Corporación Inmobiliaria Vesta (VESTA) Q4 2025 earnings summary

Executive summary

• Disciplined execution advanced Route 2030, with strategic land positions in Monterrey, Mexico City and Guadalajara supporting long-term growth.

• Portfolio comprised 231 Class A industrial properties totaling 43.0M sf, with 89.7% occupancy and 93.6% stabilized occupancy at year-end.

• Leasing accelerated in the second half amid demand from logistics and e-commerce and a resurgence in advanced manufacturing, particularly electronics.

Financial highlights

• FY2025 rental revenue rose 11.8% to $273.6M, above guidance; Adjusted NOI margin was 94.8% and Adjusted EBITDA margin was 84.4%.

• FY Adjusted NOI reached $259.4M and Adjusted EBITDA $231.1M, up 12.0% and 13.1%, respectively.

• Q4 revenue increased 17.2% to $76.4M; Adjusted NOI rose 17.1% to $69.4M and Adjusted EBITDA grew 18.2% to $61.1M.

• FY FFO increased 9.2% to $174.9M; Q4 FFO fell 4.3% to $39.3M, while after-tax FFO was $3.4M, mainly reflecting higher current taxes tied to peso appreciation.

Outlook and guidance

• 2026 rental revenue growth projected at 10.0%-11.0%, with Adjusted NOI margin of ~93.5% and Adjusted EBITDA margin of ~83%.

• Route 2030 targets 63.0M sf of GLA and doubled rental revenue to $489M by 2030, supported by a $1.7B CAPEX program.

• 2026 development pace to remain prudent and calibrated to demand, with capital deployment prioritizing infrastructure and shovel-ready land.