Americold Realty Trust (COLD) Q2 2026 earnings summary

Executive summary

• Q2 2026 delivered $0.35 AFFO/Adjusted FFO per share, exceeding expectations despite a net loss driven by $309.6M in impairment charges from winding down two automated facilities.

• Strategic focus on deleveraging, portfolio optimization, organic growth, and cost structure improvements, including a $1.1B JV with EQT to reduce leverage and generate $46M in annual interest savings.

• Expanded credit facility, extended maturities, and maintained investment grade ratings.

• Continued expansion in retail, QSR, and e-commerce, with new business wins in Australia and Europe.

• Announced $100M in cost savings initiatives, including headcount reduction and IT spend optimization.

Financial highlights

• Q2 2026 total revenues were $662.9M, up 1.9% year-over-year; Adjusted FFO was $102.0M ($0.35 per share), down slightly from Q2 2025.

• Core EBITDA for Q2 2026 was $159.1M, flat year-over-year; margin decreased to 24.0%.

• Physical occupancy in same store warehouses rose to 69.1% (up 290 bps), while economic occupancy was 77.7%.

• Storage and handling pricing increased year-over-year; churn rate remained low at 2.1%.

• Dividend of $0.23 per share declared and paid in July 2026.

Outlook and guidance

• Full-year AFFO/Adjusted FFO guidance raised to $1.26–$1.32 per share, offsetting JV dilution.

• Warehouse same-store revenues expected at $2.03B–$2.09B; NOI at $660M–$695M; Core EBITDA at $570M–$600M.

• Interest expense forecasted at $155M–$160M; maintenance capex projected at $60M–$70M.

• Guidance reflects JV impact, with $35M reduction in NOI and $0.05 reduction in AFFO per share.

• JV with EQT expected to close in Q3 2026, with reporting changes and asset pool recast.