# EDGAR Filing Document

**Accession Number:** 0001455863
**File Stem:** 0001628280-25-038577
**Filing Date:** 2025-8
**Character Count:** 245757
**Document Hash:** 092445cb99e2aba812d4b0cd0752ffde
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-038577.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001628280-25-038577

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250807

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**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:** 251191545

**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-20250807

**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) August 7, 2025** 

**AMERICOLD REALTY TRUST, INC.** 

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

---

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

---

| | | |
|:---|:---|:---|
| **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. ☐

------

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

On August 7, 2025, Americold Realty Trust, Inc. (the "Company") issued a press release announcing the Company's financial results for the second quarter ended June 30, 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 August 7, 2025, 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**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](q22025-pressrelease.htm)</u> | Press Release dated August 7, 2025 for the second quarter ended June 30, 2025. |
| <u>[99.2](q22025-quarterlysupplement.htm)</u> | Supplemental Information Package for the second quarter ended June 30, 2025. |
| <u>[99.3](cold-investordeckq225.htm)</u> | Investor Presentation dated August 7, 2025.  |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**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: August 7, 2025

---

| | |
|:---|:---|
| **AMERICOLD REALTY TRUST, INC.** | **AMERICOLD REALTY TRUST, INC.** |
| By: | /s/ E. Jay Wells |
|  | Name: E. Jay Wells |
|  | Title: Chief Financial Officer and Executive Vice President |

---

## Exhibit 99.1

**Exhibit 99.1**

**<u>AMERICOLD ANNOUNCES SECOND QUARTER 2025 RESULTS</u>**

**Launched Three Innovative and Demand-Driven Development Projects**

**Delivered $0.36 AFFO per share**

**Updated 2025 Full-Year Outlook**

Atlanta, GA, August 7th, 2025 – Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the second quarter ended June 30, 2025.

George Chappelle, Chief Executive Officer of Americold Realty Trust, said, "Our team continues to execute well in the current market, despite the impacts from multiple headwinds that are constraining occupancy levels across the industry. During the second quarter we made strong progress on our four key operational priorities and won new business, while continuing to manage the business tightly. As a result, the first half of the year has largely been in-line with expectations, demonstrating the resilience and breadth of our various operating levers."

"We continue to position the Company for future growth. Specifically, we launched three innovative and demand-driven projects during the second quarter – our development in Kansas City in partnership with CPKC, our expansion in Allentown, and finally our state-of-the-art flagship build with DP World in the Port of Jebel Ali in Dubai. All three of these facilities are seeing strong customer demand, and we look forward to their financial contributions for years to come."

"Looking to the second half of the year, we expect the challenging demand environment to continue, with occupancy and throughput levels remaining below typical seasonality trends. As a result of these headwinds, we are adjusting our AFFO/share guidance range to $1.39 - $1.45. We remain focused on controlling what we can control, including lowering costs, improving efficiencies and capturing new business opportunities. Longer term, cold storage remains a mission-critical asset, and we believe that the breadth and magnitude of our network, in combination with our history of operational excellence positions us to maximize growth as industry volumes improve. I want to thank our associates around the world who continue to deliver for our customers, and I am looking forward to the future that we will help create."

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

• Total revenues of $650.7 million, a 1.5% decrease from $661.0 million in Q2 2024 and a decrease of 1.5% on a constant currency basis.

• Net income of $1.6 million, or $0.01 per diluted share, as compared to a net loss of $0.23 per diluted share in Q2 2024.

• Global Warehouse segment same store revenues decreased 1.5% on an actual and constant currency basis as compared to Q2 2024.

• Global Warehouse same store services margin increased to 13.3% from 12.4% in Q2 2024.

• Global Warehouse segment same store NOI decreased 4.2% on an actual and constant currency basis, as compared to Q2 2024. &nbsp;&nbsp;&nbsp;&nbsp;

• Adjusted FFO of $103.6 million, or $0.36 per diluted share, a 5.6% decrease from Q2 2024 Adjusted FFO per diluted share.

• Core EBITDA of $159.1 million, decreased $6.4 million, or 3.9% (3.8% on a constant currency basis) from $165.5 million in Q2 2024.

• Core EBITDA margin of 24.4%, decreased from 25.0% in Q2 2024.

------

**<u>2025 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.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **August 7, 2025** | **May 8, 2025** |
| Warehouse segment same store revenue growth (constant currency) | (4.0)% - 0.0% | 0.0% - 2.0% |
| Warehouse segment same store NOI growth (constant currency) | 50 to 100 bps lower than associated revenues | 100 bps higher than associated revenues |
| Warehouse segment non-same store NOI | $7M - $13M | $7M - $13M |
| Transportation and Third-Party Managed segment NOI | $40M - $44M | $40M - $44M |
| Total selling, general and administrative expense (guidance as of August 7, 2025 is inclusive of share-based compensation expense of $30M - $32M and $14M - $16M of Project Orion amortization) | $270M - $280M | $270M - $280M |
| Interest expense | $153M - $157M | $153M - $157M |
| Current income tax expense | $6M - $8M | $8M - $10M |
| Non real estate depreciation and amortization expense | $139M - $149M | $139M - $149M |
| Total maintenance capital expenditures | $60M - $70M | $80M - $85M |
| Development starts<sup>(1)</sup> | $200M - $300M | $200M - $300M |
| Adjusted FFO per share | $1.39 - $1.45 | $1.42 - $1.52 |

---

(1)Represents the aggregate invested capital for initiated development opportunities.

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

The Company will hold a webcast and conference call on Thursday, August 7, 2025 at 8:00 a.m. Eastern Time to discuss its second quarter 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#13750776. The telephone replay will be available starting shortly after the call until August 21, 2025.

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.

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

Total revenues for the second quarter of 2025 were $650.7 million, a 1.5% decrease from $661.0 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue.

Total NOI for the second quarter of 2025 was $211.7 million, a decrease of 1.8% (1.7% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in warehouse segment NOI which was primarily due to lower volumes.

------

For the second quarter of 2025, the Company reported net income of $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or a net loss of $0.23 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Loss on debt extinguishment and termination of derivative instruments recognized during the second quarter of 2024 of $110.7 million offset by increased Acquisition, cyber incident, and other, net costs and Selling, general, and administrative costs during the second quarter of 2025.

Core EBITDA was $159.1 million for the second quarter of 2025, compared to $165.5 million for the comparable quarter of the prior year. This decrease (3.9% on an actual basis and 3.8% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs, primarily due to increased costs associated with the go-live of Project Orion in North America and Asia Pacific.

For the second quarter of 2025, Core FFO was $75.8 million, or $0.27 per diluted share, compared to $95.0 million, or $0.33 per diluted share, for the second quarter of 2024.

For the second quarter of 2025, Adjusted FFO was $103.6 million, or $0.36 per diluted share, compared to $109.4 million, or $0.38 per diluted share, for the second 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>Second Quarter 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 and six months ended June 30, 2025 and 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **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 | $256732 | $256861 | $267671 | (4.1)% | (4.0)% |
| Warehouse services | 337338 | 337527 | 332716 | 1.4% | 1.4% |
| Total revenues | $594070 | $594388 | $600387 | (1.1)% | (1.0)% |
| **Global Warehouse cost of operations:** |  |  |  |  |  |
| Power | 35544 | 35500 | 37082 | (4.1)% | (4.3)% |
| Other facilities costs<sup>(2)</sup> | 59675 | 59739 | 62385 | (4.3)% | (4.2)% |
| Labor | 248241 | 248573 | 245626 | 1.1% | 1.2% |
| Other services costs<sup>(3)</sup> | 49605 | 49533 | 50763 | (2.3)% | (2.4)% |
| Total warehouse segment cost of operations | $393065 | $393345 | $395856 | (0.7)% | (0.6)% |
| **Global Warehouse contribution (NOI)** | $201005 | $201043 | $204531 | (1.7)% | (1.7)% |
| Rent and storage contribution (NOI)<sup>(4)</sup> | $161513 | $161622 | $168204 | (4.0)% | (3.9)% |
| Services contribution (NOI)<sup>(5)</sup> | $39492 | $39421 | $36327 | 8.7% | 8.5% |
| **Global Warehouse margin** | 33.8% | 33.8% | 34.1% | -30 bps | -30 bps |
| Rent and storage margin<sup>(6)</sup> | 62.9% | 62.9% | 62.8% | 10 bps | 10 bps |
| Warehouse services margin<sup>(7)</sup> | 11.7% | 11.7% | 10.9% | 80 bps | 80 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(8)</sup> | 4057 | n/a | 4311 | (5.9)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(9)</sup> | 3454 | n/a | 3740 | (7.6)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5499 | n/a | 5519 | (0.4)% | n/a |
| Economic occupancy percentage<sup>(8)</sup> | 73.8% | n/a | 78.1% | -430 bps | n/a |
| Physical occupancy percentage<sup>(9)</sup> | 62.8% | n/a | 67.8% | -500 bps | n/a |
| Total rent and storage revenues per average economic occupied pallet | $63.28 | $63.31 | $62.09 | 1.9% | 2.0% |
| Total rent and storage revenues per average physical occupied pallet | $74.33 | $74.37 | $71.57 | 3.9% | 3.9% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 8784 | n/a | 9024 | (2.7)% | n/a |
| Total warehouse services revenues per throughput pallet | $38.40 | $38.43 | $36.87 | 4.1% | 4.2% |

---

(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)Includes real estate rent expense of $7.4 million and $9.2 million for the three months ended June 30, 2025 and 2024, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.0 million for the three months ended June 30, 2025 and 2024, respectively.

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

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

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

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

(8)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.

(9)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **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* | *223* |  | *223* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $247212 | $247335 | $259427 | (4.7)% | (4.7)% |
| Warehouse services | 325882 | 326010 | 322446 | 1.1% | 1.1% |
| Total same store revenues | $573094 | $573345 | $581873 | (1.5)% | (1.5)% |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 34106 | 34059 | 35379 | (3.6)% | (3.7)% |
| Other facilities costs | 57262 | 57320 | 56025 | 2.2% | 2.3% |
| Labor | 237173 | 237455 | 235609 | 0.7% | 0.8% |
| Other services costs | 45327 | 45250 | 46857 | (3.3)% | (3.4)% |
| Total same store cost of operations | $373868 | $374084 | $373870 | —% | 0.1% |
| **Same store contribution (NOI)** | $199226 | $199261 | $208003 | (4.2)% | (4.2)% |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $155844 | $155956 | $168023 | (7.2)% | (7.2)% |
| Same store services contribution (NOI)<sup>(3)</sup> | $43382 | $43305 | $39980 | 8.5% | 8.3% |
| **Same store margin** | 34.8% | 34.8% | 35.7% | -90 bps | -90 bps |
| Same store rent and storage margin<sup>(4)</sup> | 63.0% | 63.1% | 64.8% | -180 bps | -170 bps |
| Same store services margin<sup>(5)</sup> | 13.3% | 13.3% | 12.4% | 90 bps | 90 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 3972 | n/a | 4203 | (5.5)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 3387 | n/a | 3637 | (6.9)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5263 | n/a | 5278 | (0.3)% | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 75.5% | n/a | 79.6% | -410 bps | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 64.4% | n/a | 68.9% | -450 bps | n/a |
| Same store rent and storage revenues per average economic occupied pallet | $62.24 | $62.27 | $61.72 | 0.8% | 0.9% |
| Same store rent and storage revenues per average physical occupied pallet | $72.99 | $73.02 | $71.33 | 2.3% | 2.4% |
| **Same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 8577 | n/a | 8819 | (2.7)% | n/a |
| Same store warehouse services revenues per throughput pallet | $37.99 | $38.01 | $36.56 | 3.9% | 4.0% |

---

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

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

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

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

(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. 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **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> | *11* |  | *12* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $9520 | $9526 | $8244 | n/r | n/r |
| Warehouse services | 11456 | 11517 | 10270 | n/r | n/r |
| Total non-same store revenues | $20976 | $21043 | $18514 | n/r | n/r |
| **Non-same store cost of operations:** |  |  |  |  |  |
| Power | 1438 | 1441 | 1703 | n/r | n/r |
| Other facilities costs | 2413 | 2419 | 6360 | n/r | n/r |
| Labor | 11068 | 11118 | 10017 | n/r | n/r |
| Other services costs | 4278 | 4283 | 3906 | n/r | n/r |
| Total non-same store cost of operations | $19197 | $19261 | $21986 | n/r | n/r |
| **Non-same store contribution (NOI)** | $1779 | $1782 | $(3472) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(3)</sup> | $5669 | $5666 | $181 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(4)</sup> | $(3890) | $(3884) | $(3653) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(5)</sup> | 85 | n/a | 108 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(6)</sup> | 67 | n/a | 103 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 236 | n/a | 241 | n/r | n/a |
| Economic occupancy percentage<sup>(5)</sup> | 36.0% | n/a | 44.8% | n/r | n/a |
| Physical occupancy percentage<sup>(6)</sup> | 28.4% | n/a | 42.7% | n/r | n/a |
| Non-same store rent and storage revenues per average economic occupied pallet | $112.00 | $112.07 | $76.33 | n/r | n/r |
| Non-same store rent and storage revenues per average physical occupied pallet | $142.09 | $142.18 | $80.04 | n/r | n/r |
| **Non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 207 | n/a | 205 | n/r | n/a |
| Non-same store warehouse services revenues per throughput pallet | $55.34 | $55.64 | $50.10 | 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 June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

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

(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)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.

(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **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 | $511311 | $513762 | $537095 | (4.8)% | (4.3)% |
| Warehouse services | 658116 | 661494 | 661002 | (0.4)% | 0.1% |
| Total revenues | $1169427 | $1175256 | $1198097 | (2.4)% | (1.9)% |
| **Global Warehouse cost of operations:** |  |  |  |  |  |
| Power | 67253 | 67586 | 70415 | (4.5)% | (4.0)% |
| Other facilities costs<sup>(2)</sup> | 117225 | 117834 | 127980 | (8.4)% | (7.9)% |
| Labor | 489153 | 491966 | 493799 | (0.9)% | (0.4)% |
| Other services costs<sup>(3)</sup> | 98206 | 98628 | 104241 | (5.8)% | (5.4)% |
| Total warehouse segment cost of operations | $771837 | $776014 | $796435 | (3.1)% | (2.6)% |
| **Global Warehouse contribution (NOI)** | $397590 | $399242 | $401662 | (1.0)% | (0.6)% |
| Rent and storage contribution (NOI)<sup>(4)</sup> | $326833 | $328342 | $338700 | (3.5)% | (3.1)% |
| Services contribution (NOI)<sup>(5)</sup> | $70757 | $70900 | $62962 | 12.4% | 12.6% |
| **Global Warehouse margin** | 34.0% | 34.0% | 33.5% | 50 bps | 50 bps |
| Rent and storage margin<sup>(6)</sup> | 63.9% | 63.9% | 63.1% | 80 bps | 80 bps |
| Warehouse services margin<sup>(7)</sup> | 10.8% | 10.7% | 9.5% | 130 bps | 120 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(8)</sup> | 4093 | n/a | 4353 | (6.0)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(9)</sup> | 3477 | n/a | 3775 | (7.9)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5512 | n/a | 5525 | (0.2)% | n/a |
| Economic occupancy percentage<sup>(8)</sup> | 74.3% | n/a | 78.8% | -450 bps | n/a |
| Physical occupancy percentage<sup>(9)</sup> | 63.1% | n/a | 68.3% | -520 bps | n/a |
| Total rent and storage revenues per average economic occupied pallet | $124.92 | $125.52 | $123.39 | 1.2% | 1.7% |
| Total rent and storage revenues per average physical occupied pallet | $147.06 | $147.76 | $142.28 | 3.4% | 3.9% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 17515 | n/a | 18075 | (3.1)% | n/a |
| Total warehouse services revenues per throughput pallet | $37.57 | $37.77 | $36.57 | 2.7% | 3.3% |

---

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $13.9 million and $18.4 million for the six months ended June 30, 2025 and 2024, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $4.8 million and $6.5 million for the six months ended June 30, 2025 and 2024, respectively.

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

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

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

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

(8)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.

(9)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **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* | *223* |  | *223* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $492408 | $494852 | $516198 | (4.6)% | (4.1)% |
| Warehouse services | 640705 | 644015 | 638938 | 0.3% | 0.8% |
| Total same store revenues | $1133113 | $1138867 | $1155136 | (1.9)% | (1.4)% |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 64762 | 65093 | 66292 | (2.3)% | (1.8)% |
| Other facilities costs | 114507 | 115110 | 112592 | 1.7% | 2.2% |
| Labor | 471813 | 474573 | 471026 | 0.2% | 0.8% |
| Other services costs | 90090 | 90504 | 96021 | (6.2)% | (5.7)% |
| Total same store cost of operations | $741172 | $745280 | $745931 | (0.6)% | (0.1)% |
| **Same store contribution (NOI)** | $391941 | $393587 | $409205 | (4.2)% | (3.8)% |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $313139 | $314649 | $337314 | (7.2)% | (6.7)% |
| Same store services contribution (NOI)<sup>(3)</sup> | $78802 | $78938 | $71891 | 9.6% | 9.8% |
| **Same store margin** | 34.6% | 34.6% | 35.4% | -80 bps | -80 bps |
| Same store rent and storage margin<sup>(4)</sup> | 63.6% | 63.6% | 65.3% | -170 bps | -170 bps |
| Same store services margin<sup>(5)</sup> | 12.3% | 12.3% | 11.3% | 100 bps | 100 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 4008 | n/a | 4235 | (5.4)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 3411 | n/a | 3668 | (7.0)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5271 | n/a | 5279 | (0.2)% | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 76.0% | n/a | 80.2% | -420 bps | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 64.7% | n/a | 69.5% | -480 bps | n/a |
| Same store rent and storage revenues per average economic occupied pallet | $122.86 | $123.47 | $121.89 | 0.8% | 1.3% |
| Same store rent and storage revenues per average physical occupied pallet | $144.36 | $145.08 | $140.73 | 2.6% | 3.1% |
| **Same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 17138 | n/a | 17634 | (2.8)% | n/a |
| Same store warehouse services revenues per throughput pallet | $37.39 | $37.58 | $36.23 | 3.2% | 3.7% |

---

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

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

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

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

(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. 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **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> | *11* |  | *12* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $18903 | $18910 | $20897 | n/r | n/r |
| Warehouse services | 17411 | 17479 | 22064 | n/r | n/r |
| Total non-same store revenues | $36314 | $36389 | $42961 | n/r | n/r |
| **Non-same store cost of operations:** |  |  |  |  |  |
| Power | 2491 | 2493 | 4123 | n/r | n/r |
| Other facilities costs | 2718 | 2724 | 15388 | n/r | n/r |
| Labor | 17340 | 17393 | 22773 | n/r | n/r |
| Other services costs | 8116 | 8124 | 8220 | n/r | n/r |
| Total non-same store cost of operations | $30665 | $30734 | $50504 | n/r | n/r |
| **Non-same store contribution (NOI)** | $5649 | $5655 | $(7543) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(3)</sup> | $13694 | $13693 | $1386 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(4)</sup> | $(8045) | $(8038) | $(8929) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(5)</sup> | 85 | n/a | 118 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(6)</sup> | 66 | n/a | 107 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 241 | n/a | 246 | n/r | n/a |
| Economic occupancy percentage<sup>(5)</sup> | 35.3% | n/a | 48.0% | n/r | n/a |
| Physical occupancy percentage<sup>(6)</sup> | 27.4% | n/a | 43.5% | n/r | n/a |
| Non-same store rent and storage revenues per average economic occupied pallet | $222.39 | $222.47 | $177.09 | n/r | n/r |
| Non-same store rent and storage revenues per average physical occupied pallet | $286.41 | $286.52 | $195.30 | n/r | n/r |
| **Non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 377 | n/a | 441 | n/r | n/a |
| Non-same store warehouse services revenues per throughput pallet | $46.18 | $46.36 | $50.03 | 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 June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

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

(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)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.

(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

------

**<u>Warehouse Results</u>**

For the second quarter of 2025, Global Warehouse segment revenues were $594.1 million, a decrease of $6.3 million, or 1.1% (1.0% decrease on a constant currency basis), compared to $600.4 million for the second quarter of 2024. This decrease was principally driven by lower volumes and throughput pallets due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $201.0 million for the second quarter of 2025 as compared to $204.5 million for the second quarter of 2024, a decrease of $3.5 million, or a decrease of 1.7% on an actual and constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 33.8% for the second quarter of 2025, a 30 basis point decrease compared to the second quarter of 2024, driven by lower volumes.

**<u>Fixed Commitment Rent and Storage Revenues</u>**

As of June 30, 2025, $617.4 million of the Company's annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $629.3 million at the end of the first quarter of 2025 and $618.0 million at the end of the second quarter of 2024. On a combined basis, 59.7% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 61.4% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.

**<u>Economic and Physical Occupancy</u>**

Fixed commitments storage contracts are designed to ensure the Company's customers have space available when needed. For the second quarter of 2025, economic occupancy for the total warehouse segment was 73.8% and the warehouse segment same store pool was 75.5%, representing a 1,100 and 1,110 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 430 basis points, and the warehouse segment same store pool decreased 410 basis points as compared to the second quarter of 2024. This was primarily due to lower overall volumes due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels which are primarily caused by growing consumer conservatism amid ongoing regulatory shifts.

**<u>Real Estate Portfolio</u>**

As of June 30, 2025, the Company's portfolio consists of 237 facilities. The Company ended the second quarter of 2025 with 234 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 223 facilities for the quarter ended June 30, 2025. As of June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

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

As of June 30, 2025, the Company had total liquidity of approximately $937.0 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $3.9 billion (inclusive of approximately $193.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.2% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 6.3x. The Company's unsecured debt has a remaining weighted average term of 4.9 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of June 30, 2025, approximately 92.7% 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 May 20, 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 second quarter of 2025, which was paid on July 15, 2025 to common stockholders of record as of June 30, 2025.

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

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 237 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

**<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: 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; 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, 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 investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings,

------

including our ongoing at the market program; the cost and time requirements as a result of our operation as a publicly traded REIT; and our failure to maintain our status as a REIT.

Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2025 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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---

| | | |
|:---|:---|:---|
| **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)* |
|  | **June 30, 2025** | **December 31, 2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $832480 | $806981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4577009 | 4462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 1671187 | 1598502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 886925 | 606233 |
|  | 7967601 | 7474281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2616706) | (2453597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment – net | 5350895 | 5020684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases - net | 178868 | 222294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing leases - net | 122440 | 104216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | 101376 | 47652 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – net of allowance of $19,117 and $24,426 at June 30, 2025 and December 31, 2024, respectively | 366456 | 386924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets – net | 839730 | 838660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 828457 | 784042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in and advances to partially owned entities | 35618 | 40252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 265779 | 291230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**8089619** | $**7735954** |
| Liabilities and Equity |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | $293570 | $255052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 579642 | 603411 |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes and term loans – net of deferred financing costs of $17,486 and $13,882 at June 30, 2025 and December 31, 2024, respectively | 3544831 | 3031462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback financing obligations | 77031 | 79001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing lease obligations | 116133 | 95784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | 175963 | 219099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenues | 21952 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability - net | 127596 | 115772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 7581 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **4944299** | **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; 284,745,001 and 284,265,041 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 2847 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 5657220 | 5646879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit and distributions in excess of net earnings | (2487951) | (2341654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (58468) | (27279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3113648 | 3280788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 31672 | 26217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3145320 | 3307005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**8089619** | $**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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services | $594070 | $600387 | $1169427 | $1198097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services | 48097 | 50637 | 92090 | 107490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services | 8581 | 9931 | 18211 | 20348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 650748 | 660955 | 1279728 | 1325935 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services cost of operations | 393065 | 395856 | 771837 | 796435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services cost of operations | 39355 | 41787 | 76094 | 87118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services cost of operations | 6672 | 7829 | 14293 | 16063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 90462 | 89649 | 179444 | 181744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 66907 | 59453 | 136142 | 124879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 23226 | 3013 | 48640 | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 5226 |  | 5226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from sale of real estate | (11760) |  | (11760) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 613153 | 597587 | 1219916 | 1220736 |
| Operating Income | 37595 | 63368 | 59812 | 105199 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (38245) | (33180) | (74362) | (66610) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | (110682) |  | (115864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (335) | (1034) | (1698) | (1983) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 5775 | 14623 | 7071 | 24149 |
| Income (loss) before income taxes | 4790 | (66905) | (9177) | (55109) |
| Income tax (expense) benefit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax | (1995) | (1857) | (3928) | (3232) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | (1245) | 4353 | (1818) | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax (expense) benefit | (3240) | 2496 | (5746) | 502 |
| Net income (loss) | $1550 | $(64409) | $(14923) | $(54607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | 11 | (300) | (82) | (238) |
| **Net income (loss) attributable to Americold Realty Trust, Inc.** | $**1539** | $**(64109)** | $**(14841)** | $**(54369)** |
| Weighted average common stock outstanding – basic | 285604 | 284683 | 285484 | 284664 |
| Weighted average common stock outstanding – diluted | 285794 | 284683 | 285484 | 284664 |
| Net income (loss) per common share - basic | $0.01 | $(0.23) | $(0.05) | $(0.19) |
| Net income (loss) per common share - diluted | $0.01 | $(0.23) | $(0.05) | $(0.19) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $1550 | $(64409) | $(14923) | $(54607) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related depreciation | 55292 | 56410 | 110891 | 112685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from sale of real estate | (11760) |  | (11760) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on real estate related asset disposals |  | 53 | 1 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on certain real estate assets | 3739 |  | 3739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 279 | 418 | 494 | 566 |
| NAREIT FFO | $49100 | $(7528) | $88442 | $55223 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of non-real assets | (163) | (548) | (29) | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 23226 | 3013 | 48640 | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets (excluding certain real estate assets) | 1487 |  | 1487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | 110682 |  | 115864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (192) | (11321) | 29 | (10948) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion deferred costs amortization | 4762 | 581 | 6871 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 27 | 144 | 145 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity | (2420) |  | (2420) |  |
| Core FFO | $75827 | $95023 | $143165 | $172339 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and pension withdrawal liability | 1523 | 1294 | 2923 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of below/above market leases | 363 | 360 | 714 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | 77 | 367 | 161 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 1245 | (4353) | 1818 | (3734) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(1)</sup> | 6594 | 6064 | 13853 | 12683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 35170 | 33239 | 68553 | 69059 |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures<sup>(2)</sup> | (17283) | (22832) | (32082) | (40765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 71 | 235 | 208 | 461 |
| Adjusted FFO | $103587 | $109397 | $199313 | $214310 |

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(1)Stock-based compensation expense excludes any stock compensation expense associated with non-routine employee awards, which are recognized within Acquisition, cyber incident, and other, net.

(2)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 Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| NAREIT FFO | $49100 | $(7528) | $88442 | $55223 |
| Core FFO | $75827 | $95023 | $143165 | $172339 |
| Adjusted FFO | $103587 | $109397 | $199313 | $214310 |
| **<u>Reconciliation of weighted average shares:</u>** |  |  |  |  |
| Weighted average basic shares for net income calculation | 285604 | 284683 | 285484 | 284664 |
| Dilutive stock options and unvested restricted stock units | 190 | 327 | 228 | 280 |
| Weighted average dilutive shares | 285794 | 285010 | 285712 | 284944 |
| NAREIT FFO - basic per share | $0.17 | $(0.03) | $0.31 | $0.19 |
| NAREIT FFO - diluted per share | $0.17 | $(0.03) | $0.31 | $0.19 |
| Core FFO - basic per share  | $0.27 | $0.33 | $0.50 | $0.61 |
| Core FFO - diluted per share | $0.27 | $0.33 | $0.50 | $0.60 |
| Adjusted FFO - basic per share  | $0.36 | $0.38 | $0.70 | $0.75 |
| Adjusted FFO - diluted per share | $0.36 | $0.38 | $0.70 | $0.75 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $1550 | $(64409) | $(14923) | $(54607) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 90462 | 89649 | 179444 | 181744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 38245 | 33180 | 74362 | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 3240 | (2496) | 5746 | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from sale of real estate | (11760) |  | (11760) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reflect share of EBITDAre of partially owned entities | 976 | 1520 | 2492 | 2990 |
| NAREIT EBITDAre | $122713 | $57444 | $235361 | $192721 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 23226 | 3013 | 48640 | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | 335 | 1034 | 1698 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 5226 |  | 5226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (192) | (11321) | 29 | (10948) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(1)</sup> | 6594 | 6064 | 13853 | 12683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | 110682 |  | 115864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on other asset disposals | (163) | (495) | (28) | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion deferred costs amortization | 4762 | 581 | 6871 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in EBITDAre from partially owned entities | (976) | (1520) | (2492) | (2990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity | (2420) |  | (2420) |  |
| Core EBITDA | $159105 | $165482 | $306738 | $321326 |
| Total revenues | $650748 | $660955 | $1279728 | $1325935 |
| Core EBITDA margin | 24.4% | 25.0% | 24.0% | 24.2% |

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(1)Stock-based compensation expense excludes any stock compensation expense associated with non-routine 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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Segment revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | $594070 | $600387 | $1169427 | $1198097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 48097 | 50637 | 92090 | 107490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 8581 | 9931 | 18211 | 20348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 650748 | 660955 | 1279728 | 1325935 |
| Segment contribution: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | 201005 | 204531 | 397590 | 401662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 8742 | 8850 | 15996 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 1909 | 2102 | 3918 | 4285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment contribution (NOI) | 211656 | 215483 | 417504 | 426319 |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (90462) | (89649) | (179444) | (181744) |
| &nbsp;&nbsp;Selling, general, and administrative expense | (66907) | (59453) | (136142) | (124879) |
| &nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | (23226) | (3013) | (48640) | (18011) |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | (5226) |  | (5226) |  |
| &nbsp;&nbsp;&nbsp;Net gain from sale of real estate | 11760 |  | 11760 | 3514 |
| &nbsp;&nbsp;&nbsp;Interest expense | (38245) | (33180) | (74362) | (66610) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | (110682) |  | (115864) |
| &nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (335) | (1034) | (1698) | (1983) |
| &nbsp;&nbsp;&nbsp;Other, net | 5775 | 14623 | 7071 | 24149 |
| **Income (loss) before income taxes** | $**4790** | $**(66905)** | $**(9177)** | $**(55109)** |

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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 supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. 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 extraordinary items as defined under U.S. GAAP and 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 Net gain on sale of non-real 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 (gain) loss; Gain on legal settlement related to prior period operations; Project Orion 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 expense (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 income and net income per diluted share (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 consolidated statements of operations 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 income or cash flows from 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 income (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 income (loss) before Depreciation and amortization; Interest expense; Income tax expense (benefit); Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. |
| We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange (gain) loss; Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion 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 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 income or cash flows from 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. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. |
| NOI is calculated as earnings/loss before interest expense, taxes, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net gain from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business. |
| We define our "same store" population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define "normalized operations" as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the "same store" population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 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 gain from sale of real estate). 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**![financialsupplementcover-2a.jpg](financialsupplementcover-2a.jpg)

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

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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;

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| | |
|:---|:---|
| **Table of Contents** | **PAGE** |
| Corporate Profile | [3](#if274077f7301400ba1d3cb0b9468bd50_10) |
| Earnings Release (including guidance information) | [5](#if274077f7301400ba1d3cb0b9468bd50_13) |
| **Financial Information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Balance Sheets | [17](#if274077f7301400ba1d3cb0b9468bd50_46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condensed Consolidated Statements of Operations | [18](#if274077f7301400ba1d3cb0b9468bd50_49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO and Adjusted FFO | [19](#if274077f7301400ba1d3cb0b9468bd50_52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA | [21](#if274077f7301400ba1d3cb0b9468bd50_55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt Detail and Maturities | [22](#if274077f7301400ba1d3cb0b9468bd50_58) |
| **Operations Overview** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Warehouse Portfolio | [23](#if274077f7301400ba1d3cb0b9468bd50_64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Commitment and Lease Maturity Schedules | [24](#if274077f7301400ba1d3cb0b9468bd50_67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital Expenditures and Repair and Maintenance Expenses | [26](#if274077f7301400ba1d3cb0b9468bd50_73) |
| **External Growth and Capital Deployment** | [28](#if274077f7301400ba1d3cb0b9468bd50_76) |
| **Other Supplemental Information**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Same Store Historical Performance Trend | [29](#if274077f7301400ba1d3cb0b9468bd50_82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unconsolidated Joint Ventures (Investments in Partially Owned Entities) | [30](#if274077f7301400ba1d3cb0b9468bd50_88) |
| **Reconciliations, Notes and Definitions**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues and Contribution (NOI) by Segment | [32](#if274077f7301400ba1d3cb0b9468bd50_97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes and Definitions  | [33](#if274077f7301400ba1d3cb0b9468bd50_100) |

---

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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;

**Corporate Profile**

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 237 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

**Corporate Headquarters**

10 Glenlake Parkway, Suite 600, South Tower

Atlanta, Georgia 30328

Telephone: (678) 441-1400

Website: www.americold.com

**Senior Management**

George F. Chappelle, Jr.: Chief Executive Officer and Director

E. Jay Wells: Chief Financial Officer and Executive Vice President

Robert S. Chambers: President

M. Bryan Verbarendse: President, Americas

Richard C. Winnall: President, International

Samantha L. Charleston: Chief Human Resources Officer and Executive Vice President

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

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

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

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

**Board of Directors**

Mark R. Patterson: Chairman of the Board of Directors

George J. Alburger, Jr.: Director

Kelly H. Barrett: Director

Robert L. Bass: Director

George F. Chappelle, Jr.: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director

**Investor Relations**

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

Investor Relations

Telephone: 678-459-1959

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

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

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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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| | | | |
|:---|:---|:---|:---|
| **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 | Suryansh Sharma | 314-585-6793 | suryansh.sharma@morningstar.com |
| Raymond James | Jonathan Hughes | 727-567-2438 | jonathan.hughes@raymondjames.com |
| RBC | Michael Carroll | 440-715-2649 | michael.carroll@rbccm.com |
| Scotiabank | Greg McGinniss | 212-225-6906 | greg.mcginniss@scotiabank.com |
| Truist | Ki Bin Kim | 212-303-4124 | kibin.kim@truist.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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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**<u>AMERICOLD ANNOUNCES SECOND QUARTER 2025 RESULTS</u>**

**Launched Three Innovative and Demand-Driven Development Projects**

**Delivered $0.36 AFFO per share**

**Updated 2025 Full-Year Outlook**

Atlanta, GA, August 7th, 2025 – Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the second quarter ended June 30, 2025.

George Chappelle, Chief Executive Officer of Americold Realty Trust, said, "Our team continues to execute well in the current market, despite the impacts from multiple headwinds that are constraining occupancy levels across the industry. During the second quarter we made strong progress on our four key operational priorities and won new business, while continuing to manage the business tightly. As a result, the first half of the year has largely been in-line with expectations, demonstrating the resilience and breadth of our various operating levers."

"We continue to position the Company for future growth. Specifically, we launched three innovative and demand-driven projects during the second quarter – our development in Kansas City in partnership with CPKC, our expansion in Allentown, and finally our state-of-the-art flagship build with DP World in the Port of Jebel Ali in Dubai. All three of these facilities are seeing strong customer demand, and we look forward to their financial contributions for years to come."

"Looking to the second half of the year, we expect the challenging demand environment to continue, with occupancy and throughput levels remaining below typical seasonality trends. As a result of these headwinds, we are adjusting our AFFO/share guidance range to $1.39 - $1.45. We remain focused on controlling what we can control, including lowering costs, improving efficiencies and capturing new business opportunities. Longer term, cold storage remains a mission-critical asset, and we believe that the breadth and magnitude of our network, in combination with our history of operational excellence positions us to maximize growth as industry volumes improve. I want to thank our associates around the world who continue to deliver for our customers, and I am looking forward to the future that we will help create."

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

• Total revenues of $650.7 million, a 1.5% decrease from $661.0 million in Q2 2024 and a decrease of 1.5% on a constant currency basis.

• Net income of $1.6 million, or $0.01 per diluted share, as compared to a net loss of $0.23 per diluted share in Q2 2024.

• Global Warehouse segment same store revenues decreased 1.5% on an actual and constant currency basis as compared to Q2 2024.

• Global Warehouse same store services margin increased to 13.3% from 12.4% in Q2 2024.

• Global Warehouse segment same store NOI decreased 4.2% on an actual and constant currency basis, as compared to Q2 2024. &nbsp;&nbsp;&nbsp;&nbsp;

• Adjusted FFO of $103.6 million, or $0.36 per diluted share, a 5.6% decrease from Q2 2024 Adjusted FFO per diluted share.

• Core EBITDA of $159.1 million, decreased $6.4 million, or 3.9% (3.8% on a constant currency basis) from $165.5 million in Q2 2024.

• Core EBITDA margin of 24.4%, decreased from 25.0% in Q2 2024.

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**<u>2025 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.

---

| | | |
|:---|:---|:---|
| | **As of** | **As of** |
| | **August 7, 2025** | **May 8, 2025** |
| Warehouse segment same store revenue growth (constant currency) | (4.0)% - 0.0% | 0.0% - 2.0% |
| Warehouse segment same store NOI growth (constant currency) | 50 to 100 bps lower than associated revenues | 100 bps higher than associated revenues |
| Warehouse segment non-same store NOI | $7M - $13M | $7M - $13M |
| Transportation and Third-Party Managed segment NOI | $40M - $44M | $40M - $44M |
| Total selling, general and administrative expense (guidance as of August 7, 2025 is inclusive of share-based compensation expense of $30M - $32M and $14M - $16M of Project Orion amortization) | $270M - $280M | $270M - $280M |
| Interest expense | $153M - $157M | $153M - $157M |
| Current income tax expense | $6M - $8M | $8M - $10M |
| Non real estate depreciation and amortization expense | $139M - $149M | $139M - $149M |
| Total maintenance capital expenditures | $60M - $70M | $80M - $85M |
| Development starts<sup>(1)</sup> | $200M - $300M | $200M - $300M |
| Adjusted FFO per share | $1.39 - $1.45 | $1.42 - $1.52 |

---

(1) &nbsp;&nbsp;&nbsp;&nbsp;Represents the aggregate invested capital for initiated development opportunities.

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

The Company will hold a webcast and conference call on Thursday, August 7, 2025 at 8:00 a.m. Eastern Time to discuss its second quarter 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#13750776. The telephone replay will be available starting shortly after the call until August 21, 2025.

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.

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

Total revenues for the second quarter of 2025 were $650.7 million, a 1.5% decrease from $661.0 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue.

Total NOI for the second quarter of 2025 was $211.7 million, a decrease of 1.8% (1.7% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in warehouse segment NOI which was primarily due to lower volumes.

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

For the second quarter of 2025, the Company reported net income of $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or a net loss of $0.23 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Loss on debt extinguishment and termination of derivative instruments recognized during the second quarter of 2024 of $110.7 million offset by increased Acquisition, cyber incident, and other, net costs and Selling, general, and administrative costs during the second quarter of 2025.

Core EBITDA was $159.1 million for the second quarter of 2025, compared to $165.5 million for the comparable quarter of the prior year. This decrease (3.9% on an actual basis and 3.8% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs, primarily due to increased costs associated with the go-live of Project Orion in North America and Asia Pacific.

For the second quarter of 2025, Core FFO was $75.8 million, or $0.27 per diluted share, compared to $95.0 million, or $0.33 per diluted share, for the second quarter of 2024.

For the second quarter of 2025, Adjusted FFO was $103.6 million, or $0.36 per diluted share, compared to $109.4 million, or $0.38 per diluted share, for the second 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.

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**<u>Second Quarter 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 and six months ended June 30, 2025 and 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **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 | $256732 | $256861 | $267671 | (4.1)% | (4.0)% |
| Warehouse services | 337338 | 337527 | 332716 | 1.4% | 1.4% |
| Total revenues | $594070 | $594388 | $600387 | (1.1)% | (1.0)% |
| **Global Warehouse cost of operations:** |  |  |  |  |  |
| Power | 35544 | 35500 | 37082 | (4.1)% | (4.3)% |
| Other facilities costs<sup>(2)</sup> | 59675 | 59739 | 62385 | (4.3)% | (4.2)% |
| Labor | 248241 | 248573 | 245626 | 1.1% | 1.2% |
| Other services costs<sup>(3)</sup> | 49605 | 49533 | 50763 | (2.3)% | (2.4)% |
| Total warehouse segment cost of operations | $393065 | $393345 | $395856 | (0.7)% | (0.6)% |
| **Global Warehouse contribution (NOI)** | $201005 | $201043 | $204531 | (1.7)% | (1.7)% |
| Rent and storage contribution (NOI)<sup>(4)</sup> | $161513 | $161622 | $168204 | (4.0)% | (3.9)% |
| Services contribution (NOI)<sup>(5)</sup> | $39492 | $39421 | $36327 | 8.7% | 8.5% |
| **Global Warehouse margin** | 33.8% | 33.8% | 34.1% | -30 bps | -30 bps |
| Rent and storage margin<sup>(6)</sup> | 62.9% | 62.9% | 62.8% | 10 bps | 10 bps |
| Warehouse services margin<sup>(7)</sup> | 11.7% | 11.7% | 10.9% | 80 bps | 80 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(8)</sup> | 4057 | n/a | 4311 | (5.9)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(9)</sup> | 3454 | n/a | 3740 | (7.6)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5499 | n/a | 5519 | (0.4)% | n/a |
| Economic occupancy percentage<sup>(8)</sup> | 73.8% | n/a | 78.1% | -430 bps | n/a |
| Physical occupancy percentage<sup>(9)</sup> | 62.8% | n/a | 67.8% | -500 bps | n/a |
| Total rent and storage revenues per average economic occupied pallet | $63.28 | $63.31 | $62.09 | 1.9% | 2.0% |
| Total rent and storage revenues per average physical occupied pallet | $74.33 | $74.37 | $71.57 | 3.9% | 3.9% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 8784 | n/a | 9024 | (2.7)% | n/a |
| Total warehouse services revenues per throughput pallet | $38.40 | $38.43 | $36.87 | 4.1% | 4.2% |

---

(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)Includes real estate rent expense of $7.4 million and $9.2 million for the three months ended June 30, 2025 and 2024, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $2.4 million and $3.0 million for the three months ended June 30, 2025 and 2024, respectively.

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

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

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

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

(8)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.

(9)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **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* | *223* |  | *223* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $247212 | $247335 | $259427 | (4.7)% | (4.7)% |
| Warehouse services | 325882 | 326010 | 322446 | 1.1% | 1.1% |
| Total same store revenues | $573094 | $573345 | $581873 | (1.5)% | (1.5)% |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 34106 | 34059 | 35379 | (3.6)% | (3.7)% |
| Other facilities costs | 57262 | 57320 | 56025 | 2.2% | 2.3% |
| Labor | 237173 | 237455 | 235609 | 0.7% | 0.8% |
| Other services costs | 45327 | 45250 | 46857 | (3.3)% | (3.4)% |
| Total same store cost of operations | $373868 | $374084 | $373870 | —% | 0.1% |
| **Same store contribution (NOI)** | $199226 | $199261 | $208003 | (4.2)% | (4.2)% |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $155844 | $155956 | $168023 | (7.2)% | (7.2)% |
| Same store services contribution (NOI)<sup>(3)</sup> | $43382 | $43305 | $39980 | 8.5% | 8.3% |
| **Same store margin** | 34.8% | 34.8% | 35.7% | -90 bps | -90 bps |
| Same store rent and storage margin<sup>(4)</sup> | 63.0% | 63.1% | 64.8% | -180 bps | -170 bps |
| Same store services margin<sup>(5)</sup> | 13.3% | 13.3% | 12.4% | 90 bps | 90 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 3972 | n/a | 4203 | (5.5)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 3387 | n/a | 3637 | (6.9)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5263 | n/a | 5278 | (0.3)% | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 75.5% | n/a | 79.6% | -410 bps | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 64.4% | n/a | 68.9% | -450 bps | n/a |
| Same store rent and storage revenues per average economic occupied pallet | $62.24 | $62.27 | $61.72 | 0.8% | 0.9% |
| Same store rent and storage revenues per average physical occupied pallet | $72.99 | $73.02 | $71.33 | 2.3% | 2.4% |
| **Same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 8577 | n/a | 8819 | (2.7)% | n/a |
| Same store warehouse services revenues per throughput pallet | $37.99 | $38.01 | $36.56 | 3.9% | 4.0% |

---

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

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

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

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

(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. 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **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> | *11* |  | *12* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $9520 | $9526 | $8244 | n/r | n/r |
| Warehouse services | 11456 | 11517 | 10270 | n/r | n/r |
| Total non-same store revenues | $20976 | $21043 | $18514 | n/r | n/r |
| **Non-same store cost of operations:** |  |  |  |  |  |
| Power | 1438 | 1441 | 1703 | n/r | n/r |
| Other facilities costs | 2413 | 2419 | 6360 | n/r | n/r |
| Labor | 11068 | 11118 | 10017 | n/r | n/r |
| Other services costs | 4278 | 4283 | 3906 | n/r | n/r |
| Total non-same store cost of operations | $19197 | $19261 | $21986 | n/r | n/r |
| **Non-same store contribution (NOI)** | $1779 | $1782 | $(3472) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(3)</sup> | $5669 | $5666 | $181 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(4)</sup> | $(3890) | $(3884) | $(3653) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(5)</sup> | 85 | n/a | 108 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(6)</sup> | 67 | n/a | 103 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 236 | n/a | 241 | n/r | n/a |
| Economic occupancy percentage<sup>(5)</sup> | 36.0% | n/a | 44.8% | n/r | n/a |
| Physical occupancy percentage<sup>(6)</sup> | 28.4% | n/a | 42.7% | n/r | n/a |
| Non-same store rent and storage revenues per average economic occupied pallet | $112.00 | $112.07 | $76.33 | n/r | n/r |
| Non-same store rent and storage revenues per average physical occupied pallet | $142.09 | $142.18 | $80.04 | n/r | n/r |
| **Non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 207 | n/a | 205 | n/r | n/a |
| Non-same store warehouse services revenues per throughput pallet | $55.34 | $55.64 | $50.10 | 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 June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

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

(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)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.

(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **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 | $511311 | $513762 | $537095 | (4.8)% | (4.3)% |
| Warehouse services | 658116 | 661494 | 661002 | (0.4)% | 0.1% |
| Total revenues | $1169427 | $1175256 | $1198097 | (2.4)% | (1.9)% |
| **Global Warehouse cost of operations:** |  |  |  |  |  |
| Power | 67253 | 67586 | 70415 | (4.5)% | (4.0)% |
| Other facilities costs<sup>(2)</sup> | 117225 | 117834 | 127980 | (8.4)% | (7.9)% |
| Labor | 489153 | 491966 | 493799 | (0.9)% | (0.4)% |
| Other services costs<sup>(3)</sup> | 98206 | 98628 | 104241 | (5.8)% | (5.4)% |
| Total warehouse segment cost of operations | $771837 | $776014 | $796435 | (3.1)% | (2.6)% |
| **Global Warehouse contribution (NOI)** | $397590 | $399242 | $401662 | (1.0)% | (0.6)% |
| Rent and storage contribution (NOI)<sup>(4)</sup> | $326833 | $328342 | $338700 | (3.5)% | (3.1)% |
| Services contribution (NOI)<sup>(5)</sup> | $70757 | $70900 | $62962 | 12.4% | 12.6% |
| **Global Warehouse margin** | 34.0% | 34.0% | 33.5% | 50 bps | 50 bps |
| Rent and storage margin<sup>(6)</sup> | 63.9% | 63.9% | 63.1% | 80 bps | 80 bps |
| Warehouse services margin<sup>(7)</sup> | 10.8% | 10.7% | 9.5% | 130 bps | 120 bps |
| **Global Warehouse rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(8)</sup> | 4093 | n/a | 4353 | (6.0)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(9)</sup> | 3477 | n/a | 3775 | (7.9)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5512 | n/a | 5525 | (0.2)% | n/a |
| Economic occupancy percentage<sup>(8)</sup> | 74.3% | n/a | 78.8% | -450 bps | n/a |
| Physical occupancy percentage<sup>(9)</sup> | 63.1% | n/a | 68.3% | -520 bps | n/a |
| Total rent and storage revenues per average economic occupied pallet | $124.92 | $125.52 | $123.39 | 1.2% | 1.7% |
| Total rent and storage revenues per average physical occupied pallet | $147.06 | $147.76 | $142.28 | 3.4% | 3.9% |
| **Global Warehouse services metrics:** |  |  |  |  |  |
| Throughput pallets | 17515 | n/a | 18075 | (3.1)% | n/a |
| Total warehouse services revenues per throughput pallet | $37.57 | $37.77 | $36.57 | 2.7% | 3.3% |

---

(1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period.

(2)Includes real estate rent expense of $13.9 million and $18.4 million for the six months ended June 30, 2025 and 2024, respectively.

(3)Includes non-real estate rent expense (equipment lease and rentals) of $4.8 million and $6.5 million for the six months ended June 30, 2025 and 2024, respectively.

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

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

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

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

(8)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.

(9)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **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* | *223* |  | *223* |  |  |
| **Same store revenues:** |  |  |  |  |  |
| Rent and storage | $492408 | $494852 | $516198 | (4.6)% | (4.1)% |
| Warehouse services | 640705 | 644015 | 638938 | 0.3% | 0.8% |
| Total same store revenues | $1133113 | $1138867 | $1155136 | (1.9)% | (1.4)% |
| **Same store cost of operations:** |  |  |  |  |  |
| Power | 64762 | 65093 | 66292 | (2.3)% | (1.8)% |
| Other facilities costs | 114507 | 115110 | 112592 | 1.7% | 2.2% |
| Labor | 471813 | 474573 | 471026 | 0.2% | 0.8% |
| Other services costs | 90090 | 90504 | 96021 | (6.2)% | (5.7)% |
| Total same store cost of operations | $741172 | $745280 | $745931 | (0.6)% | (0.1)% |
| **Same store contribution (NOI)** | $391941 | $393587 | $409205 | (4.2)% | (3.8)% |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $313139 | $314649 | $337314 | (7.2)% | (6.7)% |
| Same store services contribution (NOI)<sup>(3)</sup> | $78802 | $78938 | $71891 | 9.6% | 9.8% |
| **Same store margin** | 34.6% | 34.6% | 35.4% | -80 bps | -80 bps |
| Same store rent and storage margin<sup>(4)</sup> | 63.6% | 63.6% | 65.3% | -170 bps | -170 bps |
| Same store services margin<sup>(5)</sup> | 12.3% | 12.3% | 11.3% | 100 bps | 100 bps |
| **Same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(6)</sup> | 4008 | n/a | 4235 | (5.4)% | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(7)</sup> | 3411 | n/a | 3668 | (7.0)% | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 5271 | n/a | 5279 | (0.2)% | n/a |
| Economic occupancy percentage<sup>(6)</sup> | 76.0% | n/a | 80.2% | -420 bps | n/a |
| Physical occupancy percentage<sup>(7)</sup> | 64.7% | n/a | 69.5% | -480 bps | n/a |
| Same store rent and storage revenues per average economic occupied pallet | $122.86 | $123.47 | $121.89 | 0.8% | 1.3% |
| Same store rent and storage revenues per average physical occupied pallet | $144.36 | $145.08 | $140.73 | 2.6% | 3.1% |
| **Same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 17138 | n/a | 17634 | (2.8)% | n/a |
| Same store warehouse services revenues per throughput pallet | $37.39 | $37.58 | $36.23 | 3.2% | 3.7% |

---

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

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

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

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

(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. 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **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> | *11* |  | *12* |  |  |
| **Non-same store revenues:** |  |  |  |  |  |
| Rent and storage | $18903 | $18910 | $20897 | n/r | n/r |
| Warehouse services | 17411 | 17479 | 22064 | n/r | n/r |
| Total non-same store revenues | $36314 | $36389 | $42961 | n/r | n/r |
| **Non-same store cost of operations:** |  |  |  |  |  |
| Power | 2491 | 2493 | 4123 | n/r | n/r |
| Other facilities costs | 2718 | 2724 | 15388 | n/r | n/r |
| Labor | 17340 | 17393 | 22773 | n/r | n/r |
| Other services costs | 8116 | 8124 | 8220 | n/r | n/r |
| Total non-same store cost of operations | $30665 | $30734 | $50504 | n/r | n/r |
| **Non-same store contribution (NOI)** | $5649 | $5655 | $(7543) | n/r | n/r |
| Non-same store rent and storage contribution (NOI)<sup>(3)</sup> | $13694 | $13693 | $1386 | n/r | n/r |
| Non-same store services contribution (NOI)<sup>(4)</sup> | $(8045) | $(8038) | $(8929) | n/r | n/r |
| **Non-same store rent and storage metrics:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average economic occupied pallets<sup>(5)</sup> | 85 | n/a | 118 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;Average physical occupied pallets<sup>(6)</sup> | 66 | n/a | 107 | n/r | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;Average physical pallet positions | 241 | n/a | 246 | n/r | n/a |
| Economic occupancy percentage<sup>(5)</sup> | 35.3% | n/a | 48.0% | n/r | n/a |
| Physical occupancy percentage<sup>(6)</sup> | 27.4% | n/a | 43.5% | n/r | n/a |
| Non-same store rent and storage revenues per average economic occupied pallet | $222.39 | $222.47 | $177.09 | n/r | n/r |
| Non-same store rent and storage revenues per average physical occupied pallet | $286.41 | $286.52 | $195.30 | n/r | n/r |
| **Non-same store services metrics:** |  |  |  |  |  |
| Throughput pallets | 377 | n/a | 441 | n/r | n/a |
| Non-same store warehouse services revenues per throughput pallet | $46.18 | $46.36 | $50.03 | 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 June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

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

(4)Calculated as non-same store warehouse services revenues less non-same store labor and other services costs.

(5)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.

(6)We define average physical occupied pallets as the average number of physically occupied pallets positions in 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, regardless of whether they are occupied, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**<u>Warehouse Results</u>**

For the second quarter of 2025, Global Warehouse segment revenues were $594.1 million, a decrease of $6.3 million, or 1.1% (1.0% decrease on a constant currency basis), compared to $600.4 million for the second quarter of 2024. This decrease was principally driven by lower volumes and throughput pallets due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $201.0 million for the second quarter of 2025 as compared to $204.5 million for the second quarter of 2024, a decrease of $3.5 million, or a decrease of 1.7% on an actual and constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 33.8% for the second quarter of 2025, a 30 basis point decrease compared to the second quarter of 2024, driven by lower volumes.

**<u>Fixed Commitment Rent and Storage Revenues</u>**

As of June 30, 2025, $617.4 million of the Company's annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $629.3 million at the end of the first quarter of 2025 and $618.0 million at the end of the second quarter of 2024. On a combined basis, 59.7% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 61.4% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.

**<u>Economic and Physical Occupancy</u>**

Fixed commitments storage contracts are designed to ensure the Company's customers have space available when needed. For the second quarter of 2025, economic occupancy for the total warehouse segment was 73.8% and the warehouse segment same store pool was 75.5%, representing a 1,100 and 1,110 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 430 basis points, and the warehouse segment same store pool decreased 410 basis points as compared to the second quarter of 2024. This was primarily due to lower overall volumes due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels which are primarily caused by growing consumer conservatism amid ongoing regulatory shifts.

**<u>Real Estate Portfolio</u>**

As of June 30, 2025, the Company's portfolio consists of 237 facilities. The Company ended the second quarter of 2025 with 234 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 223 facilities for the quarter ended June 30, 2025. As of June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

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

As of June 30, 2025, the Company had total liquidity of approximately $937.0 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $3.9 billion (inclusive of approximately $193.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.2% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 6.3x. The Company's unsecured debt has a remaining weighted average term of 4.9 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of June 30, 2025, approximately 92.7% of the Company's total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

------

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

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

On May 20, 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 second quarter of 2025, which was paid on July 15, 2025 to common stockholders of record as of June 30, 2025.

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

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 237 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold's facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

**<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: 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; 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, 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 investments; risks related to natural disasters; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; changes in real estate and zoning laws and increases in real property tax rates; general economic conditions; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; possible environmental liabilities; uninsured losses or losses in excess of our insurance coverage; financial market fluctuations; our failure to obtain necessary outside financing on attractive terms, or at all; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; the potential dilutive effect of our common stock offerings,

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

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 2025 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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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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)* |
|  | **June 30, 2025** | **December 31, 2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land | $832480 | $806981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4577009 | 4462565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Machinery and equipment | 1671187 | 1598502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets under construction | 886925 | 606233 |
|  | 7967601 | 7474281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (2616706) | (2453597) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, buildings, and equipment – net | 5350895 | 5020684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases - net | 178868 | 222294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing leases - net | 122440 | 104216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | 101376 | 47652 |
| &nbsp;&nbsp;&nbsp;Accounts receivable – net of allowance of $19,117 and $24,426 at June 30, 2025 and December 31, 2024, respectively | 366456 | 386924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Identifiable intangible assets – net | 839730 | 838660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 828457 | 784042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in and advances to partially owned entities | 35618 | 40252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 265779 | 291230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**8089619** | $**7735954** |
| Liabilities and Equity |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving line of credit | $293570 | $255052 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 579642 | 603411 |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes and term loans – net of deferred financing costs of $17,486 and $13,882 at June 30, 2025 and December 31, 2024, respectively | 3544831 | 3031462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sale-leaseback financing obligations | 77031 | 79001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing lease obligations | 116133 | 95784 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations | 175963 | 219099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenues | 21952 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability - net | 127596 | 115772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 7581 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **4944299** | **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; 284,745,001 and 284,265,041 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively | 2847 | 2842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 5657220 | 5646879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit and distributions in excess of net earnings | (2487951) | (2341654) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (58468) | (27279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 3113648 | 3280788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 31672 | 26217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 3145320 | 3307005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**8089619** | $**7735954** |

---

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services | $594070 | $600387 | $1169427 | $1198097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services | 48097 | 50637 | 92090 | 107490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services | 8581 | 9931 | 18211 | 20348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 650748 | 660955 | 1279728 | 1325935 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent, storage, and warehouse services cost of operations | 393065 | 395856 | 771837 | 796435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation services cost of operations | 39355 | 41787 | 76094 | 87118 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed services cost of operations | 6672 | 7829 | 14293 | 16063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 90462 | 89649 | 179444 | 181744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 66907 | 59453 | 136142 | 124879 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 23226 | 3013 | 48640 | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 5226 |  | 5226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from sale of real estate | (11760) |  | (11760) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 613153 | 597587 | 1219916 | 1220736 |
| Operating Income | 37595 | 63368 | 59812 | 105199 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (38245) | (33180) | (74362) | (66610) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | (110682) |  | (115864) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (335) | (1034) | (1698) | (1983) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | 5775 | 14623 | 7071 | 24149 |
| Income (loss) before income taxes | 4790 | (66905) | (9177) | (55109) |
| Income tax (expense) benefit: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current income tax | (1995) | (1857) | (3928) | (3232) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax | (1245) | 4353 | (1818) | 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income tax (expense) benefit | (3240) | 2496 | (5746) | 502 |
| Net income (loss) | $1550 | $(64409) | $(14923) | $(54607) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interests | 11 | (300) | (82) | (238) |
| **Net income (loss) attributable to Americold Realty Trust, Inc.** | $**1539** | $**(64109)** | $**(14841)** | $**(54369)** |
| Weighted average common stock outstanding – basic | 285604 | 284683 | 285484 | 284664 |
| Weighted average common stock outstanding – diluted | 285794 | 284683 | 285484 | 284664 |
| Net income (loss) per common share - basic | $0.01 | $(0.23) | $(0.05) | $(0.19) |
| Net income (loss) per common share - diluted | $0.01 | $(0.23) | $(0.05) | $(0.19) |

---

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO** | **Reconciliation of Net Income (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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $1550 | $(64409) | $(14923) | $(54607) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate related depreciation | 55292 | 56410 | 110891 | 112685 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from sale of real estate | (11760) |  | (11760) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on real estate related asset disposals |  | 53 | 1 | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges on certain real estate assets | 3739 |  | 3739 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 279 | 418 | 494 | 566 |
| NAREIT FFO | $49100 | $(7528) | $88442 | $55223 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of non-real assets | (163) | (548) | (29) | (568) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 23226 | 3013 | 48640 | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets (excluding certain real estate assets) | 1487 |  | 1487 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | 110682 |  | 115864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (192) | (11321) | 29 | (10948) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion deferred costs amortization | 4762 | 581 | 6871 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 27 | 144 | 145 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity | (2420) |  | (2420) |  |
| Core FFO | $75827 | $95023 | $143165 | $172339 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs and pension withdrawal liability | 1523 | 1294 | 2923 | 2583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of below/above market leases | 363 | 360 | 714 | 728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent adjustment | 77 | 367 | 161 | 956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 1245 | (4353) | 1818 | (3734) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(1)</sup> | 6594 | 6064 | 13853 | 12683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-real estate depreciation and amortization | 35170 | 33239 | 68553 | 69059 |
| &nbsp;&nbsp;&nbsp;Maintenance capital expenditures<sup>(2)</sup> | (17283) | (22832) | (32082) | (40765) |
| &nbsp;&nbsp;&nbsp;&nbsp;Our share of reconciling items related to partially owned entities | 71 | 235 | 208 | 461 |
| Adjusted FFO | $103587 | $109397 | $199313 | $214310 |

---

(1)Stock-based compensation expense excludes any stock compensation expense associated with non-routine employee awards, which are recognized within Acquisition, cyber incident, and other, net.

(2)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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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (Loss) to NAREIT FFO, Core FFO, and Adjusted FFO (continued)** | **Reconciliation of Net Income (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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| NAREIT FFO | $49100 | $(7528) | $88442 | $55223 |
| Core FFO | $75827 | $95023 | $143165 | $172339 |
| Adjusted FFO | $103587 | $109397 | $199313 | $214310 |
| **<u>Reconciliation of weighted average shares:</u>** |  |  |  |  |
| Weighted average basic shares for net income calculation | 285604 | 284683 | 285484 | 284664 |
| Dilutive stock options and unvested restricted stock units | 190 | 327 | 228 | 280 |
| Weighted average dilutive shares | 285794 | 285010 | 285712 | 284944 |
| NAREIT FFO - basic per share | $0.17 | $(0.03) | $0.31 | $0.19 |
| NAREIT FFO - diluted per share | $0.17 | $(0.03) | $0.31 | $0.19 |
| Core FFO - basic per share  | $0.27 | $0.33 | $0.50 | $0.61 |
| Core FFO - diluted per share | $0.27 | $0.33 | $0.50 | $0.60 |
| Adjusted FFO - basic per share  | $0.36 | $0.38 | $0.70 | $0.75 |
| Adjusted FFO - diluted per share | $0.36 | $0.38 | $0.70 | $0.75 |

---

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** | **Reconciliation of Net Income (Loss) to NAREIT EBITDAre and Core EBITDA** |
| *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* | *(In thousands)* |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $1550 | $(64409) | $(14923) | $(54607) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 90462 | 89649 | 179444 | 181744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 38245 | 33180 | 74362 | 66610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 3240 | (2496) | 5746 | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from sale of real estate | (11760) |  | (11760) | (3514) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustment to reflect share of EBITDAre of partially owned entities | 976 | 1520 | 2492 | 2990 |
| NAREIT EBITDAre | $122713 | $57444 | $235361 | $192721 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | 23226 | 3013 | 48640 | 18011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | 335 | 1034 | 1698 | 1983 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 5226 |  | 5226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency exchange (gain) loss | (192) | (11321) | 29 | (10948) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(1)</sup> | 6594 | 6064 | 13853 | 12683 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | 110682 |  | 115864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on other asset disposals | (163) | (495) | (28) | (475) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on legal settlement related to prior period operations |  |  |  | (6104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Project Orion deferred costs amortization | 4762 | 581 | 6871 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reduction in EBITDAre from partially owned entities | (976) | (1520) | (2492) | (2990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from sale of partially owned entity | (2420) |  | (2420) |  |
| Core EBITDA | $159105 | $165482 | $306738 | $321326 |
| Total revenues | $650748 | $660955 | $1279728 | $1325935 |
| Core EBITDA margin | 24.4% | 25.0% | 24.0% | 24.2% |

---

(1)Stock-based compensation expense excludes any stock compensation expense associated with non-routine employee awards, which are recognized within Acquisition, cyber incident, and other, net.

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Debt Detail and Maturities** | **Debt Detail and Maturities** | **Debt Detail and Maturities** | **Debt Detail and Maturities** | **Debt Detail and Maturities** |
| | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 2025** | **As of June 30, 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 - C$65M<sup>(5)</sup> | $47764 | CORRA + 0.84% | 4.70% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - A$207.5M<sup>(5)</sup> | 136545 | BBSW + 0.84% | 5.37% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - €70.5M<sup>(5)</sup> | 83059 | EURIBOR + 0.84% | 3.58% | 08/2027 |
| Senior Unsecured Revolving Credit Facility - NZ$43M<sup>(5)</sup> | 26202 | BKBM + 0.84% | 5.05% | 08/2027 |
| Senior Unsecured Term Loan A Facility Tranche A-1 - USD<sup>(6)</sup> | 375000 | SOFR + 0.94% | 4.58% | 08/2027 |
| Senior Unsecured Term Loan A Facility Tranche A-2 - C$250M | 183706 | CORRA + 0.94% | 4.79% | 01/2028 |
| Senior Unsecured Term Loan A Facility Tranche A-3 - USD | 270000 | SOFR + 0.94% | 4.27% | 01/2028 |
| Private Series A Unsecured Notes - USD | 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 | 471259 | 1.62% | 1.67% | 01/2031 |
| Private Series E Unsecured Notes - €350M | 412352 | 1.65% | 1.70% | 01/2033 |
| Public 5.600% Notes - USD | 400000 | 5.60% | 5.69% | 05/2032 |
| Public 5.409% Notes - USD | 500000 | 5.41% | 5.50% | 09/2034 |
| **Total Unsecured Debt** | $**3855887** | **3.99%** | **4.16%** | **4.9 years** |
| Sale-leaseback financing obligations | 77031 | 10.07% |  |  |
| Financing lease obligations | 116133 | 4.95% |  |  |
| **Total Secured Debt** | $**193164** | **6.99%** |  |  |
| **Total Debt Outstanding** | $**4049051** | **4.14%** |  |  |
| Less: unamortized deferred financing costs | (17486) |  |  |  |
| **Total Book Value of Debt** | $**4031565** |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **<u>Rate Type</u>:** | **June 30, 2025** | **% of Total** |
| Fixed<sup>(7)</sup> | $3755481 | 92.7% |
| Variable-unhedged | 293570 | 7.3% |
| **Total Debt Outstanding**  | $**4049051** | **100%** |

---

---

| | | |
|:---|:---|:---|
| **<u>Debt Type</u>:** | **June 30, 2025** | **% of Total** |
| Unsecured  | $3855887 | 95.2% |
| Secured  | 193164 | 4.8% |
| **Total Debt Outstanding** | $**4049051** | **100%** |

---

---

| | |
|:---|:---|
| **<u>Capitalization</u>:** | **June 30, 2025** |
| Total Debt Outstanding | $4049051 |
| Less: Cash, cash equivalents and restricted cash | 101376 |
| **Net Debt** | $**3947675** |
| Pro forma Core EBITDA - last twelve months<sup>(9)</sup>  | $626366 |
| **Net Debt to Pro Forma Core EBITDA** | **6.3x** |

---

---

| | |
|:---|:---|
| **<u>Enterprise Value</u>:** | **June 30, 2025** |
| Fully Diluted Common Stock<sup>(8)</sup> | 288607 |
| Common Stock Share Price | $16.63 |
| **Market Value of Common Equity** | $**4799534** |
| Net Debt | $3947675 |
| **Total Enterprise Value** | $**8747209** |

---

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

(2)As of June 30, 2025, for the Senior Unsecured Revolving Credit Facility, the adjusted daily CORRA rate was 3.05% (which includes an adjustment of 0.30%), the one-month BBSW rate was 3.72%, the one-month EURIBOR rate was 1.93%, and the one-month weighted average BKBM rate was 3.40%. 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 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 June 30, 2025 is $1.2 billion less $20.8 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)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.

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

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

(9)Calculated as Core EBITDA for the last twelve months plus pro forma adjustments of $6.8 million. Pro Forma adjustments consist of (1) inclusion of Core EBITDA from the Houston acquisition for the period from July 1, 2024 to Americold's acquisition date and (2) exclusion of Core EBITDA for the last twelve months for the sites divested during the six months ended June 30, 2025.

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**Operations Overview**

**Global Warehouse Portfolio**

![chart-2ae18f512e6245fc919a.jpg](chart-2ae18f512e6245fc919a.jpg)![chart-86b91b4ecd794f5d9a4a.jpg](chart-86b91b4ecd794f5d9a4a.jpg)

![chart-ccd07680e24b496a93ea.jpg](chart-ccd07680e24b496a93ea.jpg)![chart-aa85aebc859e4f27b6ca.jpg](chart-aa85aebc859e4f27b6ca.jpg)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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 June 30, 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** | **% of Total**<br>**Warehouse Segment**<br>**Rent & Storage**<br>**Revenues for the**<br>**twelve months ended**<br>**June 30, 2025** | **Total Warehouse Segment Revenues Generated by Customers with Fixed Commitment Contracts & Leases for the twelve months ended June 30, 2025**<sup>(1)</sup> | **Annualized<br>Committed Rent<br>& Storage<br>Revenues at<br>Expiration**<sup>(2)</sup> |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| Month-to-Month | 177 | $100095 | 9.7% | $286140 | $100095 |
| 2025 | 98 | 59918 | 5.8% | 131195 | 58525 |
| 2026 | 168 | 199812 | 19.3% | 415408 | 200633 |
| 2027 | 66 | 61296 | 5.9% | 154469 | 63036 |
| 2028 | 46 | 47483 | 4.6% | 144007 | 50105 |
| 2029+ | 49 | 148775 | 14.4% | 335750 | 159081 |
| **Total** | **604** | $**617379** | **59.7%** | $**1466969** | $**631475** |

---

(1)Represents monthly fixed storage commitments and lease rental payments under the relevant expiring defined contract and lease as of June 30, 2025, plus the weighted average monthly warehouse services revenues attributable to these contracts and leases for the last twelve months ended June 30, 2025, multiplied by 12.

(2)Represents annualized monthly revenues from fixed storage commitments and lease rental payments under the defined contracts and relevant expiring leases as of June 30, 2025 based upon the monthly revenues attributable thereto in the last month prior to expiration, multiplied by 12.

![chart-40ba98687e6b40f1855a.jpg](chart-40ba98687e6b40f1855a.jpg)![chart-205a5dc9d53748b2934a.jpg](chart-205a5dc9d53748b2934a.jpg)

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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;

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 June 30, 2025. These leases had a weighted average remaining term of approximately 44 months as of June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lease Expiration Year** | **No. of**<br>**Leases**<br>**Expiring**  | **Annualized**<br>**Rent**<sup>(1)</sup> | **% of Total**<br>**Warehouse Rent &**<br>**Storage Segment**<br>**Revenues for the**<br>**twelve months ended**<br>**June 30, 2025** | **Leased**<br>**Square**<br>**Footage** | **% Leased<br>Square<br>Footage** | **Annualized**<br>**Rent at**<br>**Expiration**<sup>(2)</sup> |
| *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* | *(Dollars in thousands)* |
| Month-to-Month | 14 | $1087 | 0.1% | 47 | 1.1% | $1087 |
| 2025 | 26 | 5751 | 0.6% | 408 | 10.0% | 5779 |
| 2026 | 34 | 11130 | 1.1% | 758 | 18.5% | 11264 |
| 2027 | 17 | 5256 | 0.5% | 414 | 10.1% | 5513 |
| 2028 | 26 | 10484 | 1.0% | 1251 | 30.6% | 10974 |
| 2029+ | 23 | 20876 | 2.0% | 1212 | 29.7% | 24893 |
| **Total** | **140** | $**54584** | **5.3%** | **4090** | **100%** | $**59510** |

---

(1)Represents monthly rental payments under the relevant leases as of June 30, 2025, multiplied by 12.

(2)Represents monthly rental payments under the relevant leases in the calendar year of expiration, multiplied by 12.

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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 and Repair and Maintenance Expenses**

**Maintenance Capital Expenditures and Repair and Maintenance Expenses**

We utilize a strategic approach to maintenance capital expenditures and repair and maintenance expenses to maintain the high quality and operational efficiency of our warehouses and equipment and ensure that our assets meet the "mission-critical" role they serve in the cold chain. The Company assesses its capital expenditure requirements regularly to ensure that it meets maintenance obligations in a timely manner.

***Maintenance 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 of maintenance capital expenditures related to real estate are roof replacements, refrigeration equipment refurbishment, and racking system repairs. Examples of maintenance capital expenditures related to personal property include expenditures on material handling equipment and transportation assets. Examples of maintenance capital expenditures related to information technology include maintenance on existing servers, networking equipment and minor software updates.

***Repair and Maintenance Expenses***

We incur repair and maintenance expenses that include costs of routine maintenance and repairs that do not materially extend the useful life of the asset and minor replacements with an asset value that are less than a *de minimis* threshold. These expenditures are included as an operating expense in our statement of operations. Examples of repair and maintenance expenses include ordinary repairs on roofs, racking, refrigeration and material handling equipment.

The following table sets forth our repair and maintenance expenses for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
|  | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
| Real estate | $9389 | $10349 | $20995 | $24937 |
| Personal property | 21224 | 18919 | 41139 | 35223 |
| &nbsp;&nbsp;&nbsp;Total repair and maintenance expenses | $30613 | $29268 | $62134 | $60160 |

---

**External Growth and Integration Capital Expenditures**

External growth and integration capital expenditures refer to investments to expand our operations and enhance market position through mergers and acquisitions. These expenditures typically include costs associated with acquiring new businesses, integrating operational systems, rebranding, and upgrading infrastructure to our standards. Unlike organic growth, which focuses on internal development through existing resources and capabilities, 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 Organic Capital Expenditures**

Expansion, development and organic growth capital expenditures refer to investments to enhance our existing operations and increase storage capacity. Examples of capital expenditures associated with expansion, development and organic growth are warehouse and pallet position expansion, expansion of drop lots, greenfield developments, and purchase of leased facilities.

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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;

The primary expansion and development expenditures (inclusive of capitalized interest, compensation, and travel expenses) for the six months ended June 30, 2025 include $67.7 million related to the Kansas City, Missouri development; $43.1 million related to the Allentown, Pennsylvania expansion; $26.9 million for the Dallas Ft. Worth, Texas expansion; $17.0 million related to the Sydney, Australia expansion; $19.1 million for the Saint John, NB, Canada development; and $8.6 million related to the Christchurch, New Zealand expansion.

**Customer Attraction and Retention Capital Expenditures**

Customer attraction and retention capital expenditures refer to investments that enhance customer engagement, satisfaction, and loyalty to drive revenue growth for new and existing customers and reduce customer churn. These expenditures include replacing existing components of assets before the end of their functional lives, improvements to warehouse configurations to provide a more customer-friendly experience, and improvements to outdoor facades.

**Technological Upgrades and Enhancements**

Technological upgrades and enhancements refer to investments aimed at improving our technological infrastructure and capabilities to increase efficiency, productivity, and competitiveness. This category includes investments in hardware, software, and systems that automate processes, enhance data analytics, and improve cyber security. This category also includes sustainability initiatives including the installation of LED lighting, solar panels, hydrogen fuel cells, high speed dock doors, and other asset modernization.

The following table sets forth our total capital expenditures for the three and six months ended June 30, 2025 and 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
|  | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** | ***(In thousands)*** |
| Maintenance | $17283 | $22832 | $32082 | $40765 |
| External growth and integration |  |  | 108448 |  |
| Expansion, development and organic growth | 177211 | 32881 | 271469 | 62833 |
| Technological upgrades and enhancements | 5324 | 2759 | 9835 | 3739 |
| &nbsp;&nbsp;Total capital expenditures<sup>(1)</sup> | $199818 | $58472 | $421834 | $107337 |

---

<sup>(1)</sup> Capital expenditures in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 include $32.5 million of costs accrued as of December 31, 2024 and paid during the six months ended June 30, 2025. Such expenditures exclude $54.2 million of costs accrued during the six months ended June 30, 2025 that will be paid in a future period.

**Capitalized Interest and Other Costs**

We incurred capitalized interest of $6.1 million and $4.1 million for the three months ended June 30, 2025 and 2024, respectively, and $10.1 million and $7.5 million for the six months ended June 30, 2025 and 2024, respectively, which is included in the capital expenditures noted in the table above. We also incurred capitalized compensation and travel expense aggregating to $11.5 million and $5.2 million during the three months ended June 30, 2025 and 2024, respectively, and $19.0 million and $10.1 million during the six months ended June 30, 2025 and 2024, respectively.

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---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

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

**External Growth and Capital Deployment**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** | **Recently Completed Expansion and Development Projects - Non-Same Store** |
| **Facility** | **Opportunity Type** | **Facility Type<br> (A = Automated)<br> (C = Conventional)** | **Tenant Opportunity** | **Cubic Feet**<br>**(In millions)** | **Pallet**<br>**Positions**<br>**(In thousands)** | **Completion Costs**<br>**(In millions)**<sup>(1)</sup> | **Expected<br>Stabilized<br>NOI ROIC** | **Completion Date** | **Expected Full Stabilized Quarter** |
| Lancaster, PA | Development | Distribution (A) | Build-to-suit | 11.4 | 28 | $164 | 10-12% | Q1 2023 | Q3 2025 |
| Plainville, CT | Development | Distribution (A) | Build-to-suit | 12.1 | 31 | $161 | 10-12% | Q4 2023 | Q2 2026 |
| Allentown, PA | Expansion | Distribution (C) | Multi-tenant | 14.6 | 37 | $79 | 10-12% | Q2 2025 | Q3 2026 |
| Kansas City, MO | Development | Distribution (C) | Multi-tenant | 13.5 | 22 | $100 | 10-12% | Q2 2025 | Q1 2026 |

---

(1)Completion costs represents total costs incurred through the completion date. These amounts exclude additional costs incurred to reach stabilization, which do not materially impact the currently disclosed return on invested capital estimates.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** | **Expansion and Development Projects In Process and Announced - Non-Same Store** |
| | | **Facility Type<br> (A = Automated)<br> (C = Conventional)** | | **Under<br>Construction** | **Under<br>Construction** | **Investment in Expansion / Development**<br>**(In millions)** | **Investment in Expansion / Development**<br>**(In millions)** | **Investment in Expansion / Development**<br>**(In millions)** | **Expected<br>Stabilized<br>NOI ROIC** | **Target**<br>**Completion**<br>**Date** | **Expected Full Stabilized Quarter** |
| **Facility** | **Opportunity Type** | **Facility Type<br> (A = Automated)<br> (C = Conventional)** | **Tenant Opportunity** | **Cubic Feet**<br>**(In millions)** <sup>(1)</sup> | **Pallet**<br>**Positions**<br>**(In thousands)** <sup>(1)</sup> | **Cost to Date** <sup>(2)</sup> | **Estimate to**<br>**Complete** | **Total Estimated<br>Cost** | **Expected<br>Stabilized<br>NOI ROIC** | **Target**<br>**Completion**<br>**Date** | **Expected Full Stabilized Quarter** |
| Sydney, Australia | Expansion  | Distribution (C) | Multi-tenant | 2.8 | 13 | A$35 | A$9 - A$11 | A$44 - A$46 | 10-12% | Q1 2026 | Q1 2027 |
| Christchurch, New Zealand | Expansion | Distribution (C) | Multi-tenant | 3.8 | 16 | NZ$14 | NZ$42 - NZ$46 | NZ$56 - NZ$60 | 10-12% | Q1 2026 | Q3 2027 |
| Saint John, NB, Canada | Development | Distribution (C) | Multi-tenant | 7.4 | 22 | C$26 | C$77 - C$87 | C$103 - C$113 | 10-12% | Q3 2026 | Q1 2028 |
| Dallas Ft. Worth, TX | Expansion | Distribution (A) | Multi-tenant | 18.8 | 50 | $33 | $112 - $122 | $145 - $155  | 10-12% | Q4 2026 | Q2 2028 |

---

(1)Cubic feet and pallet positions are estimates while the facilities are under construction.

(2)Cost as of June 30, 2025.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** | **Recent Acquisitions - Non-Same Store** |
| **Facility** | **Metropolitan Area** | **No. of Facilities** | **Cubic Feet**<br>**(In millions)** | **Pallet**<br>**Positions**<br>**(In thousands)** | **Acquisition Price** **(In millions)** <sup>(1)</sup> | **Net Entry NOI Yield** <sup>(1)</sup> | **Expected Three Year Stabilized<br>NOI ROIC** | **Date Purchased** | **Expected Full Stabilized Quarter** |
| Baytown, TX | Houston, TX | 1 | 10.7 | 36 | $127 | <2% | 10-12% | 3/17/2025 | Q1 2027 |

---

(1)Inclusive of $16 million of capital to be invested to accommodate the new customers' profile and get the facility up to Americold's operating standards.

------

---

| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**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> | **Q2 25** | **Q1 25** | **Q4 24** | **Q3 24** | **Q2 24** | **Q1 24** |
| Number of same store warehouses | 223 | 223 | 223 | 223 | 223 | 223 |
| **Same store revenues:** |  |  |  |  |  |  |
| Rent and storage | $247212 | $245196 | $254226 | $256287 | $259427 | $256771 |
| Warehouse services | 325882 | 314823 | 338351 | 339542 | 322446 | 316492 |
| Total same store revenues | $573094 | $560019 | $592577 | $595829 | $581873 | $573263 |
| **Same store cost of operations:** |  |  |  |  |  |  |
| Power | 34106 | 30656 | 34287 | 39991 | 35379 | 30913 |
| Other facilities costs | 57262 | 57245 | 56170 | 61492 | 56025 | 56567 |
| Labor | 237173 | 234640 | 243021 | 245330 | 235609 | 235417 |
| Other services costs | 45327 | 44763 | 52706 | 47919 | 46857 | 49164 |
| Total same store cost of operations | $373868 | $367304 | $386184 | $394732 | $373870 | $372061 |
| Same store contribution (NOI) | $199226 | $192715 | $206393 | $201097 | $208003 | $201202 |
| Same store rent and storage contribution (NOI)<sup>(2)</sup> | $155844 | $157295 | $163769 | $154804 | $168023 | $169291 |
| Same store services contribution (NOI)<sup>(3)</sup> | $43382 | $35420 | $42624 | $46293 | $39980 | $31911 |
| Same store margin | 34.8% | 34.4% | 34.8% | 33.8% | 35.7% | 35.1% |
| Same store rent and storage margin<sup>(4)</sup> | 63.0% | 64.2% | 64.4% | 60.4% | 64.8% | 65.9% |
| Same store services margin<sup>(5)</sup> | 13.3% | 11.3% | 12.6% | 13.6% | 12.4% | 10.1% |
| **Same store rent and storage metrics:** |  |  |  |  |  |  |
| <u>Economic occupancy</u> |  |  |  |  |  |  |
| Average economic occupied pallets<sup>(6)</sup> | 3972 | 4044 | 4190 | 4137 | 4203 | 4267 |
| Economic occupancy percentage<sup>(6)</sup> | 75.5% | 76.6% | 79.3% | 78.3% | 79.6% | 80.8% |
| Same store rent and storage revenues per economic occupied pallet | $62.24 | $60.63 | $60.67 | $61.95 | $61.72 | $60.18 |
| <u>Physical occupancy</u> |  |  |  |  |  |  |
| Average physical occupied pallets<sup>(7)</sup> | 3387 | 3434 | 3612 | 3584 | 3637 | 3698 |
| Average physical pallet positions | 5263 | 5279 | 5284 | 5284 | 5278 | 5279 |
| Physical occupancy percentage<sup>(7)</sup> | 64.4% | 65.1% | 68.4% | 67.8% | 68.9% | 70.1% |
| Same store rent and storage revenues per physical occupied pallet | $72.99 | $71.40 | $70.38 | $71.51 | $71.33 | $69.44 |
| **Same store services metrics:** |  |  |  |  |  |  |
| Throughput pallets | 8577 | 8561 | 9047 | 8999 | 8819 | 8815 |
| Same store warehouse services revenues per throughput pallet | $37.99 | $36.77 | $37.40 | $37.73 | $36.56 | $35.90 |
| **Total non-same store results:** |  |  |  |  |  |  |
| Non-same store revenues | $20976 | $15338 | $13888 | $16352 | $18514 | $24447 |
| Non-same store cost of operations | $19197 | $11468 | $18854 | $18825 | $21986 | $28518 |
| Non-same store contribution NOI | $1779 | $3870 | $(4966) | $(2473) | $(3472) | $(4071) |

---

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

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

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

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

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

(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. 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, regardless of whether they are occupied, for the applicable period.

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

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

During the 1<sup>st</sup> quarter of 2025, we entered into an agreement to sell our 14.99% equity interest in the SuperFrio joint venture which was finalized in April of 2025. The tables below include financial data related to the venture for the periods in which Americold retained its equity interest through April of 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SuperFrio** | **SuperFrio** | **SuperFrio** | **SuperFrio** | **SuperFrio** |
| | | | **June 30,** | **June 30,** |
| **Summary Balance Sheet - at the JV's 100% share in BRLs** |  |  | **2025** | **2024** |
| ***(In thousands)*** |  |  |  |  |
| Net book value of property, buildings, and equipment |  |  |  | 1133020 |
| Other assets |  |  |  | 493244 |
| Total assets |  |  |  | 1626264 |
| Debt |  |  |  | 725877 |
| Other liabilities |  |  |  | 538700 |
| Equity |  |  |  | 361687 |
| Total liabilities and equity |  |  |  | 1626264 |
| Americold's ownership percentage |  |  |  | 14.99% |
| BRL/USD end of period rate |  |  | 0.1841 | 0.1789 |
| Americold's pro rata share of debt at BRL/USD rate |  |  | $— | $19466 |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Summary Statement of Operations - at the JV's 100% share in BRLs** | **Q2 25** | **Q2 24** | **Q2 25** | **Q2 24** |
| ***(In thousands)*** |  |  |  |  |
| Revenues | 48625 | 149150 | 190783 | 294424 |
| Cost of operations | 41220 | 112283 | 159727 | 223895 |
| Selling, general, and administrative expense | 2771 | 6126 | 10823 | 13526 |
| M&A expense & other | 3325 | 5664 | 7575 | 8892 |
| Depreciation & amortization | 4973 | 17084 | 20582 | 35738 |
| Total operating expenses | 52289 | 141157 | 198707 | 282051 |
| Operating (loss) income | (3664) | 7993 | (7924) | 12373 |
| Interest expense | (15787) | (36683) | (61231) | (67032) |
| Other income | 19 | 1023 | 543 | 1802 |
| Income tax (expense) benefit | (51) | (88) | (282) | (40) |
| Non-operating expenses | (15819) | (35748) | (60970) | (65270) |
| Net loss | (19483) | (27755) | (68894) | (52897) |
| Americold's ownership percentage | 14.99% | 14.99% | 14.99% | 14.99% |
| BRL/USD average rate | 0.1766 | 0.1917 | 0.1738 | 0.1968 |
| Americold's pro rata share of NOI | $196 | $1059 | $802 | $2081 |
| Americold's pro rata share of Net loss | $(516) | $(798) | $(1782) | $(1560) |
| Americold's pro rata share of Core FFO | $(358) | $(370) | $(1294) | $(741) |
| Americold's pro rata share of Adjusted FFO | $(305) | $(227) | $(1099) | $(386) |

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**Unconsolidated Joint Ventures (Investments in Partially Owned Entities) (Continued)**

As of June 30, 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **RSA** | **RSA** | **RSA** | **RSA** | **RSA** |
| | | | **June 30,** | **June 30,** |
| **Summary Balance Sheet - at the JV's 100% share in AED** |  |  | **2025** | **2024** |
| ***(In thousands)*** |  |  |  |  |
| Net book value of property, buildings, and equipment |  |  | 181642 | 67102 |
| Other assets |  |  | 12965 | 11043 |
| Total assets |  |  | 194607 | 78145 |
| Debt |  |  | 139802 | 49793 |
| Other liabilities |  |  | 25007 | 10871 |
| Equity |  |  | 29798 | 17481 |
| Total liabilities and equity |  |  | 194607 | 78145 |
| 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 |  |  | $18653 | $6644 |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| **Summary Statement of Operations - at the JV's 100% share in AED** | **Q2 25** | **Q2 24** | **Q2 25** | **Q2 24** |
| ***(In thousands)*** |  |  |  |  |
| Revenues | 8863 | 3835 | 15371 | 6597 |
| Cost of operations | 6770 | 4313 | 12031 | 8068 |
| Depreciation & amortization | 915 | 415 | 1797 | 829 |
| Total operating expenses | 7685 | 4728 | 13828 | 8897 |
| Operating income (loss) | 1178 | (893) | 1543 | (2300) |
| Interest expense | (676) | (216) | (1329) | (409) |
| Non-operating expenses | (676) | (216) | (1329) | (409) |
| Net income (loss) | 502 | (1109) | 214 | (2709) |
| 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 | $279 | $(64) | $446 | $(196) |
| Americold's pro rata share of Net loss | $67 | $(148) | $29 | $(361) |
| Americold's pro rata share of Core FFO | $167 | $(99) | $228 | $(263) |
| Americold's pro rata share of Adjusted FFO | $168 | $(97) | $244 | $(256) |

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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second Quarter 2025** |

---

**Reconciliations, Notes, and Definitions**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Segment revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | $594070 | $600387 | $1169427 | $1198097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 48097 | 50637 | 92090 | 107490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 8581 | 9931 | 18211 | 20348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 650748 | 660955 | 1279728 | 1325935 |
| Segment contribution: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse | 201005 | 204531 | 397590 | 401662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transportation | 8742 | 8850 | 15996 | 20372 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-party managed | 1909 | 2102 | 3918 | 4285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segment contribution (NOI) | 211656 | 215483 | 417504 | 426319 |
| Reconciling items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | (90462) | (89649) | (179444) | (181744) |
| &nbsp;&nbsp;Selling, general, and administrative expense | (66907) | (59453) | (136142) | (124879) |
| &nbsp;&nbsp;&nbsp;Acquisition, cyber incident, and other, net | (23226) | (3013) | (48640) | (18011) |
| &nbsp;&nbsp;&nbsp;Impairment of long-lived assets | (5226) |  | (5226) |  |
| &nbsp;&nbsp;&nbsp;Net gain from sale of real estate | 11760 |  | 11760 | 3514 |
| &nbsp;&nbsp;&nbsp;Interest expense | (38245) | (33180) | (74362) | (66610) |
| &nbsp;&nbsp;&nbsp;Loss on debt extinguishment and termination of derivative instruments |  | (110682) |  | (115864) |
| &nbsp;&nbsp;&nbsp;Loss from investments in partially owned entities | (335) | (1034) | (1698) | (1983) |
| &nbsp;&nbsp;&nbsp;Other, net | 5775 | 14623 | 7071 | 24149 |
| **Income (loss) before income taxes** | $**4790** | $**(66905)** | $**(9177)** | $**(55109)** |

---

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 supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. 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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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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 extraordinary items as defined under U.S. GAAP and 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 Net gain on sale of non-real 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 (gain) loss; Gain on legal settlement related to prior period operations; Project Orion 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 expense (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 income and net income per diluted share (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 consolidated statements of operations 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 income or cash flows from 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 income (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 income (loss) before Depreciation and amortization; Interest expense; Income tax expense (benefit); Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. |
| We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Acquisition, cyber incident, and other, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange (gain) loss; Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments; Loss on other asset disposals; Gain on legal settlement related to prior period operations; Project Orion 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 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 income or cash flows from 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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| | | |
|:---|:---|:---|
| | ![image8a.jpg](image8a.jpg) | |
| **Financial Supplement** | ![image8a.jpg](image8a.jpg) | **Second 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. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition. |
| NOI is calculated as earnings/loss before interest expense, taxes, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Acquisition, cyber incident, and other, net; Impairment of long-lived assets; Net gain from sale of real estate and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business. |
| We define our "same store" population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define "normalized operations" as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the "same store" population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 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 gain from sale of real estate). 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

![](cold-investordeckq225001.jpg)

C o r p o r a t e D e c k \| A u g u s t 7 , 2 0 2 5 Unlocking Growth through our Infrastructure, Expertise and Partnerships

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![](cold-investordeckq225002.jpg)

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: 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; 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; 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, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; 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. 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, net debt to Pro Forma 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 three and six months ended June 30, 2025 as filed with the SEC on August 7, 2025. 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 strong financial profile 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 June 30, 2025. 237 Warehouses include 3 Managed sites. Figures may not sum due to rounding 5 Significant Scale Global Footprint Cubic Feet / Warehouse Count South America 10M/ 2 North America 1,253M / 192~5.5M Pallet Positions ~13,000 Associates 237 Warehouses ~3,000 Customers Europe 114M / 24~1.5B Cubic Feet of Total Capacity Connectivity Conventional & Automated Presence at Every Major Node Asia Pacific 76M/ 16

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Note: Figures as of June 30, 2025. Figures may not sum due to rounding 1) Based on COLD share price of $16.63 as of June 30, 2025 2) Represents share of Revenues and NOI from Same Store Warehouse Segment on a constant currency basis 3) Reconciliations of non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and six months ended June 30, 2025 as filed with the SEC on August 7, 2025 Financial Highlights $8.7B Total Enterprise Value (1) $626M LTM PF Core EBITDA (3) $4.8B Equity Market Cap (1) $0.23 2Q25 Dividend per Share (1.5)% / (4.2)% 2Q25 Total Same Store Revenue/ Same Store NOI Change (2) Total Segment Contribution NOI Adjusted FFO Financial Performance +40% growth 6 $630M $696M $771M $847M $838M 2021 2022 2023 2024 LTM Q2 25 +34% growth $299M $300M $352M $420M $405M 2021 2022 2023 2024 LTM Q2 25

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7 Serving Customers with a Proven End-to- End Operating Model • Focus on designing Solutions that Fit our Customers' Needs • In-house Design Engineering Team • Industry leading experience designing facilities to support every type of Food Producer and Distributor • ~13K Americold associates operating ~237 facilities globally • Proprietary system for facility optimization and continuous improvement – Americold Operating System (AOS) • Industry-leading safety performance, 48% lower TRIR1 vs industry average • Deep experience building Automated and Conventional Warehouses from post- production to last mile distribution • Existing Land Bank of Developable Property and exclusive access through partnerships • ~$1B development pipeline DESIGN OPERATE BUILD 1) Total Recordable Incident Rate, as of December 31, 2024

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Americold is Essential to the "Farm to Fork" Cold Chain 8 Production Advantaged Warehouse Distribution Center / Public Warehouse Retail Distribution Center Restaurant School Hospital Hotel Sports Government Consumers Enhanced with Key Strategic Partnerships Supermarket e-Commerce Fulfillment Farm Food Producer Food Service Distribution Center

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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 9 ~38 years average tenure 13 customers are investment grade(2) 90%+ utilize committed contracts/leases ~50% of Warehouse revenues(1) 1) Based on LTM Warehouse revenues as of June 30, 2025 2) Represents long-term issuer rating as of July 2025 Compelling Value Proposition 100% use multiple facilities, average of 17 sites

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10 New Management Team Committed to Increasing Shareholder Value Jay Wells Chief Financial Officer COLD: Joined & Appointed 2024 ~40 years experience George F. Chappelle Jr. Chief Executive Officer COLD: Joined 2021/Appointed 2022 ~41 years experience Robert Chambers President COLD: Joined 2013/Appointed 2024 ~20 years experience Sam Charleston Chief Human Resources Officer COLD: Joined & Appointed 2022 ~32 years experience Richard Winnall President, International COLD: Joined 2019/Appointed 2024 ~23 years experience Scott Henderson Chief Investment Officer COLD: Joined 2018/Appointed 2023 ~23 years experience Nathan Harwell Chief Legal Officer COLD: Joined & Appointed 2023 ~26 years experience Michael Spires Chief Information Officer COLD: Joined & Appointed 2023 ~24 years experience Bryan Verbarendse President, Americas COLD: Joined & Appointed 2023 ~32 years experience Significant Experience in Real Estate, Third-Party Logistics, Food Manufacturing, and Retail

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Significant Growth Over the Past 3 Years 11 • Jay Wells appointed CFO • Hiring and retention progress – exceeded $100M productivity target • Project Orion improving 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 • Enhanced executive team with new leaders • Completed and launched 5 automation projects AFFO (in millions) George F. Chappelle Jr. appointed interim CEO 40% AFFO Growth $1.11 $1.27 $1.47 $299M $300M $352M $420M $405M 2021 2022 2023 2024 LTM Q2 25 $1.15 $1.14 $1.35 $1.42 $1.11 $1.27 $1.47 • Completed Houston acquisition for total investment of $127M • Increased quarterly dividend by 5% • Achieved target of 60% of rent & storage revenue from fixed commitment contracts • Elevated proven leaders Reconciliations of non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and six months ended June 30, 2025 as filed with the SEC on August 7, 2025

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13 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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Scalable Infrastructure with Access to All Major U.S. Markets 14 81% owned network of high- quality, strategically located warehouses Mix of conventional and automated solutions to efficiently meet customer needs on every node of the cold storage chain Typical delivery in 2 days or less with ability to reach 99% of US population • 5 Regional consolidation centers • Network wide shuttles for national order fulfillment • Multi-vendor consolidation

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Americold's Critical Infrastructure at Every Node 15 PRODUCTION ADVANTAGED Storage/VAS for food close to production PORTS Storage/VAS for food close to ports (rail, maritime, inland) MAJOR MARKET DISTRIBUTION Storage/VAS for food close to consumption (demand) in major cities RETAIL STORE DISTRIBUTION Storage/VAS and store support for Retail Grocery distribution FOODSERVICE DISTRIBUTION Storage/VAS for Broadline and Specialty Foodservice Distributors FOODSERVICE STORE DISTRIBUTION (QSR) Storage/VAS and store support for Quick-Serve-Restaurants (QSRs) E-COMMERCE Storage/VAS, and DTC order fulfillment for E-Commerce

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Partner Since Core Operating Expertise Enhanced by Best-in-Class Partnerships Operational Partners 16 • CPKC – First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal, bypassing customs (Kansas City - Opened Q2 2025). • DP World – First-of-its-kind Import/Export Hub for local and transload volume in Port Jebel Ali (Dubai, UAE - Opened Q2 2025). • CPKC + DP World – First-of-its-kind Import/Export Hub in Port Saint John (Canada - Opening Q3 2026) Highlights • US service to/from Mexico with CPKC out of Kansas City bypasses truck congestion at border, reducing transit time by approximately one day and reducing total cost • Port Jebel Ali (UAE) Import/Export Hub with DP World is the first to offer both bonded & non-bonded service and enables global food Producers to connect directly with regional Retailers and Distributors • Port Saint John (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 Key Benefits Top five global port operator 2022 One of NA's largest railroad companies 2023

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17 Active Expansion & Developments Development pipeline ~$1B in current projects ~$300M in projects from strategic partnerships ~$100M ROIC on underwritten projects 10-12% 33% 53% 14% Build to Suit Multi-Tenant Multi-Tenant - strategic partnerships Tenant Opportunity (by pallet positions) 36% 50% 14% Conventional Distribution Automated Distribution Automated Production Advantaged Facility Type (by pallet positions)

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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 Continuous Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Energy 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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Long-Term Industry Fundamentals Driving Resiliency • Changing consumption patterns towards meal kits and fresh and healthy food • Rising e-commerce and online grocery demand driving need for efficient delivery systems to consumers • Reshoring of essential sectors including food production increases need for cold storage in supply chains • Enhanced automation to increase efficiency and capacity • Sustainability focus prompts initiatives to cut carbon emissions and enhance energy efficiency 21 Key Trends in the Cold Storage Space

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22 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,261M cubic feet 194 facilities 1,461M cubic feet1 237 facilities Note: Americold portfolio figures as of June 30, 2025. 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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Focused Strategy to Capture the Multiple Growth Drivers Solutions That Fit Needs Operational Excellence Capabilities Leadership Commercial Excellence Provider of Choice Technology EnablementEmployer of Choice • Expand wallet share and service offerings through strategic account management and consultative selling approach • Innovation into diversified higher revenue categories • Increase growth and improve margins with a best-in-class commercial toolset to drive above average close, renewal and value metrics • Continuous improvements in processes and service to deliver the highest Total Value Proposition to our customers • Consistently delivering on our promise of on-time/in-full • Drive operational excellence with labor management and relentless focus to provide efficient and effective service to our customers. • Innovate to integrate proven technology that drives the performance and efficiency of our facilities • Attract, develop and retain the best talent • Recognize and reward associates who contribute to innovative ideas and projects • Foster a culture of customer service, safety, excellence, and inclusivity • Modernize systems to enhance customer experience and internal productivity • Create new innovation by utilizing AI's latest capabilities to drive efficiencies within our company 23 Our Commitments How We Win

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Strong Same-Store Warehouse Revenue and NOI Growth 25 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 June 30, 2025 2) Represents weighted average term for contracts featuring fixed storage commitments and leases as of June 30, 2025 Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and six months ended June 30, 2025 as filed with the SEC on August 7, 2025 • 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 122% since 2021 and now account for: • 60% 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: 34.2% Same-Store Warehouse services Same-Store Rent & storage $1,464M $2,014M $2,258M $2,342M $2,335M $615M $862M $1,025M $1,019M $1,008M $849M $1,152M $1,233M $1,323M $1,327M 2021 2022 2023 2024 LTM Q2 25 +60% growth $478M $600M $709M $807M $799M $404M $540M $665M $635M $625M $74M $60M $44M $172M $173M 2021 2022 2023 2024 LTM Q2 25 31.4% 29.8%32.6% +69% growth 34.5%

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Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 26 Core EBITDA ($M) and Margin (%) 17.5% 17.1% 34% 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 $620M 2021 2022 2023 2024 LTM Q2 25 17.5% 21.4% 23.6%17.1% 23.8% Reconciliations of Non-GAAP measures to the most comparable GAAP metrics are included within our quarterly financial supplement for the three and six months ended June 30, 2025 as filed with the SEC on August 7, 2025

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Well-Laddered Maturity Profile Note: Dollars in millions. Figures based on company filings as of June 30, 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 and the capacity available under the Senior Unsecured Revolving Credit Facility less $21M in letter of credit 27 Real Estate Debt Maturity (1)(2) % of Debt Maturity \*Senior Unsecured Revolver Borrowings • Investment grade ratings: BBB (Fitch / DBRS Morningstar), Baa3 (Moody's) • Total liquidity of $937M(3) with $836M available in undrawn credit facility • Total debt of $4 billion at June 30, 2025 with 95% unsecured and 93% fixed rate • Well-laddered maturity profile with a remaining weighted average term of 4.9 years • Weighted average contractual interest rate of 4.14% as of June 30, 2025 • $10B+ in critical cold storage infrastructure that is difficult to replicate $200 $375 $270 $400 $350 $471 $400 $412 $500 $0 $294\* $184 2025 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 • Grow 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 CPKC and DP World • Capacity expansion and customer specific builds Maintain Healthy Balance Sheet 1 42 3 • Maintain Investment Grade rating • Access to multiple sources of capital 28

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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 29

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30 2025 Guidance(1) August 7, 2025 Warehouse segment same store revenue growth (constant currency) (4.0)%-0.0% Warehouse segment same store NOI growth (constant currency) 50 to 100 bps lower than associated revenues Warehouse segment non-same store NOI $7M-$13M Transportation and Management segment NOI $40M-$44M Total selling – general and administrative expense (inclusive of share-based compensation expense of $30M-$32M and $14M-$16M of Orion amortization) $270M-$280M Interest Expense $153M-$157M Current income tax expense $6M-$8M Non real estate depreciation and amortization expense $139M-$149M Total maintenance capital expenditures $60M-$70M AFFO Per Share $1.39-$1.45 Disciplined Approach with Emphasis on AFFO (1) Guidance updated as of August 7, 2025

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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 strong financial profile 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 31 2 Unique value proposition with unparalleled expertise, partnerships with industry experts, scalable infrastructure, and leading technology and operating systems

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