The call communicated a largely positive operational and financial performance for FY25 — record revenues, NOI and AFFO, strong leasing activity, high industrial and retail occupancy, meaningful ESG progress, and a well-positioned balance sheet with ample liquidity. Management balanced that with conservative near-term guidance driven by geopolitical uncertainty (notably USMCA negotiations), muted net absorption in parts of the market, moderate sector-specific softness (e.g., autos and cinemas), and a deliberate pause on speculative development starts. While guidance in Mexican pesos shows some moderation, U.S. dollar metrics and liquidity position suggest resilience and upside optionality if market conditions improve.

Company Guidance

FIBRA Macquarie guided 2026 AFFO per certificate at MXN 2.60–2.70 (equating to USD 120M–124M and ~3% growth at the midpoint), with cash distribution guidance of MXN 2.45 per certificate (an >11% increase in underlying USD terms using their FX assumption). The guidance assumes an average MXN/USD rate of 17.25 for the year (versus ~MXN 19.3 in 2025), no material change in geopolitical/trading relationships, and excludes funding costs from any new acquisitions or impacts from divestments. Operational assumptions include steady same-store performance, industrial lease renewal spreads of 10%–15%, and $50M–$100M of growth CapEx for existing projects; management also noted they have not assumed material lease-up of development projects (which could add north of $10M upside if stabilized).

Strong Total Shareholder Returns

Delivered total shareholder return of 33% in U.S. dollars and 19% in Mexican pesos for FY25, underscoring strong investor returns for the year.

Record Revenues, NOI and AFFO

Reported record quarterly consolidated revenues and NOI and a record full-year AFFO in U.S. dollar terms; AFFO per certificate for FY25 was MXN 2.8519, an 8.3% increase year-over-year and at the high end of guidance.

Robust Industrial Operating Performance

Industrial portfolio NOI increased 8.2% YoY in U.S. dollars; quarterly same-store NOI for industrial was up 6.7% in USD. Stabilized industrial occupancy ended the year at a healthy 95.5% with average rent up 6.5% for the year.

Active and Productive Leasing Activity

Executed ~1.2 million sq ft of new and renewal leases in Q4 and nearly 5 million sq ft across 60 leases for the full year; full-year commercial lease renewal spreads were strong at 20%.

Retail Portfolio Improvement

Retail occupancy rose to 94.1% (up 75 basis points YoY) with NOI growth of 4% for the year in Mexican peso terms; Q4 car and foot traffic reached a post-pandemic high.

Development and Acquisition Successes

Leased a 200,000 sq ft flagship Monterrey development in December at a development yield of 10%; opportunistic acquisition of ~165,000 sq ft under-rented warehouse in Mexico City with expected stabilized cash yield of 9%–11% on renewal.

Sustainability and ESG Progress

Green building certification coverage reached 44.4% of consolidated GLA, up ~260 basis points YoY; achieved a lead platinum certificate record (91 points) on a Mexico City development and installed solar panels to generate incremental green energy income.

Strong Balance Sheet and Liquidity

Completed over $1 billion of refinancing during the year; closed a $550M sustainability-linked facility plus a $50M IFC unsecured facility in Q4. Available liquidity increased to $615M and embedded firepower is ~USD 0.5 billion.

Conservative, Efficient Funding Profile

Cost of funding remains efficient at 5.5%; real estate net LTV at 33%; debt service coverage ratio of 5.1x; 100% fixed-rate debt with weighted average tenor of 3.7 years and only $75M of scheduled maturities in 2026.

Distribution and 2026 Payout Guidance

Declared Q4 cash distribution of MXN 0.6125 per certificate, up 17% YoY and in line with guidance. Introduced 2026 cash distribution guidance of MXN 2.45 per certificate (an increase of >11% in USD terms based on FX assumption).

FIBRA Macquarie Mexico (DBMBF) Earnings, Revenues Date & History

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DBMBF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 24, 2026	2026 (Q1)	0.05 / -	0.01	―	―	―
Feb 13, 2026	2025 (Q4)	0.04 / 0.04	0.199	-77.99% (-0.16)	―	―
Oct 24, 2025	2025 (Q3)	0.05 / -0.06	0.205	-128.91% (-0.26)	―	―
Jul 25, 2025	2025 (Q2)	0.04 / -0.13	0.198	-166.93% (-0.33)	―	―
Apr 30, 2025	2025 (Q1)	0.05 / <0.01	0.041	-75.96% (-0.03)	―	―
Feb 13, 2025	2024 (Q4)	0.05 / 0.20	0.084	137.03% (+0.12)	―	―
Oct 24, 2024	2024 (Q3)	0.05 / 0.21	0.162	26.83% (+0.04)	―	―
Jul 26, 2024	2024 (Q2)	0.05 / 0.20	0.102	95.32% (+0.10)	―	―
Apr 26, 2024	2024 (Q1)	0.05 / 0.04	-0.06	167.34% (+0.10)	―	―
Feb 09, 2024	2023 (Q4)	0.05 / 0.08	-0.009	985.98% (+0.09)	―	―

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

DBMBF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 13, 2026	$2.15	$2.15	0.00%
Oct 24, 2025	$1.58	$1.61	+1.90%
Jul 25, 2025	$1.68	$1.68	0.00%
Apr 30, 2025	$1.43	$1.43	0.00%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does FIBRA Macquarie Mexico (DBMBF) report earnings?

FIBRA Macquarie Mexico (DBMBF) is schdueled to report earning on Apr 24, 2026, After Close (Confirmed).

What is FIBRA Macquarie Mexico (DBMBF) earnings time?

FIBRA Macquarie Mexico (DBMBF) earnings time is at Apr 24, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

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What companies are reporting earnings today?

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What is DBMBF EPS forecast?

DBMBF EPS forecast for the fiscal quarter 2026 (Q1) is 0.05.