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FIBRA Prologis Announces Q2 2026 Earnings Results

On July 23, 2026, FIBRA Prologis, recognized as a leading owner and operator of Class-A industrial real estate in Mexico, released its earnings report for the second quarter of 2026. This report highlights the company's key metrics and provides insight into its financial health and operational outlook.

Financial Highlights

FIBRA Prologis reported a significant change in net effective rents during this quarter, which reached an impressive 40.8%. This showcases the company's ability to maintain strong rental prices amidst a changing market landscape.

Moreover, the occupancy rates remained robust, with a period-end occupancy of 95.8% and an average occupancy of 96.1%. These figures indicate a slight decrease year-over-year, yet they reflect the strong demand for industrial space in key Mexican markets including Monterrey, Guadalajara, and Reynosa. Notably, customer retention for this quarter stood at 60.8%, down from 86.0% in the same quarter last year.

The company's same store cash Net Operating Income (NOI) demonstrated a solid year-on-year increase, rising by 13.1%. This upward shift can be attributed to effective rent changes and annual rent increases, reflecting FIBRA Prologis’s strategic focus on optimizing its portfolio.

In terms of overall earnings, the reported net earnings per CBFI (Certificado Bursátil Fiduciario Inmobiliario) were $(US$0.0285), compared to US$0.0915 from the same quarter in 2025. Despite the decrease, the funds from operations (FFO), adjusted by FIBRA Prologis, reached US$0.0613 for this quarter, showing a slight improvement from US$0.0585 during the previous year.

Operational Insights

Jorge Girault, CEO of FIBRA Prologis, commented on the quarterly results, stating, "While the market remains dynamic, our high-quality portfolio and strategic presence in Mexico's leading industrial markets position us well for the long term." He reiterated the company's commitment to disciplined execution and exceptional customer service as critical components of their strategy moving forward. Girault remains optimistic regarding the long-term fundamentals supporting modern logistics real estate, emphasizing their potential for sustainable value creation.

Operating Portfolio Overview

To delve deeper into the specifics:

• - Period-End Occupancy: The occupancy rate at the end of the quarter was 95.8%, down from 97.7% year-on-year.
• - Average Occupancy: The average occupancy dropped to 96.1% from 98.2% over the same period.
• - New Leases Commenced: FIBRA Prologis initiated approximately 2.3 million square feet of new leasing activity, particularly concentrated in Juarez.
• - Customer Retention: A decrease in customer retention was noted, now at 60.8%.
• - Net Effective Rent Change: The change in net effective rent reflects a significant drop from 68% to 40.8% year-on-year, primarily influenced by the markets in Mexico City and Tijuana.
• - Same Store NOI Growth: Demonstrating strong fundamentals, the same store cash NOI increased by 13.1%, driven by effective rent adjustments.

Financial Position and Future Outlook

As of June 30, 2026, FIBRA Prologis maintained a leverage ratio at 24.7% and reported liquidity of around US$1.1 billion. This includes US$1 billion of available capacity through its unsecured credit facility, along with US$146 million in unrestricted cash, providing a solid buffer against current market uncertainties.

FIBRA Prologis also announced a live webcast/conference call for July 24, 2026, at 9 a.m. Mexico Time, where they will discuss further their quarterly performance, market conditions, and future outlook. Interested parties can access the live discussion via their Investor Relations website.

About FIBRA Prologis

FIBRA Prologis dominates the industrial real estate landscape in Mexico with a portfolio consisting of 515 investment properties across major industrial markets. With a total space of 87.3 million square feet, the company operates 352 logistics and manufacturing facilities spread across six core markets, emphasizing its capability to meet the demands of modern logistics and supply chains in the region.

In conclusion, while the company faced some retention and occupancy challenges, the solid financial metrics and strategic positioning suggest that FIBRA Prologis is equipped to navigate the evolving landscape of industrial real estate in Mexico. As they look ahead, the focus will remain on leveraging their robust foundation to adapt to market dynamics and continue delivering value to investors.