Americold Announces First Quarter 2026 Results

Americold Announces First Quarter 2026 Results Delivered $0.29 Q1 AFFO Per Share

Industry Fundamentals Continue to Show Signs of Stabilization

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

ATLANTA, May 07, 2026 (GLOBE NEWSWIRE) -- Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), is the global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the first quarter ended March 31, 2026.

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

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

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

First Quarter 2026 Highlights

2026 Outlook

The table below includes the details of our annual guidance. The Company’s guidance is provided for informational purposes based on current plans and assumptions and is subject to change. The ranges for these metrics do not include the impact of acquisitions, dispositions, or capital markets activity beyond that which has been previously announced. The ranges for these metrics also do not include the impact of the joint venture announced on May 7, 2026.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, May 7, 2026 at 8:00 a.m. Eastern Time to discuss its first quarter 2026 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#11161509. The telephone replay will be available starting shortly after the call until May 21, 2026.

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

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

First Quarter 2026 Total Company Financial Results

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

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

For the first quarter of 2026, Global Warehouse segment revenues were $577.9 million, a decrease of $7.1 million, or 1.2% on an actual basis and 3.0% on a constant currency basis, compared to $585.0 million for the first quarter of 2025. This decrease was principally driven by an overall reduction in volumes due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with speculative development in the cold storage industry. These headwinds are partially offset by higher revenue per pallet due to changes in mix and pricing adjustments in the normal course of operations.

Global Warehouse segment contribution net operating income (NOI) was $186.7 million for the first quarter of 2026 as compared to $198.6 million for the first quarter of 2025, a decrease of $11.9 million, or a decrease of 6.0% on an actual basis and a decrease of 7.3% on a constant currency basis. Global Warehouse segment margin was 32.3% for the first quarter of 2026, a 160 basis point decrease compared to the first quarter of 2025. The decrease in both NOI and margin for the Global Warehouse segment is primarily driven by the decrease in Global Warehouse segment revenues, as noted above, and higher energy costs during the first quarter of 2026 as compared to the first quarter of 2025.

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

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

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

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

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

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

Balance Sheet Activity and Liquidity

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

Dividend

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

About the Company

Americold (NYSE: COLD) is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. With 224 operating facilities across North America, Europe, Asia-Pacific, and South America— totaling approximately 1.4 billion refrigerated cubic feet—we connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities.

Non-GAAP Measures

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

Forward-Looking Statements

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

Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. Examples of forward-looking statements included in this press release include, but are not limited to, those regarding our 2026 outlook and our migration of our customers to fixed commitment storage contracts and statements about the joint venture transaction with EQT. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, and other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future except to the extent required by law.

Contacts:

Americold Realty Trust, Inc.

Investor Relations

Telephone: 678-459-1959

Email: investor.relations@americold.com

First Quarter 2026 Global Warehouse Segment Results

The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our global, same store, and non-same store warehouses for the three months ended March 31, 2026 and 2025.

We view and manage our business through two primary business segments—Warehouse and Transportation. Our core business is our Warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our Warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services. Further, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe our third-party management services help customers to increase efficiency, reduce costs and supply-chain risks, and focus on their core businesses, while also enabling us to offer a complete and integrated suite of services across the cold chain.

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