Corporacion Inmobiliaria Vesta S.a.b. De C.v. · BMV:VESTA
Corporacion Inmobiliaria Vesta S.a.b. De C.v — Q3 2025 Earnings Presentation
42 slides from Corporacion Inmobiliaria Vesta S.a.b. De C.v's earnings presentation, 2025
Slide 1: Corporate Presentation Q3 2025
CORPORATE PRESENTATION Q3 2025
Slide 2: Safe Harbor
Safe Harbor This presentation has been prepared by Corporación Inmobiliaria Vesta, S.A.B. de C.V. (“Vesta” or the “Company”) solely for use at this presentation. This presentation was prepared solely for informational purposes and does not constitute, and is not to be construed as, an offer or solic
Slide 3: Table of Contents
Table of Contents 1 Company overview 2 Market Fundamentals Differentiated Portfolio & Strong 3 Track Record 4 ESG at the core of our business 5 Appendix
Slide 4: Company Overview
Company Overview
Slide 5: Fully-integrated industrial real estate owner, operator and developer
Fully-integrated industrial real estate owner, operator and developer Optimally positioned to leverage opportunities in 235 Class A industrial properties located in Mexico, one of the world´s most attractive Mexico’s key trade corridors and manufacturing centers manufacturing and distribution hubs.
Slide 6: Best-in-Class assets
Best-in-Class assets Inventory buildings Buildings conform to standard industry specifications designed to be adapted for two or more tenants. Built-to-Suit (“BTS”) Buildings designed and built to meet the specific needs of clients. Vesta Parks A sustainable gated industrial park with state-of-the-a
Slide 7: Extensive Track Record of Consistent Growth
Extensive Track Record of Consistent Growth 25+ Year History Building a Foundation, Substantiated by Relevant Milestones Initial Strategy Pre IPO Level 3 Strategy Route Post IPO 20/20 Vision(2) 2030 (1998 - 2006) (2006 - 2012) (3) (4) 2023 GLA (mm sf)(1) Anchor Investments IPO ADS $446 mm 2012 2021
Slide 8: Route 2030: Two Value Creation Avenues
Route 2030: Two Value Creation Avenues Avenue 1 Avenue 2 EXISTING PORTFOLIO DEVELOPMENT VESTA IN 2030 OPPORTUNITY PROGRAM 63.0 M SF 42.5 M SF 20.5 M SF Investment property value/CAPEX US$ 3.7 B US$ 1.7 B Value increase estimate US$ 600 M US$ 800 M US$ 1.5 B 2030 US$ 4.3 B US$ 2.5 B US$ 6.8 B 1 Curre
Slide 9: Route 2030: Two Value Creation Avenues
Route 2030: Two Value Creation Avenues EXISTING PORTFOLIO DEVELOPMENT OPPORTUNITY 42.5 M SF PROGRAM 20.5 M SF ▪ Most modern portfolio ▪ US$ 1.7 B Investment program with ▪ Diverse, high-quality tenant base selective focus on key markets ▪ Long-term leases in US$ ▪ Vertically integrated development t
Slide 10: Growth plan CAPEX program requires an US$ 1.7 B investment
Growth plan CAPEX program requires an US$ 1.7 B investment which we plan to fund through 3 sources Uses and sources of funds US$ M USES SOURCES OF FUNDS OF FUNDS 1.7 1.7 0.1 OTHER 0.3 EQUITY + CAPITAL RECYCLING Broker fees, TI’s and maintenance 0.4 CASH FLOW FROM OPERATIONS BUILDINGS + 1.2 IMPROVMEN
Slide 11: We aim to double our rental revenue by 2030
We aim to double our rental revenue by 2030 while still having an unrealized rent upside Route 2030: Break-down of Rental Revenue1 Expansion US$ M Post-2030 mark to market potential Avenue 1 Avenue 2 30 - 60 Post-2030 170 489 US$ 238 M mark to market potential Rental 30 - 60 revenue increase 68 322
Slide 12: Our strategy is focused on the largest and most dynamic markets
Our strategy is focused on the largest and most dynamic markets Vesta’s target footprint in 2030 Development program in anchor markets Target footprint by Region in 2030 (M SF) Tijuana Anchor GLA CAPEX Juarez Region 8.9 Total GLA 2030: Market (M SF) (US$ M) 7.3 63.0 M SF Northeast Monterrey 3.7 313
Slide 13: Strong Market Fundamentals
Strong Market Fundamentals
Slide 14: Projected exports growth represent a 200+ M SF growth opportunity
Projected exports growth represent a 200+ M SF growth opportunity over the next six years Mexico Manufacturing Exports to Mexico Manufacturing Exports the US - Cumulative Growth vs Mexico GLA - Cumulative to the US 2024 growth vs 2024 US$ B; Constant dollars US$ B Million SF Mexico’s share of US Exp
Slide 15: E-commerce penetration in Mexico projected to continue growing
E-commerce penetration in Mexico projected to continue growing… E-commerce penetration 2012-2023 % of e-commerce sales of retail sales Countries with advanced adoption Countries with earlier adoption 50% 25% USA 46% Mexico China Argentina 40% 20% South Korea Chile 19.5% 36% United Kingdom Brazil 15%
Slide 16: High occupancy, supported by a strong demand
High occupancy, supported by a strong demand (Q3 2025) MIN. MAX. UNDER UNDER GROSS NET MARKET SIZE AVAILABLE ASKING ASKING *INDUSTRIAL MARKET VACANCY CONSTRUCTION CONSTRUCTION ABSORPTION ABSORPTION *SF DELIVERED (SF) (SF) PRICE PRICE GROWTH (SF) BTS (SF) (SF) (SF) (US/SF) (US/SF) 2.47% $0.60 $0.62 -
Slide 17: Differentiated Portfolio and Strong Financial Track Record
Differentiated Portfolio and Strong Financial Track Record
Slide 18: One of the largest and most modern industrial portfolios in Mexico
One of the largest and most modern industrial portfolios in Mexico… North East Sq. ft 7,753,268 North West Buildings 33 Sq. ft 6,529,725 Clients 21 Buildings 59 Land bank acres 117.62 Clients 48 18% Land bank acres 91.95 15% Bajio North Sq. ft 8,236,858 Buildings 35 Clients 26 Land bank acres 439.59
Slide 19: High-quality client base, increasingly diversified by industry and geography
High-quality client base, increasingly diversified by industry and geography with balanced exposure to growth and defensive sectors… Balanced portfolio use Long-term CPI linked and staggered lease maturity profile¹ (% of Occupied GLA, as of September 30, 2025) (% of Occupied GLA, as of September 30,
Slide 20: Diversified industry profile and strong tenant credit
Diversified industry profile and strong tenant credit Automotive Logistics 10.1% E-commerce Automotive 24.4% Logistics Manufacturing 41.5% 58.5% Aerospace 6.3% Food and Beverage 0.4% Energy 3.2% Paper 1.1% Aerospace Electronics 6.2% Other 9.4% Other Vehicles 4.3% Medical Devices 1.3% Plastics 1.8% *
Slide 21: Exposure to most stable business component of the automotive supply chain
Exposure to most stable business component of the automotive supply chain… Post-crisis outcome: Tier 1 manufacturers have strengthened with a significant reduction of OEM suppliers driven by market consolidation where only the best and most profitable survived. OEM 0.8% Tier 1 53.9% Tier 2 17.8% Tie
Slide 22: Portfolio development declines as stabilized GLA increases
Portfolio development declines as stabilized GLA increases GLA under construction Growth derived from various types of buildings 6% 1% 7% 10% 99% 60% 94% 57% 55% 3% 5% 93% 50% 3% 2% 47% 90% 46% 46% 46% 8% 97% 95% 43% 44% 97% 98% 42% 8% 9% 92% 35% 36% 36% 33% 34% 15% 32% 32% 92% 31% 27% 27% 91% 25% 2
Slide 23: Stable and predictable cash flows with profitability
Stable and predictable cash flows with profitability Highly predictable rental income & stable occupancy rates Strong Adj EBITDA growth with low margin volatility¹ (US$ in millions) (US$ in millions) 97.2% 97.3% 96.7% 85.0% 84.3% 87. 0% 84.0% 83.7% 84.0% 84.1% 84.2% 84.5% 84.8% 83.5% 84.5% 95.3% 95.
Slide 24: Long-term debt at fixed rates, with solid liquidity position
Long-term debt at fixed rates, with solid liquidity position… 30/09/2025 Rate Maturity Secured Debt 5.4 years average maturity & MetLife III $118.0 4.8% Nov-27 4.9% average interest rate Total Secured Debt* $118.0 Unsecured Debt 2017 Private Bond Tranche 2 $60.0 5.3% Sep-27 15 2018 Prudential Insura
Slide 25: Accretive development drives strong FFO results and attractive dividend yield
Accretive development, plus accelerated leasing activity and divestments, drive strong FFO results and pay attractive dividend yield 3.99 5.9% 2.63 2.82 5.1% 4.9% 4.9% 2.40 4.1% 1.99 1.94 3.8% 1.80 3.5% 1.68 1.74 2.00 1.53 2.9% 2.9% 1.36 2.9% 1.21 1.23 0.096 0.088 1.7% 0.082 0.084 0.082 1.6% 1.7% 0.
Slide 26: Attractive Discount: Higher Book Net Asset Value vs Market Price
Attractive Discount: Higher Book Net Asset Value vs Market Price Average Discount/Premium1 23.1% 9.8% Figures in US$ M 3Q24 3Q25 % change 14.3% Properties 3,587 3,748 4.5% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 Land 111 215 94.0% -0.6% 2025 Cash 281 587 108.8% -16.5% -16
Slide 27: ESG at the core of our business
ESG at the core of our business
Slide 28: Leader in ESG Best Practices: Clearly Defined Long-term Commitments
Leader in Environmental, Social and Governance Best Practices: Clearly Defined Long-term Commitments Historical Milestones • Climate Change and • Creation of ESG Policies Resilience Strategy • Department and Stakeholder Reinforcement • Target Gender Equality Engagement Program • 1st Materiality Init
Slide 29: Strong corporate governance; best-in-class governance practices
Strong corporate governance; best-in-class governance practices since Vesta’s inception Board of Directors Shareholders structure1 10 Members, 8 Independent Manuela 1.6% 3.6% Molina 0.6% Craig Wieland Daniela Berho Carranza 94.2% Public Jose Manuel Float Dominguez Loreanne Garcia Ottati Luis Solloa
Slide 30: Vesta´s Committees are 100% Chaired by independent directors
Vesta´s Committees are 100% Chaired by independent directors Board Committees • Review and analysis of quarterly and annual financial statements Audit Committee • Review of compliance with tax obligations 4 Members • Analysis, approval and follow-up of Company’s operating budget Corporate Practices
Slide 31: Environmental Impact Mitigation
Efficient energy Solar panels LED public lighting Interior LED lighting Used for common areas Lighting motion and natural light sensors Windows Environmental With thermal insulation Impact Mitigation Recreational area Bike storage and locker rooms Endemic landscape Carpool parking Facilities Smoke f
Slide 32: Appendix
Appendix ae : I 7 | aa f = :
Slide 33: Quarterly Results
Quarterly Results Quarterly Revenue Quarterly Adjusted EBITDA and EBITDA margin 72 84.1% 85.3% 84.5% 85.2% 60 82.7% 55 55 52 52 67 67 65 64 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Revenue Adj EBITDA Adj EBITDA margin Quarterly Vesta FFO Quarterly Adjusted NOI and NOI margin³ 47 94.2% 93.5%
Slide 34: Case Studies - Toluca
Case Studies - Toluca Vesta Park Toluca II 2014 GLA 1.47 6 Million sf Operations Start Year Buildings
Slide 35: Case Studies - Guadalajara
Case Studies - Guadalajara Vesta Park Guadalajara, phase I 2020 GLA 3.3 8 Operations Start Year Million sf Buildings
Slide 36: Case Studies - Guadalupe, Monterrey
Case Studies – Guadalupe, Monterrey Vesta Park Guadalupe 2021 GLA 498 2 Operations Start Year K sf Buildings
Slide 37: Case Studies - Tijuana
Case Studies - Tijuana Mega Region Park 2022 GLA 1.2 6 Operations Start Year Million sf Buildings Source: Vesta
Slide 38: Vesta Benefits from increased Mexico logistics and e-commerce
Vesta Benefits from increased Mexico logistics and e- commerce US and Mexico E-Commerce Comparison(1) Top Motivator for Online Shopping in Mexico(3) (Market Share of online retailers, %) (%) Competition 13% US Mexico Click and Collect 15% Exclusive Content 16% Market Size: US$905 bn Market Size: US$
Slide 39: Glossary of Terms
Glossary of Terms ‘‘Adjusted EBITDA’’ means the sum of profit for the period adjusted by (a) total income tax expense, (b) interest income, (c) other income-net, (d) finance costs, (e) exchange gain (loss) - net, (f) gain on sale of investment property, (g) gain on revaluation of investment property
Slide 40: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Adj EBITDA and Adj NOI For the Three-Month 9 months Period Ended September 30, Cumulative 2025 2024 2025 2024 (millions of US$) Profit for the period 25.0 52.0 67.6 286.2 (+) Total income tax expense 27.4 10.7 67.9 59.0 (-) Interest income (0.7) (4.0)
Slide 41: Non-IFRS Financial Measures and Reconciliations (Cont'd)
Non-IFRS Financial Measures and Reconciliations (Cont’d) Net Debt and Ratio Data As of September 30, As of September 30, 2025 2024 Total Assets 4,601.2 3,957.9 Total Debt 1,445.2 847.1 Current Portion of Long Term Debt 166.3 49.9 Long term Debt 1,278.9 797.2 Direct Issuance cost 9.4 10.1 (-) Cash an
Slide 42: Thank you
Thank you
Corporación Inmobiliaria Vesta, S.A.B. de C.V. — Q3 2025 Earnings Presentation on 6ix