Slide 1: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 FINANCIAL RESULTS February 25, 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 • Q4 2025 Summary • 2026 Outlook • Supply/Demand Update • Segment Results • Capital Structure • Initiating 2026 Full-Year Guidance • Summary and Q&A 3
Slide 4: Q4 2025 Highlights & 2026 Outlook
Q4 2025 Highlights & 2026 Outlook • Q4 2025 financial results vs prior year: o Revenue flat o Adj. EBITDA down (2)% o AFFO per share above high-end of guidance range • Global Warehousing segment in-line with expectations: o SS Physical utilization up 400bps Q/Q to 79.3% indicating a return to normal
Slide 5: Retaining Occupancy in Excess Capacity Environment
Retaining Occupancy in Excess Capacity Environment A US NEW PRW CAPACITY ADDED TO MARKET1, MILLIONS OF SQUARE FEET B US RETAIL AND FOODSERVICE VOLUME2, RELATIVE GROWTH VS. 2021 Total Built % of Public Retail Foodservice MARKET %3 25 10.5% 12.0% 120% 115% 10.0% 115% 45% 20 8.0% 110% 15 6.0% 105% 4.0%
Slide 6: SSNOI Stabilizing in Most US Markets
SSNOI Stabilizing in Most US Markets MARKET TYPE NEW CAPACITY1 AND MARKET SSNOI GROWTH2 KEY TAKEAWAYS New Capacity % NOI as % of 20% Inventory Destocking 160% (LHS4) 2021 (RHS4) Low Supply Markets3 Low Supply Markets 15% Stabilizing 130% • Majority of US NOI2 sits in low supply 10% markets that are
Slide 7: Global Warehousing Segment
Global Warehousing Segment Q4 2025 Highlights Total Segment • Total segment revenue +4.4%; Total segment NOI down $M Revenue NOI (2.4)% $980 $1,023 $382 $373 • Same WH NOI down (5.0)% o Same WH physical occupancy +400bps sequentially, followed expected seasonal uplift • WH services mix and volume im
Slide 8: Global Integrated Solutions Segment
Global Integrated Solutions Segment Q4 2025 Highlights Total Segment • Q4 2025 GIS NOI +15.1% $M Revenue • Full-year 2025 GIS NOI +8.7% $359 • Strong quarter led by US transportation and Food $313 Service despite transportation pricing pressure • Revenue down due to European divestiture, but NOI mar
Slide 9: Q4 2025 Financial Results
Q4 2025 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,339 $335 $327 $1,328 $1,334 $1,336 $305 $271 Q4 22 Q4 23 Q4 24 Q4 25 Q4 22 Q4 23 Q4 24 Q4 25 Y/Y growth flat flat flat Y/Y growth +13% +10% (2)% Adjusted EBITDA Margin AFFO ($M) AFFO per share $0.83 $0.83 25.0% 24.5% $213 $214 22.9
Slide 10: Capital Structure Update
Capital Structure Update Balance Sheet and Liquidity Leverage Ratio: Net Debt to Adjusted EBITDA Total debt outstanding of $6.1B (in millions) 12/31/2025 • ~3.4 years remaining weighted average term1 Net debt $ 7,735 • Weighted average effective interest rate of 3.8% LTM Adj. EBITDA 1,298 Net debt/L
Slide 11: Initiating Full-Year 2026 Guidance
Initiating 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 $480 Stock-based Compensation Expense (
Slide 12: Summary
Summary 1. 2025 saw a return to normal seasonal pattern 3. Potential 2026 upside from trade following 2025 headwinds 2. Continued focus on controlling the controllables 4. Fortified balance sheet is ready to take advantage of market dislocation Thank you to the Global Lineage Team! 12
Slide 13: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 13
Slide 14: FY 2025 Financial Results
FY 2025 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,278 $1,329 $1,298 $5,342 $5,340 $5,355 $4,928 $1,074 2022 2023 2024 2025 2022 2023 2024 2025 Y/Y growth +8% flat flat Y/Y growth +19% +4% (2)% Adjusted EBITDA Margin AFFO per share $3.37 24.9% $3.29 23.9% 24.2% 21.8% $3.09 2022 202
Slide 15: Global Warehousing Segment - Total
Global Warehousing Segment - Total CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Year Ended December 31, December 31, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $537 $508 5.7 % $2,060 $2,042 0.9 % Warehouse services 486 472 3.0 % 1,890 1,845 2
Slide 16: Global Warehousing Segment – Same Warehouse
Global Warehousing Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Year Ended December 31, December 31, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $478 $473 1.1 % $1,860 $1,899 (2.1) % Warehouse services 423 435 (2.8)
Slide 17: Global Warehousing Segment – Non-Same Warehouse
Global Warehousing Segment – Non-Same Warehouse NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Year Ended Ended December 31, December 31, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $59 $35 68.6 % $200 $143 39.9 % Warehouse services 63 37
Slide 18: Global Warehousing Segment – Same Warehouse (Q4 2025 Pool)
Global Warehousing Segment – Same Warehouse (Q4 2025 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST EIGHT QUARTERS Three Months Ended Y/Y % Change March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, Q4 2025 YTD 2025 (in millions except revenue per pallet) 2
Slide 19: Global Warehouse Segment – Same Warehouse (2026 Pool)
Global Warehouse Segment – Same Warehouse (2026 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST FOUR QUARTERS (2026 POOL) Twelve Months Three Months Ended Ended March 31, June 30, September 30, December 31, December 31, (in millions except revenue per pallet) 2025 2025 2025 2025 2025 Warehouse sto
Slide 20: Diversified Across Commodities, Customers and Geographies
Diversified Across Commodities, Customers and Geographies Significant Revenue Diversification1 Other, 8% Seafood, 13% Top 15 Asia-Pacific, 9% Beverage, 2% Fresh Produce, 2% Customers, 26% Distributors, 2% Packaged Lease, 4% Food, 11% Europe, 17% Pork, 5% GWH 4 Total GWH 4 Frozen Revenue Revenue Rema
Slide 21: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Year Ended December 31, December 31, (in millions) 2025 2024 Change 2025 2024 Change Global Integrated Solutions segment revenues $313 $359 (12.8) % $1,405 $1,453 (3.3) % Global Integrated Solutions cost of ope
Slide 22: 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 Q4 2025 NOI LTM NOI Stabilized NOI NOI Stabilized (Months) Project
Slide 23: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Q4 2025 Q4 2025 YTD Revolver $ 24 $ 104 Term loan A 13 53 Unsecured notes 19 56 Other real estate secured debt 6 23 Kloosterboer preference shares 4 14 Failed sale-leaseback & non-debt interest 2 6 Total Gross Interest Expense $ 68
Slide 24: Derivative Instruments
Derivative Instruments INTEREST RATE DERIVATIVES1 Instruments Designated as Accounting Hedges Number of Weighted Average Instruments Notional Effective Date Maturity Date Effective Rate2 Interest rate derivatives: (in millions) Interest rate cap 1 USD 375 January 9, 2023 January 9, 2026 2.00% Intere
Slide 25: Debt Summary
Debt Summary DEBT DETAIL As of December 31, 2025 (in millions) Balance Contracted Interest Rate Effective Interest Rate1 Stated Maturity Date2 Unsecured revolving credit facility3 $ 1,565 SOFR + 0.78% 3.98% 2/15/2029 Unsecured term loan 1,000 SOFR + 0.93% 4.57% 2/15/2029 Total unsecured loans $ 2,56
Slide 26: 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 Floating - $476 $604 unhedged 8% 10% $1,021 Fixed 17% $3,494 EUR USD 57% $1,567 $3,969 2
Slide 27: 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) 12/31/2025 Total debt $ 6,140 During the construction period and until the assets Debt-like obligations 1,660 have fully ramped up, Lineage's greenfields and Gross debt $ 7,800 expansi
Slide 28: Debt Covenant Performance
Debt Covenant Performance As of Required December 31, 2025 5.25% & 4.125% Notes Covenants Limitation on total outstanding debt ≤ 60% 30% Limitation on secured debt ≤ 40% 7% Maintenance of total unencumbered assets ≥ 150% 329% Debt service test1 ≥ 1.5x 5.1x 1. Debt Service Test is defined as the rati
Slide 29: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Y/Y Change Global warehousing $57 $29 $35 $35 $42 (26.3) % Global integrated solutions $11 $1 $4 $6 $10 (9.1) % Information technology and other $4 $2 $3 $2 $4 —% Re
Slide 30: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Y/Y Change Global warehousing $35 $34 $38 $38 $41 17.1 % Global integrated solutions $14 $13 $15 $14 $13 (7.1) % Repair and maintenance expenses $49 $47 $53 $52 $54 10.2 % 30
Slide 31: 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 32: 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)% 1. As reported. 32
Slide 33: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, December 31, (in millions, except par values) 2025 2024 Assets Current assets: Cash, cash equivalents, and restricted cash $ 66 $ 175 Accounts receivable, net 896 826 Inventories 145 187 Prepaid expenses and other current assets 132 97 Total current assets 1,
Slide 34: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended December 31, Year Ended December 31, (in millions, except per share amounts) 2025 2024 2025 2024 Net revenues $ 1,336 $ 1,339 $ 5,355 $ 5,340 Cost of operations 906 906 3,634 3,578 General and administrative expense 132 145 574 539 Depreciatio
Slide 35: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Year Ended December 31, (in millions) 2025 2024 2023 Cash flows from operating activities: Net income (loss) $ (113) $ (751) $ (96) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 6 5 6 Impairm
Slide 36: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Year Ended December 31, (in millions) 2025 2024 2023 Cash flows from financing activities: Capital contributions, net of equity raise costs $ — $ — $ 142 Dividends and other distributions (537) (234) (46) Redemption of redeemable noncontrolling inter
Slide 37: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 37
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME Three Months Ended December 31, Year Ended December 31, (in millions) 2022 2023 2024 2025 2022 2023 2024 2025 Net Income (Loss) $(18) $(57) $(80) $6 $(76) $(96) $(751) $(113) Stock-based compensation expense and related employer
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME - LAST EIGHT QUARTERS (Q4 2025 POOL) Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, (in millions) 2024 2024 2024 2024 2025 2025 2025 2025 Net Income (Loss) $(48) $(
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME YTD Year Ended December 31, (in millions) 2022 2023 2024 2025 Net Income (loss) $(76) $(96) $(751) $(113) Adjustments: Depreciation and amortization expense $678 $760 $876 $895 Interest expense, net 347 490 430 268 Income tax expe
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Three Months Ended December 31, (in millions) 2022 2023 2024 2025 Net Income (loss) $(18) $(57) $(80) $6 Adjustments: Depreciation and amortization expense 168 203 236 $229 Interest expense, net 111 133 61 73 Income tax expens
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME - LAST TWELVE MONTHS (LTM) Three Months Ended Year Ended (in millions) March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 December 31, 2025 Net Income (loss) $— $(7) $(112) $6 $(113) Adjustments: Depreciation and am
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME QTD 2022 Three Months Ended December 31, 2023 2024 2025 Net Income (loss) $(18) $(57) $(80) $6 Adjustments: Real estate depreciation $70 $87 $91 $95 In-place lease intangible amortization 2 1 2 1 Net loss (gain) on sale of real estat
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME YTD Year Ended December 31, (in millions) 2022 2023 2024 2025 Net Income (loss) $(76) $(96) $(751) $(113) Adjustments: Real estate depreciation 292 325 356 371 In-place lease intangible amortization 9 7 8 5 Net loss (gain) on sale of
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations NET DEBT RECONCILIATION As of December 31, (in millions) 2025 Total debt, net $6,109 Finance lease obligations 1,295 Total sale-leaseback financing obligations 71 Kloosterboer preference shares 294 Total debt and debt-like obligations $7,769 Deferred financing costs and disc
Slide 46: 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 47: Non-GAAP Financial Measures
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 48: 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 49: Other Definitions
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 50: Thank you
Thank you C O N TA C T Investor Relations ir@onelineage.com 50