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Americold Realty Trust (COLD) investor relations material

Americold Realty Trust Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary7 Aug, 2025

Executive summary

  • Q2 2025 revenues were $650.7M, down 1.5% year-over-year, with net income of $1.6M, reversing a prior year loss.

  • Recognized as a top three global cold storage provider with 237 warehouses and 1.5B cubic feet capacity, serving a blue-chip customer base.

  • Strategic initiatives and automation drove operational excellence, with Project Orion implementation and three major development projects in Kansas City, Allentown, and Dubai.

  • Sustainability efforts led to a 9.48% emissions reduction since 2021, targeting 30% by 2030.

  • AFFO per share was $0.36 for Q2, with guidance revised to $1.39–$1.45 for 2025 due to persistent demand headwinds.

Financial highlights

  • Q2 2025 revenue was $650.7M, down from $661.0M in Q2 2024; net income was $1.6M, a turnaround from a $64.4M loss.

  • Adjusted FFO for Q2 2025 was $103.6M ($0.36 per share), down from $109.4M ($0.38 per share) in Q2 2024.

  • Core EBITDA margin was 24.4% in Q2 2025, down from 25.0% in Q2 2024.

  • Net debt at quarter end was $3.9B, with total liquidity of $937M; net debt to pro forma Core EBITDA at 6.3x.

  • Quarterly dividend per share increased by 5% in 2025 to $0.23.

Outlook and guidance

  • 2025 AFFO per share guidance revised to $1.39–$1.45, reflecting ongoing demand challenges and lower occupancy.

  • Warehouse segment same store revenue growth expected between -4.0% and 0.0% (constant currency); NOI growth 50–100 bps below revenue.

  • Maintenance capital expenditures projected at $60M–$70M for 2025.

  • No seasonal uplift anticipated in the second half; occupancy and throughput expected to remain flat.

  • Development starts expected to total $200M–$300M in invested capital.

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Frequently asked questions

Americold Realty Trust is a fully integrated, self-administered, self-managed real estate investment trust that focuses on owning and operating temperature-controlled warehouse facilities throughout the Americas. Founded in 1957 and headquartered in Greenwood Village, Colorado, Americold owns and/or operates more than 334 distribution facilities in 26 states and five Canadian provinces. The Company's portfolio of warehouses is leased to a diverse customer base including grocery distributors, food manufacturers and a broad range of other retail, wholesale and bulk customers.

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