Americold Realty Trust (COLD) Q1 2026 earnings summary

Executive summary

• Operated 224 warehouses globally as of March 31, 2026, with 1.4 billion cubic feet of capacity across North America, Europe, Asia-Pacific, and South America.

• Q1 2026 results exceeded expectations, with focus on pricing discipline, cost control, and customer service.

• Deep, long-term customer relationships with top 25 customers accounting for ~50% of warehouse revenues and an average tenure of 39 years.

• Progress made on five strategic priorities, including a new $1.3B joint venture with EQT to strengthen the balance sheet.

• Strategy focused on disciplined execution, capital efficiency, and proactive asset management to enhance performance and shareholder value.

Financial highlights

• Q1 2026 revenues were $629.9 million, flat year-over-year; net loss narrowed to $13.6 million.

• Adjusted FFO was $81.9 million ($0.29 per share), up from $80.0 million in Q1 2025.

• Core EBITDA was $136.8M, down 7.3% year-over-year; margin declined to 21.7% from 23.5%.

• Warehouse NOI decreased 4.5% year-over-year due to pricing pressure and lower throughput, with a $2 million energy cost headwind.

• Core SG&A was flat year-over-year, with $30 million in cost savings fully executed in Q1.

Outlook and guidance

• 2026 guidance: Adjusted FFO per share expected at $1.20–$1.30; Core EBITDA projected at $570M–$620M.

• Guidance excludes impact of the new joint venture and any unannounced acquisitions or dispositions.

• JV closing expected in Q3 2026; estimated to be a $0.10 per share AFFO headwind for a full year, but management expects to offset most of this.

• No update to full-year occupancy and pricing assumptions, but trends are encouraging.

• Management expects continued headwinds from inflation, competitive pressures, and macroeconomic uncertainty but remains focused on cost control and operational excellence.