For the world, 2024 was a crucial year, marked by geopolitical tensions, armed conflicts and elections in various parts of the globe - all of which contributed to volatility that extended into 2025. For Vesta, however, 2024 was a year of substantial progress in key areas, thanks to the dedication of our team and the continued confidence of our stakeholders. Our performance in new leases and renewals, new property development and rent increases, along with other financial indicators, reflects our strength and credibility.

After having completed and exceeded our Vesta Level 3 Strategy, we introduced a new strategic plan in November 2024, called Route 2030, detailing the next phase in our journey of creating sustainable value at Vesta. It is based on four pillars: governance and integrity, society, environment and sustainable business, all achieved under our company’s consistently balanced and prudent approach to investment, growth, and profitability. Although Mexico faces a number of short-term risks, the country still presents significant long-term opportunities.

Mexico’s strategic proximity to the United States and the critical role it plays in global supply chains position it for lasting success. But Trump administration’s tariff plans are not yet clear, and this, together with its reshaping of global trade practices, has prompted understandable concern among governments, businesses and investors about the possible impact on our country’s economy, and on flows of foreign direct investment. Vesta has become a global leader in industrial real estate, with more than twenty-five years of skillful navigation through turbulent times. We intend to persist in our unwavering focus on results, aligned with our Route 2030 strategic plan, despite the current outlook.

In 2024 we reported solid financial results: revenues totaled US $252.3 million, 17.7% higher than the year before. The adjusted NOI margin reached 94.6%, while the adjusted EBITDA margin was 83.5%.

We continued to diversify and strengthen our portfolio, reducing our dependence on specific clients while broadening our exposure to new industries and top-flight global companies. At the same time we kept our retention rates high.

Leasing activity was outstanding, covering 7,731,781 square feet in total: 3,495,515 in new leases and 4,236,266 in lease renewals, with an average life of six years. This is a clear sign of our operations’ success.

Along the same line, in December we closed a sustainable syndicated loan for US $545 million, comprised of a straight loan of US $345 million and US $200 million revolving line of credit. This gives us uninterrupted access to strategic liquidity reserves at a competitive cost, while we continue to work toward our short- and long-term initiative aligned with Vesta’s Route 2030 growth plan.

As a result of our ESG efforts and the active involvement of the entire Vesta team, we were included in the S&P/BMV Total Mexico ESG Index for the fifth consecutive year. We were also featured in S&P’s Global Sustainability Yearbook - CSA’s listing of companies with outstanding ESG performance in their industries - for the third year in a row. In addition, we improved our score with CDP and remained one of the leading companies in MSCI’s indexes, receiving an AA rating for the second consecutive year.