Corporación Inmobiliaria Vesta Reports First Quarter 2026 Earnings Results

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A set of globally accepted accounting rules companies use to prepare financial statements so their numbers speak the same language across borders. For investors, IFRS matters because it makes it easier to compare profitability, assets and liabilities between companies the way a common recipe or measuring tape lets you judge two cakes or two rooms fairly, which helps assess value and risk more reliably.

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adjusted net operating income financial

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funds from operations financial

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

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MEXICO CITY--(BUSINESS WIRE)-- 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 first quarter ended March 31, 2026. All figures included herein were prepared in accordance with International Financial Reporting Standards (IFRS), which differs 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.

Q1 2026 Highlights

• Vesta delivered solid financial results for the first quarter 2026. Total rental income increased to US$ 76.7 million, while rental revenues reached US$ 74.0 million, a 14.1% sequential increase. Adjusted Net Operating Income (Adjusted NOI¹) margin reached 95.1% for the first quarter 2026, while Adjusted EBITDA² margin reached 83.9%. Vesta Funds From Operations (Vesta FFO) totaled US$ 43.1 million for the first quarter 2026; a slight 4.1% decrease compared to US$ 45.0 million for the first quarter of 2025.

• First quarter 2026 leasing activity reached 1.6 million sf, including 1.0 million square feet (sf) in new leases with existing and new Vesta tenants in the logistics, electronics and aerospace sectors reflecting improving market dynamics. Lease renewals accounted for 0.6 million sf, with a weighted average lease term of approximately five years. Total portfolio occupancy reached 89.7% by quarter's end, while stabilized and same-store occupancy reached 93.4% and 95.0%, respectively.

• Renewals and re-leasing activity for the last twelve-months reached 4.8 million sf, with a trailing twelve-month weighted average spread of 9.1%.

• Increasing market activity led the Company to commence construction on three new buildings: one inventory building in Tijuana and two inventory buildings in Mexico City, reflecting the continued successful implementation of the Vesta 2030 strategy. Construction in progress totaled 1.6 million sf as of the end of the first quarter 2026, representing an estimated investment of approximately US$ 146.7 million, of which 50.0% was pre-leased, with an expected yield on cost of 10.1%.

• Vesta announced that on February 17, 2026, it had prepaid its MetLife III facility for US$ 118 million. As a result, the Company has no secured debt, further strengthening its balance sheet while enhancing overall financial flexibility.

• Subsequent to quarter-end, on April 22, 2026, Vesta held its General Shareholders' Meeting, at which shareholders approved a 2026 dividend of US$ 74.8 million, representing a 7.5% year over year increase. Vesta will pay a total dividend of US$ 18.7 million for the first quarter of 2026 on May 6, 2026.

Financial Indicators (million)	Q1 2026	Q1 2025	Chg. %
Total Rental Income	76.7	67.1	14.4
Total Revenues (-) Energy	74.0	64.9	14.1
Adjusted NOI	70.4	62.1	13.4
Adjusted NOI Margin %	95.1%	95.7%
Adjusted EBITDA	62.1	55.3	12.4
Adjusted EBITDA Margin %	83.9%	85.2%
EBITDA Per Share	0.0723	0.0637	13.5
Total Comprehensive Income	107.6	12.3	774.7
Vesta FFO	43.1	45.0	(4.1)
Vesta FFO Per Share	0.0502	0.0518	(309.4)
Vesta FFO (-) Tax Expense	37.9	36.1	4.9
Vesta FFO(-) Tax Expense Per Share	0.0441	0.0416	6.0
Diluted EPS	0.1253	0.0142	783.7
Shares (average)	859.0	867.9	(1.0)

• First quarter 2026 total revenues reached US$ 76.7 million; a 14.4% year over year increase from US$ 67.1 million in the first quarter 2025. Total revenues excluding energy increased to US$ 74.0 million; a 14.1% year over year increase from US$ 64.9 million in 2025 due to US$ 8.1 million in new revenue-generating contracts and a US$ 2.0 million favorable inflationary impact on first quarter 2026 results.

• First quarter 2026 Adjusted NOI increased 13.4% to US$ 70.4 million, compared to US$ 62.1 million in the first quarter of 2025. Adjusted NOI margin for the first quarter was 95.1%; a 62 basis point year over year decrease, primarily driven by an increased proportion of costs relative to rental income.

• Adjusted EBITDA for the quarter increased 12.4% to US$ 62.1 million, compared to US$ 55.3 million in the first quarter 2025. Adjusted EBITDA margin for the quarter was 83.9%; a 130 basis point decrease primarily driven by higher costs and increased administrative expenses, year over year.

• First quarter 2026 Vesta funds from operations after tax (Vesta FFO Less Tax Expense) increased to US$ 37.9 million, compared to US$ 36.1 million for the same period in 2025. Vesta FFO after tax per share was US$ 0.0441 for the first quarter of 2026, compared to US$ 0.0416 for the same period in 2025, a 6.0% increase. This increase was primarily due to a favorable tax expense impact during the quarter, primarily driven by deferred tax effects.

• First quarter 2026 Vesta FFO excluding current tax was US$ 43.1 million, compared to US$ 45.0 million in the first quarter of 2025. The decrease was primarily due to higher interest expense in the first quarter of 2026 compared to the same period in 2025.

• First quarter 2026 total comprehensive income was a gain of US$ 107.6 million, compared to a US$ 12.3 million gain in the first quarter of 2025, primarily due to a higher gain on revaluation of investment properties and a favorable tax impact during the first quarter of 2026.

• The total value of Vesta’s investment property portfolio was US$ 4.2 billion as of March 31, 2026; a 2.4% increase compared to US$ 4.1 billion at the end of December 31, 2025.

For a full version of Corporación Inmobiliaria Vesta First Quarter 2026 Earnings Release, please visit: https://ir.vesta.com.mx/financial-results

CONFERENCE CALL INFORMATION

Conference Call
Friday, April 24, 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 (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/586656108

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

About Vesta

Vesta is a leading real estate owner, developer and asset manager of industrial buildings and distribution centers in Mexico. As of March 31, 2026, Vesta owned 231 properties located in modern industrial parks across 16 states in Mexico, totaling 43.0 million sf (4.0 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 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.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260423543244/en/

Juan Sottil
CFO
+52 55 5950-0070 ext. 133
jsottil@vesta.com.mx
investor.relations@vesta.com.mx

Fernanda Bettinger
IRO
+52 55 5950-0070 ext. 163
mfbettinger@vesta.com.mx

Barbara Cano
InspIR Group
+1 (646) 452-2334
barbara@inspirgroup.com

Source: Corporación Inmobiliaria Vesta S.A.B. de C.V.