New Risk • Jul 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. New Risk • May 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 47% Last year net profit margin: 91% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (47% net profit margin). New Risk • May 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Share price has been volatile over the past 3 months (5.3% average weekly change). Large one-off items impacting financial results. New Risk • Mar 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (47% net profit margin). Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: Mex$0.64 (vs Mex$1.21 in FY 2024) Full year 2025 results: EPS: Mex$0.64 (down from Mex$1.21 in FY 2024). Revenue: Mex$830.8m (flat on FY 2024). Net income: Mex$391.1m (down 49% from FY 2024). Profit margin: 47% (down from 91% in FY 2024). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to Mex$6.00, the stock trades at a trailing P/E ratio of 4.2x. Average trailing P/E is 7x in the REITs industry in Mexico. Total loss to shareholders of 31% over the past three years. New Risk • Dec 31
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Mexican stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: Mex$209.4m (up 1.5% from 3Q 2024). Net income: Mex$57.2m (up Mex$102.9m from 3Q 2024). Profit margin: 27% (up from net loss in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. New Risk • Aug 06
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.2x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 03
Second quarter 2025 earnings released: EPS: Mex$0.44 (vs Mex$0.22 loss in 2Q 2024) Second quarter 2025 results: EPS: Mex$0.44 (up from Mex$0.22 loss in 2Q 2024). Revenue: Mex$205.0m (up 8.0% from 2Q 2024). Net income: Mex$274.2m (up Mex$411.0m from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • May 22
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 79% Last year net profit margin: 124% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (79% net profit margin). Duyuru • Apr 16
Fibra Plus, Annual General Meeting, Apr 29, 2025 Fibra Plus, Annual General Meeting, Apr 29, 2025. Location: plaza campos eliseos uno, mariano escobedo 565, 13th floor polanco v section, miguel hidalgo borough, 11560, mexico Mexico New Risk • Feb 21
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: Mex$1.25 (vs Mex$1.00 in FY 2023) Full year 2024 results: EPS: Mex$1.25 (up from Mex$1.00 in FY 2023). Revenue: Mex$792.6m (up 8.2% from FY 2023). Net income: Mex$1.00b (up 57% from FY 2023). Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Dec 20
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Mexican stocks, typically moving 3.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Share price has been highly volatile over the past 3 months (3.7% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to Mex$6.63, the stock trades at a trailing P/E ratio of 5.4x. Average forward P/E is 16x in the REITs industry in Mexico. Total loss to shareholders of 18% over the past three years. New Risk • Nov 13
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Large one-off items impacting financial results. New Risk • Aug 05
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • Jul 30
Second quarter 2024 earnings released: Mex$0.22 loss per share (vs Mex$0.062 profit in 2Q 2023) Second quarter 2024 results: Mex$0.22 loss per share (down from Mex$0.062 profit in 2Q 2023). Revenue: Mex$189.7m (up 6.5% from 2Q 2023). Net loss: Mex$136.8m (down 351% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to Mex$7.80, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 7x in the REITs industry in Mexico. Total loss to shareholders of 16% over the past three years. New Risk • Mar 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 145% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (6.8% average weekly change). Minor Risk Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$8.14, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 8x in the REITs industry in Mexico. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to Mex$6.99, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 6x in the REITs industry in Mexico. Total loss to shareholders of 34% over the past three years. New Risk • Jan 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Mexican stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (22% net profit margin). Reported Earnings • Oct 30
Third quarter 2023 earnings released: Mex$0.02 loss per share (vs Mex$0.035 loss in 3Q 2022) Third quarter 2023 results: Mex$0.02 loss per share (improved from Mex$0.035 loss in 3Q 2022). Revenue: Mex$202.0m (up 16% from 3Q 2022). Net loss: Mex$10.0m (loss narrowed 54% from 3Q 2022). Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the REITs industry in Mexico. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 24% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: Mex$0.062 (vs Mex$0.052 in 2Q 2022) Second quarter 2023 results: EPS: Mex$0.062 (up from Mex$0.052 in 2Q 2022). Revenue: Mex$178.1m (up 1.2% from 2Q 2022). Net income: Mex$54.4m (up 68% from 2Q 2022). Profit margin: 31% (up from 18% in 2Q 2022). Revenue is forecast to grow 36% p.a. on average during the next 2 years, compared to a 2.0% growth forecast for the Global REITs industry. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to Mex$6.50, the stock trades at a trailing P/E ratio of 51.4x. Average forward P/E is 19x in the REITs industry in South America. Total loss to shareholders of 47% over the past three years. New Risk • Jun 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Mexican stocks, typically moving 4.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (11% net profit margin). Shareholders have been diluted in the past year (23% increase in shares outstanding). Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 17% share price gain to Mex$8.80, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 8x in the REITs industry in Mexico. Total loss to shareholders of 23% over the past three years. Reported Earnings • Oct 28
Third quarter 2022 earnings released: Mex$0.035 loss per share (vs Mex$0.061 loss in 3Q 2021) Third quarter 2022 results: Mex$0.035 loss per share (improved from Mex$0.061 loss in 3Q 2021). Revenue: Mex$174.1m (up 405% from 3Q 2021). Net loss: Mex$21.8m (loss narrowed 4.6% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 28
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: Mex$176.0m (up Mex$147.7m from 2Q 2021). Net income: Mex$32.5m (up 10% from 2Q 2021). Profit margin: 18% (down from 104% in 2Q 2021). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improved over the past week After last week's 34% share price gain to Mex$8.30, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 7x in the REITs industry in Mexico. Total loss to shareholders of 43% over the past three years. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: Mex$0.18 (down from Mex$0.44 in FY 2020). Revenue: Mex$624.1m (up 418% from FY 2020). Net income: Mex$93.1m (down 44% from FY 2020). Profit margin: 15% (down from 137% in FY 2020). The decrease in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 23% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 27
Third quarter 2021 earnings released: Mex$0.061 loss per share (vs Mex$0.41 profit in 3Q 2020) Third quarter 2021 results: Net loss: Mex$22.8m (down 115% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment deteriorated over the past week After last week's 29% share price decline to Mex$10.30, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 10x in the REITs industry in Mexico. Total loss to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 19% share price gain to Mex$13.59, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 10x in the REITs industry in Mexico. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Aug 04
Investor sentiment improved over the past week After last week's 19% share price gain to Mex$9.98, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 8x in the REITs industry in Mexico. Total loss to shareholders of 33% over the past three years. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS Mex$0.079 (vs Mex$0.062 in 2Q 2020) Second quarter 2021 results: Net income: Mex$29.4m (up 28% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 08
New 90-day low: Mex$10.30 The company is down 17% from its price of Mex$12.36 on 02 September 2020. The Mexican market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 10
New 90-day low: Mex$10.80 The company is down 13% from its price of Mex$12.45 on 11 August 2020. The Mexican market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the REITs industry, which is down 5.0% over the same period. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total losses of Mex$740.0k, with earnings decreasing by Mex$306.8m from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. 
