VTMX · VTMX Q2 FY2026 earnings call record财报电话会记录

“North American supply chain integration, nearshoring, growing U.S.-Mexico trade flows, and increasing demand from higher-value industries.”

“Mexico remains one of the most competitive locations for companies seeking resilient North American supply chains, and demand for premium industrial real estate is clearly evident.”

“CBRE has noted that broader trade volumes between the U.S.”

“This resulted in more than 80% occupancy in Monterrey and 100% in both Mexico City and the Central Southeast region, and 1.5 million sq ft in renewals.”

“Total rental income increased to $78.5 million, while rental revenue reached $76 million, a 16.2% year-over-year increase.”

“Turning to profitability, Adjusted Net Operating Income increased 15.6% to $71.5 million.”

“Our Adjusted NOI margin decreased 51 basis points year-on-year to 94%, reflecting higher operating property costs relative to rental revenues in the quarter.”

“Adjusted EBITDA totaled $63.6 million, up 15.7% year-over-year, while margin contracted by 41 basis points to 83.7%, primarily driven by higher costs and administrative expenses during the quarter.”

“Turning to our balance sheet, we ended the quarter with $404 million in cash and cash equivalents and total debt of $1.2 billion.”

“Net debt to EBITDA stood at 3.1x, and our loan-to-value ratio was 24.3%.”

“Finally, subsequent to quarter's end, on July 15, 2026, we paid a cash dividend for the second quarter equivalent to $0.38 per ordinary shares.”

“Of course, there's many adjustments that the companies have been doing, but we also continue to see some of those adjustments, somehow benefiting Mexico too, and maybe benefiting the whole North American region as a whole.”