Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Q2 2026 Earnings Presentation
42 slides from Americold Realty Trust's earnings presentation, Aug 6, 2026
Slide 1: Strengthening our Foundation to Unlock Long-Term Growth
Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | August 6, 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: 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 1,157M / 179 111M / 23 Connectivity 12,000 ~2,900 Conventional & A
Slide 4: Cold Storage Industry Market Share
Cold Storage Industry Market Share North American Market Global Market AAGlobal Global Rest of the Market², Leader Leaderinin 41% Rest of the Market², Temperature- Highly 78% Controlled Fragmented Americold¹, 6% Warehousing Market Americold, 18% 1,157M cubic feet 1,364M cubic feet1 179 facilities 22
Slide 5: 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 6: Americold's Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node Production Advantaged • Typically single tenanted • Long-term fixed commitment agreements % of total warehouse revenue for the last • Requires deep customer relationships twelve months ended June 30, 2026 • Located in largely rural areas close to har
Slide 7: 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 8: 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 active portfolio management of low profit facilities, NNN leasing of space to ten
Slide 9: Key Priorities Strategy Scorecard
• Executed ~$1.1 billion strategic joint venture with EQT STRENGTHEN ◦ Expected proceeds of ~$1.1 billion to reduce leverage by .75x BALANCE SHEET ◦ ~$46 million in projected annual interest savings • Expanded credit facility to extend life of certain maturities and increase capacity REAL ESTATE • 2
Slide 10: 1. Strategic Capital Management
1. Strategic Capital Management 10
Slide 11: Joint Venture Accelerates Delivering a Platform for Growth
Joint Venture Accelerates Delivering a Platform for Growth Expected to close Q3 2026 Transaction at a Glance Total Value: ~$1.3 billion Ownership: 70% EQT / 30% COLD Proceeds to COLD: ~$1.1 billion Cubic Feet: ~124 million Valuation: 7% cap rate Pallet Positions: ~402 thousand Overview Americold and
Slide 12: 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 13: Well-Laddered Maturity Profile
Well-Laddered Maturity Profile Real Estate Debt Maturity (1)(2) • Investment grade ratings: BBB (Fitch / % of Debt Maturity DBRS Morningstar), Baa3 (Moody’s) • Senior Unsecured Credit Facility extended 5 years to 2031 during Q2 2026 $305* • Total liquidity of $720M(3) with $679M available in undrawn
Slide 14: 2. Create Value from Real Estate
2. Create Value from Real Estate 14
Slide 15: Ability to Leverage Strong Market Presence Globally
Ability to Leverage Strong Market Presence Globally Americold Advantages • Expansive global network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Best in class Americold Operating System fully integrated • Technology advantages in North
Slide 16: Portfolio Management Initiative
Portfolio Management Initiative 25 sites identified for strategic exits 15 sites currently idled and marketed for sale • 6 exits completed in 2025 • 4 exits completed in 2026 Improve Portfolio • Totals ~350,000 Productivity • Nearly 160,000 pallets removed from pallet positions the cold storage indu
Slide 17: 3. Drive Organic Growth
3. Drive Organic Growth 17
Slide 18: 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 19: Leveraging Our Strategic Advantages to Win in the Market
Leveraging Our Strategic Advantages to Win in the Market Evaluate World-Class Adjacent/New Partnerships Categories Long-Term Market Customer Headwinds Recent Relationships High Tariffs Spec Builds Grow Retail Expand QSR Interest Rates GLP-1 Business to New Weak Adoption Geographies Critical Consumer
Slide 20: Expanding the Aperture to Adjacent Growth Opportunities
Expanding the Aperture to Adjacent Growth Opportunities Core Adjacent New Pet Food Pharmaceuticals Fresh Food Floral Retail E-commerce Dry Goods Frozen Food QSR Seafood Cosmetics International Beverages Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value 20
Slide 21: 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 retail/QSR • Pallets of product from multiple companies manufactures arrive at our facility • Generated $520 million LTM revenue • Product is
Slide 22: 4. Pursue Lower-Risk Projects
4. Pursue Lower- Risk Projects 22
Slide 23: McCain's Foods Development in Plover, Wisconsin
McCain's Foods Development in Plover, Wisconsin McCain Foods is one of North America's top potato processors & top 5 customers Project at a Glance Cubic Feet: ~17M Total investment: $163 million Pallet Positions: ~56,000 Completion: Q1 2028 Development Overview Americold entered into an agreement to
Slide 24: Development Opportunities Enhanced by Best-in-Class Partnerships
Development Opportunities 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
Slide 25: 5. Rightsize Cost Structure
5. Rightsize Cost Structure 25
Slide 26: 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 Stewar
Slide 27: 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 high se
Slide 28: Cost Reduction Initiative Identified Over ~$100M in Savings
Cost Reduction Initiative Identified Over ~$100M in Savings 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-u
Slide 29: 6. Financial Performance
6. Financial Performance 29
Slide 30: Strong Same-Store Warehouse Revenue and NOI
Strong Same-Store Warehouse Revenue and NOI Same-Store Warehouse services Same-Store Warehouse Revenue Same-Store Rent & storage • Significant improvement in transitioning from on +57% growth demand contracts to fixed storage committed contracts and leases since 2021 $2,258M $2,342M $2,305M $2,292M
Slide 31: Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives Core EBITDA ($M) and Margin (%) • Effectively optimizing margins across all 28% business areas growth • Creating a solid foundation with efforts $634M $618M over the past three years to build a $607M productive, stabilized workforce $
Slide 32: History of AFFO Growth
History of AFFO Growth AFFO (in millions) 31% AFFO Growth $420M $408M $393M $352M $300M $1.47 $1.47 $1.43 $1.43 $1.37 $1.11 $1.11 $1.27 $1.11 $1.27 $1.11 $1.27 $1.47 2022 2023 2024 2025 2026 TTM • Completed Houston acquisition • Chris Papa appointed CFO • Refocus on 4 key • Announced strategic • Hir
Slide 33: 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 34: 2026 Guidance Detail
2026 Guidance Detail Unadjusted Expected JV Guidance as of August 6, 2026(1) Impact(2) August 6, 2026 Warehouse segment same store revenues (constant currency) $2.25B - $2.32B ~($0.23B) $2.03B - $2.09B Warehouse segment same store NOI (constant currency) $760M - $800M ~($103M) $660M - $695M Total Co
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, segment contribution (NOI) and margin, same store revenues and NOI, certain constan
Slide 36: Non-GAAP Financial Measures
Non-GAAP Financial Measures NOI is calculated as Net loss before Interest expense, Income tax expense, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Transactions, strategic initiatives and other costs, net; Net gain from sale of real estate and
Slide 37: Total Segment NOI Reconciliation to Net Income - Last 5 Years
Total Segment NOI Reconciliation to Net Income - Last 5 Years Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net loss from continuing operations before income taxes $ (30,597) $ (29,928) $ (328,089) $ (103,177) $ (135,733) Depreciation and amorti
Slide 38: Total Segment NOI Reconciliation to Net Income - Last 4 Quarters
Total Segment NOI Reconciliation to Net Income - Last 4 Quarters Three Months Ended Twelve Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Net loss from continuing operations before income taxes $ (17,698) $ (108,858) $ (20,258) $ (323,726) $ (470,540) De
Slide 39: Core EBITDA Reconciliation to Net Income
Core EBITDA Reconciliation to Net Income Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net loss $ (30,309) $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Depreciation and amortization 319,840 331,446 353,743 360,817 367,362 Interest
Slide 40: Core EBITDA Reconciliation to Net Income
Core EBITDA Reconciliation to Net Income Three Months Ended Twelve Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Net loss $ (11,449) $ (88,910) $ (13,692) $ (346,460) $ (460,511) Adjustments: Depreciation and amortization 88,023 99,895 91,660 102,931 38
Slide 41: Adjusted FFO Reconciliation to Net Income
Adjusted FFO Reconciliation to Net Income Year Ended December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net loss $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Real estate related depreciation 210,171 222,837 225,388 228,424 Net loss (gain) from sale of real estate 5
Slide 42: Adjusted FFO Reconciliation to Net Income
Adjusted FFO Reconciliation to Net Income Three Months Ended Twelve Months Ended September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Net loss $ (11,449) $ (88,910) $ (13,692) $ (346,460) $ (460,511) Adjustments: Real estate related depreciation 54,214 63,319 56,261 64,492
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