Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (June 2026)
36 slides from Americold Realty Trust's investor presentation, Jun 1, 2026
Slide 1: Strengthening our Foundation to Unlock Long-Term Growth
Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | June 1, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account
Slide 3: Americold – A Compelling Growth Opportunity
Americold – A Compelling Growth Opportunity 1 2 Global leader in the attractive cold Unique value proposition with unparalleled storage industry with an integrated expertise, partnerships with industry experts, network of high-quality, strategically located scalable infrastructure, and leading missi
Slide 4: 1. Global Leader in Cold Storage
1. Global Leader in Cold Storage 4
Slide 5: Significant Scale & Expertise from 120+ Years of Experience
Significant Scale & Expertise from 120+ Years of Experience Significant Scale Global Footprint Cubic Feet / Warehouse Count ~1.4B/53M ~5.2M 224 Cubic Feet/Square Feet of Total Capacity Pallet Positions Warehouses North America Europe 1,154M / 179 105M / 23 Connectivity 12,000 ~2,900 Conventional & A
Slide 6: Cold Storage Industry Market Share
Cold Storage Industry Market Share AAGlobal Global Leader Leaderinin Temperature- Highly Controlled Fragmented Warehousing Market 1,154M cubic feet 1,355M cubic feet1 179 facilities 224 facilities Note: Americold portfolio figures as of March 31, 2026. Figures may not sum due to rounding 1) Figures
Slide 7: Americold is Essential to the Cold Chain
Americold is Essential to the Cold Chain Americold provides mission critical infrastructure from production to consumption Produce Distribute Consume There are four primary 3PL cold chain nodes and Americold has solutions in each one: Production Support (Production Advantaged) Distribution Support (
Slide 8: Deep Customer Relationships Drive Growth Opportunities
Deep Customer Relationships Drive Growth Opportunities Compelling Value Proposition Top 25 Customers Best-in-class customer experience ~50% of Warehouse revenues(1) Strategically-located network of facilities ~39 years average tenure Comprehensive value-added services 100% use multiple facilities, a
Slide 9: Experienced Management Team Committed to Increasing Shareholder Value
Experienced Management Team Committed to Increasing Shareholder Value Significant experience in real estate, third-party logistics, and grocery retail Robert Chambers Chris Papa Bryan Verbarendse Chief Executive Officer Chief Financial Officer President, Americas COLD: Joined 2013/Appointed 2025 COL
Slide 10: History of Significant Growth
History of Significant Growth AFFO (in millions) 31% AFFO Growth $1.47 $1.47 $1.43 $1.43 $1.38 $1.11 $1.11 $1.27 $1.11 $1.27 $1.11 $1.27 $1.47 $1.47 • Completed Houston acquisition • Chris Papa appointed CFO • Refocus on 4 key • Announced strategic • Hiring and retention initiatives strategic priori
Slide 11: 2. Unique Value Proposition
2. Unique Value Proposition 11
Slide 12: Unique Value Proposition Driven by Unparalleled Expertise and Scalable Infrastructure
Scalable Infrastructure Conventional & Automated capabilities at all nodes of the supply chain Strategic Partnerships Unique Value Proposition providing unique growth opportunities Driven by Unparalleled exclusive to Americold Expertise and Scalable Infrastructure Advanced Operating System ensures b
Slide 13: Ability to Leverage Strong Market Presence in North America
Ability to Leverage Strong Market Presence in North America Americold Advantages • ~90% owned network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Technological expertise and best-in-class operating system Growth Strategy • Continued gr
Slide 14: Scalable Platform in Europe and Middle East
Scalable Platform in Europe and Middle East Europe Americold Advantages • Presence at all nodes in the cold storage supply chain in Europe • Americold Operating System implemented throughout • Project Orion implementation underway to centralize/streamline multiple processes Growth Strategy • Signifi
Slide 15: Significant Growth Opportunities in Asia Pacific
Significant Growth Opportunities in Asia Pacific Americold Advantages • Region is highly economically occupied • Specializes in fast turning and operationally intensive retail/QSR business • Decades long relationships • Americold Operating System and Project Orion implemented throughout • Recent win
Slide 16: Americold's Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node Production Advantaged • Single tenanted • Long-term fixed commitment agreements % of total warehouse revenue for the last • Requires deep customer relationships twelve months ended March 31, 2026 • Located in largely rural areas close to harvests For
Slide 17: Core Operating Expertise Enhanced by Best-in-Class Partnerships
Core Operating Expertise Enhanced by Best-in-Class Partnerships 2022 2023 Top Five Global Port Operator One of NA’s Largest Railroad Companies DP World Canadian Pacific Kansas City Operational Partners Kansas City, Missouri • First-of-its-kind rail-attached facility supporting the closed loop cold c
Slide 18: Technology Differentiation: Improving Efficiency and Lowering Cost
Technology Differentiation: Improving Efficiency and Lowering Cost ▪ Warehouse management system (WMS) provides visibility to ensure orders delivered on-time and in-full (OTIF) 415+ Identified Project Orion ERP Gen AI Use ▪ Labor management system (LMS) optimizes workforce and delivers Cases Standar
Slide 19: 3. Growth Drivers & Well-Positioned Strategy
3. Growth Drivers & Well-Positioned Strategy 19
Slide 20: Americold Operating System and Warehouse Management Expertise
Americold Operating System and Warehouse Management Expertise Customer Focus AOS distinguishes us from our competitors and is Advanced Integrated Systems supported by our continuous improvement culture Labor Focused Optimization Improvement • Delivering standardized procedures Safety Talent Stewards
Slide 21: 2026 Mid-Year Update
2026 Mid-Year Update Industry Continues to Show Signs of Stabilization • Q1 same-store metrics were largely in-line to better than expectations: ◦ Physical occupancy + 20bps ◦ Storage and handling rates + 20 bps • Trends have continued in April and May - sequential increases in physical occupancy an
Slide 22: 2026 Key Priorities
2026 Key Priorities Strong Organizational Alignment with a Focus on Execution • Strategic capital management to de-lever balance sheet and maintain investment grade profile • Creating value from our real estate through portfolio management of low profit facilities, NNN leasing of space to tenants, a
Slide 23: 2026 Key Priorities – Execution To Date
2026 Key Priorities Execution To Date Strategic Executed $1.3 billion strategic joint venture providing an estimated $1.1 billion in proceeds to strengthen the Capital balance sheet and reduce leverage - projected to close in Q3, subject to customary closing conditions and approvals Management Purch
Slide 24: JV Accelerates Delevering with a Platform for Future Growth
JV Accelerates Delevering with a Platform for Future Growth – Total Value: ~$1.33B – Ownership: EQT 70% / Americold 30% – Financing: ~60-65% LTV (~$830M) – Valuation: 7% blended Cap Rate or ~$3,300/pallet position Transaction NOI of ~$93M ($110M less ~$17M mgmt. fee) Highlights – Proceeds: ~$1.15B t
Slide 25: Leveraging Our Strategic Advantages
Leveraging Our Strategic Advantages Evaluate World-Class Adjacent/New Partnerships Categories Long-Term Current Customer Market Focus Recent Relationships High Interest Tariffs Spec Builds Grow Retail Expand QSR Rates GLP-1 Business to New Weak Consumer Adoption Geographies Critical Demand Infrastru
Slide 26: Expanding the Aperture to Adjacent Growth Opportunities
Expanding the Aperture to Adjacent Growth Opportunities Core Adjacent New Fresh Food Pet Food Pharmaceuticals Retail Floral Frozen Food Dry Goods E-commerce QSR Seafood Cosmetics International Beverages Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value 26
Slide 27: Global Opportunity to Grow Retail and QSR Presence
Global Opportunity to Grow Retail and QSR Presence What is Retail/QSR? COLD Best in Class Operator Attractive Characteristics • 5 of our top-10 customers are • Pallets of product from multiple retail/QSR companies manufactures arrive at our facility • Generated $520 million LTM revenue • Product is
Slide 28: Cost Reduction Initiative
Cost Reduction Initiative Identified opportunities to streamline organization to optimize performance and reduce cost • Conducted current-state assessment evaluating operating model design and identified opportunities for efficiency ▪ Performed top-down and bottom-up analysis to define future-state
Slide 29: 4. Financial Performance
4. Financial Performance 29
Slide 30: Strong Same-Store Warehouse Revenue and NOI Growth
Strong Same-Store Warehouse Revenue and NOI Growth Same-Store Warehouse services Same-Store Warehouse Revenue Same-Store Rent & storage +57% • Significant improvement in transitioning from on growth demand contracts to fixed storage committed contracts and leases since 2021 • Fixed storage contracts
Slide 31: Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives Core EBITDA ($M) and Margin (%) • Effectively optimizing margins across all 28% business areas growth • Creating a solid foundation with efforts over the past three years to build a productive, stabilized workforce 17.5% 17.1% support
Slide 32: Well-Laddered Maturity Profile
Well-Laddered Maturity Profile Real Estate Debt Maturity (1)(2) % of Debt Maturity • Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody’s) • Total liquidity of $564M(3) with $524M available in undrawn credit facility • Total net debt of $4 billion at March 31, 2026 with 95% unsecu
Slide 33: Disciplined Capital Allocation Strategy Focused on Driving Growth and Generating Shareholder Value
Disciplined Capital Allocation Strategy Focused on Driving Growth and Generating Shareholder Value 1 2 3 4 Maintain Healthy Returning Capital Organic Reinvestment Opportunistic and Balance Sheet to Shareholders in the Business Disciplined M&A • Maintain Investment Grade • Maintain annualized dividen
Slide 34: Commitment to Sustainability Initiatives
Commitment to Sustainability Initiatives • Recognized under the Global Cold Chain Alliance’s (GCCA) Energy Excellence Recognition Commitment to Program with Gold, Silver or Bronze certifications at 203 facilities Energy Excellence • 21% reduction in Scope 1 and 2 emissions from 2021, with an ultimat
Slide 35: 2026 Guidance
2026 Guidance Warehouse segment same store revenues (constant currency) $2.20B - $2.27B Warehouse segment same store NOI (constant currency) $735M - $785M Total Company NOI (constant currency) $780M - $845M Total selling, general and administrative expense (inclusive of approximately $218M - $228M o
Slide 36: Americold – A Compelling Growth Opportunity
Americold – A Compelling Growth Opportunity 1 2 Global leader in the attractive cold Unique value proposition with unparalleled storage industry with an integrated expertise, partnerships with industry experts, network of high-quality, strategically located scalable infrastructure, and leading missi
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