Americold Realty Trust (COLD) Corporate presentation summary

Strategic priorities and growth initiatives

• Focused on strengthening the balance sheet through strategic capital management, including a $1.3B joint venture with EQT and using $1.15B in proceeds to pay down debt, resulting in $46M projected annual interest savings.

• Active real estate portfolio management with 25 sites identified for exit, generating over $50M in proceeds and recycling capital for higher returns.

• Driving organic growth by expanding into under-penetrated sectors such as retail, QSR, e-commerce, and international markets, leveraging deep customer relationships and a global network.

• Limiting inorganic growth to lower-risk, customer-dedicated, and partnership-driven projects until leverage is further reduced.

• Continued cost structure optimization, targeting $100M in total savings through initiatives like Fit for Purpose and technology investments.

Operational scale and market position

• Operates 224 warehouses globally with a total capacity of ~1.4B cubic feet and ~5.2M pallet positions, serving ~2,900 customers with 12,000 associates.

• Holds 18% market share in North America and 6% globally in the highly fragmented cold storage industry.

• Provides critical infrastructure at every major cold chain node, including production, distribution, retail, and port facilities.

• Maintains long-term relationships with top customers, with the top 25 accounting for ~50% of warehouse revenues and an average tenure of 39 years.

Financial performance and guidance

• Achieved strong same-store warehouse revenue and NOI growth, with 57% and 60% increases respectively since 2021.

• Core EBITDA grew 28% over five years, reaching $634M with a margin of 23.8% in the latest TTM period.

• Adjusted FFO per share guidance for 2026 is $1.26–$1.32, reflecting the impact of the EQT joint venture.

• Maintains a well-laddered debt maturity profile with no maturities until 2029, $4B net debt, and investment grade ratings.