 32 billion (+9.3%) due to Fibra Next consolidation, CapEx and fair value adjustments. Total equity rose ~MXN 55–56 billion (~29%). Completed liability/capital actions in 2025 included renewal of ~USD 800 million of USD bonds, MXN 12 billion of peso bonds, repayment of ~MXN 10 billion short-term lines, IPO of Fibra Next (≈USD 430M) and a follow-on (≈USD 400M).
Accounts Receivable and Collections
Accounts receivable decreased by MXN 260 million, or 10.9% quarter-over-quarter, reflecting consolidation and improved collections.
Projected Savings from Internalization
Internalization process expected to deliver annual savings in the order of USD 400–500 million going forward.
FBASF Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed