I would now like to turn the call over to Montserrat Chávez, Head of Investor Relations. Please go ahead. Thank you, Tiffany. Good morning, everyone. Welcome to our Q2 2026 Earnings Conference Call. Before we begin our prepared remarks, please note that all information disclosed during this call is proprietary and all rights are reserved. This material is provided for informational purposes only and is not a solicitation of an offer to buy or sell any securities. Forward-looking statements made during this call are based on information available as of today. Our actual results, performance, prospects, or opportunities may differ materially from those expressed in or implied by the forward-looking statements. Additionally, during this call, we may refer to non-accounting financial measures. The company does not assume any obligations to update or revise any of these forward-looking statements in the future, whether as a result of new information, future events or otherwise, except as required by law. As is our practice, we have prepared supplementary materials that we may reference during this call. If you have not already done so, I invite you to visit our website at fibraprologis.com and download our earnings materials. On today's call, we will hear from Jorge Girault, our CEO, who will discuss our strategy, market conditions, and will review results. Also joining us today is Federico Cantú, our Head of Operations. With that, it is my pleasure to hand the call over to Jorge. Thank you, Montserrat. Good morning, everyone. As I begin my tenure as CEO, I'm honored to lead FIBRA Prologis. With an exceptional team and benefiting from the strength of Prologis platform, we are well-positioned to enter this next phase with strong continuity across the leadership team, the strategy, and operating approach. Our strategy remains unchanged. We will continue to run this business with discipline, focusing on high-quality industrial markets in Mexico, serving our customers, and allocate capital thoughtfully to create long-term value. Today, our portfolio comprises approximately 87 million sq ft across more than 500 properties in 14 markets throughout Mexico, making FIBRA Prologis the largest publicly traded industrial real estate company in Latin America by market capitalization. We manage the portfolio as one integrated business, while directing new investments toward the markets with the strongest long-term fundamentals, such as limited land availability, modern logistics infrastructure, and customer demand. Our relationship with Prologis as our sponsor is a significant competitive advantage. It provides access to global customer relationships, market intelligence, capital market expertise, technology, and operating capabilities that strengthen our execution and help us serve our customers better. Turning to Mexico, after an exceptional period of growth driven by e-commerce and nearshoring, industrial near-term environment has become more challenging than it was several years ago. With uncertainty surrounding USMCA, slower economic growth, and infrastructure constraints, customers remain measured in their leasing decisions. While elevated new supply in certain areas continued to pressure occupancies and market rents. Net absorption increased to 6.1 million sq ft from 4.3 million in the Q1, remained below completions of 7.4 million sq ft. As a result, market vacancy increased 10 basis points during the quarter. Despite these near-term headwinds, Mexico's long-term fundamentals remain intact. Its strategic location, skilled workforce, integrated manufacturing base, central role in North America supply chain, and sound monetary policy continue to support long-term demand for modern logistics and manufacturing facilities. Our portfolio ended the quarter with occupancy 250 basis points above the market, reflecting the benefits of the Prologis platform. In addition, we have a 30% embedded lease mark-to-market, which reflects an opportunity to keep on growing cash flow over time. As we all know, markets move in cycles. Our objective is not simply to perform well where conditions are strong, but to outperform across the cycle. The last several years rewarded market momentum. The next phase is likely to reward execution, capital discipline, and operating excellence, which we believe are enduring strengths of FIBRA Prologis. Moving to our financial results for the quarter. FFO totaled $102 million, or $0.0613 per CBFI, a 4.4% growth year-over-year on a CBFI basis, mainly driven by rent increase and the contribution on full integrated Terrafina portfolio. AFFO was approximately $86.5 million, in line with our expectations. On the operation front, we leased 2.3 million sq ft, Ciudad Juarez being the largest contributor of leasing volume. Period end occupancy was 95.8%, while average occupancy was 96.1%. Same-store cash and net effective NOI increased approximately 13% and 9% respectively. Net effective rent change remains strong at approximately 41% for the quarter and more than 53% over the trailing 12 months. On the capital front side, we acquired a 590,000 sq ft facility in Mexico City for $94 million. The property is 100% leased in US dollars to a global e-commerce customer. During the quarter, the performance threshold under our promote structure was achieved, resulting in $115.5 million fee payable to Prologis in CBFIs. Since our IPO, FIBRA Prologis has delivered a 16% annualized total return to investors, which is the highest among peers. Turning to the balance sheet, we continue to maintain a brilliant financial profile. Our loan-to-value was approximately 25%, and FIBRA credit rating was ratified at BBB+ with a stable outlook in May. Financial flexibility remains one of our greatest strengths. We will continue to deploy capital selectively while keeping balance sheet capacity. Moving to ESG, we have released our 2025 impact and sustainability report, which introduces FIBRA Prologis 2030 goals and includes disclosures prepared in accordance with IFRS S1 and IFRS S2. This is the first regulator climate risk filing across the Prologis network and provides an important foundation in our global footprint. I'm very pleased that the Mexican team is part of this important milestone, which reinforces our commitment to sustainability, transparency, and long-term value creation. Finally, regarding guidance, we are keeping our guidance unchanged, which you can find in page eight of our supplemental financial information. In closing, I want to thank our entire team for their dedication and execution. Their commitment is what allow us to deliver strong long-term results through changing market conditions. We enter this next phase with a high-quality portfolio, a conservative balance sheet, an experienced team, and the capabilities of the Prologis platform. With that, Tiffany, please open the line for questions. At this time, if you would like to ask a question, press *1 on your telephone keypad. To withdraw your question, simply press *1 again. We kindly ask that you limit yourself to one question when your line is opened. You may rejoin the queue for any additional questions. We will pause for just a moment to compile the Q&A roster. Your first question comes from Juan Ponce with Bradesco BBI. Please go ahead. Hi. Good morning, everybody. Thank you for taking my questions. Jorge, congratulations on your new role. This is your Q1 as CEO. Just more high level, what are the two, three highest priorities for the platform over the next 12 to 18 months? I am very excited taking this role. I think the main highlight that you have to put on the table here is that we will keep our strategy. We will focus our capital, our investment in the main markets, which have the strongest fundamentals, as you have seen in the past. That won't change. I think the other one that you have to take into consideration, I have been very vocal since I was CFO and now I'm CEO, is to keep a flexible and strong balance sheet that gives us leverage to do things in the market. Those two would be the main ones from a strategy or going forward perspective. Always bear in mind that Prologis, and that's not exception for FIBRA Prologis, we're very disciplined on capital allocation. It's a very important part of the success of the certificates and the return that we have shown over time since IPO. I would focus on those two if you ask me. Thank you, Juan. Your next question comes from the line of Piero Trotta with Citi. Please go ahead. Hi, team. Thank you very much for the call. Congrats, Jorge, on the new role. My question is regarding Mexico City vacancy that fell more than 300 basis points on the Q2. I would like to understand what did this decline in the occupancy. We know that the market has a solid demand and a constrained supply, what are the main reasons for this move out? Was something specific or not? I would like to understand, my second question is about the customer retention that declined to 60%, and if there is related to this higher vacancy in Mexico City as well. That's it. Thank you. Thank you, Piero. This is Federico. Appreciate your question. Let me first talk more broadly about Mexico City, what we're seeing in our largest market. For the market, net absorption in the quarter was 1.9 million sq ft, with construction starts at 5.7 million sq ft. We're seeing an increase in construction and overall in the market, there's been some vacant deliveries. In addition, we've seen move-outs and consolidations over the past few quarters, which largely reflect tenant space rationalizations coming off of record years of absorption. As leases that were signed in the boom years expire, some companies are thinking about optimization, driving some consolidations. For our portfolio in Mexico City, we had a number of move-outs, 880,000 sq ft with three customers that drove this drop in occupancy. We actually retained one of those customers as their teams continue to focus on demand in the pipeline. The way we see this market, it has very strong fundamentals, and from the conversations we're having with customers on the pipeline that we are working on, we are very positive for the remainder of the year. With respect to retention for the quarter, yes, it dropped to 60%. If you look at the trailing fourth quarters for the region, that is 75%. Yes, for this quarter, it was mainly driven by the Mexico City move-outs. Thank you very much, Federico. Thank you for your words, Piero. Your next question comes from the line of Jorel Guilloty with Goldman Sachs. Please go ahead. Thank you for taking my questions, and congrats to Jorge on the new role. Earlier, if I heard correctly, there was a comment that FIBRA Prologis have benefited from strong logistics demand over the past few years. If I understood correctly, you were mentioning that there seems to be a normalization now. If that is the case, is there an expectation that future leasing spreads could be lower vis-à-vis what we have seen recently? The reason I'm asking this is because when I look at the cash lease spreads for this quarter, they were 25%. We saw 36% in Q1 2026. We saw 40% in Q4 2025. I'm just trying to put it all together, and in particular, understand if that cash lease spread that we saw for this quarter is just a one-off that happens to be because of the type of tenants you were looking to or actually did renewals for. Thank you. Thank you, Jorel, for your question. This is Jorge, and thank you for your words, by the way. Regarding your question on leasing spreads going forward. Right now the mark-to-market is about 30%. We showed a leasing increase of 41% or so in the quarter. You have to understand that leasing spreads depend on rollover, depend on a couple of things. One is where the market is, and it is not the same Tijuana and Mexico City, for example. Two, what the specifics of each lease agreement. It is not the same, a lease agreement that is 10 years old and a lease agreement that is two years old when it comes to term. So it depends on each of those things. Obviously we have commented this. We have seen a higher vacancy in the border, for example, and market rents come a little bit down, have adjusted. We are rolling leases to market. As we capture that mark-to-market, the idea in general is that you capture to market. No, you grow to market. As market rents go up again, it is going to be general again, and it will take us some time. If you put it in perspective and just from a math point of view, you have 20% of your leases rolling every year. You say, well, in five years, I am rolling the whole portfolio. In five years, you get to market unless rents mark. We expect still to capture this 30% going forward, and we will see how markets behave going forward. We are very positive on how we are seeing the dynamics today. Thank you. Thanks. Your next question comes from the line of Gordon Lee with BTG Pactual. Please go ahead. Hi. Good morning. Thank you very much for the call, and I'll add my congratulations, Jorge. Just a quick question. How would you share the blame, let's say, in this mild deterioration of market dynamics between demand and supply? Which of the two worries you most? To the degree that demand is contributing, you had mentioned uncertainty around USMCA, and I know this is a difficult question to answer, but if you had to take the temperature of your customers that are concerned about USMCA, do you think they need absolute clarity in the form of an actual renewal of the agreement for them to pull the trigger? Do you think some sort of bilateral agreement on Section 232 tariffs between Mexico and the U.S. would be enough? Thank you. Thank you, Gordon, for your question. Just let me say that it's hard to speculate on some of your questions regarding USMCA. The first part of your question regarding sharing the blame, I don't think there's a blame per se, but if you ask me, there's more this softness, if you may, is more on the supply side than on the demand side, meaning there is a lot of developers or some developers or merchant builders, however you want to call them, that are increasing supply. We have seen that. By the way, we have talked about it in the last two quarters. If I have to share the blame, as you say, I would point to supply. Regarding our clients and their USMCA rhetoric, I let Federico. Thank you, Gordon, for your question. Yes, we are staying very close to our customers. Of course, there is prevailing uncertainty, but we're encouraged to see good activity and encouraged to see a pipeline over the last couple of months in terms of companies having to make decisions. Their markets are demanding, and despite the uncertainty, and let's bear in mind that even with the recent announcement, USMCA-related trade, which accounts for roughly 80%, 85% of exports, is still protected. Under those conditions, we are seeing companies make decisions. There's still a significant part of demand in the sidelines in wait-and-see mode. From the demand picture, we are constructive. Let's also consider the well-developed supply chains over the last four or five decades that have contributed to significant trade with our North American partners, we don't see that going away anytime soon, despite all the rhetoric and challenges. Yeah, that's the outlook on the demand. Just to double-click a bit on what Jorge mentioned on the supply side, we are a bit surprised to see some undisciplined construction happening in the border markets in Monterrey, just given the current fundamentals. That is something that I wanted to highlight. Mexico's strong fundamentals are here, Gordon, that's why customers are taking decisions in this space. Thank you. Thank you very much. Your next question comes from the line of Alejandra Obregón with Morgan Stanley. Please go ahead. Hi. Good morning, everyone. Thank you for taking my call, and I'll echo all the wishes to you, Jorge and Ale, on the new role. My question is on your acquisition guidance. You kept that unchanged at $200 million-$500 million range. I was just hoping if you can elaborate on how you're thinking about this on this front, and if you can evaluate on the opportunities across markets, right? When you balance all the factors, demand, rent, occupancy, asset availability, even for the acquisition side. If you can talk about how this opportunity might be concentrated in specific markets. Are we seeing more of Reynosa, more Mexico City? What are the characteristics that make an asset or a market attractive these days, given all that you've mentioned in the prior answers? Thank you. Thank you, Alejandra, for your question. Thank you for your work, by the way. I'll start with the last part of your question. The way that we analyze every acquisition that we do is on a total return or an IRR basis. We see everything that is going on, and on an unleveraged basis, obviously. That's how we see or evaluate every acquisition, either coming from Prologis or third party. Regarding our guidance, we acquired in the Mexico City, Toluca, and specifically this building, for $100 million. There are some other opportunities that we're looking at. Some of them, you can see them in our supplemental financial information. You can see where Prologis is developing. Regarding third-party acquisitions, I think there is a little bit of everything. I wouldn't say that a specific market has the bigger volume. We have seen some funds or private investors that are willing to sell in different markets. Among them, the six markets that we have talked about in the past, which have strong fundamentals. It's a little bit of tutti frutti, if you may, from that perspective. I wouldn't say any specific market. We are seeing every single market opportunities, we will evaluate as they come. Thank you. Got it. If I may follow up, is that tutti frutti expanded, meaning is it still focused on the same six markets, or is there any other of what you have that is perhaps looking more attractive that you might be willing to keep? I would say we like the markets that have strong fundamentals. You know the names of those markets. Sometimes, like it has happened in the past, we buy portfolios that have properties outside those markets, but that's okay to the extent that most of it, from a value perspective, is concentrated in the strongest markets. Answering your question, to the extent that these portfolios, if you talk about a portfolio, it's more concentrated in these stronger markets. We would be looking at it. Does that answer your question? It did. Thank you very much. Thanks. Your next question comes from the line of David Soto with Scotiabank. Please go ahead. Hi. Thanks for taking my question. Congrats on the new role, Jorge. A quick one. We have seen 3PL deals having a relevant driver for demand. Are you seeing tenant move outs or consolidation? Which markets are the most affected, and who are capturing this displaced demand? Thank you, David, for your question. Yes, as I mentioned before, we have seen some consolidation space rationalizations primarily in Mexico City. In other markets, we have also seen some. I would point to, again, coming off of very strong years where there was significant take-up in space, and we're seeing some leases roll over. Companies are thinking in light of the current circumstances, what their space needs are. That is a trend that we're seeing. Our teams are staying close to our customers and capturing some of those consolidations. Evidently, there's some that have moved out to other locations. As far as 3PLs, as you know, we cater to that sector, and some of it is related to consumption, others are related to manufacturing, supporting the manufacturing supply chains. We're seeing some dynamism in that sector, in the border markets, as we're seeing some green shoots of activity across the advanced manufacturing technology sectors. Yeah, that is a trend that we were expecting to see, and it is playing out. We don't think this is a structural shift. It's something that is natural as companies right-size their operations. Perfect. Thanks. Your next question comes from the line of Ernst Anton Mortenkotter with GBM. Please go ahead. Hi, Jorge. Thank you for taking my question, and also congrats on taking on the new role. When looking at the occupancy across the non-strategic asset portfolio, the occupancy remains above the consolidated average. For us, on a top level, this might look good. I'm not sure if this is maybe a stronger than expected performance. Could this lead you to reassess maybe keeping some of those properties? If that is not the case, if you could help us. Of course, for us, it's really complicated to go into as much detail into assessing the value of these properties as you. What is it that we should be looking at in order to understand better why maybe these non-strategic assets do not make sense? Thank you. Thank you, Ernst, for your question, and thank you for your words. As I said many times, I'm excited and honored. Regarding your question, look, different markets move differently depending on their demand. I think that the market we are in, I'm not saying that they're good markets. Every single one has its own activity, if you may. We believe there are some markets that have stronger fundamentals. We have seen it in the past, where there is especially land constraint, and there is demand in those spaces. You get rents pick up because normally, there is more demand than supply. Rents go up, and values go up. That's basically what we see in the strongest markets. I think that over time, as we said at the beginning of the year, we will be recycling capital as needed. We sold $40 million this month. We see good prospects in the next six to nine months to sell some of the other assets. We keep on doing this and putting the money in, as I said in my opening remarks, in the stronger markets that we see. It varies. I always say that industrial portfolio, real estate portfolios are living things. They move along the quarter. They move for different aspects. Sometimes occupancies are higher than others. It's a dynamic thing. As we see fit, this capital recycling, we will keep on doing it and putting the money where it makes more sense from a value perspective. That's the way that you should look at it. Thank you, Jorge. If you would like to ask a question, please press *1 on your telephone keypad. Your next question comes from the line of Francisco Chávez with BBVA. Please go ahead. Hi. Thanks for the call, Jorge, congrats on the new role. My question is regarding the EBITDA margin. We have seen a recovery in the last two quarters. Can you give us more color on the drivers for this recovery? Will this recovery continue? Where do you see EBITDA margin in the coming months? Thank you. Thank you, Francisco, Thank you for your words. EBITDA margin, I think I have said this many quarters already, it's going to be around 87%, Francisco. That's where I see the margin going forward. This recovery that you referred to in the last quarters. It's basically, it's more than just two last quarters, by the way. It's mainly coming from the integration of Terrafina. As we integrated Terrafina, we had expenses that we needed to take care of from the acquisition of Terrafina. Last February, we finally delisted Terrafina that had other expenses. It's the expenses related to all those things are now, we have gone through that. There were some expenses this quarter related to the tender offer we did in the previous months. Those expenses, I don't see them going forward. That's why you're seeing this normalization, mainly comes from these non-recurrent expenses from these acquisitions. Basically going forward, you should see 8%-10% margin in EBITDA. Thank you. Your next question comes from the line of Francisco Suárez with Scotiabank. Please go ahead. Hey, thank you for the call. Congrats, Jorge, on the new role. The question is for both you and Federico. It relates now with your higher exposure that you have on light manufacturing after the acquisition of Terrafina. Are you detecting a higher demand from these value chains that are feeding all the CapEx needed for AI, data centers, and so on, in your footprint? In connection to that, do you see any synergies with your parent company, with PLD, because perhaps some of the tenants that you have on this side of the border are also on the other side of the border and are feeling the same? Francisco, thank you for your words and everything. Before I answer your question, I want to understand. The first part of your question, your question is related to demand from AI products? Yeah, anything that goes into infrastructure, from racks to chips to even ventilators in data centers, what have you. Any along this huge value chain that at the end of the day is affected by this huge CapEx expenditures related with expansion, investments in AI, data centers, and so on. Did I explain myself? Yeah. Thank you, Francisco. I couldn't hear the first part at the beginning. By the way, I've seen many reports from you guys on the AI boom, if you may, or the way that you see it. Basically you have very good points. I would say that you have to consider, Francisco, that not everything that shines is gold. What I meant to say is that we don't see a structural change on demand because of AI-related products. Like for example, we saw in 2015 when we started to talk about e-commerce. To put it in perspective, Francisco, AI-related demand or products this quarter was 20%-25% of total net absorption. This trend is something that we saw this quarter. I cannot say that we saw that percentage in the past. Could it be the case that this demand will be an important demand? I wouldn't say no. Right now we need more data, and Mexico requires the right public policies to make this happen, like what happened with the auto sector, for example, 30 years ago. Long story short, yes, you're right. We have seen some demand related to AI products. I think that it's part of the overall demand. I wouldn't say today that it's a booming thing that will change the demand going forward, not with the information, the data that we have today. Obviously we need, as a country, the right public policy. I don't know, Federico, if you want to add. Yeah. Hola, Francisco. Hola. Thank you for your question. Yes, just to add on to what Jorge mentioned, we are indeed seeing demand from this sector as we are from other manufacturing sectors. As you know, we are very much focused. That's one of our two main drivers, together with logistics and consumption. Actually one of our new transactions in this quarter had to do precisely with that. Bear in mind, we've done business with electronics companies for many, many years. In Juarez, evidently there's been a strong activity, particularly from large Taiwanese electronics manufacturers, a couple of them in the quarter acquiring space. That's going to be positive for absorption. We're encouraged to see that activity and expect it to play out. Again, that's one of many sectors within manufacturing that we are seeing, yet remains to be seen how much of a demand driver it will be going forward. To the second part of your question on PLD, on Prologis, of course, that is a very important relationship, and we are in very close communication through the sponsor with, of course, over 6,000 customers, that global scale, global vision that nobody else has in the market. We leverage that day to day. Our teams are well-connected. Certainly we connect the dots to really bring more business in Mexico. That is certainly happening, and we're proud of that, and will continue to happen. Thank you very much. Your next question comes from the line of Alan Macias with Bank of America. Please go ahead. Hi. Good morning, and thank you for the call, and again, congrats on the new role, Jorge. If you can just provide an overview on what's happening in the Tijuana market. I believe vacancy has gone up quite high on the overall market. I believe your portfolio there remains resilient. If you could just provide some color on that market. Thank you. Hola, Alan. Thank you for your question. Definitely we're keeping an eye on Tijuana. For the first time in many years, it reached double-digit vacancy due to, again, move-outs and some undisciplined construction and vacant space coming into the market. We remain constructive in this market. Our portfolio has been very resilient, and we continue to stay close to our customers. Net absorption has been pretty anemic. Again, we are constructive on the fundamentals going forward of this important market. Again, there's good diversification in terms of industries that should point towards a better performance in the near term, probably in the next 6- 12 months. That is what I would say about Tijuana. Thank you for your words, Alan. At this time, if you would like to ask a question, you may press *1 on your telephone keypad. We will pause for just a moment to allow any additional questions. There are no further questions at this time. That concludes our question- and- answer session. I will now turn the call back to Jorge Girault for closing remarks. Thank you, Tiffany. Thank you all for joining us, thank you for your kind words, and congrats. Also, thank you to our Prologis colleagues for yet another great quarter. We look forward to speaking to you all in the coming days. Have a great weekend. Thanks. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.