Americold Announces Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Americold (NYSE: COLD) reported Q4 2025 results and 2026 outlook. Q4 adjusted FFO per share was $0.38, Core EBITDA improved to $162.9M, and full-year adjusted FFO was $1.43. Revenues declined modestly; net loss and leverage remain focal issues. 2026 AFFO guidance: $1.20–$1.30.

Positive

• Q4 Adjusted FFO per share of $0.38 (+2.7% YoY)
• Full-year Adjusted FFO of $1.43 per share
• Q4 Core EBITDA of $162.9M (+4.7% YoY)
• Total liquidity of approximately $935.4M
• Board raised quarterly dividend by 5% to $0.23

Negative

• Total revenues down 2.4% year-over-year for 2025
• Net loss of $114.5M for full-year 2025
• Net debt to pro forma Core EBITDA of approximately 6.8x
• Economic occupancy declined 130 bps to 76.1% and throughput pallets fell 4.3%

Key Figures

Q4 2025 AFFO/share: $0.38 Q4 2025 total revenue: $658.5M Q4 2025 net loss/share: $0.31 loss +5 more

8 metrics

Q4 2025 AFFO/share $0.38 Fourth quarter 2025, up 3% year-over-year and slightly ahead of expectations

Q4 2025 total revenue $658.5M Fourth quarter 2025, down 1.2% from $666.4M in Q4 2024

Q4 2025 net loss/share $0.31 loss Fourth quarter 2025 net loss of $88.3M, deeper than $0.13 loss in Q4 2024

Global Warehouse services margin 13.9% Q4 2025 same store services margin, up from 12.7% in Q4 2024

Full-year 2025 AFFO/share $1.43 Full year 2025 Adjusted FFO per diluted share, down 2.7% from $1.47 in 2024

2026 AFFO/share outlook $1.20–$1.30 Company’s 2026 Adjusted FFO per share guidance range

Liquidity $935.4M Cash plus available revolver capacity as of December 31, 2025

Total net debt $4.2B Net debt including $194.6M of financing leases/sale-leasebacks at year-end 2025

Market Reality Check

Price: $12.00 Vol: Volume 5,971,733 shares i...

normal vol

$12.00 Last Close

Volume Volume 5,971,733 shares is 1.26x the 20-day average of 4,742,097, indicating elevated trading interest ahead of and around results. normal

Technical Shares at $12.00 are trading below the 200-day MA of $14.20, and sit well under the 52-week high of $23.52 while above the $10.10 low.

Peers on Argus

COLD fell 2.6% while key REIT-Industrial peers were mixed: NSA +0.59%, FR +1.19%...

COLD fell 2.6% while key REIT-Industrial peers were mixed: NSA +0.59%, FR +1.19%, LXP -1.09%, TRNO -0.21%, STAG -0.03%. No sector-wide move is evident.

Previous Earnings Reports

5 past events · Latest: Nov 06 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 06	Q3 2025 earnings	Negative	-7.1%	Q3 revenue decline, net loss, weaker EBITDA and NOI, reaffirmed 2025 guide.
Aug 07	Q2 2025 earnings	Negative	-9.4%	Q2 revenue drop, guidance cut, same-store NOI weakness despite small net income.
May 08	Q1 2025 earnings	Negative	-5.8%	Mixed Q1 results with outlook lowered and occupancy down sharply.
Feb 20	Q4 2024 earnings	Positive	+6.2%	Strong 2024 growth in same-store NOI and AFFO per share, new projects.
Nov 07	Q3 2024 earnings	Positive	-8.3%	Q3 2024 revenue and NOI growth with higher AFFO, but shares fell.

Pattern Detected

Earnings releases often prompted negative reactions, especially when showing revenue pressure and occupancy softness, with one notable divergence on strong 2024 results.

Recent Company History

Over the last five earnings cycles from Nov 2024 through Nov 2025, Americold moved from strong 2024 growth in same-store NOI and AFFO per share to 2025 results marked by modest revenue declines, net losses, and weaker occupancies. Q1–Q3 2025 earnings featured reduced guidance and falling same-store NOI, each followed by share price declines. The current Q4 2025 release continues themes of revenue softness, higher net losses tied to asset sales, but improving services margins and AFFO per share, fitting the recent mixed-fundamentals pattern.

Historical Comparison

-4.9% avg move · In the last five earnings releases, COLD’s average move was -4.88%, usually reacting negatively to s...

earnings

-4.9%

Average Historical Move earnings

In the last five earnings releases, COLD’s average move was -4.88%, usually reacting negatively to softer fundamentals. Today’s mixed Q4 2025 update and cautious 2026 AFFO outlook fit that pattern.

Earnings from late 2024 through 2025 show a shift from strong 2024 NOI and AFFO growth to 2025 revenue declines, net losses, and occupancy pressure despite ongoing development projects.

Market Pulse Summary

This announcement highlights Q4 2025 AFFO per share of $0.38, improving services margins, and a prud...

Analysis

This announcement highlights Q4 2025 AFFO per share of $0.38, improving services margins, and a prudent 2026 AFFO outlook of $1.20–$1.30. Offsetting positives, total revenues declined and net losses widened, partly due to asset sales. Historically, earnings have produced sizable moves, with an average reaction of -4.88%. Investors may focus on same-store NOI trends, economic occupancy, leverage around $4.2B net debt, and execution on cost-reduction and development priorities.

Key Terms

affo, noi, core ebitda, adjusted ffo, +3 more

7 terms

affo financial

"Fourth Quarter AFFO Per Share Increases 3% Year-Over-Year to $0.38/Share"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

noi financial

"Global Warehouse segment same store NOI decreased 0.6%, or 0.8% on a constant currency basis"

Net operating income (NOI) is the total profit a business makes from its core operations, after subtracting expenses directly related to running the business but before accounting for taxes, interest, or investments. It shows how well the company’s main activities generate earnings and helps investors assess its financial health and profitability without the influence of external factors. Think of it as the money a store earns from sales minus the costs to keep it open.

core ebitda financial

"Core EBITDA of $162.9 million, increased $7.3 million, or 4.7%"

Core EBITDA is a measure of a company's earnings from its regular business operations before interest, taxes, depreciation and amortization, with one-off, non-recurring or unusual items removed. Investors use it to see the underlying, repeatable cash-generating performance — like checking how well a store sells its usual products after ignoring a one-time sale or a one-off repair — which helps compare companies and judge ongoing profitability.

adjusted ffo financial

"Adjusted FFO of $108.3 million, or $0.38 per diluted share"

Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.

nareit ffo financial

"We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO"

NAREIT FFO is a standardized measure of operating performance for real estate companies that starts with net income, removes gains or losses from property sales, and adds back depreciation and amortization tied to real estate. Investors use it like a clearer view of recurring cash-earning ability—similar to checking a store’s everyday sales rather than one‑time clearance events—so it helps compare profitability and dividend capacity across property firms.

ebitdare financial

"Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein."

EBITDARE is a financial measure that shows a company's earnings before accounting for interest, taxes, depreciation, amortization, and restructuring costs. It helps investors understand how well a business is performing by focusing on its core operations, ignoring one-time or non-operational expenses. Think of it as checking a company's true earning power, similar to assessing a car’s performance by its engine without considering external factors like fuel costs or repairs.

maintenance capital expenditures financial

"Total maintenance capital expenditures | $60M – $70M"

Maintenance capital expenditures are the money a company spends to keep its existing buildings, machines, vehicles, or systems running at their current capacity—think replacing worn parts, major repairs, or necessary upgrades to avoid breakdowns. Investors watch this because it’s a recurring, non-growth cost that must be paid before a company can invest in expansion or return cash to shareholders; like routine car maintenance, it preserves value but reduces funds available for new opportunities.

AI-generated analysis. Not financial advice.

Fourth Quarter AFFO Per Share Increases 3% Year-Over-Year to $0.38/Share

Delivered Continued Improvement in Full-Year Services Margin

Introduces 2026 Key Priorities to Support Future Growth

ATLANTA, Feb. 19, 2026 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), is the global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the fourth quarter and year ended December 31, 2025.

Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Americold delivered solid fourth‑quarter AFFO per share of $0.38, slightly ahead of expectations in what remains a challenging backdrop across the cold storage industry. Our teams continue to execute well, improving operational performance, advancing our commercial strategy, and delivering on key development milestones around the globe. During the year we expanded our services margin and achieved our long-term 60% target for fixed commitment contracts, while winning new business with some of the world’s most important food producers and retailers. I am proud of how the organization has remained focused on delivering our commitments as we build a stronger foundation for the years ahead.”

“Entering 2026, we have developed a list of key priorities that are designed to position Americold for long‑term future growth. These include taking disciplined steps to strengthen our balance sheet, enhance the profitability of our global real estate portfolio, and focus our capital on customer‑driven development opportunities. At the same time, we are expanding our presence in high‑value retail and store‑support solutions, while broadening our commercial aperture to pursue opportunities in new and adjacent sectors. Our cost‑reduction initiatives are well underway and will help us navigate the ongoing headwinds while we execute against these priorities. With the upcoming addition of Chris Papa as our Chief Financial Officer, we are further bolstering our capabilities as we advance this next phase of our strategy.”

“In this complex environment, we are taking a prudent approach to our 2026 outlook and expect AFFO of $1.20 to $1.30 per share. I believe the actions we are taking behind our key priorities will meaningfully strengthen our company and enhance our long‑term earnings power. Americold’s mission-critical assets, operational excellence, and deep customer relationships continue to differentiate us in the marketplace, and we remain confident in our ability to create sustained value for our shareholders.”

Fourth Quarter 2025 Highlights

• Total revenues of $658.5 million, a 1.2% decrease from $666.4 million in Q4 2024 and a decrease of 1.6% on a constant currency basis.
• Net loss of $88.3 million, or $0.31 loss per diluted share, as compared to a net loss of $0.13 per diluted share in Q4 2024.
• Global Warehouse segment same store revenues decreased 1.1% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q4 2024.
• Global Warehouse same store services margin increased to 13.9% from 12.7% in Q4 2024.
• Global Warehouse segment same store NOI decreased 0.6%, or 0.8% on a constant currency basis, as compared to Q4 2024.
• Adjusted FFO of $108.3 million, or $0.38 per diluted share, a 2.7% increase from Q4 2024 Adjusted FFO per diluted share of $0.37.
• Core EBITDA of $162.9 million, increased $7.3 million, or 4.7% (3.3% on a constant currency basis) from $155.6 million in Q4 2024.
• Core EBITDA margin of 24.7%, increased from 23.3% in Q4 2024.
  
  

Full Year to Date 2025 Highlights

• Total revenues of $2.6 billion, a 2.4% decrease from $2.7 billion in 2024 and a decrease of 2.3% on a constant currency basis.
• Net loss of $114.5 million, or $0.40 loss per diluted share, as compared to a net loss of $0.33 per diluted share in 2024.
• Global Warehouse segment same store revenues decreased 1.4% on an actual basis and decreased 1.2% on a constant currency basis as compared to 2024.
• Global Warehouse same store services margin increased to 12.8% from 12.3% in 2024.
• Global Warehouse segment same store NOI decreased 2.7%, or 2.5% on a constant currency basis, as compared to 2024.
• Adjusted FFO of $408.3 million, or $1.43 per diluted share, a 2.7% decrease from 2024 Adjusted FFO per diluted share of $1.47.
• Core EBITDA of $617.9 million, decreased $16.2 million, or 2.6% on an actual and constant currency basis from $634.1 million in 2024.
• Core EBITDA margin of 23.7%, decreased from 23.8% in 2024.
  
  

2026 Outlook

The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced.

	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 approximately $218M – $228M of core SG&A, $23M – $24M of share-based compensation expense, and $8M-$10M of Project Orion deferred costs amortization)	$250M – $260M
Core EBITDA	$570M – $620M
Interest expense	$170M – $180M
Current income tax expense	$6M – $8M
Total maintenance capital expenditures	$60M – $70M
Adjusted FFO per share	$1.20 – $1.30

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, February 19, 2026 at 8:00 a.m. Eastern Time to discuss its fourth quarter and full year 2025 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13758077. The telephone replay will be available starting shortly after the call until March 5, 2026.

The Company’s supplemental package will be available prior to the conference call in the Investors section of the Company’s website at http://ir.americold.com.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

Fourth Quarter 2025 Total Company Financial Results

Total revenues for the fourth quarter of 2025 were $658.5 million, a 1.2% decrease from $666.4 million in the same quarter of the prior year, primarily due to lower volumes in the Global Warehouse segment and a decrease in third-party managed services and transportation services revenues.

For the fourth quarter of 2025, Global Warehouse segment revenues were $600.7 million, a decrease of $5.8 million, or 1.0% on an actual basis and 1.3% on a constant currency basis, compared to $606.5 million for the fourth quarter of 2024. This decrease was principally driven by a reduction in economic occupancy of 130 basis points to 76.1% and a reduction in throughput pallets of 4.3% due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry. Such headwinds are partially offset by higher revenue per pallet due to changes in mix and pricing adjustments in the normal course of operations.

Global Warehouse segment contribution net operating income (NOI) was $206.9 million for the fourth quarter of 2025 as compared to $201.4 million for the fourth quarter of 2024, an increase of $5.5 million, or an increase of 2.7% on an actual basis and an increase of 2.5% constant currency basis. Global Warehouse segment margin was 34.4% for the fourth quarter of 2025, a 120 basis point increase compared to the fourth quarter of 2024. The increase in both NOI and margin for the Global Warehouse segment is primarily driven by lower costs of operations due to the exit of certain sites, partially offset by the decrease in warehouse segment revenues.

Total NOI for the fourth quarter of 2025 was $216.9 million, an increase of 2.7% (2.4% increase on a constant currency basis) from the same quarter of the prior year. This increase is primarily related to an increase in warehouse segment NOI which was driven by lower costs of operations, partially offset by a decrease in warehouse revenue both described above. Such decreases in warehouse revenues were partially offset by increases in warehouse revenues and NOI associated with recently completed expansions, developments, and acquisitions.

For the fourth quarter of 2025, the Company reported net loss of $88.3 million, or a net loss of $0.31 per diluted share, compared to a net loss of $36.2 million, or a net loss of $0.13 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Net loss from sale of real estate of $55.9 million recognized in the fourth quarter of 2025 related to the sale of certain sites, partially offset by the $12.9 million increase in the Total income tax benefit and the same factors driving the increase in NOI mentioned above.

Core EBITDA was $162.9 million for the fourth quarter of 2025, compared to $155.6 million for the comparable quarter of the prior year. This increase (4.7% on an actual basis and 3.3% on a constant currency basis) was primarily driven by the increase in total NOI and the decrease in Selling, general, and administrative costs.

For the fourth quarter of 2025, Core FFO was $102.8 million, or $0.36 per diluted share, compared to $88.6 million, $0.31 per diluted share for the fourth quarter of 2024.

For the fourth quarter of 2025, Adjusted FFO was $108.3 million, or $0.38 per diluted share, compared to $105.9 million, $0.37 per diluted share for the fourth quarter of 2024.

Please see the Company’s supplemental financial information for the definitions and reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.

Balance Sheet Activity and Liquidity

As of December 31, 2025, the Company had total liquidity of approximately $935.4 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $4.2 billion (inclusive of approximately $194.6 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 95.5% of the Company’s total debt as of December 31, 2025. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.8x. The Company’s unsecured debt has a remaining weighted average term of 4.1 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of December 31, 2025, approximately 86.6% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On December 16, 2025, the Company’s Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the fourth quarter of 2025, which was paid on January 15, 2026 to common stockholders of record as of December 31, 2025.

About the Company

Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 231 operating facilities across North America, Europe, Asia-Pacific, and South America— totaling approximately 1.4 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.

Non-GAAP Measures

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, and maintenance capital expenditures. Definitions of these non-GAAP metrics are included in our quarterly financial supplement, and reconciliations of these non-GAAP measures to their most comparable US GAAP metrics are included herein. Each of the non-GAAP measures included in this press release has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company’s results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company’s presentation of non-GAAP measures in this press release may not be comparable to similarly titled measures disclosed by other companies, including other REITs.

Forward-Looking Statements

This press release 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 the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: failure to execute on growth strategies and opportunities; rising inflationary pressures, increased interest rates and operating costs; national, international, regional and local economic conditions, including impacts and uncertainty from trade disputes and tariffs on goods imported to the United States and goods exported to other countries; periods of economic slowdown or recession; labor and power costs; labor shortages; our relationship with our associates, the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; the impact of supply chain disruptions; risks related to rising construction costs; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; uncertainty of revenues, given the nature of our customer contracts; acquisition risks, including the failure to identify or complete attractive acquisitions or failure to realize the intended benefits from our recent acquisitions; difficulties in expanding our operations into new markets and products; uncertainties and risks related to public health crises; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes; risks related to implementation of the new ERP system; risks related to defaults or non-renewals of significant customer contracts; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; changes in applicable governmental regulations and tax legislation; risks related to current and potential international operations and properties; actions by our competitors and their increasing ability to compete with us; changes in foreign currency exchange rates; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with our use of third-party trucking service providers for transportation services to our customers; liabilities as a result of our participation in multi-employer pension plans; risks related to the partial ownership of properties, including our JV investment; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings, including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook and our migration of our customers to fixed commitment storage contracts. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:
Americold Realty Trust, Inc.
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com

Fourth Quarter and Full Year 2025 Global Warehouse Segment Results

The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three months and years ended December 31, 2025 and 2024.

		Three Months Ended December 31,									Change
Dollars and units in thousands, except per pallet data		2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues:
Rent and storage		$	259,021		$	258,565		$	259,889		(0.3)%		(0.5)%
Warehouse services			341,654			339,864			346,576		(1.4)%		(1.9)%
Total revenues		$	600,675		$	598,429		$	606,465		(1.0)%		(1.3)%
Global Warehouse cost of operations(2):
Power			34,655			34,437			35,271		(1.7)%		(2.4)%
Other facilities costs(3)			59,981			60,015			61,720		(2.8)%		(2.8)%
Labor			246,492			245,295			251,486		(2.0)%		(2.5)%
Other services costs(4)			52,669			52,233			56,561		(6.9)%		(7.7)%
Total warehouse segment cost of operations		$	393,797		$	391,980		$	405,038		(2.8)%		(3.2)%
Global Warehouse contribution (NOI)		$	206,878		$	206,449		$	201,427		2.7%		2.5%
Rent and storage contribution (NOI)(5)		$	164,385		$	164,113		$	162,898		0.9%		0.7%
Services contribution (NOI)(6)		$	42,493		$	42,336		$	38,529		10.3%		9.9%
Global Warehouse margin			34.4%			34.5%			33.2%		120 bps		130 bps
Rent and storage margin(7)			63.5%			63.5%			62.7%		80 bps		80 bps
Warehouse services margin(8)			12.4%			12.5%			11.1%		130 bps		140 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets(9)			4,147		n/a				4,272		(2.9)%		n/a
Average physical occupied pallets(10)			3,574		n/a				3,693		(3.2)%		n/a
Average physical pallet positions(10)			5,451		n/a				5,517		(1.2)%		n/a
Economic occupancy percentage(9)			76.1%		n/a				77.4%		-130 bps		n/a
Physical occupancy percentage(10)			65.6%		n/a				66.9%		-130 bps		n/a
Total rent and storage revenues per average economic occupied pallet		$	62.46		$	62.35		$	60.84		2.7%		2.5%
Total rent and storage revenues per average physical occupied pallet		$	72.47		$	72.35		$	70.37		3.0%		2.8%
Global Warehouse services metrics:
Throughput pallets			8,839		n/a				9,234		(4.3)%		n/a
Total warehouse services revenues per throughput pallet		$	38.65		$	38.45		$	37.53		3.0%		2.5%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.
(3)	Includes real estate rent expense of $7.7 million and $9.0 million for the three months ended December 31, 2025 and 2024, respectively.
(4)	Includes non-real estate rent expense (equipment lease and rentals) of $2.2 million and $2.8 million for the three months ended December 31, 2025 and 2024, respectively.
(5)	Calculated as warehouse rent and storage revenues less power and other facilities costs.
(6)	Calculated as warehouse services revenues less labor and other services costs.
(7)	Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(8)	Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(9)	We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(10)	We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.
(n/a = not applicable)

		Three Months Ended December 31,									Change
Dollars and units in thousands, except per pallet data		2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
SAME STORE WAREHOUSE
Number of same store warehouses			219						219
Same store revenues:
Rent and storage		$	249,667		$	249,215		$	252,625		(1.2)%		(1.3)%
Warehouse services			334,569			332,792			338,129		(1.1)%		(1.6)%
Total same store revenues		$	584,236		$	582,007		$	590,754		(1.1)%		(1.5)%
Same store cost of operations(2):
Power			33,083			32,865			34,198		(3.3)%		(3.9)%
Other facilities costs			58,775			58,815			55,788		5.4%		5.4%
Labor			236,469			235,280			242,631		(2.5)%		(3.0)%
Other services costs			51,560			51,126			52,614		(2.0)%		(2.8)%
Total same store cost of operations		$	379,887		$	378,086		$	385,231		(1.4)%		(1.9)%
Same store contribution (NOI)		$	204,349		$	203,921		$	205,523		(0.6)%		(0.8)%
Same store rent and storage contribution (NOI)(3)		$	157,809		$	157,535		$	162,639		(3.0)%		(3.1)%
Same store services contribution (NOI)(4)		$	46,540		$	46,386		$	42,884		8.5%		8.2%
Same store margin			35.0%			35.0%			34.8%		20 bps		20 bps
Same store rent and storage margin(5)			63.2%			63.2%			64.4%		-120 bps		-120 bps
Same store services margin(6)			13.9%			13.9%			12.7%		120 bps		120 bps
Same store rent and storage metrics:
Average economic occupied pallets(7)			4,064		n/a				4,132		(1.6)%		n/a
Average physical occupied pallets(8)			3,500		n/a				3,564		(1.8)%		n/a
Average physical pallet positions(8)			5,182		n/a				5,216		(0.7)%		n/a
Economic occupancy percentage(7)			78.4%		n/a				79.2%		-80 bps		n/a
Physical occupancy percentage(8)			67.5%		n/a				68.3%		-80 bps		n/a
Same store rent and storage revenues per average economic occupied pallet		$	61.43		$	61.32		$	61.14		0.5%		0.3%
Same store rent and storage revenues per average physical occupied pallet		$	71.33		$	71.20		$	70.88		0.6%		0.5%
Same store services metrics:
Throughput pallets			8,684		n/a				9,039		(3.9)%		n/a
Same store warehouse services revenues per throughput pallet		$	38.53		$	38.32		$	37.41		3.0%		2.4%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.
(3)	Calculated as same store rent and storage revenues less same store power and other facilities costs.
(4)	Calculated as same store warehouse services revenues less same store labor and other services costs.
(5)	Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(6)	Calculated as same store services contribution (NOI) divided by same store services revenues.
(7)	We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(8)	We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.
(n/a = not applicable)

		Three Months Ended December 31,									Change
Dollars and units in thousands, except per pallet data		2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)			9						16
Non-same store revenues:
Rent and storage		$	9,354		$	9,350		$	7,264		n/r		n/r
Warehouse services			7,085			7,072			8,447		n/r		n/r
Total non-same store revenues		$	16,439		$	16,422		$	15,711		n/r		n/r
Non-same store cost of operations(3):
Power			1,572			1,572			1,073		n/r		n/r
Other facilities costs			1,206			1,200			5,932		n/r		n/r
Labor			10,023			10,015			8,855		n/r		n/r
Other services costs			1,109			1,107			3,947		n/r		n/r
Total non-same store cost of operations		$	13,910		$	13,894		$	19,807		n/r		n/r
Non-same store contribution (NOI)		$	2,529		$	2,528		$	(4,096)		n/r		n/r
Non-same store rent and storage contribution (NOI)(4)		$	6,576		$	6,578		$	259		n/r		n/r
Non-same store services contribution (NOI)(5)		$	(4,047)		$	(4,050)		$	(4,355)		n/r		n/r
Non-same store rent and storage metrics:
Average economic occupied pallets(6)			83		n/a				140		n/r		n/a
Average physical occupied pallets(7)			74		n/a				129		n/r		n/a
Average physical pallet positions(7)			269		n/a				301		n/r		n/a
Economic occupancy percentage(6)			30.9%		n/a				46.5%		n/r		n/a
Physical occupancy percentage(7)			27.5%		n/a				42.9%		n/r		n/a
Non-same store rent and storage revenues per average economic occupied pallet		$	112.70		$	112.65		$	51.89		n/r		n/r
Non-same store rent and storage revenues per average physical occupied pallet		$	126.41		$	126.35		$	56.31		n/r		n/r
Non-same store services metrics:
Throughput pallets			155		n/a				195		n/r		n/a
Non-same store warehouse services revenues per throughput pallet		$	45.71		$	45.63		$	43.32		n/r		n/r

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	As of December 31, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 2 facilities where the executive leadership team has approved exits (both of which are leased facilities), 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 1 site that is temporarily idle. Beginning in Q4 2025, sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end. As of December 31, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.
(3)	Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.
(4)	Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)	Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(6)	We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(7)	We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.
(n/a = not applicable)
(n/r = not relevant)

		Years Ended December 31,									Change
Dollars and units in thousands, except per pallet data		2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues:
Rent and storage		$	1,031,487		$	1,033,888		$	1,059,508		(2.6)%		(2.4)%
Warehouse services			1,345,629			1,347,179			1,357,235		(0.9)%		(0.7)%
Total revenues		$	2,377,116		$	2,381,067		$	2,416,743		(1.6)%		(1.5)%
Global Warehouse cost of operations(2):
Power			144,347			144,402			147,453		(2.1)%		(2.1)%
Other facilities costs(3)			237,627			238,382			256,910		(7.5)%		(7.2)%
Labor			989,630			991,487			998,543		(0.9)%		(0.7)%
Other services costs(4)			206,061			205,926			212,124		(2.9)%		(2.9)%
Total warehouse segment cost of operations		$	1,577,665		$	1,580,197		$	1,615,030		(2.3)%		(2.2)%
Global Warehouse contribution (NOI)		$	799,451		$	800,870		$	801,713		(0.3)%		(0.1)%
Rent and storage contribution (NOI)(5)		$	649,513		$	651,104		$	655,145		(0.9)%		(0.6)%
Services contribution (NOI)(6)		$	149,938		$	149,766		$	146,568		2.3%		2.2%
Global Warehouse margin			33.6%			33.6%			33.2%		40 bps		40 bps
Rent and storage margin(7)			63.0%			63.0%			61.8%		120 bps		120 bps
Warehouse services margin(8)			11.1%			11.1%			10.8%		30 bps		30 bps
Global Warehouse rent and storage metrics:
Average economic occupied pallets(9)			4,097		n/a				4,304		(4.8)%		n/a
Average physical occupied pallets(10)			3,494		n/a				3,731		(6.4)%		n/a
Average physical pallet positions(10)			5,492		n/a				5,523		(0.6)%		n/a
Economic occupancy percentage(9)			74.6%		n/a				77.9%		-330 bps		n/a
Physical occupancy percentage(10)			63.6%		n/a				67.6%		-400 bps		n/a
Total rent and storage revenues per average economic occupied pallet		$	251.77		$	252.35		$	246.17		2.3%		2.5%
Total rent and storage revenues per average physical occupied pallet		$	295.22		$	295.90		$	283.97		4.0%		4.2%
Global Warehouse services metrics:
Throughput pallets			35,244		n/a				36,509		(3.5)%		n/a
Total warehouse services revenues per throughput pallet		$	38.18		$	38.22		$	37.18		2.7%		2.8%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.
(3)	Includes real estate rent expense of $29.0 million and $35.9 million for the years ended December 31, 2025 and 2024, respectively.
(4)	Includes non-real estate rent expense (equipment lease and rentals) of $9.6 million and $12.3 million for the years ended December 31, 2025 and 2024, respectively.
(5)	Calculated as warehouse rent and storage revenues less power and other facilities costs.
(6)	Calculated as warehouse services revenues less labor and other services costs.
(7)	Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.
(8)	Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.
(9)	We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(10)	We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.
(n/a = not applicable)

		Years Ended December 31,									Change
Dollars and units in thousands, except per pallet data		2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
SAME STORE WAREHOUSE
Number of same store warehouses			219						219
Same store revenues:
Rent and storage		$	990,329		$	992,716		$	1,019,826		(2.9)%		(2.7)%
Warehouse services			1,311,031			1,312,459			1,314,503		(0.3)%		(0.2)%
Total same store revenues		$	2,301,360		$	2,305,175		$	2,334,329		(1.4)%		(1.2)%
Same store cost of operations(2):
Power			137,549			137,600			139,453		(1.4)%		(1.3)%
Other facilities costs			228,680			229,427			228,579		—%		0.4%
Labor			950,752			952,517			956,908		(0.6)%		(0.5)%
Other services costs			193,012			192,865			195,963		(1.5)%		(1.6)%
Total same store cost of operations		$	1,509,993		$	1,512,409		$	1,520,903		(0.7)%		(0.6)%
Same store contribution (NOI)		$	791,367		$	792,766		$	813,426		(2.7)%		(2.5)%
Same store rent and storage contribution (NOI)(3)		$	624,100		$	625,689		$	651,794		(4.2)%		(4.0)%
Same store services contribution (NOI)(4)		$	167,267		$	167,077		$	161,632		3.5%		3.4%
Same store margin			34.4%			34.4%			34.8%		-40 bps		-40 bps
Same store rent and storage margin(5)			63.0%			63.0%			63.9%		-90 bps		-90 bps
Same store services margin(6)			12.8%			12.7%			12.3%		50 bps		40 bps
Same store rent and storage metrics:
Average economic occupied pallets(7)			3,980		n/a				4,148		(4.1)%		n/a
Average physical occupied pallets(8)			3,396		n/a				3,590		(5.4)%		n/a
Average physical pallet positions(8)			5,195		n/a				5,214		(0.4)%		n/a
Economic occupancy percentage(7)			76.6%		n/a				79.6%		-300 bps		n/a
Physical occupancy percentage(8)			65.4%		n/a				68.9%		-350 bps		n/a
Same store rent and storage revenues per average economic occupied pallet		$	248.83		$	249.43		$	245.86		1.2%		1.5%
Same store rent and storage revenues per average physical occupied pallet		$	291.62		$	292.32		$	284.07		2.7%		2.9%
Same store services metrics:
Throughput pallets			34,526		n/a				35,591		(3.0)%		n/a
Same store warehouse services revenues per throughput pallet		$	37.97		$	38.01		$	36.93		2.8%		2.9%

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.
(3)	Calculated as same store rent and storage revenues less same store power and other facilities costs.
(4)	Calculated as same store warehouse services revenues less same store labor and other services costs.
(5)	Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.
(6)	Calculated as same store services contribution (NOI) divided by same store services revenues.
(7)	We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(8)	We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.
(n/a = not applicable)

		Years Ended December 31,									Change
Dollars and units in thousands, except per pallet data		2025 Actual			2025 Constant Currency(1)			2024 Actual			Actual		Constant Currency
NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)			9						16
Non-same store revenues:
Rent and storage		$	41,158		$	41,172		$	39,682		n/r		n/r
Warehouse services			34,598			34,720			42,732		n/r		n/r
Total non-same store revenues		$	75,756		$	75,892		$	82,414		n/r		n/r
Non-same store cost of operations(3):
Power			6,798			6,802			8,000		n/r		n/r
Other facilities costs			8,947			8,955			28,331		n/r		n/r
Labor			38,878			38,970			41,635		n/r		n/r
Other services costs			13,049			13,061			16,161		n/r		n/r
Total non-same store cost of operations		$	67,672		$	67,788		$	94,127		n/r		n/r
Non-same store contribution (NOI)		$	8,084		$	8,104		$	(11,713)		n/r		n/r
Non-same store rent and storage contribution (NOI)(4)		$	25,413		$	25,415		$	3,351		n/r		n/r
Non-same store services contribution (NOI)(5)		$	(17,329)		$	(17,311)		$	(15,064)		n/r		n/r
Non-same store rent and storage metrics:
Average economic occupied pallets(6)			117		n/a				156		n/r		n/a
Average physical occupied pallets(7)			98		n/a				141		n/r		n/a
Average physical pallet positions(7)			297		n/a				309		n/r		n/a
Economic occupancy percentage(6)			39.4%		n/a				50.5%		n/r		n/a
Physical occupancy percentage(7)			33.0%		n/a				45.6%		n/r		n/a
Non-same store rent and storage revenues per average economic occupied pallet		$	351.78		$	351.90		$	254.37		n/r		n/r
Non-same store rent and storage revenues per average physical occupied pallet		$	419.98		$	420.12		$	281.43		n/r		n/r
Non-same store services metrics:
Throughput pallets			718		n/a				918		n/r		n/a
Non-same store warehouse services revenues per throughput pallet		$	48.19		$	48.36		$	46.55		n/r		n/r

(1)	The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.
(2)	As of December 31, 2025, the non-same store facility count consists of: 4 sites that are in the recently completed expansion and development phase, 2 facilities where the executive leadership team has approved exits (both of which are leased facilities), 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 1 site that is temporarily idle. Beginning in Q4 2025, sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end. As of December 31, 2025, there are 4 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.
(3)	Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses after being considered idle or closed due to an intention to exit. These sites are recognized within Acquisition, cyber incident, and other, net.
(4)	Calculated as non-same store rent and storage revenues less non-same store power and other facilities costs.
(5)	Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.
(6)	We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period.
(7)	We define average physical occupied pallets as the average number of physically occupied pallets positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period.
(n/a = not applicable)
(n/r = not relevant)

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except shares and per share amounts)
		December 31, 2025			December 31, 2024
Assets
Property, buildings, and equipment:
Land		$	818,606		$	806,981
Buildings and improvements			4,798,286			4,462,565
Machinery and equipment			1,612,744			1,598,502
Assets under construction			756,798			606,233
			7,986,434			7,474,281
Accumulated depreciation			(2,641,241)			(2,453,597)
Property, buildings, and equipment – net			5,345,193			5,020,684
Operating leases – net			179,935			222,294
Financing leases – net			157,936			104,216
Cash, cash equivalents, and restricted cash			136,863			47,652
Accounts receivable – net of allowance of $16,396 and $24,426 at December 31, 2025 and 2024, respectively			368,521			386,924
Identifiable intangible assets – net			819,494			838,660
Goodwill			828,335			784,042
Investments in and advances to partially owned entities			39,231			40,252
Other assets			246,090			291,230
Total assets		$	8,121,598		$	7,735,954
Liabilities and Equity
Liabilities
Borrowings under revolving line of credit		$	332,111		$	255,052
Accounts payable and accrued expenses			574,059			603,411
Senior unsecured notes and term loans – net of deferred financing costs of $16,001 and $13,882 at December 31, 2025 and 2024, respectively			3,792,123			3,031,462
Sale-leaseback financing obligations			42,352			79,001
Financing lease obligations			152,262			95,784
Operating lease obligations			179,965			219,099
Unearned revenues			20,169			21,979
Deferred tax liability – net			98,591			115,772
Other liabilities			7,953			7,389
Total liabilities			5,199,585			4,428,949
Equity
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 284,871,943 and 284,265,041 shares issued and outstanding at December 31, 2025 and 2024, respectively			2,848			2,842
Paid-in capital			5,664,195			5,646,879
Accumulated deficit and distributions in excess of net earnings			(2,719,408)			(2,341,654)
Accumulated other comprehensive loss			(63,190)			(27,279)
Total stockholders’ equity			2,884,445			3,280,788
Noncontrolling interests			37,568			26,217
Total equity			2,922,013			3,307,005
Total liabilities and equity		$	8,121,598		$	7,735,954

Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
		Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024
Revenues:
Rent, storage, and warehouse services		$	600,675		$	606,465		$	2,377,116		$	2,416,743
Transportation services			48,297			49,875			188,230			209,129
Third-party managed services			9,481			10,095			36,500			40,669
Total revenues			658,453			666,435			2,601,846			2,666,541
Operating expenses:
Rent, storage, and warehouse services cost of operations			393,797			405,038			1,577,665			1,615,030
Transportation services cost of operations			40,783			42,165			156,984			172,606
Third-party managed services cost of operations			7,019			8,042			27,811			32,178
Depreciation and amortization			99,895			89,711			367,362			360,817
Selling, general, and administrative			62,350			66,576			269,474			255,118
Acquisition, cyber incident, and other, net			26,201			33,144			103,893			77,169
Impairment of long-lived assets			41,796			30,173			47,099			33,126
Net loss (gain) from sale of real estate			55,941			—			44,324			(3,514)
Total operating expenses			727,782			674,849			2,594,612			2,542,530
Operating (loss) income			(69,329)			(8,414)			7,234			124,011
Other (expense) income:
Interest expense			(39,483)			(34,458)			(147,776)			(135,323)
Loss on debt extinguishment and termination of derivative instruments			—			—			—			(116,082)
Loss from investments in partially owned entities			(373)			(682)			(2,112)			(3,702)
Other, net			327			47			6,921			27,919
Loss before income taxes			(108,858)			(43,507)			(135,733)			(103,177)
Income tax (expense) benefit:
Current income tax			(2,069)			386			(6,133)			(4,782)
Deferred income tax			22,017			6,712			26,584			13,210
Total income tax benefit			19,948			7,098			20,451			8,428
Net loss		$	(88,910)		$	(36,409)		$	(115,282)		$	(94,749)
Net loss attributable to noncontrolling interests			(569)			(194)			(734)			(436)
Net loss attributable to Americold Realty Trust, Inc.		$	(88,341)		$	(36,215)		$	(114,548)		$	(94,313)
Weighted average common stock outstanding – basic			286,104			284,938			285,742			284,782
Weighted average common stock outstanding – diluted			286,104			284,938			285,742			284,782
Net loss per common share – basic		$	(0.31)		$	(0.13)		$	(0.40)		$	(0.33)
Net loss per common share – diluted		$	(0.31)		$	(0.13)		$	(0.40)		$	(0.33)

Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO
(In thousands, except per share amounts)
		Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024
Net loss(1)		$	(88,910)		$	(36,409)		$	(115,282)		$	(94,749)
Adjustments:
Real estate related depreciation			63,319			56,620			228,424			225,388
Net loss (gain) from sale of real estate			55,941			—			44,324			(3,514)
Net loss on real estate related asset disposals			88			264			102			330
Impairment charges on certain real estate assets			41,796			18,032			45,612			20,985
Our share of reconciling items related to partially owned entities			247			314			894			1,144
NAREIT FFO		$	72,481		$	38,821		$	204,074		$	149,584
Adjustments:
Net loss (gain) on sale of non-real estate related assets			2,404			775			2,494			(236)
Acquisition, cyber incident, and other, net			26,201			33,144			103,893			77,169
Impairment of long-lived assets (excluding certain real estate assets)			—			12,141			1,487			12,141
Loss on debt extinguishment and termination of derivative instruments			—			—			—			116,082
Foreign currency exchange loss (gain)			732			1,766			1,408			(8,833)
Gain on legal settlement related to prior period operations			—			—			—			(6,104)
Project Orion and other software related deferred costs amortization			947			1,791			16,596			4,182
Our share of reconciling items related to partially owned entities			—			116			145			805
Gain from sale of partially owned entity			—			—			(2,420)			—
Core FFO		$	102,765		$	88,554		$	327,677		$	344,790
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability			1,467			1,445			5,869			5,329
Amortization of below/above market leases			360			354			1,441			1,445
Straight-line rent adjustment			63			335			288			1,612
Deferred income tax benefit			(22,017)			(6,712)			(26,584)			(13,210)
Stock-based compensation expense(2)			3,929			6,335			22,922			25,274
Non-real estate depreciation and amortization			36,576			33,091			138,938			135,429
Maintenance capital expenditures(3)			(14,908)			(17,596)			(62,554)			(80,951)
Our share of reconciling items related to partially owned entities			45			136			277			671
Adjusted FFO		$	108,280		$	105,942		$	408,274		$	420,389
(1) Net loss used in the calculation of the Adjusted FFO reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests. (2) Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Acquisition, cyber incident, and other, net. (3) Maintenance capital expenditures include capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology.

Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)
(In thousands, except per share amounts)
		Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024
NAREIT FFO		$	72,481		$	38,821		$	204,074		$	149,584
Core FFO		$	102,765		$	88,554		$	327,677		$	344,790
Adjusted FFO		$	108,280		$	105,942		$	408,274		$	420,389
Reconciliation of weighted average shares:
Weighted average basic shares for net income calculation			286,104			284,938			285,742			284,782
Dilutive stock options and unvested restricted stock units			104			434			163			403
Weighted average dilutive shares			286,208			285,372			285,905			285,185
NAREIT FFO – basic per share		$	0.25		$	0.14		$	0.71		$	0.53
NAREIT FFO – diluted per share		$	0.25		$	0.14		$	0.71		$	0.52
Core FFO – basic per share		$	0.36		$	0.31		$	1.15		$	1.21
Core FFO – diluted per share		$	0.36		$	0.31		$	1.15		$	1.21
Adjusted FFO – basic per share		$	0.38		$	0.37		$	1.43		$	1.48
Adjusted FFO – diluted per share		$	0.38		$	0.37		$	1.43		$	1.47

Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA
(In thousands)
		Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024
Net loss(1)		$	(88,910)		$	(36,409)		$	(115,282)		$	(94,749)
Adjustments:
Depreciation and amortization			99,895			89,711			367,362			360,817
Interest expense			39,483			34,458			147,776			135,323
Income tax benefit			(19,948)			(7,098)			(20,451)			(8,428)
Net loss (gain) from sale of real estate			55,941			—			44,324			(3,514)
Adjustment to reflect share of EBITDAre of partially owned entities			499			1,461			3,273			5,909
NAREIT EBITDAre		$	86,960		$	82,123		$	427,002		$	395,358
Adjustments:
Acquisition, cyber incident, and other, net			26,201			33,144			103,893			77,169
Loss from investments in partially owned entities			373			682			2,112			3,702
Impairment of long-lived assets			41,796			30,173			47,099			33,126
Foreign currency exchange loss (gain)			732			1,766			1,408			(8,833)
Stock-based compensation expense(2)			3,929			6,335			22,922			25,274
Loss on debt extinguishment and termination of derivative instruments			—			—			—			116,082
Net loss on real estate related asset disposals			88			264			102			330
Net loss (gain) on sale of non-real estate related assets			2,404			775			2,494			(236)
Gain on legal settlement related to prior period operations			—			—			—			(6,104)
Project Orion and other software related deferred costs amortization			947			1,791			16,596			4,182
Reduction in EBITDAre from partially owned entities			(499)			(1,461)			(3,273)			(5,909)
Gain from sale of partially owned entity			—			—			(2,420)			—
Core EBITDA		$	162,931		$	155,592		$	617,935		$	634,141
Total revenues		$	658,453		$	666,435		$	2,601,846		$	2,666,541
Core EBITDA margin			24.7%			23.3%			23.7%			23.8%
(1) Net loss used in the calculation of the Core EBITDA reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests. (2) Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Acquisition, cyber incident, and other, net.

Revenues and Contribution (NOI) by Segment
(In thousands)
		Three Months Ended December 31,						Years Ended December 31,
		2025			2024			2025			2024
Segment revenues:
Warehouse		$	600,675		$	606,465		$	2,377,116		$	2,416,743
Transportation			48,297			49,875			188,230			209,129
Third-party managed			9,481			10,095			36,500			40,669
Total revenues			658,453			666,435			2,601,846			2,666,541
Segment contribution:
Warehouse			206,878			201,427			799,451			801,713
Transportation			7,514			7,710			31,246			36,523
Third-party managed			2,462			2,053			8,689			8,491
Total segment contribution (NOI)			216,854			211,190			839,386			846,727
Reconciling items:
Depreciation and amortization expense			(99,895)			(89,711)			(367,362)			(360,817)
Selling, general, and administrative expense			(62,350)			(66,576)			(269,474)			(255,118)
Acquisition, cyber incident, and other, net			(26,201)			(33,144)			(103,893)			(77,169)
Impairment of long-lived assets			(41,796)			(30,173)			(47,099)			(33,126)
Net (loss) gain from sale of real estate			(55,941)			—			(44,324)			3,514
Interest expense			(39,483)			(34,458)			(147,776)			(135,323)
Loss on debt extinguishment and termination of derivative instruments			—			—			—			(116,082)
Loss from investments in partially owned entities			(373)			(682)			(2,112)			(3,702)
Other, net			327			47			6,921			27,919
Loss before income taxes		$	(108,858)		$	(43,507)		$	(135,733)		$	(103,177)

We view and manage our business through three primary business segments—warehouse, transportation, and third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer’s products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We also provide multi-modal global freight forwarding services to support our customers’ needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.

Notes and Definitions

We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA margin, net debt to pro-forma Core EBITDA, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, and maintenance capital expenditures.

We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and other assets, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs.

We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real estate related assets; Acquisition, cyber incident, and other, net; Impairment of long-lived assets (excluding certain real estate assets); Loss on debt extinguishment and termination of derivative instruments; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Our share of reconciling items related to partially owned entities; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential.

However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited.

We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Straight-line rent adjustment; Deferred income tax benefit; Stock-based compensation expense; Non-real estate depreciation and amortization; Maintenance capital expenditures; and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities.

NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net loss and Net loss per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net loss or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net loss, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP.

We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net loss before Depreciation and amortization; Interest expense; Income tax benefit; Net loss (gain) from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies.

We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Net loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Reduction in EBITDAre from partially owned entities; and Gain from sale of partially owned entity. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net loss or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including:

• these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures;
• these measures do not reflect changes in, or cash requirements for, our working capital needs;
• these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
• these measures do not reflect our tax expense or the cash requirements to pay our taxes; and
• although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.
  
  

Net debt to proforma Core EBITDA is calculated using total debt outstanding less cash, cash equivalents, and restricted cash divided by pro-forma and/or Core EBITDA. If applicable, we calculate pro-forma Core EBITDA as Core EBITDA further adjusted for acquisitions and divestitures. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.

NOI is calculated as Net loss before Interest expense, Income tax (expense) benefit, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net loss (gain) from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business.

We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2024) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) does not result in a facility being excluded from the same store population, as management believes that actively managing its real estate is normal course of operations. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year.

We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Impairment of long-lived assets, Selling, general, and administrative, Acquisition, cyber incident, and other, net and Net loss (gain) from sale of real estate) and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP.

We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards.

All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited.

FAQ

What was Americold's (COLD) Q4 2025 adjusted FFO per share?

Adjusted FFO per share for Q4 2025 was $0.38. According to the company, this represented a 2.7% increase versus Q4 2024 and reflected stronger Core EBITDA and lower SG&A in the quarter.

What AFFO guidance did Americold (COLD) give for 2026?

Americold provided 2026 adjusted FFO guidance of $1.20 to $1.30 per share. According to the company, guidance reflects cautious assumptions and excludes material M&A or undisclosed capital markets activity.

How leveraged is Americold (COLD) at year-end 2025 and what is liquidity?

Net debt to pro forma Core EBITDA was about 6.8x at December 31, 2025. According to the company, total liquidity was approximately $935.4M, including cash and available revolver capacity.

Did Americold (COLD) change its dividend in Q4 2025?

Yes — the board declared a quarterly dividend of $0.23, a 5% increase year-over-year. According to the company, the dividend was paid January 15, 2026 to holders of record as of December 31, 2025.

What operational headwinds did Americold (COLD) report for Q4 2025?

Americold reported economic occupancy fell to 76.1% and throughput pallets declined 4.3%. According to the company, changes in consumer buying, competitive capacity, and lower food production contributed to these declines.