Lineage, Inc. · NASDAQ:LINE
Lineage — Q1 2026 Earnings Presentation
47 slides from Lineage's earnings presentation, May 6, 2026
Slide 1: First Quarter 2026 Financial Results
First Quarter 2026 FINANCIAL RESULTS May 6, 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 • Q1 2026 Summary • Supply/Demand Update • Segment Results • Capital Structure • Expense Management Initiatives • 2026 Full-Year Guidance • Summary and Q&A 3
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights • Q1 2026 financial results vs prior year: o Revenue flat o Adj. EBITDA up 3% o AFFO per share down (9)% • Global Warehousing segment in-line with expectations: o SS Physical occupancy declined sequentially in-line with typical season pattern o SS Rent, Storage and Blast Revenue p
Slide 5: SSNOI Stabilizing in Most US Markets
SSNOI Stabilizing in Most US Markets EXCESS SUPPLY + CAPACITY MARKET TYPE NEW CAPACITY AND MARKET SSNOI GROWTH2 DEMAND 2021 – 2025 BALANCE LEVERS New Capacity % Inventory Destocking NOI as % of Low Supply Markets3 20% (LHS4) 2021 (RHS4) 160% 15% 130% US New 64% US NOI 5 10% Stabilizing PRW Supply 10
Slide 6: Cold Storage Industry Resiliency Proven Amid Unfavorable Macro Food Trends
Cold Storage Industry Resiliency Proven Amid Unfavorable Macro Food Trends Recent Food Industry Headwinds Resilient Long-term Growth Inventory destocking has occurred Imports, that carry high services-rich Food Industry has tolerated economic post COVID and levels have mix, have been negatively and
Slide 7: Global Warehousing Segment
Global Warehousing Segment Q1 2026 Highlights Total Segment • Total segment revenue +4.3%; Total segment NOI +1.1% $M Revenue NOI • Same WH NOI down (0.9)% $944 $985 $364 $360 o Same WH physical occupancy down (290)bps sequentially, following typical seasonal pattern • WH services mix and volume imp
Slide 8: Global Integrated Solutions Segment
Global Integrated Solutions Segment Q1 2026 Highlights Total Segment • GIS NOI flat $M Revenue • US Transportation and Food Service led strong quarter $348 despite transportation pricing pressure $312 • Revenue down due to European divestiture, but NOI margin positively impacted Q1 25 Q1 26 Y/Y grow
Slide 9: Q1 2026 Financial Results
Q1 2026 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $334 $327 $1,333 $1,328 $1,292 $1,297 $304 $314 Q1 23 Q1 24 Q1 25 Q1 26 Q1 23 Q1 24 Q1 25 Q1 26 Y/Y growth flat (3)% flat Y/Y growth (2)% (7)% +3% Adjusted EBITDA Margin AFFO ($M) AFFO per share $219 $0.86 25.1% 24.6% 24.2% $201 23.5%
Slide 10: Capital Structure Update
Capital Structure Update Balance Sheet and Liquidity Leverage Ratio: Net Debt to Adjusted EBITDA Total debt outstanding of $6.3B (in millions) 3/31/2026 • ~3.2 years remaining weighted average term1 Net debt $ 7,868 LTM Adj. EBITDA 1,308 • Weighted average effective interest rate of 4.1% Net debt/LT
Slide 11: On Track to Achieve $50+ Million Reduction in SG&A and Indirect Costs in 2027
On Track to Achieve $50+ Million Reduction in SG&A and Indirect Costs in 2027 KEY INITIATIVES SOURCES OF IMPROVEMENTS EXPECTED IMPACT • Combine Field and Corporate Functions • Expand Shared Services • Regional/Int'l Operations into HQ Centralize and Optimize Internalize • Insource Services from Exte
Slide 12: Maintaining Full-Year 2026 Guidance
Maintaining Full-Year 2026 Guidance Full-Year 2026 Guidance FY 2026 Guide SSNOI Growth (4)% to (1)% Total WH NOI Growth (2)% to +1% Total GIS NOI Growth 0% to +2% Adjusted EBITDA ($M) $1,250 to $1,300 AFFO Per Share $2.75 to $3.00 G&A Expense, Cash ($M) $465 to $480 Stock-based Compensation Expense
Slide 13: Investment Highlights: Lineage's Key Strengths
Investment Highlights: Lineage’s Key Strengths Global Integrated Solutions: Critical Infrastructure in Growing, Comprehensive Suite of Value-Add Resilient Global Food Supply Chain Services Global Leader with Network of Track Record of Disciplined Capital Hard-To-Replicate Modern Assets in Deployment
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 March 31, (in millions except revenue per pallet) 2026 2025 Change Warehouse storage $514 $491 4.7 % Warehouse services 471 453 4.0 % Total global warehousing segment revenues $985 $944 4.3 % Labor1 381 356 7.0
Slide 16: Global Warehousing Segment – Same Warehouse
Global Warehousing Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions except revenue per pallet) 2026 2025 Change Warehouse storage $479 $471 1.7 % Warehouse services 429 437 (1.8) % Total same warehouse revenues $908 $908 —% Labor 343 342 0.3 % P
Slide 17: Global Warehousing Segment – Non-Same Warehouse
Global Warehousing Segment – Non-Same Warehouse NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions except revenue per pallet) 2026 2025 Change Warehouse storage $35 $20 75.0 % Warehouse services 42 16 162.5 % Total non-same warehouse revenues $77 $36 113.9 % Labor 38
Slide 18: Global Warehousing Segment – Same Warehouse (Q1 2026 Pool)
Global Warehousing Segment – Same Warehouse (Q1 2026 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST FIVE QUARTERS Three Months Ended YoY % Change March 31, June 30, September 30, December 31, March 31, Q1 2026 (in millions except revenue per pallet) 2025 2025 2025 2025 2026 vs Q1 2025 Warehouse s
Slide 19: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended March 31, (in millions) 2026 2025 Change Global Integrated Solutions segment revenues $312 $348 (10.3) % Global Integrated Solutions cost of operations1 $255 $291 (12.4) % Global Integrated Solutions segment NO
Slide 20: Greenfield and Expansion Projects
Greenfield and Expansion Projects Greenfield and Expansion Projects Completed Within the Last 36 Months and In Process Pallet Remaining Estimated Stabilized Estimated Project Vintage Square Feet Cubic Feet Positions Total Cost Spend Q1 2026 NOI LTM NOI Stabilized NOI NOI Stabilized (Months) Project
Slide 21: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Q1 2026 Revolver $ 20 Term loan A 12 Unsecured notes 24 Other real estate secured debt 3 Kloosterboer preference shares 4 Failed sale-leaseback & non-debt interest 2 Total Gross Interest Expense $ 65 Gain on hedge instruments (2) C
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 DETAIL As of March 31, 2026 (in millions) Balance Contracted Interest Rate Effective Interest Rate1 Stated Maturity Date2 Unsecured revolving credit facility3 $ 1,919 SOFR + 0.78% 4.80% 2/15/2029 Unsecured term loan 1,000 SOFR + 0.93% 4.45% 2/15/2029 Total unsecured credit faciliti
Slide 24: Debt Summary
Debt Summary DEBT COMPOSITION (in millions) 2026 2027 2028 2029 2030 2031+ Interest Rate of Maturing Debt(1) 2.5 % 3.5 % 3.1 % 4.2 % 5.6 % 3.6 % Fixed vs. Floating Secured vs. Unsecured By Currency Secured Other $315 $627 Floating - 5% 10% unhedged $1,750 28% Fixed EUR USD $3,289 $1,522 $4,140 52% 2
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) 3/31/2026 Total debt $ 6,289 During the construction period and until the assets Debt-like obligations 1,645 have fully ramped up, Lineage's greenfields and Gross debt $ 7,934 expansio
Slide 26: Debt Covenant Performance
Debt Covenant Performance As of Required March 31, 2026 5.25% & 4.125% Notes Covenants Limitation on total outstanding debt ≤ 60% 31% Limitation on secured debt ≤ 40% 7% Maintenance of total unencumbered assets ≥ 150% 328% Debt service test(1) ≥ 1.5x 4.7x 1. Debt Service Test is defined as the ratio
Slide 27: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YoY Change Global warehousing $29 $35 $35 $42 $26 (10.3) % Global integrated solutions $1 $4 $6 $10 $2 100.0 % Information technology and other $2 $3 $2 $4 $3 50.0 %
Slide 28: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 YoY Change Global warehousing $34 $38 $38 $41 $40 17.6 % Global integrated solutions $13 $15 $14 $13 $12 (7.7) % Repair and maintenance expenses $47 $53 $52 $54 $52 10.6 % 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)% 1. As reported. 30
Slide 31: Consolidated Balance Sheets
Consolidated Balance Sheets March 31, December 31, (in millions, except par values) 2026 2025 Assets Current assets: Cash, cash equivalents, and restricted cash $ 67 $ 66 Accounts receivable, net 917 896 Inventories 137 145 Prepaid expenses and other current assets 142 132 Total current assets 1,263
Slide 32: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended March 31, (in millions, except per share amounts) 2026 2025 Net revenues $ 1,297 $ 1,292 Cost of operations 880 876 General and administrative expense 141 154 Depreciation expense 177 158 Amortization expense 56 54 Acquisition, transaction, an
Slide 33: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Three Months Ended March 31, (in millions) 2026 2025 Cash flows from operating activities: Net income (loss) $ (51) $ — Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 1 1 Gain on insurance rec
Slide 34: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Three Months Ended March 31, (in millions) 2026 2025 Cash flows from financing activities: Dividends and other distributions (133) (134) Repayments of long-term debt and finance leases (180) (25) Borrowings on Revolving Credit Facility 679 582 Repaym
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 Three Months Ended March 31, (in millions) 2023 2024 2025 2026 Net Income (Loss) $19 $(48) $— $(51) Stock-based compensation expense and related employer- — — 1 4 paid payroll taxes in cost of operations General and administrati
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME - LAST FIVE QUARTERS (Q1 2026 POOL) Three Months Ended March 31, June 30, September 30, December 31, March 31, (in millions) 2025 2025 2025 2025 2026 Net Income (Loss) $— $(7) $(112) $6 $(51) Stock-based compensation expense and
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Three Months Ended March 31, (in millions) 2023 2024 2025 2026 Net Income (loss) $19 $(48) $— $(51) Adjustments: Depreciation and amortization expense $181 $211 $212 $233 Interest expense, net 115 139 60 84 Income tax expense
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME - LAST TWELVE MONTHS (LTM) Three Months Ended Twelve Months Ended (in millions) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 March 31, 2026 Net Income (loss) $(7) $(112) $6 $(51) $(164) Adjustments: Depreciati
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Three Months Ended March 31, (in millions) 2023 2024 2025 2026 Net Income (loss) $19 $(48) $— $(51) Adjustments: Real estate depreciation $80 $85 $85 $99 In-place lease intangible amortization 2 2 1 1 Net loss (gain) on sale of r
Slide 41: Net Debt Reconciliation
Non-GAAP Reconciliations NET DEBT RECONCILIATION As of March 31, (in millions) 2026 Total debt, net $6,260 Finance lease obligations 1,286 Total sale-leaseback financing obligations 68 Kloosterboer preference shares 291 Total debt and debt-like obligations $7,905 Deferred financing costs and discoun
Slide 42: Period End Share Count
Period End Share Count As of March 31, (in millions) 2026 Common shares outstanding 227 Partnership common units and OP units held by Non-Company LPs 22 Equity compensation and other units 8 Diluted common shares outstanding 257 42
Slide 43: 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 44: 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 45: 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 46: Other Definitions (continued)
Other Definitions (continued) Same Warehouse Analysis We define our “same warehouse” population annually at the beginning of the calendar year. Our same warehouse population includes properties that were owned, leased, or managed for the entirety of two comparable periods and that have reported at l
Slide 47: Thank you
Thank you C O N TA C T Investor Relations ir@onelineage.com 47