Americold Realty Trust — Q2 2026 Earnings Summary

Financial Performance

• Total revenues were $662.9 million for Q2 2026, a 1.9% increase from $650.7 million in Q2 2025 (0.6% on a constant currency basis).
• Global Warehouse segment revenues were $603.6 million, a 0.2% increase on an actual basis (0.9% decrease on a constant currency basis).
• Global Warehouse segment contribution (NOI) was $201.7 million, a 0.6% decrease on an actual basis (1.3% decrease on a constant currency basis).
• Global Warehouse segment margin was 33.4%, a 30 basis point decrease from 33.7% in Q2 2025.
• Same store revenues increased 2.2% on an actual basis and 1.1% on a constant currency basis compared to Q2 2025.
• Same store NOI decreased 1.5% on an actual basis and 2.2% on a constant currency basis compared to Q2 2025.
• Same store services margin decreased to 14.8% in Q2 2026 from 15.2% in Q2 2025.
• Total NOI was $212.7 million, a 0.5% increase on an actual basis (0.3% decrease on a constant currency basis).
• Net loss was $342.8 million ($1.19 per diluted share) compared to net income of $1.5 million ($0.01 per diluted share) in Q2 2025.
• The net loss was primarily driven by a $309.6 million impairment charge associated with the wind-down of operations at Lancaster, PA and Plainville, CT facilities.
• Core EBITDA was $159.1 million, remaining flat year-over-year (0.6% decrease on a constant currency basis).
• Core EBITDA margin was 24.0%, down from 24.4% in Q2 2025.
• Adjusted FFO was $102.0 million ($0.35 per diluted share), a 2.8% decrease from $0.36 per share in Q2 2025.
• Core FFO was $50.4 million ($0.18 per diluted share), down from $75.8 million ($0.27 per share) in Q2 2025.
• Total liquidity was approximately $719.8 million as of June 30, 2026.
• Total net debt was approximately $4.4 billion (inclusive of $213.0 million financing leases/sale lease-backs).
• Net debt to pro-forma Core EBITDA was approximately 7.3x based on trailing twelve months.
• Unsecured debt comprised 95.2% of total debt; 64.8% of total debt was at a fixed rate.
• Weighted average contractual interest rate on unsecured debt was 4.1%.

Guidance and Future Outlook

• Full-year Adjusted FFO guidance was raised to a range of $1.26 to $1.32 per share.
• The updated guidance is expected to more than offset projected dilution from the joint venture transaction.
• The joint venture with EQT, announced May 7, 2026, is expected to close during the fiscal third quarter.
• 2026 Warehouse segment same store revenues (constant currency) guidance is $2.03B - $2.09B.
• 2026 Warehouse segment same store NOI (constant currency) guidance is $660M - $695M.
• 2026 Total Company NOI (constant currency) guidance is $775M - $815M.
• 2026 Core EBITDA guidance is $570M - $600M.
• 2026 Interest expense guidance is $155M - $160M.
• 2026 Total selling, general and administrative expense guidance is $250M - $260M (inclusive of $218M-$228M core SG&A, $23M-$24M share-based compensation, and $8M-$10M Project Orion deferred costs).
• 2026 Total maintenance capital expenditures guidance is $60M - $70M.
• Guidance ranges exclude the impact of acquisitions, dispositions, or capital markets activity beyond previously announced items.

Business Segments and Product Lines

• The Company operates two reportable segments: Warehouse and Transportation.
• Transportation segment revenues increased due to higher volumes across the network.
• Global Warehouse segment revenue growth was driven by favorable foreign exchange, incremental revenue from Australian developments, and a 0.9% increase in physical occupied pallet positions.
• Revenue growth was partially offset by a 1.0% decrease in throughput pallets and a slight decline in fixed commitment storage contracts.
• Non-same store facility count was 12 as of June 30, 2026, consisting of 5 sites in expansion/development, 1 purchased facility, 1 recently leased warehouse in Australia, and 5 sites winding down operations.
• 2 sites in the development phase are expected to be added to the non-same store pool upon commencement of operations.
• As of January 1, 2026, the former Third-Party Managed segment was included in the Warehouse reportable segment.

Market and Competitive Landscape

• Industry fundamentals show continued signs of stabilization.
• Consumer demand remains relatively flat.
• The Company is winning new business through operational excellence and disciplined commercial execution.
• The Company is actively managing its portfolio to improve cost structure and expand customer relationships.

Risks and Challenges

• A $309.6 million impairment charge was recognized due to a mutual agreement to wind down operations at Lancaster, PA and Plainville, CT facilities.
• Higher energy costs impacted Global Warehouse segment NOI in Q2 2026 compared to Q2 2025.
• Forward-looking guidance excludes impacts from unpredictable reconciling items such as acquisitions, divestitures, impairments, natural disasters, restructurings, and debt issuances.
• Risks include failure to consummate the joint venture with EQT, rising construction costs, labor shortages, and potential customer contract defaults.

Management Commentary and Tone

• Management expressed confidence in the strength of the platform and the value of customer relationships.
• Management stated they are not waiting for a market recovery to drive value creation.
• Management highlighted progress on priorities including strengthening the business, advancing the EQT joint venture, and improving cost structure.
• Management noted that the improved outlook demonstrates the resilience of the underlying business.
• Management remains focused on disciplined execution, prudent capital allocation, and delivering reliable service.

Other Key Points

• On May 21, 2026, the Board declared a dividend of $0.23 per share for Q2 2026, paid on July 15, 2026.
• The Company amended its revolving credit agreement to extend the maturity date to June 2030, with two six-month options to renew.
• The Company reported a $12.5 million increase in Depreciation and amortization expense associated with recently completed developments.
• Net gain from sale of real estate declined by $8.4 million compared to Q2 2025.
• Unfavorable income tax expense change of $19.5 million contributed to the net loss.
• The Company has 224 operating facilities totaling approximately 1.4 billion refrigerated cubic feet across North America, Europe, Asia-Pacific, and South America.