The industrial real estate sector delivered another solid quarter at the top-line level, supported by resilient same-store performance and healthy operating metrics. Encouragingly, leasing activity was more dynamic in 2H25 relative to 1H25, with occupancies remaining stable and lease spreads still in double digits across the industrial real estate companies under our coverage. VESTA led the group with a 16% YoY revenue increase in USD terms, surpassing the upper end of its full-year guidance range. FUNO’s industrial segment also performed well, benefiting from the consolidation of the Jupiter portfolio and sustained leasing activity, with MXN-denominated renewal spreads reaching +1,640 bps. For commercial real estate, 4Q25 was solid, as expected. Although variable rents came in weaker than anticipated, strong parking income and positive leasing spreads supported overall revenue growth. FSHOP reported consolidated revenues of P$674mn, up 4.9% YoY, outperforming ANTAD’s 2.7% SSS growth — a positive read-through on relative portfolio quality — despite a softer consumption environment in 2H25. FUNO’s retail segment showed resilience, with occupancy improving to 93.7% (+10 bps QoQ), though revenues were softer sequentially due to the absence of extraordinary income recorded in 3Q25. DANHOS retail revenues (fixed rent + overage) grew 1.9% YoY, supported by stable tenant performance, with parking and other income contributing additional upside of 25.0% and 12.4% YoY, respectively. Office remained the weakest segment across the coverage universe. DANHOS office revenues fell 6.4% YoY, pressured by USD/MXN depreciation on dollar-denominated contracts, though sequential occupancy improved meaningfully (+156 bps QoQ), offering an encouraging signal ahead of the 27% of GLA up for renewal in 2026. FUNO’s office portfolio remained soft at 82.9% occupancy (–10 bps QoQ), though a modest sequential NOI recovery of +5.2% QoQ was recorded following rent price increases in government office contracts. Across the board, office continues to represent the key area to monitor as the gradual recovery dynamic plays out through the year. Hotel companies faced once again a difficult quarter, with ongoing challenging conditions —FX headwinds, softer international tourism, limited capacity in ADR growth—, confirming 2025 was a tougher-than-expected year for the hotel industry. Going forward, even though these are expected to prevail, 2026 offers unique conditions to trigger and foster a ‘home run’ opportunity to reignite results within the sector amid the FIFA 2026 World Cup matches that will be hosted in Mexico. Within Hotels & Hospitality we remain Outperform on FINN, Market Perform on FIHO and Underperform on HOTEL.