Lineage, Inc. · NASDAQ:LINE
Lineage — Lineage Investor Forum on Operational Excellence and Digital Strategy 2025
44 slides from Lineage's conference presentation, Dec 8, 2025
Slide 1: Warehouse Productivity at Lineage: Growing with LinOS
Warehouse Productivity at Lineage: Growing with LinOS December 8, 2025 1
Slide 2: Disclaimer
Disclaimer 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 current expect
Slide 3: Our Agenda Today
Our Agenda Today Greg Lehmkuhl Lineage and the state of the industry President & Chief Executive Officer Jeff Rivera Achieving warehouse productivity Global Chief Operating Officer Sudarsan Thattai Lineage’s technology edge Chief Information Officer & Chief Transformation Officer Elliott Wolf Unlock
Slide 4: Lineage: the Largest Temperature-Controlled Warehouse REIT
Lineage: the Largest Temperature-Controlled Warehouse REIT 3.1B ~86M 19 Cubic Feet Square Feet Countries 488 244 82 Warehouses Port-Centric Automated Warehouses Warehouses1 MIAMI, FL LOS ANGELES, CA 26,000+ $1.3B 2B kWh Team Members 2024 Adj. EBITDA2 Annual Energy Consumption $1.4B $2.4B $0.2B Annua
Slide 5: Our Difference… Leading with Purpose and Values
Our Difference… Leading with Purpose and Values Purpose Values To transform Safe Trust Respect the food supply chain to eliminate waste and help feed the world Innovation Bold Servant Leadership 5
Slide 6: Retaining Occupancy in Excess Capacity Environment
Retaining Occupancy in Excess Capacity Environment A US NEW PRW CAPACITY ADDED TO MARKET1, MILLIONS OF SQUARE FEET B US RETAIL AND FOODSERVICE VOLUME2, RELATIVE GROWTH VS. 2021 Total Built % of Public Retail Foodservice MARKET %3 25 10.5% 12.0% 120% 115% 10.0% 115% 45% 20 8.0% 110% 15 6.0% 105% 4.0%
Slide 7: Our Scale and Network Creates a Durable Advantage
Our Scale and Network Creates a Durable Advantage 240+ 480+ 10M+ Note: Figures based on 2024 Lineage portfolio. 7
Slide 8: …and is Best Positioned to Win in the Long-term
…and is Best Positioned to Win in the Long-term Strong Real Estate Fundamentals • Scale and Network Advantage That Is Difficult to Replicate: 488 warehouses with 96% of revenue from #1 positions1 • Modern Assets Concentrated in Some of the Most Strategic Locations Around the World: 49% of NOI from w
Slide 9: Lineage Levers: Our Roadmap to Value Creation
Lineage Levers: Our Roadmap to Value Creation Integrated Cold Lineage’s leading technology, Time Horizon Storage Partner efficient operations, and global Compounder of High ROIC network delivers unmatched value Cold Chain Optimization Capital Allocation and reliability for our customers Integrated S
Slide 10: Our Agenda Today
Our Agenda Today Greg Lehmkuhl Lineage and the state of the industry President & Chief Executive Officer Jeff Rivera Achieving warehouse productivity Global Chief Operating Officer Sudarsan Thattai Lineage’s technology edge Chief Information Officer & Chief Transformation Officer Elliott Wolf Unlock
Slide 11: Our approach to people and processes built the foundation for our digitized future
Our approach to people and processes built the foundation for our digitized future 11
Slide 12: People | Building a Scalable, High-Ownership Operating Culture
People | Building a Scalable, High-Ownership Operating Culture PURPOSE AND VALUES DRIVEN TALENT DEVELOPMENT & RETENTION Team Member Turnover1 Purpose Values 56% 42% Safe Trust Respect 30% To transform 25% the food supply chain to eliminate Servant waste and help feed the world Innovation Bold Leader
Slide 13: Process | Our Lean Journey
Process | Our Lean Journey LEAN WAREHOUSE | FOUNDATION OF OUR APPROACH LEAN PROGRESSION MODEL Lean Progression from Bronze to Diamond • Superior site EBITDA • Improved inventory accuracy • Best in class customer service satisfaction scores and truck turn times • Standard Work instructions across the
Slide 14: Process | Lean Drives Lower Cost and Higher Capital Efficiency
Process | Lean Drives Lower Cost and Higher Capital Efficiency STANDARD WORK VISUAL MANAGEMENT PROBLEM SOLVING Continuous Improvement Roadmap (CIR) Problem Solving A3 • Lean standardizes execution for predictable and high performance • Our MetricsOne platform allows us • Standardized, cross-function
Slide 15: Productivity Offsetting Inflation in Challenging Environment
Productivity Offsetting Inflation in Challenging Environment Same WH Labor Expense Same WH Labor Expense per Throughput Pallet1 $380 $32 $340 $28 $300 $24 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Labor Labor GCCI Adjusted Labor Cost per Throughout Pallet La
Slide 16: Our Agenda Today
Our Agenda Today Greg Lehmkuhl Lineage and the state of the industry President & Chief Executive Officer Jeff Rivera Achieving warehouse productivity Global Chief Operating Officer Sudarsan Thattai Lineage’s technology edge Chief Information Officer & Chief Transformation Officer Elliott Wolf Unlock
Slide 17: Lineage's Technology Edge: Digital Enablement of the Cold Chain
Lineage’s Technology Edge: Digital Enablement of the Cold Chain Digital enablement of the cold chain is underpinned by 5 strategic pillars Build a Scalable Digital Core Operationalize Decision Algorithms Digital Deliver a Connected Customer Experience Enablement Develop Energy Intelligence Engineer
Slide 18: Lineage's Digital Enablement Journey
Lineage’s Digital Enablement Journey Strategic Pillar What We Did Where We Are Going ▪ Modern enterprise backbone: Workday, Build a Scalable Salesforce, CPQ ▪ Deploy AI across back-office functions Digital Core ▪ Central data lake that connects operational and commercial data ▪ Embedded advanced ana
Slide 19: LinOS transforms warehouse execution – decisions optimized by AI
LinOS transforms warehouse execution – decisions optimized by AI 19
Slide 20: Overview of LinOS
Overview of LinOS LinOS transforms warehouse execution – decisions optimized by AI Janus Demeter Apollo Assigns trucks to dock doors to Schedule replenishments Choose put away location to minimize forklift travel distance to ensure inventory reconcile: cube, velocity, digging Supervisor Labor Standa
Slide 21: LinOS Streamlines Complex Warehouse Processes
LinOS Streamlines Complex Warehouse Processes Conventional Warehouse LinOS Warehouse Decision LinOS Human Engine Decision- Decision- Making Making Warehouse Management Warehouse Management Inventory Solutions Solutions Data (WMS, Labor Management, (WMS, Labor Management, LinOS is expected Billing, t
Slide 22: LinOS Can Orchestrate Both Humans and Robots
LinOS Can Orchestrate Both Humans and Robots • LinOS builds on human-based Lean management processes with technology to orchestrate both humans and robots • Today, the opportunity is orchestration of humans in conventional warehouses • In time, Lineage can leverage LinOS to replace labor intensive p
Slide 23: Our Agenda Today
Our Agenda Today Greg Lehmkuhl Lineage and the state of the industry President & Chief Executive Officer Jeff Rivera Achieving warehouse productivity Global Chief Operating Officer Sudarsan Thattai Lineage’s technology edge Chief Information Officer & Chief Transformation Officer Elliott Wolf Unlock
Slide 24: Our LinOS Journey: Phase One – Innovating for Automation
Our LinOS Journey: Phase One – Innovating for Automation Early Lineage Automated Site Design Early automated greenfield development in 2016 identified several significant challenges • Robots do not have the intuition of human labor • Interaction between humans and robots is complex and needs thought
Slide 25: Our LinOS Journey: Unlocking Efficiency Beyond our Automated Facilities
Our LinOS Journey: Unlocking Efficiency Beyond our Automated Facilities Data Science Simulation: Decisions in a Warehouse We modeled most physical decisions in a warehouse and Which equipment is pulling which pallets Where to place inventory created a fully integrated and in which order? in storage
Slide 26: Our LinOS Journey: Phase Two – Digitizing the Conventional Warehouse
Our LinOS Journey: Phase Two – Digitizing the Conventional Warehouse We target warehouse processes and prioritize development by addressable costs and revenue High-Reach Operations Value-Added Activity Addressable Addressable % 25% of Labor Costs 10% % of WH Services Rev. Case Pick Dock 10% Addressa
Slide 27: Select case study
A group of men in reflective vests AI-generated content may be incorrect. • Note: Above mentioned data refers to select case study. 27
Slide 28: Example 1: Optimizing inbound and outbound moves with interleaving
Our LinOS Journey: Phase Two – Digitizing the Conventional Warehouse Example 1: Optimizing inbound and outbound moves with interleaving Warehouse Conventional Warehouse LinOS Optimized Type Two operators moving two loads One operator moving two loads - Interleaving Stores inbound pallet Example Stor
Slide 29: Example 2: Optimizing inbound and outbound moves with interleaving
Our LinOS Journey: Phase Two – Digitizing the Conventional Warehouse Example 2: Optimizing inbound and outbound moves with interleaving Case Study: % Interleaved Moves (paired inbound and outbound simultaneous tasking) 30-day rolling average; 2025 YTD +5% Case Study 40% -5% Before LinOS at this ware
Slide 30: Example 3a: Optimizing switching distance with task assignment
Our LinOS Journey: Phase Two – Digitizing the Conventional Warehouse Example 3a: Optimizing switching distance with task assignment By optimizing who in the warehouse should do each task, we minimize time and labor Visualization of forklift travel throughout a warehouse LinOS maximizes productivity
Slide 31: Example 3b: Optimizing switching distance with task assignment
Our LinOS Journey: Phase Two – Digitizing the Conventional Warehouse Example 3b: Optimizing switching distance with task assignment By optimizing who in the warehouse should do each task, we minimize time and labor Visualization of forklift travel throughout a warehouse LinOS maximizes productivity
Slide 32: LinOS Drives Clear Impact in the Conventional Warehouse
LinOS Drives Clear Impact in the Conventional Warehouse Our productivity jumps higher when we introduce LinOS to a conventional warehouse HRO productivity (pallets moved per hour) pre- and post-LinOS +50% Pilot site results: Increase in pallets moved per hours spent on high reach operations with Lin
Slide 33: Select case study
A person in a safety vest AI-generated content may be incorrect. • Note: Above mentioned data refers to select case study. 33
Slide 34: LinOS HRO is Live, and Early Returns are Promising
LinOS HRO is Live, and Early Returns are Promising # of Sites Live HRO Productivity Total Labor Impact Average Units Per Hour Average Total Labor / Throughput Pallet1 11 30% 5% • Initial High Reach Operations pilots have driven +30% average unit per hour improvement • Average improvement to average
Slide 35: LinOS: Warehouse Case Study
LinOS: Warehouse Case Study “Last week I was driving a regular car, and now I have a HRO Productivity Waymo” - Supervisor Units Per Hour (UPH) 35% 2024 UPH Avg Pallets Moved (Putaway + Staged + Drops) Hours Logged In Site Productivity Pallets Per Hour (PPH) Big lift in productivity post LinOS, conti
Slide 36: Our Agenda Today
Our Agenda Today Greg Lehmkuhl Lineage and the state of the industry President & Chief Executive Officer Jeff Rivera Achieving warehouse productivity Global Chief Operating Officer Sudarsan Thattai Lineage’s technology edge Chief Information Officer & Chief Transformation Officer Elliott Wolf Unlock
Slide 37: …In the Meantime, Lineage is Using All Levers to Create Value
…In the Meantime, Lineage is Using All Levers to Create Value Integrated Cold Lineage’s leading technology, Time Horizon Storage Partner efficient operations, and global Compounder of High ROIC network delivers unmatched value Cold Chain Optimization Capital Allocation and reliability for our custom
Slide 38: Our Team has Real-time Visibility into LinOS KPIs
Our Team has Real-time Visibility into LinOS KPIs HRO Site Direct Labor Total Labor Productivity Productivity Costs Savings How does How does How does LinOS What are the efficiency of efficiency of the impact our run-rate savings HRO (High Reach overall direct labor at the site from Operator) wareho
Slide 39: Elements of LinOS Projected Economics Impact and Business Case
Elements of LinOS Projected Economics Impact and Business Case Figures rounded for illustrative purposes Cost Labor Component % of Total Labor Potential Reduction % Reduction in Labor1 Elements High Reach Operations 25% X 20% to 25% = ~6% Case Pick 10% X 5% to 15% = ~1% Dock 20% X 5% to 15% = ~3% Ma
Slide 40: Overview of Investments and ROIC
Overview of Investments and ROIC LinOS Historical and Forecast Investment Key Takeaways Cumulative ~$200M Through Total Required additional investment in LinOS through 2030 $mms 2025E 2026E-2030E Project Growth Capex $225 $150 $375 ~$450M Total cumulative project investment; inclusive Non-recurring
Slide 41: LinOS at 250+ Warehouses in the Next 3 to 5 Years
LinOS at 250+ Warehouses in the Next 3 to 5 Years Timeline for LinOS roll-out by module and site count Software and Product Implementation and All LinOS Modules at 250+ Warehouses By end of 2029 Development Phase Roll-Out Phase We will unlock value as LinOS HRO at 11 Warehouses LinOS reaches higher
Slide 42: LinOS Rollout Poised to Feed our Growth Flywheel
LinOS Rollout Poised to Feed our Growth Flywheel UNDERWRITTEN NEAR-TERM LONG-TERM IMPROVEMENT HALO EFFECT HALO EFFECT Direct Labor Building Density Exceptional Customer Impact Productivity Improvements Improvement Reduced Labor Support Growing Market Share Costs (e.g. Hiring, Increased Training, Adm
Slide 43: Executive Summary
Executive Summary While Lineage is still early in implementation, we see significant upside ahead as we scale our technology globally and activate key value levers to drive growth and deepen customer impact: • Warehouse productivity enables cost effective, customer-oriented solutions • Early innovat
Slide 44: Thank you
Thank you C O N TA C T Investor Relations ir@onelineage.com 44
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