Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Q1 2026 Earnings Presentation
35 slides from Americold Realty Trust's earnings presentation, May 7, 2026
Slide 1: Strengthening our Foundation to Unlock Long-Term Growth
Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | May 7, 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: Americold – A Compelling Growth Opportunity
Americold – A Compelling Growth Opportunity 1 2 Global leader in the attractive cold Unique value proposition with storage industry with an integrated unparalleled expertise, partnerships with network of high-quality, strategically located industry experts, scalable infrastructure, and mission-criti
Slide 4: 1. Global Leader in Cold Storage
1. Global Leader in Cold Storage 4
Slide 5: 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 1,154M / 179 105M / 23 Connectivity 12,000 ~2,900 Conventional & A
Slide 6: 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% 1,154M cubic feet 1,355M cubic feet1 179 facilities 22
Slide 7: 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 8: 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 9: 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 Chief Executive Officer COLD: Joined 2013/Appointed 2025 ~21 years experience Chris Papa Richard Winnall Bryan Verbarendse Chief Fina
Slide 10: History of Significant Growth
History of Significant Growth AFFO (in millions) 31% AFFO Growth $420M $408M $394M $352M $300M $1.47 $1.47 $1.43 $1.43 $1.38 $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 strategi
Slide 11: 2. Unique Value Proposition
2. Unique Value Proposition 11
Slide 12: Unique Value Proposition Driven by Unparalleled Expertise and Scalable Infrastructure
Scalable Infrastructure Conventional & Automated capabilities at all nodes of the supply chain Strategic Partnerships Unique Value Proposition providing unique growth opportunities exclusive to Americold Driven by Unparalleled Expertise and Scalable Infrastructure Advanced Operating System ensures b
Slide 13: Ability to Leverage Strong Market Presence in North America
Ability to Leverage Strong Market Presence in North America Americold Advantages • ~90% owned network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Technological expertise and best-in-class operating system Growth Strategy • Continued gr
Slide 14: Scalable Platform in Europe and Middle East
Scalable Platform in Europe and Middle East Europe Americold Advantages • Presence at all nodes in the cold storage supply chain in Europe • Americold Operating System implemented throughout • Project Orion implementation underway to centralize/ streamline multiple processes Growth Strategy • Signif
Slide 15: Significant Growth Opportunities in Asia Pacific
Significant Growth Opportunities in Asia Pacific Americold Advantages • Region is highly economically occupied • Specializes in fast turning and operationally intensive retail/QSR business • Decades long relationships • Americold Operating System and Project Orion implemented throughout • Recent win
Slide 16: Americold’s Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node Production Advantaged • Single tenanted • Long-term fixed commitment agreements % of total warehouse revenue for the last • Requires deep customer relationships twelve months ended March 31, 2026 • Located in largely rural areas close to harvests For
Slide 17: Core Operating Expertise Enhanced by Best-in-Class Partnerships
Core Operating Expertise 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 c
Slide 18: 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 19: 3. Growth Drivers & Well-Positioned Strategy
3. Growth Drivers & Well-Positioned Strategy 19
Slide 20: 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 21: 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 portfolio management of low profit facilities, NNN leasing of space to tenants, a
Slide 22: 2026 Key Priorities
2026 Key Priorities Execution To Date Expect to raise $1.1 billion through joint venture to pay off debt in the third quarter of 2026, subject to customary closing conditions and regulatory approvals Purchased a facility & triple net leased it to a new tenant for 15 years Closed new business with On
Slide 23: Joint Venture Accelerates Delevering with a Platform for Growth
Joint Venture Accelerates Delevering with a Platform for Growth Partners • Americold will contribute 12 facilities with an aggregate value in excess of $1.3 billion • EQT will acquire a 70% interest with Americold retaining 30% ownership • Americold expects to receive approximately $1.1 billion in n
Slide 24: Leveraging Our Strategic Advantages
Leveraging Our Strategic Advantages Evaluate World-Class Adjacent/New Partnerships Categories Long-Term Current Customer Market Focus Recent Relationships High Tariffs Spec Builds Grow Retail Expand QSR Interest Rates GLP-1 Business to New Weak Consumer Adoption Geographies Critical Demand Infrastru
Slide 25: Expanding the Aperture to Adjacent Growth Opportunities
Expanding the Aperture to Adjacent Growth Opportunities Core Adjacent New Fresh Food Pet Food Pharmaceuticals Retail Floral Frozen Food Dry Goods E-commerce QSR Seafood Cosmetics International Beverages Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value 25
Slide 26: 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/ • Pallets of product from multiple QSR companies manufactures arrive at our facility • Generated $520 million LTM • Product is warehou
Slide 27: Cost Reduction Initiative
Cost Reduction Initiative 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-up analysis to define future-state
Slide 28: 4. Financial Performance
4. Financial Performance 28
Slide 29: Strong Same-Store Warehouse Revenue and NOI Growth
Strong Same-Store Warehouse Revenue and NOI Growth 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 $
Slide 30: 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 31: Well-Laddered Maturity Profile
Well-Laddered Maturity Profile Real Estate Debt Maturity (1)(2) % of Debt Maturity • Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody’s) $361 • Total liquidity of $564M(3) with $524M available in undrawn credit facility • Total net debt of $4 billion at March 31, 2026 with 95% u
Slide 32: 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 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
2026 Guidance Warehouse segment same store revenues (constant currency) $2.20B - $2.27B Warehouse segment same store NOI (constant currency) $735M - $785M Total Company NOI (constant currency) $780M - $845M Total selling, general and administrative expense (inclusive of approximately $218M - $228M o
Slide 35: Americold – A Compelling Growth Opportunity
Americold – A Compelling Growth Opportunity 1 2 Global leader in the attractive cold Unique value proposition with storage industry with an integrated unparalleled expertise, partnerships with network of high-quality, strategically located industry experts, scalable infrastructure, and mission-criti
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