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    Alejandra Obregón Martínez • Morgan Stanley

    Alejandra Obregón Martínez's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

    Alejandra Obregón Martínez's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q2 2025

    Question

    Alejandra Obregón Martínez from Morgan Stanley inquired about Vesta's priorities regarding its regional footprint and which markets are best positioned for new development starts, considering all internal and external factors.

    Answer

    CEO Lorenzo Dominique Berho Carranza clarified that the immediate priority is leasing up existing vacant space in key markets like Monterrey, Ciudad Juarez, and Tijuana, as this provides the most direct revenue impact. For future growth, the focus is on markets with recently acquired land, such as Mexico City and Guadalajara, where development will commence when the timing is optimal.

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    Alejandra Obregón Martínez's questions to Cemex SAB de CV (CX) leadership

    Alejandra Obregón Martínez's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Alejandra Obregón Martínez from Morgan Stanley inquired about the primary levers for free cash flow generation, asking about the expected cadence and which areas—such as profitability, working capital, CapEx discipline, or asset sales—would provide the biggest unlocks.

    Answer

    CEO Jaime Muguiro detailed a multi-pronged approach, highlighting that CapEx reduction, cost savings from Project Cutting Edge, and incremental EBITDA from existing projects will be immediate drivers. He noted that working capital is already efficient, while portfolio rebalancing of underperforming micro-market assets will be a longer-term lever. He also pointed to reduced interest expenses as a significant contributor.

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