Americold Realty Trust, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance

• Total revenues were $691.6 million, a 4.2% increase from $663.7 million in Q3 2025, and a 3.3% increase on a constant currency basis.
• Net income was $683.4 million ($2.38 per diluted share), compared to a net loss of $0.04 per diluted share in Q3 2025, primarily driven by a $714.1 million one-time gain on the contribution of real estate assets to the EQT JV.
• Adjusted FFO was $101.3 million ($0.35 per diluted share), consistent with Q3 2025 Adjusted FFO per share.
• Core EBITDA was $159.4 million, a 7.5% increase from Q3 2025, with a 6.9% increase on a constant currency basis.
• Core EBITDA margin increased to 23.0% in Q3 2026 from 22.3% in Q3 2025.
• Global Warehouse segment same store revenues increased 5.7% on an actual basis and 4.9% on a constant currency basis compared to Q3 2025.
• Global Warehouse segment same store NOI increased 6.0% (5.5% constant currency) compared to Q3 2025.
• Global Warehouse same store services margin increased to 15.9% in Q3 2026 from 13.6% in Q3 2025.
• Total NOI (excluding joint venture related revenue and costs) was $213.7 million, a 4.2% increase from Q3 2025.
• Net debt outstanding was approximately $3.3 billion as of September 30, 2026, inclusive of $219.8 million in financing leases/sale lease-backs.
• Net debt to pro forma Core EBITDA was approximately 6.2x as of September 30, 2026.
• Unsecured debt comprised 93.4% of total debt, with a weighted average term of 5.0 years and a weighted average contractual interest rate of 4.0%.
• Approximately 86.6% of total debt outstanding was at a fixed rate.
• Total liquidity was approximately $950.4 million, including cash and available capacity on the revolving credit facility.

Guidance and Future Outlook

• Full-year Adjusted FFO per share outlook increased to a range of $1.31 to $1.33, up from the previous range of $1.26 to $1.32.
• Full-year Warehouse segment same store revenues (constant currency) guidance raised to $2.06B - $2.10B from $2.03B - $2.09B.
• Full-year Warehouse segment same store NOI (constant currency) guidance raised to $680M - $700M from $660M - $695M.
• Full-year Total Company NOI (constant currency) guidance raised to $800M - $830M from $775M - $815M.
• Full-year Core EBITDA guidance raised to $585M - $610M from $570M - $600M.
• Full-year Total SG&A expense guidance raised to $260M - $265M from $250M - $260M.
• Guidance includes projected impacts of the EQT joint venture closed on August 31, 2026.
• Guidance ranges exclude impacts of acquisitions, dispositions, or capital markets activity beyond previously announced items.

Business Segments and Product Lines

• Global Warehouse segment revenues (excluding EQT JV sites) were $569.4 million, a 2.2% increase on an actual basis and 1.5% on a constant currency basis.
• Global Warehouse segment contribution (NOI) excluding EQT JV sites was $182.5 million, a 6.3% increase on an actual basis and 5.8% on a constant currency basis.
• Global Warehouse segment margin (excluding EQT JV sites) was 32.1%, a 130 basis point increase from Q3 2025.
• Transportation services revenues increased, contributing to the overall revenue growth.
• The Company operates 208 facilities totaling approximately 1.2 billion refrigerated cubic feet across North America, Europe, Asia-Pacific, and South America.
• The Company holds a 30% equity interest in the EQT JV, which owns 12 temperature-controlled warehouse facilities in North America.
• The Company holds a minority interest in the RSA joint venture, which operates 2 temperature-controlled warehouses in Dubai.
• Segment structure was revised as of January 1, 2026, to include the former Third-Party Managed reportable segment within the Warehouse reportable segment.

Market and Competitive Landscape

• The Company reported continued industry stabilization.
• Gains in occupancy, throughput, and pricing contributed to year-over-year growth.
• Lower SG&A costs resulted from cost savings initiatives.
• The Company noted a multi-quarter improvement in key metrics across the business.
• The EQT JV partnership highlights the quality and attractiveness of the Company's mission-critical assets.

Risks and Challenges

• Forward-looking guidance excludes impacts of acquisitions, divestitures, impairments, natural disaster events, restructurings, and debt issuances that have not yet occurred.
• Risks include geopolitical conflicts, rising inflationary pressures, increased interest rates, and labor shortages.
• Potential risks related to the EQT JV include failure to achieve anticipated benefits, unanticipated costs, or difficulties in integrating operations.
• Risks include supply chain disruptions, rising construction costs, and potential failures to meet budgeted returns on developments.
• Cybersecurity attacks, information technology system failures, and data security concerns are noted risks.
• Risks associated with partial ownership of properties and joint ventures are highlighted.
• Changes in real estate and zoning laws, tax rates, and environmental liabilities are potential risks.

Management Commentary and Tone

• CEO Rob Chambers stated that best-in-class execution and industry stabilization delivered strong operating and financial performance.
• Management highlighted that disciplined execution and operational focus are translating into stronger performance.
• The closing of the EQT JV was described as a significant achievement that reduced the net leverage ratio by a full turn and strengthened financial flexibility.
• Management expressed confidence that the progress reflects long-term value creation as they continue to execute on strategic priorities.
• The tone regarding the operating environment was that while challenging, efforts are yielding visible results.

Other Key Points

• The Company closed a joint venture with EQT's Active Core Infrastructure fund on August 31, 2026, retaining a 30% interest and serving as the day-to-day property manager.
• The EQT JV transaction enabled a $1.15 billion reduction in outstanding debt.
• A one-time gain of $714.1 million was recognized related to the formation of the EQT JV.
• The Board of Directors declared a dividend of $0.23 per share for Q3 2026, paid on October 15, 2026.
• Total maintenance capital expenditures guidance for 2026 remains $60M - $70M.
• Interest expense guidance for 2026 remains $155M - $160M.
• Current income tax expense guidance for 2026 (excluding EQT JV impact) remains $7M - $9M.