Letter from Management

Dear Stakeholders,

2025 was a year that confirmed the importance of having a clear strategy, disciplined operations, and a portfolio capable of responding to a changing environment. Throughout the year, global markets remained attentive to the evolution of supply chains, trade tensions, and shifts in investment decisions toward Mexico. In this context, at Fibra Nova we maintained the approach that has guided our growth: developing high-quality real estate assets, strengthening long-term relationships with our tenants, and operating with a vision focused on the sustainable generation of value.

A year of consolidation and execution. Our business model—based on Build to Suit (BTS) developments, longterm contracts, and Triple Net (NNN) schemes—continued to demonstrate its resilience and value-generation capacity in an increasingly demanding industrial market. Demand for modern, well-located spaces adapted to our clients’ operational needs remained a key driver of the portfolio’s performance.

During the year, we completed the development of Parque Industrial Juárez I, reaching full occupancy across its 27 hectares, and began developing Parque Industrial Juárez II, a new project that strengthens our presence in one of the country’s most dynamic industrial regions. We also continued to advance Parque Bafar Norte, in Chihuahua, sustaining a strategy of organic growth built on land reserves, functional infrastructure, and the capacity to meet the specific requirements of national and global companies.

Our relationship with tenants was once again a central component of our strategy. In 2025 we signed significant agreements with Cimpress, a multinational focused on mass-customized manufacturing solutions, for more than 46,000 m² of GLA. These transactions strengthened the occupancy of our assets in Ciudad Juárez and confirmed the market’s ongoing confidence in our ability to develop efficient, competitive spaces aligned with each client’s needs.

As a result, at the close of 2025 our portfolio comprised 125 properties, with 722,168 m² of GLA and 2,118 hectares corresponding to the agro-industrial portfolio. We maintained 100% occupancy and an average remaining lease term of 7.7 years. These indicators reflect the stability of our income, the quality of our assets, and the strength of a real estate platform built on long-term relationships.

Our financial results tracked this operational progress. In 2025, revenue reached Ps. 1,568.1 million, a 21.7% increase versus 2024. This performance was driven by the start-up of new properties, the quality of our tenant base, and the consistency of the contracts that make up our portfolio. We also maintained EBITDA and AFFO margins above 90%, confirming the efficiency of Fibra Nova’s operating model.

In line with our commitment to generating value for investors, during the year we distributed more than Ps. 1,343 million, 26% higher than in 2024. This result reflects a responsible distribution policy, supported by stable cash flow generation and prudent management of the Trust’s resources.

Active portfolio management also allowed us to address specific market situations with clarity. Faced with the financial restructuring of one of our tenants in the United States, we maintained timely communication and proactive management of the contractual relationship. As a result, at year-end there were no outstanding rent balances from our tenants, confirming the strength of our guarantees, the quality of our commercial relationships, and the discipline with which we monitor each asset.

On environmental, social, and governance matters, we continued to strengthen sustainability as part of how we operate. During the period, we further consolidated the progress related to the efficiency of our properties, notably the EDGE certification of 163,600 m² across 16 industrial buildings, equivalent to approximately 23% of our portfolio’s total GLA. This achievement reinforces our vision of developing infrastructure that not only meets market needs but also incorporates best environmental practices and resource-efficiency criteria.

For Fibra Nova, sustainability is not limited to certifications or specific indicators. It is also present in the way we select projects, in the quality of the spaces we develop, in the continuity of our client relationships, in the stability we seek to offer our investors, and in the governance that underpins our decisions.

In addition, through the Grupo Bafar Foundation, we maintain social engagement initiatives focused on nutrition, education, health, sports, and community development; during 2025, these efforts benefited more than 33,400 young people through the Socio-Sports Schools and supported 3.2 million families through the Collection Center. This approach allows us to move forward responsibly in a sector that plays a relevant role in Mexico’s economic and industrial development.

Looking ahead to 2026 and beyond, we will seek to continue these processes gradually and in an orderly manner, assessing the certification of new developments and stabilized assets according to their operational maturity, portfolio growth, and identified improvement opportunities. Likewise, in coordination with Grupo Bafar, we will continue strengthening our engagement with social initiatives that contribute to the well-being of the communities where we operate, maintaining a sustainability vision that combines operational efficiency, environmental responsibility, and the generation of social value.

I thank our investors for the confidence they have placed in Fibra Nova, our tenants for the long-term relationship we have built, and our team for their commitment and execution capacity. The results of 2025 reflect a consistent strategy, but also the daily discipline with which we work to strengthen our portfolio and anticipate the market’s needs.

Sincerely,

Guillermo de Jesús Medrano Artalejo

CHIEF EXECUTIVE OFFICER