Vesta (VESTA.MX): First Take: 2Q26 Earnings: Better than Expected Occupancy; Softer FFO

Research evidence excerpt

Vesta (VESTA.MX): First Take: 2Q26 Earnings: Better than Expected Occupancy; Softer FFO

Equity Research

22 July 2026 | 11:20PM BRT

Vesta (VESTA.MX): First Take: 2Q26 Earnings: Better than Expected

Occupancy; Softer FFO

Our Take: We expect a neutral to positive reaction to Vesta shares following 2Q26 Jorel Guilloty

+55(11)3372-3522 |

results. On the positive side lease revenue came 2% ahead of BBG and GS while jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

occupancy came 110 bps higher than expected at 91.7%. Key driver for the better

Igor Machado

number vs GS was lease up in Mexico City, where the portfolio went from 14% +55(11)3372-0227 |

vacancy to fully leased. The company noted that new leases were driven by a number igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

of industries including technology infrastructure, electronics, automotive and

logistics sectors. EBITDA was about in-line with GS (US$61 mm vs US$60 mm) though

pre-tax FFO was a 4% miss on higher financial costs. For the call tomorrow we will

focus on the outlook for lease up for the markets with more elevated vacancy levels

including Tijuana, Monterrey in the North and SLP and Queretaro in the Bajio.

Further we seek to understand how the company views recent data from CBRE which

suggests that while demand remain challenged, particularly in most Northern

markets, the potential leasing pipeline grew by 55% y/y to 1.9 mm sqm (pipeline of

projects in the market for next 12-16 months); see 2Q26 Markets Analysis: USMCA

Uncertainty Drives Demand Headwinds, Yet Material Leasing Pipeline Growth for

more details.

Development pipeline: We note that Vesta added 2 projects on the development

pipeline which now have on total 165k sqm under construction, a 14% increase q/q.