Lineage, Inc. · NASDAQ:LINE
Lineage — Q3 2026 Earnings Presentation
49 slides from Lineage's earnings presentation, Nov 9, 2026
Slide 1: Third Quarter 2026 Financial Results
Third Quarter 2026 FINANCIAL RESULTS November 9, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements. Certain statements contained in this Presentation, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on cur
Slide 3: Agenda
Agenda • Q3 2026 Summary • Cold Storage Industry Dynamics • Segment Results • Capital Structure • 2026 Full-Year Guidance • Summary and Q&A 3
Slide 4: Q3 2026 Highlights and Outlook
Q3 2026 Highlights and Outlook Q3 2026 Highlights: • Overall Results versus prior year: o Revenue down (1.2)%; SS WH Revenue up +0.4% o Adj. EBITDA impacted by Big Bear solar fire, down (7.0)%, and AFFO per share affected by roll-off of hedges, down (14.1)% • Global Warehousing segment: o SS Physica
Slide 5: Same Store KPIs Showing Improvement
Same Store KPIs Showing Improvement Physical pallets occupied turned positive Y/Y in 2Q26 Throughput still declining Y/Y, but the decline has narrowed Same Store Physical Occupancy (Y/Y bps Change) Same Store Throughput Pallets (Y/Y % Change) 200 7 Quarter Trendline +2% 7 Quarter Trendline 110 90 0
Slide 6: Leveling Out of Supply-Demand Balance Supports Ability to Grow
Leveling Out of Supply-Demand Balance Supports Ability to Grow Occupancy SUPPLY DEMAND Slowing Meaningfully Frozen Category Remaining Resilient U.S. New PRW Capacity Additions1 Lineage Food Categories vs Total US Food Volume 2022 to 2026 by Developer Type 2021 Baseline (2021 = 100%) 6% 110% 106.2% 1
Slide 7: Import/Export Headwinds Persist for Lineage Sites with Trade Exposure
Import/Export Headwinds Persist into 4Q and Remain a Headwind for Lineage Sites with Trade Exposure LINE US Same Store Container Volume Growth (Y/Y %) relative to Import/Export Macro Indicators Post-Liberation Day Tariffs Trade Downturn Coupled with Input Inflation Forecast Timeline 2025 2026 Q1 Q2
Slide 8: Global Warehousing Segment
Global Warehousing Segment Q3 2026 Highlights Total Segment • Total segment revenue (0.4)% Y/Y; total segment NOI (6.0)% Y/Y $M • SS NOI: (4.2)% Y/Y; SS physical occupancy +110 bps Y/Y Revenue NOI • NOI decline driven by cost growth, mainly higher power $1,013 $1,009 $384 $361 expenses related to so
Slide 9: Global Integrated Solutions Segment
Global Integrated Solutions Segment Q3 2026 Highlights Total Segment • GIS NOI Y/Y: (13.8)% $M Revenue • GIS Revenue Y/Y: (3.3)% actual; +5% Y/Y excluding Spain $364 $352 transportation divestiture • Carrier costs rising faster than repricing; margins expected to recover as contracts reset • FY26 GI
Slide 10: Q3 2026 Financial Results
Q3 2026 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,377 $1,361 $333 $341 $1,329 $1,335 $316 $317 Q3 23 Q3 24 Q3 25 Q3 26 Q3 23 Q3 24 Q3 25 Q3 26 Y/Y growth flat +3% (1)% Y/Y growth +5% +2% (7)% Adjusted EBITDA Margin AFFO ($M) AFFO per share $221 $0.85 23.8% 24.9% 24.8% 23.3% $188 $
Slide 11: Capital Structure Update
Capital Structure Update Balance Sheet and Liquidity Leverage Ratio: Net Debt to Adjusted EBITDA Total debt outstanding of $6.8B (of $8.1B of total debt and debt-like (in millions) 9/30/2026 obligations, net) Net debt $ 8,116 • ~2.9 years remaining weighted average term1 LTM Adj. EBITDA 1,278 Net de
Slide 12: Initiating Q4 and Updating Full-Year 2026 Guidance
Initiating Q4 and Updating Full-Year 2026 Guidance Q4 and Full-Year 2026 Guidance Q4 Guide FY 2026 Guide Significant Event Notes Same WH NOI Growth (4)% - (2)% (3)% - (2)% Prior: (3)% - 0% • Big Bear solar fire expected (2.5)% - (1.5)% to impact Total WH NOI Total WH NOI Growth (4)% - (2)% Prior: (2
Slide 13: 2026 Outlook: Fundamentals Stabilizing, Positioned for 2027
2026 Outlook: Fundamentals Stabilizing, Positioned for 2027 1 Guidance reset on temporary headwinds and additional Big Bear impact Excluding Big Bear and GIS, Adj. EBITDA guidance at upper end of initial 2026 outlook 2 Occupancy is growing, showing industry stabilization Same store physical occupanc
Slide 14: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 14
Slide 15: Global Warehousing Segment - Total
Global Warehousing Segment - Total CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $516 $518 (0.4) % $1,544 $1,523 1.4 % Warehouse services 493 495 (0.4) %
Slide 16: Global Warehousing Segment – Same Warehouse
Global Warehousing Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $474 $478 (0.8) % $1,412 $1,405 0.5 % Warehouse services 443 4
Slide 17: Global Warehousing Segment – Non-Same Warehouse
Global Warehousing Segment – Non-Same Warehouse NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $42 $40 5.0% $132 $118 11.9% Warehouse services 50 60
Slide 18: Global Warehousing Segment – Same Warehouse (Q3 2026 Pool)
Global Warehousing Segment – Same Warehouse (Q3 2026 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST SEVEN QUARTERS Three Months Ended YoY % Change March 31, June 30, September 30, December 31, March 31, June 30, September 30, Q3 2026 YTD 2026 (in millions except revenue per pallet) 2025 2025 2025
Slide 19: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2026 2025 Change 2026 2025 Change Global Integrated Solutions segment revenues $352 $364 (3.3) % $1,020 $1,092 (6.6) % Global Integrated Solutions cos
Slide 20: Greenfield and Expansion Projects
Greenfield and Expansion Projects Greenfield and Expansion Development Project Pipeline Completed Within the Last 36 Months and In Process Expected Stabilized Economic Project Pallet Remaining Estimated Occupancy Stabilized Estimated Vintage Project Square Feet Cubic Feet Positions Total Cost Spend
Slide 21: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Q3 2026 Q3 2026 YTD Revolver $ 26 $ 68 Term loan A 12 36 Unsecured notes 23 72 Other real estate secured debt 4 11 Kloosterboer preference shares 4 12 Failed sale-leaseback & non-debt interest 2 5 Total Gross Interest Expense $ 71
Slide 22: Derivative Instruments
Derivative Instruments INTEREST RATE DERIVATIVES Instruments Designated as Accounting Hedges Number of Weighted Average Instruments Notional Effective Date Maturity Date Effective Rate1 Interest rate derivatives: (in millions) Interest rate swap 2 USD 500 December 31, 2025 February 15, 2028 3.11% In
Slide 23: Debt Summary
Debt Summary DEBT COMPOSITION (in millions) 2027 2028 2029 2030 2031 2032+ Interest Rate of Maturing Debt(1) 3.5 % 3.1 % 4.7 % 5.6 % 3.5 % 3.8 % Fixed vs. Floating Secured vs. Unsecured By Currency Secured Other $315 $573 Floating - 5% 8% unhedged EUR $2,957 $1,807 43% Fixed USD 27% $2,634 $4,461 39
Slide 24: Debt Summary
Debt Summary DEBT DETAIL As of September 30, 2026 (in millions) Balance Contracted Interest Rate Effective Interest Rate1 Stated Maturity Date2 Unsecured revolving credit facility3,4 $ 3,126 SOFR + 0.78% 4.65% 2/15/2029 Unsecured term loan4 1,000 SOFR + 0.93% 4.72% 2/15/2029 Total unsecured credit f
Slide 25: Debt Summary - Leverage Ratio and Adjusted Leverage Ratio
Debt Summary - Leverage Ratio and Adjusted Leverage Ratio Leverage Ratio: Net Debt to Adjusted EBITDA (in millions) 9/30/2026 During the construction period and until the assets Total debt $ 6,841 have fully ramped up, Lineage's greenfields and Debt-like obligations 1,333 expansions generally put up
Slide 26: Debt Covenant Performance
Debt Covenant Performance As of Required September 30, 2026 5.25% & 4.125% Notes Covenants Limitation on total outstanding debt ≤ 60% 34% Limitation on secured debt ≤ 40% 7% Maintenance of total unencumbered assets ≥ 150% 303% Debt service test(1) ≥ 1.5x 4.0x 1. Debt Service Test is defined as the r
Slide 27: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Global warehousing $35 $42 $26 $28 $29 (17.1) % Global integrated solutions $6 $10 $2 $2 $4 (33.3) % Information technology and other $2 $4 $3 $3 $4 100.0
Slide 28: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 YoY Change Global warehousing $38 $41 $40 $40 $39 2.6 % Global integrated solutions $14 $13 $12 $13 $15 7.1 % Repair and maintenance expenses $52 $54 $52 $53 $54 3.8 % 28
Slide 29: Global Warehouse Segment
Global Warehouse Segment HISTORICAL OCCUPANCY AND MINIMUM STORAGE GUARANTEES Average Economic and Physical Occupancy in Contracts with Minimum Storage Our Global Warehousing Segment Guaranteed & Lease Revenue1 (as % of Rent and Storage Revenue) 87.7% 87.3% 87.2% 85.1% 84.5% 84.3% 83.7% 83.6% 83.9% 8
Slide 30: Global Warehouse Segment
Global Warehouse Segment Historical Same warehouse NOI Growth – As reported Same Warehouse NOI – Recent Trend1 Q1 Q2 Q3 Q4 FY 2023 22.5% 19.0% 11.0% 9.0% 15.3% 2024 (2.9)% (2.3)% 2.4% 1.2% (0.6)% 2025 (7.9)% (6.3)% (3.6)% (5.0)% (5.8)% 2026 (0.9)% (2.9)% (4.2)% 1. As reported. 30
Slide 31: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, December 31, (in millions, except par values) 2026 2025 Assets Current assets: Cash, cash equivalents, and restricted cash $ 59 $ 66 Accounts receivable, net 938 896 Inventories 127 145 Prepaid expenses and other current assets 306 132 Total current assets 1
Slide 32: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2026 2025 2026 2025 Net revenues $ 1,361 $ 1,377 $ 4,019 $ 4,019 Cost of operations 949 932 2,765 2,728 General and administrative expense 142 145 421 442 De
Slide 33: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Nine Months Ended September 30, (in millions) 2026 2025 Cash flows from operating activities: Net income (loss) $ (256) $ (119) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 1 5 Goodwill impa
Slide 34: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Nine Months Ended September 30, (in millions) 2026 2025 Cash flows from financing activities: Dividends and other distributions (403) (402) Redemption of redeemable noncontrolling interests (2) (28) Repurchase of common shares for employee income tax
Slide 35: Appendix: Non-GAAP Reconciliations and Other Definitions
Appendix: Non-GAAP Reconciliations and Other Definitions 35
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME (LOSS) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2023 2024 2025 2026 2023 2024 2025 2026 Net Income (Loss) $(50) $(543) $(112) $(173) $(39) $(671) $(119) $(256) Stock-based compensation expen
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME (LOSS) - LAST SEVEN QUARTERS (Q3 2026 Pool) Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, (in millions) 2025 2025 2025 2025 2026 2026 2026 Net Income (Loss) $— $(7) $(112) $6 $
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) QTD Three Months Ended September 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(50) $(543) $(112) $(173) Adjustments: Depreciation and amortization expense 188 210 $230 $241 Interest expense, net 126 82 68 92 Inc
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) YTD Nine Months Ended September 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(39) $(671) $(119) $(256) Adjustments: Depreciation and amortization expense $557 $640 $666 $711 Interest expense, net 357 369 195 263
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) - LAST TWELVE MONTHS (LTM) Three Months Ended Twelve Months Ended (in millions) December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net Income (loss) $6 $(51) $(32) $(173) $(250) Adjustments
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME (LOSS) QTD Three Months Ended September 30, Three Months Ended June 30, (in millions) 2023 2024 2025 2026 2026 Net Income (loss) $(50) $(543) $(112) $(173) $(32) Adjustments: Real estate depreciation $82 $89 $97 $108 $101 In-place le
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME (LOSS) YTD Nine Months Ended September 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(39) $(671) $(119) $(256) Adjustments: Real estate depreciation $238 $265 $276 $308 In-place lease intangible amortization 6 6 4 3 Net lo
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations NET DEBT RECONCILIATION TO TOTAL DEBT, NET As of September 30, (in millions) 2026 Total debt, net $6,815 Finance lease obligations 1,269 Total sale-leaseback financing obligations 64 Total debt and debt-like obligations $8,148 Deferred financing costs and discount on debt is
Slide 44: Period End Share Count
Period End Share Count September 30, (in millions) 2026 Common shares outstanding 228 Partnership common units and OP units held by Non-Company LPs 22 Equity compensation and other units 9 Diluted common shares outstanding 259 44
Slide 45: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Adjusted EBITDA margin, net debt, net debt to LTM Adjusted EBITDA, and adjusted net debt to
Slide 46: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP a
Slide 47: Other Definitions
Other Definitions Global Warehousing Segment Revenues Warehouse storage Storage revenues relate to the act of storing products for our customers within our warehouses. Storage revenues can be in the form of storage fees we charge customers for utilization of non-exclusive space or a set amount of re
Slide 48: Other Definitions (continued)
Other Definitions (continued) Same Warehouse Analysis In addition to segment NOI, we further evaluate the performance of our Global Warehousing segment using a “same warehouse” analysis, which isolates the operating performance of a consistent population of warehouses from period to period. We defin
Slide 49: Thank you
Thank you C O N TA C T Investor Relations ir@onelineage.com 49