Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Q3 2025 Earnings Presentation
31 slides from Americold Realty Trust's earnings presentation, Nov 6, 2025
Slide 1: Unlocking Long-Term Growth through our Infrastructure, Expertise and Partnerships
Unlocking Long-Term Growth through our Infrastructure, Expertise and Partnerships Corporate Deck | November 6, 2025
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 Global leader in the attractive cold 2 Unique value proposition with storage industry with an integrated unparalleled expertise, network of high-quality, strategically partnerships with industry experts, located mission-critical warehouses scalable infra
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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 North Europe ~1.4B America ~5.5M 235 1,232M / 189 114M / 24 Cubic Feet of Total Capacity Pallet Positions Warehouses South Asia America Pacific Connectivity ~13,000 ~3,000 10M/
Slide 6: Financial Highlights
Financial Highlights Financial Performance Total Segment Contribution NOI $7.6B Total Enterprise Value (1) +34% growth $3.5B Equity Market Cap (1) $847M $834M $771M $696M $630M 3Q25 Total Same Store Revenue/ (1.5)% / (2.8)% Same Store NOI Change (2) 2021 2022 2023 2024 LTM Q3 25 Adjusted FFO $615M L
Slide 7: Serving Customers with a Proven End-to-End Operating Model
• Focus on designing Solutions that Fit our Customers' Needs • In-house Design Engineering Team DESIGN • Industry leading experience designing facilities to support every type of Food Producer and Distributor Serving • Deep experience building Automated and Customers with a Conventional Warehouses f
Slide 8: Americold is Essential to the “Farm to Fork” Cold Chain
Americold is Essential to the “Farm to Fork” Cold Chain Restaurant Government Hotel Production Forward Advantaged Distribution Warehouse Warehouse School Sports Hospital Food Service Farm Distribution Center Supermarket Consumers e-Commerce Fulfillment Retail Food Distribution Center Producer Port 8
Slide 9: Deep Customer Relationships Drive Growth Opportunities
Deep Customer Relationships Drive Growth Opportunities Compelling Value Proposition Top 25 Customers ~50% of Warehouse revenues(1) Continuous commitment to best-in- ~38 years average tenure class customer experience 100% use multiple facilities, average of 17 sites Broad and strategically-located ne
Slide 10: Experienced Management Team Committed to Increasing Shareholder Value
Robert Chambers Chief Executive Officer COLD: Joined 2013/Appointed 2025 ~20 years experience Experienced Management Team Committed to Increasing Jay Wells Richard Winnall President, International Bryan Verbarendse President, Americas Shareholder Value Chief Financial Officer COLD: Joined & Appointe
Slide 11: Significant Growth Over the Past 3 Years
Significant Growth Over the Past 3 Years AFFO (in millions) 40% AFFO $420M Growth $406M $352M $300M $1.47 $1.42 $1.11 $1.11 $1.27 $1.11 $1.27 $1.47 2022 2023 2024 LTM Q3 25 • Refocus on 4 key strategic priorities: • Announced strategic partnership • Jay Wells appointed CFO • Completed Houston acquis
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Slide 13: 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 Driven by Unparalleled exclusive to Americold Expertise and Scalable Infrastructure Advanced Operating System ensures b
Slide 14: Scalable Infrastructure with Access to All Major U.S. Markets
Scalable Infrastructure with Access to All Major U.S. Markets 82% owned network of high- quality, strategically located warehouses Mix of conventional and automated solutions to efficiently meet customer needs on every node of the cold storage chain Typical delivery in 2 days or less with ability to
Slide 15: Americold’s Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node Production Advantaged § Single tenanted % of total warehouse revenue for the trailing § § Long-term fixed commitment agreements Requires deep customer relationships twelve months ended September 30, 2025 § Located in geographically rural areas close
Slide 16: Core Operating Expertise Enhanced by Best-in-Class Partnerships
Core Operating Expertise Enhanced by Best-in-Class Partnerships Operational Partners Partner Since Top five global port operator One of NA’s largest railroad companies 2022 2023 • CPKC – First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US util
Slide 17: Advanced Operating Systems and Warehouse Management Expertise
Advanced Operating Systems and Warehouse Management Expertise Customer Focus AOS distinguishes us from our competitors and is Advanced Integrated Systems central to our continuous improvement culture Labor Continuous • Delivering standardized procedures Optimization Improvement • Driving collaborati
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) Project Orion • Labor management system (LMS) 415+ Identified ERP optimizes workforce and delivers high Gen AI Use service
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Slide 20: Industry-Wide Headwinds Largely Transitory
Industry-Wide Headwinds Largely Transitory However, pricing and occupancy challenges likely to continue through 2026 • Elevated interest rates impacting consumer income and manufacturer working capital • Food inflation is outsized, highest percentage of lower-income household budgets in 40 years • T
Slide 21: Long-Term Industry Fundamentals Driving Resiliency
Long-Term Industry Fundamentals Driving Resiliency Key Trends in the Cold Storage Space • Changing consumption patterns towards meal kits and fresh and healthy food • Rising e-commerce and online grocery demand driving need for efficient delivery systems to consumers • Reshoring of essential sectors
Slide 22: A Global Leader in a Highly Fragmented Market
Cold Storage Industry Market Share North American Market Global Market Rest of the AAGlobal Global Market², 43% Rest of the Market², Leader Leaderinin 78% Temperature- Highly Controlled Fragmented Americold, 18% Americold¹, 6% Warehousing Market 1,240M cubic feet 1,443M cubic feet1 191 facilities 23
Slide 23: Focused Strategy to Capture the Multiple Growth Drivers
Focused Strategy to Capture the Multiple Growth Drivers Our Solutions Operational Capabilities Commitments That Fit Needs Excellence Leadership Commercial Excellence Provider of Choice Employer of Choice Technology Enablement • Expand wallet share and • Continuous improvements in • Attract, develop
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Slide 25: Strong Same-Store Warehouse Revenue and NOI Growth
Strong Same-Store Warehouse Revenue and NOI Growth • Significant improvement in transitioning from Same-Store Warehouse services Same-Store Rent & storage on demand contracts to fixed storage committed contracts and leases since 2021 Same-Store Warehouse Revenue • Fixed storage contracts for the tot
Slide 26: Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives • Effectively optimizing margins across all business areas Core EBITDA ($M) and Margin (%) • Creating a solid foundation with 34% efforts over the past three years to growth build a productive, stabilized $634M workforce supporting su
Slide 27: Well-Laddered Maturity Profile
Well-Laddered Maturity Profile • Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 Real Estate Debt Maturity (1)(2) (Moody’s) % of Debt Maturity • Total liquidity of $799M(3) with $766M available in undrawn credit facility • Total debt of $4 billion at September 30, 2025 with 95% unsecu
Slide 28: 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 Organic Reinvestment Opportunistic and Maintain Healthy Returning Capital in the Business Disciplined M&A Balance Sheet to Shareholders • Strategic maintenance • Growth and expansion • Maintain
Slide 29: 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 213 facilities Energy Excellence • 9.48% reduction in Scope 1 and 2 emissions from 2021, with an ultim
Slide 30: Disciplined Approach with Emphasis on AFFO Guidance
Disciplined Approach with Emphasis on AFFO November 6, 2025 Warehouse segment same store revenue growth (constant currency) (4.0)%-0.0% 50 to 100 bps lower than Warehouse segment same store NOI growth (constant currency) associated revenues Warehouse segment non-same store NOI $7M-$13M Warehouse seg
Slide 31: Americold – A Compelling Growth Opportunity
Americold – A Compelling Growth Opportunity 1 Global leader in the attractive cold 2 Unique value proposition with storage industry with an integrated unparalleled expertise, network of high-quality, strategically partnerships with industry experts, located mission-critical warehouses scalable infra
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