Slide 1: Earnings Release & Financial Supplement First Quarter 2026
ae americoLlo Earnings Release & Financial Supplement First Quarter 2026
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Slide 3: Table of Contents
Financial Supplement | First Quarter 2026 Table of Contents PAGE Corporate Profile Earnings Release Financial Information Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Cash Flows Reconciliation of Net Loss to NAREIT FFO, Co
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Slide 5: Corporate Profile
Financial Supplement | First Quarter 2026 Corporate Profile Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 224 operating facilities across North America, Europe, Asia-Pacific, and South Am
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Slide 7: Analyst Coverage
Financial Supplement | First Quarter 2026 Analyst Coverage Firm Analyst Name Contact Email Baird Equity Research Nicholas Thillman 414-298-5053 nthillman@rwbaird.com Bank of America Merrill Lynch Samir Khanal 646-855-1497 samir.khanal@bofa.com Barclays Brendan Lynch 212-526-9428 brendan.lynch@barcla
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Slide 9: Americold Announces First Quarter 2026 Results
Financial Supplement | First Quarter 2026 AMERICOLD ANNOUNCES FIRST QUARTER 2026 RESULTS Delivered $0.29 Q1 AFFO Per Share Industry Fundamentals Continue to Show Signs of Stabilization Continued Progress Across Key Strategic Priorities - Including New $1.3 Billion Joint Venture Atlanta, GA, May 7, 2
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Slide 11: 2026 Outlook
Warehouse segment same store NOI (constant currency) $735M - $785M Total selling, general and administrative expense (guidance is inclusive of approximately $218M - $228M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) $250M
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Slide 13: Investor Webcast and Conference Call
Financial Supplement | First Quarter 2026 Investor Webcast and Conference Call The Company will hold a webcast and conference call on Thursday, May 7, 2026 at 8:00 a.m. Eastern Time to discuss its first quarter 2026 results. A live webcast of the call will be available via the Investors section of A
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Slide 15: Core EBITDA, FFO and Balance Sheet Activity
Financial Supplement | First Quarter 2026 Core EBITDA was $136.8 million for the first quarter of 2026, compared to $147.6 million for the comparable quarter of the prior year. This decrease (7.3% on an actual basis and 8.4% on a constant currency basis) was primarily driven by the decrease in total
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Slide 17: About the Company
Financial Supplement | First Quarter 2026 About the Company Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 224 operating facilities across North America, Europe, Asia-Pacific, and South Am
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Slide 19: Forward-Looking Statements
Financial Supplement | First Quarter 2026 including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT. Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,
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Slide 21: Total Warehouse Segment
TOTAL WAREHOUSE SEGMENT Warehouse services (3) 331,858 324,709 330,408 0.4 % (1.7) % Global Warehouse cost of operations (2)(3) : Other facilities costs (4)(5) 61,223 60,331 59,723 2.5 % 1.0 % Other services costs (4)(6) 43,443 42,914 47,515 (8.6) % (9.7) % Rent and storage contribution (NOI) (7) $
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Slide 23: Same Store Warehouse
SAME STORE WAREHOUSE Rent and storage $ 236,068 $ 232,833 $ 238,593 (1.1) % (2.4) % Total same store revenues $ 559,694 $ 549,548 $ 555,194 0.8 % (1.0) % Power 32,049 31,434 29,515 8.6 % 6.5 % Labor 240,527 234,937 232,990 3.2 % 0.8 % Total same store cost of operations $ 371,763 $ 364,236 $ 361,242
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Slide 25: Non-Same Store Warehouse
NON-SAME STORE WAREHOUSE Number of non-same store warehouses (2) 9 23 Rent and storage $ 9,987 $ 9,915 $ 15,986 n/r n/r Total non-same store revenues $ 18,219 $ 17,909 $ 29,793 n/r n/r Power 1,774 1,750 2,196 n/r n/r Labor 12,191 12,025 14,454 n/r n/r Total non-same store cost of operations $ 19,444
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Slide 27: Condensed Consolidated Balance Sheets
Property, buildings, and equipment: Buildings and improvements 4,918,058 4,798,286 Assets under construction 687,313 756,798 Accumulated depreciation (2,715,576) (2,641,241) Financing leases - net 166,336 157,936 Cash, cash equivalents, and restricted cash 39,828 136,863 Identifiable intangible asse
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Slide 29: Condensed Consolidated Statements of Operations
Rent, storage, and warehouse services $ 577,913 $ 584,987 Total revenues 629,870 628,980 Rent, storage, and warehouse services cost of operations 391,207 386,393 Depreciation and amortization 91,660 88,982 Transactions, strategic initiatives and other costs, net 20,445 25,414 Total operating expense
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Slide 31: Condensed Consolidated Statements of Cash Flows
Net loss $ (13,692) $ (16,473) Depreciation and amortization 91,660 88,982 Project Orion deferred costs amortization 2,582 2,109 Stock-based compensation expense 8,432 8,220 Provision for doubtful accounts receivable 972 139 Net gain from sale of real estate (2,205) — Accounts receivable (3,219) 9,6
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Slide 33: Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO
Adjustments: Net gain from sale of real estate (2,205) — Our share of reconciling items related to partially owned entities 247 215 Adjustments: Transactions, strategic initiatives and other costs, net 20,445 25,414 Project Orion deferred costs amortization 2,582 2,109 Core FFO $ 58,706 $ 67,338 Amo
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Slide 35: Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)
Core FFO $ 58,706 $ 67,338 Weighted average basic shares for Net loss calculation 286,263 285,363 Weighted average dilutive shares 286,606 285,629 NAREIT FFO - basic per share $ 0.14 $ 0.14 Core FFO - diluted per share $ 0.20 $ 0.24 Adjusted FFO - basic per share $ 0.29 $ 0.34 Financial Supplement |
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Slide 37: Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA
2026 2025 Adjustments: Interest expense 41,519 36,117 Net gain from sale of real estate (2,205) — NAREIT EBITDAre $ 111,335 $ 112,648 Transactions, strategic initiatives and other costs, net 20,445 25,414 Foreign currency exchange (gain) loss (4,686) 221 Net (gain) loss on real estate related asset
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Slide 39: Debt Detail and Maturities
Senior Unsecured Revolving Credit Facility - C$113M (5) 81,248 CORRA + 0.84% 3.82% 08/2027 Senior Unsecured Revolving Credit Facility - €70.5M (5) 81,480 EURIBOR + 0.84% 3.13% 08/2027 2025 Unsecured Term Loan - USD (6) 250,000 SOFR + 0.95% 4.66% 12/2026 Senior Unsecured Term Loan A Facility Tranche
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Slide 41: Interest Expense & Debt Covenants
Interest Expense Summary Senior Unsecured Term Loan Facilities Various Various 11,692 Public 5.600% Notes 5.60% 05/2032 5,554 Sale-leaseback financing obligations 10.12% Various 1,038 Interest Expense on Total Debt Outstanding $ 44,874 Amortization of deferred financing costs 1,488 Total Interest Ex
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Slide 43: Transactions, Strategic Initiatives and Other Costs, Net
Acquisition and transaction related costs 3,987 2,817 Orion Related Costs: Oracle related costs (non-capitalizable costs) (1)(2) 2,144 2,777 Lease termination fees — 4,957 Total held for sale, closed, and idled sites, net, excluding severance 3,809 7,615 Cyber incident related costs, net of insuranc
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Slide 45: Operations Overview: Global Warehouse Portfolio
Financial Supplement | First Quarter 2026 Operations Overview Global Warehouse Portfolio
Slide 46: Warehouse Segment Cubic Feet by Warehouse Type
Warehouse Segment Cubic Feet by Warehouse Type) (At March 31, 2026) Port: 13% Forward Distribuion: 43%
Slide 47: Warehouse Segment Revenue by Commodity Type
Warehouse Segment Revenue by Commodity Type (Last Twelve Months Ended March 31, 2026) Pork: 5% Packaged Foods: 17% Beef: 8% Dairy: 10% \ Beverage: 1% Other: 4% we Frozen Produce: 4% ° Distributors: 4% Fresh Produce: 2%
Slide 48: Warehouse Segment Revenue by Warehouse Type
Warehouse Segment Revenue by Warehouse Type (Last Twelve Months Ended March 31, 2026) Port: 13% Forward Distril Production Advantaged:
Slide 49: Warehouse Category Definitions
The Company defines its warehouse categories as follows: • Production Advantaged: Primarily focused on solutions for customer’s production facilities. • Forward Distribution: Primarily focused on strategic inventory positioning close to end consumers in key metro markets. • Retail Distribution: Prim
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Slide 51: Fixed Commitment and Lease Maturity Schedules
2026 177 107,034 10.7 % 2028 93 123,299 12.3 % 2030+ 38 117,624 11.8 % f approximatel 2026 57 11,495 1.1 % 678 2028 29 11,214 1.1 % 1,396 2030+ 19 21,526 2.2 % 1,315 Financial Supplement | First Quarter 2026 Fixed Commitment and Lease Maturity Schedules The following table sets forth a summary sched
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Slide 53: Capital Expenditures
External growth — 108,448 Organic growth 58,966 25,918 Total capital expenditures (3) $ 134,126 $ 222,016 Financial Supplement | First Quarter 2026 Capital Expenditures Maintenance Capital Expenditures are capitalized funds used to uphold and extend the useful life of assets, resulting in future eco
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Slide 55: External Growth and Capital Deployment
Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process 13-24 — — — — — — — 1-36 8 2.0 74.5 209 $845 $— $13 In Process (3) 4 1.0 53.9 164 $290 $228 $— Total 12 3.0 128.4 373 $1,135 $228 $13 Completed Projects by Q1 2026 Same Store Classification Same Store Wareh
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Slide 57: Same Store Historical Performance Trend
Same store revenues (2) : Warehouse services (3) 323,626 338,766 338,841 328,896 316,601 Same store cost of operations (2)(3) : Other facilities costs (4) 57,524 58,864 55,749 56,738 56,979 Other services costs (4) 41,663 48,004 48,589 42,822 41,758 Same store rent and storage contribution (NOI) (5)
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Slide 59: Unconsolidated Joint Venture (Investments in Partially Owned Entities)
RSA Net book value of property, buildings, and equipment 183,691 183,275 Total assets 206,064 208,607 Debt 120,610 156,299 Equity 65,614 32,337 Americold’s pro rata share of debt at AED/USD rate $ 16,093 $ 20,855 Three Months Ended (In thousands) Depreciation & amortization 2,351 882 Operating (loss
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Slide 61: Revenues and Contribution (NOI) by Segment
Segment revenues: Transportation 51,957 43,993 Warehouse (1) 186,706 198,594 Total segment contribution (NOI) 195,509 205,848 Reconciling items: Selling, general, and administrative expense (71,319) (69,235) Net gain from sale of real estate 2,205 — Loss from investments in partially owned entities
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Slide 63: Notes and Definitions
Financial Supplement | First Quarter 2026 Notes and Definitions 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, net debt to pro-forma Core EBITDA, segment cont
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Slide 65: Notes and Definitions (continued)
Financial Supplement | First Quarter 2026 Net debt to proforma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro-forma and/or Core EBITDA. If applicable, we calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquis