Vesta: 2Q26 Conference Call Highlights

研报英文原文证据摘录

Vesta: 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

23 July 2026

Vesta Overweight

VESTA.MX, VESTA* MM

2Q26 Conference Call Highlights Price (22 Jul 26):Ps59.44

Mexico Real Estate

Industrial Real Estate Trends: Demand is broadening in composition rather than Adrian E Huerta AC

simply expanding, with the AI/data-center complex now the most visible (52-81) 8152-8720

incremental driver. Activity in Guadalajara, Ciudad Juárez and Tijuana is being adrian.huerta@jpmorgan.com

pulled by electronics players supplying hyperscalers, plus the industrial J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

manufacturing needed to cool and power data centers (air-conditioning, cabling, Felipe Barragan Sanchez

electric panels, etc.) in Monterrey and the north. Autos continue to sign leases as (52-55) 5283-1666

the supply chain re-adapts to Mexico's benefit, San Luis Potosí showed a clear felipe.barragan@jpmorgan.com

inflection with a stronger pipeline and no asking rent cuts after a slow stretch, and J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

elevated Tijuana vacancy was reframed as a location problem in poor sub-regions

Marcelo Motta

rather than a demand problem. Spec development remains disciplined "spec-to-

(55-11) 4950-6712

suit," with Guadalajara starts and the new airport-adjacent Vesta Park Monterrey marcelo.g.motta@jpmorgan.com

validating the build-ahead-of-identified-demand approach. Banco J.P. Morgan S.A.

Jonathan S. Koutras

USMCA Annual Reviews: Clients are proceeding in a "zombie USMCA" (55-11) 4950-3549

environment, making decisions despite the lack of full clarity. Management sees jonathan.s.koutras@jpmchase.com

the annual-revision scenario as the one under which companies will continue to Banco J.P.