Slide 1: Second Quarter 2026 Financial Results
Second Quarter 2026 FINANCIAL RESULTS August 5, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement 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 cur
Slide 3: Agenda
Agenda • Q2 2026 Summary • Supply/Demand Update • Segment Results • Capital Structure • 2026 Full-Year Guidance • Summary and Q&A 3
Slide 4: Q2 2026 Highlights and Outlook
Q2 2026 Highlights and Outlook Q2 2026 Highlights: • Q2 2026 financial results vs prior year: o Revenue +0.8% o Adj. EBITDA (1.8)% o AFFO per share (6.2)% • Global Warehousing segment in-line with expectations: o SS Physical occupancy +90bps Y/Y o SS Rent, Storage and Blast Revenue per Physical Pall
Slide 5: SSNOI Stabilizing in Most US Markets
SSNOI Stabilizing in Most US Markets EXCESS SUPPLY + CAPACITY MARKET TYPE NEW CAPACITY AND MARKET SSNOI GROWTH2 DEMAND 2021 – 2025 BALANCE LEVERS New Capacity % Inventory Destocking NOI as % of Low Supply Markets3 20% (LHS4) 2021 (RHS4) 160% 15% 130% US New 64% US NOI 5 10% Stabilizing PRW Supply SU
Slide 6: Key Metrics Point to Stabilizing Trends
Key Metrics Point to Stabilizing Year-Over-Year Trends Same-store occupancy inflecting Y/Y on Driving higher NOI margin Total Adjusted EBITDA trend is both physical and economic measures on disciplined labor growth stabilizing Same-Store Physical Occupancy (%) Labor Cost per Throughput Pallet (TPP)
Slide 7: Global Warehousing Segment
Global Warehousing Segment Q2 2026 Highlights Total Segment • Total segment revenue +3.6%; Total segment NOI flat $M Revenue NOI • Same WH NOI down (2.9)% $970 $1,005 $367 $367 o Same WH physical occupancy +90bps Y/Y • Strong WH services growth in international markets • Expect to see gradual easing
Slide 8: Global Integrated Solutions Segment
Global Integrated Solutions Segment Q2 2026 Highlights Total Segment • GIS NOI flat Y/Y, excluding legal settlement of ($7M); $M Revenue (10.3)% Y/Y actual $380 $356 • GIS Revenue +5.0% Y/Y, excluding Spain transportation divestiture; (6.3)% Y/Y actual • Carrier rate increases in transportation segm
Slide 9: Q2 2026 Financial Results
Q2 2026 Financial Results Total Revenue ($M) Adjusted EBITDA ($M) $1,346 $1,338 $1,350 $1,361 $323 $334 $326 $320 Q2 23 Q2 24 Q2 25 Q2 26 Q2 23 Q2 24 Q2 25 Q2 26 Y/Y growth (1)% +1% +1% Y/Y growth +3% (2)% (2)% Adjusted EBITDA Margin AFFO ($M) AFFO per share $211 $0.81 24.0% 25.0% 24.1% 23.5% $198 $
Slide 10: Capital Structure Update
Capital Structure Update Balance Sheet and Liquidity Leverage Ratio: Net Debt to Adjusted EBITDA Total debt outstanding of $6.2B (of $7.8B of total debt and debt-like (in millions) 6/30/2026 obligations, net) Net debt $ 7,830 • ~2.9 years remaining weighted average term1 LTM Adj. EBITDA 1,302 Net de
Slide 11: Updating Full-Year 2026 Guidance
Updating Full-Year 2026 Guidance Full-Year 2026 Guidance Prior FY 2026 Guide New FY 2026 Guide Significant Event Notes SSNOI Growth (4)% to (1)% (3)% to 0% Total WH NOI Growth (2)% to +1% (2)% to +1% Big Bear facility fire impacted Total WH NOI (moved to Non- Total GIS NOI Growth1 0% to +2% (4)% to
Slide 12: Investment Highlights: Lineage's Key Strengths
Investment Highlights: Lineage’s Key Strengths Cold storage is the critical infrastructure of the Global Integrated Solutions: a comprehensive global food supply chain – a large, growing, suite of value-add services recession-resistant market Global leader in a fragmented industry with Demonstrated
Slide 13: Supplemental Financial and Operating Data
Supplemental Financial and Operating Data 13
Slide 14: Global Warehousing Segment - Total
Global Warehousing Segment - Total CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $514 $514 —% $1,028 $1,005 2.3 % Warehouse services 491 456 7.7 % 962 909 5.8 % Tota
Slide 15: Global Warehousing Segment – Same Warehouse
Global Warehousing Segment – Same Warehouse SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $469 $468 0.2 % $940 $930 1.1 % Warehouse services 437 434 0.7 % 861 866
Slide 16: Global Warehousing Segment – Non-Same Warehouse
Global Warehousing Segment – Non-Same Warehouse NON-SAME WAREHOUSE FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions except revenue per pallet) 2026 2025 Change 2026 2025 Change Warehouse storage $45 $46 (2.2)% $88 $75 17.3% Warehouse services 54 22 145.5% 101
Slide 17: Same Warehouse (Q2 2026 Pool)
Global Warehousing Segment – Same Warehouse (Q2 2026 Pool) SAME WAREHOUSE FINANCIAL PERFORMANCE - LAST SIX QUARTERS Three Months Ended YoY % Change March 31, June 30, September 30, December 31, March 31, June 30, Q2 2026 (in millions except revenue per pallet) 2025 2025 2025 2025 2026 2026 vs Q2 202
Slide 18: Global Integrated Solutions Segment
Global Integrated Solutions Segment CONSOLIDATED FINANCIAL PERFORMANCE Three Months Ended Six Months Ended June 30, June 30, (in millions) 2026 2025 Change 2026 2025 Change Global Integrated Solutions segment revenues $356 $380 (6.3) % $668 $728 (8.2) % Global Integrated Solutions cost of operations
Slide 19: Greenfield and Expansion Projects
Greenfield and Expansion Projects Greenfield and Expansion Development Project Pipeline Completed Within the Last 36 Months and In Process Expected Stabilized Economic Project Pallet Remaining Estimated Occupancy Stabilized Estimated Vintage Project Square Feet Cubic Feet Positions Total Cost Spend
Slide 20: Debt Summary
Debt Summary INTEREST EXPENSE SUMMARY Interest Expense (in millions) Q2 2026 Q2 2026 YTD Revolver $ 22 $ 42 Term loan A 12 23 Unsecured notes 25 49 Other real estate secured debt 3 8 Kloosterboer preference shares 4 8 Failed sale-leaseback & non-debt interest 2 3 Total Gross Interest Expense $ 68 $
Slide 21: Derivative Instruments
Derivative Instruments INTEREST RATE DERIVATIVES Instruments Designated as Accounting Hedges Number of Weighted Average Instruments Notional Effective Date Maturity Date Effective Rate1 Interest rate derivatives: (in millions) Interest rate swap 2 USD 500 December 31, 2025 February 15, 2028 3.11% In
Slide 22: Debt Summary
Debt Summary DEBT DETAIL As of June 30, 2026 (in millions) Balance Contracted Interest Rate Effective Interest Rate1 Stated Maturity Date2 Unsecured revolving credit facility3 $ 1,890 SOFR + 0.78% 4.86% 2/15/2029 Unsecured term loan 1,000 SOFR + 0.93% 4.43% 2/15/2029 Total unsecured credit facilitie
Slide 23: Debt Summary
Debt Summary DEBT COMPOSITION (in millions) 2026 2027 2028 2029 2030 2031+ Interest Rate of Maturing Debt(1) 2.0 % 3.5 % 3.1 % 4.7 % 5.6 % 3.6 % Fixed vs. Floating Secured vs. Unsecured By Currency Secured Other $315 $589 Floating - 5% 9% unhedged EUR $1,721 $1,513 28% Fixed USD 24% $3,278 $4,147 52
Slide 24: Debt Summary - Leverage Ratio and Adjusted Leverage Ratio
Debt Summary - Leverage Ratio and Adjusted Leverage Ratio Leverage Ratio: Net Debt to Adjusted EBITDA (in millions) 6/30/2026 During the construction period and until the assets Total debt $ 6,249 have fully ramped up, Lineage's greenfields and Debt-like obligations 1,638 expansions generally put up
Slide 25: Debt Covenant Performance
Debt Covenant Performance As of Required June 30, 2026 5.25% & 4.125% Notes Covenants Limitation on total outstanding debt ≤ 60% 31% Limitation on secured debt ≤ 40% 7% Maintenance of total unencumbered assets ≥ 150% 335% Debt service test(1) ≥ 1.5x 4.4x 1. Debt Service Test is defined as the ratio
Slide 26: Capital Expenditures and Acquisitions
Capital Expenditures and Acquisitions RECURRING MAINTENANCE CAPITAL EXPENDITURES (in millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YoY Change Global warehousing $35 $35 $42 $26 $28 (20.0) % Global integrated solutions $4 $6 $10 $2 $2 (50.0) % Information technology and other $3 $2 $4 $3 $3 —% Re
Slide 27: Repair and Maintenance Expenses
Repair and Maintenance Expenses (in millions) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 YoY Change Global warehousing $38 $38 $41 $40 $40 5.3 % Global integrated solutions $15 $14 $13 $12 $13 (13.3) % Repair and maintenance expenses $53 $52 $54 $52 $53 —% 27
Slide 28: Global Warehouse Segment
Global Warehouse Segment HISTORICAL OCCUPANCY AND MINIMUM STORAGE GUARANTEES Average Economic and Physical Occupancy in Contracts with Minimum Storage Our Global Warehousing Segment Guaranteed & Lease Revenue1 (as % of Rent and Storage Revenue) 87.7% 87.3% 87.2% 85.1% 84.5% 84.3% 83.7% 83.6% 83.9% 8
Slide 29: Global Warehouse Segment
Global Warehouse Segment HISTORICAL SAME WAREHOUSE NOI GROWTH – AS REPORTED Same Warehouse NOI – Recent Trend1 Q1 Q2 Q3 Q4 FY 2023 22.5% 19.0% 11.0% 9.0% 15.3% 2024 (2.9)% (2.3)% 2.4% 1.2% (0.6)% 2025 (7.9)% (6.3)% (3.6)% (5.0)% (5.8)% 2026 (0.9)% (2.9)% 1. As reported. 29
Slide 30: Consolidated Balance Sheets
Consolidated Balance Sheets June 30, December 31, (in millions, except par values) 2026 2025 Assets Current assets: Cash, cash equivalents, and restricted cash $ 58 $ 66 Accounts receivable, net 920 896 Inventories 122 145 Prepaid expenses and other current assets 141 132 Total current assets 1,241
Slide 31: Consolidated Statements of Operations
Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, (in millions, except per share amounts) 2026 2025 2026 2025 Net revenues $ 1,361 $ 1,350 $ 2,658 $ 2,642 Cost of operations 936 920 1,816 1,796 General and administrative expense 138 143 279 297 Depreciation
Slide 32: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Six Months Ended June 30, (in millions) 2026 2025 Cash flows from operating activities: Net income (loss) $ (83) $ (7) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for credit losses 1 2 Gain on insurance reco
Slide 33: Consolidated Statements of Cash Flows (continued)
Consolidated Statements of Cash Flows (continued) Six Months Ended June 30, (in millions) 2026 2025 Cash flows from financing activities: Dividends and other distributions (269) (268) Redemption of redeemable noncontrolling interests (2) (28) Repurchase of common shares for employee income taxes on
Slide 34: Appendix: Non-GAAP Reconciliations and Other Definitions
Appendix: Non-GAAP Reconciliations and Other Definitions 34
Slide 35: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME Three Months Ended June 30, Six Months Ended June 30, (in millions) 2023 2024 2025 2026 2023 2024 2025 2026 Net Income (Loss) $(8) $(80) $(7) $(32) $11 $(128) $(7) $(83) Stock-based compensation expense and related employer- — —
Slide 36: Non-GAAP Reconciliations
Non-GAAP Reconciliations TOTAL SEGMENT NOI RECONCILIATION TO NET INCOME - LAST SIX QUARTERS (Q2 2026 Pool) Three Months Ended March 31, June 30, September 30, December 31, March 31, June 30, (in millions) 2025 2025 2025 2025 2026 2026 Net Income (Loss) $— $(7) $(112) $6 $(51) $(32) Stock-based compe
Slide 37: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME QTD Three Months Ended June 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $(8) $(80) $(7) $(32) Adjustments: Depreciation and amortization expense 188 219 $224 $237 Interest expense, net 116 148 67 87 Income tax expense
Slide 38: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME YTD Six Months Ended June 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $11 $(128) $(7) $(83) Adjustments: Depreciation and amortization expense $369 $430 $436 $470 Interest expense, net 231 287 127 171 Income tax expens
Slide 39: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED EBITDA RECONCILIATION TO NET INCOME - LAST TWELVE MONTHS (LTM) Three Months Ended Twelve Months Ended (in millions) September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 June 30, 2026 Net Income (loss) $(112) $6 $(51) $(32) $(189) Adjustments: Depreciati
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME QTD Three Months Ended June 30, Three Months Ended March 31, (in millions) 2023 2024 2025 2026 2026 Net Income (loss) $(8) $(80) $(7) $(32) $(51) Adjustments: Real estate depreciation $76 $91 $94 $101 $99 In-place lease intangible am
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations ADJUSTED FFO RECONCILIATION TO NET INCOME YTD Six Months Ended June 30, (in millions) 2023 2024 2025 2026 Net Income (loss) $11 $(128) $(7) $(83) Adjustments: Real estate depreciation $156 $176 $179 $200 In-place lease intangible amortization 4 5 2 2 Net loss (gain) on sale
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations NET DEBT RECONCILIATION As of June 30, (in millions) 2026 Total debt, net $6,222 Finance lease obligations 1,279 Total sale-leaseback financing obligations 66 Kloosterboer preference shares 293 Total debt and debt-like obligations $7,860 Deferred financing costs and discount
Slide 43: Period End Share Count
Period End Share Count June 30, (in millions) 2026 Common shares outstanding 228 Partnership common units and OP units held by Non-Company LPs 22 Equity compensation and other units 9 Diluted common shares outstanding 259 43
Slide 44: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use the following non-GAAP financial measures as supplemental performance measures of our business: segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, EBITDAre, Adjusted EBITDA, Adjusted EBITDA margin, net debt, net debt to LTM Adjusted EBITDA, and adjusted net debt to
Slide 45: Non-GAAP Financial Measures (continued)
Non-GAAP Financial Measures (continued) We calculate funds from operations, or FFO, in accordance with the standards established by the Board of Governors of the NAREIT. NAREIT defines FFO as net income or loss determined in accordance with GAAP, excluding extraordinary items as defined under GAAP a
Slide 46: Other Definitions
Other Definitions Global Warehousing Segment Revenues Warehouse storage Storage revenues relate to the act of storing products for our customers within our warehouses. Storage revenues can be in the form of storage fees we charge customers for utilization of non-exclusive space or a set amount of re
Slide 47: Other Definitions (continued)
Other Definitions (continued) Same Warehouse Analysis In addition to segment NOI, we further evaluate the performance of our Global Warehousing segment using a “same warehouse” analysis, which isolates the operating performance of a consistent population of warehouses from period to period. We defin
Slide 48: Thank you
Thank you C O N TA C T Investor Relations ir@onelineage.com 48