Americold (NYSE: COLD) Q1 2026 AFFO slips as warehouse NOI softens

Q: How did Americold (COLD) perform financially in Q1 2026?

Americold generated total revenues of $629.9 million in Q1 2026, essentially flat versus $629.0 million a year earlier. The company reported a net loss of $13.6 million , or $0.05 per diluted share , slightly improved from a $0.06 loss per share in Q1 2025.

Q: What were Americold (COLD) Adjusted FFO and Core EBITDA for Q1 2026?

In Q1 2026, Americold reported Adjusted FFO of $81.9 million, or $0.29 per diluted share , down from $0.34 a year earlier. Core EBITDA was $136.8 million , a 7.3% decrease from $147.6 million, and the Core EBITDA margin fell to 21.7% from 23.5%.

Q: How did Americold’s Global Warehouse segment perform in Q1 2026?

Global Warehouse segment revenues were $577.9 million , down 1.2% year over year, mainly from lower volumes. Segment NOI was $186.7 million , a 6.0% decline , and margin slipped to 32.3% , pressured by reduced warehouse volumes and higher energy costs, partly offset by higher revenue per pallet.

Q: What is Americold’s liquidity and leverage position as of March 31, 2026?

As of March 31, 2026, Americold had total liquidity of about $564.3 million , combining cash and revolver capacity. Total net debt was approximately $4.4 billion , with unsecured debt at 95.4% of total and net debt to pro forma Core EBITDA around 7.1x .

Q: Did Americold (COLD) declare a dividend for Q1 2026?

Yes. On March 5, 2026, Americold’s board declared a $0.23 per share dividend for Q1 2026. The dividend was paid on April 15, 2026 to common stockholders of record as of March 31, 2026 , continuing the company’s regular distribution.

Q: What strategic joint venture did Americold announce with EQT?

Americold announced a new $1.3 billion joint venture with EQT , described as a world-class real estate investor. Management characterizes the venture as advancing a key priority to strengthen the balance sheet and demonstrating the attractiveness of Americold’s mission-critical cold storage assets and operating platform.

Q: What guidance did Americold provide for full-year 2026?

Americold’s 2026 outlook includes Core EBITDA of $570–$620 million and Adjusted FFO per share of $1.20–$1.30 . Guidance also includes warehouse same store NOI of $735–$785 million and total company NOI of $780–$845 million , excluding impacts from the newly announced EQT joint venture.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Americold Realty Trust, Inc. reported first quarter 2026 results with total revenues of $629.9 million, essentially flat year over year, as higher transportation services offset softer warehouse volumes. The company recorded a net loss of $13.6 million, or $0.05 per diluted share, slightly better than the prior year’s loss per share.

Profitability compressed: Adjusted FFO was $81.9 million, or $0.29 per share, down from $0.34, and Core EBITDA was $136.8 million with a 21.7% margin, below 23.5% a year earlier. Global Warehouse segment NOI fell 6.0% and margin declined due to lower volumes and higher energy costs, while transportation NOI improved on higher volumes.

Americold ended the quarter with approximately $564.3 million of liquidity and about $4.4 billion of net debt, implying net debt to pro forma Core EBITDA of roughly 7.1x. The board declared a $0.23 per share quarterly dividend. Management also highlighted progress on strategic priorities, including announcing a new $1.3 billion joint venture with EQT intended to help strengthen the balance sheet.

Insights

Revenue held steady, but cash earnings and warehouse margins declined while leverage remains elevated.

Americold posted Q1 2026 revenues of $629.9 million, essentially flat year over year, but cash flow metrics softened. Adjusted FFO $81.9 million, or $0.29 per share, fell from $0.34, and Core EBITDA $136.8 million declined 7.3%, reflecting pressure in the core warehouse business.

Global Warehouse segment NOI dropped 6.0% with margin down 160 bps, driven by lower volumes and higher power costs, while transportation NOI improved on higher volumes. Net loss narrowed modestly to $13.6 million as tax benefit and lower strategic costs partially offset weaker NOI and higher interest expense.

Leverage remains a key factor: net debt of roughly $4.4 billion puts net debt to pro forma Core EBITDA at about 7.1x, even with $564.3 million of liquidity and largely fixed-rate debt at a 4.0% weighted average rate. The announced $1.3 billion joint venture with EQT is framed as supporting balance sheet strength, but specific financial impacts are not quantified here. Subsequent disclosures may clarify how much de-leveraging or capital recycling it achieves.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue: $629.9 million Net loss per diluted share: $0.05 loss Adjusted FFO per diluted share: $0.29 +5 more

8 metrics

Total revenue $629.9 million Q1 2026, up 0.1% vs Q1 2025

Net loss per diluted share $0.05 loss Q1 2026, vs $0.06 loss in Q1 2025

Adjusted FFO per diluted share $0.29 Q1 2026, down 14.7% from $0.34 in Q1 2025

Core EBITDA $136.8 million Q1 2026, down 7.3% from $147.6 million

Core EBITDA margin 21.7% Q1 2026, decreased from 23.5% in Q1 2025

Global Warehouse segment NOI $186.7 million Q1 2026, 6.0% decrease year over year

Total liquidity $564.3 million As of March 31, 2026, cash and revolver capacity

Net debt to pro forma Core EBITDA 7.1x As of March 31, 2026

Key Terms

Adjusted FFO, Core EBITDA, NAREIT FFO, net debt to pro-forma Core EBITDA, +1 more

5 terms

Adjusted FFO financial

"Adjusted FFO of $81.9 million, or $0.29 per diluted share, a 14.7% decrease"

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.

Core EBITDA financial

"Core EBITDA of $136.8 million, decreased $10.8 million, or 7.3%"

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.

NAREIT FFO financial

"Reconciliation of Net Loss to NAREIT FFO, Core FFO, and 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.

net debt to pro-forma Core EBITDA financial

"net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 7.1x"

Net debt to pro‑forma core EBITDA is a leverage ratio that divides a company’s net debt (total interest‑bearing debt minus cash) by its adjusted operating earnings that reflect the company’s normal, ongoing business and any expected changes from transactions. It tells investors how many years of those normalized earnings would be needed to pay off debt, like estimating how many months of take‑home pay it would take to clear a mortgage; a lower number means less risky leverage.

same store contribution (NOI) financial

"Same store contribution (NOI) was $187,931 compared to $193,952"

Earnings Snapshot

Total revenue: $629.9 million · Guidance included

Q1 2026

Total revenue $629.9 million +0.1% YoY

Net loss $13.6 million narrowed vs $16.4 million prior year

Adjusted FFO per share $0.29 -14.7% YoY from $0.34

Core EBITDA $136.8 million -7.3% YoY from $147.6 million

Core EBITDA margin 21.7% down from 23.5% prior year

Guidance

For full-year 2026, Americold guides to Core EBITDA of $570–$620 million and Adjusted FFO per share of $1.20–$1.30, excluding impacts from acquisitions, dispositions, capital markets activity, and the newly announced joint venture with EQT.

Understanding 8-K Material Events →

05/07/2026 - 06:47 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 7, 2026

AMERICOLD REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)


Maryland	001-34723	93-0295215
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)


10 Glenlake Parkway,	South Tower, Suite 600
Atlanta,	Georgia	30328
(Address of principal executive offices)		(Zip Code)

(678) 441-1400

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, $0.01 par value per share

COLD

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 — Results of Operations and Financial Condition.

On May 7, 2026, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the first quarter ended March 31, 2026. A copy of the press release as well as a copy of the supplemental information referred to in the press release are available on the Company’s website and are attached hereto as Exhibits 99.1 and 99.2 and incorporated herein by reference.

The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition”. The information in Item 2.02 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, regardless of any general incorporation language in such filing.

Item 7.01 — Regulation FD Disclosure.

The information set forth in Item 2.02 is incorporated by reference into this Item 7.01. The information in Items 2.02 and 7.01 of this Current Report on Form 8-K and the exhibits furnished therewith shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01 — Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.						Description

99.1						Press Release dated May 7, 2026 for the first quarter ended March 31, 2026.
99.2						Supplemental Information Package for the first quarter ended March 31, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 7, 2026


			AMERICOLD REALTY TRUST, INC.

			By:			/s/ Christopher J. Papa
						Name: Christopher J. Papa
						Title: Chief Financial Officer and Executive Vice President

Exhibit 99.1

AMERICOLD ANNOUNCES FIRST QUARTER 2026 RESULTS

Delivered $0.29 Q1 AFFO Per Share

Industry Fundamentals Continue to Show Signs of Stabilization

Continued Progress Across Key Strategic Priorities - Including New $1.3 Billion Joint Venture

Atlanta, GA, May 7, 2026 - 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 first quarter ended March 31, 2026.

“Americold delivered another solid quarter, with results that came in ahead of expectations,” said Rob Chambers, CEO of Americold. “Our teams remain tightly focused on pricing discipline, cost control, and delivering excellent service to customers. I was particularly encouraged that physical occupancy levels have largely stabilized, reinforcing our view that we should return to more normal seasonal trends as we progress throughout the year.”

“Most importantly, we made meaningful progress this quarter executing on the five key priorities we outlined coming into the year. The joint venture we announced this morning with EQT, a world-class real estate investor, shows meaningful progress towards our goal to strengthen the balance sheet, and highlights the quality and attractiveness of our mission-critical assets and operating platform. Our teams also made progress winning new business with customers, advancing key commercial initiatives, continuing to streamline our cost structure, and diligently managing our portfolio.”

“I am pleased with how we are delivering on our commitments while continuing to strengthen our financial and operational foundation. With disciplined capital allocation, a sharp focus on execution, and an unwavering commitment to customer service, I believe Americold is well positioned to enhance long‑term earnings growth and create lasting value for our shareholders.”

First Quarter 2026 Highlights

•Total revenues of $629.9 million, a 0.1% increase from $629.0 million in Q1 2025 and a decrease of 1.9% on a constant currency basis.

•Net loss of $13.6 million, or $0.05 loss per diluted share, as compared to a net loss of $0.06 per diluted share in Q1 2025.

•Global Warehouse segment same store revenues increased 0.8% on an actual basis and decreased 1.0% on a constant currency basis as compared to Q1 2025.

•Global Warehouse same store services margin decreased to 12.8% from 13.2% in Q1 2025.

•Global Warehouse segment same store NOI decreased 3.1%, or 4.5% on a constant currency basis, as compared to Q1 2025.

•Adjusted FFO of $81.9 million, or $0.29 per diluted share, a 14.7% decrease from Q1 2025 Adjusted FFO per diluted share of $0.34.

•Core EBITDA of $136.8 million, decreased $10.8 million, or 7.3% (8.4% on a constant currency basis) from $147.6 million in Q1 2025.

•Core EBITDA margin of 21.7%, decreased from 23.5% in Q1 2025.

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. The ranges for these metrics also do not include the impact of the joint venture announced on May 7, 2026.


			As of
			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 (guidance is 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, May 7, 2026 at 8:00 a.m. Eastern Time to discuss its first quarter 2026 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#11161509. The telephone replay will be available starting shortly after the call until May 21, 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.

First Quarter 2026 Total Company Financial Results

Total revenues for the first quarter of 2026 were $629.9 million, a 0.1% increase from $629.0 million in the same quarter of the prior year, primarily due to an increase in transportation services revenues, partially offset by lower volumes in the Global Warehouse segment.

Beginning with the period ended March 31, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

For the first quarter of 2026, Global Warehouse segment revenues were $577.9 million, a decrease of $7.1 million, or 1.2% on an actual basis and 3.0% on a constant currency basis, compared to $585.0 million for the first quarter of 2025. This decrease was principally driven by an overall reduction in volumes 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 speculative development in the cold storage industry. These 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 $186.7 million for the first quarter of 2026 as compared to $198.6 million for the first quarter of 2025, a decrease of $11.9 million, or a decrease of 6.0% on an actual basis and a decrease of 7.3% on a constant currency basis. Global Warehouse segment margin was 32.3% for the first quarter of 2026, a 160 basis point decrease compared to the first quarter of 2025. The decrease in both NOI and margin for the Global Warehouse segment is primarily driven by the decrease in Global Warehouse segment revenues, as noted above, and higher energy costs during the first quarter of 2026 as compared to the first quarter of 2025.

Total NOI for the first quarter of 2026 was $195.5 million, a decrease of 5.0% (6.4% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in Global Warehouse segment NOI, as described above, partially offset by the increase in Transportation segment NOI. Such increases in the Transportation segment NOI were driven by higher volumes across our Transportation network.

For the first quarter of 2026, the Company reported net loss of $13.6 million, or a net loss of $0.05 per diluted share, compared to a net loss of $16.4 million, or a net loss of $0.06 per diluted share, for the comparable quarter of the prior year. This decrease in net loss was primarily driven by a favorable $9.1 million change in Total income tax benefit (expense), a $5.0 million decrease in Transactions, strategic initiatives and other costs, net, a Net gain from sale of real estate of $2.2 million recognized in the first quarter of 2026, partially offset by the same factors driving the decrease in NOI mentioned above and a $5.4 million increase in Interest expense.

Core EBITDA was $136.8 million for the first quarter of 2026, compared to $147.6 million for the comparable quarter of the prior year. This decrease (7.3% on an actual basis and 8.4% on a constant currency basis) was primarily driven by the decrease in total NOI noted above.

For the first quarter of 2026, Core FFO was $58.7 million, or $0.20 per diluted share, compared to $67.3 million, $0.24 per diluted share for the first quarter of 2025.

For the first quarter of 2026, Adjusted FFO was $81.9 million, or $0.29 per diluted share, compared to $95.7 million, $0.34 per diluted share for the first quarter of 2025.

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 March 31, 2026, the Company had total liquidity of approximately $564.3 million, including cash and available capacity on its revolving credit facility and outstanding letters of credit. Total net debt outstanding was approximately $4.4 billion (inclusive of approximately $200.5 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 95.4% of the Company’s total debt as of March 31, 2026. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 7.1x. The Company’s unsecured debt has a remaining weighted average term of 3.9 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of March 31, 2026, approximately 80.5% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On March 5, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the first quarter of 2026, which was paid on April 15, 2026 to common stockholders of record as of March 31, 2026.

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 224 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; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; 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; risks related to failure to consummate our joint venture with EQT on the terms or timeline currently anticipated, or at all, due to the failure to satisfy closing conditions, obtain necessary approvals or consents, or other factors beyond our control; risks related to failure to achieve the anticipated benefits, synergies or returns from our joint venture with EQT, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; 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 and statements about the joint venture transaction with EQT. 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, 2025, 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

First Quarter 2026 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 ended March 31, 2026 and 2025.


	Three Months Ended March 31,									Change
Dollars and units in thousands, except per pallet data	2026 Actual			2026 Constant Currency(1)			2025 Actual			Actual		Constant Currency

TOTAL WAREHOUSE SEGMENT
Global Warehouse revenues(2):
Rent and storage	$	246,055		$	242,748		$	254,579		(3.3)	%	(4.6)	%
Warehouse services(3)	331,858			324,709			330,408			0.4	%	(1.7)	%
Total revenues	$	577,913		$	567,457		$	584,987		(1.2)	%	(3.0)	%
Global Warehouse cost of operations(2)(3):
Power	33,823			33,184			31,711			6.7	%	4.6	%
Other facilities costs(4)(5)	61,223			60,331			59,723			2.5	%	1.0	%
Labor	252,718			246,962			247,444			2.1	%	(0.2)	%
Other services costs(4)(6)	43,443			42,914			47,515			(8.6)	%	(9.7)	%
Total warehouse segment cost of operations	$	391,207		$	383,391		$	386,393		1.2	%	(0.8)	%

Global Warehouse contribution (NOI)	$	186,706		$	184,066		$	198,594		(6.0)	%	(7.3)	%
Rent and storage contribution (NOI)(7)	$	151,009		$	149,233		$	163,145		(7.4)	%	(8.5)	%
Services contribution (NOI)(8)	$	35,697		$	34,833		$	35,449		0.7	%	(1.7)	%
Global Warehouse margin	32.3		%	32.4		%	33.9		%	-160 bps		-150 bps
Rent and storage margin(9)	61.4		%	61.5		%	64.1		%	-270 bps		-260 bps
Warehouse services margin(10)	10.8		%	10.7		%	10.7		%	10 bps		0 bps

Global Warehouse rent and storage metrics:
Average economic occupied pallets(11)	3,930			n/a			4,128			(4.8)	%	n/a
Average physical occupied pallets(12)	3,372			n/a			3,500			(3.7)	%	n/a
Average physical pallet positions(12)	5,192			n/a			5,525			(6.0)	%	n/a
Economic occupancy percentage(11)	75.7		%	n/a			74.7		%	100 bps		n/a
Physical occupancy percentage(12)	64.9		%	n/a			63.3		%	160 bps		n/a
Total rent and storage revenues per average economic occupied pallet	$	62.61		$	61.77		$	61.67		1.5	%	0.2	%
Total rent and storage revenues per average physical occupied pallet	$	72.97		$	71.99		$	72.74		0.3	%	(1.0)	%
Global Warehouse services metrics:
Throughput pallets(3)	8,742			n/a			9,010			(3.0)	%	n/a
Total warehouse services revenues per throughput pallet	$	37.96		$	37.14		$	36.67		3.5	%	1.3	%

(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 revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered idle, closed due to an intention to exit, or held for sale. These sites are recognized within Transactions, strategic initiatives and other costs, net.

(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.

(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

(5)Includes real estate rent expense of $6.9 million and $6.5 million for the three months ended March 31, 2026 and 2025, respectively.

(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.7 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively. Prior period non-real estate rent expense is recast for the inclusion of Third-Party Managed sites.

(7)Calculated as warehouse rent and storage revenues less power and other facilities costs.

(8)Calculated as warehouse services revenues less labor and other services costs.

(9)Calculated as warehouse rent and storage contribution (NOI) divided by warehouse rent and storage revenues.

(10)Calculated as warehouse services contribution (NOI) divided by warehouse services revenues.

(11)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.

(12)We define average physical occupied pallets as the average number of physically occupied pallet 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 March 31,									Change
Dollars and units in thousands, except per pallet data	2026 Actual			2026 Constant Currency(1)			2025 Actual			Actual		Constant Currency

SAME STORE WAREHOUSE
Number of same store warehouses(2)	215						215
Same store revenues(3):
Rent and storage	$	236,068		$	232,833		$	238,593		(1.1)	%	(2.4)	%
Warehouse services(4)	323,626			316,715			316,601			2.2	%	—	%
Total same store revenues	$	559,694		$	549,548		$	555,194		0.8	%	(1.0)	%
Same store cost of operations(3)(4):
Power	32,049			31,434			29,515			8.6	%	6.5	%
Other facilities costs(5)	57,524			56,716			56,979			1.0	%	(0.5)	%
Labor	240,527			234,937			232,990			3.2	%	0.8	%
Other services costs(5)	41,663			41,149			41,758			(0.2)	%	(1.5)	%
Total same store cost of operations	$	371,763		$	364,236		$	361,242		2.9	%	0.8	%

Same store contribution (NOI)	$	187,931		$	185,312		$	193,952		(3.1)	%	(4.5)	%
Same store rent and storage contribution (NOI)(6)	$	146,495		$	144,683		$	152,099		(3.7)	%	(4.9)	%
Same store services contribution (NOI)(7)	$	41,436		$	40,629		$	41,853		(1.0)	%	(2.9)	%
Same store margin	33.6		%	33.7		%	34.9		%	-130 bps		-120 bps
Same store rent and storage margin(8)	62.1		%	62.1		%	63.7		%	-160 bps		-160 bps
Same store services margin(9)	12.8		%	12.8		%	13.2		%	-40 bps		-40 bps

Same store rent and storage metrics:
Average economic occupied pallets(10)	3,848			n/a			3,926			(2.0)	%	n/a
Average physical occupied pallets(11)	3,304			n/a			3,332			(0.8)	%	n/a
Average physical pallet positions(11)	4,976			n/a			5,031			(1.1)	%	n/a
Economic occupancy percentage(10)	77.3		%	n/a			78.0		%	-70 bps		n/a
Physical occupancy percentage(11)	66.4		%	n/a			66.2		%	20 bps		n/a
Same store rent and storage revenues per average economic occupied pallet	$	61.35		$	60.51		$	60.77		1.0	%	(0.4)	%
Same store rent and storage revenues per average physical occupied pallet	$	71.45		$	70.47		$	71.61		(0.2)	%	(1.6)	%
Same store services metrics:
Throughput pallets(4)	8,526			n/a			8,619			(1.1)	%	n/a
Same store warehouse services revenues per throughput pallet	$	37.96		$	37.15		$	36.73		3.3	%	1.1	%

(2)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 or if the site is held for sale.

(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered idle, closed due to an intention to exit, or held for sale. These sites are recognized within Transactions, strategic initiatives and other costs, net.

(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.

(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

(6)Calculated as same store rent and storage revenues less same store power and other facilities costs.

(7)Calculated as same store warehouse services revenues less same store labor and other services costs.

(8)Calculated as same store rent and storage contribution (NOI) divided by same store rent and storage revenues.

(9)Calculated as same store services contribution (NOI) divided by same store services revenues.

(10)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.

(11)We define average physical occupied pallets as the average number of physically occupied pallet 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 March 31,								Change
Dollars and units in thousands, except per pallet data	2026 Actual			2026 Constant Currency(1)		2025 Actual			Actual	Constant Currency

NON-SAME STORE WAREHOUSE
Number of non-same store warehouses(2)	9					23
Non-same store revenues(3):
Rent and storage	$	9,987		$	9,915	$	15,986		n/r	n/r
Warehouse services	8,232			7,994		13,807			n/r	n/r
Total non-same store revenues	$	18,219		$	17,909	$	29,793		n/r	n/r
Non-same store cost of operations(3):
Power	1,774			1,750		2,196			n/r	n/r
Other facilities costs	3,699			3,615		2,744			n/r	n/r
Labor	12,191			12,025		14,454			n/r	n/r
Other services costs	1,780			1,765		5,757			n/r	n/r
Total non-same store cost of operations	$	19,444		$	19,155	$	25,151		n/r	n/r

Non-same store contribution (NOI)	$	(1,225)		$	(1,246)	$	4,642		n/r	n/r
Non-same store rent and storage contribution (NOI)(4)	$	4,514		$	4,550	$	11,046		n/r	n/r
Non-same store services contribution (NOI)(5)	$	(5,739)		$	(5,796)	$	(6,404)		n/r	n/r

Non-same store rent and storage metrics:
Average economic occupied pallets(6)	82			n/a		202			n/r	n/a
Average physical occupied pallets(7)	68			n/a		168			n/r	n/a
Average physical pallet positions(7)	216			n/a		494			n/r	n/a
Economic occupancy percentage(6)	38.0		%	n/a		40.9		%	n/r	n/a
Physical occupancy percentage(7)	31.5		%	n/a		34.0		%	n/r	n/a
Non-same store rent and storage revenues per average economic occupied pallet	$	121.79		$	120.91	$	79.14		n/r	n/r
Non-same store rent and storage revenues per average physical occupied pallet	$	146.87		$	145.81	$	95.15		n/r	n/r
Non-same store services metrics:
Throughput pallets	216			n/a		391			n/r	n/a
Non-same store warehouse services revenues per throughput pallet	$	38.11		$	37.01	$	35.31		n/r	n/r

(2)As of March 31, 2026, the non-same store facility count consists of: 6 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 1 site that is temporarily idle. As of March 31, 2026, there are 3 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. 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 or if the site is held for sale.

(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 pallet 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)
	March 31, 2026		December 31, 2025
Assets
Property, buildings, and equipment:
Land	$	823,897	$	818,606
Buildings and improvements	4,918,058		4,798,286
Machinery and equipment	1,690,943		1,612,744
Assets under construction	687,313		756,798
	8,120,211		7,986,434
Accumulated depreciation	(2,715,576)		(2,641,241)
Property, buildings, and equipment – net	5,404,635		5,345,193

Operating leases - net	170,772		179,935
Financing leases - net	166,336		157,936

Cash, cash equivalents, and restricted cash	39,828		136,863
Accounts receivable - net of allowance of $15,743 and $16,396 at March 31, 2026 and December 31, 2025, respectively	372,131		368,521
Identifiable intangible assets – net	807,195		819,494
Goodwill	828,260		828,335
Investments in and advances to partially owned entities	39,503		39,231
Other assets	254,980		246,090
Total assets	$	8,083,640	$	8,121,598

Liabilities and Equity
Liabilities
Borrowings under revolving line of credit	$	606,154	$	332,111
Accounts payable and accrued expenses	547,710		574,059
Senior unsecured notes and term loans - net of deferred financing costs of $15,101 and $16,001 at March 31, 2026 and December 31, 2025, respectively	3,576,456		3,792,123
Sale-leaseback financing obligations	41,623		42,352
Financing lease obligations	158,858		152,262
Operating lease obligations	172,090		179,965
Unearned revenues	21,389		20,169
Deferred tax liability - net	92,875		98,591
Other liabilities	7,830		7,953
Total liabilities	5,224,985		5,199,585

Equity
Stockholders' equity:
Common stock, $0.01 par value per share – 500,000,000 authorized shares; 285,294,874 and 284,871,943 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	2,852		2,848
Paid-in capital	5,670,634		5,664,195
Accumulated deficit and distributions in excess of net earnings	(2,799,205)		(2,719,408)
Accumulated other comprehensive loss	(54,508)		(63,190)
Total stockholders’ equity	2,819,773		2,884,445
Noncontrolling interests	38,882		37,568
Total equity	2,858,655		2,922,013
Total liabilities and equity	$	8,083,640	$	8,121,598


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
	Three Months Ended March 31,
		2026		2025
Revenues:
Rent, storage, and warehouse services		$	577,913	$	584,987
Transportation services		51,957		43,993
Total revenues		629,870		628,980
Operating expenses:
Rent, storage, and warehouse services cost of operations		391,207		386,393
Transportation services cost of operations		43,154		36,739
Depreciation and amortization		91,660		88,982
Selling, general, and administrative		71,319		69,235
Transactions, strategic initiatives and other costs, net		20,445		25,414
Net gain from sale of real estate		(2,205)		—
Total operating expenses		615,580		606,763

Operating income		14,290		22,217

Other (expense) income:
Interest expense		(41,519)		(36,117)
Loss from investments in partially owned entities		(412)		(1,363)
Other, net		7,383		1,296
Loss before income taxes		(20,258)		(13,967)

Income tax (expense) benefit:
Current income tax		(2,940)		(1,933)
Deferred income tax		9,506		(573)
Total income tax benefit (expense)		6,566		(2,506)

Net loss		$	(13,692)	$	(16,473)
Net loss attributable to noncontrolling interests		(135)		(93)
Net loss attributable to Americold Realty Trust, Inc.		$	(13,557)	$	(16,380)

Weighted average common stock outstanding – basic		286,263		285,363
Weighted average common stock outstanding – diluted		286,263		285,363

Net loss per common share - basic		$	(0.05)	$	(0.06)
Net loss per common share - diluted		$	(0.05)	$	(0.06)


Americold Realty Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands, except shares and per share amounts)
	Three Months Ended March 31,
	2026		2025
Operating activities:
Net loss	$	(13,692)	$	(16,473)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	91,660		88,982
Amortization of deferred financing costs and pension withdrawal liability	1,532		1,400
Project Orion deferred costs amortization	2,582		2,109
Loss from investments in partially owned entities	412		1,363
Stock-based compensation expense	8,432		8,220
Deferred income tax (benefit) expense	(9,506)		573
Provision for doubtful accounts receivable	972		139
Non-cash operating lease expenses	8,542		9,292
Net gain from sale of real estate	(2,205)		—
Changes in operating assets and liabilities:
Accounts receivable	(3,219)		9,633
Accounts payable and accrued expenses	(29,149)		(67,052)
Other assets	(2,995)		(3,547)
Operating lease liabilities	(8,564)		(8,451)
Proceeds from settlement of treasury lock hedge transactions	—		1,292
Other, net	(4,934)		2,722
Net cash provided by operating activities	39,868		30,202
Investing activities:
Additions to property, buildings and equipment	(109,985)		(112,543)
Acquisitions of property, buildings, and equipment, net of cash acquired	(18,707)		—
Business combinations, net of cash acquired	—		(108,448)
Investments in and advances to partially owned entities and other, net	—		(5,848)
Proceeds from sale of property, buildings, and equipment	2,699		133
Net cash used in investing activities	(125,993)		(226,706)
Financing activities:
Distributions paid on common stock, restricted stock units and noncontrolling interests in OP	(66,101)		(63,404)
Proceeds from stock options exercised	1,474		2,228
Proceeds from employee stock purchase plan	—		1,577
Remittance of withholding taxes related to employee stock-based transactions	(1,410)		(2,646)
Proceeds from revolving line of credit	480,350		287,146
Repayment on revolving line of credit	(212,576)		(30,000)
Repayment of sale-leaseback financing obligations	(729)		(869)
Repayment of financing lease obligations	(12,573)		(7,160)
Repayment of senior unsecured notes	(200,000)		—
Net cash (used in) provided by financing activities	(11,565)		186,872
Net decrease in cash, cash equivalents, and restricted cash	(97,690)		(9,632)
Effect of foreign currency translation on cash, cash equivalents and restricted cash	655		926
Cash, cash equivalents and restricted cash:
Beginning of period	136,863		47,652
End of period	$	39,828	$	38,946


Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO
(In thousands, except per share amounts)
	Three Months Ended March 31,
	2026		2025
Net loss(1)	$	(13,692)	$	(16,473)
Adjustments:
Real estate related depreciation	56,261		55,599
Net gain from sale of real estate	(2,205)		—
Net (gain) loss on real estate related asset disposals	(5)		1
Our share of reconciling items related to partially owned entities	247		215
NAREIT FFO	$	40,606	$	39,342
Adjustments:
Net (gain) loss on sale of non-real estate related assets	(241)		134
Transactions, strategic initiatives and other costs, net	20,445		25,414
Foreign currency exchange (gain) loss	(4,686)		221
Project Orion deferred costs amortization	2,582		2,109
Our share of reconciling items related to partially owned entities	—		118
Core FFO	$	58,706	$	67,338
Adjustments:
Amortization of deferred financing costs and pension withdrawal liability	1,532		1,400
Amortization of below/above market leases	365		351
Straight-line rent adjustment	302		84
Deferred income tax (benefit) expense	(9,506)		573
Stock-based compensation expense(2)	7,594		7,259
Non-real estate depreciation and amortization	35,399		33,383
Maintenance capital expenditures(3)	(12,504)		(14,799)
Our share of reconciling items related to partially owned entities	33		137
Adjusted FFO	$	81,921	$	95,726

(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 Transactions, strategic initiatives and other costs, 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 March 31,
		2026		2025
NAREIT FFO		$	40,606	$	39,342
Core FFO		$	58,706	$	67,338
Adjusted FFO		$	81,921	$	95,726

Reconciliation of weighted average shares:
Weighted average basic shares for Net loss calculation		286,263		285,363
Dilutive stock options and unvested restricted stock units		343		266
Weighted average dilutive shares		286,606		285,629

NAREIT FFO - basic per share		$	0.14	$	0.14
NAREIT FFO - diluted per share		$	0.14	$	0.14

Core FFO - basic per share		$	0.21	$	0.24
Core FFO - diluted per share		$	0.20	$	0.24

Adjusted FFO - basic per share		$	0.29	$	0.34
Adjusted FFO - diluted per share		$	0.29	$	0.34


Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA
(In thousands)
	Three Months Ended March 31,
		2026			2025
Net loss(1)		$	(13,692)		$	(16,473)
Adjustments:
Depreciation and amortization		91,660			88,982
Interest expense		41,519			36,117
Income tax (benefit) expense		(6,566)			2,506
Net gain from sale of real estate		(2,205)			—
Adjustment to reflect share of EBITDAre of partially owned entities		619			1,516
NAREIT EBITDAre		$	111,335		$	112,648
Adjustments:
Transactions, strategic initiatives and other costs, net		20,445			25,414
Loss from investments in partially owned entities		412			1,363
Foreign currency exchange (gain) loss		(4,686)			221
Stock-based compensation expense(2)		7,594			7,259
Net (gain) loss on real estate related asset disposals		(5)			1
Net (gain) loss on sale of non-real estate related assets		(241)			134
Project Orion deferred costs amortization		2,582			2,109
Reduction in EBITDAre from partially owned entities		(619)			(1,516)
Core EBITDA		$	136,817		$	147,633

Total revenues		$	629,870		$	628,980
Core EBITDA margin		21.7		%	23.5		%

(1)Net loss used in the calculation of the Core EBITDA reconciliation represents Net loss before adjustment for Net loss attributable to noncontrolling interests.


Revenues and Contribution (NOI) by Segment
(In thousands)
	Three Months Ended March 31,
		2026		2025
Segment revenues:
Warehouse(1)		$	577,913	$	584,987
Transportation		51,957		43,993
Total revenues		629,870		628,980

Segment contribution:
Warehouse(1)		186,706		198,594
Transportation		8,803		7,254
Total segment contribution (NOI)		195,509		205,848

Reconciling items:
Depreciation and amortization expense		(91,660)		(88,982)
Selling, general, and administrative expense		(71,319)		(69,235)
Transactions, strategic initiatives and other costs, net		(20,445)		(25,414)
Net gain from sale of real estate		2,205		—
Interest expense		(41,519)		(36,117)
Loss from investments in partially owned entities		(412)		(1,363)
Other, net		7,383		1,296
Loss before income taxes		$	(20,258)	$	(13,967)

(1)Beginning with the period ended March 31, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

We view and manage our business through two primary business segments—Warehouse and Transportation. 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. Further, 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 our third-party management services help customers to increase efficiency, reduce costs and supply-chain risks, and focus on their core businesses, while also enabling us to offer a complete and integrated suite of services across the cold chain.

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.


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 real estate related 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 (gain) loss on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Foreign currency exchange (gain) loss; Project Orion deferred costs amortization; and Our share of reconciling items related to partially owned entities. 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) expense; 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) expense; Net 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 Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Foreign currency exchange (gain) loss; Stock-based compensation expense; Net (gain) loss on real estate related asset disposals; Net (gain) loss on sale of non-real estate related assets; Project Orion deferred costs amortization; and Reduction in EBITDAre from partially owned entities. 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, divestitures, exited properties and properties classified as held for sale. 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; Transactions, strategic initiatives and other costs, net; Net 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, 2025) 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, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net and Net 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.

Exhibit 99.2



			Financial Supplement \| First Quarter 2026


Table of Contents			PAGE

Corporate Profile			3
Earnings Release			5

Financial Information
Condensed Consolidated Balance Sheets			14
Condensed Consolidated Statements of Operations			15
Condensed Consolidated Statements of Cash Flows			16
Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO			17
Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA			19
Debt Detail and Maturities			20
Interest Expense & Debt Covenants			21
Transactions, Strategic Initiatives and Other Costs, Net			22

Operations Overview
Global Warehouse Portfolio			23
Fixed Commitment and Lease Maturity Schedules			24
Capital Expenditures			25

External Growth and Capital Deployment			26

Other Supplemental Information
Same Store Historical Performance Trend			27
Unconsolidated Joint Venture (Investments in Partially Owned Entities)			28

Reconciliations, Notes and Definitions
Revenues and Contribution (NOI) by Segment			29
Notes and Definitions			30



			Financial Supplement \| First Quarter 2026

Corporate Profile

Corporate Headquarters

10 Glenlake Parkway, Suite 600, South Tower

Atlanta, Georgia 30328

Telephone: 678-441-1400

Website: www.americold.com

Senior Management

Robert S. Chambers: Chief Executive Officer and Director

Christopher J. Papa: Chief Financial Officer and Executive Vice President

M. Bryan Verbarendse: President, Americas

Richard C. Winnall: President, International

Nathan H. Harwell: Chief Legal and People Officer and Executive Vice President

R. Scott Henderson: Chief Investment Officer and Executive Vice President

Michael P. Spires: Chief Information Officer and Executive Vice President

Robert E. Harris, Jr.: Chief Accounting Officer and Senior Vice President

Board of Directors

Mark R. Patterson: Chairman of the Board of Directors
George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

Robert S. Chambers: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director
Joseph E. Reece: Director
Stephen R. Sleigh: Director

Investor Relations

To request more information or to be added to our e-mail distribution list, please visit the investors section of our website: www.americold.com

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com



			Financial Supplement \| First Quarter 2026

Analyst Coverage

Firm

Analyst Name

Contact

Baird Equity Research

Nicholas Thillman

414-298-5053

nthillman@rwbaird.com

Bank of America Merrill Lynch

Samir Khanal

646-855-1497

samir.khanal@bofa.com

Barclays

Brendan Lynch

212-526-9428

brendan.lynch@barclays.com

BNP Paribas Exane Research

Nate Crossett

646-725-3716

nate.crossett@exanebnpparibas.com

Citi

Craig Mailman

212-816-4471

craig.mailman@citi.com

Compass Point Research

Rob Simone

201-355-6813

rsimone@compasspointllc.com

Evercore ISI

Steve Sakwa/
Michael Griffin

212-446-9462 / 212-752-0886

steve.sakwa@evercoreisi.com / michael.griffin@evercoreisi.com

Green Street Advisors

Vince Tibone

949-640-8780

vtibone@greenstreet.com

J.P. Morgan

Michael W. Mueller

212-622-6689

michael.w.mueller@jpmorgan.com

KeyBanc

Todd Thomas

917-368-2286

tthomas@key.com

MorningStar Research Services

Kevin Brown

312-244-7664

kevin.brown@morningstar.com

Piper Sandler

Alexander Goldfarb

212-466-7937

alexander.goldfarb@psc.com

RBC

Michael Carroll

440-715-2649

michael.carroll@rbccm.com

Scotiabank

Greg McGinniss

212-225-6906

greg.mcginniss@scotiabank.com

Truist

Michael R. Lewis

212-319-5659

michael.r.lewis@truist.com

UBS

Michael Goldsmith

212-713-2951

michael.goldsmith@ubs.com

Wells Fargo Securities

Blaine Heck

410-662-2556

blaine.heck@wellsfargo.com

Wolfe Research

Andy Liu

646-582-9257

aliu@wolferesearch.com

Stock Listing Information

The shares of Americold Realty Trust, Inc. are traded on the New York Stock Exchange under the symbol “COLD”.

Credit Ratings


DBRS Morningstar
Credit Rating:	BBB	(Positive Trend)

Fitch
Issuer Default Rating:	BBB	(Stable Outlook)

Moody’s
Issuer Rating:	Baa3	(Stable Outlook)

These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, hold or sell any security, and may be revised or withdrawn at any time by the issuing rating agency at its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.



			Financial Supplement \| First Quarter 2026