Vesta (VESTA.MX) 3Q26 Earnings Preview

Equity Research 9 October 2026 | 3:57PM BRT

Vesta (VESTA.MX): 3Q26 Earnings Preview

Our Take: We are updating Vesta estimates ahead of 3Q26 earnings. Notable Jorel Guilloty | changes include: 1) 3Q26 quarterly revenue goes up by 2% driven by lease up which Goldman Sachs do Brasil CTVM S.A. took place in 2Q26 in Monterrey and Mexico City which should begin paying rent in Igor Machado 3Q26. 2) Operating expenses impacted by a weaker MXN. At an EBITDA level, our | estimates are in line with BBG consensus. Goldman Sachs do Brasil CTVM S.A.

Quarterly detail. Our net revenue estimate increases 2% to US$82 mm as we adjust rent per sqm considering more occupied space in Mexico City and Monterrey from 2Q26. We expect +5% q/q and +13% y/y net revenue growth, with rent up 4% q/q. Our 3Q26 EBITDA estimate increases 2% to US$63.5 mm, representing +4% q/q and +13% y/y, in line with consensus of US$63.7 mm. We are also considering the US$105 mm debt repayment on September 9 (link here). Considering all these changes, our FFO estimate increases 3% q/q to US$42.1 mm.

Annual Estimates. Rent revenues are increasing 1/2/2% for 2026-2028 to US$292/327/339mm, as we are adjusting rent per sqm considering more occupied space in Mexico City and Monterrey from 2Q26, which have higher rent per sqm. Our 2026-2028 total revenues are seeing a similar increase to US$321/358/371mm; we note we are 1/3/-3% vs BBG consensus. EBITDA is increasing 1/1/1% to US$250/278/289mm, as the Mexican peso is appreciating for 2027 on GS estimates; we are -2/-3/-10% vs BBG consensus. Our Price Target is unchanged at P$55/sh while increasing from US$30 to US$32 driven by the Mexican Peso depreciation seen on 3Q.

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Goldman Sachs Vesta (VESTA.MX)

Mexican Industrial Real Estate Valuation

Exhibit 1: LatAm and Global Industrial Comp Sheet

NA= Not Applicable, NM= Not Meaningful. Average = Simple Average. Historical Average Multiples consider pre-covid data. Time frame for price targets is 12 months.

Source: Company reports, Goldman Sachs Global Investment Research