Americold Realty Trust, Inc. · NYSE:COLD
Americold Realty Trust — Q4 2025 Earnings Presentation
33 slides from Americold Realty Trust's earnings presentation, Feb 19, 2026
Slide 1: Strengthening our Foundation to Unlock Long-Term Growth
Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | February 19, 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 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
Slide 4: ja //4 ja @- u a \ E co
ja //4 ja @- u a \ E co
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/55M America ~5.5M 231 1,222M / 186 105M / 23 Cubic Feet/Square Feet of Pallet Positions Warehouses Total Capacity South Asia America Pacific Connectivity ~13
Slide 6: A Global Leader
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 1,231M cubic feet 1,425M cubic feet1 188 facilities 23
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: 1. Production Support (Production Advantaged) 2. Distribution Sup
Slide 8: 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- ~39 years average tenure class customer experience 100% use multiple facilities, average of 16 sites Broad and strategically-located ne
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) 36% AFFO Growth $420M $408M $352M $300M $1.47 $1.43 $1.11 $1.11 $1.27 $1.11 $1.27 $1.47 2022 2023 2024 2025 • Refocus on 4 key strategic priorities: • Announced strategic partnership • Hiring and retention initiatives deliver • Completed Houston acqui
Slide 11: americoLto
—~@ americoLto
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 Driven by Unparalleled exclusive to Americold 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 • 82% 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 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 Dubai • Signific
Slide 15: Significant Growth Opportunities in Asia Pacific
Significant Growth Opportunities in Asia Pacific AMERICOLD ADVANTAGES • Region is 90%+ economically occupied with Same store NOI growing 10% YoY • Specializes in fast turning and operationally intensive retail/QSR business • Decades long relationships • Americold Operating System and Project Orion i
Slide 16: Americold's Critical Infrastructure at Every Node
Americold’s Critical Infrastructure at Every Node Production Advantaged • Single tenanted % of total warehouse revenue for the year • • Long-term fixed commitment agreements Requires deep customer relationships ended December 31, 2025 • Located in largely rural areas close to harvests Forward Distri
Slide 17: Core Operating Expertise Enhanced by Best-in-Class Partnerships
Core Operating Expertise Enhanced by Best-in-Class Partnerships Operational Partners Top five global port operator One of NA’s largest railroad companies 2022 2023 Kansas City, Missouri • First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US uti
Slide 18: 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 Focused • Delivering standardized procedures Optimization Improvement • Driving collaborative
Slide 19: 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
Slide 20: americoLo
~@—~ A 4 a americoLo
Slide 21: 2026 Key Priorities
2026 Key Priorities Strong Organizational Alignment with a Focus on Execution • Strategic capital management to de-lever balance sheet ◦ Company is committed to maintaining an investment grade profile ◦ Evaluating multiple sources of available capital that have been identified • Creating value from
Slide 22: Leveraging Our Strategic Advantages
Leveraging Our Strategic Advantages Evaluate Adjacent/New World-Class Categories Partnerships Current Market Focus Long-Term Customer High Tariffs Recent Spec Interest Builds Grow Retail Expand QSR Relationships Rates Business to New Weak GLP-1 Consumer Adoption Geographies Demand Critical Commitmen
Slide 23: Expanding the Aperture to Adjacent Growth Opportunities
Expanding the Aperture to Adjacent Growth Opportunities Core Adjacent New Pet Food Pharmaceuticals Fresh Food Floral Retail E-commerce Dry Goods Frozen Food QSR Seafood Cosmetics International Beverages 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 What is Retail/QSR? COLD Best in Class Operator Attractive Characteristics • Pallets of product from • 5 of our top-10 customers multiple manufactures arrive are retail/QSR companies at our facility • Generates ~$480M LTM • Product is warehoused unt
Slide 25: $30 Million Reduction in Indirect Costs and SG&A Expected in 2026
$30 Million Reduction in Indirect Costs and SG&A Expected in 2026 Identified opportunities to streamline organization to optimize performance and reduce cost • Conducted current-state assessment evaluating operating model design and identified opportunities for efficiency • Performed top-down and bo
Slide 26: americoco
—y americoco
Slide 27: Strong Same-Store Warehouse Revenue and NOI Growth
Strong Same-Store Warehouse Revenue and NOI Growth • Significant improvement in transitioning from Same-Store Warehouse services Same-Store Rent & storage on demand contracts to fixed storage committed contracts and leases since 2021 Same-Store Warehouse Revenue • Fixed storage contracts for the tot
Slide 28: Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives
Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives • Effectively optimizing margins across all business areas Core EBITDA ($M) and Margin (%) • Creating a solid foundation with 30% efforts over the past three years to growth build a productive, stabilized $634M workforce supporting su
Slide 29: 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 $935M(3) with $799M available in undrawn credit facility • Total net debt of $4 billion at December 31, 2025 with 96% uns
Slide 30: 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 • Maintain annualized • Strategic m
Slide 31: 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 32: 2026 Guidance
2026 Guidance February 19, 2026 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 approximate
Slide 33: 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
Americold Realty Trust — Q4 2025 Earnings Presentation on 6ix