Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Q3 2026 Earnings Presentation
45 slides from Americold Realty Trust's earnings presentation, Nov 5, 2026
Slide 1: Strengthening our Foundation to Unlock Long-Term Growth
Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | November 5, 2026
Slide 2: Disclaimer
Disclaimer 2 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 accoun
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 North America 1,022M / 163 South America 10M / 2 Europe 111M / 23 Asia Pacific 86M / 20 Note: Figures as of September 30, 2026. Figures may not sum due to rounding ~4.7M Pallet
Slide 4: A Global Leader in Temperature-Controlled Warehousing
4 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,022M cubic feet1 164 facilities 1,229M cubic feet1 208 facilities Note: Americold portfolio figures as of September 30, 2026. Figures may not sum due to rounding Market share estimates based on cubic feet o
Slide 5: Mission Critical Infrastructure Across the Cold Chain
Mission Critical Infrastructure Across the Cold Chain Americold has customer solutions for each of the four primary 3PL cold chain nodes: Production Support (Production Advantaged) Distribution Support (Forward Distribution) Import | Export Support (Port) Store Distribution (Retail) Americold has th
Slide 6: Americold's Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node % of total warehouse revenue for the last twelve months ended September 30, 2026 6 48% 14% 25% Forward Distribution - 93 sites • Multi-tenanted mixing facilities • Located near large population centers • Fewer fixed commitment agreements • Multiple c
Slide 7: Experienced Management Team Committed to Increasing Shareholder Value
Bryan Verbarendse President, Americas COLD: Joined 2023/Appointed 2025 ~33 years experience Nathan Harwell Chief Legal & People Officer COLD: Joined & Appointed 2023 & 2026 ~27 years experience Experienced Management Team Committed to Increasing Shareholder Value Significant experience in real estat
Slide 8: Building A Stronger Americold for Long-Term Value Creation
Building A Stronger Americold for Long-Term Value Creation 8 Built a strong team that is laser focused on execution and delivering on our financial commitments Industry has continued to stabilize, supporting positive KPI trends and market share gains Execution against our Five Key Priorities is stre
Slide 9: Ongoing Industry Stabilization
Ongoing Industry Stabilization Rebound in physical & economic occupancy as industry fundamentals improve 9 Recent gains reflect continued industry stabilization & market share gains |-----------Covid Disruptions--------------||-------Stable Trends-------| |-Returning to Normalcy-| Derived from same-
Slide 10: Ongoing Industry Stabilization: Pricing Discipline
Ongoing Industry Stabilization Maintaining pricing discipline across varying market conditions 10 Consistent approach to capturing fair value for our storage and service offerings Represents same store rent and storage pricing per economic occupied pallet plus same store services revenues per throug
Slide 11: Continued Delivery Against Our Financial Commitments in Q3
11 • AFFO per share $0.35(1), fifth quarter of meeting or beating expectations • Occupancy, pricing, and throughput all increased while SG&A decreased • Same Store Revenue increased 4.9%, NOI increased 5.5%(1) • Leverage ratio reduced by a full turn through use of proceeds from the EQT JV • Raised 2
Slide 12: Multi-Quarter Improvement in Key Operating Metrics
Q3 26Q2 26Q1 26 Multi-Quarter Improvement in Key Operating Metrics 12 Key Metrics Q4 25Q3 25 Physical Occupancy(1) -330 bps -100 bps +20 bps +330 bps +460 bps Economic Occupancy(1) -220 bps -60 bps -40 bps +30 bps +210 bps Storage Pricing(2) +160 bps +20 bps +130 bps +110 bps +120 bps Handling Prici
Slide 13: Our Key Priorities
Our Key Priorities Building on a stronger foundation through consistent execution 13 • 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
Slide 14: 2026 Key Priorities Strategy Scorecard
14 2026 Key Priorities Strategy Scorecard STRENGTHEN BALANCE SHEET • Executed ~$1.3 billion strategic joint venture with EQT ◦ Proceeds of ~$1.15 billion used to immediately pay outstanding debt ◦ ~$50 million in projected annual interest savings • Expanded credit facility, increased liquidity, elim
Slide 15: 1. Strategic Capital Management
15 1. Strategic Capital Management
Slide 16: Joint Venture Creates Platform for Future Growth
Joint Venture Creates Platform for Future Growth 16 Overview Americold and EQT closed the joint venture on August 31, 2026. Americold contributed 12 facilities into the venture. • Valued at ~$3,300 per pallet position • Anticipated interest savings from debt repayments of ~$50 million for Americold
Slide 17: Debt Repayment Significantly Improves Our Balance Sheet Profile
Debt Repayment Significantly Improves Our Balance Sheet Profile No debt maturities until 2029 with substantial liquidity and a predominantly fixed-rate debt portfolio Note: Dollars in millions. Figures based on company filings as of September 30, 2026. Balances denominated in foreign currencies have
Slide 18: 2. Create Value from Real Estate
18 2. Create Value from Real Estate
Slide 19: Ability to Leverage Strong Market Presence Globally
Ability to Leverage Strong Market Presence Globally Production Advantaged Forward Distribution Retail Distribution Port Facilities Americold Advantages • Continued growth in retail and QSR • Expand adjacent categories, such as pet food, pharmacy, floral • Growth with strategic partnerships to enhanc
Slide 20: Actively Optimizing Our Portfolio to Improve Productivity and Returns
Actively Optimizing Our Portfolio to Improve Productivity and Returns 20 Progress to Date Total Sites Idled or Exited27 Total Pallet Positions Idled or Exited540k Total Proceeds to Date Exiting underperforming assets and reallocating capital toward higher-return opportunities Strengthening network p
Slide 21: 3. Drive Organic Growth
3, Drive Organic Growth ~~ americoto 24
Slide 22: Deep Customer Relationships Drive Growth Opportunities
Deep Customer Relationships Drive Growth Opportunities Strategically-located network of facilities Comprehensive value-added services Top 25 Customers Best-in-class customer experience High standards of quality, reliability, and food safety Commitment to innovation through automation and strategic p
Slide 23: Leveraging Our Strategic Advantages to Broaden Our Opportunities
Leveraging Our Strategic Advantages to Broaden Our Opportunities Critical Infrastructure at Every Node Advanced Operating SystemCommitment to Best-in-Class Customer ServiceLong-Term Customer Relationships Significant Technology Investments Expand QSR to New Geographies Increase Market Share Grow Ret
Slide 24: Expanding the Aperture to Adjacent Growth Opportunities
Frozen Food Pharmaceuticals Fresh Food Retail QSR International Pet Food Floral Seafood Beverages Expanding the Aperture to Adjacent Growth Opportunities Dry Goods Cosmetics E-commerce Core Adjacent New 24 Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value Chemicals Equipment
Slide 25: Global Opportunity to Grow Retail and QSR Presence
Global Opportunity to Grow Retail and QSR Presence COLD Best in Class Operator Trusted by Largest Retailers & QSR Brands in the World What is Retail/QSR? • Pallets of product from multiple manufactures arrive at our facility • Product is warehoused until a store needs replenishment • Individual case
Slide 26: 4. Pursue Lower-Risk Projects
26 4. Pursue Lower- Risk Projects
Slide 27: McCain's Foods Development in Plover, Wisconsin
McCain's Foods Development in Plover, Wisconsin 27 McCain Foods is one of North America's top potato processors & a top 5 customer Development Overview Americold entered into an agreement to develop a $163 million production advantaged facility fully dedicated to McCain Foods in Plover, Wisconsin, a
Slide 28: Development Opportunities Enhanced by Best-in-Class Partnerships
Operational Partners Development Opportunities Enhanced by Best-in-Class Partnerships 28 Kansas City, Missouri • First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal, bypassing customs, reducing transit time by approximatel
Slide 29: 5. Rightsize Cost Structure
29 5. Rightsize Cost Structure
Slide 30: Americold Operating System and Warehouse Management Expertise
Americold Operating System and Warehouse Management Expertise Americold Operating System ensures best practices across entire network 30 Customer Focus Labor Optimization Focused Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Sustainability Excellence Refrige
Slide 31: Technology Differentiation: Improving Efficiency and Lowering Cost
Technology Differentiation: Improving Efficiency and Lowering Cost 31 Project Orion ERP Standardize processes, reduce manual work and improve analytics ▪ Warehouse management system (WMS) provides visibility to ensure orders delivered on-time and in-full (OTIF) ▪ Labor management system (LMS) optimi
Slide 32: Building a More Efficient Cost Structure
Building a More Efficient Cost Structure More than $100M of savings and spend reductions identified across labor, SG&A and other areas $30M Savings Achieved – 1/3 indirect labor, 2/3 SG&A – $8M anticipated in 2026, $17M in 2027 – 2/3 indirect labor, 1/3 SG&A – Resulted in 400 headcount reduction in
Slide 33: 6. Financial Performance
33 6. Financial Performance
Slide 34: Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 34 Core EBITDA ($M) and Margin (%) 17.5% • Effectively optimizing margins across all business areas • Creating a solid foundation with efforts over the past three years to build a productive, stabilized workforce supporting sustainabl
Slide 35: History of AFFO Growth
History of AFFO Growth 35 • Hiring and retention initiatives deliver $100M in incremental services NOI • Project Orion improved labor productivity and efficiencies • Grew same store service margins by 911 bps to 12.9% • Refocus on 4 key strategic priorities: labor, customer service, pricing, develop
Slide 36: Commitment to Sustainability Initiatives
Commitment to Sustainability Initiatives Environmental Commitment to Energy Excellence and Efficiency • Recognized under the Global Cold Chain Alliance’s (GCCA) Energy Excellence Recognition Program with Gold, Silver or Bronze certifications at 203 facilities • 24% reduction in Scope 1 and 2 emissio
Slide 37: 2026 Guidance Detail
2026 Guidance Detail Guidance as of November 5, 2026 Guidance as of August 6, 2026 Warehouse segment same store revenues (constant currency) $2.06B - $2.10B $2.03B - $2.09B Warehouse segment same store NOI (constant currency) $680M - $700M $660M - $695M Total Company NOI (constant currency) $800M -
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures 38 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 cons
Slide 39: Non-GAAP Financial Measures
Non-GAAP Financial Measures 39 Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. NOI is calculated as Net (loss) income before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general,
Slide 40: Total Segment NOI Reconciliation to Net Income - Last Years
Total Segment NOI Reconciliation to Net Income - Last 5 Years 40 Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income from continuing operations before income taxes $ (30,597) $ (29,928) $ (328,089) $ (103,177) $ (135,733) Depreciatio
Slide 41: Total Segment NOI Reconciliation to Net Income - Last Quarters
Total Segment NOI Reconciliation to Net Income - Last 4 Quarters 41 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income from continuing operations before income taxes $ (108,858) $ (20,258) $ (323,726) $ 697,05
Slide 42: Core EBITDA Reconciliation to Net Income
Core EBITDA Reconciliation to Net Income 42 Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income $ (30,309) $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Depreciation and amortization 319,840 331,446 353,743 360,817 367,3
Slide 43: Core EBITDA Reconciliation to Net Income
Core EBITDA Reconciliation to Net Income 43 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income $ (88,910) $ (13,692) $ (346,460) $ 690,536 $ 241,474 Adjustments: Depreciation and amortization 99,895 91,660 102
Slide 44: Adjusted FFO Reconciliation to Net Income
Adjusted FFO Reconciliation to Net Income 44 Year Ended December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income $ (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 r
Slide 45: Adjusted FFO Reconciliation to Net Income
Adjusted FFO Reconciliation to Net Income 45 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income $ (88,910) $ (13,692) $ (346,460) $ 690,536 $ 241,474 Adjustments: Real estate related depreciation 63,319 56,261
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