Corporacion Inmobiliaria Vesta S.a.b. De C.v. · BMV:VESTA
Corporacion Inmobiliaria Vesta S.a.b. De C.v — Q2 2025 Earnings Presentation
43 slides from Corporacion Inmobiliaria Vesta S.a.b. De C.v's earnings presentation, 2025
Slide 1: Corporate Presentation Q2 2025
CORPORATE PRESENTATION Q2 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 1 Company overview Contents 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 231 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 fee’s, TI’s and maintenance 0.4 CASH FLOW FROM OPERATIONS BUILDINGS + 1.2 IMPROVME
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: 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 13: 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 14: Strong Market Fundamentals
Strong Market Fundamentals
Slide 15: 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 16: 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 17: High occupancy, supported by a strong demand
High occupancy, supported by a strong demand (Q2 2025) MIN. MAX. UNDER UNDER GROSS NET MARKET SIZE AVAILABLE ASKING ASKING *SF *INDUSTRIAL MARKET VACANCY CONSTRUCTION CONSTRUCTI ABSORPTION ABSORPTION (SF) (SF) PRICE PRICE DELIVERED GROWTH (SF) ON BTS (SF) (SF) (SF) (US/SF) (US/SF) Chihuahua 932,259
Slide 18: Differentiated Portfolio and Strong Financial Track Record
Differentiated Portfolio and Strong Financial Track Record
Slide 19: 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 7,098,436 North West Buildings 32 Sq. ft 6,529,725 Clients 21 Buildings 59 Land bank acres 117.62 Clients 52 17% Land bank acres 91.95 16% Bajio North Sq. ft 8,236,85835 Buildings 27 Clients 455.44 Land bank acres
Slide 20: 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 June 30, 2025) (% of Occupied GLA, as of June 30, 2025) 4.9
Slide 21: Diversified industry profile and strong tenant credit
Diversified industry profile and strong tenant credit Automotive Logistics 10.0% E-commerce Automotive 24.4% Logistics Manufacturing 41.8% 58.2% Aerospace 6.3% Paper 1.1% Aerospace Food and Beverage 0.4% Energy 3.2% Other 10.2% Electronics 4.9% Other Vehicles 4.3% Plastics 2.0% Medical Devices 1.3%
Slide 22: 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 23: 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% 3% 58% 7% 57% 10% 55% 97% 50% 3% 5% 94% 46% 46% 47% 3% 2% 93% 46% 8% 43% 44% 42% 90% 8% 97% 95% 35% 36% 36% 9% 97% 98% 33% 34% 32% 32% 92% 31% 27% 27% 26% 92% 23% 21% 2
Slide 24: 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) 85.0% 84.1% 84.2% 84.5% 84.8% 87. 0% 97.2% 97.3% 96.7% 84.0% 83.7% 84.0% 83.5% 84.1% 83.5% 95.3% 95.
Slide 25: Long-term debt at fixed rates, with solid liquidity position
Long-term debt at fixed rates, with solid liquidity position… 30/06/2025 Rate Maturity Secured Debt 3.8 years average maturity & MetLife II $150.0 4.6% Aug-26 4.5% average interest rate MetLife III $118.0 4.8% Nov-27 15 MetLife Top Off $26.6 4.8% Aug-26 Total Secured Debt $294.6 Unsecured Debt 2017
Slide 26: Accretive development drives strong FFO results and attractive dividend
Accretive development, plus accelerated leasing activity and divestments, drive strong FFO results and pay attractive dividend $4.50 yield 9.0% 3.99 $4.00 $3.50 $3.00 5.9% 6.0% 2.63 2.73 5.1% 4.9% 4.9% 2.40 $2.50 4.1% 1.99 1.94 $2.00 3.8% 1.80 3.5% 1.74 2.00 1.68 1.53 3.0% 2.9% $1.50 1.36 3.0% 2.9%
Slide 27: Attractive Discount: Higher Book Net Asset Value vs Market Price
Attractive Discount: Higher Book Net Asset Value vs Market Price Average Discount/Premium1 23.1% 9.8% 14.3% Figures in US$ M 2Q24 2Q25 % change 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 -0.6% 2025 2025 Properties 3,552 3,708 4.4% -16.5% -16.3% Land 101 208 106.6% -22.6%
Slide 28: ESG at the core of our business
ESG at the core of our business
Slide 29: Leader in Environmental, Social and Governance Best Practices
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 30: 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 31: 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 32: 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 33: Appendix
Appendix Y LL
Slide 34: Quarterly Results
Quarterly Results Quarterly Revenue Quarterly Adjusted EBITDA and EBITDA margin 67 67 84.5% 85.2% 84.1% 82.3% 82.7% 65 55 55 64 52 52 63 50 2Q24 3Q24 4Q24 1Q25 2Q25 2Q24 3Q24 4Q24 1Q25 2Q25 Revenue Adj EBITDA Adj EBITDA margin Quarterly Vesta FFO Quarterly Adjusted NOI and NOI margin³ 45 94.7% 94.2%
Slide 35: Case Studies - Toluca
Case Studies - Toluca Vesta Park Toluca II 2014 GLA 1.47 6 Million sf Operations Start Year Buildings
Slide 36: Case Studies - Guadalajara
Case Studies - Guadalajara Vesta Park Guadalajara, phase I 2020 GLA 3.3 8 Operations Start Year Million sf Buildings
Slide 37: Case Studies – Guadalupe, Monterrey
Case Studies – Guadalupe, Monterrey Vesta Park Guadalupe 2021 GLA 498 2 Operations Start Year K sf Buildings
Slide 38: Case Studies - Tijuana
Case Studies - Tijuana Mega Region Park 2022 GLA 1.2 6 Operations Start Year Million sf Buildings Source: Vesta
Slide 39: 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 40: 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 41: Non-IFRS Financial Measures and Reconciliations
Non-IFRS Financial Measures and Reconciliations Adj EBITDA and Adj NOI For the Three-Month 6 months Period Ended June 30, Cumulative 2025 2024 2025 2024 (millions of US$) Profit for the period 27.7 109.3 42.6 234.2 (+) Total income tax expense 26.8 22.5 40.4 48.3 (-) Interest income (0.4) (4.1) (1.4
Slide 42: Non-IFRS Financial Measures and Reconciliations (Cont’d)
Non-IFRS Financial Measures and Reconciliations (Cont’d) Net Debt and Ratio Data As of June 30, As of June 30, 2025 2024 Total Assets 4,016.3 3,957.9 Total Debt 900.4 847.1 Current Portion of Long Term Debt 5.0 49.9 Long term Debt 895.4 797.2 Direct Issuance cost 9.4 10.1 (-) Cash and cash Equivalen
Slide 43: Thank you
Thank you
Corporación Inmobiliaria Vesta, S.A.B. de C.V. — Q2 2025 Earnings Presentation on 6ix