# EDGAR Filing Document

**Accession Number:** 0001455863
**File Stem:** 0001628280-26-009471
**Filing Date:** 2026-2
**Character Count:** 259267
**Document Hash:** 759b510bdb8e53a6058666c810262269
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-009471.hdr.sgml**: 20260219

**ACCESSION NUMBER**: 0001628280-26-009471

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20260219

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260219

**DATE AS OF CHANGE**: 20260219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICOLD REALTY TRUST
- **CENTRAL INDEX KEY:** 0001455863
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34723
- **FILM NUMBER:** 26651430

**BUSINESS ADDRESS:**
- **STREET 1:** 10 Glenlake Pkwy., Suite 800 S. Tower
- **CITY:** Atlanta
- **STATE:** GA
- **ZIP:** 30328
- **BUSINESS PHONE:** 678-441-1400

**MAIL ADDRESS:**
- **STREET 1:** 10 Glenlake Pkwy., Suite 800 S. Tower
- **CITY:** Atlanta
- **STATE:** GA
- **ZIP:** 30328

?xml version='1.0' encoding='ASCII'? art-20260219

**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) February 19, 2026** 

**AMERICOLD REALTY TRUST, INC.** 

 **(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| **Maryland** | **001-34723** | **93-0295215** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| **10 Glenlake Parkway,** | **South Tower, Suite 600** |  |
| **Atlanta,** | **Georgia** | **30328** |
| **(Address of principal executive offices)** | **(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:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol(s)** | **Name of each exchange**<br>**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. ☐

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**Item 2.02 — Results of Operations and Financial Condition.**

On February 19, 2026, Americold Realty Trust, Inc. (the "Company") issued a press release announcing the Company's financial results for the fourth quarter and year ended December 31, 2025. 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 Company posted on its website at www.americold.com an investor presentation dated February 19, 2026, containing supplemental financial and operational information regarding the Company. In addition to being available on the Company's website, the presentation is attached hereto as Exhibit 99.3 and incorporated herein by reference.

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**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](q42025-pressrelease.htm)</u> | Press Release dated February 19, 2026 for the fourth quarter and year ended December 31, 2025. |
| <u>[99.2](q42025-quarterlysupplement.htm)</u> | Supplemental Information Package for the fourth quarter and year ended December 31, 2025. |
| <u>[99.3](cold-investordeckq425.htm)</u> | Investor Presentation Materials posted February 19, 2026.  |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;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: February 19, 2026

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| | |
|:---|:---|
| **AMERICOLD REALTY TRUST, INC.** | **AMERICOLD REALTY TRUST, INC.** |
| By: | /s/ Nathan H. Harwell |
|  | Name: Nathan H. Harwell |
|  | Title: EVP, Chief Legal & People Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>AMERICOLD ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS</u>**

**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, GA, February 19, 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 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."

**<u>Fourth Quarter 2025 Highlights</u>** 

• 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. &nbsp;&nbsp;&nbsp;&nbsp;

• 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.

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**<u>Full Year to Date 2025 Highlights</u>**

• 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.

**<u>2026 Outlook</u>**

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.

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| | |
|:---|:---|
| | **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 |

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**<u>Investor Webcast and Conference Call</u>**

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 <u>www.americold.com</u>. 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 <u>http://ir.americold.com</u>.

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.

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**<u>Fourth Quarter 2025 Total Company Financial Results</u>**

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.

**<u>Balance Sheet Activity and Liquidity</u>**

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

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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.

**<u>Dividend</u>**

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.

**<u>About the Company</u>**

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.

**<u>Non-GAAP Measures</u>**

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.

**<u>Forward-Looking Statements</u>**

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

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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: <u>investor.relations@americold.com</u>

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**<u>Fourth Quarter and Full Year 2025 Global Warehouse Segment Results</u>**

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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| **Global Warehouse revenues:** |  |  |  |  |  |
| Rent and storage | $259021 | $258565 | $259889 | (0.3)% | (0.5)% |
| Warehouse services | 341654 | 339864 | 346576 | (1.4)% | (1.9)% |
| Total revenues | $600675 | $598429 | $606465 | (1.0)% | (1.3)% |
| **Global Warehouse cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 34655 | 34437 | 35271 | (1.7)% | (2.4)% |
| Other facilities costs<sup>(3)</sup> | 59981 | 60015 | 61720 | (2.8)% | (2.8)% |
| Labor | 246492 | 245295 | 251486 | (2.0)% | (2.5)% |
| Other services costs<sup>(4)</sup> | 52669 | 52233 | 56561 | (6.9)% | (7.7)% |
| Total warehouse segment cost of operations | $393797 | $391980 | $405038 | (2.8)% | (3.2)% |
| **Global Warehouse contribution (NOI)** | $206878 | $206449 | $201427 | 2.7% | 2.5% |
| Rent and storage contribution (NOI)<sup>(5)</sup> | $164385 | $164113 | $162898 | 0.9% | 0.7% |
| Services contribution (NOI)<sup>(6)</sup> | $42493 | $42336 | $38529 | 10.3% | 9.9% |
| **Global Warehouse margin** | 34.4% | 34.5% | 33.2% | 120 bps | 130 bps |
| Rent and storage margin<sup>(7)</sup> | 63.5% | 63.5% | 62.7% | 80 bps | 80 bps |
| Warehouse services margin<sup>(8)</sup> | 12.4% | 12.5% | 11.1% | 130 bps | 140 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(9)</sup> | 4147 | n/a | 4272 | (2.9)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(10)</sup> | 3574 | n/a | 3693 | (3.2)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(10)</sup> | 5451 | n/a | 5517 | (1.2)% | n/a |
| Economic occupancy percentage<sup>(9)</sup> | 76.1% | n/a | 77.4% | -130 bps | n/a |
| Physical occupancy percentage<sup>(10)</sup> | 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 | 8839 | n/a | 9234 | (4.3)% | n/a |
| Total warehouse services revenues per throughput pallet | $38.65 | $38.45 | $37.53 | 3.0% | 2.5% |

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(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)

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *219* |  | *219* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $249667 | $249215 | $252625 | (1.2)% | (1.3)% |
| Warehouse services | 334569 | 332792 | 338129 | (1.1)% | (1.6)% |
| Total same store revenues | $584236 | $582007 | $590754 | (1.1)% | (1.5)% |
| **Same store cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 33083 | 32865 | 34198 | (3.3)% | (3.9)% |
| Other facilities costs | 58775 | 58815 | 55788 | 5.4% | 5.4% |
| Labor | 236469 | 235280 | 242631 | (2.5)% | (3.0)% |
| Other services costs | 51560 | 51126 | 52614 | (2.0)% | (2.8)% |
| Total same store cost of operations | $379887 | $378086 | $385231 | (1.4)% | (1.9)% |
| **Same store contribution (NOI)** | $204349 | $203921 | $205523 | (0.6)% | (0.8)% |
| Same store rent and storage contribution (NOI)<sup>(3)</sup> | $157809 | $157535 | $162639 | (3.0)% | (3.1)% |
| Same store services contribution (NOI)<sup>(4)</sup> | $46540 | $46386 | $42884 | 8.5% | 8.2% |
| **Same store margin** | 35.0% | 35.0% | 34.8% | 20 bps | 20 bps |
| Same store rent and storage margin<sup>(5)</sup> | 63.2% | 63.2% | 64.4% | -120 bps | -120 bps |
| Same store services margin<sup>(6)</sup> | 13.9% | 13.9% | 12.7% | 120 bps | 120 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(7)</sup> | 4064 | n/a | 4132 | (1.6)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(8)</sup> | 3500 | n/a | 3564 | (1.8)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(8)</sup> | 5182 | n/a | 5216 | (0.7)% | n/a |
| Economic occupancy percentage<sup>(7)</sup> | 78.4% | n/a | 79.2% | -80 bps | n/a |
| Physical occupancy percentage<sup>(8)</sup> | 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 | 8684 | n/a | 9039 | (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,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *9* |  | *16* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $9354 | $9350 | $7264 | n/r | n/r |
| Warehouse services | 7085 | 7072 | 8447 | n/r | n/r |
| Total non-same store revenues | $16439 | $16422 | $15711 | n/r | n/r |
| **Non-same store cost of operations**<sup>(3)</sup>**:** |  |  |  |  |  |
| Power | 1572 | 1572 | 1073 | n/r | n/r |
| Other facilities costs | 1206 | 1200 | 5932 | n/r | n/r |
| Labor | 10023 | 10015 | 8855 | n/r | n/r |
| Other services costs | 1109 | 1107 | 3947 | n/r | n/r |
| Total non-same store cost of operations | $13910 | $13894 | $19807 | n/r | n/r |
| **Non-same store contribution (NOI)** | $2529 | $2528 | $(4096) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(4)</sup> | $6576 | $6578 | $259 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(5)</sup> | $(4047) | $(4050) | $(4355) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 83 | n/a | 140 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 74 | n/a | 129 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(7)</sup> | 269 | n/a | 301 | n/r | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 30.9% | n/a | 46.5% | n/r | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 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,** | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| **Global Warehouse revenues:** |  |  |  |  |  |
| Rent and storage | $1031487 | $1033888 | $1059508 | (2.6)% | (2.4)% |
| Warehouse services | 1345629 | 1347179 | 1357235 | (0.9)% | (0.7)% |
| Total revenues | $2377116 | $2381067 | $2416743 | (1.6)% | (1.5)% |
| **Global Warehouse cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 144347 | 144402 | 147453 | (2.1)% | (2.1)% |
| Other facilities costs<sup>(3)</sup> | 237627 | 238382 | 256910 | (7.5)% | (7.2)% |
| Labor | 989630 | 991487 | 998543 | (0.9)% | (0.7)% |
| Other services costs<sup>(4)</sup> | 206061 | 205926 | 212124 | (2.9)% | (2.9)% |
| Total warehouse segment cost of operations | $1577665 | $1580197 | $1615030 | (2.3)% | (2.2)% |
| **Global Warehouse contribution (NOI)** | $799451 | $800870 | $801713 | (0.3)% | (0.1)% |
| Rent and storage contribution (NOI)<sup>(5)</sup> | $649513 | $651104 | $655145 | (0.9)% | (0.6)% |
| Services contribution (NOI)<sup>(6)</sup> | $149938 | $149766 | $146568 | 2.3% | 2.2% |
| **Global Warehouse margin** | 33.6% | 33.6% | 33.2% | 40 bps | 40 bps |
| Rent and storage margin<sup>(7)</sup> | 63.0% | 63.0% | 61.8% | 120 bps | 120 bps |
| Warehouse services margin<sup>(8)</sup> | 11.1% | 11.1% | 10.8% | 30 bps | 30 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(9)</sup> | 4097 | n/a | 4304 | (4.8)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(10)</sup> | 3494 | n/a | 3731 | (6.4)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(10)</sup> | 5492 | n/a | 5523 | (0.6)% | n/a |
| Economic occupancy percentage<sup>(9)</sup> | 74.6% | n/a | 77.9% | -330 bps | n/a |
| Physical occupancy percentage<sup>(10)</sup> | 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 | 35244 | n/a | 36509 | (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,** | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *219* |  | *219* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $990329 | $992716 | $1019826 | (2.9)% | (2.7)% |
| Warehouse services | 1311031 | 1312459 | 1314503 | (0.3)% | (0.2)% |
| Total same store revenues | $2301360 | $2305175 | $2334329 | (1.4)% | (1.2)% |
| **Same store cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 137549 | 137600 | 139453 | (1.4)% | (1.3)% |
| Other facilities costs | 228680 | 229427 | 228579 | —% | 0.4% |
| Labor | 950752 | 952517 | 956908 | (0.6)% | (0.5)% |
| Other services costs | 193012 | 192865 | 195963 | (1.5)% | (1.6)% |
| Total same store cost of operations | $1509993 | $1512409 | $1520903 | (0.7)% | (0.6)% |
| **Same store contribution (NOI)** | $791367 | $792766 | $813426 | (2.7)% | (2.5)% |
| Same store rent and storage contribution (NOI)<sup>(3)</sup> | $624100 | $625689 | $651794 | (4.2)% | (4.0)% |
| Same store services contribution (NOI)<sup>(4)</sup> | $167267 | $167077 | $161632 | 3.5% | 3.4% |
| **Same store margin** | 34.4% | 34.4% | 34.8% | -40 bps | -40 bps |
| Same store rent and storage margin<sup>(5)</sup> | 63.0% | 63.0% | 63.9% | -90 bps | -90 bps |
| Same store services margin<sup>(6)</sup> | 12.8% | 12.7% | 12.3% | 50 bps | 40 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(7)</sup> | 3980 | n/a | 4148 | (4.1)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(8)</sup> | 3396 | n/a | 3590 | (5.4)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(8)</sup> | 5195 | n/a | 5214 | (0.4)% | n/a |
| Economic occupancy percentage<sup>(7)</sup> | 76.6% | n/a | 79.6% | -300 bps | n/a |
| Physical occupancy percentage<sup>(8)</sup> | 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 | 34526 | n/a | 35591 | (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,** | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *9* |  | *16* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $41158 | $41172 | $39682 | n/r | n/r |
| Warehouse services | 34598 | 34720 | 42732 | n/r | n/r |
| Total non-same store revenues | $75756 | $75892 | $82414 | n/r | n/r |
| **Non-same store cost of operations**<sup>(3)</sup>**:** |  |  |  |  |  |
| Power | 6798 | 6802 | 8000 | n/r | n/r |
| Other facilities costs | 8947 | 8955 | 28331 | n/r | n/r |
| Labor | 38878 | 38970 | 41635 | n/r | n/r |
| Other services costs | 13049 | 13061 | 16161 | n/r | n/r |
| Total non-same store cost of operations | $67672 | $67788 | $94127 | n/r | n/r |
| **Non-same store contribution (NOI)** | $8084 | $8104 | $(11713) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(4)</sup> | $25413 | $25415 | $3351 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(5)</sup> | $(17329) | $(17311) | $(15064) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 117 | n/a | 156 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 98 | n/a | 141 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(7)</sup> | 297 | n/a | 309 | n/r | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 39.4% | n/a | 50.5% | n/r | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 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** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** |
| **Condensed Consolidated Balance Sheets (Unaudited)** | **Condensed Consolidated Balance Sheets (Unaudited)** | **Condensed Consolidated Balance Sheets (Unaudited)** |
| *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* |
|  | **December 31, 2025** | **December 31, 2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $818606 | $806981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4798286 | 4462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 1612744 | 1598502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 756798 | 606233 |
|  | 7986434 | 7474281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2641241) | (2453597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment – net | 5345193 | 5020684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases - net | 179935 | 222294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing leases - net | 157936 | 104216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | 136863 | 47652 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – net of allowance of $16,396 and $24,426 at December 31, 2025 and 2024, respectively | 368521 | 386924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets – net | 819494 | 838660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 828335 | 784042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in and advances to partially owned entities | 39231 | 40252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 246090 | 291230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**8121598** | $**7735954** |
| **Liabilities and Equity** |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | $332111 | $255052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 574059 | 603411 |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes and term loans – net of deferred financing costs of $16,001 and $13,882 at December 31, 2025 and 2024, respectively | 3792123 | 3031462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback financing obligations | 42352 | 79001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing lease obligations | 152262 | 95784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | 179965 | 219099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenues | 20169 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability - net | 98591 | 115772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 7953 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **5199585** | **4428949** |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 2848 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 5664195 | 5646879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit and distributions in excess of net earnings | (2719408) | (2341654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (63190) | (27279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2884445 | 3280788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 37568 | 26217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 2922013 | 3307005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**8121598** | $**7735954** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** |
| **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services | $600675 | $606465 | $2377116 | $2416743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services | 48297 | 49875 | 188230 | 209129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services | 9481 | 10095 | 36500 | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 658453 | 666435 | 2601846 | 2666541 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services cost of operations | 393797 | 405038 | 1577665 | 1615030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services cost of operations | 40783 | 42165 | 156984 | 172606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services cost of operations | 7019 | 8042 | 27811 | 32178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 99895 | 89711 | 367362 | 360817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 62350 | 66576 | 269474 | 255118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 26201 | 33144 | 103893 | 77169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 41796 | 30173 | 47099 | 33126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from sale of real estate | 55941 |  | 44324 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 727782 | 674849 | 2594612 | 2542530 |
| Operating (loss) income | (69329) | (8414) | 7234 | 124011 |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (39483) | (34458) | (147776) | (135323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | (116082) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (373) | (682) | (2112) | (3702) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 327 | 47 | 6921 | 27919 |
| Loss before income taxes | (108858) | (43507) | (135733) | (103177) |
| Income tax (expense) benefit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax | (2069) | 386 | (6133) | (4782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 22017 | 6712 | 26584 | 13210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit | 19948 | 7098 | 20451 | 8428 |
| Net loss | $(88910) | $(36409) | $(115282) | $(94749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (569) | (194) | (734) | (436) |
| **Net loss attributable to Americold Realty Trust, Inc.** | $**(88341)** | $**(36215)** | $**(114548)** | $**(94313)** |
| Weighted average common stock outstanding – basic | 286104 | 284938 | 285742 | 284782 |
| Weighted average common stock outstanding – diluted | 286104 | 284938 | 285742 | 284782 |
| 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) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss<sup>(1)</sup> | $(88910) | $(36409) | $(115282) | $(94749) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related depreciation | 63319 | 56620 | 228424 | 225388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from sale of real estate | 55941 |  | 44324 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on real estate related asset disposals | 88 | 264 | 102 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on certain real estate assets | 41796 | 18032 | 45612 | 20985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 247 | 314 | 894 | 1144 |
| NAREIT FFO | $72481 | $38821 | $204074 | $149584 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of non-real estate related assets | 2404 | 775 | 2494 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 26201 | 33144 | 103893 | 77169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets (excluding certain real estate assets) |  | 12141 | 1487 | 12141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | 116082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange loss (gain) | 732 | 1766 | 1408 | (8833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion and other software related deferred costs amortization | 947 | 1791 | 16596 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities |  | 116 | 145 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity |  |  | (2420) |  |
| Core FFO | $102765 | $88554 | $327677 | $344790 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and pension withdrawal liability | 1467 | 1445 | 5869 | 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of below/above market leases | 360 | 354 | 1441 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | 63 | 335 | 288 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (22017) | (6712) | (26584) | (13210) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(2)</sup> | 3929 | 6335 | 22922 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 36576 | 33091 | 138938 | 135429 |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures<sup>(3)</sup> | (14908) | (17596) | (62554) | (80951) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 45 | 136 | 277 | 671 |
| Adjusted FFO | $108280 | $105942 | $408274 | $420389 |

---

(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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| NAREIT FFO | $72481 | $38821 | $204074 | $149584 |
| Core FFO | $102765 | $88554 | $327677 | $344790 |
| Adjusted FFO | $108280 | $105942 | $408274 | $420389 |
| **<u>Reconciliation of weighted average shares:</u>** |  |  |  |  |
| Weighted average basic shares for net income calculation | 286104 | 284938 | 285742 | 284782 |
| Dilutive stock options and unvested restricted stock units | 104 | 434 | 163 | 403 |
| Weighted average dilutive shares | 286208 | 285372 | 285905 | 285185 |
| 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 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss<sup>(1)</sup> | $(88910) | $(36409) | $(115282) | $(94749) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 99895 | 89711 | 367362 | 360817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 39483 | 34458 | 147776 | 135323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (19948) | (7098) | (20451) | (8428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from sale of real estate | 55941 |  | 44324 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reflect share of EBITDAre of partially owned entities | 499 | 1461 | 3273 | 5909 |
| NAREIT EBITDAre | $86960 | $82123 | $427002 | $395358 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 26201 | 33144 | 103893 | 77169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | 373 | 682 | 2112 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 41796 | 30173 | 47099 | 33126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange loss (gain) | 732 | 1766 | 1408 | (8833) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(2)</sup> | 3929 | 6335 | 22922 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | 116082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on real estate related asset disposals | 88 | 264 | 102 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of non-real estate related assets | 2404 | 775 | 2494 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion and other software related deferred costs amortization | 947 | 1791 | 16596 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in EBITDAre from partially owned entities | (499) | (1461) | (3273) | (5909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity |  |  | (2420) |  |
| Core EBITDA | $162931 | $155592 | $617935 | $634141 |
| Total revenues | $658453 | $666435 | $2601846 | $2666541 |
| 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Segment revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | $600675 | $606465 | $2377116 | $2416743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 48297 | 49875 | 188230 | 209129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 9481 | 10095 | 36500 | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 658453 | 666435 | 2601846 | 2666541 |
| Segment contribution: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | 206878 | 201427 | 799451 | 801713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 7514 | 7710 | 31246 | 36523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 2462 | 2053 | 8689 | 8491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment contribution (NOI) | 216854 | 211190 | 839386 | 846727 |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (99895) | (89711) | (367362) | (360817) |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expense | (62350) | (66576) | (269474) | (255118) |
| &nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | (26201) | (33144) | (103893) | (77169) |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | (41796) | (30173) | (47099) | (33126) |
| &nbsp;&nbsp;&nbsp;Net (loss) gain from sale of real estate | (55941) |  | (44324) | 3514 |
| &nbsp;&nbsp;&nbsp;Interest expense | (39483) | (34458) | (147776) | (135323) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | (116082) |
| &nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (373) | (682) | (2112) | (3702) |
| &nbsp;&nbsp;&nbsp;Other, net | 327 | 47 | 6921 | 27919 |
| **Loss before income taxes** | $**(108858)** | $**(43507)** | $**(135733)** | $**(103177)** |

---

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.

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| |
|:---|
| **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;<br>• these measures do not reflect changes in, or cash requirements for, our working capital needs;<br>• these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;<br>• these measures do not reflect our tax expense or the cash requirements to pay our taxes; and<br>• 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. |

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| |
|:---|
| 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. |

---

## Exhibit 99.2

**Exhibit 99.2** 

![amcfinancialsuplementcovera.jpg](amcfinancialsuplementcovera.jpg)

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---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **Table of Contents** | **PAGE** |
| Corporate Profile | [3](#i436c2540dc7a409189f1d5b4855978fa_10) |
| Earnings Release | [5](#i436c2540dc7a409189f1d5b4855978fa_13) |
| **Financial Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Balance Sheets | [16](#i436c2540dc7a409189f1d5b4855978fa_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Operations | [17](#i436c2540dc7a409189f1d5b4855978fa_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO | [18](#i436c2540dc7a409189f1d5b4855978fa_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA | [20](#i436c2540dc7a409189f1d5b4855978fa_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Detail and Maturities | [21](#i436c2540dc7a409189f1d5b4855978fa_58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Expense & Debt Covenants | [22](#i436c2540dc7a409189f1d5b4855978fa_61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, Cyber Incident, and Other, Net | [23](#i436c2540dc7a409189f1d5b4855978fa_154) |
| **Operations Overview** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Warehouse Portfolio | [24](#i436c2540dc7a409189f1d5b4855978fa_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Commitment and Lease Maturity Schedules | [25](#i436c2540dc7a409189f1d5b4855978fa_70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Expenditures | [26](#i436c2540dc7a409189f1d5b4855978fa_73) |
| **External Growth and Capital Deployment** | [27](#i436c2540dc7a409189f1d5b4855978fa_79) |
| **Other Supplemental Information**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same Store Historical Performance Trend | [28](#i436c2540dc7a409189f1d5b4855978fa_85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated Joint Venture (Investments in Partially Owned Entities) | [30](#i436c2540dc7a409189f1d5b4855978fa_91) |
| **Reconciliations, Notes and Definitions**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues and Contribution (NOI) by Segment | [31](#i436c2540dc7a409189f1d5b4855978fa_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and Definitions  | [32](#i436c2540dc7a409189f1d5b4855978fa_100) |

---

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Corporate Profile**

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.

**Corporate Headquarters**

10 Glenlake Parkway, Suite 600, South Tower

Atlanta, Georgia 30328

Telephone: 678-441-1400

Website: <u>www.americold.com</u>

**Senior Management**

Robert S. Chambers: Chief Executive Officer and Director

Christopher J. Papa: Chief Financial Officer and Executive Vice President (Effective February 23, 2026)

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, 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<br>Joseph E. Reece: Director<br>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: <u>www.americold.com</u>

Investor Relations

Telephone: 678-459-1959

Email: <u>investor.relations@americold.com</u>

\*\* - Scott Henderson is currently serving as the Company's Interim Chief Financial Officer until the effective date of Christopher Papa's employment on February 23, 2026.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| | | | |
|:---|:---|:---|:---|
| **Analyst Coverage**<br>**Firm** |<br>**Analyst Name** |<br>**Contact** |<br>**Email** |
| 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 |
| Evercore ISI | Steve Sakwa/<br>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 |
| 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**

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| | | |
|:---|:---|:---|
| ***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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**<u>AMERICOLD ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS</u>**

**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, GA, February 19, 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 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."

**<u>Fourth Quarter 2025 Highlights</u>** 

• 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. &nbsp;&nbsp;&nbsp;&nbsp;

• 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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**<u>Full Year to Date 2025 Highlights</u>**

• 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.

**<u>2026 Outlook</u>**

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.

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| | |
|:---|:---|
| | **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 |

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**<u>Investor Webcast and Conference Call</u>**

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 <u>www.americold.com</u>. 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 <u>http://ir.americold.com</u>.

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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**<u>Fourth Quarter 2025 Total Company Financial Results</u>**

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.

**<u>Balance Sheet Activity and Liquidity</u>**

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

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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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.

**<u>Dividend</u>**

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.

**<u>About the Company</u>**

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.

**<u>Non-GAAP Measures</u>**

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.

**<u>Forward-Looking Statements</u>**

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

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|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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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: <u>investor.relations@americold.com</u>

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|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**<u>Fourth Quarter and Full Year 2025 Global Warehouse Segment Results</u>**

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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| **Global Warehouse revenues:** |  |  |  |  |  |
| Rent and storage | $259021 | $258565 | $259889 | (0.3)% | (0.5)% |
| Warehouse services | 341654 | 339864 | 346576 | (1.4)% | (1.9)% |
| Total revenues | $600675 | $598429 | $606465 | (1.0)% | (1.3)% |
| **Global Warehouse cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 34655 | 34437 | 35271 | (1.7)% | (2.4)% |
| Other facilities costs<sup>(3)</sup> | 59981 | 60015 | 61720 | (2.8)% | (2.8)% |
| Labor | 246492 | 245295 | 251486 | (2.0)% | (2.5)% |
| Other services costs<sup>(4)</sup> | 52669 | 52233 | 56561 | (6.9)% | (7.7)% |
| Total warehouse segment cost of operations | $393797 | $391980 | $405038 | (2.8)% | (3.2)% |
| **Global Warehouse contribution (NOI)** | $206878 | $206449 | $201427 | 2.7% | 2.5% |
| Rent and storage contribution (NOI)<sup>(5)</sup> | $164385 | $164113 | $162898 | 0.9% | 0.7% |
| Services contribution (NOI)<sup>(6)</sup> | $42493 | $42336 | $38529 | 10.3% | 9.9% |
| **Global Warehouse margin** | 34.4% | 34.5% | 33.2% | 120 bps | 130 bps |
| Rent and storage margin<sup>(7)</sup> | 63.5% | 63.5% | 62.7% | 80 bps | 80 bps |
| Warehouse services margin<sup>(8)</sup> | 12.4% | 12.5% | 11.1% | 130 bps | 140 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(9)</sup> | 4147 | n/a | 4272 | (2.9)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(10)</sup> | 3574 | n/a | 3693 | (3.2)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(10)</sup> | 5451 | n/a | 5517 | (1.2)% | n/a |
| Economic occupancy percentage<sup>(9)</sup> | 76.1% | n/a | 77.4% | -130 bps | n/a |
| Physical occupancy percentage<sup>(10)</sup> | 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 | 8839 | n/a | 9234 | (4.3)% | n/a |
| Total warehouse services revenues per throughput pallet | $38.65 | $38.45 | $37.53 | 3.0% | 2.5% |

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(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)

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *219* |  | *219* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $249667 | $249215 | $252625 | (1.2)% | (1.3)% |
| Warehouse services | 334569 | 332792 | 338129 | (1.1)% | (1.6)% |
| Total same store revenues | $584236 | $582007 | $590754 | (1.1)% | (1.5)% |
| **Same store cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 33083 | 32865 | 34198 | (3.3)% | (3.9)% |
| Other facilities costs | 58775 | 58815 | 55788 | 5.4% | 5.4% |
| Labor | 236469 | 235280 | 242631 | (2.5)% | (3.0)% |
| Other services costs | 51560 | 51126 | 52614 | (2.0)% | (2.8)% |
| Total same store cost of operations | $379887 | $378086 | $385231 | (1.4)% | (1.9)% |
| **Same store contribution (NOI)** | $204349 | $203921 | $205523 | (0.6)% | (0.8)% |
| Same store rent and storage contribution (NOI)<sup>(3)</sup> | $157809 | $157535 | $162639 | (3.0)% | (3.1)% |
| Same store services contribution (NOI)<sup>(4)</sup> | $46540 | $46386 | $42884 | 8.5% | 8.2% |
| **Same store margin** | 35.0% | 35.0% | 34.8% | 20 bps | 20 bps |
| Same store rent and storage margin<sup>(5)</sup> | 63.2% | 63.2% | 64.4% | -120 bps | -120 bps |
| Same store services margin<sup>(6)</sup> | 13.9% | 13.9% | 12.7% | 120 bps | 120 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(7)</sup> | 4064 | n/a | 4132 | (1.6)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(8)</sup> | 3500 | n/a | 3564 | (1.8)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(8)</sup> | 5182 | n/a | 5216 | (0.7)% | n/a |
| Economic occupancy percentage<sup>(7)</sup> | 78.4% | n/a | 79.2% | -80 bps | n/a |
| Physical occupancy percentage<sup>(8)</sup> | 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 | 8684 | n/a | 9039 | (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)

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *9* |  | *16* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $9354 | $9350 | $7264 | n/r | n/r |
| Warehouse services | 7085 | 7072 | 8447 | n/r | n/r |
| Total non-same store revenues | $16439 | $16422 | $15711 | n/r | n/r |
| **Non-same store cost of operations**<sup>(3)</sup>**:** |  |  |  |  |  |
| Power | 1572 | 1572 | 1073 | n/r | n/r |
| Other facilities costs | 1206 | 1200 | 5932 | n/r | n/r |
| Labor | 10023 | 10015 | 8855 | n/r | n/r |
| Other services costs | 1109 | 1107 | 3947 | n/r | n/r |
| Total non-same store cost of operations | $13910 | $13894 | $19807 | n/r | n/r |
| **Non-same store contribution (NOI)** | $2529 | $2528 | $(4096) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(4)</sup> | $6576 | $6578 | $259 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(5)</sup> | $(4047) | $(4050) | $(4355) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 83 | n/a | 140 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 74 | n/a | 129 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(7)</sup> | 269 | n/a | 301 | n/r | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 30.9% | n/a | 46.5% | n/r | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 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 |

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(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)

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **TOTAL WAREHOUSE SEGMENT** |  |  |  |  |  |
| **Global Warehouse revenues:** |  |  |  |  |  |
| Rent and storage | $1031487 | $1033888 | $1059508 | (2.6)% | (2.4)% |
| Warehouse services | 1345629 | 1347179 | 1357235 | (0.9)% | (0.7)% |
| Total revenues | $2377116 | $2381067 | $2416743 | (1.6)% | (1.5)% |
| **Global Warehouse cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 144347 | 144402 | 147453 | (2.1)% | (2.1)% |
| Other facilities costs<sup>(3)</sup> | 237627 | 238382 | 256910 | (7.5)% | (7.2)% |
| Labor | 989630 | 991487 | 998543 | (0.9)% | (0.7)% |
| Other services costs<sup>(4)</sup> | 206061 | 205926 | 212124 | (2.9)% | (2.9)% |
| Total warehouse segment cost of operations | $1577665 | $1580197 | $1615030 | (2.3)% | (2.2)% |
| **Global Warehouse contribution (NOI)** | $799451 | $800870 | $801713 | (0.3)% | (0.1)% |
| Rent and storage contribution (NOI)<sup>(5)</sup> | $649513 | $651104 | $655145 | (0.9)% | (0.6)% |
| Services contribution (NOI)<sup>(6)</sup> | $149938 | $149766 | $146568 | 2.3% | 2.2% |
| **Global Warehouse margin** | 33.6% | 33.6% | 33.2% | 40 bps | 40 bps |
| Rent and storage margin<sup>(7)</sup> | 63.0% | 63.0% | 61.8% | 120 bps | 120 bps |
| Warehouse services margin<sup>(8)</sup> | 11.1% | 11.1% | 10.8% | 30 bps | 30 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(9)</sup> | 4097 | n/a | 4304 | (4.8)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(10)</sup> | 3494 | n/a | 3731 | (6.4)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(10)</sup> | 5492 | n/a | 5523 | (0.6)% | n/a |
| Economic occupancy percentage<sup>(9)</sup> | 74.6% | n/a | 77.9% | -330 bps | n/a |
| Physical occupancy percentage<sup>(10)</sup> | 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 | 35244 | n/a | 36509 | (3.5)% | n/a |
| Total warehouse services revenues per throughput pallet | $38.18 | $38.22 | $37.18 | 2.7% | 2.8% |

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(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)

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of same store warehouses* | *219* |  | *219* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $990329 | $992716 | $1019826 | (2.9)% | (2.7)% |
| Warehouse services | 1311031 | 1312459 | 1314503 | (0.3)% | (0.2)% |
| Total same store revenues | $2301360 | $2305175 | $2334329 | (1.4)% | (1.2)% |
| **Same store cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 137549 | 137600 | 139453 | (1.4)% | (1.3)% |
| Other facilities costs | 228680 | 229427 | 228579 | —% | 0.4% |
| Labor | 950752 | 952517 | 956908 | (0.6)% | (0.5)% |
| Other services costs | 193012 | 192865 | 195963 | (1.5)% | (1.6)% |
| Total same store cost of operations | $1509993 | $1512409 | $1520903 | (0.7)% | (0.6)% |
| **Same store contribution (NOI)** | $791367 | $792766 | $813426 | (2.7)% | (2.5)% |
| Same store rent and storage contribution (NOI)<sup>(3)</sup> | $624100 | $625689 | $651794 | (4.2)% | (4.0)% |
| Same store services contribution (NOI)<sup>(4)</sup> | $167267 | $167077 | $161632 | 3.5% | 3.4% |
| **Same store margin** | 34.4% | 34.4% | 34.8% | -40 bps | -40 bps |
| Same store rent and storage margin<sup>(5)</sup> | 63.0% | 63.0% | 63.9% | -90 bps | -90 bps |
| Same store services margin<sup>(6)</sup> | 12.8% | 12.7% | 12.3% | 50 bps | 40 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(7)</sup> | 3980 | n/a | 4148 | (4.1)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(8)</sup> | 3396 | n/a | 3590 | (5.4)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(8)</sup> | 5195 | n/a | 5214 | (0.4)% | n/a |
| Economic occupancy percentage<sup>(7)</sup> | 76.6% | n/a | 79.6% | -300 bps | n/a |
| Physical occupancy percentage<sup>(8)</sup> | 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 | 34526 | n/a | 35591 | (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)

------

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Change** | **Change** |
| *Dollars and units in thousands, except per pallet data* | **2025 Actual** | **2025 Constant Currency**<sup>(1)</sup> | **2024 Actual** | **Actual** | **Constant Currency** |
| **NON-SAME STORE WAREHOUSE** |  |  |  |  |  |
| *Number of non-same store warehouses*<sup>(2)</sup> | *9* |  | *16* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $41158 | $41172 | $39682 | n/r | n/r |
| Warehouse services | 34598 | 34720 | 42732 | n/r | n/r |
| Total non-same store revenues | $75756 | $75892 | $82414 | n/r | n/r |
| **Non-same store cost of operations**<sup>(3)</sup>**:** |  |  |  |  |  |
| Power | 6798 | 6802 | 8000 | n/r | n/r |
| Other facilities costs | 8947 | 8955 | 28331 | n/r | n/r |
| Labor | 38878 | 38970 | 41635 | n/r | n/r |
| Other services costs | 13049 | 13061 | 16161 | n/r | n/r |
| Total non-same store cost of operations | $67672 | $67788 | $94127 | n/r | n/r |
| **Non-same store contribution (NOI)** | $8084 | $8104 | $(11713) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(4)</sup> | $25413 | $25415 | $3351 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(5)</sup> | $(17329) | $(17311) | $(15064) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 117 | n/a | 156 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 98 | n/a | 141 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical pallet positions<sup>(7)</sup> | 297 | n/a | 309 | n/r | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 39.4% | n/a | 50.5% | n/r | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 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)

------

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

**Financial Information**

---

| | | |
|:---|:---|:---|
| **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** |
| **Condensed Consolidated Balance Sheets (Unaudited)** | **Condensed Consolidated Balance Sheets (Unaudited)** | **Condensed Consolidated Balance Sheets (Unaudited)** |
| *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* | *(In thousands, except shares and per share amounts)* |
|  | **December 31, 2025** | **December 31, 2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $818606 | $806981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4798286 | 4462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 1612744 | 1598502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 756798 | 606233 |
|  | 7986434 | 7474281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2641241) | (2453597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment – net | 5345193 | 5020684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases - net | 179935 | 222294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing leases - net | 157936 | 104216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | 136863 | 47652 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – net of allowance of $16,396 and $24,426 at December 31, 2025 and 2024, respectively | 368521 | 386924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets – net | 819494 | 838660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 828335 | 784042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in and advances to partially owned entities | 39231 | 40252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 246090 | 291230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**8121598** | $**7735954** |
| Liabilities and Equity |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | $332111 | $255052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 574059 | 603411 |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes and term loans – net of deferred financing costs of $16,001 and $13,882 at December 31, 2025 and 2024, respectively | 3792123 | 3031462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback financing obligations | 42352 | 79001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing lease obligations | 152262 | 95784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | 179965 | 219099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenues | 20169 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability - net | 98591 | 115772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 7953 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **5199585** | **4428949** |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | 2848 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 5664195 | 5646879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit and distributions in excess of net earnings | (2719408) | (2341654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (63190) | (27279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2884445 | 3280788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 37568 | 26217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 2922013 | 3307005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**8121598** | $**7735954** |

---

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---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** | **Americold Realty Trust, Inc. and Subsidiaries** |
| **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** | **Condensed Consolidated Statements of Operations (Unaudited)** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services | $600675 | $606465 | $2377116 | $2416743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services | 48297 | 49875 | 188230 | 209129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services | 9481 | 10095 | 36500 | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 658453 | 666435 | 2601846 | 2666541 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services cost of operations | 393797 | 405038 | 1577665 | 1615030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services cost of operations | 40783 | 42165 | 156984 | 172606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services cost of operations | 7019 | 8042 | 27811 | 32178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 99895 | 89711 | 367362 | 360817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 62350 | 66576 | 269474 | 255118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 26201 | 33144 | 103893 | 77169 |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 41796 | 30173 | 47099 | 33126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from sale of real estate | 55941 |  | 44324 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 727782 | 674849 | 2594612 | 2542530 |
| Operating (loss) income | (69329) | (8414) | 7234 | 124011 |
| Other (expense) income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (39483) | (34458) | (147776) | (135323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | (116082) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (373) | (682) | (2112) | (3702) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 327 | 47 | 6921 | 27919 |
| Loss before income taxes | (108858) | (43507) | (135733) | (103177) |
| Income tax (expense) benefit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax | (2069) | 386 | (6133) | (4782) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | 22017 | 6712 | 26584 | 13210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax benefit | 19948 | 7098 | 20451 | 8428 |
| Net loss | $(88910) | $(36409) | $(115282) | $(94749) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (569) | (194) | (734) | (436) |
| **Net loss attributable to Americold Realty Trust, Inc.** | $**(88341)** | $**(36215)** | $**(114548)** | $**(94313)** |
| Weighted average common stock outstanding – basic | 286104 | 284938 | 285742 | 284782 |
| Weighted average common stock outstanding – diluted | 286104 | 284938 | 285742 | 284782 |
| 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) |

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss<sup>(1)</sup> | $(88910) | $(36409) | $(115282) | $(94749) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related depreciation | 63319 | 56620 | 228424 | 225388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from sale of real estate | 55941 |  | 44324 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on real estate related asset disposals | 88 | 264 | 102 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on certain real estate assets | 41796 | 18032 | 45612 | 20985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 247 | 314 | 894 | 1144 |
| NAREIT FFO | $72481 | $38821 | $204074 | $149584 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of non-real estate related assets | 2404 | 775 | 2494 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 26201 | 33144 | 103893 | 77169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets (excluding certain real estate assets) |  | 12141 | 1487 | 12141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | 116082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange loss (gain) | 732 | 1766 | 1408 | (8833) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion and other software related deferred costs amortization | 947 | 1791 | 16596 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities |  | 116 | 145 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity |  |  | (2420) |  |
| Core FFO | $102765 | $88554 | $327677 | $344790 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and pension withdrawal liability | 1467 | 1445 | 5869 | 5329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of below/above market leases | 360 | 354 | 1441 | 1445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | 63 | 335 | 288 | 1612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (22017) | (6712) | (26584) | (13210) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(2)</sup> | 3929 | 6335 | 22922 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 36576 | 33091 | 138938 | 135429 |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures<sup>(3)</sup> | (14908) | (17596) | (62554) | (80951) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 45 | 136 | 277 | 671 |
| Adjusted FFO | $108280 | $105942 | $408274 | $420389 |

---

(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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Loss to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** |
| *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* | *(In thousands, except per share amounts)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| NAREIT FFO | $72481 | $38821 | $204074 | $149584 |
| Core FFO | $102765 | $88554 | $327677 | $344790 |
| Adjusted FFO | $108280 | $105942 | $408274 | $420389 |
| **<u>Reconciliation of weighted average shares:</u>** |  |  |  |  |
| Weighted average basic shares for net income calculation | 286104 | 284938 | 285742 | 284782 |
| Dilutive stock options and unvested restricted stock units | 104 | 434 | 163 | 403 |
| Weighted average dilutive shares | 286208 | 285372 | 285905 | 285185 |
| 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 |

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Loss to NAREIT EBITDAre and Core EBITDA** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net loss<sup>(1)</sup> | $(88910) | $(36409) | $(115282) | $(94749) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 99895 | 89711 | 367362 | 360817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 39483 | 34458 | 147776 | 135323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit | (19948) | (7098) | (20451) | (8428) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) from sale of real estate | 55941 |  | 44324 | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reflect share of EBITDAre of partially owned entities | 499 | 1461 | 3273 | 5909 |
| NAREIT EBITDAre | $86960 | $82123 | $427002 | $395358 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 26201 | 33144 | 103893 | 77169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | 373 | 682 | 2112 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 41796 | 30173 | 47099 | 33126 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange loss (gain) | 732 | 1766 | 1408 | (8833) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(2)</sup> | 3929 | 6335 | 22922 | 25274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | 116082 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on real estate related asset disposals | 88 | 264 | 102 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of non-real estate related assets | 2404 | 775 | 2494 | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion and other software related deferred costs amortization | 947 | 1791 | 16596 | 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in EBITDAre from partially owned entities | (499) | (1461) | (3273) | (5909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity |  |  | (2420) |  |
| Core EBITDA | $162931 | $155592 | $617935 | $634141 |
| Total revenues | $658453 | $666435 | $2601846 | $2666541 |
| 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.

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt Detail and Maturities** | **Debt Detail and Maturities** | **Debt Detail and Maturities** | **Debt Detail and Maturities** | **Debt Detail and Maturities** |
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| **<u>Indebtedness</u>**<sup>(1)</sup>**:** *(In thousands)* | **Carrying Value** | **Contractual Interest Rate**<sup>(2)</sup> | **Effective Interest Rate**<sup>(3)</sup> | **Maturity Date**<sup>(4)</sup> |
| Senior Unsecured Revolving Credit Facility - USD<sup>(5)</sup> | $— | SOFR + 0.84% | —% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - C$98M<sup>(5)</sup> | 71400 | CORRA + 0.84% | 4.16% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - A$207.5M<sup>(5)</sup> | 138469 | BBSW + 0.84% | 5.16% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - €70.5M<sup>(5)</sup> | 82812 | EURIBOR + 0.84% | 3.46% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - NZ$68.5M<sup>(5)</sup> | 39430 | BKBM + 0.84% | 4.02% | 08/2027 |
| 2025 Term Loan - USD<sup>(6)</sup> | 250000 | SOFR + 0.95% | 4.71% | 12/2026 |
| Senior Unsecured Term Loan A Facility Tranche A-1 - USD<sup>(7)</sup> | 375000 | SOFR + 0.94% | 4.49% | 08/2027 |
| Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M | 182144 | CORRA + 0.94% | 4.80% | 01/2028 |
| Senior Unsecured Term Loan A Facility Tranche A-3 - USD | 270000 | SOFR + 0.94% | 4.28% | 01/2028 |
| Private Series A Unsecured Notes - USD<sup>(8)</sup> | 200000 | 4.68% | 4.77% | 01/2026 |
| Private Series B Unsecured Notes - USD | 400000 | 4.86% | 4.92% | 01/2029 |
| Private Series C Unsecured Notes - USD | 350000 | 4.10% | 4.15% | 01/2030 |
| Private Series D Unsecured Notes - €400M | 469856 | 1.62% | 1.67% | 01/2031 |
| Private Series E Unsecured Notes - €350M | 411124 | 1.65% | 1.70% | 01/2033 |
| Public 5.600% Notes - USD | 400000 | 5.60% | 5.70% | 05/2032 |
| Public 5.409% Notes - USD | 500000 | 5.41% | 5.51% | 09/2034 |
| **Total Unsecured Debt** | $**4140235** | **4.01%** | **4.16%** | **4.1 years** |
| Sale-leaseback financing obligations | 42352 | 10.12% |  |  |
| Financing lease obligations | 152262 | 5.00% |  |  |
| **Total Secured Debt** | $**194614** | **6.11%** |  |  |
| **Total Debt Outstanding** | $**4334849** | **4.10%** |  |  |
| Less: unamortized deferred financing costs<sup>(9)</sup> | (16001) |  |  |  |
| **Total Book Value of Debt** | $**4318848** |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **<u>Rate Type</u>:** | **December 31, 2025** | **% of Total** |
| Fixed<sup>(10)</sup> | $3752738 | 86.6% |
| Variable-unhedged | 582111 | 13.4% |
| **Total Debt Outstanding**  | $**4334849** | **100%** |

---

---

| | | |
|:---|:---|:---|
| **<u>Debt Type</u>:** | **December 31, 2025** | **% of Total** |
| Unsecured  | $4140235 | 95.5% |
| Secured  | 194614 | 4.5% |
| **Total Debt Outstanding** | $**4334849** | **100%** |

---

---

| | |
|:---|:---|
| **<u>Capitalization</u>:** | **December 31, 2025** |
| Total Debt Outstanding | $4334849 |
| Less: Cash, cash equivalents and restricted cash | (136863) |
| **Net Debt** | $**4197986** |
| Pro forma Core EBITDA - last twelve months<sup>(12)</sup>  | $619576 |
| **Net Debt to Pro Forma Core EBITDA** | **6.8x** |

---

---

| | |
|:---|:---|
| **<u>Enterprise Value</u>:** | **December 31, 2025** |
| Fully Diluted Common Stock<sup>(11)</sup> | 288409 |
| Common Stock Share Price | $12.86 |
| **Market Value of Common Equity** | $**3708940** |
| Net Debt | $4197986 |
| **Total Enterprise Value** | $**7906926** |

---

(1)Borrowing currency and value presented in caption unless USD denominated.

(2)As of December 31, 2025, for the Senior Unsecured Revolving Credit Facility, the adjusted daily CORRA rate was 2.60% (which includes an adjustment of 0.30%), the one-month BBSW rate was 3.60%, the one-month EURIBOR rate was 1.90%, and the one-month weighted average BKBM rate was 2.46%. As of December 31, 2025, the daily SOFR rate was 3.68% for the 2025 Term Loan. Our Senior Unsecured Term Loan A Facility Tranche A-1 is hedged at a weighted average rate of 4.29%. Our Senior Unsecured Term Loan A Facility Tranche A-2 is hedged at a rate of 4.53%. Our Senior Unsecured Term Loan A Facility Tranche A-3 is hedged at a rate of 4.09%.

(3)All effective interest rates presented include the amortization of deferred financing costs. The $375.0 million Senior Unsecured Term Loan A Facility Tranche A-1, the C$250.0 million Senior Unsecured Term Loan A Facility Tranche A-2, and the $270.0 million Senior Unsecured Term Loan A Facility Tranche A-3 are all based on the hedged rates. The effective interest rate of Total Unsecured Debt is calculated using the weighted average of the stated effective interest rates of the individual borrowings.

(4)Maturity date represents the remaining weighted average life of the debt and assumes the exercise of extension options on the Senior Unsecured Revolving Credit Facility, the 2025 Term Loan, and the Senior Unsecured Term A Facility Loan Tranche A-1 (see below).

(5)The Senior Unsecured Revolving Credit Facility maturity date assumes two six-month extension options past the contractual maturity date of August of 2026. The borrowing capacity as of December 31, 2025 is $1.2 billion less $19.4 million of outstanding letters of credit. The effective interest rates shown reflect deferred financing costs allocated on a pro rata basis over the outstanding balances.

(6)We entered into the 2025 Term Loan in December 2025. The maturity date assumes one six-month extension option past the original contractual maturity date in June of 2026.

(7)The Senior Unsecured Term Loan A Facility Tranche A-1 maturity date assumes two twelve-month extension options past the original contractual maturity date in August of 2025. In June 2025, the Company exercised the first of the two available twelve-month extension options, extending the maturity date to August of 2026. The Company retains the right to exercise the second twelve-month extension option.

(8)The Private Series A Unsecured Notes were repaid in full on the stated maturity date of January 8, 2026.

(9)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within Other assets.

(10)The total includes borrowings with a variable interest rate that have been effectively hedged through interest rate swaps.

(11)The fully diluted Common Stock presented herein is unweighted and assumes a payout at target for all unvested performance based awards.

(12)Calculated as Core EBITDA for the last twelve months plus pro forma adjustments of $1.6 million. Pro Forma adjustments consist of (1) inclusion of Core EBITDA from the Houston acquisition for the period from January 1, 2025 to Americold's acquisition date and (2) exclusion of Core EBITDA for the last twelve months for the sites divested during the twelve months ended December 31, 2025.

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

**Interest Expense & Debt Covenants**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Interest Expense Summary** | **Interest Expense Summary** | **Interest Expense Summary** | **Interest Expense Summary** | **Interest Expense Summary** |
| ***(In thousands)*** | **Current Rate**<sup>(1)</sup> | **Maturity**<sup>(2)</sup> | **Interest Expense for the**<br>**Three Months Ended December 31, 2025** | **Interest Expense for the**<br>**Year Ended December 31, 2025** |
| Senior Unsecured Revolving Credit Facility | S + 0.84% | 08/2027 | $4895 | $17518 |
| Senior Unsecured Term Loan Facilities | Various | Various | 9059 | 35647 |
| Private Placement Notes | Various | Various | 14354 | 57020 |
| Public 5.600% Notes | 5.60% | 05/2032 | 5554 | 16539 |
| Public 5.409% Notes | 5.41% | 09/2034 | 6761 | 27045 |
| Sale-leaseback financing obligations | 10.12% | Various | 1901 | 8004 |
| Financing lease obligations | 5.00% | Various | 2033 | 5633 |
| **Interest Expense on Total Debt Outstanding** |  |  | $**44557** | $**167406** |
| Capitalized interest |  |  | (5921) | (25291) |
| Amortization of deferred financing costs |  |  | 1288 | 5691 |
| Other |  |  | (441) | (30) |
| **Total Interest Expense** |  |  | $**39483** | $**147776** |

---

(1)S represents multiple foreign-denominated floating benchmark borrowing rates. Refer to our <u>[Debt Details and Maturities](#i436c2540dc7a409189f1d5b4855978fa_58)</u> section of our quarterly supplement for further details.

(2)Assumes exercise of extension option under the Senior Unsecured Revolving Credit Facility. Refer to our <u>[Debt Details and Maturities](#i436c2540dc7a409189f1d5b4855978fa_58)</u> section of our quarterly supplement for further details.

---

| | | |
|:---|:---|:---|
| **Debt Covenant Performance for Public Notes as of December 31, 2025** | **Debt Covenant Performance for Public Notes as of December 31, 2025** | **Debt Covenant Performance for Public Notes as of December 31, 2025** |
| | **Required** | **Result** |
| Maintenance of total unencumbered assets | ≥ 150% | 267% |
| Limitation on total debt | ≤ 60% | 34% |
| Limitation on secured debt | ≤ 40% | 2% |
| Interest coverage test | ≥ 1.5x | 3.5x |

---

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

**Acquisition, Cyber Incident, and Other, Net**

This caption represents certain corporate costs that are highly variable from period to period and will be further detailed in our Annual Report on Form 10-K.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Acquisition, cyber incident, and other, net** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
| Closed site costs, excluding severance<sup>(1)</sup> | $6029 | $3419 | $21878 | $5102 |
| Orion - transformation related costs (non-capitalizable costs)<sup>(1)(2)</sup> | 5236 | 7213 | 30773 | 21147 |
| Acquisition and integration related costs<sup>(1)</sup> | 5135 | 5194 | 9310 | 8906 |
| Severance costs<sup>(1)</sup> | 3687 | 2035 | 7659 | 6608 |
| Other, net<sup>(1)</sup> | 2416 | 3482 | 17172 | 3576 |
| Orion - Oracle related costs (non-capitalizable costs)<sup>(1)(2)</sup> | 2080 | 9581 | 12292 | 37040 |
| Cyber incident related costs, net of insurance recoveries | 1618 | 2220 | 4809 | (5210) |
| **Total acquisition, cyber incident, and other, net** | $**26201** | $**33144** | $**103893** | $**77169** |

---

<sup>(1)</sup> Certain prior period amounts have been reclassified to conform to the current period presentation.

<sup>(2)</sup> Beginning with the year ended December 31, 2025, the Company has presented Orion - transformation related costs (non-capitalizable costs) and Orion - Oracle related costs (non-capitalizable costs) separately within the table above.

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

**Operations Overview**

 **Global Warehouse Portfolio**

![chart-aaa14074cfee4518a84a.jpg](chart-aaa14074cfee4518a84a.jpg)![chart-15e5758404ff43c7b70a.jpg](chart-15e5758404ff43c7b70a.jpg)

![chart-6717d691e17144d2af1a.jpg](chart-6717d691e17144d2af1a.jpg)![chart-72cb95e3193f491fa97a.jpg](chart-72cb95e3193f491fa97a.jpg)

The Company defines its warehouse categories as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Production Advantaged: Primarily focused on solutions for customer's production facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward Distribution: Primarily focused on strategic inventory positioning close to end consumers in key metro markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Retail Distribution: Primarily focused on retail support solutions serving grocery and food service customers, such as quick serve restaurants ("QSR").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Port: Primarily focused on import and export solutions with close proximity to port locations.

_______________________________________________

(1)Warehouse categories are determined by primary service offering at the locations.

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fixed Commitment and Lease Maturity Schedules**

The following table sets forth a summary schedule of the expirations for any defined contracts featuring fixed storage commitments and leases in effect as of December 31, 2025. Note that month to month contracts include expired contracts that are assumed to continue as month to month agreements until renewal or notice of intention to vacate.

---

| | | | |
|:---|:---|:---|:---|
| **Contract Expiration Year** | **Number<br>of<br>Contracts** | **Annualized**<br>**Committed Rent**<br>**& Storage**<br>**Revenues**<sup>(1)</sup> | **% of Total**<br>**Warehouse Segment**<br>**Rent & Storage**<br>**Revenues for the**<br>**twelve months ended**<br>**December 31, 2025**<sup>(1)</sup> |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| Month-to-Month | 192 | $109178 | 10.7% |
| 2026 | 212 | 182122 | 17.9% |
| 2027 | 93 | 79255 | 7.8% |
| 2028 | 76 | 86027 | 8.4% |
| 2029 | 19 | 40389 | 4.0% |
| 2030+ | 31 | 107910 | 10.5% |
| **Total** | **623** | $**604881** | **59.3%** |

---

(1)Excludes revenues associated with sites that were idled and/or exited during the period.

The following table sets forth a summary schedule of the expirations of our facility leased warehouses and other leases pursuant to which we lease space to third parties in our warehouse portfolio, in each case, in place as of December 31, 2025. These leases had a weighted average remaining term of approximately 39 months as of December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lease Expiration Year** | **No. of<br>Leases<br>Expiring** | **Annualized**<br>**Rent**<sup>(1)(2)</sup> | **% of Total**<br>**Warehouse Rent &**<br>**Storage Segment**<br>**Revenues for the**<br>**twelve months ended**<br>**December 31, 2025**<sup>(2)</sup> | **Leased<br>Square<br>Footage** |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| Month-to-Month | 7 | $592 | 0.1% | 24 |
| 2026 | 69 | 14266 | 1.4% | 951 |
| 2027 | 24 | 6146 | 0.6% | 516 |
| 2028 | 29 | 11063 | 1.1% | 1401 |
| 2029 | 8 | 5398 | 0.5% | 331 |
| 2030+ | 14 | 14741 | 1.4% | 748 |
| **Total** | **151** | $**52206** | **5.1%** | **3971** |

---

(1)Represents monthly rental payments under the relevant leases as of December 31, 2025, multiplied by 12.

(2)Excludes revenues associated with sites that were idled and/or exited during the period.

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Capital Expenditures**

***Maintenance Capital Expenditures*** are capitalized funds used to uphold and extend the useful life of assets, resulting in future economic benefits. These expenditures relate to routine and recurring maintenance that are essential to sustain current operations. This includes the cost to purchase and install, repair, or construct assets when it results in a useful life longer than one year and the cost per asset is over a *de minimis* threshold. Examples include roof repairs, refrigeration equipment refurbishment, racking system repairs, expenditures on material handling equipment and maintenance on existing servers.

***External Growth Capital Expenditures*** refer to investments to expand our operations and enhance market position through mergers and acquisitions. External growth strategies rely on leveraging external assets and synergies to drive value creation and achieve strategic objectives. The Company completed the Houston acquisition on March 17, 2025 for total cash consideration of $108.4 million. The strategic benefits of the acquisition include the ability to accommodate a significant high-turn retail fixed committed customer.

***Expansion, Development, and Integration Capital Expenditures*** refer to investments to enhance our existing operations and increase storage capacity. Examples of capital expenditures associated with expansion and development are warehouse expansions and greenfield developments. Such capital expenditures also include integrating operational systems, rebranding, and upgrading infrastructure to our standards associated with recent mergers and acquisitions.

***Organic Growth Capital Expenditures*** refer to investments with a focus on internal development through existing resources and capabilities. Organic growth strategies focus on utilizing internal resources and synergies to meet strategic goals. Examples of capital expenditures associated with organic growth are pallet position expansion and expansion of drop lots.

***Technological Upgrades and Enhancements*** refer to investments aimed at improving our technological infrastructure, investments in hardware, software, and systems that automate processes, enhance data analytics, and improve cyber security. In addition, this category includes sustainability initiatives and other asset modernization projects such as installation of LED lighting and solar panels.

The following table sets forth our total capital expenditures for the three months and years ended December 31, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| | **2025** | **2024**<sup>(1)</sup> | **2025** | **2024**<sup>(1)</sup> |
|  | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
| Maintenance | $14908 | $17596 | $62554 | $80951 |
| External growth |  |  | 108448 |  |
| Expansion, development, and integration<sup>(2)</sup> | 59805 | 58080 | 360063 | 128729 |
| Organic growth | 31161 | 27367 | 143287 | 84532 |
| Technological upgrades and enhancements | 10347 | 7015 | 23715 | 15478 |
| &nbsp;&nbsp;Total capital expenditures<sup>(3)</sup> | $**116221** | $**110058** | $**698067** | $**309690** |

---

<sup>(1)</sup> Certain prior period amounts have been reclassified to conform to the current period presentation.

<sup>(2)</sup> Expansion and development capital expenditures include spend for sites in the recently completed expansion and development phase that are included in our non-same store pool, external integration capital expenditures associated with recent acquisitions in the non-same store pool, and any other expansion and development sites that are in progress that will be added to our non-same store pool when operations commence.

<sup>(3)</sup> Capital expenditures in the Consolidated Statements of Cash Flows for the year ended December 31, 2025 include $32.5 million of costs accrued as of December 31, 2024 and paid during the year ended December 31, 2025. Such expenditures exclude $40.8 million of costs accrued during the year ended December 31, 2025 that will be paid in a future period.

We incurred capitalized interest of $5.9 million and $5.4 million for the three months ended December 31, 2025 and 2024, respectively, and $25.3 million and $17.6 million for the years ended December 31, 2025 and 2024, respectively, which is included in the capital expenditures noted in the table above.

------

---

| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

---

**External Growth and Capital Deployment**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** | **Expansions, Developments, and Acquisitions Completed Within the Last 36 Months and In Process** |
| **Project Vintage (Months)** | **Project Count** | **Square Feet (In millions)** | **Cubic Feet**<br>**(In millions)** | **Pallet**<br>**Positions**<br>**(In thousands)** | **Cost**<br>**(In millions)**<sup>(1)</sup> | **Remaining Spend** | **LTM NOI** <br>**(In millions)**<sup>(4)</sup> | **Estimated Stabilized NOI (In millions)** | **Stabilized NOI Achieved**<sup>(2)</sup> | **Estimated Stabilized ROIC**<sup>(3)</sup> |
| 25-36 | 5 | 1.2 | 37.3 | 126 | $424 |  | $21 | $41 | 51% | 10% |
| 13-24 | 1 | 0.4 | 12.1 | 31 | 205 |  | (3) | 22 | (14)% | 11% |
| 1-12 | 2 | 0.6 | 28.1 | 59 | 206 |  | (1) | 25 | (4)% | 12% |
| 1-36 | 8 | 2.2 | 77.5 | 216 | $835 | $— | $17 | $88 | 19% | 11% |
| In Process<sup>(5)</sup> | 5 | 0.9 | 43.5 | 137 | $299 | $120 | $1 | $51 | 2% | 12% |
| **Total** | **13** | **3.1** | **121.0** | **353** | **$1134** | **$120** | **$18** | **$139** | **13%** | **11%** |

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| | | | |
|:---|:---|:---|:---|
| **Incremental NOI from Expansions, Developments, & Acquisitions** | **Incremental NOI from Expansions, Developments, & Acquisitions** | **Incremental NOI from Expansions, Developments, & Acquisitions** | **Incremental NOI from Expansions, Developments, & Acquisitions** |
| **Estimated Stabilized NOI** | **LTM NOI Achieved** | | **Incremental NOI** |
| **$139** | **$18** | = | **$121** |

---

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| | | |
|:---|:---|:---|
| **Completed Projects by Q4 2025 Same Store Classification** | **Completed Projects by Q4 2025 Same Store Classification** | **Completed Projects by Q4 2025 Same Store Classification** |
| | **Project Count** | **LTM NOI** |
| Same Store Warehouse | **4** | **$6** |
| Non-Same Store Warehouse | **5** | **$12** |
| **Total** | **9** | **$18** |

---

(1)Cost represents costs incurred as of December 31, 2025, inclusive of capitalized internal labor, travel, and interest.

(2)Percentage of last twelve months net operating income divided by stabilized net operating income.

(3)Defined as stabilized net operating income divided by total cost.

(4)Defined as last twelve months of revenues less cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative; Acquisition, cyber incident, and other, net, Impairment of long-lived assets, Net loss (gain) from sale of real estate, and all components of Other (expense) income.

(5)Includes 4 sites that are in the development and expansion phase that will be added to the non-same store pool when operations commence and 1 facility which we purchased in 2025 that is included in our non-same store pool.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**Other Supplemental Information**

***Same Store Historical Performance Trend -*** The following table reflects the actual results of our current same store pool, in USD, for the respective periods.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(Dollars in thousands)**<sup>(1)</sup> | **Q4 25** | **Q3 25** | **Q2 25** | **Q1 25** | **Q4 24** | **Q3 24** | **Q2 24** | **Q1 24** |
| *Number of same store warehouses* | 219 | 219 | 219 | 219 | 219 | 219 | 219 | 219 |
| **Same store revenues:** |  |  |  |  |  |  |  |  |
| Rent and storage | $249667 | $249826 | $246433 | $244403 | $252625 | $254577 | $257635 | $254989 |
| Warehouse services | 334569 | 335875 | 325819 | 314768 | 338129 | 338916 | 321685 | 315773 |
| Total same store revenues | $584236 | $585701 | $572252 | $559171 | $590754 | $593493 | $579320 | $570762 |
| **Same store cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |
| Power | 33083 | 40054 | 33907 | 30505 | 34198 | 39817 | 34917 | 30521 |
| Other facilities costs | 58775 | 56034 | 56942 | 56929 | 55788 | 61042 | 55620 | 56129 |
| Labor | 236469 | 242988 | 236904 | 234391 | 242631 | 244737 | 234858 | 234682 |
| Other services costs | 51560 | 51451 | 45304 | 44697 | 52614 | 47569 | 46747 | 49033 |
| Total same store cost of operations | $379887 | $390527 | $373057 | $366522 | $385231 | $393165 | $372142 | $370365 |
| **Same store contribution (NOI)** | $204349 | $195174 | $199195 | $192649 | $205523 | $200328 | $207178 | $200397 |
| Same store rent and storage contribution (NOI)<sup>(3)</sup> | $157809 | $153738 | $155584 | $156969 | $162639 | $153718 | $167098 | $168339 |
| Same store services contribution (NOI)<sup>(4)</sup> | $46540 | $41436 | $43611 | $35680 | $42884 | $46610 | $40080 | $32058 |
| **Same store margin** | 35.0% | 33.3% | 34.8% | 34.5% | 34.8% | 33.8% | 35.8% | 35.1% |
| Same store rent and storage margin<sup>(5)</sup> | 63.2% | 61.5% | 63.1% | 64.2% | 64.4% | 60.4% | 64.9% | 66.0% |
| Same store services margin<sup>(6)</sup> | 13.9% | 12.3% | 13.4% | 11.3% | 12.7% | 13.8% | 12.5% | 10.2% |
| **Same store rent and storage metrics:** |  |  |  |  |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |  |  |  |  |
| Average economic occupied pallets<sup>(7)</sup> | 4064 | 3926 | 3929 | 4001 | 4132 | 4078 | 4160 | 4223 |
| Economic occupancy percentage<sup>(7)</sup> | 78.4% | 75.6% | 75.6% | 76.8% | 79.2% | 78.2% | 79.8% | 81.0% |
| Same store rent and storage revenues per average economic occupied pallet | $61.43 | $63.63 | $62.72 | $61.09 | $61.14 | $62.43 | $61.93 | $60.38 |
| <u>Physical occupancy</u> |  |  |  |  |  |  |  |  |
| Average physical occupied pallets<sup>(8)</sup> | 3500 | 3348 | 3344 | 3391 | 3564 | 3534 | 3599 | 3661 |
| Average physical pallet positions<sup>(8)</sup> | 5182 | 5190 | 5196 | 5212 | 5216 | 5216 | 5211 | 5212 |
| Physical occupancy percentage<sup>(8)</sup> | 67.5% | 64.5% | 64.4% | 65.1% | 68.3% | 67.8% | 69.1% | 70.2% |
| Same store rent and storage revenues per average physical occupied pallet | $71.33 | $74.62 | $73.69 | $72.07 | $70.88 | $72.04 | $71.59 | $69.65 |
| **Same store services metrics:** |  |  |  |  |  |  |  |  |
| Throughput pallets | 8684 | 8706 | 8576 | 8560 | 9039 | 8977 | 8790 | 8785 |
| Same store warehouse services revenues per throughput pallet | $38.53 | $38.58 | $37.99 | $36.77 | $37.41 | $37.75 | $36.60 | $35.94 |
| **Total non-same store results**<sup>(2)</sup>**:** |  |  |  |  |  |  |  |  |
| Non-same store revenues | $16439 | $21313 | $21818 | $16186 | $15711 | $18688 | $21067 | $26948 |
| Non-same store cost of operations | $13910 | $21504 | $20008 | $12250 | $19807 | $20392 | $23714 | $30214 |
| Non-same store contribution NOI | $2529 | $(191) | $1810 | $3936 | $(4096) | $(1704) | $(2647) | $(3266) |

---

(1)Total amounts in the table above and year to date calculations may not calculate exactly due to rounding.

(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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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***2026 Same-Store Historical Performance Trend -*** The following table reflects the actual results of our 2026 same store pool, in USD, for the respective periods. Beginning in 2026, third-party managed sites will be included under the warehouse segment.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** |
| **(Dollars in thousands)**<sup>(1)</sup> | **Q4 25** | **Q3 25** | **Q2 25** | **Q1 25** | **2025** |
| *Number of same store warehouses* | 215 | 215 | 215 | 215 | 215 |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $243705 | $244304 | $241342 | $238593 | $967944 |
| Warehouse services | 338766 | 338841 | 328896 | 316601 | 1323104 |
| Total same store revenues | $582471 | $583145 | $570238 | $555194 | $2291048 |
| **Same store cost of operations**<sup>(2)</sup>**:** |  |  |  |  |  |
| Power | 32137 | 38651 | 32781 | 29515 | 133084 |
| Other facilities costs | 56922 | 53929 | 54953 | 55089 | 220893 |
| Labor | 237733 | 242394 | 236376 | 232990 | 949493 |
| Other services costs | 49946 | 50410 | 44607 | 43648 | 188611 |
| Total same store cost of operations | $376738 | $385384 | $368717 | $361242 | $1492081 |
| **Same store contribution (NOI)** | $205733 | $197761 | $201521 | $193952 | $798967 |
| Same store rent and storage contribution (NOI)<sup>(3)</sup> | $154646 | $151724 | $153608 | $153989 | $613967 |
| Same store services contribution (NOI)<sup>(4)</sup> | $51087 | $46037 | $47913 | $39963 | $185000 |
| **Same store margin** | 35.3% | 33.9% | 35.3% | 34.9% | 34.9% |
| Same store rent and storage margin<sup>(5)</sup> | 63.5% | 62.1% | 63.6% | 64.5% | 63.4% |
| Same store services margin<sup>(6)</sup> | 15.1% | 13.6% | 14.6% | 12.6% | 14.0% |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |  |
| Average economic occupied pallets<sup>(7)</sup> | 3985 | 3852 | 3860 | 3926 | 3906 |
| Economic occupancy percentage<sup>(7)</sup> | 79.7% | 76.9% | 77.0% | 78.0% | 77.9% |
| Same store rent and storage revenues per average economic occupied pallet | $61.16 | $63.42 | $62.52 | $60.77 | $247.81 |
| <u>Physical occupancy</u> |  |  |  |  |  |
| Average physical occupied pallets<sup>(8)</sup> | 3438 | 3289 | 3292 | 3332 | 3338 |
| Average physical pallet positions<sup>(8)</sup> | 5002 | 5009 | 5016 | 5031 | 5015 |
| Physical occupancy percentage<sup>(8)</sup> | 68.7% | 65.7% | 65.6% | 66.2% | 66.6% |
| Same store rent and storage revenues per average physical occupied pallet | $70.89 | $74.28 | $73.31 | $71.61 | $289.98 |
| **Same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 8775 | 8757 | 8653 | 8619 | 34804 |
| Same store warehouse services revenues per throughput pallet | $38.61 | $38.69 | $38.01 | $36.73 | $38.02 |
| **Total non-same store results**<sup>(2)</sup>**:** |  |  |  |  |  |
| Non-same store revenues | $27685 | $32677 | $32413 | $29793 | $122568 |
| Non-same store cost of operations | $24078 | $33146 | $31020 | $25151 | $113395 |
| Non-same store contribution NOI | $3607 | $(469) | $1393 | $4642 | $9173 |

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(1)Total amounts in the table above and year to date calculations may not calculate exactly due to rounding.

(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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**Unconsolidated Joint Venture (Investments in Partially Owned Entities)** 

As of December 31, 2025, the Company owned a 49% equity share in the Dubai-based RSA joint venture. The debt of our unconsolidated joint venture is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions and material misrepresentations.

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| | | | | |
|:---|:---|:---|:---|:---|
| **RSA** | **RSA** | **RSA** | **RSA** | **RSA** |
| **Summary Balance Sheet - at the JV's 100% share in AED** | | | **December 31, 2025** | **December 31, 2024** |
| ***(In thousands)*** | | | | |
| Net book value of property, buildings, and equipment |  |  | 183275 | 106668 |
| Other assets |  |  | 25332 | 20295 |
| Total assets |  |  | 208607 | 126963 |
| Debt |  |  | 156299 | 80915 |
| Other liabilities |  |  | 19971 | 16463 |
| Equity |  |  | 32337 | 29585 |
| Total liabilities and equity |  |  | 208607 | 126963 |
| Americold's ownership percentage |  |  | 49% | 49% |
| AED/USD end of period rate |  |  | 0.2723 | 0.2723 |
| Americold's pro rata share of debt at AED/USD rate |  |  | $20855 | $10796 |
|  | **Three Months Ended** | **Three Months Ended** | **Years Ended** | **Years Ended** |
| **Summary Statement of Operations - at the JV's 100% share in AED** | **Q4 25** | **Q4 24** | **Q4 25** | **Q4 24** |
| ***(In thousands)*** |  |  |  |  |
| Revenues | 10202 | 7582 | 33370 | 19656 |
| Cost of operations | 7932 | 6017 | 26212 | 18926 |
| Depreciation & amortization | 2279 | 865 | 5817 | 2245 |
| Total operating expenses | 10211 | 6882 | 32029 | 21171 |
| Operating (loss) income | (9) | 700 | 1341 | (1515) |
| Interest expense | (2033) | (501) | (4103) | (1116) |
| Non-operating expenses | (2033) | (501) | (4103) | (1116) |
| Net (loss) income | (2042) | 199 | (2762) | (2631) |
| Americold's ownership percentage | 49% | 49% | 49% | 49% |
| AED/USD average rate | 0.2723 | 0.2723 | 0.2723 | 0.2723 |
| Americold's pro rata share of NOI in USD | $303 | $209 | $955 | $98 |
| Americold's pro rata share of Net (loss) income in USD | $(272) | $27 | $(369) | $(350) |
| Americold's pro rata share of Core FFO in USD | $(28) | $124 | $268 | $(91) |
| Americold's pro rata share of Adjusted FFO in USD | $(4) | $135 | $342 | $(66) |

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&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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**Reconciliations, Notes, and Definitions**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** | **Revenues and Contribution (NOI) by Segment** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Segment revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | $600675 | $606465 | $2377116 | $2416743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 48297 | 49875 | 188230 | 209129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 9481 | 10095 | 36500 | 40669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 658453 | 666435 | 2601846 | 2666541 |
| Segment contribution: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | 206878 | 201427 | 799451 | 801713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 7514 | 7710 | 31246 | 36523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 2462 | 2053 | 8689 | 8491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment contribution (NOI) | 216854 | 211190 | 839386 | 846727 |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (99895) | (89711) | (367362) | (360817) |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expense | (62350) | (66576) | (269474) | (255118) |
| &nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | (26201) | (33144) | (103893) | (77169) |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | (41796) | (30173) | (47099) | (33126) |
| &nbsp;&nbsp;&nbsp;Net (loss) gain from sale of real estate | (55941) |  | (44324) | 3514 |
| &nbsp;&nbsp;&nbsp;Interest expense | (39483) | (34458) | (147776) | (135323) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  |  |  | (116082) |
| &nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (373) | (682) | (2112) | (3702) |
| &nbsp;&nbsp;&nbsp;Other, net | 327 | 47 | 6921 | 27919 |
| **Loss before income taxes** | $**(108858)** | $**(43507)** | $**(135733)** | $**(103177)** |

---

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.

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| | | |
|:---|:---|:---|
| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| |
|:---|
| **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;<br>• these measures do not reflect changes in, or cash requirements for, our working capital needs;<br>• these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;<br>• these measures do not reflect our tax expense or the cash requirements to pay our taxes; and<br>• 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. |

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| | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | |
| **Financial Supplement** | ![americoldrealtytrustlogoa15.jpg](americoldrealtytrustlogoa15.jpg) | **Fourth Quarter 2025** |

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| 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. |

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## Exhibit 99.3

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C o r p o r a t e D e c k \| F e b r u a r y 1 9 , 2 0 2 6 Strengthening our Foundation to Unlock Long-Term Growth

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Disclaimer This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account 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; 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; the impact of supply chain disruptions, including, among others, the impact of labor availability, raw material availability, manufacturing and food production and transportation; uncertainties and risks related to public health crises, adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; general economic conditions; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections or our failure to realize the intended benefits from our acquisitions, including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected timeframes, or at all, in respect thereof; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; risks related to defaults or non-renewals of significant customer contracts; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs; 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; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets and products, including international markets; risks related to the partial ownership of properties, including our JV investments; our failure to maintain our status as a Real Estate Investment Trust ("REIT"); possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; geopolitical conflicts, such as the on-going conflict between Russia and Ukraine or a resurgence of conflict in the Middle East; rising inflationary pressures, increased interest rates and operating costs; labor and power costs; labor shortages; risks related to rising construction costs/ risk related to implementation of the new enterprise resource planning system; risks related to natural disasters; changes in applicable governmental regulations and tax legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; changes in real estate and zoning laws and increases in real property tax rates; our relationship with our associates; the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employment related litigation; liabilities as a result of our participation in multi-employer pension plans; uninsured losses or losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with the use of third-party trucking service providers to provide transportation services to our customers; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our directors and affect the price of our shares of common stock of beneficial interest, $0.01 par value per share; or the potential dilutive effect of our common stock offerings, including our ongoing at the market program. 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 presentation include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities and statements about industry-wide headwinds. 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 our 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. Non-GAAP Measures This presentation contains non-GAAP financial measures, including AFFO, Core EBITDA, Core EBITDA Margin, Pro Forma ("PF") Core EBITDA, NOI and margin, constant currency basis and maintenance capital expenditures. Definitions and reconciliations of these non-GAAP metrics to their most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 19, 2026. Each of these non-GAAP measures included in this presentation 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 presentation may not be comparable to similarly titled measures disclosed by other companies, including other REITs. 2

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3 Execution-focused and well positioned strategy centered on solutions, operational excellence, and experienced leadership 4 Multiple growth drivers with a capital allocation strategy supported by a blue-chip customer base, unique partnerships, and diverse asset network Americold – A Compelling Growth Opportunity 1 Global leader in the attractive cold storage industry with an integrated network of high-quality, strategically located mission-critical warehouses 3 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems

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Significant Scale & Expertise from 120+ Years of Experience Note: Figures as of December 31, 2025. 231 Warehouses include 3 Managed sites, which are not included in the Global Footprint numbers by region. Figures may not sum due to rounding 5 Significant Scale Global Footprint Cubic Feet / Warehouse Count South America 10M / 2 North America 1,222M / 186~5.5M Pallet Positions ~13,000 Associates 231 Warehouses ~3,000 Customers Europe 105M / 23~1.4B/55M Cubic Feet/Square Feet of Total Capacity Connectivity Conventional & Automated Presence at Every Major Node Asia Pacific 80M / 17

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6 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,231M cubic feet 188 facilities 1,425M cubic feet1 231 facilities Note: Americold portfolio figures as of December 31, 2025. Figures include 2 Managed sites in North America and 1 Managed site in Asia-Pacific. Figures may not sum due to rounding 1) Figures do not include Americold's Middle Eastern investment in the RSA JV 2) The remaining 43% and 78% of the North American and global markets consist of ~3.0bn cubic feet and ~19.9bn cubic feet, respectively A Global Leader in Highly Fragmented Market Global Market Americold¹, 6% Rest of the Market², 78% North American Market Americold, 18% Rest of the Market², 43%

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Americold is Essential to the Cold Chain Produce Distribute Consume Americold provides mission critical infrastructure from production to consumption There are four primary 3PL cold chain nodes and Americold has solutions in each one: 1. Production Support (Production Advantaged) 2. Distribution Support (Forward Distribution) 3. Import \| Export Support (Port) 4. Store Distribution (Retail) 7

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Why Customers Choose Americold Deep Customer Relationships Drive Growth Opportunities Broad and strategically-located network of facilities Comprehensive value-added services, including port support, blast freezing, tempering, labeling, repacking, and order fulfillment/assembly Top 25 Customers Continuous commitment to best-in- class customer experience High standards of quality, reliability, and food safety ensured by climate- controlled infrastructure Commitment to innovation through automation initiatives and strategic partnerships 8 ~39 years average tenure 13 customers are investment grade(2) 100% utilize committed contracts/leases ~50% of Warehouse revenues(1) 1) Based on LTM Warehouse revenues as of December 31, 2025 2) Represents long-term issuer rating as of January 2026 Compelling Value Proposition 100% use multiple facilities, average of 16 sites

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Bryan Verbarendse P R E S I D E N T , A M E R I C A S COLD: Joined 2023/Appointed 2025 ~33 years experience Nathan Harwell C H I E F L E G A L O F F I C E R & C H I E F P E O P L E O F F I C E R COLD: Joined & Appointed 2023 & 2026 ~27 years experience Experienced Management Team Committed to Increasing Shareholder Value Significant experience in real estate, third-party logistics, and grocery retail Robert Chambers C H I E F E X E C U T I V E O F F I C E R COLD: Joined 2013/Appointed 2025 ~21 years experience Chris Papa C H I E F F I N A N C I A L O F F I C E R \* COLD: Joined & Appointed 2026 ~40 years experience Richard Winnall P R E S I D E N T , I N T E R N A T I O N A L COLD: Joined 2019/Appointed 2024 ~24 years experience Michael Spires C H I E F I N F O R M A T I O N O F F I C E R COLD: Joined & Appointed 2023 ~25 years experience Scott Henderson C H I E F I N V E S T M E N T O F F I C E R COLD: Joined 2018/Appointed 2023 ~24 years experience \*effective February 23, 2026 9

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History of Significant Growth 10 • Hiring and retention initiatives deliver $100M in incremental services NOI • Project Orion improved labor productivity and efficiencies • Grew same store service margins by 911 bps to 12.9% • Refocus on 4 key strategic priorities: labor, customer service, pricing, developments • Re-commercialization initiative across the business • Announced strategic partnership with DP World • Announced strategic partnership with CPKC • Launched Project Orion • Completed and launched 5 automation projects AFFO (in millions) 36% AFFO Growth $1.11 $1.27 $1.47 $300M $352M $420M $408M 2022 2023 2024 2025 $1.11 $1.43 $1.11 $1.47 • Completed Houston acquisition to support retail customer growth • Increased quarterly dividend by 5% • Achieved target of 60% of rent & storage revenue from fixed commitment contracts • Rob Chambers appointed CEO • Introduced 2026 key strategic priorities Reconciliations of non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 19, 2026 $1.27

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12 Unique Value Proposition Driven by Unparalleled Expertise and Scalable Infrastructure Strategic Partnerships providing unique growth opportunities exclusive to Americold Scalable Infrastructure Conventional & Automated capabilities at all nodes of the supply chain Advanced Operating System ensures best practices across entire warehouse network Leveraging Technology to drive efficiency and productivity gains

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13 Ability to Leverage Strong Market Presence in North America • 82% owned network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Technological expertise and best-in- class operating system Production Advantaged Forward Distribution Retail Distribution Port Facilities AMERICOLD ADVANTAGES • Continued growth in retail • Leverage expertise into foodservice, e-commerce, convenience, drug and dollar stores • Expand non-core products, such as pet food, pharmacy, floral • Growth with CPKC to enhance cold storage supply chain through rail • Potential presence in Mexico through strategic partnerships GROWTH STRATEGY

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14 Scalable Platform in Europe and Middle East • Presence at all nodes in the cold storage supply chain in Europe • Americold Operating System implemented throughout • Project Orion implementation underway to centralize/streamline multiple processes Production Advantaged Forward Distribution Retail Distribution Port Facilities AMERICOLD ADVANTAGES • Significant white space to grow presence in retail and QSR sectors • Expansion into foodservice, mass merchandising, convenience, e- commerce, drug stores, club stores, and dollar stores • Expand geographic presence including fast-growing Middle East region with lots of white space, partnerships give us strategic advantage GROWTH STRATEGY Dubai

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15 Significant Growth Opportunities in Asia Pacific • Region is 90%+ economically occupied with Same store NOI growing 10% YoY • Specializes in fast turning and operationally intensive retail/QSR business • Decades long relationships • Americold Operating System and Project Orion implemented throughout • Recent wins with On The Run expands capabilities into convenience sector Production Advantaged Forward Distribution Retail Distribution Port Facilities AMERICOLD ADVANTAGES • Existing customers are growing and requesting additional development support • Expansion into adjacent channels, such as convenience, mass merchandise, e-commerce, drug stores, club stores, and dollar stores • Leverage partnership opportunities in Southeast Asia GROWTH STRATEGY Reconciliations of non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 19, 2026

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Americold's Critical Infrastructure at Every Node % of total warehouse revenue for the year ended December 31, 2025 16 48% 14% 25% Forward Distribution • Multi-tenanted mixing facilities • Located near large population centers • Fewer fixed commitment agreements • Multiple customers served Retail Distribution Center • Single tenanted • Long-term fixed commitment agreements • High-turning and operationally intense • Largely insourced today Ports • Multiple tenants • Few fixed commitment agreements • High-turning • Leverage strategic partnerships Production Advantaged • Single tenanted • Long-term fixed commitment agreements • Requires deep customer relationships • Located in largely rural areas close to harvests 40.0 26.0% 21.0% 13.0%

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Operational Partners Core Operating Expertise Enhanced by Best-in-Class Partnerships 17 Kansas City, Missouri • First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal, bypassing customs, reducing transit time by approximately one day and reducing total cost. Completed in partnership with CPKC, opened Q2 2025. Port St. John, New Brunswick, Canada • Import/Export Hub will store and handle temperature sensitive food moving through the port, providing a more efficient route for Canadian food imports & exports, opening Q3 2026 Port of Jebel Ali, Dubai • Import/Export Hub is the first to offer both bonded & non-bonded service and enables global food Producers to connect directly with regional Retailers and Distributors. Opened Q2 2025. Highlights Top five global port operator 2022 One of NA's largest railroad companies 2023

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Advanced Operating Systems and Warehouse Management Expertise Americold Operating System ensures best practices across entire network 18 Customer Focus Labor Optimization Focused Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Sustainability Excellence Refrigeration Excellence Advanced Integrated Systems Maintenance Excellence AOS distinguishes us from our competitors and is central to our continuous improvement culture • Delivering standardized procedures • Driving collaborative innovation • Improving service • Optimizing value

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Technology Differentiation: Improving Efficiency and Lowering Cost 19 Native Project Orion ERP Standardize processes, reduce manual work and improve analytics • Warehouse management system (WMS) provides visibility to ensure orders delivered on-time and in-full (OTIF) • Labor management system (LMS) optimizes workforce and delivers high service levels to customers • Transportation Management System (TMS) ensuring comprehensive national delivery network visibility • Warehouse Execution System (WES) facilitating industry-leading automation services 415+ Identified Gen AI Use Cases Leveraging embedded AI with tech partners

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21 • Strategic capital management to de-lever balance sheet ◦ Company is committed to maintaining an investment grade profile ◦ Evaluating multiple sources of available capital that have been identified • Creating value from our real estate through portfolio management of low profit facilities, NNN leasing of space to tenants, and/or non-strategic asset sales • Driving organic growth by leveraging COLD's advantages in under-penetrated sectors, such as retail, QSR, convenience, e-commerce, pet food, floral, pharmacy, and more • Inorganic growth from lower-risk projects, such as customer-dedicated, partnership-driven, and international ◦ Plan to limit near-term development spend until leverage is reduced ◦ Future development focused on opportunities with significant pre-leasing • Continued rightsizing of our cost structure and managing costs closely ◦ Currently executing plan to reduce SG&A and indirect labor, expect to complete at the end of Q1 2026, with anticipated run rate cost savings of more than $30M ◦ Additional $50M+ year-over-year reduction in expenses related to Project Orion and transformational costs 2026 Key Priorities Strong Organizational Alignment with a Focus on Execution

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Leveraging Our Strategic Advantages Current Market Focus Weak Consumer Demand TariffsHigh Interest Rates GLP-1 Adoption Outsized Food Inflation Recent Spec Builds SNAP Reductions Critical Infrastructure at Every Node Advanced Operating System Commitment to Best-in-Class Customer Service Long-Term Customer Relationships World-Class Partnerships Expand QSR to New Geographies Build in Attractive Int'l Markets Grow Retail Business Evaluate Adjacent/New Categories 22

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Frozen Food Pharmaceuticals Fresh Food Retail QSR International Pet Food Floral Seafood Beverages Expanding the Aperture to Adjacent Growth Opportunities Dry Goods Cosmetics E-commerce Core Adjacent New Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value 23

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Global Opportunity to Grow Retail and QSR Presence COLD Best in Class Operator Trusted by Largest Retailers & QSR Brands in the World Attractive Pipeline of Global Growth Opportunities What is Retail/QSR? • Pallets of product from multiple manufactures arrive at our facility • Product is warehoused until a store needs replenishment • Individual cases are picked (automated or manually) based on store order • Cases are assembled into new multi-vendor, multi-SKU pallets • Pallets are staged for loading based on the delivery route • Pallets arrive and product placed into refrigerated/frozen coolers within the store Attractive Characteristics • 5 of our top-10 customers are retail/QSR companies • Generates ~$480M LTM revenue • Nearly twice the NOI/pallet compared to rest of the portfolio • Leading market share and challenging for competitors to enter complex value- added segment of market • Opportunity to expand into new geographies • Largely insourced by retailers today, with significant whitespace 24

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25 $30 Million Reduction in Indirect Costs and SG&A Expected in 2026 Identified opportunities to streamline organization to optimize performance and reduce cost • Conducted current-state assessment evaluating operating model design and identified opportunities for efficiency • Performed top-down and bottom-up analysis to define future-state operating model • Developed organization structure, processes, and systems, synthesized findings and identified areas for improvement • Developed implementation roadmap and cost-savings model Conducted current-state assessment and developed operating model Developed top-down and bottom-up analysis to define the future-state operating model Implementation planning Developed detailed roadmap, cost savings model 1 3 42 • Developed high-level current-state hypotheses • Developed a cost baseline • Validated with stakeholders • Conducted deep-dives with functional owners • Performed top-down analysis based on benchmarking analysis and Americold's business context • Conducted workshops to review and validate process packages with key stakeholders • Defined the series of initiatives • Performed comparison against existing / in-flight initiatives to eliminate the risk of duplication • Estimated savings and costs associated with initiatives identified • Conducted workshops to prioritize initiatives • Developed implementation plan • Documented key activities, dependencies, risks, resources and outcomes for each initiative in tear sheets • Developed cost savings and level of investment for each initiative

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Strong Same-Store Warehouse Revenue and NOI Growth 27 Note: Revenues represent LTM figures. Dollars in millions 1) Based on the annual committed rent and storage revenues attributable to fixed storage commitment contracts and leases as of December 31, 2025 2) Represents weighted average term for contracts featuring fixed storage commitments and leases as of December 31, 2025 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 19, 2026 • Significant improvement in transitioning from on demand contracts to fixed storage committed contracts and leases since 2021 • Fixed storage contracts for the total warehouse segment increased by 129% since 2021 and now account for: • 59% of total warehouse rent and storage revenues (from 39% in 2021)(1) • 8-year weighted average stated term(2) • Our network's scope and breadth has allowed us to enter into fixed storage commitments • Opportunity to further improve performance as we integrate recent acquisitions into Americold's standards • Growth in Warehouse NOI from both Rent & Storage and Warehouse Services Same-Store Warehouse Revenue Same-Store Warehouse NOI Contribution (NOI) Margin: Same-Store Warehouse services Same-Store Rent & storage $1,464M $2,014M $2,258M $2,342M $2,305M $615M $862M $1,025M $1,019M $993M $849M $1,152M $1,233M $1,323M $1,312M 2021 2022 2023 2024 2025 +57% growth $478M $600M $709M $807M $793M $404M $540M $665M $635M $626M $74M $60M $44M $172M $167M 2021 2022 2023 2024 2025 +66% growth

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Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 28 Core EBITDA ($M) and Margin (%) 17.5% 17.1% 30% growth • Effectively optimizing margins across all business areas • Creating a solid foundation with efforts over the past three years to build a productive, stabilized workforce supporting sustainable service margins • Strong variable cost control and focus on efficiencies • Significant investments in technology have streamlined processes, enhanced revenue capture, and accelerated labor management initiatives • Strategic partnerships fueling development pipeline for future profitable growth 17.5% 17.1% 21.4% 23.8% $475M $500M $572M $634M $618M 2021 2022 2023 2024 2025 17.5% 21.4% 23.7%17.1% 23.8% Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 19, 2026

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Well-Laddered Maturity Profile Note: Dollars in millions. Figures based on company filings as of December 31, 2025. Balances denominated in foreign currencies have been translated to USD. Figures may not sum due to rounding 1) Revolver maturity date assumes the exercise of two six month extension options 2) Term Loan maturity date assumes the exercise of one 12-month extension options 3) Figure reflects cash, cash equivalents, restricted cash, and the capacity available under the Senior Unsecured Revolving Credit Facility less $19M in letter of credit 29 Real Estate Debt Maturity (1)(2) % of Debt Maturity \*These notes were repaid in full on the stated maturity date of 1/8/2026 • Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody's) • Total liquidity of $935M(3) with $799M available in undrawn credit facility • Total net debt of $4 billion at December 31, 2025 with 96% unsecured and 87% fixed rate • Well-laddered maturity profile with a remaining weighted average term of 4.1 years • Weighted average contractual interest rate of 4.10% as of December 31, 2025 • $10B+ in critical cold storage infrastructure that is difficult to replicate $200\* $375 $270 $400 $350 $470 $400 $411 $500 $250 $332 $182 2026 2027 2028 2029 2030 2031 2032 2033 2034

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Disciplined Capital Allocation Strategy Focused on Driving Growth and Generating Shareholder Value Organic Reinvestment in the Business Returning Capital to Shareholders Opportunistic and Disciplined M&A • Maintain annualized dividend per share • Growth and expansion through acquisitions of desirable assets • Accretive to AFFO per share on Day 1 • Strategic maintenance capital deployment • Investing in accretive development projects with strategic partners • Capacity expansion and customer specific builds Maintain Healthy Balance Sheet 1 42 3 • Maintain Investment Grade rating • Access to sources of public and private capital • Potential asset sales and joint ventures 30 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 26, 2026

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Commitment to Sustainability Initiatives Environmental Commitment to Energy Excellence and Efficiency • Recognized under the Global Cold Chain Alliance's (GCCA) Energy Excellence Recognition Program with Gold, Silver or Bronze certifications at 213 facilities • 9.48% reduction in Scope 1 and 2 emissions from 2021, with an ultimate goal of 30% in 2030 • 24k MWh of renewable energy produced in 2024, with a goal of 150k hours in 2030 Social Social Initiatives • Serve the public good by maintaining the integrity of food supply and reducing waste • Corporate contributions / support to charities aligned with our core beliefs and focus, such as Feed the Children and HeroBox • $150K of financial assistance provided by the Americold Foundation to 79 associates in 2024 Governance Shareholder- friendly Corporate Governance • All members of the Board other than the CEO are independent • Code of Business Conduct and Ethics encourage the highest levels of integrity across the organization, training completed by 100% of associates Awards & Recognition Charitable Organizations 31

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32 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 2026 Guidance Guidance updated as of February 19, 2026 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the fourth quarter and year ended December 31, 2025 as filed with the SEC on February 19, 2026 February 19, 2026

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3 Execution-focused and well positioned strategy centered on solutions, operational excellence, and experienced leadership 4 Multiple growth drivers with a capital allocation strategy supported by a blue-chip customer base, unique partnerships, and diverse asset network Americold – A Compelling Growth Opportunity 1 Global leader in the attractive cold storage industry with an integrated network of high-quality, strategically located mission-critical warehouses 33 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems

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