Americold Realty Trust — Q3 2026 Earnings Summary

Financial Performance:

• Total revenues reached $691.6 million in Q3 2026, 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) for Q3 2026, 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.
• Core EBITDA was $159.4 million, a 7.5% increase from Q3 2025, with a Core EBITDA margin of 23.0% compared to 22.3% in the prior year quarter.
• Global Warehouse segment same store revenues increased 5.7% on an actual basis and 4.9% on a constant currency basis.
• Global Warehouse segment same store NOI increased 6.0% (5.5% constant currency), and same store services margin improved to 15.9% from 13.6% in Q3 2025.
• Total NOI (excluding joint venture related revenue and costs) was $213.7 million, a 4.2% increase year-over-year.
• As of September 30, 2026, total net debt was approximately $3.3 billion, with net debt to pro forma Core EBITDA at 6.2x.
• The Company reduced outstanding debt by $1.15 billion following the closing of the EQT JV.

Guidance and Future Outlook:

• Full-year 2026 Adjusted FFO per share outlook was increased to a range of $1.31 to $1.33, up from the previous range of $1.26 to $1.32.
• 2026 Warehouse segment same store revenues (constant currency) guidance was raised to $2.06B–$2.10B from $2.03B–$2.09B.
• 2026 Warehouse segment same store NOI (constant currency) guidance was raised to $680M–$700M from $660M–$695M.
• 2026 Total Company NOI (constant currency) guidance was raised to $800M–$830M from $775M–$815M.
• 2026 Core EBITDA guidance was raised to $585M–$610M from $570M–$600M.
• 2026 Total SG&A expense guidance was raised to $260M–$265M from $250M–$260M.

Business Segments and Product Lines:

• The Global Warehouse segment (excluding EQT JV sites) reported revenues of $569.4 million, a 2.2% increase on an actual basis.
• Global Warehouse contribution (NOI) excluding EQT JV sites was $182.5 million, a 6.3% increase from the prior year.
• Transportation services revenues contributed to the total revenue increase, alongside $13.1 million in joint venture related management fees and reimbursed costs.
• 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 Americold-EQT Cold Storage Partnership, LLC, which owns 12 temperature-controlled warehouse facilities in North America.

Market and Competitive Landscape:

• Management cited continued industry stabilization and a multi-quarter improvement in key metrics.
• Gains in occupancy, throughput, and pricing contributed to year-over-year growth in revenue and NOI.
• The Company noted favorable foreign exchange movements as a driver for revenue growth.

Risks and Challenges:

• Forward-looking statements are subject to risks including geopolitical conflicts, rising inflationary pressures, increased interest rates, and labor shortages.
• Risks include the failure to achieve anticipated benefits from the EQT JV, supply chain disruptions, and the potential for natural disasters.
• The Company faces risks related to rising construction costs, expansion of existing properties, and the impairment of properties.
• Uncertainty regarding customer contracts, potential defaults, and changes in real estate or tax legislation are noted.

Management Commentary and Tone:

• CEO Rob Chambers stated that "best-in-class execution and continued industry stabilization" delivered a strong quarter.
• Management emphasized that disciplined execution and operational focus are translating into stronger performance.
• The closing of the EQT JV was highlighted as a significant achievement that strengthened the balance sheet and financial flexibility.
• Management expressed confidence in the long-term value creation as they continue to execute on strategic priorities.

Other Key Points:

• On August 31, 2026, the Company closed its joint venture with EQT's Active Core Infrastructure fund, retaining a 30% interest and serving as the day-to-day property manager.
• A dividend of $0.23 per share for Q3 2026 was declared on August 26, 2026, and paid on October 15, 2026.
• Total liquidity as of September 30, 2026, was approximately $950.4 million.
• Approximately 86.6% of total debt outstanding was at a fixed rate.
• The Company recognized a $12.1 million net gain on the sale of real estate during the quarter.
• The segment structure was revised as of January 1, 2026, to include the former Third-Party Managed reportable segment within the Warehouse reportable segment.