Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Condensed Consolidated Interim Financial Statements for the three-month periods ended March 31, 2026 and 2025
Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Condensed Consolidated Interim Financial Statements for three-month periods ended March 31, 2026 and 2025 Table of contents Page Unaudited Condensed Consolidated Interim Statements of Financial Position 2 Unaudited Condensed Consolidated Interim Statements of Profit and Other Comprehensive Income 3 Unaudited Condensed Consolidated Interim Statements of Changes in Stockholders’ Equity 4 Unaudited Condensed Consolidated Interim Statements of Cash Flows 5 Notes to Unaudited Condensed Consolidated Interim Financial Statements 7
2 Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Financial Position As of March 31, 2026 and December 31, 2025 (In US dollars) Assets Notes March 31, 2026 (Unaudited) December 31, 2025 Current assets: Cash, cash equivalents and restricted cash 5 $ 206,144,514 $ 336,901,283 Recoverable taxes 6 46,677,011 47,539,115 Operating lease receivables 7 8,923,211 8,769,879 Prepaid expenses and other current assets 7.vi 10,240,158 4,141,257 Total current assets 271,984,894 397,351,534 Non-current assets: Investment properties 8 4,228,244,698 4,129,443,925 Office furniture – Net 2,209,903 2,256,393 Right-of-use assets - Net of depreciation 9 1,342,007 1,419,215 Investment in associates 3,551,554 3,533,419 Security deposits made, restricted cash and others 6,465,893 8,455,208 Total non-current assets 4,241,814,055 4,145,108,160 Total assets $ 4,513,798,949 $ 4,542,459,694 Liabilities and stockholders’ equity Current liabilities: Current portion of long-term debt 10 $ - $ 1,782,124 Lease liabilities – short-term 9.3 650,378 641,300 Accrued interest 11,831,693 10,038,053 Accounts payable 3 d 29,747,785 30,798,915 Income taxes payable 1,054,400 14,154,365 Accrued expenses and taxes 4,731,061 7,280,266 Dividends payable 11.4 - 17,384,493 Total current liabilities 48,015,317 82,079,516 Non-current liabilities: Long-term debt 10 1,175,684,483 1,273,419,269 Lease liabilities - long-term 9.3 732,895 814,746 Security deposits received 31,338,832 30,028,335 Long-term payable 3 d 23,413,771 23,413,771 Employee benefits 11 2,927,708 3,662,878 Deferred income taxes 17 373,013,747 381,284,437 Total non-current liabilities 1,607,111,436 1,712,623,436 Total liabilities 1,655,126,753 1,794,702,952 Stockholders’ equity: Capital stock 11.1 582,284,638 579,978,180 Additional paid-in capital 11.3 893,860,348 884,174,713 Retained earnings 1,421,742,961 1,320,760,427 Share-based payments reserve 19 (1,445,470) 7,257,867 Foreign currency translation (37,770,281) (44,414,445) Total stockholders’ equity 2,858,672,196 2,747,756,742 Total liabilities and stockholders’ equity $ 4,513,798,949 $ 4,542,459,694 See accompanying notes to unaudited condensed consolidated interim financial statements.
3 Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income For the three-month periods ended March 31, 2026 and 2025 (In US dollars) For the three-month periods ended Notes March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Revenues: Rental income 12 $ 76,749,154 $ 67,039,010 Management fees - 24,648 76,749,154 67,063,658 Property operating costs related to properties that generated rental income 13.1 (6,170,651) (4,445,843) Property operating costs related to properties that did not generate rental income 13.1 (1,257,801) (758,698) General and administrative expenses 13.2 (9,775,131) (8,924,602) Interest income 2,089,174 1,025,445 Other income 14 3,636,548 1,563,173 Other expenses 15 (1,590,478) (518,562) Finance cost 16 (18,954,965) (10,285,252) Exchange loss – Net (251,994) (96,271) Share of results of associates 37,692 - Gain (loss) on revaluation of investment property 8 53,435,678 (16,038,206) Profit before income taxes 97,947,226 28,584,842 Income tax benefit (expense) 17 3,035,308 (13,663,554) Profit for the period 100,982,534 14,921,288 Other comprehensive gain - Net of tax: Items that may be reclassified subsequently to profit and loss: Exchange differences on translating other functional currency operations 6,644,164 (2,617,114) Total other comprehensive income 6,644,164 (2,617,114) Total comprehensive income for the period $ 107,626,698 $ 12,304,174 Basic earnings per share 11.5 $ 0.1188 $ 0.0174 Diluted earnings per share 11.5 $ 0.1176 $ 0.0172 See accompanying notes to unaudited condensed consolidated interim financial statements.
4 Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Changes in Stockholders’ Equity For the three-month periods ended March 31, 2026 and 2025 (In US dollars) Capital stock Additional paid-in capital Retained earnings Share-based payments reserve Foreign currency translation Total stockholders’ equity Balances as of January 1, 2025 $ 585,487,257 $ 905,722,252 $ 1,148,396,077 $ 3,884,108 $ (46,205,511) $ 2,597,284,183 Dividends declared - - (69,537,973) - - (69,537,973) Vested shares 2,045,268 6,964,825 - (9,010,093) - - Share-based payments - - - 2,196,456 - 2,196,456 Repurchase of shares (7,511,395) (28,396,389) - - - (35,907,784) Comprehensive income - - 14,921,288 - (2,617,114) 12,304,174 Balances as of March 31, 2025 (Unaudited) 580,021,130 884,290,688 1,093,779,392 (2,929,529) (48,822,625) 2,506,339,056 Balances as of January 1, 2026 579,978,180 884,174,713 1,320,760,427 7,257,867 (44,414,445) 2,747,756,742 Vested shares 2,310,670 9,703,832 - (12,014,502) - - Share-based payments (4,212) (18,197) - 3,311,165 - 3,288,756 Comprehensive income - - 100,982,534 - 6,644,164 107,626,698 Balances as of March 31, 2026 (Unaudited) $ 582,284,638 $ 893,860,348 $ 1,421,742,961 $ (1,445,470) $ (37,770,281) $ 2,858,672,196 See accompanying notes to unaudited condensed consolidated interim financial statements.
5 Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Condensed Consolidated Interim Statements of Cash Flows For the three-month periods ended March 31, 2026, and 2025 (In US dollars) March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Cash flows from operating activities: Profit before income taxes $ 97,947,226 $ 28,584,842 Adjustments: Depreciation 301,926 470,972 Right-of-use assets depreciation 169,370 165,681 (Gain) loss on revaluation of investment properties (53,435,678) 16,038,206 Unrealized effect of foreign exchange rates 6,896,158 (2,520,843) Interest income (2,089,174) (1,025,445) Interest expense 17,837,034 10,654,483 Amortization of debt issuance costs 1,117,931 (369,231) Share of results of associates (37,692) - Expense recognized in respect of share-based payments 3,288,756 2,196,456 Employee benefits and pension costs (735,170) 245,507 Working capital adjustments: (Increase) decrease in: Operating lease receivables – Net (153,332) (1,881,555) Recoverable taxes 862,104 (3,206,073) Guarantee deposits paid 1,254,003 (470,183) Prepaid expenses and other receivables (6,098,901) (7,034,683) Increase (decrease) in: Accounts payable and client advances (22,602,432) (7,451,494) Accrued expenses and taxes (2,549,205) (1,843,846) Guarantee deposits collected 1,310,497 687,932 Interest received 2,089,174 1,025,445 Income taxes paid (18,335,347) (8,373,559) Net cash generated by operating activities 27,037,248 25,892,612 Cash flows from investing activities: Purchases of investment properties (15,482,581) (58,219,038) Purchases of office furniture and vehicles (255,436) (737,594) Net cash used in investing activities (15,738,017) (58,956,632) Cash flows from financing activities: Interest paid (16,019,135) (6,669,770) Loans paid (100,634,841) (45,480,698) Dividends paid (17,384,493) (16,171,622) Repurchase of treasury shares - (35,907,784) Payment of lease liabilities (189,194) (192,800) Net cash used in financing activities (134,227,663) (104,422,674)
6 March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Effects of exchange rates changes on cash (8,563,649) 2,051,008 Net decrease in cash, cash equivalents and restricted cash (131,492,081) (135,435,686) Cash, cash equivalents and restricted cash at the beginning of year 337,636,595 184,856,206 Cash, cash equivalents and restricted cash at the end of the period - Note 5 $ 206,144,514 $ 49,420,520 See accompanying notes to unaudited condensed consolidated interim financial statements.
7 Corporación Inmobiliaria Vesta, S. A. B. de C. V. and Subsidiaries Unaudited Notes to Condensed Consolidated Interim Financial Statements As of March 31, 2026 and December 31, 2025 and for the three-month periods ended March 31, 2026, and 2025 (In US dollars) 1. General information Corporación Inmobiliaria Vesta, S. A. B. de C. V. (“Vesta”) is a corporation incorporated in Mexico. The address of its registered office and principal place of business is Paseo de los Tamarindos 90, 28th floor, Mexico City. Vesta and subsidiaries (collectively, the “Entity”) are engaged in the development, acquisition and operation of industrial buildings and distribution facilities that are rented to corporations in eleven states throughout Mexico. 2. Application of new and revised International Financial Reporting Standards (IFRS) New and amended IFRS Accounting Standards that are effective for the current period There are no accounting pronouncements which have become effective from January 1, 2026, that have a significant impact on the Group’s interim condensed consolidated financial statements. 3. Material accounting policies a. Basis of preparation The unaudited condensed consolidated interim financial statements have been prepared on the historical cost basis except for investment properties and financial instruments that are measured at fair value at the end of each reporting period, as explained in the accounting policies below. i. Historical cost Historical cost is generally based on the fair value of the consideration given in exchange for goods and services. ii. Fair value Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Entity takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these unaudited condensed consolidated interim financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, Share-based Payments.
8 In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and • Level 3 inputs are unobservable inputs for the asset or liability. iii. Going concern The unaudited condensed consolidated interim financial statements have been prepared by Management assuming that the Entity will continue to operate as a going concern. b. Interim financial condensed statements The accompanying unaudited condensed consolidated interim financial statements as of March 31, 2026 have been prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, and have not been audited. In the opinion of Entity management, all adjustments (consisting mainly of ordinary, recurring adjustments) necessary for a fair presentation of the accompanying condensed consolidated interim financial statements are included. The results of the periods are not necessarily indicative of the results for the full year. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited annual consolidated financial statements of the Entity and their respective notes for the year ended December 31, 2025. The accounting policies and methods of computation are consistent with the audited consolidated financial statements for the year ended December 31, 2025. c. Segment The Entity’s primary business is the acquisition, development, and management of industrial and distribution center real estate. Vesta manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. As of March 31, 2026 and December 31, 2025, all of our assets and operations are derived from assets located within Mexico. d. Financial liabilities All financial liabilities are measured subsequently at amortized cost using the effective interest method. Financial liabilities measured subsequently at amortized cost Financial liabilities (including borrowings) that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for-trading, or (iii) designated as at FVTPL, are measured subsequently at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and expenses paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability.
9 For financial liabilities that are denominated in a foreign currency and are measured at amortized cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortized cost of the instruments. These foreign exchange gains and losses are recognized in the ‘exchange (loss) gain - net’ line item in profit or loss for financial liabilities. Modification of contractual cash flows When the contractual cash flows of a financial instrument are modified and does not result in derecognition, differences between the recalculated gross carrying amount and the carrying amount before modification is recognized in profit or loss as modification gain or loss, at the date of modification. Financial liabilities linked to a sustainability factor For sustainability-linked bonds or credit facilities, where compliance with a sustainability factor results in a decrease in the contractual interest rate, the Entity assesses whether the contractual linkage of the interest amount to such sustainability factor meets the definition of an embedded derivative that needs to be bifurcated from the host contract and accounted for separately. To make this assessment, the Entity analyzes whether the sustainability factor is a financial or non-financial variable, which is determined by the impact of such variable on the Entity’s own credit risk. For instruments where the sustainability factor is a financial variable, the Entity has determined that the definition of an embedded derivative is met. However, the economic characteristics and risks of the embedded derivative are deemed to be closely related to the host contract, and therefore, it is not bifurcated. When there are changes in cash flows resulting from changes in interest rates caused by the sustainability factor, the Entity revises the future cash flows and adjusts the effective interest rate accordingly, having no impact on profit or loss. For instruments where the sustainability factor is a non-financial variable, the Entity has determined that the definition of an embedded derivative is not met. When there are changes in cash flows resulting from changes in interest rates caused by the sustainability factor, the Entity revises the future cash flows and discounts them using the original effective interest rate. The difference between the carrying amount before the change and the remeasured carrying amount is recognized immediately in profit or loss. Derecognition of financial liabilities The Entity derecognizes financial liabilities when, and only when, the Entity’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. When the Entity exchanges with the existing lender a debt instrument in another with substantially different terms, that exchange is accounted for as an extinction of the original financial liability and the recognition of a new financial liability. Similarly, the Entity considers the substantial modification of the terms of an existing liability or part of it as an extinction of the original financial liability and the recognition of a new liability. The terms are assumed to be substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective rate, is at least 10% different from the current discounted rate. Value of the remaining cash flows of the original financial liability. If the modification is not material, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after the modification should be recognized in profit or loss as the gain or loss from the modification within other gains and losses. The balance as of March 31, 2026, and December 2025 of short-term accounts payables was:
10 March 31, 2026 (Unaudited) December 31, 2025 Construction in-progress (1) $ 825,261 $ 5,062,001 Land (2) 23,937,534 23,937,534 Existing properties 3,444,991 1,149,283 Others accounts payables 1,539,999 650,097 $ 29,747,785 $ 30,798,915 (1) At the end of fiscal year 2025, the Entity began the construction of three investment properties. The amount represents the advances according to the construction contract, which will be paid during the first quarter of the following year. As of March 31, 2026, the Entity began the construction of three investment properties. (2) During the fourth quarter of 2025, the Entity acquired a land reserve for a total of $97,020,817, of which the Entity paid $46,827,543 up front. The outstanding balance of $47,351,305 is to be paid in semiannual installments starting in April 2026 with a final payment due in October 2027; the long-term payable portion as of December 31, 2025 was $23,413,771. The outstanding balance accrues interest at an annual rate of 5.75%. 4. Critical accounting judgments and key sources of estimation uncertainty In preparing these interim financial statements, management has made judgements and estimates that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the Entity’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual consolidated financial statements. 5. Cash, cash equivalents and restricted cash For purposes of the condensed consolidated interim statement of cash flows, cash and cash equivalents include cash on hand and in banks, including restricted cash. Cash and cash equivalents at the end of the reporting period as shown in the condensed consolidated interim statement of cash flows can be reconciled to the related items in the condensed consolidated interim statements of financial position as follows: March 31, 2026 (Unaudited) December 31, 2025 Cash and cash equivalents $ 206,124,749 $ 336,881,470 Restricted cash 19,765 19,813 206,144,514 336,901,283 Non-current restricted cash - 735,312 Total $ 206,144,514 $ 337,636,595 As of December 31, 2025, restricted cash represents balances held by the Entity that are only available for use under certain conditions pursuant to the loan agreements entered into by the Entity. Such conditions include payment of monthly debt service fee and compliance with certain covenants set forth in the loan agreement. These restrictions are classified according to their restriction period: less than 12 months and over one year, considering the period of time in which such restrictions are fulfilled. Non-current restricted cash was
11 classified within guaranteed deposits made, restricted cash and others in the accompanying condensed consolidated interim statements of financial position. As of March 31, 2026, the debt that gave rise to these restricted cash requirements was prepaid and settled in advance, and the related restrictions were released. Non‑cash transactions Changes in liabilities arising from financing activities not requiring cash relate to a decrease for the amortization of debt issuance costs for $1,117,931 and $369,230 in the three-month periods ended March 31, 2026, and 2025, respectively. Unpaid dividends are included in Note 11.4. Other non-cash investing activities related to investment properties are included in Note 8. 6. Recoverable taxes March 31, 2026 (Unaudited) December 31, 2025 Recoverable value-added tax (“VAT”) $ 39,938,962 $ 41,444,744 Recoverable income taxes 6,652,789 6,000,168 Other recoverable taxes 85,260 94,203 $ 46,677,011 $ 47,539,115 7. Operating lease receivables, prepaid expenses and advance payments i. The aging profile of operating lease receivables as of the dates indicated below are as follows: March 31, 2026 (Unaudited) December 31, 2025 0-30 days $ 5,591,721 $ 5,300,547 30-60 days 52,587 19,157 60-90 days 15,862 46,649 Over 90 days 577,677 612,257 6,237,847 5,978,610 Straight-line lease receivables 2,685,364 2,791,269 Total $ 8,923,211 $ 8,769,879 Pursuant to the lease agreements, rental payments should be received within 30 days following their due date; thereafter the payment is considered past due. As shown in the table above, 63% and 60% of all operating lease receivables are current as of March 31, 2026, and December 31, 2025, respectively. All rental payments past due are monitored by the Entity; for receivables outstanding from 30 to 90 days, efforts are made to collect payment from the respective client. Operating lease receivables outstanding for more than 30 days but less than 60 days represent 0.6% and 0.2% of all operating lease receivables as of March 31, 2026, and December 31, 2025, respectively. Operating lease receivables outstanding for more than 60 and less than 90 days represent 0.2% and 1% of all operating lease receivable as of March 31, 2026, and December 31, 2025, respectively. Operating lease receivables outstanding greater than 90 days represent 6% and 7% of all operating lease receivable as of March 31, 2026, and December 31, 2025, respectively. ii. Movement in the allowance for doubtful accounts receivable Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of the operating lease receivable. The following table shows the movement in expected credit losses that has been recognized for the lease receivable:
12 Amounts Balance as of January 1, 2025 $ 2,042,188 Increase in loss allowance recognized in the period 516,752 Decrease in loss allowance from derecognition of financial assets in the period (232,615) Balance as of March 31, 2025 (Unaudited) 2,326,325 Amounts Balance as of January 1, 2026 1,030,385 Increase in loss allowance recognized in the period 26,029 Decrease in loss allowance from derecognition of financial assets in the period (84,810) Balance as of March 31, 2026 (Unaudited) $ 971,604 iii. Client concentration risk As of March 31, 2026, and December 31, 2025, one of the Entity’s client accounts represents 48% or $3,978,472 (Unaudited) and 51% or $4,515,994 respectively, of the operating lease receivables balance. The same client accounted for 4% (Unaudited) and 4% (Unaudited) of the total rental income of Entity for the three-month periods ended March 31, 2026, and 2025, respectively. No other client accounted for more than 10% of the total rental income of the Entity for the three-month periods ended March 31, 2026, and 2025. iv. Leasing agreements Operating leases relate to non-cancellable lease agreements over the investment properties owned by the Entity, which generally have terms ranging between 5 to 15 years, with options to extend the term up to a total term of 20 years. Rents are customarily payable on a monthly basis and are adjusted annually according to applicable inflation indices (US and Mexican inflation indices). Security deposits are typically equal to one or two months’ rent. Obtaining property insurance (third party liability) and operating maintenance are obligations of the tenants. All lease agreements include a rescission clause that entitles the Entity to collect all unpaid rents during the remaining term of the lease agreement in the event that the client defaults in its rental payments, vacates the properties, terminates the lease agreement or enters into bankruptcy or insolvency proceedings. All lease agreements are classified as operating leases and do not include purchase options. v. Non-cancellable operating lease receivables Future minimum lease payments receivable under non-cancellable operating lease agreements are as follows: As of December 31, March 31, 2026 (Unaudited) December 31, 2025 Not later than 1 year $ 266,509,059 $ 262,387,963 Later than 1 year and not later than 2 years 236,006,393 232,726,281 Later than 2 years and not later than 3 years 206,921,665 205,507,984 Later than 3 years and not later than 4 years 172,757,850 174,301,343 Later than 4 years and not later than 5 years 138,536,313 142,297,376 Later than 5 years 309,935,029 332,774,369 $ 1,330,666,309 $ 1,349,995,316
13 vi. Prepaid expenses, advance payments and other receivables March 31, 2026 (Unaudited) December 31, 2025 Other accounts receivables (1) 862,675 1,644,252 Property expenses 7,406,534 1,486,890 Prepaid expenses 1,970,949 1,010,115 $ 10,240,158 $ 4,141,257 (1) This amount relates to non-tenant improvements carried out by Vesta in Toluca, Lagos and Querétaro Industrial Park and other tenants that remain pending to be collected as of March 31, 2026, and December 31,2025, respectively. 8. Investment properties The Entity uses external appraisers to determine the fair value of its investment properties. The external appraisers hold recognized and relevant professional qualifications and have vast experience in the types of investment properties owned by the Entity. The external appraisers use valuation techniques such as the discounted cash flows approach, replacement cost approach and income cap rate approach. The techniques used to estimate the fair value of the Entity’s investment properties include assumptions, many of which are not directly observable in the market. These assumptions include discount rates, exit cap rates, long-term NOI, inflation rates, absorption periods, and market rents. The values, determined by the external appraisers at each reporting date, are recognized as the fair value of the Entity’s investment properties at such date. The appraisers use a discounted cash flow approach to determine the fair value of land and buildings (using the expected net operating income (“NOI”) of the investment property) and a market approach to determine the fair value of land reserves. Gains or losses arising from changes in the fair values are included in the consolidated statements of profit or loss and other comprehensive (loss) income in the period in which they arise. The Entity’s investment properties are located in Mexico, and they are classified as Level 3 in the IFRS fair value hierarchy. The following table provides information about how the fair values of the investment properties are determined (in particular, the valuation technique and inputs used). Property Fair value hierarchy Valuation techniques Significant unobservable inputs Value/range (Unaudited) Relationship of unobservable inputs to fair value Buildings and land Level 3 Discounte d cash flows Discount rate Q1 2026: 8.00% to 12.23% 2025: 8.00% to 12.14% The higher the discount rate, the lower the fair value. Exit cap rate Q1 2026: 6.50% to 9.73% 2025: 6.50% to 9.25% The higher the exit cap rate, the lower the fair value Long-term NOI Based on contractual rent and then on market related rents The higher the NOI, the higher the fair value. Inflation rates Mexico: Q1 2026: 3.64% to 4.00% 2025: 3.64% to 4.00% U.S.: Q1 2026: 2.20% to 3.00% 2025: 2.20% to 3.00% The higher the inflation rate, the higher the fair value. Absorption 12 months on average The shorter the
14 period absorption period, the higher the fair value. Market Related rents Depending on the park/state The higher the market rent, the higher the fair value Land reserves Level 3 Market value Price per acre Weighted average price per acre is $245,383 in Q1 2026, $256,565 in 2025 The higher the price, the higher the fair value. The table below sets forth the aggregate values of the Entity’s investment properties for the years indicated: March 31, 2026 (Unaudited) December 31, 2025 Buildings and land $ 3,990,330,000 $ 3,854,280,000 Land improvements 769,567 769,567 Land reserves 293,402,944 315,650,000 4,284,502,511 4,170,699,567 Less: Cost to conclude construction in-progress (56,257,813) (41,255,642) Balance at end of period $ 4,228,244,698 $ 4,129,443,925 The reconciliation of investment property is as follows: March 31, 2026 (Unaudited) December 31, 2025 Balance at beginning of year $ 4,129,443,925 $ 3,696,768,269 Additions 37,053,440 377,740,002 Foreign currency translation effect 8,311,655 8,370,535 Disposal of investment properties - (5,100,000) Write-offs from casualties - (409,945) Gain on revaluation of investment property 53,435,678 52,075,064 Balance at end of period $ 4,228,244,698 $ 4,129,443,925 A total of $51,621,557 and $17,704,560 additions to investment property related to land reserves, existing properties and new buildings acquired from third parties that were not paid as of March 31, 2026, and 2025, respectively, and were therefore excluded from the condensed consolidated statements of cash flows for those periods. On August 5, 2025, the Entity sold investment property located in Chihuahua totaling 135,310 square feet for $5,500,000, the cost associated with the sale was $5,100,000, generating a gain in sale of investment property of $400,000. On April 7, 2025, the Entity recognized a loss related to the investment properties in Baja California, the cost associated with the sinister was $409,946. 9. The Entity as lessee 1. Right-of-use: Right-of-use January 1, 2026 Additions Disposals March 31, 2026 (Unaudited) Office space $ 3,828,962 $ 64,992 $ - $ 3,893,954 Vehicles and office equipment 1,520,314 27,170 - 1,547,484 Cost of right-of-use $ 5,349,276 $ 92,162 $ - $ 5,441,438
15 Depreciation of right-of-use Office space $ (2,836,188) $ (109,726) $ - $ (2,945,914) Vehicles and office equipment (1,093,873) (59,644) - (1,153,517) Accumulated depreciation (3,930,061) (169,370) - (4,099,431) Total $ 1,419,215 $ (77,208) $ - $ 1,342,007 Rights to use January 1, 2025 Additions Disposals March 31, 2025 (Unaudited) Office space $ 2,552,121 $ - $ - $ 2,552,121 Vehicles and office equipment 1,154,358 - - 1,154,358 Cost of rights-of-use 3,706,479 - - 3,706,479 Depreciation of rights-of-use January 1, 2025 Additions Disposals March 31, 2025 (Unaudited) Office space $ (2,395,065) (105,078) $ - $ (2,500,143) Vehicles and office equipment (777,622) (60,603) - (838,225) Accumulated depreciation (3,172,687) (165,681) - (3,338,368) Total $ 533,792 $ (165,681) $ - $ 368,111 2. Lease obligations: January 1, 2026, Additions Disposals Interests accrued Repayments March 31, 2026 (Unaudited) Lease liabilities $ 1,456,046 $ 92,162 $ - $ 24,259 $ (189,194) $ 1,383,273 January 1, 2025 Additions Disposals Interests accrued Repayments March 31, 2025 (Unaudited) Lease liabilities $ 558,116 $ - $ - $ 13,810 $ (192,800) $ 379,126 3. Analysis of maturity of lease liabilities: Lease liabilities March 31, 2026 (Unaudited) December 31, 2025 Not later than 1 year $ 719,902 $ 717,288 Later than 1 year and not later than 5 years 774,660 864,080 1,494,562 1,581,368 Less: future finance cost (111,289) (125,322) Total lease liability $ 1,383,273 $ 1,456,046 Lease liability – short-term $ 650,378 $ 641,300 Lease liability – long-term 732,895 814,746 Total lease liability $ 1,383,273 $ 1,456,046
16 10. Long-term debt On September 24, 2025, the Entity issued Senior Notes for a principal amount of $500,000,000 and maturity on January 30, 2033. The Notes were issued pursuant to an indenture entered into among the Entity, and The Bank of New York Mellon, which acted as trustee, register, paying agent, and transfer agent. The Notes were guaranteed on a senior unsecured basis. The notes bear semiannual interest at a rate of 5.500%. As of December 31, 2025, the cost of such debt issuance was $5,350,706.
17 On December 18, 2024, Vesta closed the previously announced $545,000,000 Global Syndicated Sustainable Credit Facility (the "Facility") comprised of a $345,000,000 term loan available through two tranches, for three and five years, with an 18-month availability period and a $200,000,000 Revolving Credit Facility, substituting the Entity prior $200,000,000 in-place un-drawn Revolving Credit Facility. The International Finance Corporation (IFC), BBVA, Citigroup, and Santander acted as Joint Lead Arrangers of the transaction. Tranche I - Three-year $172,500,000 Term Loan, at the equivalent coupon of SOFR plus a 130 basis points applicable margin. Tranche II - Five-year $172,500,000 Term Loan at the equivalent coupon of SOFR plus a 150 basis points applicable margin. Revolving Credit Facility - Four-year $200,000,000 facility at the equivalent coupon of SOFR plus a 150 basis points applicable margin. The three tranches of the Credit Facility are subject to a sustainability pricing adjustment to the applicable margins, equivalent to a reduction of five basis points, which is subject to the Entity compliance of its annual KPI target related to the total certified gross leasable area of the Entity sustainability certified buildings. The Entity paid debt issuance costs in an amount of $5,563,162. On May 13, 2021, the Entity offered $350,000,000 of Senior Notes (“Vesta ESG Global bond 35/8 05/31”) with maturity on May 13, 2031. The notes bear interest at a rate of 3.625%. The cost of such debt issuance was $7,746,222. On June 25, 2019, the Entity entered into a 10-year Senior Note series RC and 12-year Senior Note series RD with various financial institutions, for aggregate amounts of $70,000,000 and $15,000,000, respectively. Each Series RC notes and Series RD notes bear interest on the unpaid balance at the rates of 5.18% and 5.28%, respectively. On May 31, 2018, the Entity entered into an agreement for the issuance and sale of Series A Senior Note of $45,000,000 due on May 31, 2025, and Series B Senior Note of $45,000,000 due on May 31, 2028. Each Series A Note and Series B Note bear interest on the unpaid balance at the rates of 5.50% and 5.85%, respectively. In March 2025, the Entity paid the principal of Serie A Senior Notes. On November 1, 2017, the Entity entered into a loan agreement with Metropolitan Life Insurance Company for $118,000,000 due on December 1, 2027. This loan bears interest at a rate of 4.75%. On September 22, 2017, the Entity entered into an agreement for an issuance and sale Series A Senior Note of $65,000,000 due on September 22, 2024, and Series B Senior Note of $60,000,000 due on September 22, 2027. Each Series A Note and Series B Note bears interest on the unpaid balance of such Series A Note and Series B Note at the rates of 5.03% and 5.31%, respectively, payable semiannually on September 22 and March 22 of each year. In August 2024, the Entity paid the principal of Serie A Senior Notes according to the agreement. On July 27, 2016, the Entity entered into a 10-year loan agreement with Metropolitan Life Insurance Company (“MetLife”) for a total amount of $150,000,000 due in August 2026. In March 2021, under this credit facility, an additional loan was contracted for $26,600,000. On October 9, 2025, the Entity repaid both loans in full ahead of their scheduled maturity. The long-term debt is comprised by the following notes: Loan Amount Annual interest rate Monthly amortization Maturity March 31, 2026 (Unaudited) December 31, 2025 Series B Senior Note 60,000,000 5.31% (2) September 2027 60,000,000 60,000,000 Series B Senior Note 45,000,000 5.85% (2) May 2028 45,000,000 45,000,000 MetLife 10-year 118,000,000 4.75% (1) December 2027 - 100,634,841 Series RC Senior Note 70,000,000 5.18% (3) June 2029 70,000,000 70,000,000 Series RD Senior Note 15,000,000 5.28% (4) June 2031 15,000,000 15,000,000 Vesta ESG Global bond 35/8 05/31 350,000,000 3.63% (5) May 2031 350,000,000 350,000,000 Facility – Tranche I 75,000,000 SOFR + 130 bp (6) December 2027 75,000,000 75,000,000 Facility – Tranche II 75,000,000 SOFR + 150 bp (6) December 2029 75,000,000 75,000,000 Senior Notes 2033 500,000,000 5.50% (7) January 2033 500,000,000 500,000,000 1,190,000,000 1,290,634,841 Less: Current portion - (1,782,124) Less: Direct issuance cost (14,315,517) (15,433,448) Total Long-term debt $ 1,175,684,483 $ 1,273,419,269
18 (1) On November 1, 2017, the Entity entered into a 10-year loan agreement with MetLife, interest on this loan is paid on a monthly basis. The loan bears monthly interest only for 60 months and thereafter monthly amortizations of principal and interest until it matures on December 1, 2027. This loan is secured by 20 of the Entity’s investment properties under a Guarantee Trust. On November 28, 2023, the Entity prepaid $12,194,600 associated with the sale of one investment property under the Guarantee trust. The remaining balance was fully repaid ahead of maturity by March 31, 2026. (2) Series A Senior Notes and Series B Senior Notes are not secured by investment properties of the Entity. The interest on these notes is paid on a monthly basis. The first tranche of Series A Senior Notes, in the amount of $65,000,000, was settled in August 2024. The second tranche, amounting to $45,000,000 and originally maturing in May 2025, was settled early in March 2025. Series B Senior Notes are due in 2027. (3) On June 25, 2019, the Entity entered into a 10-year senior notes series RC to various financial institutions, interest on these loans is paid on a semiannual basis beginning on December 14, 2019. The note payable matures on June 14, 2029. Five of its subsidiaries are jointly and severally liable to repay these notes. (4) On June 25, 2019, the Entity entered into a 12-year note payable to various financial institutions, interest on these loans is paid on a semiannual basis beginning December 14, 2019. The note payable matures on June 14, 2031. Five of its Entity’s subsidiaries are jointly and severally liable to repay these notes. (5) On May 13, 2021, the Entity offered $350,000,000 Senior Notes, Vesta ESG Global bond 35/8 05/31 with maturity on May 13, 2031. Interest is paid on a semiannual basis at an annual interest rate of 3.625%. The cost incurred for this issuance was $7,746,222. (6) On April 8, 2025, the Entity executed a drawdown of $100,000,000 from the Facility loan, apportioned into two tranches of $50,000,000 each, with maturities of three and five years, respectively. On July 30 and 31, 2025, the Entity executed a drawdown of $50,000,000 from the Facility loan, apportioned into two tranches of $25,000,000 each, with maturities of three and five years, respectively. (7) On September 30, 2025, the Entity offered $500,000,000 Senior Notes with maturity on Jan 30, 2033. Interest is paid on a semiannual basis. The transaction costs related with this issuance amount to $5,350,706. These credit agreements require the Entity to maintain certain financial and to comply with certain affirmative and negative covenants. The Entity is in compliance with such covenants as of March 31, 2026. As of December 31, 2025 the credit agreements also entitle MetLife to withhold certain amounts deposited by the Entity in a separate fund as guarantee deposits for the debt service and tenants guarantee deposits of the Entity’s investment properties pledged as collateral. Such amounts are presented as guaranteed deposit assets in the condensed consolidated interim statement of financial position. 11. Capital stock 1. Capital stock as of March 31, 2026, and December 31, 2025, is as follows: March 31, 2026 (Unaudited) December 31, 2025 Number of shares Amount Number of shares Amount Fixed capital Series A 5,000 $ 3,696 5,000 $ 3,696 Variable capital Series B 850,084,156 582,280,942 846,012,932 579,974,484 Total 850,089,156 $ 582,284,638 846,017,932 $ 579,978,180
19 2. Treasury shares As of March 31, 2026, and December 31, 2025, total shares holding in treasury are as follows: March 31, 2026 (Unaudited) December 31, 2025 Treasury shares (1) 27,489,137 29,870,992 Shares in long term incentive plan trust (2) 6,908,143 8,605,614 Total share in treasury 34,397,280 38,476,606 (1) Treasury shares are not included in the Total Capital Stock of the Entity, they represent the total stock outstanding under the repurchase program approved by the resolution of the general ordinary stockholders meeting on March 13, 2020. (2) Shares in long-term incentive plan trust are not included in the Total Capital Stock of the Entity. The trust was established in 2018 in accordance with the resolution of the general ordinary stockholders meeting on January 6, 2015, as the 20-20 Long Term Incentive Plan, this compensation plan was extended for the period 2021 to 2025, “Long Term Incentive Plan” by a resolution of the general ordinary stockholders meeting on March 13, 2020. Such trust was created by the Entity as a vehicle to distribute shares to employees under the mentioned incentive plan (see Note 19 and is consolidated by the Entity. The shares granted to the eligible executives and deposited in the trust accrue dividends for the employee any time the ordinary shareholders receive dividends and those dividends do not need to be returned to the Entity if the executive forfeits the granted shares. 3. Fully paid ordinary shares Number of shares Capital stock Additional paid-in capital Balance as of January 1, 2025 857,134,276 $ 585,487,257 $ 905,722,252 Vested shares 4,227,426 2,045,268 6,964,825 Share-based payments 126,226 65,627 283,509 Repurchase of shares (15,469,996) (7,619,972) (28,795,873) Balance as of December 31, 2025 846,017,932 579,978,180 884,174,713 Vested shares 4,079,326 2,310,670 9,703,832 Share-based payments (8,102) (4,212) (18,197) Balance as of March 31, 2026 (Unaudited) 850,089,156 $ 582,284,638 $ 893,860,348 4. Dividend payments Pursuant to a resolution of the General Ordinary Stockholders Meeting on March 19, 2025, the Entity declared dividends totaling $69,537,973, approximately $0.081 per share, to be paid in four equal installments of $17,384,493 each. The four installments were paid on April 15, 2025, July 15, 2025, October 15, 2025 and January 19, 2026.
20 5. Earnings per share For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Basic earnings per share: Earnings attributable to ordinary share to outstanding $ 100,982,534 $ 14,921,288 Weighted average number of ordinary shares outstanding 850,308,299 857,565,318 Basic earnings per share $ 0.1188 $ 0.0174 For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Diluted earnings per share: Earnings attributable to ordinary shares outstanding and shares in Incentive Plan Trust $ 100,982,534 $ 14,921,288 Weighted average number of ordinary shares plus shares in Incentive Plan trust 859,019,796 867,857,105 Diluted earnings per share $ 0.1176 $ 0.0172 12. Rental income For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Rents $ 68,231,260 $ 60,572,715 Reimbursable building services 5,808,192 4,290,385 Energy income 2,709,702 2,175,910 Total rental income $ 76,749,154 $ 67,039,010 13. Property operating costs and administration expenses 1. Property operating costs consist of the following: a. Direct property operating costs from investment properties that generate rental income during the period: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Real estate tax $ 1,086,133 $ 840,565 Insurance 447,134 356,216 Maintenance 546,709 303,780 Other property related expenses 1,553,359 1,278,623 Energy costs 2,537,316 1,666,659 $ 6,170,651 $ 4,445,843
21 b. Direct property operating costs from investment property that do not generate rental income during the period: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Real estate tax $ 367,458 $ 131,563 Insurance 31,624 22,905 Maintenance 117,817 83,337 Other property related expenses 740,902 520,893 1,257,801 758,698 Total property operating costs $ 7,428,452 $ 5,204,541 2. General and administrative expenses consist of the following: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Employee annual salary plus short-terms benefits $ 4,961,808 $ 4,086,019 Other administrative expenses 1,085,931 1,116,260 Auditing, legal and consulting expenses 619,091 613,323 Property appraisal and other fees 156,141 146,403 Marketing expenses 189,267 124,338 Other 43,421 5,150 7,055,659 6,091,493 Depreciation 471,296 636,653 Share-based compensation expense - Note 19.4 2,248,176 2,196,456 Total general and administrative expenses $ 9,775,131 $ 8,924,602 14. Other income For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Non-tenant electricity income $ 1,037,209 $ 575,592 Insurance - - Inflationary effect on tax recovery 1,704,040 190 Others 895,299 987,391 Total $ 3,636,548 $ 1,563,173 15. Other expenses For the three-month periods ended March 31, 2026 (Unaudited March 31, 2025 (Unaudited Non-tenant electricity expense $ 876,150 $ 446,079 Commissions paid 27,450 59,441 Others 686,878 13,042 Total $ 1,590,478 $ 518,562
22 16. Finance cost For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Interest on loans and others $ 17,837,035 $ 9,916,021 Loan prepayment fees 1,117,930 369,231 Total $ 18,954,965 $ 10,285,252 17. Income taxes The Entity is subject to Current Income Tax (“ISR”). The rate of ISR was 30%. Income tax expense is recognized at an amount determined by multiplying the profit before tax for the interim reporting period by management’s best estimate of the weighted-average annual income tax rate expected for the full financial year, adjusted for the tax effect of certain items recognized in full in the interim period. As such, the effective tax rate in the interim financial statements may differ from management’s estimate of the effective tax rate for the annual financial statements. The Entity’s consolidated effective tax rate for the three-month periods ended March 31, 2026, y 2025 (Unaudited) was (3.1%) and 47.8%, respectively. The effective ISR rates for fiscal period ended March 31, 2026, and December 2025 differ from the statutory rate as follows: March 31, 2026 (Unaudited) December 31, 2025 Statutory rate 30% 30% Effects of exchange rates on tax balances (38%) (38%) Effects of inflation 5% 5% Effective rate (3%) (3%) 18. Transactions and balances with related parties Compensation of key management personnel and board members The remuneration of Entity’s management and key executives is determined by the remuneration committee taking in to account the individual performance of the officer and market trends. The performance bonus elected for share-based compensation includes a 20% premium (Equity plus). The following table details the general and administrative expense of the annual salary plus short-term benefits as well as the Long-term incentive plan and Equity plus that are reflected in the general and administrative expense of the Entity: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Employee annual salary plus employee benefits $ 2,111,962 $ 1,646,998 Share-based compensation expense 2,099,987 2,196,456 $ 4,211,949 $ 3,843,454 , Number of key executives 22 26
23 The following table details the general and administrative expense of the board members compensation in shares, that are reflected in the general and administrative expense of the Entity: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Share-based compensation expense board members 148,189 - $ 148,189 $ - Number of board members 16 - 19. Share-based payments 19.1 Share units granted during the period Vesta Long Term Incentive Plan - a total of 1,752,389 and 3,978,481 shares were granted during the three-month periods ended March 31, 2026, and 2025, respectively (unaudited). During the three-month periods ended March 31, 2025, Vesta granted a total of 126,228 shares to its board members as compensation for services provided during the prior year. 19.2 Share units vested during the period A total of 4,079,326 and 4,227,426 shares vested during the three-month periods ended March 31, 2026, and 2025, respectively under the Vesta Long Term Incentive Plan, the short-term incentive plan and the shares to its board members (unaudited). 19.3 Share awards outstanding at the end of the period As of March 31, 2026, and December 31, 2025, there are 6,908,143 (unaudited) and 8,597,512 shares outstanding with a weighted average remaining contractual life of 24 months. 19.4 Compensation expense recognized The long-term incentive expense for the key ejecutives for the three months ended March31, 2026, and 2025 was as follows: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Vesta 20-20 Incentive Plan $ 2,099,987 $ 2,196,456 Compensation expense related to these plans will continue to be accrued through the end of the service period. The Share-based compensation expense for the board members for the three months ended March 31, 2026, and 2025 was as follows: For the three-month periods ended March 31, 2026 (Unaudited) March 31, 2025 (Unaudited) Share-based compensation expense $ 148,189 $ -
24 20. Interest rate risk management The Entity minimizes its exposure to interest rate risk by borrowing funds at fixed rates. This minimizes interest rate risk together with the fact that properties owned by the Entity generate a fixed income in the form of rental income which is indexed to inflation. 21. Litigation and commitments Litigation In the ordinary course of business, the Entity is party to various legal proceedings. The Entity is not involved in any litigation or arbitration proceeding for which the Entity believes it is not adequately insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Entity or its financial position, results of operations or cash flows. Commitments All rights to construction, improvements and infrastructure built by the Entity in the Queretaro Aerospace Park and in the DSP Park automatically revert back to the government of the State of Queretaro and to Nissan at the end of the concessions, which is approximately in 40 and 33 years, respectively. 22. Events after the reporting period Pursuant to a resolution of the General Ordinary Stockholders Meeting on April 22, 2026, the Entity declared dividends totaling $74,753,321, to be paid in four equal installments of $18,688,330 each. The four installments will paid on May 6, 2026, July 15, 2026, October 15, 2026 and January 19, 2027. 23. Condensed consolidated interim financial statements issuance authorization The accompanying condensed consolidated interim financial statements were approved by the Board of Directors on April 23, 2026. * * * * *