Corporación Inmobiliaria Vesta Reports Third Quarter 2026 Earnings Results

Higher revenue guidance accompanied lower quarterly funds from operations and declining operating margins.

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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 third quarter ended September 30, 2026. All figures included herein were prepared in accordance with International Financial Reporting Standards (IFRS), which differ 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.

Q3 2026 Highlights

• Vesta has revised its full-year 2026 guidance: Revenue is expected to increase by between 11.5% and 12.5%, an increase from the previously projected 10% to 11% increase, reflecting higher-than-expected rental income from new properties leased during the year. Adjusted NOI and Adjusted EBITDA margins are expected to reach 94.0% and 84.0%, respectively, an increase from prior guidance of 93.5% and 83.0%, reflecting the Company's continued focus on expense discipline.
• Vesta delivered strong financial results for the third quarter of 2026. Total rental revenue increased to US$ 79.6 million, while rental revenue excluding energy reached US$ 77.5 million, a 10.8% year over year increase. Adjusted Net Operating Income (Adjusted NOI¹) margin was 94.1% for the third quarter 2026, while Adjusted EBITDA² margin was 84.1%. Vesta Funds from Operations (Vesta FFO), totaled US$ 47.1 million for the third quarter 2026, a 0.7% decrease compared to US$ 47.4 million for the third quarter of 2025.
• Third quarter 2026 leasing activity reached 2.3 million square feet (sf), including a record 1.6 million sf of new leases signed with leading companies across the electronics, e-commerce, logistics, automotive and consumer goods sectors, reflecting strong leasing momentum across multiple regions of Mexico. Lease renewals accounted for 0.7 million sf, with a weighted average lease term of approximately five years. Total portfolio occupancy improved by 220 basis points sequentially, reaching 93.9% at quarter end, while stabilized and same-store occupancy reached 93.9% and 95.5%, respectively.
• Renewals and re-leasing activity for the third quarter totaled 1.3 million sf, with a trailing 12-month weighted average leasing spread of 10.0%. Same-store NOI for the third quarter 2026 increased by 4.4% year over year.
• As leasing momentum continues to build, Vesta began construction of five new inventory buildings: one in Ciudad Juárez, three in Monterrey and one in Guanajuato, in markets where our occupancy has increased significantly over the past year and where demand continues to strengthen. During the quarter, Vesta delivered two buildings: one in Guadalajara, ahead of its originally scheduled fourth-quarter delivery, and one building in Querétaro, both of which were fully occupied upon delivery. Following these construction starts and deliveries, construction in progress totaled 3.3 million sf at the end of the third quarter 2026, representing an estimated investment of approximately US$ 282.5 million. The projects under construction are currently unleased and have an expected yield on cost of 10.2%.
• During the third quarter, S&P Global Ratings and Fitch Ratings upgraded Vesta's long-term issuer credit rating to BBB with stable outlook from BBB- with positive outlook. These actions reflect both agencies' recognition of the strength and quality of Vesta's portfolio and reinforce the Company's financial flexibility, liquidity and strong balance sheet.
• On September 9, 2026, the Company announced the prepayment of US$ 105 million in outstanding principal under two private financing agreements, retiring both obligations ahead of their scheduled maturities. These prepayments enhance Vesta's financial flexibility and leave the Company with no significant debt maturities in the coming years.
• Subsequent to quarter's end, on October 1, 2026, the Company acquired a land parcel in Mexico with 688,000 square feet of buildable area. This acquisition represents Vesta's continued progress in fulfilling the land requirements aligned with the Vesta Route 2030 strategy.
• Also subsequent to quarter's end, on October 15, 2026, Vesta paid a cash dividend of US$ 18.7 million for the third quarter of 2026, equivalent to MXN$ 0.3669 per ordinary share.

								9 months
Financial Indicators (million)		Q3 2026		Q3 2025		Chg. %		2026		2025		Chg. %
Total Rental Income		79.6		72.4		9.9		234.8		206.8		13.6
Total Revenues (-) Energy		77.5		69.9		10.8		227.6		200.3		13.6
Adjusted NOI		72.9		66.1		10.4		214.8		190.0		13.1
Adjusted NOI Margin %		94.1%		94.4%				94.4%		94.9%
Adjusted EBITDA		65.2		59.7		9.2		190.9		170.0		12.3
Adjusted EBITDA Margin %		84.1%		85.3%				83.9%		84.9%
EBITDA Per Share		0.0694		0.0696		-0.2		0.2123		0.1973		7.6
Total Comprehensive Income		112.6		27.6		307.9		317.9		71.3		345.7
Vesta FFO		47.1		47.4		-0.7		136.3		135.5		0.6
Vesta FFO Per Share		0.0501		0.0552		-9.2		0.1516		0.1573		-3.6
Vesta FFO (-) Tax Expense		33.6		41.5		-19.0		101.8		115.3		-11.7
Vesta FFO (-) Tax Expense Per Share		0.0358		0.0484		-26.0		0.1132		0.1339		-15.4
Diluted EPS		0.1199		0.0322		272.8		0.3536		0.0828		327.0
Shares (average)		939.0		858.3		9.4		899.2		861.4		4.4

• Third quarter 2026 total rental revenues were US$ 79.6 million; a 9.9% year over year increase from US$ 72.4 million in the third quarter 2025. Total revenues excluding energy increased to US$ 77.5 million; a 10.8% year over year increase from US$ 69.9 million in 2025, driven by US$ 8.3 million in revenue from new contracts and a favorable inflationary impact of US$ 2.6 million.
• Third quarter 2026 Adjusted NOI increased 10.4% to US$ 72.9 million, compared to US$ 66.1 million in the third quarter of 2025. Adjusted NOI margin for the third quarter was 94.1%; a 33 basis point year over year decrease, primarily driven by an increased proportion of costs relative to rental income.
• Adjusted EBITDA for the quarter increased 9.2% to US$ 65.2 million, compared with US$ 59.7 million in the third quarter 2025. Adjusted EBITDA margin for the quarter was 84.1%, a 123 basis point decrease primarily due to higher costs and increased administrative expenses compared with the prior-year period.
• Third quarter 2026 Vesta FFO excluding current tax was US$ 47.1 million, compared to US$ 47.4 million in the third quarter of 2025. The decrease was primarily due to higher interest expense for the period.
• Third quarter 2026 Vesta funds from operations after tax (Vesta FFO less tax expense) decreased to US$ 33.6 million, compared to US$ 41.5 million in the prior-year period. Vesta FFO after tax per share was US$ 0.0358 for the third quarter of 2026, compared with US$ 0.0484 for the same period in 2025, representing a 26.0% decrease. This decrease primarily reflected higher current tax expense during the quarter and a higher number of shares outstanding following the equity offering earlier this year.
• Third quarter 2026 total comprehensive income was US$ 112.6 million, compared with US$ 27.6 million in the third quarter of 2025, primarily due to a higher gain from the revaluation of investment properties and a favorable tax impact during the quarter.
• The total value of Vesta’s investment property portfolio was US$ 4.5 billion as of September 30, 2026, representing an 8.5% increase from US$ 4.1 billion as of December 31, 2025.

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

CONFERENCE CALL INFORMATION

Conference Call
Friday, October 23, 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 (833) 461-5787
International Toll:	+1 (585) 542-9983
International Numbers:	https://help.events.q4inc.com/eahc/international-dial-in-numbers
Participant Code:	260 989 460
Webcast:	https://events.q4inc.com/attendee/260989460

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 September 30, 2026, Vesta owned 233 properties located in modern industrial parks across 16 states in Mexico, totaling 43.7 million sf (4.1 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/20261021820612/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.

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.

us gaap financial

U.S. GAAP is the set of official accounting rules and standards companies in the United States use to record and report their financial results. Like a common recipe book for financial statements, it makes company reports consistent and easier to compare, so investors can better judge profitability, risk and trends when deciding to buy, hold or sell shares.

yield on cost financial

Yield on cost is the annual income return (usually dividends or interest) from an investment expressed as a percentage of the original purchase price. It is calculated by dividing the current annual income received from the holding by the price originally paid and multiplying by 100. The measure shows how much income the original outlay now produces, but it does not account for changes in the security’s current market value or total return from price gains or losses.

gross leasable area technical

Total floor area in a commercial property that can be leased to tenants, measured in square feet or meters and excluding shared spaces like corridors, lobbies, service rooms and structural elements. Investors use it as a simple measure of a building’s income-generating capacity—like counting the number of rentable storefronts in a mall—to estimate potential rental revenue, compare properties, evaluate occupancy, and help determine property value and returns.