FibraHotel (FIHO 12) Q4 2024 earnings summary

Executive summary

• Achieved record revenues and AFFO in Q4 2024, driven by strong ADR growth, cost control, and event demand.

• Portfolio RevPAR grew 7.5% year-over-year in Q4, with ADR up 10.3% and occupancy down 165 bps.

• Ended Q4 2024 with 85 hotels and 12,360 rooms in operation across 26 states, maintaining a diversified portfolio.

• Focus remains on rate growth over occupancy, with Q4 typically the strongest for business and group travel.

• Maintained a solid balance sheet with LTV at 24.4% and a debt service coverage ratio of 2.82x.

Financial highlights

• Q4 2024 revenues reached MXN 1,454 million, a 6% increase year-over-year.

• Q4 EBITDA was MXN 397 million, up from MXN 371 million in Q4 2023; EBITDA margin rose to 27.3%.

• AFFO for Q4 was MXN 222 million, the highest post-pandemic; full-year AFFO was MXN 702 million.

• Lodging contribution margin for managed hotels increased to 30.2% from 29.6% year-over-year.

• Consolidated net income for Q4 2024 was MXN 130 million.

Outlook and guidance

• 2025 expected to see flat occupancy, high single-digit ADR and RevPAR growth, and stable margins despite cost pressures.

• Continued focus on rate increases and cost control to drive margins, leveraging demand from major events.

• Booking pace for Q1 2025 is similar but slightly lower than 2024, in line with expectations.