Lineage (LINE) Investor presentation summary

Scale and market position

• 3.1bn cu. ft. across 501 warehouses in 19 countries; 88mm sq. ft., 248 port-centric sites, 83 automated facilities and 11,000+ customers.

• 2025 adjusted EBITDA was $1.3bn; 46% of Global Warehousing rent, storage and blast-freezing revenue came from customers with minimum storage guarantees or lease revenue.

• Global market share was 12% and North American share 34%; ranked #1 in the U.S., Canada, U.K., Continental Europe, Australia, New Zealand and Vietnam.

• Industry remains fragmented: the top 10 operators hold 24% of global capacity, while other operators account for 76%.

• Top 25 customers represented 33.2% of 2025 revenue, with a revenue-weighted average relationship exceeding 30 years.

Portfolio and customer proposition

• Portfolio weighted average facility age was 22 years; 95% of revenue came from markets where the network held the #1 local position.

• Global Warehousing generated $3.9bn of 2025 revenue and $1.5bn of NOI; distribution facilities contributed 75% of warehouse NOI.

• Global Integrated Solutions generated $1.4bn of 2025 revenue: transportation 57%, food service and redistribution 30%, and direct-to-consumer 13%.

• Warehousing-only and combined warehousing/integrated-solutions customers contributed 97% of total NOI, supporting cross-sell and customer-retention opportunities.

• Nine regional distribution centers with consolidation programs generated $90mm annual EBITDA; adding less-than-truckload consolidation lifted the combined figure to $115mm, a 35% increase.

Operating improvements and technology

• Core-business labor cost per throughput pallet outperformed the GCCA inflation index by 740 bps cumulatively from 1Q24 to 3Q26; on-time turns were 94%.

• LinOS projected base case: ~$110mm annualized EBITDA in 3–5 years, based on ~10% labor savings on $1.0bn of warehouse labor spend and ~1% revenue uplift on $1.0bn of warehouse service revenue.

• LinOS is designed to coordinate people and robots, with an initial focus on improving operations in conventional warehouses and potential longer-term automation.

• Technology and sustainability assets include 222MW of installed on-site solar capacity and 169 issued patents, with 134 pending.