Corporacion Inmobiliaria Vesta S.a.b. De C.v. · BMV:VESTA
Corporacion Inmobiliaria Vesta S.a.b. De C.v — Corporacion Inmobiliaria Vesta, S.A.B de C.V. American Depositary Shares, each representing ten (10) Common Shares — Q1 2025 Earnings Presentation
41 slides from Corporacion Inmobiliaria Vesta S.a.b. De C.v's earnings presentation, Apr 24, 2025
Slide 1: Corporate Presentation Q1 2025
CORPORATE PRESENTATION Q1 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 228 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 (4) Post IPO 20/20 Vision(2) (1998 - 2006) (2006 - 2012) (3) 2023 GLA (mm sf)(1) Anchor Investments IPO ADS $446 mm 2012 2021 2023 IPO Fo
Slide 8: Route 2030: Two Value Creation Avenues
Route 2030: Two Value Creation Avenues Avenue 1 Avenue 2 EXISTING PORTFOLIO DEVELOPMENT VESTA IN 2030 OPPORTUNITY PROGRAM 63.0 M SF 42.5 M SF 20.5 M SF Investment property value/CAPEX US$ 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 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 fee’s, TI’s and maintenance 0.4 CASH FLOW FROM OPERATIONS BUILDINGS + 1.2 IMPROVME
Slide 11: Route 2030 growth plan
Route 2030 growth plan Annual growth program Million SF; project starts 4.0 4.0 Total Growth 3.8 2025 - 2030 3.2 2.9 20.5 M SF 2.5 2025e 2026e 2027e 2028e 2029e 2030e
Slide 12: Strong Market Fundamentals
Strong Market Fundamentals
Slide 13: 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 14: 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 15: High occupancy, supported by a strong demand
High occupancy, supported by a strong demand (Q1 2025) MIN. MAX. UNDER ASKING ASKING UNDER GROSS NET *INDUSTRIAL MARKET MARKET SIZE AVAILABLE VACANCY CONSTRUCTION *SF DELIVERED PRICE PRICE CONSTRUCTION ABSORPTION ABSORPTION GROWTH BTS (US/SF) (US/SF) 35,590,000 SF 935,075 SF 2.63% $ 0.60 $ 0.62 247,
Slide 16: Differentiated Portfolio and Strong Financial Track Record
Differentiated Portfolio and Strong Financial Track Record
Slide 17: 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 6,686,874 North West Buildings 30 Sq. ft 6,576,747 Clients 21 Buildings 59 Land bank acres 141.24 Clients 54 16% Land bank acres - 16% Bajio North Sq. ft 8,236,858 Buildings 35 Clients 26 Land bank acres 374.51 20%
Slide 18: 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 March 31, 2025) (% of Occupied GLA, as of March 31, 2025) 4
Slide 19: Diversified industry profile and strong tenant credit
Diversified industry profile and strong tenant credit Automotive Logistics 9.7% E-commerce Automotive 24.3% Logistics Manufacturing Aerospace 6.4% 41.8% 58.2% Paper 1.1% Aerospace Food and Beverage 0.5% Energy 3.2% Electronics 5.0% Other Vehicles 4.2% Other 10.1% Medical Devices 1.3% Plastics 2.1% *
Slide 20: 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 0.9% Tier 1 58.2% Tier 2 16.9% Tie
Slide 21: 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% 4% 58% 57% 7% 55% 10% 96% 94% 50% 93% 46% 46% 46% 47% 3% 5% 44% 3% 2% 90% 42% 43% 8% 95% 97% 98% 97% 35% 36% 36% 8% 92% 33% 32% 34% 32% 9% 31% 92% 27% 27% 26% 91% 23% 2
Slide 22: 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% 83.9% 87. 0% 95.3% 95.5% 95.3% 95.5% 85.0% 84.5% 84.8% 94.2% 94.7% 94.3% 84.0% 83.
Slide 23: Long-term debt at fixed rates, with solid liquidity position
Long-term debt at fixed rates, with solid liquidity position… 31/03/2025 Rate Maturity Secured Debt 4.1 years average maturity & MetLife II $150.0 4.55% Aug-26 4.4% average interest rate 15 MetLife III $118.0 4.75% Nov-27 MetLife Top Off $26.6 4.75% Aug-26 Total Secured Debt $294.6 Unsecured Debt 35
Slide 24: Accretive development drives strong FFO results and attractive dividend
Accretive development, plus accelerated leasing activity and $4.50 divestments, drive strong FFO results and pay attractive dividend 9.0% yield 3.99 $4.00 $3.50 $3.00 5.9% 6.0% 2.63 5.1% 4.9% 4.9% $2.50 2.40 2.30 4.1% 1.99 1.94 $2.00 3.8% 1.80 2.00 3.5% 3.6% 1.74 1.68 1.53 $1.50 2.9% 2.9% 3.0% 1.36
Slide 25: Attractive Discount: Higher Book Net Asset Value vs Market Price
Attractive Discount: Higher Book Net Asset Value vs Market Price Average Discount/Premium1 23.1% 9.8% Figures in US$ M 1Q24 1Q25 % change 14.3% Properties 3,334 3,673 10.2% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 Land 139 160 15.2% -0.6% 2025 -16.5% -16.3% Cash 445 49 -89
Slide 26: ESG at the core of our business
ESG at the core of our business
Slide 27: 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 28: 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 29: 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 30: 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 31: Appendix
Appendix ae : I 7 | aa f = :
Slide 32: Quarterly Results
Quarterly Results Quarterly Revenue Quarterly Adjusted EBITDA and EBITDA margin 67 65 84.7% 84.5% 85.2% 82.3% 82.7% 64 63 55 52 52 61 51 50 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 Revenue Adj EBITDA Adj EBITDA margin Quarterly Vesta FFO Quarterly Adjusted NOI and NOI margin³ 45 96.0% 94.7%
Slide 33: Case Studies - Toluca
Case Studies - Toluca Vesta Park Toluca II 2014 GLA 1.47 6 Million sf Operations Start Year Buildings
Slide 34: Case Studies - Guadalajara
Case Studies - Guadalajara Vesta Park Guadalajara, phase I 2020 GLA 3.3 8 Operations Start Year Million sf Buildings
Slide 35: Case Studies – Guadalupe, Monterrey
Case Studies – Guadalupe, Monterrey Vesta Park Guadalupe 2021 GLA 498 2 Operations Start Year K sf Buildings
Slide 36: Case Studies - Tijuana
Case Studies - Tijuana Mega Region Park 2022 GLA 1.2 6 Operations Start Year Million sf Buildings Source: Vesta
Slide 37: 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 38: 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 39: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Adj EBITDA and Adj NOI For the Three-Month Period Ended March 31, 2025 2024 (millions of US$) Profit for the period 14.9 124.9 (+) Total income tax expense 13.7 25.7 (-) Interest income (1.0) (5.1) (-) Other income – net(1) (1.6) (0.9) (-) Other income
Slide 40: Non-IFRS Financial Measures and Reconciliations (Cont'd)
Non-IFRS Financial Measures and Reconciliations (Cont’d) Net Debt and Ratio Data As of March 31, As of March 31, 2025 2024 Total Assets 3,887.62 3,957.95 Total Debt 801.20 847.05 Current Portion of Long Term Debt 4.91 49.86 Long term Debt 796.29 797.19 Direct Issuance cost 9.39 10.10 (-) Cash and ca
Slide 41: Thank you
Thank you