Americold announces Fourth Quarter and full year 2025 results

Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), is the global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the fourth quarter and year ended December 31, 2025.

Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, “Americold delivered solid fourth‑quarter AFFO per share of $0.38, slightly ahead of expectations in what remains a challenging backdrop across the cold storage industry. Our teams continue to execute well, improving operational performance, advancing our commercial strategy, and delivering on key development milestones around the globe. During the year we expanded our services margin and achieved our long-term 60% target for fixed commitment contracts, while winning new business with some of the world’s most important food producers and retailers. I am proud of how the organization has remained focused on delivering our commitments as we build a stronger foundation for the years ahead.”

“Entering 2026, we have developed a list of key priorities that are designed to position Americold for long‑term future growth. These include taking disciplined steps to strengthen our balance sheet, enhance the profitability of our global real estate portfolio, and focus our capital on customer‑driven development opportunities. At the same time, we are expanding our presence in high‑value retail and store‑support solutions, while broadening our commercial aperture to pursue opportunities in new and adjacent sectors. Our cost‑reduction initiatives are well underway and will help us navigate the ongoing headwinds while we execute against these priorities. With the upcoming addition of Chris Papa as our Chief Financial Officer, we are further bolstering our capabilities as we advance this next phase of our strategy.”

“In this complex environment, we are taking a prudent approach to our 2026 outlook and expect AFFO of $1.20 to $1.30 per share. I believe the actions we are taking behind our key priorities will meaningfully strengthen our company and enhance our long‑term earnings power. Americold’s mission-critical assets, operational excellence, and deep customer relationships continue to differentiate us in the marketplace, and we remain confident in our ability to create sustained value for our shareholders.”

Fourth Quarter 2025 Highlights

Total revenues of $658.5 million, a 1.2% decrease from $666.4 million in Q4 2024 and a decrease of 1.6% on a constant currency basis.

Net loss of $88.3 million, or $0.31 loss per diluted share, as compared to a net loss of $0.13 per diluted share in Q4 2024.

Global Warehouse segment same store revenues decreased 1.1% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q4 2024.

Global Warehouse same store services margin increased to 13.9% from 12.7% in Q4 2024.

Global Warehouse segment same store NOI decreased 0.6%, or 0.8% on a constant currency basis, as compared to Q4 2024.

Adjusted FFO of $108.3 million, or $0.38 per diluted share, a 2.7% increase from Q4 2024 Adjusted FFO per diluted share of $0.37.

Core EBITDA of $162.9 million, increased $7.3 million, or 4.7% (3.3% on a constant currency basis) from $155.6 million in Q4 2024.

Core EBITDA margin of 24.7%, increased from 23.3% in Q4 2024.

Full Year to Date 2025 Highlights

Total revenues of $2.6 billion, a 2.4% decrease from $2.7 billion in 2024 and a decrease of 2.3% on a constant currency basis.

Net loss of $114.5 million, or $0.40 loss per diluted share, as compared to a net loss of $0.33 per diluted share in 2024.

Global Warehouse segment same store revenues decreased 1.4% on an actual basis and decreased 1.2% on a constant currency basis as compared to 2024.

Global Warehouse same store services margin increased to 12.8% from 12.3% in 2024.

Global Warehouse segment same store NOI decreased 2.7%, or 2.5% on a constant currency basis, as compared to 2024.

Adjusted FFO of $408.3 million, or $1.43 per diluted share, a 2.7% decrease from 2024 Adjusted FFO per diluted share of $1.47.

Core EBITDA of $617.9 million, decreased $16.2 million, or 2.6% on an actual and constant currency basis from $634.1 million in 2024.

Core EBITDA margin of 23.7%, decreased from 23.8% in 2024.

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.

February 19, 2026

Warehouse segment same store revenues (constant currency) $2.20B – $2.27B

Warehouse segment same store NOI (constant currency) $735M – $785M

Total Company NOI (constant currency) $780M – $845M

Total selling, general and administrative expense (inclusive of approximately $218M – $228M of core SG&A, $23M – $24M of share-based compensation expense, and $8M-$10M of Project Orion deferred costs amortization) $250M – $260M

Core EBITDA $570M – $620M

Interest expense $170M – $180M

Current income tax expense $6M – $8M

Total maintenance capital expenditures $60M – $70M

Adjusted FFO per share $1.20 – $1.30

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, February 19, 2026 at 8:00 a.m. Eastern Time to discuss its fourth quarter and full year 2025 results. A live webcast of the call will be available via the Investors section of Americold Realty Trust’s website at www.americold.com. To listen to the live webcast, please go to the site at least fifteen minutes before the scheduled start time in order to register, download and install any necessary audio software. Shortly after the call, a replay of the webcast will be available for 90 days on the Company’s website.

The conference call can also be accessed by dialing 1-877-407-3982 or 1-201-493-6780. The telephone replay can be accessed by dialing 1-844-512-2921 or 1-412-317-6671 and providing the conference ID#13758077. The telephone replay will be available starting shortly after the call until March 5, 2026.

The Company’s supplemental package will be available before 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.

Fourth Quarter 2025 Total Company Financial Results

Total revenues for the fourth quarter of 2025 were $658.5 million, a 1.2% decrease from $666.4 million in the same quarter of the prior year, primarily due to lower volumes in the Global Warehouse segment and a decrease in third-party managed services and transportation services revenues.

For the fourth quarter of 2025, Global Warehouse segment revenues were $600.7 million, a decrease of $5.8 million, or 1.0% on an actual basis and 1.3% on a constant currency basis, compared to $606.5 million for the fourth quarter of 2024. This decrease was principally driven by a reduction in economic occupancy of 130 basis points to 76.1% and a reduction in throughput pallets of 4.3% due to a competitive environment, changes in consumer buying habits, and the related change in food production levels. Such changes are due to increasing consumer conservatism, amid an inflationary environment, and increased capacity associated with recent speculative development in the cold storage industry. Such headwinds are partially offset by higher revenue per pallet due to changes in mix and pricing adjustments in the normal course of operations.

Global Warehouse segment contribution net operating income (NOI) was $206.9 million for the fourth quarter of 2025 as compared to $201.4 million for the fourth quarter of 2024, an increase of $5.5 million, or an increase of 2.7% on an actual basis and an increase of 2.5% constant currency basis. Global Warehouse segment margin was 34.4% for the fourth quarter of 2025, a 120 basis point increase compared to the fourth quarter of 2024. The increase in both NOI and margin for the Global Warehouse segment is primarily driven by lower costs of operations due to the exit of certain sites, partially offset by the decrease in warehouse segment revenues.

Total NOI for the fourth quarter of 2025 was $216.9 million, an increase of 2.7% (2.4% increase on a constant currency basis) from the same quarter of the prior year. This increase is primarily related to an increase in warehouse segment NOI, which was driven by lower costs of operations, partially offset by a decrease in warehouse revenue, both described above. Such decreases in warehouse revenues were partially offset by increases in warehouse revenues and NOI associated with recently completed expansions, developments, and acquisitions.

For the fourth quarter of 2025, the Company reported a net loss of $88.3 million, or a net loss of $0.31 per diluted share, compared to a net loss of $36.2 million, or a net loss of $0.13 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Net loss from the sale of real estate of $55.9 million recognized in the fourth quarter of 2025, related to the sale of certain sites, partially offset by the $12.9 million increase in the Total income tax benefit and the same factors driving the increase in NOI mentioned above.

Core EBITDA was $162.9 million for the fourth quarter of 2025, compared to $155.6 million for the comparable quarter of the prior year. This increase (4.7% on an actual basis and 3.3% on a constant currency basis) was primarily driven by the increase in total NOI and the decrease in Selling, general, and administrative costs.

For the fourth quarter of 2025, Core FFO was $102.8 million, or $0.36 per diluted share, compared to $88.6 million, $0.31 per diluted share for the fourth quarter of 2024.

For the fourth quarter of 2025, Adjusted FFO was $108.3 million, or $0.38 per diluted share, compared to $105.9 million, $0.37 per diluted share for the fourth quarter of 2024.

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

Balance Sheet Activity and Liquidity

As of December 31, 2025, the Company had total liquidity of approximately $935.4 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $4.2 billion (inclusive of approximately $194.6 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 95.5% of the Company’s total debt as of December 31, 2025. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months pro forma Core EBITDA) was approximately 6.8x. The Company’s unsecured debt has a remaining weighted average term of 4.1 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of December 31, 2025, approximately 86.6% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On December 16, 2025, the Company’s Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the fourth quarter of 2025, which was paid on January 15, 2026, to common stockholders of record as of December 31, 2025.