Vesta Announces First Quarter 2026 Earnings Conference Call and Webcast Mar 24, 2026 4:10 PM Eastern Daylight Time Share MEXICO CITY--(BUSINESS WIRE)--Corporación Inmobiliaria Vesta, S.A.B. de C.V. (NYSE: VTMX, BMV: VESTA) ("Vesta") announced today that the Company's First Quarter 2026 financial results will be released after market close on Thursday, April 23, 2026. Vesta will host a conference call to discuss its results. Conference Call Details: Friday, April 24, 2026 11:00 a.m. ET / 9:00 a.m. Mexico Cit ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________. OR o SHELL COMPANY ...

Financial Data and Key Metrics Changes - Vesta's total rental income increased to $283.2 million, with rental revenues reaching $273.6 million, an 11.8% year-on-year increase, exceeding the upper end of the full year revenue guidance of 10%-11% [20][21] - Adjusted NOI margin reached 94.8%, exceeding the revised guidance of 94.5%, while adjusted EBITDA margin was 84.4% [20][21] - Vesta's FFO totaled $174.9 million in 2025, a 9.2% increase compared to $160.1 million in 2024 [20][21] Business Line Data and Key Metrics Changes - Full year leasing activity reached 6.9 million sq ft, with a weighted average lease term of 7 years, including 1.9 million sq ft in new leases and 5.0 million in lease renewals, representing the highest level of renewals recorded over the last 3 years [8][10] - In the fourth quarter, leasing activity reached 1.9 million sq ft, including 770,000 sq ft of new leases, with total portfolio occupancy standing at 89.7% [10][11] Market Data and Key Metrics Changes - 86% of Vesta's new leases were manufacturing-related, with electronics leading this activity, reflecting Mexico's position as the largest exporter of electrical and electronic equipment to the U.S. [9][10] - The Monterrey market showed strong leasing momentum, with Vesta Park Apodaca attracting significant interest from advanced manufacturing and logistics tenants [12][14] Company Strategy and Development Direction - Vesta is focused on disciplined capital allocation and selective development, with a strong emphasis on high-conviction markets such as Mexico City, Guadalajara, and Monterrey [5][6] - The company is executing its Route 2030 strategy, having invested approximately $330 million in projects during the year, positioning itself for future demand cycles [10][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand cycle beginning in 2026, with a strong pipeline of leasing activity expected to continue [5][16] - The broader macro backdrop is increasingly constructive, with Mexico's fundamentals remaining compelling, supported by strong foreign direct investment and export growth [17][18] Other Important Information - Vesta's balance sheet remains strong, with $337 million in cash and cash equivalents and total debt of $1.28 billion, indicating solid liquidity [24] - The company has a disciplined approach to capital allocation, including a share repurchase program and a commitment to paying dividends [25][89] Q&A Session Summary Question: Resilience of Development Pipeline Amid USMCA Review - Management believes Mexico's integrated supply chain will continue to thrive despite uncertainties regarding the USMCA, with strong demand from global companies in manufacturing [28][30] Question: Leasing in Recently Completed Development Projects - Management confirmed that occupancy is currently at 93.8%, with confidence in leasing new developments in Querétaro and Monterrey throughout 2026 [39][40] Question: Revenue Growth Guidance Drivers - The guidance for revenue growth considers new leases, stabilization of occupied buildings, and inflation-indexed leases, indicating a strong pipeline for 2026 [55][58] Question: Stability of Rents Despite Increased Vacancies - Management attributes stable rents to disciplined development and a strong demand for manufacturing and logistics, with no major risks anticipated for rent decreases [64][66] Question: Development Pipeline Mix Between Build-to-Suit and Spec Buildings - Vesta plans to maintain a balanced approach between build-to-suit and spec buildings, anticipating continued demand and leasing activity [72][74] Question: Impact of Nissan's Plant Sale in Aguascalientes - Management views the potential sale of Nissan's plant as an opportunity for new suppliers, maintaining a positive outlook for the region despite Vesta's decreasing relevance there [81][82] Question: Asset Recycling Considerations - Management confirmed that asset recycling will continue as part of their growth strategy, with plans to sell stabilized assets [88][89]

Financial Data and Key Metrics Changes - Vesta reported total rental income of $283.2 million for 2025, with rental revenues increasing by 11.8% year-on-year to $273.6 million, exceeding the upper end of the revenue guidance of 10%-11% [20][21] - Adjusted NOI margin reached 94.8%, surpassing the revised guidance of 94.5%, while adjusted EBITDA margin was 84.4% [20][21] - FFO totaled $174.9 million, a 9.2% increase from $160.1 million in 2024 [20][21] Business Line Data and Key Metrics Changes - Full year leasing activity reached 6.9 million sq ft, with 1.9 million sq ft in new leases and 5.0 million sq ft in lease renewals, marking the highest level of renewals in the last three years [8][10] - In the fourth quarter, leasing activity was 1.9 million sq ft, including 770,000 sq ft of new leases [10][11] - The weighted average lease term was approximately seven years, with a trailing 12-month weighted average leasing spread of 10.8% [8][10] Market Data and Key Metrics Changes - Manufacturing accounted for 86% of Vesta's new leases in 2025, with electronics leading this activity [9][10] - The Monterrey market showed strong leasing momentum, with Vesta Park Apodaca attracting significant interest from advanced manufacturing and logistics tenants [12][14] - Vacancy levels remain healthy, and rents are increasing across markets, supported by disciplined supply [14][15] Company Strategy and Development Direction - Vesta is focused on long-term strategic clarity with operational flexibility, aiming to capture a powerful demand cycle beginning in 2026 [5][6] - The company is executing its Route 2030 strategy, having invested approximately $330 million in projects during 2025 [10][16] - Vesta plans to maintain a disciplined investment approach, deploying capital selectively in markets with strong demand fundamentals [25][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the broader macro backdrop, indicating a renewed acceleration in demand for 2026 [16][18] - The integration of Mexico into North American supply chains is expected to support sustained export momentum, reinforcing Mexico's role as a strategic manufacturing and logistics hub [17][18] - Management remains disciplined in capital allocation and is closely monitoring supply pipelines and vacancy trends [19][18] Other Important Information - Vesta's balance sheet remains strong, with $337 million in cash and cash equivalents and total debt of $1.28 billion [24] - The company has transitioned to a fully unsecured capital structure, enhancing financial flexibility [24] - Vesta's project in Vesta Park Punta Norte is set to become the largest cross-docking operation in Latin America for e-commerce players [15] Q&A Session Summary Question: Resilience of Development Pipeline Amid USMCA Review - Management believes Mexico's integrated supply chain will continue to thrive despite uncertainties regarding USMCA reviews, with strong demand from global companies in Guadalajara and Querétaro [27][30] Question: Leasing in Recently Completed Development Projects - Management confirmed that occupancy is currently at 93.8%, with confidence in leasing new developments in Querétaro and Monterrey throughout 2026 [36][39] Question: Revenue Growth Guidance Drivers - The guidance for revenue growth considers new leases, stabilization of occupied buildings, and inflation-indexed existing leases [55][58] Question: Stability of Rents Despite Rising Vacancies - Management attributes stable rents to strong demand and disciplined development, with expectations for rents to hold or increase [64][66] Question: Development Pipeline Mix Between Build-to-Suit and Spec Buildings - Vesta plans to maintain a balanced approach between build-to-suit and spec buildings, anticipating more demand and leasing activity [71][72] Question: Impact of Nissan's Plant Sale in Aguascalientes - Management views the potential sale of Nissan's plant as a positive opportunity for the sector, with expectations of new suppliers benefiting from the plant [78][82] Question: Asset Recycling Plans - Management confirmed that asset recycling will continue as part of their growth strategy, with plans to sell stabilized assets [88][92]

Financial Data and Key Metrics Changes - Vesta reported total rental income of $283.2 million for 2025, with rental revenues increasing by 11.8% year-on-year to $273.6 million, exceeding the upper end of the revenue guidance of 10%-11% [19][20] - Adjusted NOI margin reached 94.8%, surpassing the revised guidance of 94.5%, while adjusted EBITDA margin was 84.4% [19][20] - Funds from Operations (FFO) totaled $174.9 million, a 9.2% increase from $160.1 million in 2024 [19][20] Business Line Data and Key Metrics Changes - Full year leasing activity reached 6.9 million sq ft, with 1.9 million sq ft in new leases and 5.0 million sq ft in lease renewals, marking the highest level of renewals in the last three years [6][9] - In the fourth quarter, leasing activity was 1.9 million sq ft, including 770,000 sq ft of new leases [9][10] - 86% of new leases in 2025 were manufacturing-related, with electronics leading this activity [7][8] Market Data and Key Metrics Changes - The Monterrey market showed strong leasing momentum, with significant interest from advanced manufacturing and logistics tenants [11][12] - Vacancy levels remain healthy, and rents are increasing across markets, supported by disciplined supply [12][13] - Exports from Mexico grew 7.6% year-on-year to approximately $664.8 billion, indicating strong integration with North American supply chains [16][17] Company Strategy and Development Direction - Vesta is focused on long-term strategic clarity with operational flexibility, aiming to capture a powerful demand cycle beginning in 2026 [4][5] - The company is executing its Route 2030 strategy, having invested approximately $330 million in projects aligned with high-conviction markets [9][14] - Vesta plans to maintain a disciplined investment approach, deploying capital selectively in markets with strong demand fundamentals [22][23] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the broader macro backdrop, indicating a renewed acceleration in demand for 2026 [15][17] - The company is confident in its ability to adapt to market conditions and capitalize on unique opportunities as they arise [4][5] - Management noted that the integration of Mexico into North American trade flows supports sustained export momentum, reinforcing Mexico's role as a strategic manufacturing hub [16][17] Other Important Information - Vesta's balance sheet remains strong, with $337 million in cash and cash equivalents and total debt of $1.28 billion [22] - The company has transitioned to a fully unsecured capital structure, enhancing financial flexibility [22] - Vesta's project in Vesta Park Apodaca was awarded the GRI Global Award for Industrial and Logistic Project of the Year, highlighting its excellence in design and sustainability [11] Q&A Session Summary Question: How resilient is the current development pipeline under potential USMCA review uncertainties? - Management believes Mexico's integrated supply chain will continue to thrive despite potential trade negotiations, with strong demand from global companies [25][27] Question: What is the occupancy of the buildings expected to deliver in 2025? - Current portfolio occupancy is at 93.8%, with confidence in leasing new buildings due to strong demand from existing clients [34][37] Question: What are the main drivers behind the revenue growth guidance for 2026? - The guidance considers new leases starting in early 2026, stabilization of existing buildings, and inflation-indexed leases [53][56] Question: What is the outlook for asset recycling in 2026? - Asset recycling will continue as part of the growth plan, with opportunities to sell stabilized assets [86][90]

Exhibit 99.1 Q4 2025 EARNINGS RESULTS Conference Call Friday, February 20, 2026 9:00 a.m. (Mexico City Time) 10:00 a.m. (Eastern Time) To participate in the conference call please connect via webcast or by dialing: International Toll-Free: +1 (888) 350-3870 International Toll: +1 (646) 960-0308 International Numbers: https://events.q4irportal.com/custom/access/2324/ Participant Code: 1849111 Webcast: https://events.q4inc.com/attendee/167506719 The replay will be available two hours after the call has ended ...

Group 1 - Vesta will release its Fourth Quarter 2025 financial results after market close on February 19, 2026 [1] - A conference call to discuss the results is scheduled for February 20, 2026, at 10:00 a.m. ET [2] - The call will be accessible via webcast and international dialing options, with a replay available for one week [2][3] Group 2 - Vesta is a real estate owner, developer, and asset manager of industrial buildings and distribution centers in Mexico [3] - As of September 30, 2025, Vesta owned 235 properties across 16 states in Mexico, totaling a Gross Leasable Area (GLA) of 43.0 million square feet (4.0 million square meters) [3] - The company serves various industries, including automotive, aerospace, retail, high-tech, pharmaceuticals, electronics, food and beverage, and packaging [3]

Core Insights - Corporación Inmobiliaria Vesta has signed three new lease agreements totaling over 550 thousand square feet, indicating ongoing progress in its Route 2030 strategic growth plan [1] Company Summary - Vesta is a fully-integrated, internally managed real estate company focused on owning, managing, developing, and leasing industrial properties in Mexico [1] - The company expresses satisfaction with the continued confidence shown by businesses in Mexico [1]

Core Insights - Corporación Inmobiliaria Vesta, S.A.B. de C.V. (NYSE:VTMX) is recognized as a strong investment opportunity in the Mexican stock market, with a Buy rating reaffirmed by Barclays analyst Pablo Monsivais and a price target set at $40 [1] Financial Performance - In Q3 2025, Vesta reported total revenues of $72.4 million, reflecting a year-over-year increase of 13.7% compared to Q3 2024, driven by $7.8 million from new revenue-generating contracts and a $1.9 million positive impact from inflation [2] - Excluding energy income, revenues for the quarter were $69.9 million, marking a 14.5% year-over-year growth, primarily attributed to the core rental and related business [3] - Adjusted net operating income (Adjusted NOI) increased by 14.7% year-over-year to $66.1 million, with an adjusted NOI margin of 94.4%, which is approximately 16 basis points higher than the previous year [3] Management Outlook - Management emphasized strong leasing momentum and tenant demand as key factors contributing to revenue growth, alongside new contracts and inflation adjustments that enhanced rental income [4] - The company has revised its full-year 2025 guidance, now anticipating an EBITDA margin of about 84.5% and revenue growth between 10% and 11% for the year [4] Company Overview - Corporación Inmobiliaria Vesta, S.A.B. de C.V. is a fully-integrated industrial real estate company based in Mexico City, focusing on the acquisition, development, management, and leasing of industrial buildings and distribution facilities throughout Mexico [5]

Financial Data and Key Metrics Changes - Total income for Q3 2025 reached $72.4 million, a 13.7% year-over-year increase, while total income excluding energy reached $69.9 million, a 14.5% increase [6][17] - Adjusted net operating income increased 14.7% to $66.1 million, with an adjusted NOI margin of 94.4%, reflecting higher operating leverage [17] - Adjusted EBITDA totaled $59.7 million, a 15% increase year-over-year, with a margin expansion of 34 basis points to 85.3% [17] - FFO, including current tax, increased 16.5% year-over-year to $47.4 million [17] - The company revised its full-year 2025 guidance, expecting EBITDA margin to reach 84.5% and revenue growth between 10% and 11% [16][17] Business Line Data and Key Metrics Changes - Total leasing activity for Q3 2025 reached 1.7 million sq ft, with 597,000 sq ft in new leases and 1.1 million sq ft in renewals [7] - The overall portfolio occupancy reached 89.7%, with stabilized and same-store occupancy at 94.3% and 94.8% respectively [8] - The retention rate remains high, and rents on rollovers continue to trend upward, indicating strong tenant relationships [5] Market Data and Key Metrics Changes - In Monterrey, the company completed construction of Apodaca Park, with strong interest from advanced manufacturing and logistics companies [9] - Ciudad Juárez saw a market turnaround with a 130 basis point contraction in overall vacancy and 1.3 million sq ft of net absorption [10] - Tijuana is experiencing slower recovery due to high vacancy from recent supply influx, but early signs of reactivation are noted [11] - Guadalajara maintained a healthy 2.8% vacancy rate, while Mexico City reported record absorption year-to-date, with a low vacancy of 2% [12] Company Strategy and Development Direction - The company is focused on its Route 2030 growth strategy, emphasizing land acquisitions and infrastructure readiness [9][15] - Vesta aims to be selective in tenant selection, particularly in high-demand areas like Monterrey [9] - The company is prioritizing markets with visible tenant demand and plans to direct capital towards land and infrastructure readiness [15] Management's Comments on Operating Environment and Future Outlook - Management noted encouraging signs of improvement in leasing momentum and tenant demand, indicating a normalization of the market [5] - The company is confident in its ability to capture anticipated demand in 2026, supported by improving demand indicators [8] - Management highlighted the importance of energy supply and collaboration with federal authorities to enhance reliability for industrial users [14][58] Other Important Information - The company completed a $500 million senior unsecured notes offering, enhancing liquidity and extending maturity profiles [18] - Vesta sold an 80,604 sq ft building in Ciudad Juárez for $5.5 million, aligning with its strategy to recycle assets [15][19] - The company has nearly completed its land bank to support the Route 2030 strategy [9] Q&A Session Summary Question: Long-term development pipeline acceleration - Management indicated positive demand signals across most markets, with a focus on mid to long-term growth for Route 2030, while being cautious ahead of the USMCA review [21][23] Question: Demand from existing vs. new tenants - Demand is coming from both existing tenants and new companies, particularly in sectors like electronics and aerospace [24][26] Question: Update on leasing activity in October - Management confirmed leasing activity has picked up, with successful leases in various regions [30][31] Question: Sustainability of improved EBITDA margins - Management expects EBITDA margins to remain strong, with a focus on maintaining a low-cost base [40][41] Question: Indicators for launching new developments - Decisions are based on internal data, occupancy trends, and demand from existing tenants [64][66] Question: Trends in real estate taxes and insurance costs - No major adjustments in insurance costs or real estate taxes are expected, with costs being competitive for tenants [88][90]