Americold Realty Trust (COLD) Investor presentation summary

Strategic positioning and growth drivers

• Operates a global network of 235 warehouses with 1.4B cubic feet capacity, serving ~3,000 customers and employing ~13,000 associates across North America, Europe, Asia Pacific, and South America.

• Holds a leading position in the highly fragmented cold storage market, with 18% North American and 6% global market share.

• Growth strategy leverages deep customer relationships, scalable infrastructure, and advanced technology, with a focus on retail, QSR, e-commerce, and adjacent sectors.

• Strategic partnerships with CPKC and DP World enable expansion into new geographies and enhance supply chain capabilities.

• Project Orion and advanced operating systems drive efficiency, labor productivity, and service quality across the network.

Financial performance and capital management

• Achieved 60% growth in same-store warehouse revenue and 69% growth in NOI since 2021, with NOI margin improving to 34.5%.

• Core EBITDA grew 34% to $634M (LTM Q3 2025), with margin expansion supported by technology investments and cost control.

• Maintains a well-laddered debt maturity profile, $799M in liquidity, and investment grade ratings; 95% of $4B debt is unsecured and 91% fixed rate.

• Disciplined capital allocation includes maintaining dividends, organic reinvestment, selective M&A, and potential asset sales or joint ventures.

• 2025 AFFO per share guidance is $1.39–$1.45, with targeted cost reductions of $30M+ in SG&A and indirect labor.

Customer relationships and market opportunities

• Top 25 customers account for ~50% of warehouse revenues, with an average tenure of 38 years and 90%+ on committed contracts.

• Retail and QSR segments generate ~$480M LTM revenue, nearly double the NOI/pallet of the rest of the portfolio, with significant whitespace for expansion.

• Expansion opportunities identified in pet food, pharmacy, floral, and international markets, leveraging existing customer base and partnerships.

• Asia Pacific region is 90%+ economically occupied, with 16% YoY same-store NOI growth and strong demand for additional development.

• Focused on driving occupancy and maximizing real estate value through operational excellence and customer-centric solutions.