FibraHotel (FIHO 12) Q3 2025 earnings summary

Executive summary

• Ended Q3 2025 with 85 hotels and 12,360 rooms in operation, with a diversified portfolio across 26 states and 51 operators.

• Third quarter 2025 results were weak and below expectations due to soft demand across Mexico, impacting occupancy, ADR, and operating margins.

• RevPAR increased 1.6% year-over-year, driven by a 3.2% ADR growth, but occupancy fell by 100 basis points.

• Fiesta Americana Condesa Cancun reported 61.5% occupancy and lease revenue of Ps. $28 million, with rate pressure from fewer U.S. tourists and peso appreciation.

• Achieved a GRESB ESG score of 88, recognized as Sector Leader in Hotels globally and regionally, and won multiple sector awards.

Financial highlights

• Total revenues for Q3 2025 were Ps. $1,270 million, down 2.5% year-over-year.

• EBITDA was Ps. $250 million (19.7% margin), down from 23% last year and 17.5% year-over-year.

• Lodging contribution margin for managed hotels was 25.8%, compared to 27% last year.

• Net debt closed at Ps. $3,887 million, with gross debt at Ps. $4,508 million.

• FFO and AFFO for the quarter were Ps. $161 million and Ps. $90 million, respectively, both down sharply year-over-year.

Outlook and guidance

• Demand headwinds are expected to persist, but forward bookings for Q4 2025 are more encouraging.

• Management is focused on efficiency, cost control, asset renovations, and portfolio diversification.

• The World Cup in 2026 is expected to provide a short-term boost, especially in Monterrey and Guadalajara.

• Commitment to sustainability reaffirmed, with ongoing participation in global ESG benchmarks.

• Focus on maximizing AFFO per CBFI long-term through asset sales, repurchases, and selective development.