Overall, the call highlighted solid operational and financial performance: revenue growth (6.5% QoQ; 11.8% YoY), high NOI margins (~78%), strong AFFO generation, full industrial occupancy and a 15% YoY increase in GLA. Management is actively executing development projects and retaining cash to fund growth while maintaining a conservative leverage profile (13.5%) and a AAA local rating. Key risks discussed include a modest recent slowdown in consumption, lower office occupancy (77%) and a near-term MXN 3.0 billion debt maturity that requires refinancing. Management signaled prudent capital allocation (retained cash, targeted debt) and intends to keep distributions stable, which balances growth funding with investor returns.

Company Guidance

Management reiterated guidance to keep the quarterly distribution at MXN 0.45 per CBFI (MXN 724 million; ~56% payout) and to fund 2025 development capex with retained cash plus MXN 1.5 billion of additional debt while keeping loan-to-value below 15% by year-end; the balance sheet currently shows 13.5% leverage, a MXN 3.0 billion Cebures (DANHOS 16) maturing midyear under review, and a local AAA debt rating. They highlighted operating targets and recent results: revenues up 6.5% quarter-on-quarter and 11.8% year-on-year, NOI margins of 78% (quarter) and 78.5% (year), quarterly AFFO of MXN 1.3 billion (MXN 0.80 per CBFI) and annual AFFO of ~MXN 4.6 billion (MXN 2.85 per CBFI), GLA up 15% YoY to 1.25 million sqm with portfolio occupancy 91.5% (retail 94.2%, office 77%, industrial 100%), 24,000 sqm of renewals with a 3.9% lease spread, and progress on Nizuc, Oaxaca and industrial projects expected to deliver quick cash-flow returns.

Revenue Growth

Total revenue increased 6.5% quarter-over-quarter and 11.8% year-over-year, driven by higher fixed rent, solid occupancy and positive lease spreads that offset the effect of dollar depreciation on the office portfolio.

Strong NOI and AFFO

NOI margin was 78.0% for the quarter and 78.5% for the year, reflecting expense control and operating efficiencies. Quarterly AFFO was MXN 1.3 billion (MXN 0.80 per CBFI); full-year AFFO was ~MXN 4.6 billion (MXN 2.85 per CBFI).

Distribution Maintained with Conservative Payout

Quarterly distribution was held at MXN 0.45 per CBFI (MXN 724 million), representing a 56% payout ratio, while management retained cash to fund development pipeline.

High Occupancy and Portfolio Expansion

Overall portfolio occupancy stood at 91.5%. Retail occupancy was 94.2%, industrial occupancy 100%, and office occupancy 77%. Gross leasable area (GLA) increased 15% year-over-year to 1.25 million square meters.

Industrial and Development Momentum

Industrial projects in the northern Mexico City logistics corridor are progressing and contributing near-term cash flow. New developments (Nizuc and Oaxaca) are on schedule, and management highlighted execution capabilities and high construction standards.

Lease Renewal Spread and Rent Mix Optimization

Lease spread on 24,000 sqm of renewals was 3.9% during the quarter. Management continues to convert variable (overage) rent to fixed rent where advantageous, supporting revenue stability.

Balance Sheet Strength and Rating

Reported leverage is low at 13.5%. The company maintains a AAA local debt rating, and management expects loan-to-value to remain below 15% by year-end.

Parking Revenue Upside

Parking revenues were notably stronger year-over-year, attributed to periodic price increases implemented the prior year and higher parking utilization as more customers returned by car.

Concentradora Fibra Danhos SA de CV (GRFFF) Earnings, Revenues Date & History

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GRFFF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 16, 2026	2026 (Q1)	- / -	0.038	―	―	―
Feb 23, 2026	2025 (Q4)	0.04 / 0.06	0.063	-9.18% (>-0.01)	―	―
Oct 23, 2025	2025 (Q3)	0.04 / 0.05	0.033	56.68% (+0.02)	―	―
Jul 24, 2025	2025 (Q2)	0.03 / 0.04	0.031	23.35% (<+0.01)	―	―
Apr 24, 2025	2025 (Q1)	0.04 / 0.04	0.031	24.39% (<+0.01)	―	―
Feb 20, 2025	2024 (Q4)	0.04 / 0.06	0.032	98.89% (+0.03)	―	―
Oct 29, 2024	2024 (Q3)	0.03 / 0.03	0.034	-3.28% (>-0.01)	―	―
Jul 25, 2024	2024 (Q2)	0.03 / 0.03	0.031	0.00% (0.00)	―	―
Apr 18, 2024	2024 (Q1)	0.03 / 0.03	0.03	1.54% (<+0.01)	―	―
Feb 13, 2024	2023 (Q4)	0.04 / 0.03	0.031	1.31% (<+0.01)	―	―

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

GRFFF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 23, 2026	$1.20	$1.20	0.00%
Oct 23, 2025	$1.20	$1.20	0.00%
Jul 24, 2025	$1.20	$1.20	0.00%
Apr 24, 2025	$1.20	$1.20	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 Concentradora Fibra Danhos SA de CV (GRFFF) report earnings?

Concentradora Fibra Danhos SA de CV (GRFFF) is schdueled to report earning on Apr 16, 2026, After Close (Confirmed).

What is Concentradora Fibra Danhos SA de CV (GRFFF) earnings time?

Concentradora Fibra Danhos SA de CV (GRFFF) earnings time is at Apr 16, 2026, After Close (Confirmed).

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What is GRFFF EPS forecast?

Currently, no data Available