Corporación Inmobiliaria Vesta Reports Fourth Quarter 2025 Earnings Results

Key Terms

ifrs financial

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

u.s. gaap financial

U.S. GAAP is a set of rules and standards that companies in the United States follow to prepare their financial reports. It helps ensure that financial information is consistent and clear, so investors and others can compare and understand a company's financial health easily.

adjusted noi financial

Adjusted NOI (Adjusted Net Operating Income) is a property’s rental income minus routine operating costs, with one-time, unusual, or non-recurring items added back or removed to show the property’s typical cash-earning power. Think of it like looking at a household budget after excluding a large, one-off repair to see usual monthly spending; investors use adjusted NOI to compare properties, value assets, and estimate steady cash flow more reliably.

adjusted ebita financial

Adjusted EBITA is a measure of a company’s operating profit before interest, taxes and amortization, further modified to remove one-time or unusual items so it reflects ongoing business earnings. It matters to investors because it aims to show the company’s core cash-making ability — like listening to an engine without road noise — making comparisons across periods or peers easier, though companies may differ in what they exclude.

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.

leed-certified technical

LEED-certified means a building or project has earned a widely recognized rating for energy efficiency, resource use and environmental design, awarded after meeting third-party standards. For investors, it signals lower operating costs, potential higher tenant demand and reduced regulatory or reputational risk—similar to buying a car with a high fuel-efficiency and safety rating, you often pay more upfront but expect lower ongoing costs and steadier resale value.

edge certification technical

EDGE certification is a green-building label that verifies a building or project uses significantly less energy, water and materials than a typical design, similar to a stamp of approval for an energy-efficient appliance. For investors, it signals lower operating costs, reduced regulatory and climate risk, and stronger appeal to tenants or buyers who value sustainability, which can improve long-term returns and asset resilience.

sustainability-linked bond financial

A sustainability-linked bond is a debt instrument whose interest cost changes based on whether the borrower meets specific, measurable environmental or social goals—for example cutting emissions or improving workplace diversity. Investors pay attention because the bond directly ties the borrower’s financial outcomes to its real-world sustainability performance, affecting returns, credit risk and reputation; it's like a loan that rewards or penalizes behavior based on agreed targets.

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 fourth quarter ended December 31, 2025. 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.

Q4 2025 Highlights

• Vesta delivered solid financial results for the full-year 2025. Total rental income increased to US$ 283.2 million, while rental revenues reached US$ 273.6 million, representing a 11.8% year over year increase and exceeding the upper end of the Company's 10-11% full year revenue guidance. Adjusted Net Operating Income (Adjusted NOI¹) margin reached 94.8% in 2025, exceeding revised guidance of 94.5%, while Adjusted EBITDA² margin reached 84.4%, in line with the revised guidance of 84.5%. Vesta Funds From Operations (Vesta FFO) totaled US$ 174.9 million in 2025 at; a 9.2% increase compared to US$ 160.1 million in 2024.
  
  
• Vesta achieved strong leasing activity in 2025, totaling 6.9 million square feet (sf), including 1.9 million sf in new leases and 5.0 million in lease renewals, representing the highest level of renewals in the last three years, which resulted in a weighted lease term of seven-years.
  
  
• Renewals and re-leasing activity in 2025 reached 5.4 million sf, with a trailing twelve-month weighted average spread of 10.8%.
  
  
• Fourth quarter 2025 leasing activity reached 1.9 million sf: 771 thousand sf in new leases with existing and new Vesta tenants in the electronics, aerospace and automotive sectors, reflecting improving market dynamics. Lease renewals accounted for 1.2 million sf, with a weighted average lease term of approximately five years. Total portfolio occupancy reached 89.7% at quarter's end, while stabilized and same-store occupancy reached 93.6% and 95.0%, respectively.
  
  
• During the quarter, Vesta began construction on two new buildings: one inventory building in Guadalajara and one built-to-suit in Querétaro. Construction in progress totaled 0.8 million sf as of the end of the fourth quarter 2025, representing an estimated investment of approximately US$ 59.0 million and an expected yield on cost of 9.9%.
  
  
• On October 9, 2025, the Company repaid its Metlife II credit facility and the related incremental facility, totaling US$ 150 million and US$ 26.6 million, respectively. Subsequent to quarter-end, on February 17, Vesta prepaid its Metlife III facility of US$ 118 million. These repayments further strengthen the Company's balance sheet, leaving Vesta with no secured debt and enhancing overall financial flexibility.
  
  
• Vesta paid dividends of US$ 17.4 million for the fourth quarter of 2025, equivalent to MXN$ 0.3751 per ordinary share, on January 19, 2026.
  
  
• In 2025, the Company was included within the S&P/BMV Total ESG Mexico Index for the sixth consecutive year and was also included within the S&P Global Sustainability Yearbook for the third consecutive year. In addition, Vesta has surpassed the targets associated with its sustainability-linked bond issued in early 2021, ending 2025 with 19 new LEED-certified buildings and 19 buildings with EDGE certification. As a result, approximately 54% of the Company's gross leasable area (GLA) is now certified. Vesta is also among the leading companies in the MSCI ESG ratings, achieving an AA rating for the second consecutive year.

2026 Guidance

For 2026, Vesta expects rental revenues to increase in the range of 10.0-11.0%, with an Adjusted NOI margin of approximately 93.5% and an Adjusted EBITDA margin of approximately 83%, while maintaining solid performance across key operational metrics.³

				12 months
Financial Indicators (million)	Q4 2025	Q4 2024	Chg. %	2025	2024	Chg. %
Total Rental Income	76.4	65.2	17.2	283.2	252.3	12.2
Total Revenues (-) Energy	73.4	63.3	16.0	273.6	244.8	11.8
Adjusted NOI	69.4	59.3	17.1	259.4	231.5	12.0
Adjusted NOI Margin %	94.6%	93.7%		94.8%	94.6%
Adjusted EBITDA	61.1	51.7	18.2	231.1	204.4	13.1
Adjusted EBITDA Margin %	83.3%	81.7%		84.4%	83.5%
EBITDA Per Share	0.0712	0.0590	20.8	0.2684	0.2314	16.0
Total Comprehensive Income	172.4	(66.6)	(358.6)	243.7	210.2	15.9
Vesta FFO	39.3	41.1	(4.3)	174.9	160.1	9.2
Vesta FFO Per Share	0.0458	0.0469	(227.2)	0.2031	0.1813	1201.3
Vesta FFO (-) Tax Expense	3.4	39.6	(91.4)	118.7	128.2	(7.4)
Vesta FFO (-) Tax Expense Per Share	0.0039	0.0452	(91.3)	0.1379	0.1452	(5.0)
Diluted EPS	0.2008	(0.0760)	(364.3)	0.2830	0.2380	18.9
Shares (average)	858.4	877.1	(2.1)	861.1	883.3	(2.5)

• Fourth quarter 2025 total revenues reached US$ 76.4 million; a 17.2% year on year increase from US$ 65.2 million in the fourth quarter 2024. Total revenues excluding energy increased to US$ 73.4 million; a 16.0% year on year increase from US$ 63.3 million in 2024 due to US$ 8.6 million in new revenue-generating contracts and a US$ 2.2 million favorable inflationary impact on fourth quarter 2025 results.
  
  
• Fourth quarter 2025 Adjusted NOI increased 17.1% to US$ 69.4 million, compared to US$ 59.3 million in the fourth quarter 2024. Adjusted NOI margin for the fourth quarter was 94.6%; a 88-basis-point year over year increase, driven by higher rental income and a decreased proportion of costs relative to rental income.
  
  
• Adjusted EBITDA for the quarter increased 18.2% to US$ 61.1 million, compared to US$ 51.7 million in the fourth quarter 2024. Adjusted EBITDA margin for the quarter was 83.3%; an 155-basis-point increase primarily driven by higher revenues and a decline in administrative expenses as a percentage of rental income, reflecting Vesta's continued expense control discipline.
  
  
• Fourth quarter 2025 Vesta funds from operations after tax (Vesta FFO Less Tax Expense) decreased to US$ 3.4 million, compared to US$ 39.6 million for the same period in 2024. Vesta FFO after tax per share was US$ 0.0039 for the fourth quarter 2025, compared with US$ 0.0452 for the same period in 2024; a 91.3% decrease. This decline was primarily due to higher current tax expense during the quarter, mainly as a result of Mexican peso appreciation. Fourth quarter 2025 Vesta FFO excluding current tax was US$ 39.3 million, compared to US$ 41.1 million in the fourth quarter 2024. The decrease was primarily due to higher interest expense in the fourth quarter of 2025 compared to the same period in 2024.
  
  
• Fourth quarter 2025 total comprehensive income was a gain of US$ 172.4 million, compared to a US$ 66.6 million loss in the fourth quarter 2024, primarily due to a positive impact from deferred taxes during the fourth quarter 2025.
  
  
• The total value of Vesta’s investment property portfolio was US$ 4.1 billion as of December 31, 2025; an 11.7% increase compared to US$ 3.7 billion at the end of December 31, 2024.

For a full version of Corporación Inmobiliaria Vesta Fourth Quarter 2025 Earnings Release, please visit: https://ir.vesta.com.mx/financial-results

CONFERENCE CALL INFORMATION

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 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 December 31, 2025, Vesta owned 234 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.
3 These amounts are estimates and are based on management’s current expectations. Amounts are subject to change and Vesta undertakes no responsibility to update this outlook. The Company is unable to present a quantitative reconciliation of expected NOI margin and expected Adjusted EBITDA margin which are forward-looking non-IFRS measures, because the Company cannot reliably predict certain of their necessary components, such as gain on revaluation of investment property, exchange gain (loss) – net, or gain on sale of investment property, among others.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219555425/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.