Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 FINANCIAL RESULTS November 5, 2025
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 Summary • US Supply and Demand • Segment Results • Capital Structure • Q4 and Full-Year Guidance Update • Summary and Q&A 3
Slide 4: Q3 2025 Highlights
Q3 2025 Highlights • Q3 2025 financial results • Deployed $127M of external o Revenue +3% growth capital, primarily on in- o Adj. EBITDA +2% process developments o AFFO +6%1 o AFFO per share down (6)%1 • Full-year Adj. EBITDA and AFFO per share guidance moving to • Global Warehousing segment lower e
Slide 5: Q3 2025 - Occupancy and Price In-line
Q3 2025 - Occupancy and Price In-line LINE Same Warehouse Occupancy vs USDA Inventory Levels LINE – Revenue per Pallet History2 $75 ~3% CAGR $68.91 80% 76% $59.90 $60 72% Typical Q4 seasonal decline 68% $45 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2
Slide 6: 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 7: Global Warehousing Segment
Global Warehousing Segment Q3 2025 Highlights Total Segment • Total segment revenue +4.2%; Total segment NOI flat $M Revenue NOI • Same WH NOI down (3.6)% $972 $1,013 $383 $384 o Same WH physical occupancy +50bps sequentially, in-line with muted seasonal pattern o Continued focus on operating effici
Slide 8: Productivity Offsetting Inflation in Challenging Environment
Productivity Offsetting Inflation in Challenging Environment Same WH Labor Expense Same WH Labor Expense per Throughput Pallet1 $380 $30 $340 $26 $300 $22 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Labor Labor CPI adjusted Labor Cost per Throughput Pallet Lab
Slide 9: Global Integrated Solutions Segment
Global Integrated Solutions Segment Q3 2025 Highlights Total Segment • Strong quarter in North American direct to consumer $M Revenue and transportation $363 $364 Q4 2025 Outlook • Expect +10% - 15% YoY growth in Q4 o Q3 benefitted from ~$4M of NOI that was previously expected in Q4 Q3 24 Q3 25 • Fu
Slide 10: Capital Structure Update
Capital Structure Update Balance Sheet and Liquidity Net Debt to Adjusted EBITDA Recent Debt & Hedge Activity Total debt outstanding of $6.0B Executed new forward-starting SOFR $M • ~3.2 years remaining weighted hedges in anticipation of the expiration Total Debt $ 5,968 average term1 of existing SO
Slide 11: Initiating Q4 and Updating Full-Year 2025 Guidance
Initiating Q4 and Updating Full-Year 2025 Guidance Q4 and Full-Year 2025 Guidance Q4 Guide FY 2025 Guide Same WH NOI Growth (6)% - (3)% (6)% - (5)% Prior: (5)% - (3)% Total WH NOI Growth (3)% - flat (4)% - (3)% Prior: (3)% - flat Total GIS NOI Growth +10% - 15% +8% - 10% Prior: +8 - 12% Adjusted EBI
Slide 12: Positioned to Win
Positioned to Win Customer Success Network Effects Warehouse Productivity Global Integrated Solutions Largest Global Footprint LinOS Technology Customer Experience Procurement Leverage Lean Optimizing Supply Chain Costs Consolidating Facilities Automation Earning the right to grow with our valued cu
Slide 13: Summary
Summary • Industry remains mission-critical for our customers and underlying consumer demand is growing • Challenges of excess supply and macro headwinds are short-term • While the industry remains competitive, we are seeing green shoots of optimism o Supply: New supply outlook coming down from rece
Slide 14: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 14
Slide 15: Q3 2025 Financial Results
Q3 2025 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,377 $333 $341 $1,329 $1,335 $316 $1,256 $277 Q3 22 Q3 23 Q3 24 Q3 25 Q3 22 Q3 23 Q3 24 Q3 25 YoY growth +6% flat +3% YoY growth +14% +5% +2% Adjusted EBITDA Margin AFFO ($M) AFFO per share $221 23.8% 24.9% 24.8% $208 $0.90 22.1% $0
Slide 16: Initiating Q4 and Updating Full-Year 2025 Guidance
Initiating Q4 and Updating Full-Year 2025 Guidance Q4 and Full-Year 2025 Guidance Q1 Actual Q2 Actual Q3 Actual Q4 Guide FY 2025 Guide Same WH NOI Growth (7.9)%1 (6.3)%1 (3.6)%1 (6)% - (3)% (6)% - (5)% Prior: (5)% - (3)% Total WH NOI Growth (6.5)% (4.4)% +0.3% (3)% - flat (4)% - (3)% Prior: (3)% - f
Slide 17: Additional Modeling Support
Additional Modeling Support Full-Year 2025 Outlook ($M) Range Comments General and administrative expense, cash $466 - $470 Midpoint decreased by $(2)M Stock-based compensation expense ~$140 No change Interest expense, net $267 - $273 No change to midpoint Income tax expense, current $30 - $35 Midpo
Slide 18: Global Warehouse Segment - Total
Global Warehouse Segment - Total CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $518 $508 2.0 % $1,523 $1,534 (0.7) % Warehouse services 495 464 6.7 % 1,40
Slide 19: Global Warehouse Segment – Same Warehouse
Global Warehouse Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $470 $474 (0.8) % $1,381 $1,426 (3.2) % Warehouse services 422 4
Slide 20: Global Warehouse Segment – Non-Same Warehouse
Global Warehouse 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) 2025 2024 Change 2025 2024 Change Warehouse storage $48 $34 41.2 % $142 $108 31.5 % Warehouse services 73 28
Slide 21: Global Warehouse Segment – Same Warehouse (Q3 2025 Pool)
Global Warehouse Segment – Same Warehouse (Q3 2025 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 2025 YTD 2025 (in millions except revenue per pallet) 2024 2024 2024 2
Slide 22: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Nine Months Ended September 30, September 30, (in millions) 2025 2024 Change 2025 2024 Change Global Integrated Solutions segment revenues $364 $363 0.3 % $1,092 $1,094 (0.2) % Global Integrated Solutions cost
Slide 23: Greenfield and Expansion Projects
Greenfield and Expansion Projects Greenfield and Expansion Projects Completed Within The Last 36 Months and in Process Remaining Estimated Estimated Project Vintage Square Feet Cubic Feet Pallet Positions Total Cost Spend LTM NOI Stabilized NOI Stabilized NOI Stabilized (Months) Project Count (in mi
Slide 24: Debt Summary
Debt Summary As of September 30, 2025 DEBT DETAIL (in millions) Balance Contracted Interest Rate Stated Maturity Date1 Unsecured Revolving Credit Facility2 $ 2,199 SOFR + 0.10% + 0.925% 2/15/2029 Unsecured Term Loan 1,000 SOFR + 0.10% + 0.925% 2/15/2029 Total Unsecured Loans $ 3,199 Private Placemen
Slide 25: Debt Summary
Debt Summary DEBT COMPOSITION (in millions) Fixed vs Floating Secured vs Unsecured By Currency $M $M $M Fixed Secured Other $2,688 $497 $582 45% 8% 10% EUR Floating - $1,177 Unhedged 20% $780 13% USD Floating - $4,209 Unsecured Hedged 70% $5,471 $2,500 92% 42% 25
Slide 26: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Current Rate1 Maturity2 Q3 2025 Q3 2025 YTD Revolver S + 10bps + 0.925% 2/15/2028 $ 26 $ 79 Term Loan A S + 10bps + 0.925% 2/15/2029 14 41 Private Placement Notes Various Various 10 29 Oakland Cool Port Financing S + 1.76% 5/5/2029
Slide 27: Debt Covenant Performance
Debt Covenant Performance As of Required September 30, 2025 5.25% Notes Covenants Limitation on Total Outstanding Debt ≤ 60% 29% Limitation on Secured Debt ≤ 40% 7% Maintenance of Total Unencumbered Assets ≥ 150% 344% Debt Service Test(1) ≥ 1.5x 5.3x 1. Debt Service Test is defined as the ratio of A
Slide 28: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YoY Change Global warehousing $38 $57 $29 $35 $35 (7.9) % Global integrated solutions $1 $11 $1 $4 $6 n.m. Information technology and other $6 $4 $2 $3 $2 (66.7) % R
Slide 29: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 YoY Change Global warehousing $40 $35 $34 $38 $38 (5.0) % Global integrated solutions $13 $14 $13 $15 $14 7.7 % Repair and maintenance expenses $53 $49 $47 $53 $52 (1.9) % 29
Slide 30: 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 31: 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)% 1. As reported. 31
Slide 32: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, December 31, (in millions, except par values) 2025 2024 (Unaudited) Assets Current assets: Cash, cash equivalents, and restricted cash $ 75 $ 175 Accounts receivable, net 857 826 Inventories 167 187 Prepaid expenses and other current assets 183 97 Total curr
Slide 33: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2025 2024 2025 2024 (Unaudited) Net revenues $ 1,377 $ 1,335 $ 4,019 $ 4,001 Cost of operations 932 897 2,728 2,672 General and administrative expense 145 14
Slide 34: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Nine Months Ended September 30, (in millions) 2025 2024 (Unaudited) Cash flows from operating activities: Net income (loss) $ (119) $ (671) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 5 3 I
Slide 35: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Nine Months Ended September 30, (in millions) 2025 2024 (Unaudited) Cash flows from financing activities: Dividends and other distributions $ (402) $ (138) Redemption of redeemable noncontrolling interests (28) (6) Repurchase of common shares for emp
Slide 36: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 36
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations NOI RECONCILIATION TO NET INCOME (LOSS) Three Months Ended September 30, Nine Months Ended September 30, (in millions) 2022 2023 2024 2025 2022 2023 2024 2025 Net Income (Loss) $(42) $(50) $(543) $(112) $(58) $(39) $(671) $(119) Stock-based compensation expense and related e
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations NOI RECONCILIATION TO NET INCOME (LOSS) - LAST SEVEN QUARTERS (Q3 2025 POOL) Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, Sept 30, (in millions) 2024 2024 2024 2024 2025 2025 2025 Net Income (Loss) $(48) $(80) $(543) $(80) $— $(7) $(112
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) YTD Nine Months Ended September 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(58) $(39) $(671) $(119) Adjustments: Depreciation and amortization expense $510 $557 $640 $666 Interest expense, net 236 357 369 195
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME (LOSS) QTD Three Months Ended September 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(42) $(50) $(543) $(112) Adjustments: Depreciation and amortization expense 177 188 210 $230 Interest expense, net 93 126 82 68 Incom
Slide 41: 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, 2024 March 31, 2025 June 30, 2025 September 30, 2025 September 30, 2025 Net Income (loss) $(80) $— $(7) $(112) $(199) Adjustments:
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME (LOSS) QTD Three Months Ended September 30, Three Months Ended June 30, 2022 2023 2024 2025 2025 Net Income (loss) $(42) $(50) $(543) $(112) $(7) Adjustments: Real estate depreciation $81 $82 $89 $97 $94 In-place lease intangible amo
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME (LOSS) YTD Nine Months Ended September 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(58) $(39) $(671) $(119) Adjustments: Real estate depreciation 222 238 265 276 In-place lease intangible amortization 7 6 6 4 Net loss (g
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations NET DEBT RECONCILIATION As of September 30, (in millions) 2025 Total debt, net $5,947 Finance lease obligations 1,299 Total sale-leaseback financing obligations 72 Kloosterboer preference shares 289 Total debt and debt-like obligations $7,607 Deferred financing costs and dis
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, and net debt. We also use same warehouse and non-same warehouse metr
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: Thank you
Thank you C O N TA C T Investor Relations ir@onelineage.com 47