Exhibit 99.1





			Logistic Properties of the Americas

			Condensed Consolidated Interim Financial Statements (Unaudited)

			As of March 31, 2026 and December 31, 2025, and for the three months ended March 31, 2026 and 2025

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES


TABLE OF CONTENTS

			Page

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (LOSS)			1
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION			2
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY			3
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS			4
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS			5

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in U.S. Dollars except for number of shares)


		For the three months ended March 31,
		2026		2025
	Notes	(Unaudited)		(Unaudited)
REVENUES
Rental revenue	3	$	14,360,543	$	11,764,775
Other revenue	3	37,916		75,016
Total revenues		14,398,459		11,839,791

Investment property operating expense	4	(2,241,861)		(2,337,702)
General and administrative expense		(4,069,955)		(3,592,341)

Investment property valuation (loss) gain	9	(9,246,959)		1,915,481

Financing costs	11	(5,881,479)		(5,249,085)
Net foreign currency gain (loss)		(317,391)		199,987

Other income	5	630,378		271,802
Other expenses	5	(22,406)		(2,749)
Profit (loss) before taxes		(6,751,214)		3,045,184

INCOME TAX EXPENSE	14	(821,778)		(1,984,478)

PROFIT (LOSS) FOR THE PERIOD		$	(7,572,992)	$	1,060,706

OTHER COMPREHENSIVE INCOME (LOSS):
Items that may be reclassified subsequently to profit or loss:
Translation gain (loss) from functional currency to reporting currency		2,933,202		4,944,589
TOTAL COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD		$	(4,639,790)	$	6,005,295

PROFIT (LOSS) FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Company		$	(7,909,746)	$	(732,447)
Non-controlling interests		336,754		1,793,153
Total profit (loss) for the period		$	(7,572,992)	$	1,060,706

TOTAL COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO:
Owners of the Company		$	(4,976,544)	$	4,212,142
Non-controlling interests		336,754		1,793,153
Total comprehensive income (loss) for the period:		$	(4,639,790)	$	6,005,295

Weighted average number of shares – basic	13	31,617,815		31,627,722
Weighted average number of shares – diluted	13	31,617,815		31,627,722
Earnings (loss) per share attributable to owners of the Company - basic	13	$	(0.25)	$	(0.02)
Earnings (loss) per share attributable to owners of the Company - diluted	13	$	(0.25)	$	(0.02)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2026 AND DECEMBER 31, 2025

(in U.S. Dollars)


		As of March 31, 2026 (Unaudited)		As of December 31, 2025
	Notes
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	28,148,910	$	27,323,468

Lease and other receivables, net	7	3,490,678		4,142,217

Prepaid construction costs		706,954		125,061

Restricted cash equivalents - short term		105,000		105,000
Prepaid income taxes		1,005,912		1,196,382
Other current assets	8	7,928,246		6,709,555
Total current assets		41,385,700		39,601,683

NON-CURRENT ASSETS:
Investment properties	9	650,551,717		649,825,184
Tenant notes receivable - long term, net	7	1,291,934		1,370,812

Restricted cash equivalents - long term		6,681,645		6,598,299
Property and equipment, net		356,883		355,265
Deferred tax asset		215,002		179,509
Other non-current assets		3,138,416		2,842,514
Total non-current assets		662,235,597		661,171,583

TOTAL ASSETS		$	703,621,297	$	700,773,266

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses		$	9,258,881	$	11,694,817

Income tax payable		2,738,898		7,101,476
Retainage payable		2,064,513		2,598,043
Long term debt – current portion	11	11,270,965		10,270,261
Security deposits – current portion		112,624		112,624
Lease liability – current portion	10	383,693		131,641
Other current liabilities	8	504,130		90,785
Total current liabilities		26,333,704		31,999,647

NON-CURRENT LIABILITIES:
Long term debt	11	297,355,661		285,064,648
Deferred tax liability		43,559,084		42,804,138
Security deposits		3,166,723		3,004,501
Lease liability	10	13,280,420		13,153,846
Other non-current liabilities		—		178,196
Total non-current liabilities		357,361,888		344,205,329

TOTAL LIABILITIES		383,695,592		376,204,976

EQUITY:
Ordinary shares	12	3,177		3,186
Additional paid-in capital		218,769,963		219,191,477
Retained earnings		41,180,318		49,090,064
Treasury shares, at cost	12	(1,196,282)		(2,030,382)
Foreign currency translation reserve		(6,657,589)		(9,590,791)
Equity attributable to owners of the Company		252,099,587		256,663,554
Non-controlling interests		67,826,118		67,904,736
Total equity		319,925,705		324,568,290

TOTAL LIABILITIES AND EQUITY		$	703,621,297	$	700,773,266

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in U.S. Dollars except for number of shares)


		Ordinary Shares			Treasury Shares			Additional paid-in capital		Retained earnings		Foreign currency translation reserve		Equity attributable to owners of the Company		Non— controlling interests		Total equity
	Notes	Number of shares	Common Share capital		Number of shares	Amount
BALANCE AS OF DECEMBER 31, 2025		31,867,009	$	3,186	(249,194)	$	(2,030,382)	$	219,191,477	$	49,090,064	$	(9,590,791)	$	256,663,554	$	67,904,736	$	324,568,290
Profit (loss) for the period		—	—		—	—		—		(7,909,746)		—		(7,909,746)		336,754		(7,572,992)
Other comprehensive income		—	—		—	—		—		—		2,933,202		2,933,202		—		2,933,202
Total comprehensive income (loss) for the period		—	—		—	—		—		(7,909,746)		2,933,202		(4,976,544)		336,754		(4,639,790)





Share-based payments	16	—	—		—	—		412,577		—		—		412,577		—		412,577


Retirement of treasury shares	12	(85,378)	(9)		85,378	834,100		(834,091)		—		—		—		—		—



Distributions to non-controlling interests		—	—		—	—		—		—		—		—		(415,372)		(415,372)
BALANCE AS OF MARCH 31, 2026 (Unaudited)		31,781,631	$	3,177	(163,816)	$	(1,196,282)	$	218,769,963	$	41,180,318	$	(6,657,589)	$	252,099,587	$	67,826,118	$	319,925,705


		Ordinary Shares			Treasury Shares			Additional paid-in capital		Retained earnings		Foreign currency translation reserve		Equity attributable to owners of the Company		Non— controlling interests		Total equity
	Notes	Number of Shares	Common Share capital		Number of shares	Amount
BALANCE AS OF DECEMBER 31, 2024		31,799,747	$	3,180	(126,834)	$	(1,242,773)	$	218,291,347	$	38,593,217	$	(26,680,095)	$	228,964,876	$	41,836,542	$	270,801,418
Profit (loss) for the period		—	—		—	—		—		(732,447)		—		(732,447)		1,793,153		1,060,706
Other comprehensive income (loss)		—	—		—	—		—		—		4,944,589		4,944,589		—		4,944,589
Total comprehensive income (loss) for the period		—	—		—	—		—		(732,447)		4,944,589		4,212,142		1,793,153		6,005,295
Share-based payments	16	—	—		—	—		357,186		—		—		357,186		—		357,186
Issuance of shares to directors	12	60,000	6		—	—		(6)		—		—		—		—		—
Repurchase of Treasury shares	12	—	—		(85,378)	(834,099)		—		—		—		(834,099)		—		(834,099)

Capital contributions from non-controlling interests		—	—		—	—		—		—		—		—		1,440,000		1,440,000

BALANCE AS OF MARCH 31, 2025 (Unaudited)		31,859,747	$	3,186	(212,212)	$	(2,076,872)	$	218,648,527	$	37,860,770	$	(21,735,506)	$	232,700,105	$	45,069,695	$	277,769,800

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(in U.S. Dollars)


		For the Three Months Ended March 31,
		(Unaudited)
	Notes	2026		2025
Cash flows from operating activities:
Profit (loss) for the period		$	(7,572,992)	$	1,060,706
Adjustments:
Share-based payments	16	412,577		357,186
Depreciation and amortization		232,172		351,351
Expected credit losses adjustments	7	(2,214)		61,594
Net foreign currency (gain) loss		71,640		(144,004)

Investment property valuation gain (loss)	9	9,246,959		(1,915,481)
Financing costs	11	6,027,245		5,322,147


Straight-line rent		(28,293)		(211,971)

Interest income	9	—		(67,143)



Income tax expense	14	821,778		1,984,478
Working capital adjustments		(3,274,278)		(1,888,821)
Income tax paid	14	(5,024,715)		(72,792)
Net cash provided by (used in) operating activities		$	909,879	$	4,837,250

Cash flows from investing activities:
Capital expenditure on investment properties	9	$	(5,759,281)	$	(3,406,784)
Purchase of property and equipment		(26,740)		(14,147)
Proceeds from sale of investment properties	9	—		3,901,985


Repayments on loans to tenants	7	94,921		107,877
Restricted cash equivalents		(38,231)		(80,171)
Net cash provided by (used in) investing activities		$	(5,729,331)	$	508,760

Cash flows from financing activities:
Long term debt borrowing	11	$	14,371,593	$	4,000,000
Long term debt repayment	11	(2,432,320)		(5,930,190)

Cash paid for raising debt	11	(39,039)		(397,679)

Interest and commitment fees paid	11	(5,865,452)		(5,170,802)
Repurchase of treasury shares	12	—		(834,099)
Capital contributions from non-controlling interests		—		1,440,000
Distributions to non-controlling interests		(415,372)		(380,950)


Repayment of lease liabilities	10	(36,987)		(98,066)
Net cash provided by (used in) financing activities		$	5,582,423	$	(7,371,786)

Effects of exchange rate fluctuations on cash held		62,469		154,907
Net increase (decrease) in cash and cash equivalents		825,440		(1,870,869)
Cash and cash equivalents at the beginning of period		27,323,468		28,827,347
Cash and cash equivalents at the end of period		$	28,148,910	$	26,956,478

Supplemental disclosure of noncash investing and financing activities:
(Decrease) increase in accrued payables for investment properties	9	$	(741,030)	$	1,272,712

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

LOGISTIC PROPERTIES OF THE AMERICAS AND SUBSIDIARIES

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(in U.S. Dollars)

1. NATURE OF BUSINESS

Logistic Properties of the Americas (“LPA”) is a Cayman Islands exempted company formed on October 9, 2023. The Company’s principal executive office address is 1395 Brickell Avenue, Suite 800, Miami, FL 33131 and its chief administrative office is Plaza Tempo, Edificio B, Oficina B1, Piso 2, San Rafael de Escazú, San José, Costa Rica.

Logistic Properties of the Americas, through its affiliates and subsidiaries (jointly referred to as the “Company”) is a fully integrated, internally managed real estate company that develops, owns and manages a diversified portfolio of warehouse logistics assets across Latin America.

On March 27, 2024, LPA consummated the previously announced business combination pursuant to the Business Combination agreement, dated as of August 15, 2023 (“Business Combination Agreement”), with two, a Cayman Islands exempted company (“TWOA”), LatAm Logistic Properties, S.A., a company incorporated under the laws of Panama (“LLP”), Logistic Properties of the Americas Subco, a Cayman Islands exempted company and a wholly-owned subsidiary of LPA (“SPAC Merger Sub”), and LPA Panama Group Corp., a company incorporated under the laws of Panama and a wholly-owned subsidiary of LPA (“Company Merger Sub”) (the “Business Combination”).

As a result of the Business Combination, TWOA and LLP became wholly-owned subsidiaries of LPA, and LPA ordinary shares (“Ordinary Shares”) were listed on the New York Stock Exchange (“NYSE”) under the symbol “LPA”. Refer to Note 3 for more details.

These condensed consolidated interim financial statements should be read in conjunction with LPA’s most recent audited consolidated financial statements and notes.

2. MATERIAL ACCOUNTING POLICY INFORMATION

a.Basis of Accounting – The condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard ("IAS") 34 - Interim Financial Reporting, as issued by the IASB.

The condensed consolidated interim financial statements have been prepared on the historical cost basis except certain investment properties that are measured at fair value as of the end of each reporting period, as explained in the accounting policies included in LPA’s most recent audited consolidated financial statements and notes. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

These condensed consolidated interim financial statements follow the same significant accounting policies as those included in LPA’s most recent audited consolidated financial statements. The Company's management believes that all adjustments that are required for a proper presentation of the financial information are incorporated in these condensed consolidated interim financial statements.

b.Foreign Currency –

•Functional and Presentation Currency - The condensed consolidated interim financial statements are presented in U.S. dollars (USD), which is the functional currency of Logistic Properties of the Americas and its subsidiaries, except for the Colombian subsidiaries of LPA COL OpCo, S.A. and LPA COL PropCo Cota I, S.A.S, for which the functional currency is the Colombian Peso. The Company did not disclose the MXN (Mexican Peso) exchange rates for periods prior to the third quarter of 2025 as its operations in Mexico commenced in the third quarter of 2025. As of March 31, 2026 and December 31, 2025, the sell-exchange rates for a USD to relevant currencies for the Company $1.00 were the following:


	As of	As of
	March 31, 2026	December 31, 2025
Costa Rican Colones (“CRC”)	CRC 468	CRC 501
Colombian Pesos (“COP”)	COP 3,670	COP 3,757
Peruvian Soles (“PEN”)	PEN 3.495	PEN 3.369
Mexican Peso (“MXN”)	MXN 18.07	MXN 17.97

The average sell-exchange rates for a USD to relevant currencies for the Company $1.00 were the following for the three months ended March 31, 2026 and 2025:


	For the three months ended March 31, 2026	For the three months ended March 31, 2025
CRC	CRC 480	CRC 508
COP	COP 3,702	COP 4,192
PEN	PEN 3.445	PEN 3.706
MXN	MXN 19.53	N/A

•Foreign Currency Transactions - Transactions in foreign currencies are translated into the respective functional currencies of the Company entities at exchange rates at the dates of the transactions.

Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognized in profit or loss.

Foreign Operations - The assets and liabilities of foreign operations, for which the functional currency is other than the USD are translated into USD at exchange rates in effect at the date of the consolidated statement of financial position. The income and expenses of foreign operations are translated at the average exchange rates for the period, unless exchange rates fluctuates significantly during the period, in which case the exchange rates at the date of the transactions are used. Components of equity are translated into USD at the historical exchange rates.

Foreign currency differences are recognized in other comprehensive income (loss) ("OCI") and accumulated in a separate line item in the Company’s condensed consolidated interim statements of changes in equity under “Foreign currency translation reserve”, except to the extent that the translation difference is allocated to non-controlling interests ("NCI"). When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the foreign currency translation reserve account related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. If the Company disposes of part of its interest in a subsidiary but retains control, then, the relevant proportion of the cumulative amount is reattributed to non-controlling interests.

c.Basis of Consolidation - The condensed consolidated interim financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) at the end of each reporting period. Control is achieved when the Company:

•has the power over the investee;

•is exposed, or has rights, to variable returns from its involvement with the investee; and

•has the ability to use its power to affects its returns.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the contractual rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including:

•the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;

•exposure, or rights, to variable returns from its involvement with the investee; and

•any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made including the ability to use its power over the investee to affect the amount of the investor’s returns

Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control. Specifically, the results of subsidiaries acquired or disposed of during the year are included in profit or loss from the date the Company gains control until the date when the Company ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (loss) are attributed to owners of the Company and to the non-controlling interests. Total comprehensive income of the subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in line with the Company’s accounting policies.

All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Company are eliminated on consolidation.

Non-controlling interests in subsidiaries are identified separately from the Company’s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net

assets upon liquidation may initially be measured at fair value or at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests’ share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance.

Changes in the Company’s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Company’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the Company.

When the Company loses control of a subsidiary, the gain or loss on disposal recognized in profit or loss is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value, as of the date control is lost, of any retained interest in the subsidiary and (ii) the previous carrying amount of the assets (including goodwill), less liabilities of the subsidiary and any non-controlling interests. All amounts previously recognized in other comprehensive income (loss) in relation to that subsidiary are accounted for as if the Company had directly disposed of the related assets or liabilities of the subsidiary (i.e. reclassified to profit or loss or transferred to another category of equity as required/permitted by applicable IFRS Standards). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 - Financial Instruments ("IFRS 9"), when applicable, or the cost on initial recognition of an investment in an associate or a joint venture.

On August 15th, 2025, the Company acquired two operating investment properties in Mexico through a strategic partnership with Immobiliaria y Constructora Alas, S.A. ("Alas"). The partnership is structured through a master trust (Fideicomiso 6193), which was established to hold and administer the underlying project assets and related activities. The details of the transaction are discussed in Note 9. Despite holding less than 50% of the economic interest, the Company has control over the master trust through contractual and legal rights.

The condensed consolidated interim financial statements include the financial information of Logistic Properties of the Americas (parent entity) and its subsidiaries:


		Ownership Interest				Non-controlling Interests
Entities	Country	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Latam Logistic Properties S.A.	Panamá	100	%	100	%
two	Cayman Islands	100	%	100	%
Latam Logistic Property Holdings, LLC	United States	100	%	100	%
LPA Corporate Services Inc.	United States	100	%	100	%
Latam Logistic COL HoldCo I, S de R.L.	Panamá	100	%	100	%
Latam Logistic CR HoldCo I, S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan HoldCo S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan Holdco El Coyol II S de R.L.	Panamá	50	%	50	%	50	%	50	%
Latam Logistic Pan Holdco Cedis Rurales S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan HoldCo San Joaquin I S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan Holdco Verbena I S de R.L.	Panamá	48	%	48	%	52	%	52	%
Latam Logistic Pan Holdco Verbena II S, S.R.L.	Panamá	48	%	48	%	52	%	52	%
Logistic Property Asset Management, S de R.L.	Panamá	100	%	100	%
Latam Logistic Pan Holdco Verbena Fase 2 S de RL.	Panamá	100	%	100	%
LPA Asset Management CR, S.A.	Panamá	75	%	75	%	25	%	25	%
LPA Pan Holdco 2 Verbena Fase II, INC.	Panamá	75	%	75	%
LPA Verbena Fase II Pan Holdco 1, S.A.	Panamá	75	%	75	%
Latam Logistic Pan Holdco Medellin I, S.R.L.	Panamá	100	%	100	%
LatAm Logistic Pan HoldCo Bodegas los Llanos, S.R.L.	Panamá	100	%	100	%
LPA PER OpCo, S.R.L.	Perú	100	%	100	%
LPA PER PropCo Lurin I, S.R.L.	Perú	100	%	100	%
LPA PER PropCo Lurin II, S. R.L.	Perú	100	%	100	%
LPA PER PropCo Lurin III, S.R.L.	Perú	100	%	100	%
Parque Logístico Callao, S.R.L.	Perú	40	%	40	%	60	%	60	%
LPA COL OpCo, S.A.S.	Colombia	100	%	100	%
LPA COL PropCo Cota I, S.A.S.	Colombia	100	%	100	%
LPA CR OpCo Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA CR PropCo Alajuela I Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA Propco El Coyol Dos Sociedad de Responsabilidad Limitada	Costa Rica	50	%	50	%	50	%	50	%
LPA Propco Bodegas San Joaquín Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA Propco Cedis Rurales Costa Rica Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
Tres Ciento dos Setecientos Ochenta y Cuatro Mil Cuatrocientos Treinta y Tres Dociedad de Responsabilidad Limitada	Costa Rica	24	%	24	%	76	%	76	%
LPA PropCo Bodegas los Llanos Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA CR Zona Franca Sociedad de Responsabilidad Limitada	Costa Rica	100	%	100	%
LPA MX Holdco I S.R.L. de C.V.	Mexico	100	%	100	%
Latam Logistics Mx Holdco II S.R.L. de C.V.	Mexico	100	%	100	%
LPA Mex OpCo SRL de CV	Mexico	100	%	100	%
Fideicomiso F/6193	Mexico	10	%	10	%	90	%	90	%
Fideicomiso F/6384	Mexico	10	%	10	%	90	%	90	%
Latam Logistics SLV OpCo S.A. de C.V.	El Salvador	100	%	100	%

d.New and amended IFRS Accounting Standards that are effective for the current year

The condensed consolidated interim financial statements and notes are based on accounting policies consistent with those described in Note 2 to LPA’s most recent audited consolidated financial statements and notes. All the new and amended IFRS Accounting Standards effective as of March 31, 2026 that are relevant to the Company have already been early adopted before January 1, 2026. See details below:

•Amendments to IFRS 9 and IFRS 7 - Financial Instruments: Disclosures ("IFRS 7") - Classification and Measurement of Financial Instruments – On May 30, 2024, the IASB issued amendments to IFRS 9 and IFRS 7, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. The amendments are effective for annual reporting periods beginning on or after January 1, 2026. The Company adopted these amendments as of January 1, 2026, and the adoption did not have a material impact on the Company’s condensed consolidated interim financial statements.

•Annual Improvements to IFRS Accounting Standards - Volume 11

On July 18, 2024, the IASB issued amendments to five standards as a result of the IASB’s annual improvements project. The IASB uses the annual improvements process to make necessary, but non-urgent, amendments to IFRS Accounting Standards that will not be included as part of another major project. The amended standards are: IFRS 1 - First-time Adoption of International Financial Reporting Standards, IFRS 7 and its accompanying Guidance on implementing IFRS 7, IFRS 9, IFRS 10 - Consolidated Financial Statements and IAS 7 - Statement of Cash Flows. The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, and early adoption is permitted. The Company adopted these amendments as of January 1, 2026, and the adoption did not have a material impact on the Company’s condensed consolidated interim financial statements.

•Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-Dependent Electricity

On December 18, 2024, the IASB issued amendments to IFRS 9 and IFRS 7, which clarifies the application of the ‘own-use’ requirements and permits the use of hedge accounting for contracts that reference electricity generated from nature dependent sources and for which cash flows vary based on the amount of electricity generated by a reference production facility, if they are used as hedging instruments. The amendments also add new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, and early adoption is permitted. These amendments are not expected to have a material impact on the Company's condensed consolidated financial statements.

e.New and amended IFRS Accounting Standards issued but not yet effective

At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective:

•IFRS 18 - Presentation and Disclosure in Financial Statements ("IFRS 18")

On April 9, 2024, the IASB issued IFRS 18 to improve reporting of financial performance. IFRS 18 replaces IAS 1 - Presentation of Financial Statements ("IAS 1") while carrying forward many of the requirements in IAS 1. The new Accounting Standard introduces significant changes to the structure of the Company's income statement and new principles for aggregation and disaggregation of information. IFRS 18 applies for annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. The Company is currently evaluating the impact of the adoption of IFRS 18 on its condensed consolidated interim financial statements.

•IFRS 19 - Subsidiaries without Public Accountability ("IFRS 19")

On May 9, 2024, the IASB issued IFRS 19 which permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures better suited to the needs of the users of their financial statements, as well as to keep only one set of accounting records to meet the needs of both their parent company and the users of their financial statements. The standard is effective on or after January 1, 2027 and earlier application is permitted. IFRS 19 is not expected to have a material impact on the Company's condensed consolidated interim financial statements.

•Amendments to IFRS 19 – Subsidiaries without Public Accountability: Disclosures

On August 21, 2025, the IASB issued amendments to IFRS 19 to update and simplify the disclosure requirements applicable to subsidiaries without public accountability. These amendments remove certain disclosure requirements related to IFRS Accounting Standards issued between February 2021 and May 2024, reflecting the

IASB’s objective of easing the financial reporting burden on eligible subsidiaries. The amendments are effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted. The Company does not expect these amendments to have an impact on its condensed consolidated interim financial statements.

•Amendments to IAS 21 – Translation to a Hyperinflationary Presentation Currency

On November 13, 2025, the IASB issued amendments to IAS 21 to clarify how companies should translate financial statements from a non-hyperinflationary currency into a hyperinflationary one. These narrow-scope amendments aim to improve the usefulness of the resulting information in a cost-effective manner. Developed in response to stakeholder feedback, these amendments are expected to reduce diversity in practice and provide a clearer basis for reporting in a hyperinflationary currency. The Company is currently evaluating the impact of the adoption of the amendment and does not expect it to have a material impact on the Company's condensed consolidated financial statements.

3. REVENUE

The Company’s revenue was as follows:


	Three months ended March 31,
	2026		2025

Rental income in accordance with IFRS 16 - Leases (“IFRS 16”)	$	12,772,977	$	10,379,044

Non-lease components of rental arrangements	1,587,566		1,385,731
Other	37,916		75,016
Revenue from contracts with customers in accordance with IFRS 15 - Revenue from Contracts with Customers ("IFRS 15")	$	1,625,482	$	1,460,747
Total revenues	$	14,398,459	$	11,839,791

Note 6 contains further information of the Company’s revenue based on segment and geography.

The Company, through its subsidiaries, has entered into various operating leases agreements with customers for the rental of its investment properties. Most of the Company’s lease agreements associated with the investment properties contain an initial lease term from 5 to 10 years and generally include renewal options for one or more additional terms of varying lengths. The Company’s weighted average lease term remaining on current leases, based on square footage of leases in effect as of March 31, 2026 and 2025 was 4.7 years and 5.0 years, respectively.

These leases are based on a minimum rental payment in USD for properties located in Costa Rica, Peru and Mexico, and COP for properties in Colombia, plus maintenance fees and recoverable expenses, and security deposits associated with the agreements, which are commonly used for covering any repair, improvement tasks or as a final payment when the lease agreement ends.

4. INVESTMENT PROPERTY OPERATING EXPENSES

Rental property operating expenses were as follows:


	Three months ended March 31,
	2026		2025
Repair and maintenance	$	907,664	$	924,906
Utilities	136,163		177,455
Insurance	186,377		120,956
Property management	148,561		122,028
Real estate taxes	300,374		466,268
Expected credit loss adjustments	(2,214)		61,594
Tenant-billable operating expenses	379,763		301,423
Interest expenses on property related lease liabilities	143,280		70,973
Other property related expenses	41,893		92,099
Total	$	2,241,861	$	2,337,702

The Company does not incur significant direct property operating costs from investment properties under development, as such properties do not generate rental income yet.

5. OTHER INCOME AND OTHER EXPENSES

Other income and expenses was as follows:


	Three months ended March 31,
	2026		2025
Interest income	$	246,576	$	271,802

Other Income (1)	383,802		—
Other expenses (2)	(22,406)		(2,749)
Total	$	607,972	$	269,053

(1)Other income primarily relates to income recognized from the settlement of construction contracts with a contractor, including the derecognition of retainage and other balances no longer payable following contract termination, as well as stamp tax refunds related to the sale of Warehouse 500A.

(2)Including other capital raising costs, dead deal pursuit costs, and gain/loss on disposition of properties.

6. SEGMENT REPORTING

The Company has four operating segments, based on geographic regions consisting of Costa Rica, Colombia, Peru and Mexico. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), the Company’s Chief Executive Officer, in deciding how to allocate resources and assess the Company’s financial and operational performance. The CODM receives information and evaluates the business from a geographic perspective and reviews the Company’s internal reporting by geography in order to assess performance and allocate resources. As a result, the Company has determined the business operates in four distinct operating segments based on geography.

The four geographic segments, Costa Rica, Colombia, Peru and Mexico, primarily derive revenue from various operating lease agreements with customers for the rental of warehouses. Each of these locations and corresponding operations are presented and managed separately. The operating segments are each reportable segment, and aggregation of segments is not applied. Unallocated revenue consists of other revenue streams earned by operating subsidiaries that are not allocated to segments for CODM’s review. Unallocated expenses consist of certain corporate general and administrative expenses that are not allocated to segments for CODM’s review, as well as financing costs for the bridge loan held by the parent entity.

There was no inter-segment revenue for the three months ended March 31, 2026 and 2025.

The tables below present information by segment presented to the CODM and reconciliations to the Company’s consolidated amounts.

The Company evaluates the performance of its reportable segments based on net operating income. Segment net operating income consists of segment investment property rental revenue less segment investment property operating expense.

The tables below present information by segment presented to the CODM and reconciliations to the Company’s consolidated amounts for the three months ended March 31, 2026, and 2025.


	Three Months Ended March 31,
	2026		2025
Revenue
Costa Rica	$	6,197,784	$	6,000,839
Colombia	2,995,646		2,400,284
Peru	4,706,106		3,363,652
Mexico	461,007		—
Unallocated revenue	37,916		75,016
Total	$	14,398,459	$	11,839,791

Investment property operating expense
Costa Rica	$	(934,909)	$	(848,787)
Colombia	(382,851)		(458,526)
Peru	(905,069)		(1,030,389)
Mexico	(19,032)		—
Total	$	(2,241,861)	$	(2,337,702)

Net operating income
Costa Rica	$	5,262,875	$	5,152,052
Colombia	2,612,795		1,941,758
Peru	3,801,037		2,333,263
Mexico	441,975		—
Total	$	12,118,682	$	9,427,073

General and administrative expense
Costa Rica	$	(803,666)	$	(719,864)
Colombia	(955,424)		(356,187)
Peru	(323,405)		(310,656)
Mexico	(161,437)		—
Corporate	(1,826,023)		(2,205,634)
Total	$	(4,069,955)	$	(3,592,341)

Financing costs
Costa Rica	$	(2,225,377)	$	(2,686,287)
Colombia	(1,992,733)		(1,367,670)
Peru	(1,663,369)		(1,195,128)
Mexico	—		—

Total	$	(5,881,479)	$	(5,249,085)

The following table reconciles segment net operating income to profit (loss) before taxes for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026		2025
Net operating income	$	12,118,682	$	9,427,073
Unallocated revenue	37,916		75,016
General and administrative expense	(4,069,955)		(3,592,341)

Investment property valuation gain (loss)	(9,246,959)		1,915,481

Financing costs	(5,881,479)		(5,249,085)
Net foreign currency gain (loss)	(317,391)		199,987

Other income	630,378		271,802
Other expenses	(22,406)		(2,749)
Profit (loss) before taxes	$	(6,751,214)	$	3,045,184

Segment Assets and Liabilities

For the purposes of monitoring segment performance and allocating resources between segments, the CODM monitors select assets and liabilities attributable to each segment. The following table summarizes the Company’s total assets and liabilities by reportable operating segment as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
Segment investment properties
Costa Rica	$	261,629,403	$	263,201,125
Colombia	173,140,519		175,021,487
Peru	195,133,795		191,033,572
Mexico	20,648,000		20,569,000
Total	$	650,551,717	$	649,825,184

Reconciling items:
Cash and cash equivalents	28,148,910		27,323,468

Lease and other receivables, net	3,490,678		4,142,217


Prepaid construction costs	706,954		125,061
Prepaid income taxes	1,005,912		1,196,382
Other current assets	7,928,246		6,709,555
Tenant notes receivable - long term, net	1,291,934		1,370,812
Restricted cash equivalents	6,786,645		6,703,299
Property and equipment, net	356,883		355,265
Deferred tax asset	215,002		179,509
Other non-current assets	3,138,416		2,842,514
Total assets	$	703,621,297	$	700,773,266

Segment debt
Costa Rica	$	165,363,658	$	166,548,503
Colombia	61,046,073		51,743,684
Peru	82,216,895		77,042,722
Mexico	—		—
Total	$	308,626,626	$	295,334,909

Reconciling items:
Accounts payable and accrued expenses	9,258,881		11,694,817
Income tax payable	2,738,898		7,101,476
Retainage payable	2,064,513		2,598,043
Security deposits - current portion	112,624		112,624
Lease liability - current portion	383,693		131,641
Other current liabilities	504,130		90,785
Deferred tax liability	43,559,084		42,804,138
Security deposits	3,166,723		3,004,501
Lease liability	13,280,420		13,153,846
Other non-current liabilities	—		178,196
Total liabilities	$	383,695,592	$	376,204,976

Geographic Area Information


	March 31, 2026		December 31, 2025
Long-lived assets
Costa Rica	$	262,008,874	$	263,571,970
Colombia	173,286,456		175,155,983
Peru	195,208,200		191,094,115
Mexico	20,649,385		20,569,000
Total	$	651,152,915	$	650,391,068

7. LEASE AND OTHER RECEIVABLES, NET

As of March 31, 2026 and December 31, 2025, lease and other receivables, net were as follows:


	March 31, 2026		December 31, 2025

Lease receivables, net	$	2,492,859	$	2,656,696
Tenant notes receivable - short term, net	381,282		394,167
Others	616,537		1,091,354
Sub-total	3,490,678		4,142,217
Tenant notes receivable - long term, net	1,291,934		1,370,812
Lease and other receivables, net	$	4,782,612	$	5,513,029

The expected credit loss allowance provision for lease receivables and tenant notes receivable as of March 31, 2026 and March 31, 2025 reconciled to the opening loss allowance for that provision as follows:


	March 31, 2026						March 31, 2025
	Lease Receivables		Tenant Notes Receivable		Total		Lease Receivables		Tenant Notes Receivable		Total

Beginning balance	$	1,119,953	$	29,604	$	1,149,557	$	833,430	$	37,884	$	871,314
Adjustments in expected credit loss allowance recognized in profit or loss during the period	(674)		(1,540)		(2,214)		63,892		(2,298)		61,594

Ending balance	$	1,119,279	$	28,064	$	1,147,343	$	897,322	$	35,586	$	932,908

8. OTHER CURRENT ASSETS AND LIABILITIES

The details of other current assets as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
Value added tax receivable	$	5,809,671	$	5,445,064
Prepaid insurance	988,446		487,382
Other (1)	1,130,129		777,109
Total	$	7,928,246	$	6,709,555

(1) Including deal pursuit costs, rent incentives, net, and other prepaids and deposits.

The details of other current liabilities as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025



Other (1)	504,130		90,785

Total	$	504,130	$	90,785

(1) Primarily attributable to a one‑time wealth tax in Colombia recognized during the period.

9. INVESTMENT PROPERTIES

As of March 31, 2026, the Company obtained a valuation from independent appraisers in order to determine the fair value of its investment properties. Gains and losses arising from changes in the fair values are included in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) in the period in which they arise.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date;

•Level 2 - Inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and

•Level 3 - Inputs are unobservable inputs for the asset or liability, among others, statistics information, and own Company’s information, in some instances based on the information provided by some independent experts.

As of March 31, 2026 and December 31, 2025, all owned investment properties except for the investment properties in Mexico are guaranteeing the Company’s debt.

As of March 31, 2026 and December 31, 2025, the fair market value (“FMV”) of investment properties were as follows:


	FMV as of March 31, 2026		FMV as of December 31, 2025

Land bank:
Land bank under right-of-use
Peru	$	3,196,547	$	9,917,236
Sub-total	3,196,547		9,917,236
Owned land bank
Colombia	31,023,711		30,177,087
Sub-total	31,023,711		30,177,087
Total land bank	34,220,258		40,094,323
Properties under development:
Properties under right-of-use
Peru	24,251,938		12,948,826





Total properties under development	24,251,938		12,948,826
Operating properties:
Properties under right-of-use
Peru	14,527,937		14,482,139
Sub-total	14,527,937		14,482,139
Owned properties
Costa Rica	261,629,403		263,201,125
Colombia	142,116,808		144,844,400
Peru	153,157,373		153,685,370
Mexico	20,648,000		20,569,001

Total operating properties	592,079,521		596,782,035
Total operating properties and properties under development	616,331,459		609,730,861
Total	$	650,551,717	$	649,825,184

There were no transfers between Levels 1, 2 or 3 during the three months ended March 31, 2026 and 2025.

The independent appraiser holds a recognized and relevant professional qualification and has recent experience with the location and category of the investment properties being valued. The valuation models are in accordance with the guidance recommended by the International Valuation Standards Committee. These valuation models are consistent with the principles in IFRS 13 - Fair Value Measurement ("IFRS 13").

In evaluating the fair value of investment property held as a right-of-use asset under a lease agreement, the Company adds back the recognized lease liability as part of the fair value of the investment property, to prevent double counting of the lease liabilities that are separately recognized in accordance with IAS 40:50(d). As of March 31, 2026 and December 31, 2025, the Company added back lease liabilities of $13,621,401 and $13,232,613, respectively, into the carrying value of the investment properties held as right-of-use assets in Peru.

Disclosed below is the valuation technique used to measure the fair value of investment properties, along with the significant unobservable inputs used.

Valuation Techniques - This fair value measurement is considered Level 3 of the fair value hierarchy, except where otherwise noted below.

–Operating Properties - The valuation model considers a combination of the present value of net cash flows to be generated by the property, the direct capitalization of the net operating income, and the replacement cost to construct a similar property.

•The present value of net cash flows generated by the property takes into account the expected rental growth rate, vacancy periods, occupancy rate, lease incentive costs such as rent-free periods and other costs not paid by tenants. The expected net cash flows are discounted using risk adjusted discount rates. Among other factors, the discount rate estimation considers the quality of a building and its location, tenant credit quality and lease terms.

•The direct capitalization method: this method involves capitalizing a fully leased net operating income estimate by an appropriate yield. This approach is best utilized with stabilized assets, where there is little volatility in the net income and the growth prospects are also stable. It is most commonly used with single tenant investments or stabilized investments. involves capitalizing the property net operating income at a market capitalization rate. The net operating income is determined by using the property Effective Gross Income (EGI) net of operating expenses. The EGI is determined by the property’s Potential Gross Income (PGI) through analysis of the property actual historic income and an analysis of competitive current market income rates and deducting the PGI with an estimate for vacancy and collection.

•The cost approach: the cost approach involves the estimation of the replacement cost of the building and site improvements that a prudent and rational person would pay no more for a property than the cost to construct a similar and competitive property - assuming no undue delay in the process.

–Properties Under Development - The valuation model considers the present value of net cash flows, direct capitalization, and the cost approaches adjusted by the net present value of the cost to complete and vacancy in the properties under construction.

–Land Bank - The valuation model used for the land portfolio is a combination of income approach, sales comparison approach (or market approach), cost approach, residual land value approach and the discounted cash flow method. For undeveloped land, the market approach is used. For land that is under development, the market approach is used in conjunction with the cost approach and residual land value approach, and the discounted cash flow approach, to determine the fair value of the finished lots.

i.Income approach: this approach estimates the present value of future income streams through a capitalization or discounting process. To value a leased fee estate, the analysis focuses on lease contracts that outline the lease term, rent levels, and expense responsibilities (with modified gross leases being the most common). Other important factors include rent escalation clauses and expense stop provisions. The start and end dates of the contract define the income over a set period, along with provisions for renewal options and associated rent terms. Some leases specify future rents in advance, while others adjust based on an index or a market rent estimate by a qualified appraiser.

ii.The sales comparison approach: this approach compares sales or listing of similar properties with the subject property using the price per square foot (Level 2 input). This approach is given supporting weight in this analysis because of the well-supported range of value within this approach and the likelihood that the subject could be purchased by an owner-user.

iii.The cost approach: this approach is based on the principle of substitution that a prudent and rational person would pay no more than the cost to construct a similar property. This approach generally considers estimated replacement cost of the land and the site improvements (e.g., infrastructure) and estimated depreciation accrued to the improvements (Level 2 input).

iv.The residual land value approach: this approach involves residual amounts after deducting all known or anticipated costs required to complete the development from the anticipated value of the project when completed after consideration of the risks associated with the completion of the project (Level 2 input).

Significant Inputs as of March 31, 2026 and December 31, 2025 —

Property

Fair value
hierarchy

Valuation
techniques

Significant
unobservable
inputs

Value

Relationship of
unobservable inputs to
fair value

Operating Properties

Level 3

Discounted cash flows

Risk adjusted residual capitalization rate

2026: 8.1%

2025: 8.1%

The higher the risk adjusted residual rate, the lower the fair value.

Risk adjusted discount rate

2026: 10.6%

2025: 10.6%

The higher the risk adjusted discount rate, the lower the fair value.

Occupancy rate

2026: 98.7%

2025: 98.0%

The higher the occupancy rate, the higher the fair value.

Direct capitalization method

Occupancy rate

2026: 98.7%

2025: 98.0%

The higher the occupancy rate, the higher the fair value.

Going in stabilized capitalization rate

2026: 7.2%

2025: 7.3%

The higher the stabilized capitalization rate, the lower the fair value

Properties Under Development

Level 3

Discounted cash flows

Risk adjusted residual capitalization rate

2026: 10.5%

2025: 10.5%

The higher the risk adjusted residual rate, the lower the fair value.

Risk adjusted discount rate

2026: 10.7%

2025: 10.8%

The higher the risk adjusted discount rate, the lower the fair value.

Occupancy rate

2026: 97.0%

2025: 96.0%

The higher the occupancy rate, the higher the fair value.

Direct capitalization method

Occupancy rate

2026: 97.0%

2025: 96.0%

The higher the occupancy rate, the higher the fair value.

Going in stabilized capitalization rate

2026: N/A

2025: N/A

The higher the stabilized capitalization rate, the lower the fair value

Land Bank

Level 3

Income approach

Risk adjusted residual capitalization rate

2026: 8.9%

2025: 6.9%

The higher the risk adjusted residual rate, the lower the fair value.

Risk adjusted discount rate

2026: 15.8%

2025: 15.5%

The higher the risk adjusted discount rate, the lower the fair value.

The reconciliations of investment properties for the three months ended March 31, 2026 and 2025, were as follows:


	March 31, 2026		March 31, 2025

Beginning balance	$	649,825,184	$	554,518,864
Additions	5,897,082		3,735,609
(Loss) gain on valuation of investment properties	(9,246,959)		1,915,481
Foreign currency translation effect	4,076,410		6,844,099
Ending balance	$	650,551,717	$	567,014,053

Investment Properties Acquisitions —

There were no acquisition activities during the three months ended March 31, 2026 and 2025.

Investment Properties Dispositions —

There were no disposition activities during the three months ended March 31, 2026 and 2025.

10. LEASES

The Company as a lessor

The Company generates rental income from acting as a lessor of operating properties through lease arrangements with tenants. Refer to Note 2 of the Company's most recent audited consolidated financial statements and notes.

The Company as a lessee

Investment Property Right-of-Use ("ROU") Asset and Lease Liability – In December 2022, the Company, through Parque Logístico Callao (“Parque Logístico Callao”), a partnership entity controlled by the Company, entered into a land

lease agreement with Lima Airport Partners S.R.L. (“LAP”). Under this agreement, Parque Logístico Callao is committed to leasing a plot of land for a period of 30 years, with the intention of developing warehouses on the leased land (“Land Lease”). This land has been subdivided to five parcels for the construction of five distinct buildings.

In connection with this commitment, LAP granted the Company the right to use a land parcel in December 2022, where the Company constructed a warehouse that became stabilized in February 2025, along with the common areas. Additionally, on October 31, 2024, LAP granted the Company the right to use the remaining four of the five land parcels to begin preparatory activities for the construction of warehouses. The Company notes that performing the preparatory activities for the land parcels at the same time is financially favorable rather than performing them one at a time. After the preparatory activities are complete, the Company will pause construction efforts on some of the parcels until mutual agreement is achieved between the Company and LAP to resume construction of the warehouses. On July 1, 2025, LAP and the Company agreed to reduce the lease payment for three land parcels. As a result of the lease modification, the Company recognized a decrease in lease liability of $1,023,899 on the modification date.

Since the ROU asset is held by Parque Logístico Callao to construct and develop for future use as investment property and lease out the constructed assets under one or more operating leases, the ROU asset meets the definition of an investment property under IAS 40 - Investment property ("IAS 40") and therefore, it was recognized as part of investment properties.

Under IAS 40, the Company applies the fair value model to the investment property ROU assets, which need to be remeasured at fair value at each period end. As a result, there is no depreciation expense associated with the Land Lease. Refer to Note 9 for the fair value of investment properties held as ROU assets.

The associated land lease liability was recorded at the present value of the remaining lease payment using a weighted average discount rate of 8.7%. The Company recorded interest expense on lease liabilities of $143,280 and $70,973 for the three months ended March 31, 2026, and 2025, respectively, as part of the investment property operating expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss). Additionally, the Company capitalized interest expense on lease liability of $136,919 and $205,867 for the three months ended March 31, 2026 and 2025, respectively, as part of the investment property in the condensed consolidated interim statements of financial position. The Company had short-term and long-term lease liability, respectively, in relation to the land leases of $286,782 and $13,220,759 as of March 31, 2026 and $82,041 and $13,150,572 as of December 31, 2025. Short-term land lease liability and long-term land lease liability are included in lease liability – current portion, and lease liability, respectively. The Company had cash outflows of $— and $74,599 for the three months ended March 31, 2026 and 2025, respectively. Additionally, the Company had non-cash reduction to land lease ROU assets amounting to $— and $1,023,899 as of March 31, 2026 and December 31, 2025, respectively.

Offices Right-of-Use Asset and Lease Liability - The Company leases its office spaces from third parties. The remaining weighted average lease term was 1.6 and 0.9 years as of March 31, 2026 and December 31, 2025, respectively.

The Company does not include renewal options in the lease term for calculating the lease liability unless the Company is reasonably certain that it will exercise the option, or the lessor has the sole ability to exercise the option.

The Company had short-term and long-term office lease liability, respectively, of $96,912 and $59,563 as of March 31, 2026 and $49,600 and $3,274 as of December 31, 2025.

The weighted average discount rate was 7.5% and 7.1%, as of March 31, 2026 and December 31, 2025, respectively. The Company recorded interest expense on lease liabilities of $2,486 and $2,089 for the three months ended March 31, 2026 and 2025, respectively.

The Company had total cash outflows for leases of $36,987 and $23,467 for the three months ended March 31, 2026 and 2025, respectively. The Company had no non-cash additions to right of use assets for the three months ended March 31, 2026 and 2025.

The Company did not have short-term lease expenses or leases of low value assets during the three months ended March 31, 2026 and 2025.

Office ROU assets are amortized using the straight-line method over the term of the operating lease. Original lease terms and remaining lease terms of the corporate offices operating leases were as follows:


Office Location	Original Lease Term	Remaining Term as of March 31, 2026
	(in years)	(in years)
Costa Rica	2.9	—
Colombia	4.8	0.8
Peru	1.9	1.8
Weighted average	3.3	1.6

As of March 31, 2026 and 2025, the Company’s office right-of-use assets, included in other non-current assets, were as follows:


	Total

Gross assets:
Balance as of January 1, 2025	$	243,838
Additions	—
Retirements	—
Foreign currency translation effect	6,650
Balance as of March 31, 2025	$	250,488

Balance as of January 1, 2026	$	266,182
Additions	134,616
Retirements	—
Foreign currency translation effect	3,587
Balance as of March 31, 2026	$	404,385
Accumulated depreciation:
Balance as of January 1, 2025	$	141,329
Additions to accumulated depreciation	16,480
Retirements	—
Foreign currency translation effect	3,829
Balance as of March 31, 2025	$	161,638

Balance as of January 1, 2026	$	223,301
Additions to accumulated depreciation	28,612
Retirements	—
Foreign currency translation effect	2,859
Balance as of March 31, 2026	$	254,772
Net book value as of March 31, 2025	$	88,850
Net book value as of March 31, 2026	$	149,613

During the three months ended March 31, 2026 and March 31, 2025, the Company recorded ROU depreciation expense related to office space of $28,612 and $16,480, respectively, in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss) under general and administrative expenses.

Lease commitment for land and office leases - The following table summarizes the fixed, future minimum rental payments, excluding variable costs, for which the leases had commenced by March 31, 2026 with amounts discounted at lease commencement by our incremental borrowing rates to calculate the lease liabilities of the Company’s leases:


	As of March 31, 2026
Remainder of 2026	$	79,135
2027	1,130,173
2028	1,336,000
2029	1,343,173
2030	1,356,605
2031	1,370,171
Thereafter	29,167,945
Total undiscounted rental payments	$	35,783,202
Less: imputed interest	(22,119,089)
Total lease liability	$	13,664,113

11. DEBT

As of March 31, 2026 and December 31, 2025, the debt of the Company was as follows (all loans are USD denominated, except loans in Colombia which are COP denominated):


Financial Institution	Type	Expiration	Annual Interest Rate	Restricted Cash Equivalents at March 31, 2026		Restricted Cash Equivalents at December 31, 2025		Remaining Borrowing Capacity at March 31, 2026		Amount Outstanding at March 31, 2026		Amount Outstanding at December 31, 2025
Costa Rica (USD denominated)

BAC Credomatic, S.A.	Mortgage Loan	April 2039	3Mo SOFR +200 bps, no min. rate	$	1,450,000	$	1,450,000	$	—	$	56,782,524	$	57,231,476
Banco Davivienda Costa Rica, S.A.	Mortgage Loan	December 2038	2.40%+3Mo SOFR	—		72,361		—		7,220,654		7,315,944
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	1.40%+3Mo SOFR	—		—		—		62,766,673		63,167,409
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	1.40%+3Mo SOFR	480,000		480,000		—		17,461,374		17,572,856
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	1.40%+3Mo SOFR	—		—		—		14,481,144		14,573,599
Banco Nacional de Costa Rica, S.A.	Mortgage Loan	April 2048	2.80%+3Mo SOFR	140,485		140,485		—		6,651,290		6,687,219
Total Costa Rica Loans				$	2,070,485	$	2,142,846	$	—	$	165,363,658	$	166,548,503

Colombia (COP denominated)
Bancolombia, S.A.	Financing Lease B. 400 & B. 600	January 2036	IBR +327 bps no min. rate	1,089,275		1,049,254		—		22,378,590		22,032,387
Bancolombia, S.A.	Financing Lease B. 300 & B. 700	April 2036	IBR +365 bps no min. rate	883,304		851,231		—		18,146,993		17,874,264
Banco BTG Pactual Colombia SA	Bridge Loan (Collaterized with Land Bank in Colombia in Colombia)	October 2028	IBR +525 bps no min. rate	—		—		—		12,784,336		12,487,890
Davivienda, S.A.	Secured Debt	November 2040	IBR +300 bps no min. rate	72,361		—		—		8,387,830		—

Total Colombia Loans				$	2,044,940	$	1,900,485	$	—	$	61,697,748	$	52,394,541
Peru (USD denominated)
BBVA, Banco Bilbao Vizcalla	Mortgage Loan	December 2033	Fixed, 8.5%	1,662,730		1,651,007		—		43,444,010		44,086,269
BBVA, Banco Bilbao Vizcalla	Mortgage Loan	December 2033	Fixed, 8.4%	364,350		364,775		—		9,519,779		9,740,473
BBVA, Banco Bilbao Vizcalla	Secured Debt	February 2035	Fixed, 7.9%	539,140		539,186		—		25,000,000		24,000,000
BBVA, Banco Bilbao Vizcalla	Secured Debt	December 2035	Fixed, 7.9%	—		—		5,000,000		5,000,000

Total Peru Loans				$	2,566,220	$	2,554,968	$	5,000,000	$	82,963,789	$	77,826,742
Total				$	6,681,645	$	6,598,299	$	5,000,000	$	310,025,195	$	296,769,786

Accrued financing costs and debt issuance costs, net										(1,398,569)		(1,434,877)
Total Debt										$	308,626,626	$	295,334,909
Less: Current portion of long-term debt										(11,270,965)		(10,270,261)
Total Long-term debt										$	297,355,661	$	285,064,648

Debt Agreements

BAC Credomatic

On April 30, 2024, the Company refinanced its secured loans of $46.6 million with BAC Credomatic with a new secured facility of $60.0 million. The new secured loan has a term of 15 years, scheduled to mature in April 2039. The interest rate for the new loan is structured to be 2% above SOFR, which, as of the issuance date of the loan, equates to an effective annual rate of 7.33%. This rate is subject to quarterly review and subsequent adjustment based on the prevailing SOFR and cannot fall below 5.50% per annum.

Banco Davivienda CR

On November 1, 2023, the Company refinanced a debt outstanding with Banco Nacional ($7,373,460) with a mortgage loan denominated in USD with Banco Davivienda for an aggregate amount of $8,000,000. The new mortgage loan matures in 15 years. The loan is subject to a fixed interest rate of 7.0% in the first year, and a rate of 6-month SOFR plus 2.4% adjustable monthly from the second year onwards.

Banco Davivienda

On November 27, 2025, the Company entered into a senior secured loan agreement with Banco Davivienda for COP $31,000,000,000 (approximately $8,215,925 as of the transaction date). The loan bears interest at a rate equal to the one‑month Colombian IBR plus 300 basis points, payable monthly. The loan is subject to monthly principal amortization and matures on November 26, 2040. The loan is guaranteed by lease payments associated with certain properties of the Company. As of March 31, 2026, the full loan amount of COP $31,000,000,000 had been drawn, with the proceeds received on January 9, 2026.

Banco Nacional

On April 28, 2023, the Company refinanced outstanding loans with Banco Davivienda, Banco Promerica de Costa Rica, S.A. ("Banco Promerica") and BAC Credomatic (except for one loan), with Banco Nacional. An extinguishment loss of $6,555,113 was recognized as financing costs during the second quarter of 2023 as part of the extinguishment of these debt facilities. The Company entered into four U.S. dollar denominated mortgage loans with Banco Nacional for an aggregate amount of $107,353,410. The loans have a twenty-five-year term. The loans bear a fixed annual interest rate for the first two years and a variable rate of 3-month SOFR, plus either 1.4% or 2.8% adjustable monthly from the third year onwards. On November 1, 2023, the Company refinanced an outstanding debt of $7,373,460 with Banco Nacional using a mortgage loan denominated in USD with Banco Davivienda for an aggregate amount of $8,000,000.

Bancolombia

On January 22, 2021, the Company entered into a COP denominated financing agreement of COP $44,500 million ($12.8 million as of the transaction date) with Bancolombia for the financing of the construction of Building 300 in LPA Park Calle 80 in Bogota, Colombia. As of December 31, 2021, the financing was fully drawn down. This financing agreement was further increased by COP $30,000 million ($7.0 million as of the transaction date). The financing bears an interest rate of IBR plus 365 basis points, commitment fees of 0.1% per month of the undrawn amount of the loan and has a 15-year term with a balloon payment of 40% at expiration (COP $29,901 million, or $6.9 million as of the transaction date). The Company began to make principal payments in November 2021. On January 19, 2022, the Company increased by COP $34,000 million ($8.4 million per the transaction date exchange rate, same applies to hereafter) its existing financing facilities denominated in COP with Bancolombia from COP $57,810 million ($14.3 million) to COP $91,810 million ($22.7 million). The financing has a fourteen-year term with a balloon payment of COP $42,866 million ($11.4 million) at expiration. The interest accrues at Colombian IBR plus 327 basis points.

On September 22, 2023, the Company negotiated a deferral of principal with Bancolombia, deferring all principal payments for seven months, beginning on October 1, 2023. All the other terms and conditions of the loan with Bancolombia remain the same. A modification gain of $70,058 was recognized as part of the modification of this debt facility and is included in financing costs in the consolidated statements of profit or loss in the year ended December 31, 2023. Refer to the financial debt covenant compliance section below for details on the Bancolombia waiver.

BBVA Peru

On December 15, 2023, the Company entered into a mortgage loan with BBVA Peru for a total of $60,000,000. The mortgage loan consists of two components: Tranche A and Tranche B. The Tranche A totaling $48,670,000 was used to refinance the Company’s existing debt with a previous lender. The Tranche B totaling $11,330,000 is expected to finance the company’s other real estate projects. Tranches A and B will mature in 10 years (with a 35.0% balloon payment for Tranche A) and carry a fixed interest rate of 8.5% and 8.4%, respectively.

On March 6, 2025, the Company, through Parque Logístico Callao, S.R.L., a wholly owned subsidiary of the Company, as the borrower ("Borrower"), entered into a new mortgage loan with BBVA Peru, as the lender, allowing the Company to borrow up to principal amount of $25,000,000. This loan was designated for the construction of a building within Parque Logístico Callao. The loan is secured by the equity interests of the Borrower and the Borrower’s interests in its lease contract of the building constructed. The loan is set to mature in 10 years (with 36 quarterly scheduled repayment installments starting from May 6, 2026 and a 35.0% balloon payment at maturity) and carries a fixed interest rate of 7.9% per annum. Interest is payable quarterly in cash and in arrears starting in May 2025.

On December 4, 2025, the Company entered into a U.S. dollar‑denominated long‑term loan agreement with BBVA Peru, providing for a maximum borrowing capacity of $10,000,000, available in two disbursements of $5,000,000 each. The loan bears a fixed annual interest rate of 7.9%%, with interest payable quarterly. Beginning March 30, 2027, the loan becomes subject to repayment through 36 quarterly installments, including a balloon payment of 35.0% at maturity. The loan is secured by the equity interests of the Borrower and the Borrower’s interests in its lease contract of the buildings constructed. As of March 31, 2026, a disbursement of $5,000,000 had been drawn, with the proceeds received on January 30, 2026.

BTG

On August 25, 2023 and August 30, 2023, the Company entered into two new lines of credit agreement with BTG for COP 15,000,000,000 and COP 10,000,000,000, respectively (approximately $3,679,266 and $2,433,042, respectively, at the date the transactions were initiated). Interest is calculated and paid monthly at the rate of a one-month Colombian IBR plus 720 basis points. Principal repayment is due at maturity, on August 25, 2024 and August 30, 2024, respectively. This debt agreement is guaranteed by the trust established for LPA Col Propco Cota 1, where BTG is established as a guaranteed creditor, with three underlying properties defined as guarantees.

On May 27, 2024, the Company restructured its two loans with BTG into a single loan. The new loan maintains the same outstanding principal amount of COP 25,000,000,000 (approximately $6,446,506 as of the restructuring date) and bears an interest rate of three-month Colombian IBR plus 695 basis points. This loan is set to mature in November 2025. A modification gain of $208,799 was recognized as financing costs during the second quarter of 2024.

On October 21, 2025, the Company entered into a senior secured loan agreement with BTG for COP $50,000,000,000 (approximately $12,813,416 as of the transaction date). The loan bears interest at a rate equal to the three‑month Colombian IBR plus 525 basis points, payable quarterly. On October 24, 2025, the Company received a disbursement of COP $46,918,000,000 (approximately $12,023,597 as of the transaction date). Principal is payable at maturity on October 24, 2028. The debt is currently secured by 100% of the outstanding shares of LPA COL PropCo Cota 1, S.A.S, and the collateral is expected to be modified to investment properties located in Colombia within 180 days. This loan is held at the corporate level but included in the total of Colombia loans because it is attributable to the Colombia reportable segment.

Long-Term Debt Maturities – Scheduled principal and interest payments due on the Company’s debt as of March 31, 2026, are as follows:


	Amount
Maturity:
Remainder of 2026	$	8,301,311
2027	12,020,511
2028	25,680,871
2029	13,885,215
2030	14,904,694
2031	16,006,029
Thereafter	219,226,565
Accrued and deferred financing cost, net	(1,398,570)
Total	$	308,626,626

Financing Costs – The following table summarizes the components of financing costs including the deferred financial cost amortization for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
	2026		2025
Gross interest expense	$	5,936,520	$	5,143,442

Amortization of debt issuance cost	51,636		131,976
Other financing cost	(106,677)		—



Total financing cost before capitalization	5,881,479		5,275,418
Capitalized amounts into investment properties	$	—	$	(26,333)
Net financing cost	$	5,881,479	$	5,249,085
Total cash paid for interest and commitment fees	$	5,865,452	$	5,170,802

Debt Reconciliation – The reconciliations of the Company’s debt as of March 31, 2026 and 2025 were as follows:


	Three months ended March 31,
	2026		2025
Beginning balance	$	295,334,909	$	265,885,799
Secured bank debt borrowings	14,371,593		4,000,000

Secured bank debt repayments	(2,432,320)		(2,200,273)
Bridge loan repayments	—		(3,729,917)
Borrowing cost incurred	—		(397,679)
Deferred financing cost amortization	(109,273)		131,976


Foreign currency translation effect	1,461,717		2,037,250
Ending balance	$	308,626,626	$	265,727,156

Financial Debt Covenants – The loans described above are subject to certain affirmative covenants, including, among others, (i) reporting of financial information; and (ii) maintenance of corporate existence, the security interest in the properties subject to the loan and appropriate insurance for such properties; and (iii) maintenance of certain financial ratios. In addition, the loans are subject to certain negative covenants that restrict Logistic Properties of the Americas ability to, among other matters, incur in additional indebtedness under or create additional liens on the properties subject to the loans, change its corporate structure, make certain restricted payments, enter into certain transactions with affiliates, amend certain material contracts.

The loans contain, among others, the following events of default: (i) non-payment; (ii) false representations; (iii) failure to comply with covenants; (iv) inability to generally pay debts as they become due; (v) any bankruptcy or insolvency event; (vi) disposition of the subject properties; or (vii) change of control of the subject properties.

The Company received waivers for the requirement to comply with Bancolombia financial covenants on June 26, 2024. The Bancolombia waiver was effective through the testing period of June 30, 2024 and December 31, 2024, and ratio compliance testing was first applicable for these loans in June 2025. On December 19, 2024, the Company amended both loans with Bancolombia to include a reserved fund of $1.7 million as part of the numerator for the debt service coverage ratio calculation. This adjustment to the covenant calculation took effect from the compliance testing in June 2025. The outstanding Bancolombia loan balance as of March 31, 2026 was $40.5 million, on the condensed consolidated interim statement of financial position.

As of March 31, 2026 and December 31, 2025, the Company was compliant with all the debt covenants with its lenders.

12. EQUITY

The Company is authorized to issue 450,000,000 Ordinary Shares and 50,000,000 Preference Shares, each with a par value of $0.0001. The specific designations, voting rights, and other preferences of these shares can be established as needed by the Company’s board. There were no Preference Shares issued during the periods presented. All shares are equally eligible to receive dividends and the repayment of capital and represent one vote at shareholders’ meetings of Logistic Properties of the Americas. As of March 31, 2026 and December 31, 2025, a total of 31,781,631 and 31,867,009 Ordinary Shares had been issued, respectively.

On November 22, 2024, the Company's board of directors approved a share repurchase program (the "Program") with authorization to purchase up to $10.0 million of Ordinary Shares for a duration of 12 months. On November 29, 2024, the Company and an unrelated third-party broker (the “Broker”) entered into a share purchase agreement (the “Share Purchase Agreement”). Under the Share Purchase Agreement, the Broker is authorized to execute the Program on behalf of the Company to purchase the Ordinary Shares from the open market. Prior to their retirement or reissuance, the Ordinary Shares repurchased are recorded as treasury shares in equity at cost including the fees paid to the Broker. The Share Purchase Agreement was terminated as of June 5, 2025.

None of the Ordinary Shares repurchased were retired or reissued for the three months ended March 31, 2026.

Retained earnings consist of legal reserves and accumulated earnings. According to the legislation in effect in several countries in which the Company operates, the Company’s subsidiaries must appropriate a portion of each year’s net earnings to its respective legal reserve. The legal reserve amount varies by jurisdiction and ranges from 5% to 10% of the net earnings generated by operating entities, up to a cap of 10% to 50% of that entity’s capital stock.

13. EARNINGS PER SHARE

The Company determines basic earnings (loss) per share by dividing the profit (loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. The Company computes diluted earnings (loss) per share by dividing the profit (loss) for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding combined with the incremental weighted average number of ordinary shares outstanding that would be issued on conversion or settlement of all outstanding potentially dilutive instruments. There were — and 371,500 RSUs excluded from the diluted weighted average number of ordinary shares calculation for the three months ended March 31, 2026 and 2025, respectively, as their inclusion would be antidilutive.

The calculated basic and diluted earnings (loss) per share for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
	2026		2025

Earnings (loss) per share – basic	$	(0.25)	$	(0.02)
Earnings (loss) per share – diluted	$	(0.25)	$	(0.02)
Earnings (loss) attributed to owner(s) of the Company	$	(7,909,746)	$	(732,447)
Weighted average number of Ordinary Shares – basic	31,617,815		31,627,722
Weighted average effect of dilutive securities:
RSUs	-		-
Weighted average number of Ordinary Shares – diluted	31,617,815		31,627,722

The weighted average number of Ordinary Shares as of March 31, 2026 and 2025 was adjusted to exclude treasury shares.

There have been no other transactions involving Ordinary Shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements.

14. INCOME TAX

LPA is a foreign corporation organized in accordance with the laws of Cayman Islands and is not subject to income tax in the United States. The Company operates in Costa Rica, Colombia, Peru, El Salvador, Mexico and the United States using local country operating corporations, generally owned by holding companies in Panama and Cayman Islands. The Panama and Cayman Islands holding companies are not subject to tax on income sourced outside of Panama, and the Company has no deferred tax liability recognized for its investment in subsidiaries. The income tax rates applicable to LPA in Costa Rica, Colombia, Peru and Mexico are 30.0%, 35.0%, 29.5% and 30.0%, respectively.

The Company’s effective tax rates for the three months ended March 31, 2026 and 2025 were (12.2)% and 65.2%, respectively. The effective income tax rates for the three months ended March 31, 2026 and 2025 were different than the local statutory income tax rates primarily due to the change in deferred tax assets or liabilities related to fluctuations in currency translation for investment properties and debt, movement in unrecognized deferred tax assets, foreign tax rate differential (including pre-tax losses in zero-rate jurisdictions such as Panama and the Cayman Islands), and alternative minimum tax in Colombia. The effective income tax rate for the three months ended March 31, 2026 was negative due to the pretax losses generated to date compared with the positive income tax expense to date, due to the relatively large impacts of currency fluctuations.

15. EMPLOYEE BENEFITS

Employee benefits are recognized in general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss), and for the three months ended March 31, 2026 and 2025, consisted of the following:


	Three months ended March 31,
	2026		2025
Short-term employee benefits	$	1,402,517	$	1,229,077
Share-based payment expense	412,577		357,186
Total	$	1,815,094	$	1,586,263

16. SHARE-BASED PAYMENTS

In March 2024, the Company established the Logistic Properties of the Americas 2024 Equity Incentive Plan (“2024 Plan”) for all employees of the Company whereby LPA may grant options, restricted stock, restricted stock units, stock appreciation rights and other equity-based awards to attract and maintain key company personnel including directors, officers, employees, consultants, and advisors.

Restricted Stock Units (“RSUs”)

Under the 2024 Plan, the Company granted RSUs to certain senior executives and board directors who were previously employed by LLP and continued employment with LPA after the Business Combination, certain departing board members of LLP and certain newly hired senior executives and board members of LPA.

Each RSU represents the right for the employee or director to receive one LPA ordinary share upon vesting and settlement. No amounts are paid or payable to LPA by the recipient on the receipt of the RSUs. The RSUs carry neither rights to dividends nor voting rights prior to vesting or delivery of the underlying LPA ordinary shares. The Company’s board has a discretion to settle the RSUs in cash or shares, but the Company has no intention of settling the RSUs in cash, and given that this is the first time the Company has granted RSUs, the Company does not have a past practice of cash settlement. The Company accounts for the RSUs as equity-settled awards.

In May 2024 and April 2025, the Company granted RSUs under the 2024 Plan totaling 319,000 and 121,000 shares, respectively, to former LLP senior executives and current LPA senior executives. The RSUs vest either in equal annual increments over a three-year service vesting period, with compensation costs recognized using the accelerated attribution method, or they cliff vest at the end of the three-year service vesting period, with compensation costs recognized ratably over the vesting period.

In May 2024, August 2024, and April 2025, the Company granted RSUs under the 2024 Plan totaling 97,500, 15,000, and 52,500 shares, respectively, to the former LLP and current LPA board of directors. These RSUs were fully vested upon grant. On the grant date, the delivery of the underlying ordinary shares was scheduled to occur at a future date, based solely on the passage of time. The grant date fair values of these awards take into account the impact of the delayed delivery schedules, and compensation costs were recognized immediately upon grant.

RSUs are measured at grant date fair value by reference to the traded price of LPA’s ordinary shares. The Company does not expect to declare any dividends in the near future. Therefore, no expected dividends were incorporated into the measurement of the grant date fair value. For the three months ended March 31, 2026 and 2025, the Company recognized share-based payment expense related to the RSUs of $412,577 and $357,186, respectively, in general and administrative expenses in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss).

Details of the RSUs outstanding during the period are as follows:


	Number of RSUs	Weighted Average Grant Date Fair Value per RSU

Non-vested at December 31, 2025	404,667	$	9.45
Granted	—	$	—
Vested	—	$	—
Forfeited	—	—
Non-vested at March 31, 2026	404,667	$	9.45

During the three months ended March 31, 2026, none of the vested RSUs were delivered.

Equity-settled share-based payment transactions with parties other than employees

On August 14, 2024, the board of directors of the Company approved and granted the Company discretion to issue 90,000 ordinary shares to a non-employee service provider to share-settle a liability assumed as part of the Business Combination. Such arrangement was accounted for as an equity-settled share-based payment arrangement with non-employees. The fair value was determined to be $1,141,200, which represented the aggregate fair value of the ordinary shares granted on August 14, 2024, calculated based on 90,000 ordinary shares and a grant date fair value of $12.68 per share by reference to the traded price of the Company’s ordinary shares on such date. On August 30, 2024, the Company issued the 90,000 ordinary shares, which were considered fully vested upon issuance.

17. RELATED PARTY TRANSACTIONS

Transactions between the Company and its related parties are made on terms equivalent to those that prevail in arm’s length transactions.

Subsidiaries

Transactions between the Company and its subsidiaries are eliminated on consolidation and therefore are not disclosed. Listing of LPA's subsidiaries are disclosed in Note 2. The partnerships that the Company enters into and exercises control over are fully consolidated as detailed in LPA’s most recent audited consolidated financial statements and notes.

Key Management Personnel Compensation

The amounts disclosed in the table represent the amounts recognized as general and administrative expense in the condensed consolidated interim statements of profit or loss and other comprehensive income (loss), related to key management personnel for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
	2026		2025
Salaries	$	470,714	$	393,156
Cash performance bonus	270,686		227,746
Statutory bonus	17,609		14,491

Non-executive directors' fees	146,250		146,250
Non-cash benefits	14,505		4,288
Share-based payment expense	412,577		357,186
Total	$	1,332,341	$	1,143,117

Additional transactions with key management personnel – The majority shareholder of the Company provided management and advisory services as well as administrative support to the Company of $33,235 and $68,000 for the three months ended March 31, 2026 and 2025, respectively.

18. FINANCIAL RISK MANAGEMENT

Interest Rate Risk - Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to its long-term debt obligations with floating interest rates. Therefore, variations in interest rates at the reporting date would affect profit or loss.

Liquidity Risk – Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, to the extent possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation, and to maintain a balance between continuity of funding and flexibility through the use of bank deposits and loans.

Exposure to Liquidity Risk – The following tables detail the remaining contractual maturities of financial liabilities at the end of the reporting period. The amounts are gross and undiscounted cash flows.


March 31, 2026	Notes	On demand		Less than 3 months		3 to 12 months		1 to 5 years		Thereafter		Total

Accounts payable and accrued expenses		$	—	$	518,974	$	8,739,907	—		—		$	9,258,881
Lease liability	10	—		33,989		396,534		5,246,778		30,105,901		35,783,202
Income tax payable		1,906,508		832,390		—		—		—		2,738,898
Retainage payable		—		6,623		2,057,890		—		—		2,064,513
Security deposits		—		—		112,218		3,167,129		—		3,279,347
Long and short-term debt	11	—		2,709,225		8,561,740		67,449,343		231,304,887		310,025,195

Total		$	1,906,508	$	4,101,201	$	19,868,289	$	75,863,250	$	261,410,788	$	363,150,036


December 31, 2025	Notes	On demand		Less than 3 months		3 to 12 months		1 to 5 years		Thereafter		Total

Accounts payable and accrued expenses		$	3,317,399	$	620,083	$	7,757,335	—		—		$	11,694,817
Lease liability	10	—		27,300		120,325		5,089,400		30,448,443		35,685,468
Income tax payable		—		6,013,235		1,088,241		—		—		7,101,476
Retainage payable		—		571,214		2,026,829		—		—		2,598,043
Security deposits		—		—		112,624		3,004,501		—		3,117,125
Long and short-term debt	11	—		2,307,488		7,962,773		63,388,813		223,110,712		296,769,786
Total		$	3,317,399	$	9,539,320	$	19,068,127	$	71,482,714	$	253,559,155	$	356,966,715

Fair Values – The Company estimated the fair value of its debt to be $286,510,319 as of March 31, 2026, and $278,711,041 as of December 31, 2025. The fair value of debt is estimated based on the discounted cash flows using a discount rate between 6.7% and 15.8% depending on the terms and circumstances of specific debt instruments and are within Level 2 of the fair value hierarchy. The Company further concluded that the carrying value of financial assets and liabilities, other than debt, approximated their fair value as of March 31, 2026 and December 31, 2025.

19. COMMITMENTS AND CONTINGENCIES

Commitments

In the normal course of operation, the Company secures construction loans in order to fund capital expenditure commitments. Debt guarantees are disclosed in Note 11. The Company does not conduct its operations through entities that are not consolidated in these condensed consolidated interim financial statements and has not guaranteed or otherwise

contractually committed to support any material financial obligations not reflected in these condensed consolidated interim financial statements.

As of March 31, 2026, the Company had agreed upon construction contracts with third parties and is consequently committed to future capital in respect to investment property under development of $9,072,137. In addition, the Company had commitments of $470,680 relating to operating investment properties, resulting in total capital commitments of $9,542,817 as of March 31, 2026.

The Company does not have lease contracts, where the Company is the lessee, that have not yet commenced as of March 31, 2026.

Legal Proceedings

On November 30, 2023, the Company became aware that a lawsuit was filed against it by a former employee of the Company who rendered services for the Company prior to the reporting date. The Company is currently vigorously defending this lawsuit and believes the claims are without merit. The Company is in the process of analyzing this matter but currently does not have a sufficient basis for concluding whether any loss is probable. As of the date of this report, the Company is not currently involved in any other litigation or arbitration proceedings for which the Company believes it is not adequately insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Company’s condensed consolidated interim financial statements.

As of March 31, 2026, the Company is not involved in any other litigation or arbitration proceedings for which the Company believes it is not adequately insured or indemnified, or which, if determined adversely, would have a material adverse effect on the Company’s condensed consolidated interim financial statements.

20. SUBSEQUENT EVENTS

In preparing the condensed consolidated interim financial statements, the Company has evaluated subsequent events through May 13, 2026, which is the date the condensed consolidated interim financial statements were issued. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the condensed consolidated interim financial statements.

21. APPROVAL OF THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

The condensed consolidated interim financial statements were authorized for issue by the Company’s board of directors on May XX, 2026.

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Logistic Properties of the Americas 6-K/A