A. History and development of the company. Our legal and commercial name is Corporación Inmobiliaria Vesta, S.A.B. de C.V. We are incorporated as a variable capital publicly traded stock corporation (sociedad anónima bursátil de capital variable), and our corporate existence is indefinite. The address of our registered office and principal place of business is Paseo de los Tamarindos No. 90, Torre II, Piso 28, Col. Bosques de las Lomas, Alcaldía Cuajimalpa de Morelos, C.P. 05120, Mexico City, Mexico. The telephone number at this address is +52 5950-0070. We were organized and commenced operations on July 18, 1996 as a Mexican limited liability variable capital company (sociedad de responsabilidad limitada de capital variable) and in 1998 we found Corporacion Inmobiliaria Vesta, but later in 2001, we acquired and merged into QVC III, a limited liability variable capital company (sociedad de responsabilidad limitada de capital variable) organized in 1996. After the merger, our controlling shareholders controlled QVC III, as the surviving company, and we changed our name again to Corporación Inmobiliaria Vesta, S. de R.L. de C.V. On April 29, 2011, we agreed to merge with CIV Real Estate S. de R.L. de C.V., a limited liability variable capital company (sociedad de responsabilidad limitada de capital variable), and the merger became effective on May 11, 2011. On May 31, 2011, our shareholders approved our transformation into a variable capital stock corporation (sociedad anónima de capital variable), which became effective on July 4, 2011. At our ordinary and extraordinary shareholders’ meeting held on September 23, 2011, which was continued on October 26, 2011, our shareholders approved our adoption of the legal regime applicable to a variable capital publicly traded stock corporation (sociedad anónima bursátil de capital variable), the amendment of our bylaws to comply with the Mexican Securities Market Law and to add provisions customary for other Mexican public companies, and the change of our name to Corporación Inmobiliaria Vesta, S.A.B. de C.V. At our ordinary and extraordinary shareholders’ meeting held on July 16, 2021, our bylaws were amended to comply with certain requirements of Mexican law and at our extraordinary shareholders’ meeting held on March 30, 2023, our bylaws were further amended to specifically provide for the issuance and placement of ADSs by the Company. Our bylaws, as currently in effect, are on file with the CNBV and the BMV, and are available for inspection on the BMV’s website at www.bmv.com.mx/docs-pub/compulsa/compulsa_1361580_2026_1.pdf and our website at www.vesta.com.mx. Information contained on, or accessible through, the website of the BMV and our website is not incorporated by reference in, and shall not be considered part, of this Annual Report. Initial Public Offering and Follow-on Offering On July 5, 2023, we completed our $445.6 million U.S. initial public offering of 14,375,000 ADSs, representing 143,750,000 of our common shares (including 18,750,000 common shares pursuant to the full exercise of the underwriters’ option to purchase additional shares). On December 13, 2023, we completed a $148.8 million U.S. follow-on offering of 4,250,000 ADSs, representing 42,500,000 of our common shares. The ADSs, each representing 10 common shares, have been listed on the NYSE since June 30, 2023 under the symbol “VTMX.” The SEC maintains an internet site that contains reports and information regarding issuers, such as ourselves, that we file electronically, with the SEC at www.sec.gov. Our website address is https://vesta.com.mx. The information contained on, or that can be accessed through, our websites is not a part of, and shall not be incorporated by reference into, this Annual Report. We have included our website addresses as inactive textual references only. Capital Expenditures For a description of our principal expenditures and divestitures for the years ended December 31, 2025 and 2024, see Item 5. “Operating and Financial Review and Prospects.” Please refer to Item 5.B. “Operating and Financial Review and Prospects—Liquidity and Capital Resources—Capital Expenditures” for a description of our capital expenditures. 43 Table of Contents B. Business overview. We are a fully integrated, internally managed real estate company that owns, manages, develops and leases industrial properties in Mexico. We have significant development experience and capabilities, focused on a single real estate segment comprised of industrial parks and industrial buildings in Mexico. With an experienced management team, we strive to achieve excellence in the development of industrial real estate, to generate efficient and sustainable investments. We offer our world-class clients strategic locations across sixteen Mexican states located in the most developed industrial areas, with a growing portfolio of our developments built according to eco-efficient standards. As of December 31, 2025, our portfolio was comprised of 231 buildings with a total GLA of 42,954,022 square feet (3,990,559 square meters), and a stabilized occupancy rate of 93.6%. Our GLA has grown 77.2x since we began operations in 1998, representing a CAGR of 17.5%. Our facilities are located in strategic areas for light-manufacturing and logistics in the Northwest, Northeast, Bajío-North, Bajío-South and Central regions of Mexico. The quality and geographic location of our properties are key to optimizing our clients’ operations, and constitute a crucial link in the regional supply chain. Since our inception in 1998, we have grown from a private to a public company and evolved from a high-growth industrial real estate developer into an industrial real estate asset manager with strong development capabilities, with a high-quality portfolio and an extensive development pipeline. As we continue to evolve, we seek to become a world-class fully integrated industrial real estate company, striving to adhere to the highest standards available worldwide. We believe that over the last 10 years, we have created value for our shareholders by implementing our “Vision 2020” strategic plan for 2014 to 2019, and from 2019 to 2024, our “Level 3 Strategy” where we aimed to maximize growth in Vesta FFO by implementing that strategy, which established our expansion and growth strategy for 2019 to 2024, based on five strategic pillars: (i) manage, maintain and broaden our current portfolio, (ii) invest in and/or divest properties for ongoing value creation, (iii) strengthen our balance sheet and expand funding sources and maturities, (iv) strengthen our organization to successfully execute our strategy, and (v) become a category leader in ESG, embedding our sustainability practices throughout our business model. For more information, see “—Our Level 3 Strategy.” In November 2024, we published our next five-year strategic plan, or "Route 2030," which focuses on two avenues of value creation: (i) our existing portfolio opportunity; and (ii) our development program. We believe that both avenues will continue maximizing growth in Vesta FFO per share. Our profit for each of the years ended December 31, 2025, 2024, and 2023 was US$241.9 million, US$223.3 million and US$316.6 million respectively. Our profit for the year has increased 5.9x since 2012, growing at a CAGR of 14.7% from 2012 to 2025 and increasing 8.3% from 2024 to 2025. Our basic earnings per share have increased 2.0x since 2012 growing at a CAGR of 5.6% from 2012 to 2025 and 11.2% from 2024 to 2025. Vesta FFO per share has increased 3.5x since 2012 growing at a CAGR of 10.2% from 2012 to 2025 and 11.7% from 2024 to 2025. Our total GLA has grown 3.6x since 2012 growing at a CAGR of 10.3% from 2012 to 2025 and 6.6% from 2024 to 2025. In addition, Adjusted NOI has grown at a CAGR of 13.8% from 2012 to 2025 and 12.1% from 2024 to 2025. For a reconciliation of Vesta FFO and Adjusted NOI to the nearest IFRS Accounting Standard measure, see Item 5A. “Operating and Financial Review and Prospects—Operating Results—Non-IFRS Financial Measures and Other Measures and Reconciliations.” Our properties provide innovative and customer-tailored real estate solutions to respond to our clients’ specific needs, as well as to adapt to industry trends that we identify in our markets. We selectively develop light-manufacturing and distribution centers through BTS Buildings, which are tailored to address the specific needs of clients or a particular industry. Our properties allow for modular reconfiguration to address specific client needs, ensuring that a facility can be continuously transformed. Working closely with our clients on the design of these bespoke properties, also allows us to stay abreast of and anticipate industry trends. In addition to tailor-made solutions in proven industrial areas, we also develop Inventory Buildings, which are built without a lease signed with a specific customer and are designed in accordance with standard industry specifications. Inventory Buildings provide sufficient space for clients that do not have the time or interest to build BTS Buildings. We adjust our building mix to cater to real estate demands of current and prospective clients by monitoring our clients’ and their sectors’ needs. We believe that we are one of the only fully vertically integrated and internally managed Mexican industrial real estate companies that owns, manages, develops and leases industrial properties, on a large scale, in Mexico, which we believe differentiates us from our competitors. Our business is focused on developing our industrial properties seeking to incorporate global quality standards to develop high-specification assets that are comparable with properties in other jurisdictions, with internal processes that minimize delivery times and costs. We focus on the development and management of our properties by outsourcing all construction, design, engineering and project management services and related works to third parties that are both experienced as well as known to us. By using high-quality contractors and service providers with long track records and awarding contracts through bidding processes, we seek to mitigate contractor 44 Table of Contents risk and foster competition, lowering our costs, increasing the quality of our buildings and providing competitive alternatives for our current and future clients. Our bidding processes are conducted in accordance with procedures that comply with the International Standard ISO 9001:2008, a certification we obtained in 2011. The standard was updated in 2015 to ISO 9001:2015, and we subsequently obtained certification under the updated standard, which focuses on risk mitigation and quality management systems. Our certification was most recently renewed in 2023 and is valid until 2026. We are currently preparing the documentation and processes for review by an external auditor in accordance with ISO 9001:2015 in order to extend the certification for an additional three-year period. For a more complete description of our real estate portfolio, see “—Our Portfolio.” Our Competitive Strengths We believe the following are our competitive strengths: Vertically Integrated and Internally Managed Industrial Real Estate Developer with a High-Quality Modern Portfolio of Scale Our portfolio consists of what we believe to be one of the largest and modern industrial groups of assets in Mexico, with 181 clients occupying 231 Class A Buildings, across industrial corridors and principal industrial sites of the country, with a total owned GLA of 42,954,022 square feet and an average building life of 10.4 years, as of December 31, 2025. We manage our own GLA and do not manage any GLA of third parties. Our portfolio of stabilized industrial properties has an average stabilized occupancy rate of 93.6%. Our profit for the year has increased 5.9x since 2012, growing at a CAGR of 14.7% from 2012 to 2025 and increasing 8.3% from 2024 to 2025. Vesta FFO grew 14.2 million from 2024 to 2025. Our portfolio is strategically located and diversified throughout Mexico’s key trade, logistics corridors with the U.S., manufacturing centers and urban areas, in a manner designed to maximize client demand. We also have a strategic land bank, with 1,230.3 acres of Land Reserves with the potential to develop over 24,116,195 square feet of incremental GLA, as of December 31, 2025. We develop, own and manage two types of industrial real estate products: (i) Inventory Buildings and (ii) BTS Buildings. We believe that our client base is well diversified among logistics and light-manufacturing clients, and covers a variety of industries such as automotive, aerospace, high-tech, pharmaceuticals, electronics, food and beverage, e-commerce and packaging. 45 Table of Contents Source: Vesta. Notes (1) Calculated over total occupied GLA. We have built what we believe to be a scaled, high-quality and modern industrial portfolio. Also, as of December 31, 2025, we own a land bank of properties located in strategic regions. Additionally, for the year then ended, 89.6% of our rents is denominated in U.S. dollars as we serve global clients in the manufacturing and logistics sectors. Fully integrated and robust development platform allows Vesta to accelerate earnings and portfolio growth via owned land bank We are a fully integrated real estate company, actively engaging throughout the development process, from the search and acquisition of land, obtaining any necessary licenses, and conceptual design and development of our properties. We believe that our 25+ years of proven track record as a fully integrated and robust development platform, together with our disciplined approach towards design and construction and rigorous cost controls translate into robust value creation, an increase in demand for our properties and an increase in earnings metrics. Historically, we analyze the NOI of our entire portfolio of properties (including stabilized properties, construction in progress and vacant properties) in relation to their appraised value and believe that we generate strong value creation for our shareholders. Our strategic Land Reserves are well diversified across Mexico’s most dynamic industrial markets, and located within the same regions where we currently have our industrial properties, which are locations that we consider to be well-positioned to benefit from manufacturing and logistics trends in the near future, such as Mexico City metropolitan area, Monterrey, San Luis Potosí, Querétaro, San Miguel de Allende, Guanajuato and Puebla. Our fully integrated and robust development platform has allowed us to grow our basic earnings per share at a CAGR of 5.6% since 2012. Our total stockholder’s equity has increased 5.3x since 2012 growing at a CAGR of 13.7% from 2012 to 2025 and 5.8% from 2024 to 2025. In 2025 alone, we increased our Adjusted NOI by US$27.9 million compared to the year ended December 31, 2024 to reach U.S.$259.4 million, which represents an Adjusted NOI growth of 12.1%. High-quality and diversified tenant base of predominantly U.S. and global clients paying U.S. dollar-denominated leases We have a well-diversified tenant base and portfolio of leading Mexican companies and multinational, world-class, tenants under long-term contracts, including Mercado Libre, Nestlé, Safran, Foxconn, TPI, Nissan, Bombardier, Continental, Eaton and Coppel among others. Our client portfolio is well-balanced between light-manufacturing (58.8% of GLA) and logistics (41.2% of GLA) and we maintain exposure to key light-manufacturing and productive industries in Mexico such as automotive, aerospace, food & beverage and energy, among others. As of December 31, 2025, we had 181 tenants and 89.6% of our rents in U.S. dollars with a weighted average remaining lease term of 4.8 years. Mercado Libre is our only client that occupies more than 5% of our total GLA with 5.6%, with the top 10 tenants maintaining an average remaining lease term of 5 years. Our long-dated lease terms are key to securing stable cash flows and allow us to foster long-term partnerships with our tenants. The charts below indicate the breakdown of our top 10 tenants by GLA and our long-term lease maturity profile as of December 31, 2025: 46 Table of Contents Top Tenants by GLA Leased (% of GLA, as of December 31, 2025) Number of Buildings 4 3 6 3 3 2 3 5 5 2 Mercado Libre Nestle Safran Foxcon TPI Nissan DSV Bombardier Continental Tatung México Seasoned management team focused on shareholder return and best-in-class corporate governance We believe we are one of the only publicly listed pure-play industrial platforms, with a fully internalized management in Mexico. Our internal flat management structure and the equity participation of our management team align internal incentives with the interests of our stakeholders, resulting in long-term value creation. Our executive chairman and other executive officers’ position in our equity, represents approximately 3.8% of our outstanding capital stock as of the Shareholder Meeting held on March 19, 2025, represents a significant stake hold, while at the same time allows for significant liquidity of our shares (not in the possession of a control group). Our management is comprised of a team with significant expertise in the Mexican industrial real estate market and a long tenure in the Company with an average of 13 years of experience with the Company. We have a highly professional and experienced team across all key areas of industrial real estate development and operations, including land selection, land and property acquisitions, design and engineering, development, government licensing and government relations, project management, marketing, sales and negotiation of contracts. This team possesses significant know-how in investing and operating industrial real estate companies and has a multidisciplinary track record of successfully deploying capital investments through the development and acquisition of land for both single properties and portfolios. Our Board of Directors currently consists of 10 members and their alternates, eight of whom are independent directors, well above the requirements of Mexican law, which supports our goal of improved governance and transparency to implement best practices. All board members are selected through a process that evaluates their expertise, experience and moral integrity. The experience gained from our partnership with institutional investors has also been a competitive advantage, attracting capital to create value. Longstanding commitment to environmental, social and governance best practices Our ongoing commitment to implement best practices and create sustainable spaces within our own and our clients’ operations is an integral component of our long-term strategy for success. We contribute to our clients’ and suppliers’ competitiveness and society’s well-being, while seeking to minimize our environmental impact and related climate change risks. Operationally, we continue to improve relevant KPIs such as LEED Certification, having closed 2025 with 19 new LEED certified buildings and 19 EDGE certified buildings. Our 2030 ESG goals include: 47 Table of Contents •Governance and integrity: (i) for 100.0% of our senior management and collaborators to have a financial compensation linked with ESG objectives; (ii) for 100% of our Board members to be ESG trained; and (iii) to reduce our salary gender gap by 8% at the executive level and 5% at the management level. •Social: (i) 700 hours of Professional Volunteering (ii) implementing the theory of change in 70% of Vesta’s Social Investment Projects; (iii) measuring the progress of our Human Rights Risks Assessment; and (iv) implementing 50% of the action plans on Human Rights with a focus on Land Acquisition, Community Relationship and Physical Security Processes. •Environment: (i) achieving Net-zero for scope 1, 2 emissions by 2040, and having a material reduction in our scope 3 emissions related to the energy consumption of our tenants, as well as in the use of materials with a lower carbon footprint in our construction processes towards 2050, (ii) 100% of our industrial parks complying with ISO 14001, (iii) promoting a positive impact on nature in accordance with the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), and (iv) having 50 MWp of on-site solar capacity by 2030. •Sustainable Business: (i) 95% of our new contracts having a Green Lease, (ii) 100% of our new acquisitions complying with the Responsible Investment Process, (iii) 100% of our employees being ESG trained, (iv) evaluating 100% of level 3 and 4 suppliers, and (v) 55% of our GLA being Green Certified. We are committed to continuing our efforts to promote ESG practices. Our goal is to manage our properties in a shared responsibility with our stakeholders, tenants and suppliers. We have created ESG-linked indicators to measure our progress on various fronts, including implementation of green clauses, and evaluation of environmental and social impacts of operations. Vesta is one of the few real-estate companies in Latin America to issue a sustainability-linked bond. As a result of our commitment to ESG, our efforts have been recognized by S&P Yearbook 2025, the Carbon Disclosure Project ("CDP") and GRESB, among others. Since 2013 we have published an annual sustainability report assessing our ESG progress, which we will continue disclosing as a means to provide visibility to the market in respect of our ESG efforts. For more information, see “—Environmental, Social and Governance Matters.” Our strategy Our primary business objective is to continue to grow our business as a sustainably operated, world-class, fully integrated industrial real estate company. Based on our Route 2030 Strategy, we will continue to implement the following strategies which we believe will enhance our business and strengthen our competitive advantages. Manage, maintain and improve current portfolio We strive to remain a benchmark in Mexico’s real-estate industry through efficient and effective management, and maintenance and improvement of our current portfolio. We believe that our real-estate solutions are developed with the highest standards of quality, market know-how and client needs, and eco-efficiency, thus supporting our clients’ sustainable development and requirements, and generating economic value. We are committed to offering our clients an efficient, top-quality service, supported by a dedicated and specialized team that provides personalized attention. We strive for continuous improvement through a quality management system based on ISO-9001:2015 and which is grounded in our quality framework. Invest and divest for continuous value creation To continue strengthening our portfolio, we seek to identify clusters, industries or companies that may require the construction of an industrial park or facility tailored to their needs. The following describes our portfolio growth and its estimated value creation. 48 Table of Contents Our parks are composed of state-of-the-art buildings designed for advanced light-manufacturing and/or logistics, which are strategically located within Mexico, providing access to ports, airports and highways. These full-service facilities are designed with core sustainability features, such as energy conservation, clean energy generation and recycling. Initiated under our Level 3 Strategy, and continuing our Route 2030 Strategy, asset recycling has become an additional driver of value within our operations, by selling certain properties, capturing upside, and developing new state-of-the-art facilities according to our clients' needs. This strategy expands our sources of funding, lowers financing costs and optimizes our capital structure, as we leverage our existing development capabilities to recycle capital at attractive returns. Continue to strengthen our balance sheet and expand our funding sources with prudent capital allocation poised for risk-adjusted growth We will continue our efforts to optimize our capital structure, building upon our long-term debt with the goal of maintaining a stacked maturity profile with maturities greater than five years, and a sound liquidity position. As part of our Route 2030 Strategy, we will continue strengthening our balance sheet to maintain and expand our various sources of funding, including through the incurrence of term loans and revolving facilities as well as bilateral secured lines of credit, in addition to issuances of international bonds and equity securities. Our general policy is to acquire land for the purpose of developing properties to generate income, but we may, from time to time, evaluate opportunities to sell assets for capital gain. We have a thorough and disciplined approach to capital allocation. Our LTV stands at 28.1% as of December 31, 2025, which is well within our maximum LTV of 40.0%. Our staggered and long tenor debt maturity schedule has 5.1 years maturity with a weighted average interest rate of 4.3%. As of December 31, 2025, our share of Net Debt to Adjusted EBITDA was 4.1x and our Net Debt to Total Assets ratio was 20.7%. For more information, see Item 5A. “Operating and Financial Review and Prospects—Operating Results—Non-IFRS Financial Measures and Other Measures and Reconciliations—Ratio Data.” 49 Table of Contents Debt Maturity Profile (US$ mm, as December 31, 2025) Debt Portfolio Characteristics(As of December 31, 2025) Loan To Value 28.1% Maximum Loan to Value Lower than 40% Net Debt to Total Assets 20.7% Net Debt to Adjusted EBITDA 4.1x Strengthen our organization to successfully execute our strategy We aim to continuously strengthen our organization and improve our work culture. We are proud of our team and we value the diversity of our workforce, which we believe grows stronger every day. We have developed a core team that leverages its experience to train our teams and provide for succession. Furthermore, we aim to build a place to work that is attractive to talented young professionals, we recognize the central role our employees play in our business and try to enrich our collective talent through committed, innovative people, offering them attractive working conditions. 2025-2030 Growth Plan We have developed a growth plan from 2025 to 2030 as we continue to believe there will be stable demand for industrial real estate space for the next five years as strong business interests and economic ties favor the commercial relationship between Mexico and the U.S. as well as the expected growth in e-commerce in the coming years. We aim to develop 20.5 million square feet of GLA between 2025 and 2030, to reach a total GLA of around 63.0 million square feet by 2030. We expect that the majority of this GLA will be developed using some of our current Land Reserves and will require an estimated total investment of US$1.7 billion. 50 Table of Contents Our growth plan is focused on the same five regions where we currently operate with a stronger investment in the metropolitan regions where almost 50% of the growth will come from. The following chart includes a summary of the expected GLA growth plan and our growth plan by region, according to the 2025-2030 Growth Plan: 51 Table of Contents Our projected capital expenditures for the next 5 years will reach around US$ 1.7 billion of which 71% will be used in the development of buildings and 24% will be used for the acquisition of land bank. The following chart includes a summary of our projected capital expenditures for the Route 2030 Strategy: We believe our growth plan will be one of the two avenues that will ultimately create value to our shareholders. C. Organizational structure. The following chart shows our simplified corporate structure, reflecting our main subsidiaries, as of the date of this Annual Report: The remaining 0.01% of QVC is owned by QVC II, and the remaining 0.01% of all other subsidiaries is owned by QVC. 52 Table of Contents As of the date of this Annual Report, our significant subsidiaries are QVC, QVC II and VBC, all of which were incorporated in Mexico and are majority-owned directly by the Company. Finally, on April 14, 2025, the Company made an investment in Evergreen Grid Solutions, S. de R.L. de C.V., which meets the definition of an associate due to the level of influence exercised. As of December 31, 2025, a 55% ownership interest is held, and the related balance is recognized under the equity method in accordance with IFRS. Our Route 2030 Strategy Since our inception in 1998, we have grown from a private to a public company and evolved from a high-growth industrial real estate developer into an industrial real estate asset manager with strong development capabilities, with a high-quality portfolio and a solid development pipeline, including through the implementation of certain key strategic objectives. As we continue to evolve, we seek to become a sustainable and resilient, fully integrated real estate company with a robust development platform. We believe that we grew our business and created value for our shareholders from 2014 to 2019 through the implementation of our Vision 2020 strategic plan. In 2019, we implemented a strategy for 2019 to 2024 through our “Level 3 Strategy.” In November 2024, we presented to shareholders our new "Route 2030" Strategy, which will continue with the pillars of the last Level 3 Strategy described below: •First, we aim to manage, maintain, and improve our current portfolio quality in terms of age, tenants, sustainability and industry diversification through refurbishments and new developments, acquisitions and selected dispositions. We plan to focus on our leasing and commercial efforts to maintain healthy contract profile terms, while increasing net effective rents and maintaining a tenant base with high creditworthiness. •Second, we seek to invest and/or divest for continued value creation, incorporating prudent investment guidelines in our investment decisions and asset sales. We plan to (i) grow our foothold in companies engaged or that participate in e-commerce and in the main metropolitan areas; (ii) continue to invest at an appropriate pace in our core markets in which we believe we hold strong positions, with an emphasis in Northern Mexico; and (iii) continuously monitor market conditions and business fundamentals to optimize investments and asset sales. •Third, we plan to continue strengthening our balance sheet and expanding our funding sources by recycling capital and raising equity and debt. We aim to extend our maturities and increase our investment capacity to capitalize on attractive opportunities. Capital recycling will continue through our selective asset dispositions, joint ventures and other alternative funding sources, if needed. •Fourth, we seek to strengthen our organization to execute our business strategy successfully. We intend to continue reinforcing our asset management and commercial teams and resources, building a highly qualified bench for top and middle management succession over time, implementing a new information technology platform to develop further our innovation capabilities and enhancing our incentive alignment between management and stakeholders. •Fifth, as part of our recognition of the importance of ethical and sustainable standards, we strive to become a leader in ESG practices, embedding sustainable and resilient practices in our business model. We will continue working to significantly reduce our impact on the environment, increase the efficiency of our buildings and promote reductions in the carbon footprint of our tenant base. We will also continue strengthening our corporate governance, including our ESG committees and working groups, and expand our social programs to enhance the social dimension of our infrastructure, human resources policies and other third-party relationships. D. Property, plant and equipment. As of December 31, 2025, our portfolio was comprised of 231 properties with a total GLA of 42,954,022 square feet (3,990,559 square meters), of which 89.7% was leased. Our properties generated a total rental income and management fees of US$283.2 million, US$252.3 million and US$214.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we had 181 tenants, with only Mercado Libre as tenant accounting for more than 5% of our total GLA with 5.6%, which were bound to leases with an average term of 4.8 years. 53 Table of Contents The following table presents a summary of our real estate portfolio as of December 31, 2025, 2024 and 2023: As of December 31, 2025 2024 2023 Number of real estate properties 231 224 214 GLA (sq. feet)(1) 42,954,022 40,299,964 37,354,498 Leased area (sq. feet)(2) 38,538,916 37,641,031 34,876,081 Number of tenants 181 192 187 Average rent per square foot (US$ per year)(3) 5.9 5.8 5.4 Weighted average remaining lease term (years) 4.8 4.8 4.9 Collected rental revenues per square foot (US$ per year)(4) 6.5 5.7 5.4 Stabilized Occupancy rate (% of GLA)(5) 93.6% 95.5% 96.7% _______________ (1)Refers to the total GLA across all of our real estate properties. (2)Refers to the GLA that was actually leased to tenants as of the dates indicated. (3)Calculated as the annual base rent as of the end of the relevant period divided by the GLA. For rents denominated in pesos, annual rent is converted to US$ at the average exchange rate for each quarter. (4)Calculated as the annual income collected from rental revenues during the relevant period divided by the square feet leased. For income collected denominated in pesos, income collected is converted to US$ at the average exchange rate for each quarter. (5)We calculate stabilized occupancy rate as leased area divided by total GLA. We deem a property to be stabilized once it has reached 80.0% occupancy or has been completed for more than one year, whichever occurs first. All of our ownership rights with respect to our properties are in fee simple form, except for the plots of land where the Querétaro Aerospace Park and Douki Seisan Park were constructed. For more information, see “—Our Parks-to-Suit Projects—Querétaro Aerospace Park” and “—Douki Seisan Park.” None of our projects are subject to encumbrances different from customary rights of way granted to utility suppliers and those certain projects securing a portion of our senior indebtedness; for more information see note 10 to our audited consolidated financial statements. Construction Projects We continuously explore new development projects and acquisitions of industrial real estate portfolios, including individual buildings, Land Reserves in strategic locations and sale and lease-back transactions that meet our development and acquisition criteria. As of December 31, 2025, we are developing 3 buildings with a GLA of 771,844 square feet (71,707 square meters). Two of these are Inventory Buildings and one is Built To Suit, which is already 10.6% leased. The table below summarizes our real estate projects under construction at our existing Land Reserves as of December 31, 2025. Total Expected Investment Investment Date (Thousand US$)(1) (Thousand US$) Expected Completion Date Project Project GLA Land + Infrastructure Shell(2) Total Land + Infrastructure Shell(2) Total Leased Type Cap Rate (in square feet) (US$) (US$) (US$) (US$) (US$) (US$) (%) Bajio Region Guadalajara Guadalajara 9 314,220 10,077 15,261 25,338 9,754 0 14,973 —% Oct-26 Inventory 9.8% Guadalajara Guadalajara 10 376,016 12,231 16,956 29,188 11,839 7,342 19,181 —% Apr-26 Inventory 9.8% Querétaro Safrán Exp 81,608 0 4,516 4,516 0 1,671 1,671 100.0% Aug-26 BTS 11.0% Total 771,844 22,308 36,734 59,042 21,593 9,013 35,826 10.6% 9.9% ____________ (1)Total Expected Investment comprises our material cash requirements, including commitments for capital expenditures. (2)A shell is typically composed of the primary structure, the building envelope (roof and façade), mechanical and supply systems (electricity, water and drainage) up to a single point of contact. For the fiscal year ended December 31, 2025, we completed 11 buildings with a GLA of 2,776,714 square feet (257,965 square meters). Of these buildings, all were Inventory Buildings with a total GLA of 2,776,714 square feet (257,965 square meters). 54 Table of Contents For the fiscal year ended December 31, 2024, we completed 10 buildings and two expansions with a GLA of 2,981,279 square feet (276,970 square meters). Of these buildings, four were BTS Buildings with a GLA of 549,174 square feet (51,020 square meters), and eight were Inventory Buildings with a total GLA of 2,432,105 square feet (225,950 square meters). Our Industrial Parks The table below describes our real estate portfolio by industrial park as of December 31, 2025, and the rental income earned from this portfolio in the annual period ended December 31, 2025. 55 Table of Contents Location Total GLA Total GLA Percentage of Portion of GLA Rental Income for the Year Ended December 31, 2025 Percentage of Rental Income for the Year Ended December 31, 2025 Operations Start Year Number of Buildings Appraisal Value as of December 31, 2025 (in square feet) (in square meters) % (US$) (%) (US$) Industrial Park DSP Aguascalientes 2,143,262 199,116 5.0% 12,720,967 4.5% 2013 8 147,500,000 Vesta Park Aguascalientes Aguascalientes 849,334 78,906 2.0% 3,921,296 1.4% 2019 5 64,080,000 Los Bravos Vesta Park Cd Juárez 460,477 42,780 1.1% 3,228,261 1.1% 2007 4 35,420,000 Vesta Park Juárez Sur I Cd Juárez 1,514,244 140,678 3.5% 17,132,728 6.0% 2015 7 126,670,000 Vesta Park Guadalajara Guadalajara 3,285,810 305,262 7.6% 23,822,005 8.4% 2020 8 328,140,000 Vesta Park Guadalupe Monterrey 497,929 46,259 1.2% 3,389,444 1.2% 2021 2 38,320,000 Vesta Puebla I Puebla 1,114,934 103,581 2.6% 7,898,587 2.8% 2016 6 91,970,000 Bernardo Quintana Querétaro 772,501 71,768 1.8% 3,092,075 1.1% 1998 8 45,410,000 PIQ Querétaro 2,231,892 207,350 5.2% 12,164,141 4.3% 2006 13 163,250,000 VP Querétaro Querétaro 1,778,888 165,264 4.1% 8,708,843 3.1% 2018 8 134,950,000 Querétaro Aerospace Park Querétaro Aero 2,383,168 221,404 5.5% 17,247,195 6.1% 2007 13 195,400,000 SMA San Miguel de Allende 1,439,425 133,727 3.4% 6,099,276 2.2% 2015 7 97,200,000 Las Colinas Silao 903,773 83,963 2.1% 5,245,171 1.9% 2008 7 60,250,000 Vesta Park Puerto Interior Silao 1,080,795 100,409 2.5% 6,915,983 2.4% 2018 6 72,800,000 Tres Naciones San Luis Potosí 1,092,535 101,500 2.5% 5,921,836 2.1% 1999 10 78,250,000 Vesta Park SLP San Luis Potosí 865,917 80,446 2.0% 3,296,635 1.2% 2018 4 59,910,000 La Mesa Vesta Park Tijuana 810,013 75,253 1.9% 4,977,866 1.8% 2005 16 72,850,000 Nordika Tijuana 155,818 14,476 0.4% 1,032,088 0.4% 2007 1 18,000,000 El potrero Tijuana 282,771 26,270 0.7% 1,511,876 0.5% 2012 2 29,300,000 Vesta Park Tijuana III Tijuana 620,551 57,651 1.4% 4,319,724 1.5% 2014 3 65,340,000 Vesta Park Pacifico Tijuana 379,882 35,292 0.9% 2,543,210 0.9% 2017 2 35,600,000 VP Lago Este Tijuana 552,452 51,325 1.3% 3,138,070 1.1% 2018 2 70,650,000 Vesta Park Megaregion Tijuana 1,198,640 111,357 2.8% 8,345,765 2.9% 2022 6 151,110,000 VPT I Tlaxcala 680,615 63,231 1.6% 4,503,670 1.6% 2015 4 45,500,000 Exportec Toluca 220,122 20,450 0.5% 1,187,043 0.4% 1998 3 16,550,000 T 2000 Toluca 1,070,290 99,433 2.5% 7,342,828 2.6% 1998 3 95,720,000 El Coecillo Vesta Park Toluca 816,056 75,814 1.9% 5,118,437 1.8% 2007 1 57,970,000 Vesta Park Toluca I Toluca 1,000,161 92,918 2.3% 6,431,485 2.3% 2006 5 82,940,000 Vesta Park Toluca II Toluca 1,474,296 136,967 3.4% 10,618,810 3.7% 2014 6 128,900,000 Vesta Park Apodaca Monterrey 2,642,433 245,490 6.2% 10,712,386 3.8% 2023 8 285,540,000 Vesta Park Juarez Oriente Cd Juarez 1,250,142 116,142 2.9% — —% 2023 5 133,850,000 Other 7,384,896 686,079 17.2% 46,582,511 16.4% na 48 754,030,000 Total 42,954,022 3,990,559 100.0% 259,170,211 91.5% 231 3,783,370,000 Other income (reimbursements)(1) 24,054,596 8.5% — Total 283,224,807 100.0% Vesta Offices at the DSP Park(2) 300,000 Under construction 70,610,000 Total 3,854,280,000 Land improvements 769,567 Land Reserves 315,650,000 Costs to Complete Construction in Process (41,255,642) Appraisal Total 4,129,443,925 _____________ (1)Other income (reimbursements) includes: (i) the reimbursement of payments made by us on behalf of some of our tenants to cover maintenance fees and other services, which we incur under the respective lease contracts; and (ii) management fees. (2)Refers to the appraisal value of our corporate offices located at the Douki Seisan Park. 56 Table of Contents As of December 31, 2025, the appraisal value of our portfolio was US$4,129.4 million, comprised of buildings and land valued at US$3,854.3 million, land improvements valued at approximately US$0.8 million and Land Reserves for future development valued at US$315.7 million (less a cost to complete construction in progress valued at US$41.3 million). The appraisal value of our portfolio was determined as of December 31, 2025 by independent appraisers, including Cushman & Wakefield, Jones Lang Lasalle and CBRE. For a description of the valuation techniques employed by our independent appraisers, see note 8 to our audited consolidated financial statements for the year ended December 31, 2025 included elsewhere in this Annual Report. Our Parks-to-Suit Projects Querétaro Industrial Park The Querétaro Industrial Park was developed in 2006 and is located approximately eight hours from the U.S. border by the Mexican Federal Highway (Carretera Federal) No. 57, also known as the NAFTA Highway. Around 100 companies from more than 15 different countries have established themselves in the Querétaro Industrial Park since its inception. The Querétaro Industrial Park also complies with the Mexican Official Standard (Norma Oficial Mexicana) for industrial parks. As of December 31, 2025, our properties in the Querétaro Industrial Park had an aggregate GLA of 2,231,892 square feet (207,350 square meters), of which 90.5% was leased under long-term leases. In 2025, the annual rent of the Querétaro Industrial Park was equal to US$ 12.2 million. In 2025, we paid US$ 0.1 million in real estate taxes in connection with the Querétaro Industrial Park. Querétaro Aerospace Park The Querétaro Aerospace Park is the product of the combined efforts of the Federal Government, Bombardier Aerospace México, S.A. de C.V., or “Bombardier,” and the State of Querétaro to create the first industrial cluster of aerospace companies in Mexico. Querétaro has a high concentration of aerospace companies, including three maintenance, repair and overhaul companies, two research and development facilities and two design and engineering centers, which, as of the date of this Annual Report, provide approximately 3,300 jobs, based on information provided by our tenants regarding their number of employees. Companies currently operating in the Querétaro Aerospace Park include Bombardier, Daher, Duqueine, ABSC, Safran Landing Systems México, SAMES and Safran Aircraft Engines México, the last three of which belong to the Safran Group and A2mac1. In light of the concerted industry efforts required to launch the Querétaro Aerospace Park, we believe that the number of companies operating in the Querétaro Aerospace Park will continue to expand and create synergies within the supply chain of the aerospace industry in Mexico. The Querétaro Aerospace Park was created pursuant to a trust agreement dated July 12, 2007, among the State of Querétaro, as grantor, Bombardier, as beneficiary, BBVA Bancomer, S.A., Institución de Banca Múltiple (today BBVA México, S.A., Institución de Banca Múltiple, Grupo Financiero BBVA México), as trustee, and Aeropuerto Intercontinental de Querétaro, S.A. de C.V., the operator of Querétaro’s airport, solely for consent purposes. We refer to this trust agreement as the “QAP trust.” Through a public bidding process that involved 22 Mexican and international companies, in July 2007, we were awarded the right to develop the Querétaro Aerospace Park and, through our subsidiary Proyectos Aeroespaciales, we became a party to the QAP trust as a grantor and one of its beneficiaries. The State of Querétaro contributed to the QAP trust its rights to use (but not its title to) the land for the Querétaro Aerospace Park, including the right to use that land and any infrastructure developed on it, the right to build industrial buildings and the right to lease any such buildings. These rights were granted for a period of approximately 47 years, which we expect will allow us to recover our investment, which amounted approximately to US$80.3 million. On our part, we contributed to the QAP trust the requisite funds for developing those properties. We are not required to pay real estate taxes in connection with this land, since it is owned by the State of Querétaro. In our capacity as beneficiaries of the QAP trust, we are entitled to benefit from the rights contributed by the State of Querétaro, including the right to lease the buildings and collect rent during the aforementioned 43-year period. The duration of the QAP trust may be extended if Aeropuerto Intercontinental de Querétaro, S.A. de C.V.’s concession for the operation of the Querétaro airport is renewed. Moreover, the terms of the QAP trust require that any and all buildings developed at the Querétaro Aerospace Park be leased to companies in the aerospace industry or its related industries. Upon extinction of the QAP trust, all rights to the land and any properties, renovations, expansions and improvements by us will revert to the State of Querétaro. 57 Table of Contents As of December 31, 2025, our properties in the Querétaro Aerospace Park had an aggregate GLA of 2,383,168 square feet (221,404 square meters), of which 100.0% was leased under long-term term leases with their tenants. In 2025 the annual rent of the Querétaro Aerospace Park was equal to US$ 17,247,195. Proyectos Aeroespaciales was a joint venture established in 2007 between us and Neptuno Real Estate, S. de R.L. de C.V., an entity controlled by General Electric for purposes of the development of the Querétaro Aerospace Park. In December 2009, we acquired General Electric’s interest in Proyectos Aeroespaciales for a purchase price equal to 50.0% of the value of the enterprise. The financing for the acquisition was supplied by General Electric and secured through rental income flows generated by the leases in effect at the time. Concurrently with this acquisition, Proyectos Aeroespaciales assigned some of its collection rights to CIV Infraestructura, S. de R.L. de C.V. The General Electric loan has been repaid in full and CIV Infraestructura, S. de R.L. de C.V. was merged into Proyectos Aeroespaciales. Douki Seisan Park In connection with a private bidding process held by Nissan Mexicana, S.A. de C.V., or “Nissan,” in July 2012, we were awarded exclusive developer and operator rights with respect to the Douki Seisan Park. This park, which is located adjacent to Nissan’s A2 assembly plant in the Mexican state of Aguascalientes, is intended to accommodate strategic Nissan suppliers who require close proximity to that plant. The development and operation of the Douki Seisan Park are governed by a trust agreement dated July 9, 2013, among Nissan, as grantor and beneficiary, our subsidiary Vesta DSP, also as grantor and beneficiary, and Banco Multiva, S.A., Institución de Banca Múltiple, Grupo Financiero Multiva as successor to CIBanco, S.A., Institución de Banca Múltiple (which replaced Deutsche Bank Mexico, S.A., Institución de Banca Múltiple, División Fiduciaria), as trustee. We refer to this trust agreement, as amended on December 17, 2013 and October 3, 2016, as the “Nissan Trust.” Nissan contributed to the Nissan Trust, for our benefit, the right to use (but not its title to) the land for purposes of the development and construction of the Douki Seisan Park. As consideration therefor, we have the right to lease and collect rental payments in respect of all buildings at the Douki Seisan Park for a period of 40 years. Upon expiration of the Nissan Trust, all rights and title to the Douki Seisan Park, including the land and any properties, renovations, expansions and improvements will revert to Nissan. Since Nissan holds the title to the land in which the Douki Seisan Park is constructed, Nissan pays the real estate taxes with respect to this land. Under the Nissan Trust, space at the Douki Seisan Park may be leased only to Nissan suppliers approved by the technical committee of the Nissan Trust, which is comprised of representatives of both Nissan, Vesta DSP and for some limited purposes a member appointed by Daimler who substitutes one member appointed by Nissan. Nissan suppliers who currently lease space from us at the Douki Seisan Park include Posco (metal parts), Tachi-S (car seats), Sanoh (fuel systems), Voestalpine (steel and other metals for high-technology systems), Toyota-Tsusho (rim and tire assemblies) and Plastic Omnium (parts for interiors). We also serve Daimler, which began operations in the region in 2018. As of December 31, 2025, our properties in the Douki Seisan Park had an aggregate GLA of 2,143,262 square feet (199,116 square meters), of which 91.9% was leased under long-term term leases. In 2025, the annual rent of the Douki Seisan Park was equal to US$ 12,720,967. Geographic and Industry Diversification We believe that we have assembled a portfolio of high-quality industrial properties that is well diversified in terms of types of assets, geographic markets and tenant base, and which provides our shareholders with exposure to a broad range of properties throughout Mexico. Our properties are located in strategic areas for light-manufacturing and logistics in sixteen Mexican states, namely: Aguascalientes, Baja California, Chihuahua, Guanajuato, Jalisco, Estado de México, Cuidad de Mexico, Nuevo León, Puebla, Querétaro, Quintana Roo, San Luis Potosí, Sonora, Tamaulipas, Tlaxcala and Veracruz. 58 Table of Contents The following map illustrates the diversification of our total GLA and the distribution of our total GLA by geographic region as of December 31, 2025. _______________ Source: Vesta. 59 Table of Contents The following table contains a breakdown of our real estate portfolio by Mexican state as of December 31, 2025. Number of Properties Number of Leases GLA GLA Share of Total GLA Rental Income Share of Total Rental Income (square feet) (square meters) (%) (millions of US$) (%) Baja California 58 57 6,529,914 606,649 15.20% 16,642,263 5.9% Querétaro 42 48 7,166,448 665,785 16.68% 31,266,417 11.0% Estado México 21 26 4,844,413 450,061 11.28% 50,312,714 17.8% Guanajuato 21 29 3,655,245 339,583 8.51% 25,046,069 8.8% Jalisco 11 13 4,321,148 401,448 10.06% 9,218,470 3.3% Chihuahua 19 24 3,963,709 368,241 9.23% 32,747,508 11.6% Aguascalientes 13 20 2,992,596 278,021 6.97% 14,252,559 5.0% San Luis Potosi 14 12 1,958,452 181,946 4.56% 41,760,376 14.7% Nuevo Leon 10 10 3,140,362 291,749 7.31% 23,822,005 8.4% Other states 22 28 4,381,734 407,076 10.20% 14,101,831 5.0% Other revenues(1) 24,054,596 8.5% Total 231 267 42,954,022 3,990,559 100% 283,224,807 100% ______________ (1)Other revenues refer to maintenance and other costs and expenses incurred by us on behalf our tenants, which are subject to reimbursement by the tenants in accordance with their leases, as well as management fees. Land Reserves As of December 31, 2025, we had 1,230.3 acres (53,591,519.9 square feet) of Land Reserves located in several strategic locations in Mexico, which are within active industrial corridors in Mexico, on which we plan to develop approximately 24,116,195 square feet (2,240,468 square meters) of industrial buildings. As of December 31, 2025, the estimated development potential of the Land Reserves is: Location Total Land Reserves Total Land Reserves Percentage of Total Land Reserves Appraisal Value as of December 31, 2025 Estimated GLA to be Developed Estimated GLA to be Developed (Hectares) (Acres) (%) (thousands of US$) (square meters) (square feet) Aguascalientes 96 236.0 19.2 28,350 429,846 4,626,825 Querétaro 33 81.8 6.6 21,830 148,913 1,602,884 Monterrey 142 350.2 28.5 115,160 637,829 6,865,531 San Miguel Allende 33 82.6 6.7 15,440 150,387 1,618,749 San Luis Potosí 24 58.7 4.8 10,860 106,844 1,150,061 Guanajuato 32 78.2 6.4 18,630 142,350 1,532,241 México 8 18.7 1.5 18,610 34,105 367,101 Ciudad Juárez 39 97.3 7.9 25,980 177,160 1,906,931 Guadalajara 55 134.9 11.0 38,050 245,590 2,643,505 Tijuana 37 91.9 7.5 22,740 167,445 1,802,368 Total 498 1,230.3 100 315,650 2,240,468 24,116,195 _______________ (1)Land value is appraised at cost. For more information, see “Presentation of Financial and Certain Other Information—Appraisals.” Our Tenant Base Principal Tenants As of December 31, 2025, we had 267 leases in place with our tenants. During the year ended December 31, 2025, our 10 largest tenants together accounted for a leased GLA of approximately 11,794,305.8 square feet (1,095,726.9 square meters), or 27.5% of our total GLA, and approximately 30.0% of our rents. 60 Table of Contents The following table sets forth the names of our principal clients, their respective shares of our total GLA and rental income for the year ended December 31, 2025, and their remaining lease term as of December 31, 2025. Client Country Share of Total GLA Share of Total Rent Number of Buildings (%) (%) Mercado Libre Argentina 5.6% 6.4% 4 Nestle Switzerland 4.2% 4.2% 3 Safran France 3.2% 3.9% 6 Foxcon Taiwan 3.2% 3.7% 3 TPI United States 2.9% 3.8% 3 Nissan Japan 2.0% 2.0% 2 DSV Denmark 1.9% 1.1% 3 Bombardier Canada 1.6% 1.9% 5 Continental Germany 1.5% 1.6% 5 Tatung México United States 1.5% 1.5% 2 Our top 10 tenants are comprised of affiliates of multinational companies with strong credit ratings, operating in a wide range of industries in various geographic locations throughout Mexico. In the export manufacturing sector, our clients include Grupo Safran, Foxconn, TPI, Nissan, Bombardier Aerospace, Continental and Tatung, among others. In the consumer logistics sector, our clients include Mercado Libre and Nestlé, among others. As of December 31, 2025, we had 181 tenants, with only Mercado Libre as tenant accounting for more than 5% of our total GLA with 5.6%. As of December 31, 2024, we had 192 tenants, with no single tenant accounting for more than 5% of our total GLA. Diversification Across Industry Sectors We believe we have a broad, diversified and growing tenant base. Our leased GLA as of December 31, 2025 was split between manufacturing and logistics. 58.8% of our leased GLA was occupied by tenants for manufacturing purposes, with a weighted-average lease term by total GLA from inception of 13 years, while 41.2% was occupied by tenants using buildings for logistics, with a weighted-average lease term by total GLA from inception of 12 years. The following table contains a breakdown of our clients by industry based on leased GLA as of December 31, 2025. Industry As of December 31, 2025 (%) Automotive 32.2% Logistics 10.5% Food and beverage 8.8% Electronics 9.8% Aerospace 6.5% E-commerce 10.1% Plastics 1.8% Recreational vehicles 4.3% Medical devices 1.6% Renewable energy 3.4% Paper 1.1% Other industries(1) 9.9% _______________ (1)Includes various manufacturing industries, such as household appliances and metal industries. 61 Table of Contents The following table contains a breakdown of our tenant base and total rental income and management fees by type of industry for the year ended December 31, 2025. Industry Rental Income and Management fees Share of Total Rental Income and Management fees (millions of US$) (%) Automotive 72.69 25.7% Logistics 41.67 14.7% Aerospace 17.78 6.3% Food and beverage 16.18 5.7% Renewable energy 9.83 3.5% Recreational vehicles 4.30 1.5% Electronics 24.86 8.8% E-commerce 26.75 9.4% Plastics 5.71 2.0% Medical devices 6.26 2.2% Paper 0.21 0.1% Other industries(1) 32.94 11.6% Other revenues(2) 24.05 8.5% Total 283.22 100.0% _______________ (1)Includes various manufacturing industries, such as household appliances, renewable energy, metal and paper industries. (2)Other revenues refer to property taxes, insurance and other costs and expenses incurred by us on behalf of our tenants, which are subject to reimbursement by the tenants in accordance with their leases. Occupancy Our stabilized occupancy rate, expressed by our leased GLA, represents the percentage of our total GLA that is under lease with our tenants. The following table shows our stabilized occupancy rate as of December 31, 2025, 2024 and 2023. As of December 31, 2025 2024 2023 Occupancy rate 93.6 % 95.5 % 96.7 % The following table shows our stabilized occupancy rate by region as of December 31, 2025, 2024 and 2023. As of December 31, 2025 2024 2023 Region Northeast 85.7% 91.7% 98.3% Northwest 97.8% 90.6% 97.9% Central 97.5% 100.0% 97.2% Bajío North 91.4% 97.6% 99.0% Bajío South 94.4% 94.4% 92.9% Total 93.6% 95.5% 96.7% The decrease in our stabilized occupancy rate in the year ended December 31, 2025 as compared to year ended December 31, 2024 was primarily attributable to higher vacancies across all regions as a result of contract maturities that were not renewed during the year in line with ordinary business cycles. 62 Table of Contents Our Leases Overview Most of our leases are for initial terms that range from five to 15 years and grant our tenants the option to renew their leases for one or more additional terms of three to 15 years, subject to certain conditions. The average initial term of all the leases in effect as of December 31, 2025 was 12 years and their weighted remaining average lease term was 4.8. Security deposits are typically equal to one- or two months’ rent. We are generally required to perform only mandatory structural maintenance and we are responsible for any hidden defects in the properties. All leases include a provision that entitles us to rescind the lease and collect any past due rents and the aggregate amount of rent that would accrue over the remaining term of the lease, in the event of rescission if the tenant enters into default with its rental payments, vacates the property, terminates the lease unilaterally or enters bankruptcy or insolvency proceedings. In addition, generally we are entitled to terminate the lease upon occurrence of any of the following events: •failure by the tenant to comply with its payment obligations under the lease; •if the tenant assigns or subleases the premises without our prior written consent; •if the tenant carries out any construction work in, or modification of, the premises, except as permitted under the lease; •if the tenant uses the premises in a manner other than that permitted by the lease or for illegal purposes; •failure by the tenant to comply with any of the provisions of the internal regulations of the industrial park where the leased premises are located; •if the tenant obstructs, or in any other manner impedes, access to the persons designated by us to inspect the premises; •if the tenant breaches any other obligation under the lease agreement and such breach remains uncured for more than 30 days; •if the tenant breaches its anticorruption obligations under the lease; •if the tenant is subject to any strike or similar labor procedure during more than 60 days and such labor strike causes the tenant to breach its obligations under the lease; •if any lien is created over the premises or any portion thereof, or if any claim derived from any work or installation carried out by the tenant or in its name is filed; and •if during the term of the lease the tenant or its guarantor enters bankruptcy or reorganization proceedings and the tenant fails to provide a substitute guarantee. All of our leases are classified as operating leases. As of December 31, 2025, only three of our leases included a purchase option at fair market value, but only at the end of the lease. These three leases accounted for 3.0% of our total GLA. Nestlé Leases In 2003, we acquired two distribution centers used by Nestlé to manage, store, pack and distribute its products. One of them is located in Toluca, Estado de México and the other in Lagos de Moreno, Jalisco. In 2007, we agreed with Nestlé to expand these properties and to build an additional building for CPW, an affiliate of Nestlé. As of December 31, 2025, these properties together accounted for 1,795,955.8 square feet (166,850 square meters) or approximately 4.2% of our total GLA, and for 4.2% of our total rents for the year then ended. On December 1, 2015, Herdez assumed a portion of Nestlé’s space at the 696,265 square feet (64,685.2 square meters) building in Lagos de Moreno included in Nestlé’s lease. As of December 31, 2025, the GLA attributable to Nestlé at Lagos 63 Table of Contents de Moreno was approximately 640,827.5 square feet (59,535 square meters) and the GLA attributable to Herdez was approximately 55,438.0 square feet (5,150 square meters). In January, 2023, we entered into new lease agreements with Nestlé with respect to the 2 facilities for a seven-year term ending on December 31, 2030. In October 2024, CPW’s lease was extended for an additional seven-year term that will end on December 31, 2031. Except for a provision allowing Nestlé a right of first refusal in the event we wish to sell any of these properties, the Nestlé leases are subject to the same terms and conditions as the rest of our leases as described above. TPI Leases In November 2015, we entered into a 10-year master lease agreement with TPI in respect of two identical industrial buildings with a combined GLA of approximately 698,181 square feet (64,863 square meters) that were developed by us in Ciudad Juárez. In 2018, TPI expanded one of our two industrial buildings to increase their production. In May 2017, we entered into a 10-year master lease agreement with TPI in respect of an industrial building with a GLA of approximately 527,443 square feet (49,001 square meters) that was developed by us in the city of Matamoros, Tamaulipas. As of December 31, 2025, these properties together accounted for 1,225,624 square feet (113,864 square meters) or approximately 2.9% of our total GLA, and for 3.8% of our total rental income for the year then ended. We have not agreed to any extensions to our leases with TPI as of the date of this Annual Report. Except for a provision allowing TPI a right of first refusal in the event we wish to sell any of the properties in Ciudad Juárez and a purchase option exercisable by TPI with respect to our industrial building in Matamoros, Tamaulipas, the TPI leases are subject to substantially the same terms and conditions as the rest of our leases as described above. Collections We have established rigorous tenant selection criteria, including minimum eligibility standards that applicants must satisfy. In addition, applicants are evaluated on the basis of a list of documents and information they must submit as evidence of their financial capacity and that of their guarantors, including credit reports and statements for assets worth 12 times the amount of monthly rent they would be required to pay under the lease. As of December 31, 2025, 85.8% of our lease agreements were secured by guarantees granted by the clients’ parent companies, letters of credit, bonds or other similar guarantees. We maintain standard procedures to manage our past due rent portfolio and doubtful accounts, which take into consideration the amount of each individual account receivable and period of time it has remained outstanding. Our industry experience has enabled us to develop agreements with broad and comprehensive clauses aimed at maintaining low default levels. Pursuant to most of our lease agreements, rental payments should be received within the first 10 days of each month. Thereafter, the payment is considered past due. As of December 31, 2025 and 2024, 92% and 84% of our accounts receivable under operating leases, respectively, were current accounts. We monitor all of the rental payments that are past due. For receivables outstanding from 30 to 90 days, internal efforts are made to collect payment from the respective client. As of December 31, 2025 and 2024, the amount of operating lease receivables outstanding more than 30 but less than 60 days represented 0.2% and 0.3%, respectively, of our total operating lease receivables. As of December 31, 2025 and 2024, the amount of operating lease receivables outstanding more than 60 and less than 90 days represented 1% and 2%, respectively, of our total operating lease receivables. As of December 31, 2025 and 2024, operating lease receivables outstanding more than 90 days represented 7% and 14%, respectively, of our total operating lease receivables. Lease Expirations We take a proactive approach with respect to leasing, maintaining regular contact with our tenants and visiting each property frequently. We are in constant dialogue with our tenants regarding their intentions with respect to the space at existing properties, as well as any plans to expand. We also leverage the market intelligence of our senior management 64 Table of Contents team, building relationships with potential local, regional and national tenants that would complement our current customer base as space becomes available. The following table sets forth the expiration profile of our lease portfolio as of December 31, 2025. Number of Expiring Leases Expiring Leased GLA Expiring Leased GLA Share of Total GLA (square feet) (square meters) (%) Year 2026 33 3,226,650 299,766 8.4% 2027 38 3,917,015 363,903 10.2% 2028 41 4,582,574 425,735 11.9% 2029 and thereafter 155 26,812,677 2,490,979 69.6% Total 267 38,538,916 3,580,383 100% Retention Rates We believe that as a result of the quality and location of our properties as well as our focus on client service, we have built strong long-standing relationships with many of our clients and have been able to maintain a high client retention rate based on the limited number of client move-outs. In 2025, only 23.9% of the GLA that was scheduled to renew was not retained. This represented an increase of 996 basis points over the 14.0% average reported in the year ended December 31, 2024, resulting from the expiration of certain leases that year. This increase was primarily the result of higher contract maturities that were not renewed during the year in line with ordinary business cycles. Rent Increases As of December 31, 2025, approximately 89.6% of our leases were denominated in U.S. dollars, which leases accounted for 92.9% of our rents for the year then ended. Rents accrue on a monthly basis and are adjusted annually for inflation based on the CPI, if denominated in U.S. dollars, or the “INPC,” if denominated in pesos, or by a fixed percentage agreed with the client. Recurring Tenant Improvements Clients leasing our Multi-Tenant Buildings and BTS Buildings bear the majority of the costs associated with improvements and structural building changes to tailor them to their needs. However, from time to time, on a case-by-case basis, we incur capital expenditures to improve our buildings. Development and Acquisition Activities Asset Selection Rationale In addition to managing our existing property portfolio, we also develop new properties and potential acquisitions. Our senior management team, along with our regional managers, has assembled a diversified real estate portfolio with the objective of creating a high-quality, well-located set of properties occupied by reputable and creditworthy tenants. The properties we target for development or acquisition are generally characterized by (i) being Class A Buildings, requiring high-quality design and engineering specifications that meet international standards and allow our customers an efficient and flexible use of the buildings, (ii) involving tenants with high creditworthiness and long-term lease agreements or medium-term lease agreements that are likely to be renewed, and (iii) being located in trade corridors, clusters or other strategic geographic locations. In addition, we also develop other properties based on other characteristics in order to respond to the specific needs of our clients. Due Diligence Process Our due diligence process includes an analysis of all available material information about a potential acquisition. Our obligation to close an acquisition will generally be conditioned (i) on the necessary corporate approvals and (ii) upon the delivery and verification of certain documents from the seller, including: •plans and specifications; 65 Table of Contents •environmental, geological and soil reports, including geotechnical reports, environmental site assessments, property condition assessments and Alta surveys prepared by third parties upon our request; •evidence of marketable title, existing liens, and customary insurance policies (if any), in addition to any title searches conducted by third parties upon our request; •a title commitment issued by a reputable title insurance company; •all licenses and permits; •financial and credit information relating to the property and its tenants; •clearance of seller for anti-corruption and anti-money laundering purposes; •if applicable, clearance of the transaction by antitrust authorities; and •existing leases, tenant rent collections, operating expenses, real estate taxes, leasing and renewal activity. Property Leasing Strategy and Client Services Our management team manages our properties with a view toward creating an environment that fully supports our tenants’ businesses, maximizing cash flows at our properties by leasing vacant space, increasing rents through current leases when below market rents expire, and negotiating new leases to reflect increases in rental rates. To that effect, we conduct our operating and administrative functions, including leasing, development, acquisitions, data processing, negotiation of permits, finance and accounting, but typically subcontract on-site functions such as maintenance, landscaping, sweeping, plumbing and electrical works to third parties. We take a proactive approach to property management, maintaining regular contact with tenants and frequently visiting each property. As part of our ongoing property management, our regional directors also closely monitor the overall performance of each property and its tenants as well as changes in local or regional markets. Each property is subject to a leasing strategy within our marketing plan and is assigned a budget which takes into account local market, economic and industry conditions. Our regional management is mainly responsible for (i) lease negotiations and execution, pursuant to our investment guidelines, (ii) working towards the renewal of our lease agreements, and (iii) leveraging our market intelligence and familiarity with current tenants and potential local, regional and national tenants that would complement our current customer base. Contracting of Certain Services Including Construction We believe that our strong differentiating competitive factor is that our business is focused on developing our industrial properties, as we go through competitive bidding processes for all construction, design, engineering and project management services and related works to experienced third-party general contractors, such as Copachisa, Hermosillo y Asociados and SEICA, and designers, such as Ware Malcomb, among others. Our approach to the development of high-specification assets incorporates global quality standards. We have also developed internal processes that allow us to minimize delivery times and costs. This strategy allows us to focus on the development and management of our properties. By using reputable contractors and service providers with long track records and awarding contracts through bidding processes, we seek to mitigate contractor risk and foster competition, thereby lowering our costs, increasing the quality of our buildings and providing competitive alternatives for our current and future clients. Our bidding processes are conducted in accordance with procedures that comply with the International Standard ISO 9001–2015 (Quality management systems), a certification which we obtained in 2011 and which was renewed until 2026. We hire construction, design and engineering firms based on certain essential criteria, including their recognized experience in building our proposed developments, good relationships with suppliers, employment of recognized construction and engineering techniques, a high level of technical rigor and quality, and timely delivery of developments. We hire construction, design and engineering firms on market terms and conditions and set compensation for those firms based on a predetermined percentage of the total cost of the work or services provided. To guarantee transparency in the selection process, our internal engineering and project management team structures and organizes a competitive bidding process based on price, time estimated to complete the project and technical quality. We seek to utilize materials and technologies in our developments that allow us to offer rapid, creative, economical and high-quality solutions to our clients. We supervise the entire construction process to rationalize production, maximize productivity, mitigate waste and support the quality of the developments. 66 Table of Contents The entire construction process of the industrial buildings we develop is monitored internally by our engineers, who seek to anticipate any problems that could occur during the process, to reduce reworking costs and ensure the timely completion of the development. Furthermore, generally an external contracted project manager hired by us monitors the costs, timing and technical quality of the building onsite. Policies with Respect to Certain Activities The following is a discussion of our policies with respect to investments, financing and certain other activities. These policies may be amended and revised from time to time at the discretion of our board of directors without the vote of our shareholders. However, any change to any of these policies would be made by our board of directors only after a review and analysis of that change, in light of then-existing business and other circumstances, and then only if our directors believe, in the exercise of their business judgment, that it is advisable to do so and in our shareholders’ best interests. Investments in Real Estate or Interests in Real Estate Our management team has developed a comprehensive process for identifying and analyzing development and acquisition opportunities and we expect to expand our portfolio through the development of BTS Buildings, Multi-Tenant Buildings and Parks-to-Suit and acquisition of industrial real estate portfolios, individual buildings, Land Reserves and sale and leaseback transactions. We believe we are well-positioned to take advantage of potential opportunities and will benefit from our management’s expertise as we identify, develop and acquire properties. In evaluating a particular investment, our management team conducts a thorough analysis of the characteristics of the property and the market in which it is located, including: •economic dynamics and the tax and regulatory environment of the area; •regional, market and property-specific supply/demand dynamics; •market rents and potential for rent growth; •population density and growth potential; •existence or proximity to industrial parks or other areas with convenient access to major transportation arteries and ports; •existence of industrial clusters or geographic areas where our existing clients have or are planning to have operations; •existing and potential competition from other property owners and operators; •barriers to entry and other property-specific sources of sustainable competitive advantage; •quality of construction, design, and current physical condition of the asset; •opportunity to increase the property’s operating performance and value through better management, focused leasing efforts and/or capital improvements; •population income trends; and •location, visibility and accessibility of the property. We expect to pursue our investment objectives through the ownership of properties by our subsidiaries, but may also make investments in other entities. However, we are or may be subject to covenants in the documents that govern our indebtedness that limit our ability to make certain investments. For more information, see Item 5B. “Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness—Compliance with Covenants and Financial Ratios.” We may enter into joint ventures from time to time, if we determine that doing so would be the most effective means of raising capital. Equity investments may be subject to existing mortgage financing and other indebtedness or that financing or indebtedness may be incurred in connection with acquiring properties, or a combination of these methods. Any such financing or indebtedness will have priority over our equity interest in that property. 67 Table of Contents We may employ leverage in our capital structure in amounts that we determine from time to time. Our board of directors has not adopted a policy which limits the total amount of indebtedness that we may incur, but will consider a number of factors in evaluating our level of indebtedness from time to time, as well as the amount of such indebtedness that will be either fixed or variable rate. Pursuant to Mexican law and our bylaws, the amount of indebtedness that the board of directors may authorize is capped at 20.0% of the value of our assets based on our balance sheet as of the end of the immediately preceding quarter; provided that any indebtedness in excess of this percentage is required to be authorized by our shareholders. As of the date of this Annual Report, our shareholders have increased the capped amount of indebtedness that we may incur to US$1.8 billion. In addition, we are or may be subject to covenants in the documents that govern our indebtedness that limit our ability to incur or guarantee indebtedness. For more information, see Item 5B. “Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness—Compliance with Covenants and Financial Ratios.” We may from time to time modify our leverage profile in light of then-current economic conditions, relative costs of debt and equity capital, market values of our properties, general market conditions for debt and equity securities, fluctuations in the market price of our common shares, growth and acquisition opportunities and other factors. We do not have a specific policy as to the amount or percentage of our assets which will be invested in any specific property or leased to any particular tenant, but anticipate that our real estate investments will continue to be diversified geographically. As of December 31, 2025, our properties are located in sixteen different states across Mexico. From time to time, we may make investments or agree to terms that support the objectives of our tenants without necessarily maximizing our short-term financial return, which may allow us to build long-term relationships and acquire properties otherwise unavailable to our competition. We believe these dynamics create long-term, sustainable relationships and, in turn, profitability for us. Purchase, Sale and Development of Properties From time to time, we may engage in strategic development opportunities. These opportunities may involve replacing or renovating properties in our portfolio that have become economically obsolete or identifying new sites that present an attractive opportunity and complement our existing portfolio. Investments in Real Estate Mortgages Investments in real estate mortgages are subject to the risk that one or more borrowers may default and that the collateral securing mortgages may not be sufficient to enable us to recover our full investment. We have not invested in, nor do we have any present intention to invest in, real estate mortgages. For more information, see Item 5B. “Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness—Compliance with Covenants and Financial Ratios.” Investments in Securities or Interests in Persons Primarily Engaged in Real Estate Activities We may, but do not presently intend to, invest in securities of entities engaged in real estate activities or securities of other issuers (normally partnership interests, limited liability company interests or other joint venture interests in special purpose entities owning properties), including for the purpose of exercising control over those entities. We may acquire some, all or substantially all of the securities or assets of other entities engaged in real estate activities where those investments would be consistent with our investment policies. However, we are or may be subject to covenants in the documents that govern our indebtedness that limit our ability to make certain investments, including investments in direct and indirect interests in real property. For more information, see Item 5B. “Operating and Financial Review and Prospects—Liquidity and Capital Resources—Indebtedness—Compliance with Covenants and Financial Ratios.” Investments in Other Securities We may, but do not presently intend to, make investments other than as previously described. We may offer common shares, preferred shares or other equity or debt securities, in one or more classes or series, in exchange for cash or property, which, in principle, would require the approval of our shareholders and of the CNBV (with respect to the issuance of preferred shares). We may also repurchase or otherwise re-acquire common shares or other equity or debt securities in exchange for cash or property. We have not engaged in trading, underwriting or the agency distribution or sale of securities of other issuers and do not intend to do so. Our policies with respect to those activities may be reviewed and modified from time to time by our board of directors in its sole discretion. 68 Table of Contents Intellectual Property We believe that our trademarks are important to identify us and our business for the purpose of attracting future business. We are the owners of record of all of the material trademarks, logos and trade names used in connection with our operations, which are duly registered and in force with the Mexican Industrial Property Institute (Instituto Mexicano de la Propiedad Industrial). Our trademarks include “Vesta,” “CIV Real Estate,” “El Coecillo Vesta Park,” “La Mesa Vesta Park,” “ El Potrero Vesta Park,” “Los Bravos Vesta Park,” “Vesta Park Toluca,” “Toluca Vesta Park,” “Techpark,” “Parque Aeroespacial Querétaro,” “Vesta Park Juárez,” "Vesta Park Juárez Sur," Vesta Park Guadalupe," "Vesta Park Guadalajara," "Vesta Park Apodaca," “Vesta Park Tijuana,” “Vesta Park Guanajuato,” “Vesta Park Aguascalientes,” “Vesta Park Puebla,” “Vesta Park Tlaxcala,” “Vesta Park Las Torres,” “Vesta Park Rosarito,” “Vesta Park Megaregion,” “Vesta Park Lagoeste,” "Vesta PArk Punta Norte," "Vesta Park Alamar," “Vesta Desarrollo Inmobiliario Industrial,” “Vesta Industrial Real Estate Fund,” “Vest in Class,” “Vesta Challenge,” “Innovestteam” "Innovesting," "Enervesta" and “Innovating Mexico’s Industrial Platform.” We also own the Internet domains for our websites at www.vesta.com.mx and www.vesta.mx. As of the date of this Annual Report, there is no pending or, to our knowledge, threatened action, suit, proceeding or claim by others seeking to challenge the validity or scope of any of our trademarks or alleging the infringement by us of the intellectual property of others. Environmental, Social and Governance Matters Sustainability Objectives Our long-term sustainability vision is reflected in our environmental social and governance (“ESG”) strategy (the “ESG Strategy”), which defines the basic principles by which ESG practices are developed as part of our business. We have focused on the implementation of ESG practices into our core operations and the continuous expansion of ESG programs across our properties. These efforts have resulted in improvements in the way we manage, measure and report ESG performance across our development, asset management and commercial activities, as well as the ESG performance of our stakeholders. In 2017, we adhered to the United Nations Sustainability Development Goals (“SDGs”) and aligned our ESG Strategy and initiatives with the objectives of the SDGs. We prepare annual sustainability reports (the “Annual Sustainability Reports”) to document our economic, corporate governance, labor, social, environmental and financial achievements. We prepare the Annual Sustainability Reports on the basis of the standards developed by the Global Reporting Initiative (“GRI”), as well as the GRI Construction and Real Estate Industry Supplement for reporting information specific to the real estate industry. Since 2020, we apply reporting standards published by the Sustainability Accounting Standards Board, and we have started to implement the reporting basis as recommended by the Taskforce on Climate-Related Financial Disclosures (TCFD), and since 2023 we started to implement the reporting basis as recommended by the Taskforce on Nature-related Financial Disclosures (TNFD). In addition, key metrics in the report are externally verified by a third-party ESG consultant. Taking into account the dynamics of the industrial real estate market, macroeconomic changes and the situation in Mexico at large, we conducted a new materiality analysis in order to identify the most material ESG issues for our business. As part of this process, we consulted our stakeholders including Vesta’s executives and employees, board members, investors, clients, suppliers, academics, non-profit organizations and industry chambers to help identify and prioritize the most material ESG issues to the Company. To address these issues, in 2024, we presented our ESG Strategy to our stakeholders, which is incorporated into our Route 2030 Strategy. Our ESG Strategy consists of the following three pillars and their key performance indicators (“KPIs”) that we aim to achieve by 2030: •Governance and Integrity. Our top priorities in this area include becoming the standard for best-in-class governance practices with our stakeholders by strengthening our Corporate Governance and ESG practices on our Board and having a robust ESG Risk Management System. We plan to use the following KPIs to measure our performance toward achieving these goals by 2030: •(i) 100% of our senior management and collaborators having financial compensation linked with ESG objectives; (ii) 100% of the Board members being ESG trained, and (iii) reducing the salary gender gap by 8% at the executive level and 5% at the management level; •Social. Our main priorities in this field are to engage in constant dialogue with Vesta’s stakeholders, staying well informed of local needs and development possibilities, ensuring that projects involving stakeholders consider 69 Table of Contents human rights, economic development, inclusion, gender equality and the environment, among others. By strengthening relationships with NGOs and related partners, our Human Rights and Diversity Commitment strives to build relationships with local communities and indigenous populations in the regions where we have a presence. We plan to use the following KPIs to measure our performance toward achieving these goals by 2030: •(i) 700 hours of Professional Volunteering (ii) implementing the theory of change in 70% of Vesta’s Social Investment Projects; (iii) measuring the progress of our Human Rights Risks Assessment; and (iv) implementing 50% of the action plans on Human Rights with a focus on Land Acquisition, Community Relationship and Physical Security Processes. •Environmental. Our principal environmental goal is reducing our environmental impact, both in developments and operations to benefit our tenants, the industrial real estate industry and the communities where we operate. All these translate in the following actions: Net-Zero Commitment, Eco-efficiency operations within our parks and offices, strengthening our Biodiversity Protection Commitment and promoting Renewable Energy among our operations. We plan to use the following KPIs to measure our performance toward achieving these goals by 2030: •(i) achieve Net-zero for scope 1 and 2 emissions by 2040, have a material reduction in our scope 3 emissions related to the energy consumption of our tenants, as well as in the use of materials with a lower carbon footprint in our construction processes towards 2050, (ii) 100% of our parks should comply with ISO 14001, (iii) promote a positive impact on nature in accordance with the recommendations of TNFD, and (iv) 50 MWp of on-site solar capacity by 2030. •Sustainable Business: This is a new pillar that considers specific portfolio actions that strongly demonstrate the extent to which Vesta’s ESG Strategy permeates and resonates through our business’s key operations. Among these actions are adaptation to climate change strategy, sustainable investment and finance, and strengthening our Suppliers’ ESG Commitment and Sustainability. We plan to use the following KPIs to measure our performance toward achieving these goals by 2030: •(i) 95% of our new contracts should have a Green Lease, (ii) 100% of our new acquisitions should comply with the Responsible Investment Process, (iii) 100% of our employees should be ESG trained, (iv) evaluate 100% of level 3 and 4 suppliers, and (v) 55% of our GLA should be Green Certified. Our ESG Rankings and Memberships Since we began operations, we have distinguished ourselves for our ESG commitments. Over the years, our ESG performance has been evaluated and recognized by different international indices. During 2025, we achieved important milestones in respect of our certifications. Based on the results obtained in the 2025 CSA Evaluation of ESG performance, we have been included in the S&P/BMV Total Mexico Index for the sixth consecutive year and the S&P Yearbook for the third time. Additionally, we received a score of 69 out of 100 by the Global ESG Benchmark for Real Estate Assets (GRESB), based on the improvement of our ESG portfolio practices. In 2025, MSCI Inc., a global provider of equity, fixed income, real estate indexes, multi-asset portfolio analysis tools, ESG and climate products, granted us an AA grade. Based on our Climate Change Strategy and results, we achieved a B in the Climate Change Questionnaire and B in the Water Security Questionnaire from CDP in 2025. We have adhered to principles established by certain intergovernmental organizations, such as the United Nations, which seek to promote ESG compliance within private sector companies. In 2011, we became signatories to the UN Global Compact Principles. We have also been signatories to the UN PRI and the Women Empowerment Principles since 2020 and 2022, respectively. We are also scheduled to achieve our Sustainability Performance Target under our Sustainability-linked Senior Notes and our Sustainability-linked Unsecured Revolver Credit Facility. In furtherance of that target, we had 19 new LEED-certified buildings and 19 EDGE- certified buildings as of December 31, 2025. Sustainability-Linked Financing Framework 70 Table of Contents In addition to our ESG Strategy, in May 2021, we adopted a sustainability-linked financing framework (the “Sustainability-Linked Financing Framework”) establishing our sustainability strategy priorities and setting out goals with respect to our key performance indicator, the Sustainable Gross Leasable Area (“Sustainable GLA”). Our goal is to increase the percentage of Sustainable GLA to at least 20.0% of the GLA of the Total Portfolio (as defined below) by June 30, 2026, which represents an increase of 9 percentage points of our sustainability performance baseline of 11.1% as of the end of 2020 (the “Sustainability Performance Baseline”), as set forth in the Sustainability-Linked Financing Framework, which covers both our Sustainability-linked Senior Notes and Sustainability-linked Unsecured Revolver Credit Facility. We do not control the activities or consumption of resources by our tenants, but we promote the application of best practices and the creation of sustainable spaces through our sustainable construction manual (the “Sustainable Construction Manual”) and by obtaining green certifications, mainly in new constructions. Our Sustainable Construction Manual provides guidance to subcontractors on strategies for the design and construction of industrial parks that reduce environmental impact during construction, use of the property and its future demolition, and includes a checklist for measuring the environmental, social and labor impacts of a project prior to its commencement, throughout its development and thereafter. In addition, our ESG policy, sets forth the basic principles we must observe in connection with our investments and the environment at each of our facilities, which principles are designed, enforced and overseen by our ESG committee in line with our ESG Strategy. Furthermore, the majority of our leases include a “green clause” that, in an initial phase, encourages our tenants to voluntarily share with us information regarding their electric and water usage and waste outputs. During 2022, 118 of our tenants voluntarily shared this information with us, which generally shows that many of our tenants are willing to commit to carry out environmental measurements and share them with us in order to obtain the water and carbon footprint of the portfolio. Since 2020, we aim to achieve LEED New Construction Certification for more than half of our new development portfolio. In addition, we have strengthened our Sustainable Construction Manual to raise the construction standards of our developments in terms of ESG. In addition, we will roll out a strategy to certify our existing portfolio, seeking to achieve certifications in the operational phase, such as LEED BD+C, LEED O+M, BOMA BEST and EDGE. On December 18, 2024, we entered into a $545,000,000 Global Syndicated Sustainable Credit Facility (the "Facility") composed 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 our prior $200,000,000 undrawn Revolving Credit Facility. Under the terms of the Sustainability-linked Senior Notes and the Global Syndicated Sustainable Credit Facility, we must meet our Sustainability Performance Target, in addition to complying with certain reporting requirements. Failure to meet these objectives will result in us being required to pay additional interest under the Sustainability-linked Senior Notes and the Global Syndicated Sustainable Credit Facility. Additionally, pursuant to the Sustainability-Linked Financing Framework, we have committed to publish annually on our website, and in any case for any date/period relevant for assessing our performance relating to our Sustainability Performance Target, a Sustainability-Linked Financing update as part of our Annual Sustainability Report, which includes up-to-date information on our performance with respect to Sustainable GLA, a verification assurance report issued by an external verifier, and any other relevant information to allow investors to monitor the progress of the Sustainability Performance Target. The contents of our website, and the contents of any other website referred to herein, are not incorporated into, and do not form part of this Annual Report. Insurance We maintain insurance policies covering our properties against various risks, including general liability, earthquakes, floods, and business interruption. We determine the type of coverage and the policy specifications and limits based on what we deem to be the risks associated with our ownership of properties and our business operations in specific markets. That coverage typically includes property damage and rental loss insurance resulting from perils such as fire, windstorm, flood, and commercial general liability insurance. We believe our insurance coverage is consistent with what other companies in our industry in Mexico maintain. We believe our properties are adequately insured. However, there are certain losses, including losses from acts of God, acts of war, and acts of terrorism or riots that are generally not insured because it is not deemed economically feasible or prudent to do so. If an uninsured loss or loss in excess of insured limits occurs with respect to one or more of our properties, we could experience a significant loss of capital invested and potential revenues in these properties and could potentially remain obligated to give effect to the terms under any recourse debt associated with the property. For more information, see “Risk Factors—Risk Related to Our Business—Our tenants may default on their obligation to maintain insurance coverage.” Legal Proceedings We have been and may in the future be a party to certain claims and legal proceedings incidental to the normal course of our business, including, for example, tax assessments, claims relating to employee or employment matters, intellectual property matters, regulatory matters, contract, advertising and other claims, including proceedings with probable, possible or remote risks of loss. Our provisions are recorded pursuant to accounting rules, based on an individual analysis of each 71 Table of Contents contingency by our internal and external legal counsel. We constitute provisions for proceedings that our external counsel evaluates as having a probable risk of loss. In cases where unfavorable decisions in claims involve substantial amounts, or if the actual losses are significantly higher than the provisions constituted, the aggregate cost of unfavorable decisions could have a significantly adverse effect on both our financial condition and operating results. Moreover, our management may be forced to dedicate time and attention to defend against these claims, which could prevent it from concentrating on our core business. As of December 31, 2025, 2024 and 2023, we had no provisions relating to legal proceedings to which we were a party. Legal proceedings are inherently unpredictable and subject to significant uncertainties. If one or more legal proceedings in which we are currently involved or may come to be involved were to result in a judgment against us in any reporting period for amounts that exceeded our management’s expectations, the impact on our results of operations or financial condition for that reporting period could be material. See “Risk Factors—Risks Related to Our Business—We are or may become subject to legal and administrative proceedings or government investigations, which could harm our business and our reputation.” Employees As of December 31, 2025, we had a total of 116 employees (including our regional managers), all of whom are based in Mexico. We contract with third parties all construction, engineering and project management services and related work, as well as maintenance of our industrial buildings. None of our employees are affiliated with labor unions. To date, we have not experienced a strike or other labor disruption. The following table contains a breakdown of the average number of our employees, by region, as of the dates indicated: As of December 31, Region 2025 2024 2023 Bajío North 7 7 6 Bajío South 17 16 15 Central 7 7 7 Corporate 72 63 54 Northeast 6 6 5 Northwest 7 8 8 Total 116 107 95