Climate Change and Resilience
Climate change represents one of the main challenges to the resilience of our real estate assets and the continuity of our operations. The effects associated with extreme weather events, regulatory changes, technological transformations, and new expectations from investors, tenants, and other stakeholders generate risks and opportunities that require comprehensive, long-term management.
In this context, we integrate the identification and management of climate-related risks and opportunities into our business model and value chain, aligned with the guidelines of IFRS S2, which allows us to strengthen strategic decision-making and the generation of sustainable value.
Climate Change Risks
Floods
We analyzed the percentage of our total portfolio area located in zones with a 100-year flood probability, classifying them into riverine flooding and coastal flooding.
Riverine Flooding:
The risk of riverine flooding measures the percentage of the population expected to be affected by river floods in an average year.
The risk is assessed using hazard (flooding caused by river overflow), exposure (population within the flood zone), and vulnerability. The existing level of flood protection is also incorporated into the risk calculation.
| Property | Risk to the population that would be affected |
|---|---|
| Plaza Cibeles | 0.10%-0.20% |
| La Luciérnaga | 0.10%-0.20% |
| Puerto Paraíso | Más del 1% |
| UC Jurica | 0.10%-0.20% |
| UC Juriquilla | 0.10%-0.20% |
| Puerta Texcoco | 0.00%-0.10% |
| Nima Shops | 0.10%-0.20% |
| Los Atrios | 0.10%-0.20% |
| Galerías Tapachula | More than 1% |
| Galerías Mall Sonora | 0.00%-0.10% |
| Las Misiones | 0.60%-1.00% |
| City Center | 0.00%-0.10% |
| Plaza Cedros | 0.10%-0.20% |
| Cruz del Sur | 0.10%-0.20% |
| Puerta La Victoria | 0.10%-0.20% |
| La Perla | 0.00%-0.10% |
Coastal Flooding:
The risk of coastal flooding measures the percentage of the population expected to be affected by coastal floods in an average year, taking into account existing flood protection standards. The risk is assessed using hazard (flooding caused by storm surges), exposure (population within the flood zone), and vulnerability. The existing level of flood protection is also incorporated into the risk calculation.
| Property | Risk to the population that would be affected |
|---|---|
| Plaza Cibeles | 0%-0.0009% |
| La Luciérnaga | 0%-0.0009% |
| Puerto Paraíso | 0.0070%-0.0300% |
| UC Jurica | 0%-0.0009% |
| UC Juriquilla | 0%-0.0009% |
| Puerta Texcoco | 0%-0.0009% |
| Nima Shops | 0%-0.0009% |
| Los Atrios | 0%-0.0009% |
| Galerías Tapachula | 0.0009%-0.0070% |
| Galerías Mall Sonora | 0%-0.0009% |
| Las Misiones | 0%-0.0009% |
| City Center | 0%-0.0009% |
| Plaza Cedros | 0%-0.0009% |
| Cruz del Sur | 0%-0.0009% |
| Puerta La Victoria | 0%-0.0009% |
| La Perla | 0%-0.0009% |
Climate Governance
The management of climate-related risks and opportunities is part of our ESG governance model and is integrated into Fibra Shop’s strategic, operational, and financial decision-making processes. Our climate governance structure allows us to continuously oversee potential climate-related impacts, as well as drive actions aimed at strengthening the resilience of our assets and long-term value creation.
Climate management is complemented by internal monitoring and control processes for environmental and ESG indicators, coordinated by the responsible areas and overseen by the relevant corporate governance bodies.
In the coming years, we plan to update our climate risk analysis to include impacts throughout our value chain, as well as to incorporate an assessment of the opportunities that may arise from these changes.
As part of our climate resilience strategy, we will incorporate an analysis of potential changes to our business model, as well as the allocation of resources for both risk management and opportunity capture. We also plan to monitor the performance of the measures implemented and the projects developed in this area.
Physical Risks:
Physical risks associated with climate change can cause operational, financial, and infrastructure impacts on real estate assets. In order to understand our portfolio’s potential exposure and respond more effectively to extreme weather events, we continuously monitor these risks as part of Fibra Shop’s operational and strategic management.
To identify them, we assessed six climate indicators under two scenarios from the Intergovernmental Panel on Climate Change (IPCC): the intermediate- and high-emissions Representative Concentration Pathways (RCPs). The analysis covers short-, medium-, and long-term horizons, allowing us to anticipate possible impacts on our operations and support decision-making on risk management and asset resilience.
In 2024, we also incorporated the Current Policies scenario of the Network for Greening the Financial System (NGFS) into the financial analysis to assess the risks associated with average temperature and extreme heat days.
In the 2022 exercise, we focused on identifying the physical risks affecting the different shopping centers, prioritizing those with the highest level of exposure. In 2024, this exercise was further enhanced with a financial assessment that examined the qualitative impact of the most relevant risks.
Climate Risk Management and Mitigation
During 2025, we continued strengthening our climate risk monitoring and mitigation mechanisms in order to reduce the potential exposure of our assets to extreme physical events and strengthen the portfolio’s operational continuity. The measures implemented focus on addressing previously identified risks through preventive actions, infrastructure maintenance, and operational improvements aimed at reducing vulnerabilities and strengthening our response capacity.
As part of this approach, we maintain ongoing monitoring and assessment processes for climate risks relevant to our operations, incorporating periodic reviews of asset conditions, monitoring of environmental indicators, and evaluation of corrective and preventive measures where necessary.
Transition Risks:
Additionally, in the 2024 transition risk analysis, four (4) risks were identified and evaluated, following the guidelines established in IFRS S2 (International Financial Reporting Standard for Climate-related Disclosures). The analysis was conducted using three (3) climate scenarios from the IEA (International Energy Agency), as well as three (3) time horizons, considering the scope of the entire organization.
The four identified transition risks were classified into the risk types described by IFRS S2
Metrics and Targets:
As part of our commitment to climate change management, we established metrics and indicators that allow us to monitor our environmental performance, assess the effectiveness of our initiatives, and track compliance with our sustainability objectives. These metrics are a key tool for decision-making and for identifying opportunities to improve our operations.
In line with our climate strategy, during 2025 we formalized the following quantifiable objectives:
