Corporación Inmobiliaria Vesta (VESTA) Investor Day 2026 summary

Market outlook and demand

• Industrial demand is being shaped by traditional manufacturing exports, AI-related electronics and e-commerce logistics; Mexico’s e-commerce penetration is projected to reach 25% by 2030.

• Mexico electronics exports are projected to grow 59% from 2024 to 2026; U.S. electronics consumption is projected to rise 29%, with Mexico accounting for 41% of projected electronics import growth.

• 2026 leasing activity shows signs of recovery; market updates cited rising demand in AI electronics and data-center supply chains, alongside continued e-commerce logistics demand in major metros.

Route 2030 growth plan

• 2030 targets: US$6.5B asset value and 59.7M SF GLA, versus US$3.7B and 43.1M SF in 2024; revenue excluding energy targets US$470M, versus US$251M in 2024.

• Route 2030 targets NAV per share of US$5.0+ and Vesta FFO per share of US$0.3+ by 2030; projected CAGRs from 3Q26 are 6.1%+ and 10.7%+, respectively.

• Value creation combines the existing portfolio and a growth program: 2030 value of US$4.46B and US$2.05B, respectively, with US$1.02B planned growth-program capex for 2027–2030.

• The 16.0M SF growth program targets key industrial markets; seven new parks represent 12.0M SF and US$1.1B total investment, including US$620M remaining capex.

• New Vesta Parks target ~10.1% return on cost; planned projects include Monterrey (4.9M SF, US$432M), Guadalajara II (2.6M SF, US$204M) and Paso del Norte (1.7M SF, US$154M).

Financial framework

• Portfolio occupancy is approaching targets of 97.0% for same-store assets and 96.0% at stabilization; the 12-year historical average was 96.1%.

• Planned year-end LTV remains 22%–23% through 2030; net debt/EBITDA is projected at 3.3x–3.5x over 2026–2030.

• 80% of US$1,085M debt matures in 2031 or later; 2026–2028 maturities are US$75M, or 7% of total, and weighted average debt cost is 4.8%.

• Development investment is planned at levels broadly consistent with historical annual investment; Route 2030 also targets disciplined capital allocation and continued low leverage through the growth cycle.