MEXICO CITY--(BUSINESS WIRE)--October 23, 2025--
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, 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.
Q3 2025 Highlights
-- Vesta has revised its full year 2025 guidance: EBITDA margin is
expected to reached 84.5%, an increase from prior guidance of 83.5%,
reflecting the Company's continued expense control discipline. Per
previously issued guidance, revenue and adjusted NOI margin are expected
to be solidly achieved between 10.0-11.0% and 94.5%, respectively.
-- Vesta delivered strong financial results for the third quarter 2025:
total income reached US$ 72.4 million; a 13.7% year over year increase,
while total income excluding energy reached US$ 69.9 million; a 14.5%
increase compared to US$ 61.1 million in the third quarter 2024. Third
quarter 2025 Adjusted NOI1 margin and Adjusted EBITDA2 margin reached
94.4% and 85.3%, respectively.
-- Vesta FFO reached US$ 47.4 million for the third quarter 2025; a 16.5%
increase compared to US$ 40.7 million in the third quarter 2024, while
Vesta FFO per share reached US$ 0.055; a 20.1% year over year increase.
-- Third quarter 2025 leasing activity reached 1.7 million sf: 600
thousand sf in new contracts with existing and new Vesta tenants in the
electronics, e-commerce and automotive sectors reflecting improving
market dynamics, and 1.1 million sf in lease renewals with an average
weighted lease life of approximately six years. Vesta began construction
on one new building in Guadalajara and delivered 1.3 million sf of new
buildings during the third quarter 2025. Vesta's third quarter 2025
stabilized portfolio occupancy reached 94.3%.
-- Third quarter 2025 renewals and re-leasing reached 1.2 million sf with
a trailing twelve-month weighted average spread of 12.4%. Same-store NOI
increased by 2.4% year over year.
-- On September 30, 2025, the Company announced the successful closing of
US$ 500 million senior unsecured notes at a 5.50% interest rate due 2033,
strengthening Vesta's balance sheet, providing financial flexibility and
enabling continued execution of Vesta's long term strategy, also with
progress towards a fully unsecured capital structure. The issuance
received a credit rating of BBB-/Positive by both S&P Global Ratings and
Fitch. A portion of the proceeds will be used to prepay existing debt and
subsequent to the quarter's end, on October 9, 2025, Vesta paid its
Metlife II credit facility and related incremental facility of US$ 150
million and US$ 26.6 million, respectively.
-- During the third quarter Vesta sold an 80,604 square foot building in
Ciudad Juarez for US$ 5.5 million- an approximately 10% premium to
appraisal value- aligned with Vesta's strategy to opportunistically
recycle assets.
-- Subsequent to quarter's end, on October 22, 2025, Vesta acquired 330
acres of land in Monterrey, in the high-demand Monterrey-Apodaca Airport
Highway corridor, with an initial payment of US$ 46.9 million, equivalent
to 50% of the total price. The deal included 2-year seller financing,
providing flexible capital deployment. The site benefits from a strategic
location next to the Monterrey International Airport and Nuevo
León's Research and Technology Innovation Park, offering exceptional
connectivity and direct access to a highly skilled labor pool. With this
acquisition, Vesta has secured almost all of the land required to deliver
the Company's Route 2030.
-- Vesta paid US$ 17.4 million in dividends for the third quarter of 2025,
equivalent to MXN$ 0.3751 per ordinary share, on October 15, 2025.
9 months
---------------------------- ------- ------- ------ -------------- ------
Financial Indicators
(million) Q3 2025 Q3 2024 Chg. % 2025 2024 Chg. %
---------------------------- ------- ------- ------ ------ ------ ------
Total Rental Income 72.4 63.7 13.7 206.8 187.3 10.4
---------------------------- ------- ------- ------ ------ ------ ------
Total Revenues (-) Energy 69.9 61.1 14.5 200.3 180.8 10.8
---------------------------- ------- ------- ------ ------ ------ ------
Adjusted NOI 66.1 57.6 14.7 190.0 171.5 10.8
---------------------------- ------- ------- ------ ------ ------ ------
Adjusted NOI Margin % 94.4% 94.3% 94.9% 94.9%
---------------------------- ------- ------- ------ ------ ------ ------
Adjusted EBITDA 59.7 51.9 15.0 170.0 152.0 11.9
---------------------------- ------- ------- ------ ------ ------ ------
Adjusted EBITDA Margin % 85.3% 85.0% 84.9% 84.1%
---------------------------- ------- ------- ------ ------ ------ ------
EBITDA Per Share 0.0696 0.0587 18.5 0.1973 0.1705 15.7
---------------------------- ------- ------- ------ ------ ------ ------
Total Comprehensive Income 27.6 43.4 (36.3) 71.3 276.7 (74.2)
---------------------------- ------- ------- ------ ------ ------ ------
Vesta FFO 47.4 40.7 16.5 135.5 118.3 14.6
---------------------------- ------- ------- ------ ------ ------ ------
Vesta FFO Per Share 0.0552 0.0460 2010.5 0.1573 0.1327 1856.2
---------------------------- ------- ------- ------ ------ ------ ------
Vesta FFO (-) Tax Expense 41.5 35.2 18.0 115.3 87.9 31.2
---------------------------- ------- ------- ------ ------ ------ ------
Vesta FFO (-) Tax Expense
Per Share 0.0484 0.0398 21.7 0.1339 0.0986 35.8
---------------------------- ------- ------- ------ ------ ------ ------
Diluted EPS 0.0322 0.0490 (34.4) 0.0828 0.3104 (73.3)
---------------------------- ------- ------- ------ ------ ------ ------
Shares (average) 858.3 884.8 (3.0) 861.4 891.3 (3.4)
---------------------------- ------- ------- ------ ------ ------ ------
-- Third quarter 2025 total revenues reached US$ 72.4 million; a 13.7%
year on year increase from US$ 63.7 million in the third quarter 2024.
Total revenues excluding energy increased to US$ 69.9 million; a 14.5%
year on year increase from US$ 61.1 million in 2024 due to US$ 7.8
million in new revenue-generating contracts and a US$ 1.9 million
inflationary favorably impact on third quarter 2025 results.
-- Third quarter 2025 Adjusted Net Operating Income (Adjusted NOI)
increased 14.7% to US$ 66.1 million, compared to US$ 57.6 million in the
third quarter 2024. The third quarter 2025 Adjusted NOI margin was 94.4%;
a 16-basis-point year on year increase due to higher rental income while
the proportion of costs relative to rental income decreased, resulting in
a higher margin.
-- Adjusted EBITDA for the quarter increased 15.0% to US$ 59.7 million, as
compared to US$ 51.9 million in the third quarter 2024. The Adjusted
EBITDA margin was 85.3%; a 34-basis-point increase primarily due to
higher revenue during the quarter, while administrative expenses as a
percentage of rental income declined due to Vesta's continued expense
control discipline.
-- Third quarter 2025 Vesta funds from operations after tax (Vesta FFO (-)
Tax Expense) increased to US$ 41.5 million, from US$ 35.2 million for the
same period in 2024. Vesta FFO after tax per share was US$ 0.0484 for the
third quarter 2025 compared with US$ 0.0398 for the same period in 2024;
a 21.7% increase. This increase is due to higher EBITDA as well as fewer
shares outstanding in the third quarter 2025. Third quarter 2025 Vesta
FFO excluding current tax was US$ 47.4 million compared to US$ 40.7
million in the third quarter 2024 due to an increase in third quarter
2025 profit compared to the same period in 2024.
-- Third quarter 2025 total comprehensive income was US$ 27.6 million
versus a US$ 43.4 million gain in the third quarter 2024, primarily due
to lower gain on revaluation and higher taxes during the third quarter
2025.
-- The total value of Vesta's investment property portfolio was US$ 3.9
billion as of September 30, 2025; a 5.9% increase compared to US$ 3.7
billion at the end of December 31, 2024.
For a full version of Corporación Inmobiliaria Vesta Third Quarter 2025 Earnings Release, please visit: https://ir.vesta.com.mx/financial-results
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