Slide 1: Second Quarter 2025 Financial Results
Second Quarter 2025 FINANCIAL RESULTS August 6, 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 • Q2 Highlights • Second Half Outlook • Initiating Q3 Guidance and Updated 2025 Guidance • Segment Results • Capital Structure Update • Summary and Q&A 3
Slide 4: Q2 2025 Highlights
Q2 2025 Highlights • Q2 25 enterprise results • Continued progress on o Revenue up 1% warehouse productivity o Adj. EBITDA down (2)% initiatives, including LinOS o AFFO per share +8% pilots • Global Warehousing segment • Completed inaugural in-line with expectations, investment grade offering agains
Slide 5: Second Half Outlook: Muted Seasonal Occupancy
Second Half Outlook: Muted Seasonal Occupancy LINE Same Warehouse Utilization vs USDA Inventory Levels Occupancy Outlook • Reducing outlook for second 80% 79.7% half occupancy o We experienced muted seasonal inventory levels 76% late Q2 and early Q3 o Continued tariff uncertainty and elevated custom
Slide 6: Second Half Outlook: Price Stability
Second Half Outlook: Price Stability LINE – Revenue per Pallet History1 Second Half Outlook $75 • Pricing improved in Q2 vs Q1 +2.8% CAGR $69.20 and is expected to remain $59.90 stable for the remainder of the $60 year o Same WH storage revenue $45 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 7: Initiating Q3 and Updating FY 2025 Guidance
Initiating Q3 and Updating FY 2025 Guidance Second Half and Full Year 2025 Guidance Q4 Guide Q1 Actual Q2 Actual Q3 Guide FY 2025 Guide (Implied) Same WH NOI Growth (7.9)%1 (6.3)% (5)% - (3)% (2)% - +4% (5)% - (3)% Total WH NOI Growth (6.5)% (4.4)% (1)% - +1% +2% - 8% (3)% - flat Total GIS NOI Growt
Slide 8: 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 9: Global Warehousing Segment
Global Warehousing Segment Q2 2025 Highlights Total Segment • Total segment revenue slightly increased $M Revenue NOI • Same WH NOI down (6)% $966 $970 $384 $367 o Physical occupancy declined (230bps) against elevated inventory levels from 1H24 o Cost of operations decreased (1)% primarily driven by
Slide 10: Global Integrated Solutions Segment
Global Integrated Solutions Segment Q2 2025 Highlights Total Segment • Strong growth led by US transport and direct-to- $M Revenue consumer businesses $372 $380 • Signed agreement to divest asset-based Spanish transportation business • Expect double-digit NOI growth in 2H 2025 Q2 24 Q2 25 YoY growth
Slide 11: Capital Structure Update
Capital Structure Update Balance Sheet and Liquidity Recent Debt Activity Net Debt to Adjusted EBITDA Total debt outstanding of $5.8B Completed inaugural investment grade As of • ~3.5 years remaining weighted bond offering $M 6/30/2025 average term • $500M Total Debt $5,792 • Weighted average intere
Slide 12: Summary
Summary Updated Outlook for 2025 • Q2 results in-line with expectations • Lowering guidance driven by a muted outlook for the seasonal inventory build • Pricing improved sequentially with stable outlook • Expect continued sequential improvement throughout the rest of the year Well Positioned to Win
Slide 13: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 13
Slide 14: Q2 2025 Financial Results
Q2 2025 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,346 $1,338 $1,350 $323 $334 $326 $1,217 $272 Q2 22 Q2 23 Q2 24 Q2 25 Q2 22 Q2 23 Q2 24 Q2 25 YoY growth +11% (1)% +1% YoY growth +19% +3% (2)% Adjusted EBITDA Margin AFFO per share $0.81 24.0% 25.0% 24.1% 22.4% $0.75 Q2 22 Q2 23 Q2
Slide 15: Additional Modeling Support
Additional Modeling Support Full Year 2025 Outlook ($M) Range Comments General and administrative expense, cash $460 - $480 Midpoint decreased by $(20)M Stock-based compensation expense ~$140 No change Interest expense, net $265 - $275 No change to midpoint Income tax expense, current $25 - $35 No c
Slide 16: Global Warehouse Segment - Total
Global Warehouse Segment - Total CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $514 $510 0.8 % $1,005 $1,026 (2.0) % Warehouse services 456 456 —% 909 909 —% Total g
Slide 17: Global Warehouse Segment – Same Warehouse
Global Warehouse Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $462 $477 (3.1) % $917 $958 (4.3) % Warehouse services 421 432 (2.5) % 838
Slide 18: Global Warehouse Segment – Non-Same Warehouse
Global Warehouse Segment – Non-Same Warehouse NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions except revenue per pallet) 2025 2024 Change 2025 2024 Change Warehouse storage $52 $33 57.6 % $88 $68 29.4 % Warehouse services 35 24 45.8 % 71 50
Slide 19: Global Warehouse Segment – Same Warehouse (Q2 2025 Pool)
Global Warehouse Segment – Same Warehouse (Q2 2025 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST SIX QUARTERS Three Months Ended YoY % Change March 31, June 30, September 30, December 31, March 31, June 30, Q2 2025 YTD 2025 (in millions except revenue per pallet) 2024 2024 2024 2024 2025 2025 vs
Slide 20: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions) 2025 2024 Change 2025 2024 Change Global Integrated Solutions segment revenues $380 $372 2.2 % $728 $731 (0.4) % Global Integrated Solutions cost of operations1
Slide 21: 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 22: Debt Summary
Debt Summary As of June 30, 2025 DEBT DETAIL (in millions) Balance Contracted Interest Rate Stated Maturity Date1 Unsecured Revolving Credit Facility2 $2,001 SOFR + 0.10% + 0.925% 2/15/2029 Unsecured Term Loan – Floating 1,000 SOFR + 0.10% + 0.925% 2/15/2029 Total Unsecured Loans $3,001 Private Plac
Slide 23: Debt Summary
Debt Summary DEBT COMPOSITION $3,218 $M $129 Debt Maturity $1,000 $814 $789 $2,001 $853 $162 $228 $853 $21 $652 $97 $561 2025 2026 2027 2028 2029 2030+ Revolver Term Loan A Other Unsecured Debt Secured Debt Equipment Financing Other Secured Debt Fixed vs Floating Secured vs Unsecured By Currency $M
Slide 24: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Current Rate Maturity1 Q2 2025 Revolver S + 10bps + 0.925% 2/15/2029 $ 29 Term Loan A S + 10bps + 0.925% 2/15/2029 14 Private Placement Notes Various Various 10 Oakland Cool Port Financing S + 1.76% 5/5/2029 1 5.25% Notes 5.25% 7/1
Slide 25: Debt Covenant Performance
Debt Covenant Performance As of Required June 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% 352% Debt Service Test1 ≥ 1.5x 5.1x 1. Debt Service Test is defined as the ratio of Adj. EBI
Slide 26: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Global warehousing $34 $38 $57 $29 $35 2.9 % Global integrated solutions $4 $1 $11 $1 $4 —% Information technology and other $10 $6 $4 $2 $3 (70.0) % Recu
Slide 27: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 YoY Change Global warehousing $36 $40 $35 $34 $38 5.6 % Global integrated solutions $13 $13 $14 $13 $15 15.4 % Repair and maintenance expenses $49 $53 $49 $47 $53 8.2 % 27
Slide 28: Global Warehouse Segment
Global Warehouse Segment HISTORICAL UTILIZATION AND MINIMUM STORAGE GUARANTEES Average Economic and Physical Occupancy in Contracts with Minimum Storage Our Global Warehousing Segment Guaranteed & Lease Revenue (as % of Rent and Storage Revenue) 87.7% 87.3% 87.2% 85.1% 84.5% 84.3% 83.7% 83.6% 83.9%
Slide 29: 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)% 1. As reported. 29
Slide 30: Consolidated Balance Sheets
Consolidated Balance Sheets June 30, December 31, (in millions, except par values) 2025 2024 (unaudited) Assets Current assets: Cash, cash equivalents, and restricted cash $ 82 $ 175 Accounts receivable, net 891 826 Inventories 174 187 Prepaid expenses and other current assets 201 97 Total current a
Slide 31: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2025 2024 2025 2024 (unaudited) Net revenues $ 1,350 $ 1,338 $ 2,642 $ 2,666 Cost of operations 920 891 1,796 1,775 General and administrative expense 143 127 297 251 D
Slide 32: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Six Months Ended June 30, (in millions) 2025 2024 (unaudited) Cash flows from operating activities: Net income (loss) $ (7) $ (128) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 2 2 Impairmen
Slide 33: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Six Months Ended June 30, (in millions) 2025 2024 (unaudited) Cash flows from financing activities: Dividends and other distributions $ (268) $ (123) Redemption of redeemable noncontrolling interests (28) (6) Repurchase of common shares for employee
Slide 34: Appendix: Non-GAAP Reconciliations
Appendix: Non-GAAP Reconciliations 34
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations NOI RECONCILIATION TO NET INCOME Three Months Ended June 30, Six Months Ended June 30, (in millions) 2022 2023 2024 2025 2022 2023 2024 2025 Net Income (Loss) $(17) $(8) $(80) $(7) $(16) $11 $(128) $(7) Stock-based compensation expense and related employer- — — — 5 — — — 6 p
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations NOI RECONCILIATION TO NET INCOME - LAST SIX QUARTERS (Q2 2025 Pool) Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, (in millions) 2024 2024 2024 2024 2025 2025 Net Income (Loss) $(48) $(80) $(543) $(80) $— $(7) Stock-based compensation exp
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME YTD Six Months Ended June 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(16) $11 $(128) $(7) Adjustments: Depreciation and amortization expense $333 $369 $430 $436 Interest expense, net 143 231 287 127 Income tax expens
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Three Months Ended June 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(17) $(8) $(80) $(7) Adjustments: Depreciation and amortization expense 167 188 219 $224 Interest expense, net 77 116 148 67 Income tax expense (
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME - LAST TWELVE MONTHS (LTM) Three Months Ended Twelve Months Ended (in millions) September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 June 30, 2025 Net Income (loss) $(543) $(80) $— $(7) $(630) Adjustments: Depreciatio
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Three Months Ended June 30, Three Months Ended March 31, 2022 2023 2024 2025 2025 Net Income (loss) $(17) $(8) $(80) $(7) $— Adjustments: Real estate depreciation $70 $76 $91 $94 $85 In-place lease intangible amortization 3 2 3 1
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME YTD Six Months Ended June 30, (in millions) 2022 2023 2024 2025 Net Income (loss) $(16) $11 $(128) $(7) Adjustments: Real estate depreciation 141 156 176 179 In-place lease intangible amortization 5 4 5 2 Net loss (gain) on sale of r
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations NET DEBT RECONCILIATION As of June 30, (in millions) 2025 Total debt, net $5,767 Finance lease obligations 1,318 Failed sale-leaseback financing obligations 74 Kloosterboer preference shares 285 Total debt and debt-like obligations $7,444 Deferred financing costs and discoun
Slide 43: 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 44: 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 45: Thank you
Thank you C O N TA C T Evan Barbosa VP, Investor Relations ir@onelineage.com 45