Corporacion Inmobiliaria Vesta, S.A.B de C.V. American Depositary Shares, each representing ten (10) Common Shares

Greetings, ladies and gentlemen, and welcome to the Vesta Second Quarter 2026 Earnings Conference Call. All participants are currently in listen-only mode. A question-and-answer session will follow today's prepared remarks. And as a reminder, this call is being recorded. It is now my pleasure to introduce your host, Fernanda Bettinger, Vesta's Investor Relations Officer. Please go ahead.

Good morning everyone and welcome to our review of Vesta's second quarter 2026 earnings results. Presenting today with me are Lorenzo Dominique Berho, our Chief Executive Officer, and Juan Sotil, our Chief Financial Officer. The earnings release detailing our second quarter 2026 results was released yesterday after market close and is available on Vesta's IR website along with our supplemental package. It's important to note that on today's call, management remarks and answers to your questions may contain forward-looking statements. Forward-looking statements address matters that are subject to risk and uncertainties that may cause actual results to differ. For more information on these risk factors, please review our public filings. Vesta assumes no obligation to update any forward-looking statements in the future. Please note that all figures were prepared in accordance with IFRS, which differ in certain significant respects from U.S. GAAP. All information should be read in conjunction with and is qualified in its entirety by reference to our financial statements, including the notes thereto, and is stated in U.S. dollars unless otherwise noticed. I'll now turn the call over to Lorenzo Berho.

Thank you, Fernanda, and good morning to everyone. We're very pleased with our second quarter results. This was another strong quarter for Vesta, reflecting solid financial performance, excellent leasing activity, improved occupancy, and importantly, demonstrated progress in the execution of our Route 2030 strategy. Last quarter, we spoke about the selective reactivation of development across high conviction markets. In second quarter, our results demonstrate that execution is clearly underway. Vesta is converting demand into leases, leases into occupancy, and our land bank into disciplined development. The strength of our performance this quarter reflects the quality of Vesta's platform and the confidence that global tenants continue to place in Mexico and in our company. Despite the ongoing uncertainty in the global trade environment, most recently due to tensions in the Middle East, our clients continue to make long-term decisions around Mexico as a strategic manufacturing and logistic platform. The fundamentals supporting Mexico's industrial real estate sector remain firmly in place. North American supply chain integration, nearshoring, growing U.S.-Mexico trade flows, and increasing demand from higher value industries. Regarding USMCA, without going into more detail that you're already likely aware, it's important to emphasize that the agreement remains in full force. In our view, Even in a scenario where the agreement continues operating without a formal near-term extension, Mexico remains in a very strong position. Trade continues. The U.S. market continues to grow. Mexico remains one of the most competitive locations for companies seeking resilient North American supply chains and demand for premium industrial real estate is clearly evident. CBRE has noted that broader trade volumes between the U.S. and Mexico continue to grow, and according to U.S. Census statistics, in May, Mexico was the United States' largest goods trading partner and accounted for 17.4% of U.S. goods imports, compared with 7.5% for China, a remarkable shift. Export-driven demand for premium industrial leasing near the U.S. border and logistics demand in major population centers are enduring structural demand drivers. despite trade policy uncertainty. Against this backdrop, Vesta delivered total second quarter leasing activity of approximately 2.4 million square feet, including approximately 900,000 square feet in new leases with new tenants. This resulted in more than 80% occupancy in Monterrey and 100% in both Mexico City and the Central Southeast region, and 1.5 million square feet in renewals, notably These renewals had a weighted average lease term of approximately seven years and a quarterly spread of nearly to 17%. This is a very strong indication of tenant commitment to our portfolio. Total portfolio occupancy reached 91.7% by quarter end, a 200 basis point improvement from 89.7% in the first quarter. Stabilized occupancy reached 93.7% and same-store occupancy remained strong at 95%. We're also seeing continued pricing power. Renewals and releasing activity for the second quarter reached 1.5 million square feet, with a trailing 12-month weighted average spread of 10.3%. During the quarter, renewals were particularly strong in northern markets for Vesta, where we achieved significant mark-to-market increases, reflecting tenant demand for well-located, infrastructure-ready properties. This is important because it reinforces a key point we have made previously. Even in markets where vacancy has increased, tenants continue to prioritize high-quality buildings, right infrastructure, location, energy availability, and an experienced partner they know can support their long-term operations. For Vesta, the opportunity is not defined by broad market averages. It is determined asset by asset Based on location, infrastructure, energy availability, tenant fit, and deep relationships. And this is where our portfolio is exceptionally well positioned. Across the portfolio, demand is increasingly coming from light manufacturing, electronics, AI-related infrastructure, logistics, aerospace, automotive, and other high-value sectors. This is consistent with broader market trends. Seabury has noted that tenant demand in Mexico is shifting toward diverse manufacturing and logistics, while technology-related activity tied to semiconductors, AI, and data centers continues to gain momentum. This trend is highly relevant for Vesta. Our clients are not only looking for industrial space, they are looking for locations that can support highly complex technology-enabled operations, as AI adoption accelerates and data center investment expands. Demand is increasingly connected to the broader industrial ecosystem that supports these technologies from electronics and components to cooling systems, power infrastructure, logistics, and specialized manufacturing. We're also living through a historic moment for advanced industries more broadly, including the growing visibility of the space economy and companies such as SpaceX. which underscores how rapidly aerospace, electronics, precision manufacturing, AI, and supply chain requirements are converging. For Vesta, this reinforces the importance of developing assets with reliable energy, connectivity, operational flexibility, dedicated tenant service, and the support of an experienced owner-operator. These requirements are becoming more important in our clients' long-term decisions. and Vesta is very well positioned to meet them, and the strategy is working. Portfolio quality, infrastructure, energy availability, and tenant alignments are translating into results. Let me now turn to development and capital allocation. As of quarter end, Vesta had approximately 1.8 million square feet under construction, representing an estimated investment of approximately 162 million. This includes projects in Tijuana, Ciudad Juarez, Guadalajara, Querétaro, and Mexico City. Our approach remains disciplined. We're activating development in markets where we have strong tenant interest, strategic land, and the infrastructure needed to support long-term demand. Importantly, our development is supported by a secure land bank of approximately 23 million square feet, giving us the flexibility to grow in phases and allocate capital efficiently. In the second half of the year, we expect to make significant infrastructure investments on land acquired last year, particularly in Monterrey, Guadalajara, and Ciudad Juarez. These investments are an important step in preparing those platforms for future growth and allowing us to respond to a strong tenant pipeline. We also expect to begin new construction projects in Monterrey, Guadalajara, and select northern markets as demand continues to materialize. The follow-on equity offering completed earlier this year has further strengthened our balance sheet and positioned us to capture the growth opportunities we're now seeing. We raise capital not to chase size, but to support a visible development pipeline, invest in infrastructure, and maintain financial flexibility. The decision to strengthen the balance sheet has proven to be the right one, particularly as demand is materializing across several of our core markets. This is one of Vesta's key differentiators. We have the land, the balance sheet, the customer relationships, the local operating capabilities, and the development expertise to execute. In a market where many participants are focused on acquisitions and mergers or portfolio consolidation, Vesta is positioned to create value through development. From a financial perspective, our results were excellent. Total rental income increased to $78.5 million. While rental revenue reached $76 million, a 16.2% year-over-year increase. Adjusted NOI increased 15.6% to $71.5 million with a margin of 94%. Adjusted EBITDA increased 15.7% to $63.6 million with a margin of 83.7%. Vesta FFO total $46.1 million. Increasing 6.8% year over year. We're very pleased with this performance. The first half of the year positioned so strongly with our current expectations. We have said consistently that value creation in our sector is driven by portfolio quality, discipline development, and customer alignment. This quarter provides clear evidence of that. Vesta is converting market demand into execution, and we are doing so with disciplined conviction and a long-term view. Most importantly, our performance continued to be driven by successful execution of our Vesta 2030 strategy. With that, let me turn the call over to Juan to review our financial results in more detail.