Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Investor Presentation (December 2025)
33 slides from Americold Realty Trust's investor presentation, Dec 9, 2025
Slide 1: Corporate Deck December 9, 2025
C o r p o r a t e D e c k | D e c e m b e r 9 , 2 0 2 5 Unlocking Long-Term Growth through our Infrastructure, Expertise and Partnerships
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
3 Execution-focused and well positioned strategy centered on solutions, operational excellence, and experienced leadership 4 Multiple growth drivers with a capital allocation strategy supported by a blue-chip customer base, unique partnerships, and diverse asset network Americold – A Compelling Grow
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Slide 5: Significant Scale & Expertise from 120+ Years of Experience
Significant Scale & Expertise from 120+ Years of Experience Note: Figures as of September 30, 2025. 235 Warehouses include 3 Managed sites. Figures may not sum due to rounding 5 Significant Scale Global Footprint Cubic Feet / Warehouse Count South America 10M/ 2 North America 1,232M / 189~5.5M Palle
Slide 6: A Global Leader in Temperature-Controlled Warehousing
6 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,240M cubic feet 191 facilities 1,443M cubic feet1 235 facilities Note: Americold portfolio figures as of September 30, 2025. Figures may not sum due to rounding 1) Figures do not include Americold’s Middle
Slide 7: Americold is Essential to the Cold Chain
Americold is Essential to the Cold Chain Produce Distribute Consume Americold provides mission critical infrastructure from production to consumption There are four primary 3PL cold chain solutions, Americold has presence in each one: 1. Production Support (Production Advantaged) 2. Distribution Sup
Slide 8: Why Customers Choose Americold
Why Customers Choose Americold Deep Customer Relationships Drive Growth Opportunities Broad and strategically-located network of facilities Comprehensive value-added services, including port support, blast freezing, tempering, labeling, repacking, and order fulfillment/assembly Top 25 Customers Cont
Slide 9: Experienced Management Team Committed to Increasing Shareholder Value
9 Experienced Management Team Committed to Increasing Shareholder Value Richard Winnall President, International COLD: Joined 2019/Appointed 2024 ~23 years experience Scott Henderson Chief Investment Officer COLD: Joined 2018/Appointed 2023 ~23 years experience Nathan Harwell Chief Legal Officer COL
Slide 10: History of Significant Growth
History of Significant Growth 10 • Jay Wells appointed CFO • Hiring and retention progress – exceeded $100M productivity target • Project Orion improving labor productivity and efficiencies • Grew same store service margins by 911 bps to 12.9% • Refocus on 4 key strategic priorities: labor, customer
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Slide 12: Unique Value Proposition Driven by Unparalleled Expertise and Scalable Infrastructure
12 Unique Value Proposition Driven by Unparalleled Expertise and Scalable Infrastructure Strategic Partnerships providing unique growth opportunities exclusive to Americold Scalable Infrastructure Conventional & Automated capabilities at all nodes of the supply chain Advanced Operating System ensure
Slide 13: Ability to Leverage Strong Market Presence in North America
Ability to Leverage Strong Market Presence in North America 13 • 84% owned network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Technological expertise and best-in- class operating system Production Advantaged Forward Distribution Retai
Slide 14: Scalable Platform in Europe and Middle East
Scalable Platform in Europe and Middle East 14 • 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 Production Advantaged Forward Distribution Retail
Slide 15: Significant Growth Opportunities in Asia Pacific
Significant Growth Opportunities in Asia Pacific 15 • Region is 90%+ economically occupied with Same store NOI growing 16% YoY • Specializes in fast turning and operationally intensive retail/QSR business • Decades long relationships • Americold Operating System and Project Orion implemented through
Slide 16: Americold's Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node % of total warehouse revenue for the trailing twelve months ended September 30, 2025 16 48% 14% 25% Forward Distribution • Multi-tenanted mixing facilities • Located near large population centers • Fewer fixed commitment agreements • Multiple custome
Slide 17: Core Operating Expertise Enhanced by Best-in-Class Partnerships
Partner Since Core Operating Expertise Enhanced by Best-in-Class Partnerships Operational Partners 17 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
Slide 18: Advanced Operating Systems and Warehouse Management Expertise
Advanced Operating Systems and Warehouse Management Expertise Americold Operating System ensures best practices across entire network 18 Customer Focus Labor Optimization Continuous Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Energy Excellence Refrigeratio
Slide 19: Technology Differentiation: Improving Efficiency and Lowering Cost
Technology Differentiation: Improving Efficiency and Lowering Cost 19 Native 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)
Slide 20: Growth Drivers
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Slide 21: Capital management and growth priorities
• Strategic capital management to de-lever balance sheet • Company is committed to maintaining an investment grade profile and maintaining the dividend • Evaluating multiple sources of available capital that have been identified • Creating value from our real estate through portfolio management of l
Slide 22: Leveraging Our Strategic Advantages
Leveraging Our Strategic Advantages Current Market Focus Weak Consumer Demand TariffsHigh Interest Rates GLP-1 Adoption Outsized Food Inflation Recent Spec Builds SNAP Reductions Critical Infrastructure at Every Node Advanced Operating System Commitment to Best-in-Class Customer Service Long-Term Cu
Slide 23: 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 Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value 23
Slide 24: 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 Attractive Pipeline of Global Growth Opportunities What is Retail/QSR? • Pallets of product from multiple producers arrive at our facility • Product is warehoused unt
Slide 25: $30 Million Reduction in Indirect Costs and SG&A in 2026
$30 Million Reduction in Indirect Costs and SG&A in 2026 Identified opportunities to streamline organization to optimize performance and reduce cost • Conducted current-state assessment evaluating operating model design and identified opportunities for efficiency • Performed top-down and bottom-up a
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Slide 27: Strong Same-Store Warehouse Revenue and NOI Growth
Strong Same-Store Warehouse Revenue and NOI Growth 27 Note: Revenues represent LTM figures. Dollars in millions 1) Based on the annual committed rent and storage revenues attributable to fixed storage commitment contracts and leases as of September 30, 2025 2) Represents weighted average term for co
Slide 28: Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 28 Core EBITDA ($M) and Margin (%) 17.5% 17.1% 34% growth • Effectively optimizing margins across all business areas • Creating a solid foundation with efforts over the past three years to build a productive, stabilized workforce supp
Slide 29: Well-Laddered Maturity Profile
Well-Laddered Maturity Profile Note: Dollars in millions. Figures based on company filings as of September 30, 2025. Balances denominated in foreign currencies have been translated to USD. Figures may not sum due to rounding 1) Revolver maturity date assumes the exercise of two six month extension o
Slide 30: Disciplined Capital Allocation Strategy
Disciplined Capital Allocation Strategy Focused on Driving Growth and Generating Shareholder Value Organic Reinvestment in the Business Returning Capital to Shareholders Opportunistic and Disciplined M&A • Maintain annualized dividend per share • Growth and expansion through acquisitions of desirabl
Slide 31: 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 213 facilities • 9.48% reduction in Scope 1 and 2 emiss
Slide 32: 2025 Guidance
32 2025 Guidance(1) December 9, 2025 Warehouse segment same store revenue growth (constant currency) (4.0)%-0.0% Warehouse segment same store NOI growth (constant currency) 50 to 100 bps lower than associated revenues Warehouse segment non-same store NOI $7M-$13M Warehouse segment same store rent an
Slide 33: Americold – A Compelling Growth Opportunity
3 Execution-focused and well positioned strategy centered on solutions, operational excellence, and experienced leadership 4 Multiple growth drivers with a capital allocation strategy supported by a blue-chip customer base, unique partnerships, and diverse asset network Americold – A Compelling Grow
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