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    Jorel Guilloty • Goldman Sachs

    Jorel Guilloty's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

    Jorel Guilloty's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q2 2025

    Question

    Jorel Guilloty from Goldman Sachs asked about expectations for leasing spreads going forward and the strategic framework for initiating new developments, particularly what would trigger new starts.

    Answer

    CEO Lorenzo Dominique Berho Carranza responded that the strong renewal rent spreads of 20-30% are expected to persist as legacy leases are marked to market, supported by a high tenant retention rate. On development, he outlined a disciplined approach: new projects will start in fully leased markets with strong demand, like Guadalajara, while in other areas, the focus is on leasing up existing new properties before launching further construction.

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    Jorel Guilloty's questions to Cemex SAB de CV (CX) leadership

    Jorel Guilloty's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Jorel Guilloty of Goldman Sachs asked for an update on the pricing outlook for the remainder of the year in Mexico and the U.S., specifically for cement, ready-mix, and aggregates, noting that year-to-date hikes were below initial expectations.

    Answer

    CEO Jaime Muguiro stated that a July price increase in Mexico is expected to yield an 8-10% gain. For the U.S., he does not expect further cement price increases this year, with ready-mix prices likely flat and aggregates holding a 5-6% sequential gain. He added that the pricing strategy remains focused on offsetting input cost inflation.

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