Americold Realty Trust (COLD) investor relations material

Executive summary

• Q3 Adjusted FFO was $0.35/share, the fifth consecutive quarter meeting or exceeding expectations; FY2026 guidance rose to $1.31–$1.33/share.

• Occupancy, throughput, pricing and handling margin improved; same-store NOI grew 5.5%.

• The EQT JV reduced debt by $1.15B and lowered net leverage by a full turn.

• Industry conditions are stabilizing, but consumer demand remains pressured and management sees no clear inflection.

Financial highlights

• Q3 revenue was $691.6M, up 4.2% reported and 3.3% on a constant-currency basis.

• GAAP net income was $683.4M, or $2.38/diluted share, versus a loss of $11.4M; results included a $721.4M EQT JV contribution gain ($714.1M after tax).

• Q3 Adjusted FFO was $101.3M, or $0.35/diluted share, versus $100.7M; nine-month Adjusted FFO was $285.2M.

• Core EBITDA was $159.4M, up 7.5% YoY, with margin of 23.0%, up 70 bps.

• Same-store warehouse revenue increased 4.9% and NOI rose 5.5% on a constant-currency basis; power costs were up 13% YoY.

Outlook and guidance

• FY2026 guidance: Adjusted FFO $1.31–$1.33/share; same-store revenue $2.06B–$2.10B; same-store NOI $680M–$700M; total NOI $800M–$830M; Core EBITDA $585M–$610M.

• FY2026 guidance includes SG&A of $260M–$265M, interest expense of $155M–$160M, current income taxes of $7M–$9M and maintenance capex of $60M–$70M.

• Q4 assumptions include blended pricing up ~100 bps, economic occupancy up 100–150 bps sequentially and ~$0.03 of JV-related AFFO dilution.

• 2027 demand is expected to broadly resemble 2026; AFFO/share is expected to be lowest in Q1 and build sequentially, with $0.07–$0.08 of incremental JV dilution.

• McCain’s dedicated Wisconsin development is expected to cost $163M, complete in Q1 2028 and be backed by a 20-year fixed commitment.