Exhibit 99.1
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Q3
2026
EARNINGS RESULTS
Conference Call
Friday, October 23, 2026
9:00 a.m. (Mexico City Time)
11:00 a.m. (Eastern Time)

To participate in the conference call please connect via webcast or by dialing:
International Toll-Free:    +1 (833) 461-5787
International Toll:    +1 (585) 542-9983
International Numbers:    https://help.events.q4inc.com/eahc/international-dial-in-numbers
Participant Code:    260 989 460

Webcast:    https://events.q4inc.com/attendee/260989460

The replay will be available two hours after the call has ended and can be accessed from Vesta's IR website.

Juan Sottil
CFO
+52 55 5950-0070 ext. 133
jsottil@vesta.com.mx
Fernanda Bettinger
IRO
+52 55 5950-0070 ext. 163
mfbettinger@vesta.com.mx
investor.relations@vesta.com.mx
Barbara Cano
InspIR Group
+1 (646) 452-2334
barbara@inspirgroup.com


Mexico City, October 22, 2026 – Corporación Inmobiliaria Vesta S.A.B. de C.V., (“Vesta”, or the “Company”) (BMV: VESTA; NYSE: VTMX), a leading industrial real estate company in Mexico, today announced results for the third quarter ended September 30, 2026. All figures included herein were prepared in accordance with International Financial Reporting Standards (IFRS), which differ in certain significant respects from U.S. GAAP. This information should be read in conjunction with, and is qualified in its entirety by reference to, Vesta's consolidated financial statements, including the notes thereto. Vesta’s financial results are stated in US dollars unless otherwise noted.
Q3 2026 Highlights
•Vesta has revised its full-year 2026 guidance: Revenue is expected to increase by between 11.5% and 12.5%, an increase from the previously projected 10% to 11% increase, reflecting higher-than-expected rental income from new properties leased during the year. Adjusted NOI and Adjusted EBITDA margins are expected to reach 94.0% and 84.0%, respectively, an increase from prior guidance of 93.5% and 83.0%, reflecting the Company's continued focus on expense discipline.
•Vesta delivered strong financial results for the third quarter of 2026. Total rental revenue increased to US$ 79.6 million, while rental revenue excluding energy reached US$ 77.5 million, a 10.8% year over year increase. Adjusted Net Operating Income (Adjusted NOI1) margin was 94.1% for the third quarter 2026, while Adjusted EBITDA2 margin was 84.1%. Vesta Funds from Operations (Vesta FFO), totaled US$ 47.1 million for the third quarter 2026, a 0.7% decrease compared to US$ 47.4 million for the third quarter of 2025.
•Third quarter 2026 leasing activity reached 2.3 million square feet (sf), including a record 1.6 million sf of new leases signed with leading companies across the electronics, e-commerce, logistics, automotive and consumer goods sectors, reflecting strong leasing momentum across multiple regions of Mexico. Lease renewals accounted for 0.7 million sf, with a weighted average lease term of approximately five years. Total portfolio occupancy improved by 220 basis points sequentially, reaching 93.9% at quarter end, while stabilized and same-store occupancy reached 93.9% and 95.5%, respectively.
•Renewals and re-leasing activity for the third quarter totaled 1.3 million sf, with a trailing 12-month weighted average leasing spread of 10.0%. Same-store NOI for the third quarter 2026 increased by 4.4% year over year.
•As leasing momentum continues to build, Vesta began construction of five new inventory buildings: one in Ciudad Juárez, three in Monterrey and one in Guanajuato, in markets where our occupancy has increased significantly over the past year and where demand continues to strengthen. During the quarter, Vesta delivered two buildings: one in Guadalajara, ahead of its originally scheduled fourth-quarter delivery, and one building in Querétaro, both of which were fully occupied upon delivery. Following these construction starts and deliveries, construction in progress totaled 3.3 million sf at the end of the third quarter 2026, representing an estimated investment of approximately US$ 282.5 million. The projects under construction are currently unleased and have an expected yield on cost of 10.2%.
•During the third quarter, S&P Global Ratings and Fitch Ratings upgraded Vesta's long-term issuer credit rating to BBB with stable outlook from BBB- with positive outlook. These actions reflect both agencies' recognition of the strength and quality of Vesta's portfolio and reinforce the Company's financial flexibility, liquidity and strong balance sheet.
•On September 9, 2026, the Company announced the prepayment of US$ 105 million in outstanding principal under two private financing agreements, retiring both obligations ahead of their scheduled maturities. These prepayments enhance Vesta's financial flexibility and leave the Company with no significant debt maturities in the coming years.
•Subsequent to quarter's end, on October 1, 2026, the Company acquired a land parcel in Mexico with 688,000 square feet of buildable area. This acquisition represents Vesta's continued progress in fulfilling the land requirements aligned with the Vesta Route 2030 strategy.
•Also subsequent to quarter's end, on October 15, 2026, Vesta paid a cash dividend of US$ 18.7 million for the third quarter of 2026, equivalent to MXN$ 0.3669 per ordinary share.

1 Adjusted NOI and Adjusted NOI Margin calculations have been modified, please refer to Notes and Disclaimers.
2 Adjusted EBITDA and Adjusted EBITDA Margin calculations have been modified, please refer to Notes and Disclaimers.
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9 months
Financial Indicators (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Total Rental Income79.672.49.9234.8206.813.6
Total Revenues (-) Energy 77.569.910.8227.6200.313.6
Adjusted NOI72.966.110.4214.8190.013.1
Adjusted NOI Margin %94.1%94.4%94.4%94.9%
Adjusted EBITDA65.259.79.2190.9170.012.3
Adjusted EBITDA Margin %84.1%85.3%83.9%84.9%
EBITDA Per Share0.06940.0696-0.20.21230.19737.6
Total Comprehensive Income112.627.6307.9317.971.3345.7
Vesta FFO47.147.4-0.7136.3135.50.6
Vesta FFO Per Share 0.05010.0552-9.20.15160.1573-3.6
Vesta FFO (-) Tax Expense33.641.5-19.0101.8115.3-11.7
Vesta FFO (-) Tax Expense Per Share 0.03580.0484-26.00.11320.1339-15.4
Diluted EPS0.11990.0322272.80.35360.0828327.0
Shares (average)939.0858.39.4899.2861.44.4
•Third quarter 2026 total rental revenues were US$ 79.6 million; a 9.9% year over year increase from US$ 72.4 million in the third quarter 2025. Total revenues excluding energy increased to US$ 77.5 million; a 10.8% year over year increase from US$ 69.9 million in 2025, driven by US$ 8.3 million in revenue from new contracts and a favorable inflationary impact of US$ 2.6 million.
•Third quarter 2026 Adjusted NOI increased 10.4% to US$ 72.9 million, compared to US$ 66.1 million in the third quarter of 2025. Adjusted NOI margin for the third quarter was 94.1%; a 33 basis point year over year decrease, primarily driven by an increased proportion of costs relative to rental income.
•Adjusted EBITDA for the quarter increased 9.2% to US$ 65.2 million, compared with US$ 59.7 million in the third quarter 2025. Adjusted EBITDA margin for the quarter was 84.1%, a 123 basis point decrease primarily due to higher costs and increased administrative expenses compared with the prior-year period.
•Third quarter 2026 Vesta FFO excluding current tax was US$ 47.1 million, compared to US$ 47.4 million in the third quarter of 2025. The decrease was primarily due to higher interest expense for the period.
•Third quarter 2026 Vesta funds from operations after tax (Vesta FFO less tax expense) decreased to US$ 33.6 million, compared to US$ 41.5 million in the prior-year period. Vesta FFO after tax per share was US$ 0.0358 for the third quarter of 2026, compared with US$ 0.0484 for the same period in 2025, representing a 26.0% decrease. This decrease primarily reflected higher current tax expense during the quarter and a higher number of shares outstanding following the equity offering earlier this year.
•Third quarter 2026 total comprehensive income was US$ 112.6 million, compared with US$ 27.6 million in the third quarter of 2025, primarily due to a higher gain from the revaluation of investment properties and a favorable tax impact during the quarter.
•The total value of Vesta’s investment property portfolio was US$ 4.5 billion as of September 30, 2026, representing an 8.5% increase from US$ 4.1 billion as of December 31, 2025.
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Letter from the CEO
Strong results driven by an initial turning point in the Mexican industrial real estate market

Global industry continued to evolve in the third quarter amid geopolitical uncertainty, shifting trade policies and rapid technological change. The reconfiguration of global supply chains is creating new opportunities for countries with competitive manufacturing capabilities and strong regional trade relationships. At the same time, accelerating investment in artificial intelligence is driving demand across electronics, advanced manufacturing and related infrastructure, reshaping industrial investment priorities.

Against this backdrop, Mexico continues to strengthen its position as a strategic manufacturing and logistics partner to the United States. Following a period of slower investment, we are seeing encouraging signs of recovery in machinery and equipment investment, alongside growing electronics exports and continued supply-chain regionalization. While trade negotiations and geopolitical uncertainty remain important considerations for investment decisions, Mexico's deep integration with North American markets and competitive position in emerging industries provide reasons for measured optimism.

At Vesta, we are seeing these opportunities translate into tangible results. Following some years of softer industrial market conditions, we are at an initial turning point where there are encouraging early signs of improvement in market fundamentals, supported by renewed customer confidence and concrete investment commitments across key sectors and geographies. Demand is driven by strong activity in electronics and AI-related industries, continued resilience in the automotive sector, and sustained growth in e-commerce. Our third-quarter performance reflects these trends, with record leasing activity, higher occupancy, strong financial results and increased development activity. Importantly, our results demonstrate Vesta's ability to capture demand across our markets and industries, even as the broader industrial market continues to adjust.

Third quarter total leasing activity reached 2.3 million square feet, representing a record high. Of this total, 1.6 million square feet represented new leasing activity across our operating regions, with new and existing customers across logistics, electronics, automotive, food and beverage and sustained growth in AI-related industries and e-commerce demand. Notable leasing activity included BMW, DSV Logistics and Mercado Libre, underscoring the strength of our customer relationships and the diversification of our tenant base. Additionally, 0.7 million square feet consisted of lease renewals, with a weighted average lease term of five years. Total portfolio occupancy therefore improved by 220 basis points sequentially, reaching 93.9% at the end of the third quarter, while stabilized and same-store occupancy reached 93.9% and 95.5%, respectively.

Our results reflect the advantages of Vesta's local presence, experienced commercial team and disciplined approach to site selection. We have focused on developing high-quality industrial facilities in strategic submarkets with access to labor, energy and essential logistics infrastructure. These attributes, combined with our long-standing customer relationships, position us to respond effectively to evolving customer requirements and convert demand into leases.

Strong leasing performance, together with our strategic land acquisitions, has enabled us to initiate 1.9 million square feet of new construction, marking another important milestone in the execution of our Route 2030 strategy. Vesta began construction of five new inventory buildings: one in Ciudad Juárez, three in Monterrey and one in Guanajuato, reflecting our disciplined approach to deploying capital in markets with demonstrated demand. In Monterrey, the successful leasing of our existing Apodaca portfolio has enabled us to advance development at our new Vesta Park Monterrey. During the quarter, Vesta delivered two buildings: one ahead of schedule in Guadalajara and another in Querétaro, both fully occupied upon delivery. Following these construction starts and deliveries, construction in progress totaled 3.3 million square feet at the end of the third quarter 2026, representing an estimated investment of approximately US$ 282.5 million.

We continue to prioritize investment in high-potential markets, particularly Monterrey, Mexico City and Guadalajara, where we see attractive long-term fundamentals. Following quarter-end, we acquired land in Mexico, comprising 688,921 square feet, further strengthening our development capacity in this strategic market.

Vesta also delivered strong financial results for the third quarter, with rental revenue increasing 10.8% year over year to US$77.5 million. Adjusted NOI increased 10.4% year over year to US$72.9 million, with a margin of 94.1%. Adjusted EBITDA increased 9.2% year over year to US$65.2 million with an 84.1% margin. Vesta FFO for the quarter, excluding current income tax, totaled US$47.1 million, a 0.7% decrease compared with the third quarter of 2025.

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Reflecting our strong operating performance and the earlier-than-anticipated commencement of rental income from newly leased properties, we are raising our full-year 2026 guidance. We now expect revenue growth of 11.5% to 12.5%, compared with our previous guidance of 10% to 11%. We are also increasing our Adjusted NOI and Adjusted EBITDA margin guidance to 94.0% and 84.0%, respectively, from 93.5% and 83.0%, reflecting continued operating efficiency and expense discipline.

Financial strength remains central to our growth strategy. During the quarter, S&P Global Ratings and Fitch Ratings upgraded Vesta’s long-term issuer credit rating to BBB with stable outlook, from BBB- with a positive outlook. These upgrades recognize the strength and quality of Vesta’s portfolio and financial profile, reinforcing our ability to pursue growth opportunities while maintaining a disciplined balance sheet.

On September 9, 2026, Vesta announced the prepayment of US$ 105 million in outstanding principal under two private financing arrangements, retiring both obligations ahead of their scheduled maturities. This transaction further strengthens our financial flexibility and reduces our near-term refinancing requirements.

Looking ahead, we remain confident in Vesta's strategy and in Mexico's long-term role within North American manufacturing and logistics supply chains. At the same time, we recognize that the pace of market recovery may vary, and we remain disciplined in assessing new investment opportunities. Our priority is to sustain strong operating performance while expanding our portfolio in response to demonstrated customer demand.

I am particularly proud of our team's execution this quarter. Their local market expertise, customer focus and commitment to delivering high-quality industrial facilities are central to Vesta's success. As we advance Route 2030, we remain focused on creating sustainable, long-term value for our shareholders.

Thank you for your continued support,

Lorenzo D. Berho,
CEO
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Third Quarter Financial Summary
Consolidated Statutory Accounts
The accompanying condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), which differ in certain significant respects from U.S. GAAP. This information should be read in conjunction with, and is qualified in its entirety by, reference to the Company's consolidated financial statements, including the notes thereto, and the financial information is stated in U.S. dollars unless otherwise noted.
All consolidated financial statements have been prepared on a historical cost basis, excluding investment properties and financial instruments at the end of each reporting period. Historical cost is largely based on the fair value of the consideration given in exchange for assets. Third quarter 2026 results are presented in comparison to the same period of the prior year and on an adjusted basis based on the same accounting rules.
Revenues
9 months
Consolidated Interim and Annual Statements of Profit and Other Comprehensive Income (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Revenues
Rental income74.066.012.1214.7188.913.7
Reimbursable building services3.53.9(10.4)12.911.413.6
Energy Income2.12.5(17.1)7.26.511.0
Management Fees0.00.0(100.0)0.00.0(100.0)
Total Revenues79.672.49.9234.8206.813.6
Total Operating Property Costs(8.5)(8.2)2.7(24.6)(20.0)23.3
Related to properties that generate rental income(7.1)(7.2)(1.8)(20.7)(17.3)20.1
Costs related to properties(4.6)(3.9)17.3(12.8)(10.3)24.4
Costs related to energy (2.5)(3.3)(24.1)(8.0)(7.0)13.9
Related to properties that did not generate rental income(1.4)(1.0)35.0(3.9)(2.7)43.6
Adjusted Net Operating Income72.966.110.4214.8190.013.1
Vesta’s third quarter 2026 total revenues increased 9.9% to US$ 79.6 million, from US$ 72.4 million in the third quarter 2025. The US$ 7.1 million increase in rental revenue was primarily attributable to: [i] a US$ 8.32 million, or 11.5%, increase in rental income from space occupied in the third quarter of 2026 which had been vacant during the prior year period; [ii] a US$ 2.56 million, or 3.5%, increase from inflation-linked rent adjustments on leased properties in the third quarter of 2026; [iii] a US$ 0.8 million, or 1.1%, increase related to IFRS straight-line rent adjustment; and [iv] a US$ 0.59 million, or 0.8%, increase in rental income resulting from the translation of peso-denominated rents into U.S. dollars.
These increases were partially offset by: [i] a US$ 4.02 million, or 5.6%, decrease in rental revenue from leases that expired and were not renewed during the third quarter 2026; [ii] a US$ 0.41 million decrease in reimbursements of expenses paid by Vesta on behalf of tenants; [iii] a US$ 0.42 million decrease in energy income; [iv] a US$ 0.26 million decrease resulting from the renewal of certain leases at lower rental rates in exchange for longer lease terms, and [v] a US$ 0.01 million decrease attributable to a tenant improvement fee received in the third quarter 2025 that did not recur in 2026.
89.4% of Vesta’s third-quarter 2026 rental revenue was U.S. dollar denominated and indexed to the U.S. Consumer Price Index (CPI), unchanged from 89.4% in the third quarter of 2025. Peso-denominated contracts are adjusted annually based on the Mexican Consumer Price Index (Índice Nacional de Precios al Consumidor, or INPC).
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Property Operating Costs
Vesta’s third quarter 2026 total operating costs were US$ 8.5 million, compared to US$ 8.2 million in the third quarter 2025; a US$ 0.2 million, or 2.7%, increase primarily driven by higher costs associated with non-revenue-generating properties.
During the third quarter 2026, costs related to investment properties generating rental revenue amounted to US$ 7.1 million, compared to US$ 7.2 million for the same period in 2025. This decrease was primarily attributable to a 24.1% reduction in energy-related costs, to US$ 2.5 million from US$ 3.3 million during the third quarter of 2025.
Costs associated with investment properties that did not generate rental revenue during the third quarter of 2026 increased by US$ 0.4 million, to US$ 1.4 million. This was primarily due to higher property taxes, insurance costs and other property-related expenses associated with new Vesta Parks.
Adjusted Net Operating Income (Adjusted NOI) 3
Third quarter Adjusted Net Operating Income increased 10.4% year over year to US$ 72.9 million, while Adjusted NOI margin decreased 33 basis-points to 94.1%. The margin decrease was primarily attributable to higher property operating costs.
General and Administrative Expenses
9 months
Consolidated Interim and Annual Statements of Profit and Other Comprehensive Income (million)Q3 2026Q3 2025Chg. %20262025Chg. %
General and Administrative Expenses(8.8)(7.8)12.3(26.9)(24.4)10.2
Stock- based Compensation Expenses2.42.5(2.9)6.97.1(3.1)
Depreciation (0.5)(0.5)4.5(1.5)(1.2)17.2
Adjusted EBITDA65.259.79.2190.9170.012.3
Third quarter 2026 general and administrative expenses totaled US$ 8.8 million, compared with US$ 7.8 million in the third quarter of 2025, representing a 12.3% increase. The increase was primarily attributable to higher employee salaries and short-term benefits, as well as higher audit, legal and consulting fees.
Expenses related to the share-based payment of Vesta’s compensation plan amounted to US$ 2.4 million for the third quarter of 2026. For detailed information on Vesta's expenses, please refer to Note 19 within the Company’s financial statements.
Depreciation
Third quarter 2026 depreciation increased to US$ 0.52 million, from US$ 0.49 million in the third quarter of 2025. This amount reflects the depreciation of office space and equipment, as well as the amortization of Vesta's operating systems.
Adjusted EBITDA 4
Third quarter 2026 Adjusted EBITDA increased 9.2% to US$ 65.2 million, from US$ 59.7 million in the third quarter of 2025. Adjusted EBITDA margin decreased by 123-basis-points to 84.1%, from 85.3% in the prior-year period. The margin decrease was primarily attributable to higher property operating costs and administrative expenses during the third quarter 2026.
_________________________________
1.NOI and NOI Margin calculations have been modified, please refer to Notes and Disclaimers.
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2.EBITDA and EBITDA margin calculations have been updated; please refer to the Notes and Disclaimers section.
Other Income and Expense
9 months
Consolidated Interim and Annual Statements of Profit and Other Comprehensive Income (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Other Income and Expenses
Interest income2.80.7334.67.22.0253.65
Other income 1.41.213.07.43.7103.64
Other expense(1.7)(0.6)176.9(5.2)(2.1)153.39
Transaction cost on debt issuance0.00.0na0.00.0na
Interest expense(18.1)(12.3)47.4(54.6)(34.5)58.46
Exchange gain (loss)(2.3)2.4(193.3)0.98.7(89.95)
Share of results of associates(0.1)0.0562.60.10.01007.5
Gain from properties sold0.00.4(100.0)0.00.0100.00
Gain on revaluation of investment properties60.24.81,155.5163.2(3.4)4,855.02
Total other income (expenses)42.2(3.5)1,322.0118.9(25.6)564.27
Total other income for the third quarter of 2026 was US$ 42.2 million, compared with other loss of US$ 3.5 million in the third quarter of 2025, primarily reflecting an a higher gain from the revaluation of investment properties and higher interest income and other income, partially offset by higher interest expense and other expenses and a foreign exchange loss.
Third quarter 2026 interest income increased to US$ 2.8 million, from US$ 0.7 million in the third quarter of 2025, reflecting higher interest-bearing cash balances during the third quarter of 2026 as compared with the prior year period.
Third quarter 2026 other income totaled US$ 1.4 million, reflecting the net effect of the Company’s other income items.
Third quarter 2026 other expenses totaled US$ 1.7 million expense, reflecting the net effect of the Company’s other expense items.
Third quarter 2026 interest expense increased to US$ 18.1 million, from US$ 12.3 million for the same quarter of 2025, reflecting a higher debt balance year over year.
Vesta’s third quarter 2026 foreign exchange loss was US$ 2.3 million, compared with a US$ 2.4 million gain in the third quarter of 2025. This loss primarily relates to sequential currency movements in Vesta’s U.S. dollar-denominated debt balance during the third quarter of 2026 within WTN, the Company’s only subsidiary with the Mexican peso as its functional currency.
The revaluation of investment properties in the third quarter of 2026 resulted in a US$ 60.2 million gain, compared with a US$ 4.8 million gain in the third quarter of 2025. This year over year increase was primarily driven by the commencement of buildings under construction and new leasing activity during the third quarter 2026.
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Profit Before Income Taxes
9 months
Consolidated Interim and Annual Statements of Profit and Other Comprehensive Income (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Profit Before Income Taxes104.052.498.4300.7135.5121.9
Income Tax Expense6.7(27.4)124.312.8(67.9)118.8
Current Tax(13.4)(5.9)128.1(34.5)(20.2)70.9
Deferred Tax20.1(21.6)193.347.2(47.7)199.0
Profit for the Period110.625.0343.1313.567.6363.5
Remeasurements of defined benefit plans(0.4)0.0na(0.4)0.0na
Valuation of derivative financial instruments0.00.0na0.00.0na
Exchange differences on translating other functional currency operations2.42.6(8.4)4.93.732.6
Total Comprehensive Income for the period112.627.6307.9317.971.3345.7
Due to the above factors, third quarter 2026 profit before income taxes reached US$ 104.0 million, compared with US$ 52.4 million in the same quarter of last year.
Income Tax Expense
Vesta reported a US$ 6.7 million income tax benefit in the third quarter of 2026, compared with a US$ 27.4 million income tax expense in the third quarter 2025.
To calculate income tax expense for each quarter of the year, the Company estimated its 2026 effective tax rate, taking into account balance stability, the statutory tax rate, the expected effects of exchange rate movements on tax balances, and anticipated inflationary effects.
Third Quarter 2026 Profit
Due to the above, the Company’s third quarter 2026 profit was US$ 110.6 million, compared with a profit of US$ 25.0 million for the third quarter 2025.
Total Comprehensive Income (Loss) for the Period
Vesta reported US$ 112.6 million in total comprehensive income for the third quarter 2026, compared with US$ 27.6 million in the third quarter of 2025, reflecting the factors described above. Total comprehensive income was partially increased by a US$ 2.4 million gain from exchange differences related to the translation of other functional currency operations.
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Funds from Operations (FFO)
9 months
FFO Reconciliation (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Profit for the year110.625.0343.1313.567.6363.5
Gain on revaluation of investment properties(60.2)(4.8)1,155.5(163.2)3.4(4,855.0)
Gain in properties sold0.0(0.4)na0.00.0na
FFO50.519.8155.2150.371.1111.5
Stock- based Compensation Expenses2.42.5(2.9)6.97.1(3.1)
Exchange Gain (Loss)2.3(2.4)193.3(0.9)(8.7)(90.0)
Depreciation 0.50.54.51.51.217.2
Other income (1.4)(1.2)13.0(7.4)(3.7)103.6
Other income energy 1.70.6176.95.22.1153.4
Energy0.50.9(44.4)0.80.551.2
Share of results of associates0.10.0562.6(0.1)0.0-1007.5
Interest income(2.8)(0.7)334.6(7.2)(2.0)253.7
Income Tax Expense(6.7)27.4(124.3)(12.8)67.9na
Vesta FFO 47.147.4(0.7)136.3135.50.6
Vesta FFO per share0.05010.0552(9.2)0.15160.1573(3.6)
Current Tax(13.4)(5.9)128.1(34.5)(20.2)na
Vesta FFO (-) Tax Expense33.641.5(19.0)101.8115.3(11.7)
Vesta FFO (-) Tax Expense per share0.03580.0484(26.0)0.11320.1339(15.4)
Vesta FFO for the third quarter 2026 decreased 0.7% to US$ 47.1 million, compared with US$ 47.4 million in the third quarter of 2025. Vesta FFO per share decreased to US$ 0.0501 per share for the third quarter of 2026, a 9.2% decrease compared to the third quarter of 2025.
Third quarter 2026 Vesta FFO less tax expense was US$ 33.6 million, or US$ 0.0358 per share, compared with US$ 41.5 million, or US$ 0.0484 per share, in the third quarter 2025.
Capex
Investing activities during the third quarter of 2026 were primarily related to construction expenditures for new buildings under development in Mexico's Northern, Bajío and Central regions, as well as related infrastructure investments, resulting in total cash outflows from investing activities of US$ 71.1 million.
Debt
As of September 30, 2026, Vesta's total outstanding debt was US$ 1,072.1 million, all of which consisted of long-term debt. At quarter end, the Company had no secured debt; 100% of its debt was denominated in U.S. dollars and 86.0% of its debt carried fixed interest rates.
Stabilized Portfolio
Vesta reports stabilized portfolio occupancy and same-store occupancy, as management believes these metrics provide useful measures of the performance of the Company’s operating portfolio. These metrics are intended to align with industry reporting practices and facilitate comparisons between Vesta and its publicly traded industrial real estate peers.
The operating portfolio includes properties which have reached 80% occupancy or have been completed for more than one year, whichever occurs first.
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Q3 2025Q3 2026
RegionStabilized PortfolioGrowth SFStabilized Portfolio
SF%SFSF%
Central Mexico8,277,64220.3%294,8828,572,52419.6%
Bajio19,401,46747.5%1,469,66120,871,12847.7%
North13,140,66932.2%1,136,12414,276,79332.7%
Total40,819,778100%2,900,66643,720,444100%
Q3 2025Q3 2026
Occupancy SF% TotalOccupancy SF% Total
Central Mexico8,277,642100.0%8,572,524100.0%
Bajio18,175,48993.7%19,399,38392.9%
North12,059,50291.8%13,076,40691.6%
Total38,512,63394.3%41,048,31293.9%
Same-Store Portfolio
The same-store portfolio includes only properties that have been stabilized throughout both the current and comparative reporting periods. This definition aligns with industry reporting practices and facilitates the comparisons between Vesta and its publicly traded industrial real estate peers. Vesta has provided a reconciliation of the current and previous definitions below.
Q3 2025Q3 2026
RegionSame Store PortfolioGrowth SFSame Store Portfolio
SF%SFSF%
Central Mexico7,256,30819.1%1,021,4238,277,73120.3%
Bajio18,303,81048.2%1,097,67019,401,48047.5%
North12,432,77632.7%708,07813,140,85432.2%
Total37,992,894100%2,827,17040,820,064100%
Q3 2025Q3 2026
Occupancy SF% TotalOccupancy SF% Total
Central Mexico7,256,308100.0%8,277,731100.0%
Bajio17,390,76195.0%18,622,15796.0%
North11,351,60991.3%12,100,05992.1%
Total35,998,67894.8%38,999,94695.5%
Total Portfolio
As of September 30, 2026, the Company’s portfolio comprised 233 high-quality industrial assets with a total gross leasable area (GLA) of 43.7 million square feet (4.1 million square meters [m2]) with 89.4% of the Company’s rental revenue denominated in U.S. dollars. The majority of Vesta’s properties are located in Mexico's principal growth markets, including the Northern, Central and Bajío regions. Vesta’s tenants are predominantly multinational companies, and the Company maintains diversified exposure across industries including electronics, e-commerce and online retail, food and beverage, automotive, aerospace and logistics, among others.
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Q2 2026Q3 2026
RegionTotal PortfolioGrowth SFTotal Portfolio
SF%SFSF%
Central Mexico8,572,52319.8%18,572,52419.6%
Bajio20,475,28447.3%395,84420,871,12847.7%
North 14,277,79433.0%(1,001)14,276,79332.7%
Total43,325,600100%394,84443,720,444100%
Total Vacancy
Vesta’s property portfolio had a 6.1% vacancy rate as of September 30, 2026.
Q2 2026Q3 2026
Vacant SF% TotalVacant SF% Total
Central Mexico0—%00.0%
Bajio2,107,50810.3%1,471,7457.1%
North1,474,19210.3%1,200,3878.4%
Total3,581,7008.3%2,672,1326.1%
Projects Under Construction
Vesta is currently developing 3,270,255 sf (303,817 m2) in inventory buildings.
Projects under Construction
ProjectGLA (SF)GLA (m2)Investment (1) (thousand USD)TypeExpected Termination Date City Region
Megaregion 7375,62534,89732,379InventoryApr-27TijuanaNorth
Paso del Norte 2152,01914,12312,943InventoryFeb-27Ciudad JuárezNorth
Paso del Norte 5270,79825,15823,989InventoryMay-27Ciudad JuárezNorth
Monterrey 1305,38328,37126,106InventoryAug-27MonterreyNorth
Monterrey 2251,38023,35421,657InventoryAug-27MonterreyNorth
Monterrey 3811,50275,39162,791InventoryOct-27MonterreyNorth
Guadalajara II 1454,44442,21935,526InventoryJun-27GuadalajaraBajio
Puerto Interior 4248,64623,10015,373InventoryJun-27SilaoBajio
Santa Barbara 1223,96520,80728,778InventoryJan-27Valle de MéxicoCentral
Santa Barbara 2176,49316,39722,957InventoryJan-27Valle de MéxicoCentral
Total3,270,255303,817282.5
(1)Investment figures include the proportional cost of land and related infrastructure.
*Adjusted based on final leasing terms.
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Land Reserves
The Company had 47.9 million sf in land reserves as of September 30, 2026.
June 30, 2026September 30, 2026
RegionGross Land Area (SF)Gross Land Area (SF)% Chg.
Tijuana3,313,9393,313,939—%
Monterrey15,256,73612,805,395-16.1%
Juárez3,961,6933,686,395-6.9%
San Luis Potosí2,555,6922,555,692—%
Querétaro3,561,9663,561,966—%
Guanajuato3,404,9792,996,005-12.0%
Aguascalientes10,281,83310,281,833—%
SMA3,597,2203,597,220—%
Guadalajara5,099,8095,099,809—%
Puebla00na
Mexico City00na
Total51,033,86547,898,252-6.1%
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Summary of 9-Month 2026 Results
9 months
Consolidated Interim and Annual Statements of Profit and Other Comprehensive Income (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Revenues
Rental income74.066.012.1214.7188.913.7
Reimbursable building services3.53.9(10.4)12.911.413.6
Energy Income2.12.5(17.1)7.26.511.0
Management Fees0.00.0(100.0)0.00.0(100.0)
Total Revenues79.672.49.9234.8206.813.6
Total Operating Property Costs(8.5)(8.2)2.7(24.6)(20.0)23.3
Related to properties that generate rental income(7.1)(7.2)(1.8)(20.7)(17.3)20.1
Costs related to properties(4.6)(3.9)17.3(12.8)(10.3)24.4
Costs related to energy (2.5)(3.3)(24.1)(8.0)(7.0)13.9
Related to properties that did not generate rental income(1.36)(1.01)35.0(3.9)(2.7)43.6
Adjusted Net Operating Income72.966.110.4214.8190.013.1
General and Administrative Expenses(8.8)(7.8)12.3(26.9)(24.4)10.2
Stock- based Compensation Expenses2.42.5(2.9)6.97.1(3.1)
Depreciation (0.5)(0.5)4.5(1.5)(1.2)17.2
Adjusted EBITDA65.259.79.2190.9170.012.3
Other Income and Expenses
Interest income2.80.7334.67.22.0253.7
Other income 1.41.213.07.43.7103.6
Other expense(1.7)(0.6)176.9(5.2)(2.1)153.4
Transaction cost on debt issuance0.00.0na0.00.0na
Interest expense(18.1)(12.3)47.4(54.6)(34.5)58.5
Exchange gain (loss)(2.3)2.4(193.3)0.98.7(90.0)
Share of results of associates(0.1)0.0562.60.10.01007.5
Gain from properties sold0.00.4(100.0)0.00.0100.0
Gain on revaluation of investment properties60.24.81,155.5163.2(3.4)4,855.0
Total other income (expenses)42.2(3.5)1,322.0118.9(25.6)564.3
Profit Before Income Taxes104.052.498.4300.7135.5121.9
Income Tax Expense6.7(27.4)124.312.8(67.9)118.8
Current Tax(13.4)(5.9)128.1(34.5)(20.2)70.9
Deferred Tax20.1(21.6)193.347.2(47.7)199.0
Profit for the Period110.625.0343.1313.567.6363.5
Remeasurements of defined benefit plans(0.4)0.0na(0.4)0.0na
Valuation of derivative financial instruments0.00.0na0.00.0na
Exchange differences on translating other functional currency operations2.42.6(8.4)4.93.732.6
Total Comprehensive Income for the period112.627.6307.9317.971.3345.7
Shares (average)939.0858.39.4899.2861.44.4
Diluted EPS 0.11990.03220.35360.0828
Revenues increased 13.6% to US$ 234.8 million for the first nine months of 2026, compared with US$ 206.8 million for the same period in 2025. Operating costs increased 23.3% to US$ 24.6 million, compared with US$
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20.0 million in 2025, primarily due to higher costs associated with both income-generating properties and properties that did not generate rental income.
Adjusted Net Operating Income for the first nine months of 2026 was US$ 214.8 million, representing a 13.1% increase from US$ 190.0 million in the same period of 2025. The Adjusted NOI margin for the nine months of 2026 was 94.4%, compared with 94.9% in the same period in 2025.
General and administrative expenses for the first nine months of 2026 increased 10.2% to US$ 26.9 million, compared to US$ 24.4 million for the same period in 2025. The increase was primarily due to higher employee salaries and short-term benefits, as well as higher audit, legal, consulting, marketing and other expenses.
Adjusted EBITDA for the first nine months of 2026 was US$ 190.9 million, representing a 12.3% increase from US$ 170.0 million in the same period of 2025. The Adjusted EBITDA margin for the first nine months of 2026 was 83.9% compared with 84.9% for the same period of 2025.
Total other income for the first nine months of 2026 was US$ 118.9 million, compared with total other expense of US$ 25.6 million in the prior year period. The improvement primarily reflected a gain on the revaluation of investment properties and higher interest income and other income, partially offset by higher interest expense and other expenses.
The Company’s profit before income taxes was US$ 300.7 million for the first nine months of 2026.
The Company reported an income tax benefit of US$ 12.8 million for the nine months ended September 30, 2026, compared with an income tax expense of US$ 67.9 million for the nine months ended September 30, 2025. This year over year improvement was primarily due to a deferred tax benefit of US$ 47.2 million, compared with a deferred tax expense of US$ 47.7 million in the prior year period.
Profit for the first nine months of 2026 was US$ 313.5 million, compared with US$ 67.6 million in the same period of 2025, driven by the factors described above.
Vesta reported US$ 317.9 million in total comprehensive income for the nine-months ended September 30, 2026, compared with US$ 71.3 million for the same period in 2025, reflecting the factors previously described. This gain was partially increased by a US$ 4.9 million gain from foreign currency translation.
Capital expenditures for the first nine months of 2026 totaled US$ 161.9 million, primarily related to investment property development and infrastructure investments.
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Subsequent Events
Dividends:
Vesta shareholders approved a US$ 74.8 million dividend distribution at the Company's Annual General Shareholders' Meeting held on April 22, 2026, payable in quarterly installments using the closing exchange rate on the day preceding each payment. The quarterly dividend per share will be determined based on the number of shares outstanding on the distribution date.
Vesta paid a cash dividend for the third quarter of 2026 on October, 15 2026, equivalent to 0.3669 Mexican Pesos per ordinary share. The dividend was paid through the S.D. Indeval S.A. de C.V. Institución para el Depósito de Valores (INDEVAL) and was recognized as dividends payable in the Company’s financial statements as of September 30, 2026.
Dividends per share
Q1 20260.3819
Q2 20260.3499
Q3 2026
0.3669



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Appendix: Financial Tables
9 months
Consolidated Interim and Annual Statements of Profit and Other Comprehensive Income (million)Q3 2026Q3 2025Chg. %20262025Chg. %
Revenues
Rental income74.066.012.1214.7188.913.7
Reimbursable building services3.53.9(10.4)12.911.413.6
Energy Income2.12.5(17.1)7.26.511.0
Management Fees0.00.0(100.0)0.00.0(100.0)
Total Revenues79.672.49.9234.8206.813.6
Total Operating Property Costs(8.5)(8.2)2.7(24.6)(20.0)23.3
Related to properties that generate rental income(7.1)(7.2)(1.8)(20.7)(17.3)20.1
Costs related to properties(4.6)(3.9)17.3(12.8)(10.3)24.4
Costs related to energy (2.5)(3.3)(24.1)(8.0)(7.0)13.9
Related to properties that did not generate rental income(1.36)(1.01)35.0(3.9)(2.7)43.6
Adjusted Net Operating Income72.966.110.4214.8190.013.1
General and Administrative Expenses(8.8)(7.8)12.3(26.9)(24.4)10.2
Stock- based Compensation Expenses2.42.5(2.9)6.97.1(3.1)
Depreciation (0.5)(0.5)4.5(1.5)(1.2)17.2
Adjusted EBITDA65.259.79.2190.9170.012.3
Other Income and Expenses
Interest income2.80.7334.67.22.0253.7
Other income 1.41.213.07.43.7103.6
Other expense(1.7)(0.6)176.9(5.2)(2.1)153.4
Transaction cost on debt issuance0.00.0na0.00.0na
Interest expense(18.1)(12.3)47.4(54.6)(34.5)58.5
Exchange gain (loss)(2.3)2.4(193.3)0.98.7(90.0)
Share of results of associates(0.1)0.0562.60.10.01007.5
Gain from properties sold0.00.4(100.0)0.00.0100.0
Gain on revaluation of investment properties60.24.81,155.5163.2(3.4)4,855.0
Total other income (expenses)42.2(3.5)1,322.0118.9(25.6)564.3
Profit Before Income Taxes104.052.498.4300.7135.5121.9
Income Tax Expense6.7(27.4)124.312.8(67.9)118.8
Current Tax(13.4)(5.9)128.1(34.5)(20.2)70.9
Deferred Tax20.1(21.6)193.347.2(47.7)199.0
Profit for the Period110.625.0343.1313.567.6363.5
Remeasurements of defined benefit plans(0.4)0.0na(0.4)0.0na
Valuation of derivative financial instruments0.00.0na0.00.0na
Exchange differences on translating other functional currency operations2.42.6(8.4)4.93.732.6
Total Comprehensive Income for the period112.627.6307.9317.971.3345.7
Shares (average)939.0858.39.4899.2861.44.4
Diluted EPS 0.11990.03220.35360.0828
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Consolidated Statements of Financial Position (million)September 30, 2026December 31, 2025
ASSETS
CURRENT
Cash and cash equivalents240.0336.9
Financial assets held for trading0.00.0
Recoverable taxes51.747.5
Operating lease receivable9.38.8
Due from related parties0.00.0
Prepaid expenses7.74.1
Guarantee deposits made0.00.0
Total current assets 308.7397.4
NON-CURRENT
Investment properties 4,481.24,129.4
Right-of-use assets-net of depreciation1.11.4
Office equipment - net2.42.3
Derivative financial instruments0.00.0
Investment in associates5.83.5
Guarantee Deposits made7.68.5
Total non-current assets4,498.14,145.1
TOTAL ASSETS4,806.84,542.5
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Current portion of long-term debt0.01.8
Financial leases payable-short term 0.60.6
Accrued interest13.110.0
Accounts payable 31.230.8
Income tax payable 0.514.2
Dividends payable37.417.4
Accrued expenses6.47.3
Total current liabilities 89.382.1
NON-CURRENT
Long-term debt1,072.11,273.4
Financial leases payable-long term 0.50.8
Derivative financial instruments0.00.0
Guarantee deposits received34.130.0
Long-term accounts payable11.723.4
Employees benefits4.13.7
Deferred income taxes334.0381.3
Total non-current liabilities 1,456.61,712.6
TOTAL LIABILITIES1,545.91,794.7
STOCKHOLDERS' EQUITY
Capital stock627.6580.0
Additional paid-in capital1,111.5884.2
Retained earnings 1,559.51,320.8
Share-base payments reserve2.37.3
Remeasurements of defined benefit plans(0.4)0.0
Foreign currency translation(39.5)(44.4)
Valuation of derivative financial instruments0.00.0
Total shareholders' equity 3,261.02,747.8
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,806.84,542.5
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Consolidated Statements of Cash Flows (million)September 30, 2026September 30, 2025
Cash flow from operating activities:
Profit before income taxes300.7135.5
Adjustments:
Depreciation0.90.7
Depreciation of right of use assets0.50.6
Gain on revaluation of investment properties(163.2)3.4
Straight-line rent adjustment(2.8)0.0
Effect of foreign exchange rates4.1(4.9)
Interest income(7.2)(2.0)
Interest expense52.033.4
Amortization debt issuance-related expenses 2.61.1
Gain share of results of associates(0.1)0.0
Expense recognized related to share-based payments7.610.4
Employee Benefits0.81.1
Gain in sale of investment property0.00.0
Working capital adjustments
(Increase) decrease in:
Operating leases receivables- net(0.6)(4.3)
Recoverable taxes(4.2)(7.3)
Guarantee Deposits made0.2(0.2)
Prepaid expenses(3.5)(6.0)
(Increase) decrease in:
Accounts payable(22.6)0.3
Accrued expenses(0.9)(0.2)
Guarantee Deposits received4.13.1
Interest received7.22.0
Pension Fund(0.9)0.0
Income Tax Paid(48.1)(20.3)
Net cash generated by operating activities126.79146.2
Cash flow from investing activities
Purchases of investment property(161.9)(226.5)
Sale of investment property0.05.5
Acquisition of office furniture (1.1)(0.5)
Investment in associates(2.3)(3.4)
Net cash used in investing activities(165.3)(224.9)
Cash flow from financing activities
Interest paid(48.9)(27.6)
Loans obtained0.0650.0
Loans Paid(205.6)(48.6)
Cost of debt issuance0.0(4.3)
Dividends paid(54.8)(50.9)
Equity issuance proceeds269.00.0
Equity issuance costs paid(6.6)0.0
Repurchase of treasury shares0.0(36.4)
Payment of lease liabilities(0.6)(0.6)
Net cash (used in) generated by financing activities(47.5)481.5
Effects of exchange rates changes on cash(11.7)0.1
Net Increase in cash and cash equivalents(97.6)402.9
Cash, restricted cash and cash equivalents at the beginning of period337.6184.9
Cash, restricted cash and cash equivalents at the end of period240.0587.8
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Consolidated Statements of Changes in Stockholders’ Equity (million)Capital StockAdditional Paid-in CapitalRetained EarningsShare-based payment reserveRemeasurements of Defined Benefit PlansForeign Currency TranslationTotal Stockholders´ Equity
Balances as of January 1, 2025585.5905.71,148.43.90.0(46.2)2,597.3
Dividends declared0.00.0(69.5)0.00.00.0(69.5)
Share-based payments0.10.30.010.00.00.010.4
Repurchase of shares(7.6)(28.8)0.00.00.00.0(36.4)
Vested shares2.07.00.0(9.0)0.00.00.0
Comprehensive income (loss)0.00.067.60.00.03.771.3
Balances as of September 30, 2025
580.0884.21146.54.90.0(42.5)2573.0
Balances as of January 1, 2026580.0884.21,320.87.30.0(44.4)2,747.8
Equity Issuance45.2217.20.00.00.00.0262.4
Vested shares2.410.20.0(12.6)0.00.00.0
Share-based payments0.00.00.07.70.00.07.6
Dividends declared0.00.0(74.8)0.0(0.4)0.0(74.8)
Comprehensive income (loss)0.00.0313.50.0(0.4)4.9317.9
Balances as of September 30, 2026627.61,111.51,559.52.3(0.4)(39.5)3,261.0
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Notes and Disclaimers
Interim Consolidated Condensed Financial Statements: The financial information included in this release for the three-month periods ended September 30, 2026 and 2025 has not been audited.
Exchange Rate: The exchange rates used for figures expressed in US dollars (US$) were as follows:
DateExchange Rate
Balance Sheet
September 30, 202518.383
September 30, 202617.841
Income Statement
Q3 2025 (average)18.647
Q3 2026 (average)17.251
9M 2025 (average)19.531
9M 2026 (average)17.407
“Adjusted EBITDA” as the sum of profit for the year adjusted by (a) total income tax expense (b) interest income, (c) other income, (d) other expense (e) finance costs, (f) exchange gain (loss) – net, (g) gain on sale of investment property, (h) gain on revaluation of investment property, (i) depreciation, (j) stock-based compensation expense (k) energy income and (l) energy costs during the relevant period.
“Adjusted EBITDA margin” means Adjusted EBITDA divided by total revenues minus energy income.
“NOI” means the sum of Adjusted EBITDA plus general and administrative expenses, reversing the discrete depreciation expense impact in Adjusted EBITDA minus stock-based compensation expense during the relevant period.
“Adjusted NOI” means the sum of NOI plus property operating costs related to properties that did not generate rental income during the relevant period minus energy costs.
“Adjusted NOI margin” means Adjusted NOI divided by total revenues minus energy income.
“FFO” means profit for the period, excluding: (i) gain on sale of investment property and (ii) gain on revaluation of investment property.
“Vesta FFO” means the sum of FFO, as adjusted for the impact of exchange gain (loss) - net, other income – net, other energy income net, interest income, total income tax expense, depreciation and stock-based compensation expense and equity plus.
Prior period: Unless otherwise stated, the comparison of operating and financial figures compares the same prior year period.
Percentages may not sum to total due to rounding.
Build to Suit (BTS): a building which is custom-made in design and construction in order to meet client-specific needs.
Inventory buildings: buildings constructed in accordance with standard industry specifications, for those clients that do not require a BTS building.
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Analyst Coverage
In compliance with the internal regulation of the BMV, article 4.033.01 Frac. VIII, Vesta is covered by analysts at the following brokerages:
•Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver
•Barclays Bank Mexico, S.A.
•Bank of America
•BBVA Bancomer S.A.
•Bradesco BBI Research
•BTG Pactual US Capital LLC
•Casa de Bolsa Santander S.A. de C.V.
•Citigroup Global Markets Inc.
•GBM Grupo Bursátil Mexicano S.A. de C.V.
•Grupo Signum, S.A. de C.V.
•Goldman Sachs
•Itaú Corretora de Valores S.A
•J.P. Morgan Casa de Bolsa, S.A. de C.V.
•Morgan Stanley
•Scotia Inverlat Casa de Bolsa S.A. de C.V.
•UBS Global Research
About Vesta
Vesta is a leading real estate owner, developer and asset manager of industrial buildings and distribution centers in Mexico. As of September 30, 2026, Vesta owned 233 properties located in modern industrial parks across 16 states in Mexico, totaling 43.7 million sf (4.1 million m2) of gross leasable area (GLA). Vesta serves a diversified base of world-class clients across a range of industries, including automotive, aerospace, retail, high-tech, pharmaceuticals, electronics, food and beverage and packaging. For additional information, please visit: www.vesta.com.mx.
Note on Forward-Looking Statements
This report may contain certain forward-looking statements and information relating to the Company and its expected future performance that reflects the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe,” “anticipate,” “expect,” “envisages,” “will likely result,” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) tax structuring and changes in income tax laws and rates; (vi) availability of financing and
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22

capital, the levels of debt that we maintain; (vii) environmental uncertainties, including risks of natural disasters; (viii) risks related to any potential health crisis and the measures that governments, agencies, law enforcement and/or health authorities implement to address such crisis; and (ix) those additional factors discussed in reports filed with the Bolsa Mexicana de Valores and in the U.S. Securities and Exchange Commission. We caution you that these important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to update or revise any forward-looking statements, including any financial guidance, whether as a result of new information, future events or otherwise except as may be required by law.
Definitions / Discussion of Non-GAAP Financial Measures:
Change in the Calculation Methodology for Adjusted EBITDA, NOI, Adjusted NOI and Vesta FFO
During the year ended December 31, 2023, the Company began to experience various effects associated with its tenants expanding their operations in Mexico, including that among other impacts resulted in increased energy consumption which Vesta recognizes as energy income and energy cost during the period. Management determined that this income and these costs represent a business activity that are not actively managed by the Company and are not related directly to its core operations or strategy. Accordingly, the Company updated its calculation methodology for Adjusted EBITDA, NOI, Adjusted NOI and Vesta FFO to exclude energy income and energy costs.
Vesta has applied the change in calculation methodology retroactively. This change had an impact on Adjusted EBITDA, NOI, Adjusted NOI and Vesta FFO of US $0.3 million, (US $0.4 million) and US $0.0 million as of December 31, 2023, 2022 and 2021.
Reconciliation of Adjusted EBITDA, NOI and Adjusted NOI
The table below sets forth a reconciliation of Adjusted EBITDA, NOI and Adjusted NOI to profit for the year, the most directly comparable IFRS financial measure, for each of the periods indicated, as reported in the Company’s financial statements. Vesta calculates Adjusted EBITDA as the sum of profit for the year adjusted by (a) total income tax expense (b) interest income, (c) other income, (d) other expense (e) finance costs, (f) exchange gain (loss) – net, (g) gain on sale of investment property, (h) gain on revaluation of investment property, (i) depreciation, (j) stock-based compensation expense (k) energy income and (l) energy costs during the relevant period. The Company calculates NOI as the sum of Adjusted EBITDA plus general and administrative expenses, reversing the discrete depreciation expense impact in Adjusted EBITDA minus and stock-based compensation expense during the relevant period. Adjusted NOI is calculated as the sum of NOI plus property operating costs related to properties that did not generate rental income during the relevant period.
Adjusted EBITDA is not a financial measure recognized under IFRS and does not purport to be an alternative to profit or total comprehensive income for the period as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, Adjusted EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use, as it does not consider certain cash requirements such as interest payments and tax payments. The Company's presentation of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of Vesta's results as reported under IFRS. Management uses Adjusted EBITDA to measure and evaluate the operating performance of our principal business (which consists of developing, leasing and managing industrial properties) before the Company's cost of capital and income tax expense. Adjusted EBITDA is a measure commonly used in the industry, and Vesta presents Adjusted EBITDA to supplement investor understanding of operating performance. Vesta's management believes that Adjusted EBITDA provides investors and analysts with a measure of operating results unaffected by differences in tenant’s operation, capital structures, capital investment cycles and fair value adjustments of related assets among otherwise comparable companies.
NOI or Adjusted NOI are not financial measures recognized under IFRS and do not purport to be alternatives to profit for the period or total comprehensive income as measures of operating performance. NOI and Adjusted NOI are supplemental industry reporting measures used to evaluate the performance of our investments in real estate assets and our operating results. In addition, Adjusted NOI is a leading indicator of
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the trends related to NOI as Vesta typically has a strong development portfolio of “speculative buildings.” Under IAS 40, Vesta has adopted the fair value model to value its investment property and, for that reason, financial statements do not reflect depreciation nor amortization of our investment properties, and therefore such items are not part of the calculations of NOI or Adjusted NOI. The Company believes NOI is useful to investors as a performance measure and that it provides useful information regarding results of operations and financial condition because, when compared across periods, it reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unleveraged basis, providing perspective not immediately apparent from profit for the year. For example, interest expense is not necessarily linked to the operating performance of a real estate asset and is often incurred at the corporate level as opposed to the property level. Similarly, interest expense may be incurred at the property level even though the financing proceeds may be used at the corporate level (e.g., used for other investment activity). As so defined, NOI and Adjusted NOI may not be comparable to net operating income or similar measures reported by other real estate companies that define NOI or Adjusted NOI differently.
Adjusted EBITDA margin, NOI margin and Adjusted NOI margin
The table below also includes a reconciliation of Adjusted EBITDA margin, NOI margin and Adjusted NOI margin to profit for the year, the most directly comparable IFRS financial measure, for each of the periods indicated, as reported in the Company’s financial statements. The Company presents margin ratios to rental income plus management fees minus electricity income to compliment the understanding of operating performance; measuring the Company's profitability compared to the revenues directly related to our business activities.
For the Three-Month 9 months
Period Ended September 30,Cumulative
2026202520262025
(millions of US$)
Profit for the period110.625.0313.567.6
(+) Total income tax expense(6.7)27.4(12.8)67.9
(-) Interest income(2.8)(0.7)(7.2)(2.0)
(-) Other income (1)(1.4)(1.2)(7.4)(3.7)
(-) Other expense1.70.65.22.1
(+) Finance costs18.112.354.634.5
(-) Exchange gain (loss) - net2.3(2.4)(0.9)(8.7)
(-) Share of results of associates0.10.0(0.1)0.0
(-) Gain on sale of investment property0.0(0.4)0.00.0
(-) Gain on revaluation of investment property(60.2)(4.8)(163.2)3.4
(+) Depreciation0.50.51.51.2
(+) Share-based compensation2.42.56.97.1
(-) Energy income(2.1)(2.5)(7.2)(6.5)
(+) Energy Expense2.53.38.07.0
Adjusted EBITDA65.259.7190.9170.0
(+) General and administrative expenses8.87.826.924.4
(-) Share -based compensation expense(2.4)(2.5)(6.9)(7.1)
NOI71.665.1210.9187.3
(+) Property operating costs related to properties that did not generate rental income1.41.03.92.7
Adjusted NOI72.966.1214.8190.0
(1)Includes other income and expenses unrelated to our operations, such as reimbursements from insurance proceeds, and sales of office equipment. For more information, see note 14 to the audited consolidated financial statements.
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Reconciliation of FFO and Vesta FFO
The table below sets forth a reconciliation of FFO and Vesta FFO to profit for the period, the most directly comparable IFRS financial measure, for each of the periods indicated, as reported in the Company’s financial statements. FFO is calculated as profit for the period, excluding: (i) gain on sale of investment property and (ii) gain on revaluation of investment property. Vesta FFO is calculated as the sum of FFO, as adjusted for the impact of exchange gain (loss) - net, other income – net, interest income, total income tax expense, depreciation and long-term incentive plan and equity plus.
The Company believes that Vesta FFO is useful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to business operations. Vesta FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. Additionally, since Vesta FFO does not capture the level of capital expenditures per maintenance and improvements to maintain the operating performance of properties, which has a material economic impact on operating results, management believes Vesta FFO’s usefulness as a measure of performance may be limited.
The Company's calculation of FFO and Vesta FFO may not be comparable to FFO measures reported by other REITs or real estate companies that define or interpret the FFO definition differently. FFO and Vesta FFO should not be considered as a substitute for net profit for the period attributable to our common shareholders.
For the Three-Month 9 months
Period Ended September 30,Cumulative
2026202520262025
(millions of US$)
Profit for the period110.625.0313.567.6
(-) Gain on sale of investment property0.0(0.4)0.00.0
(-) Gain on revaluation of investment property(60.2)(4.8)(163.2)3.4
FFO50.519.8150.371.1
(-) Exchange gain (loss) – net2.3(2.4)(0.9)(8.7)
(-) Other income(1)(1.4)(1.2)(7.4)(3.7)
(-) Other expense1.70.65.22.1
(-) Share of results of associates0.10.0(0.1)0.0
(-) Interest income(2.8)(0.7)(7.2)(2.0)
(+) Total income tax expense(6.7)27.4(12.8)67.9
(+) Depreciation0.50.51.51.2
(-) Share -based compensation expense2.42.56.97.1
(-) Energy income(2.1)(2.5)(7.2)(6.5)
(+) Energy Expense2.53.38.07.0
Vesta FFO47.147.4136.3135.5
(1)Includes other income and expenses unrelated to Vesta's operations, such as reimbursements from insurance proceeds, and sales of office equipment. For more information, see note 14 to Vesta’s consolidated financial statements.
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