Form 8-K

8-K — AMERICOLD REALTY TRUST

Accession: 0001628280-26-053800

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001455863

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — art-20260806.htm (Primary)

EX-99.1 (q22026-pressrelease.htm)

EX-99.2 (q22026-quarterlysupplement.htm)

EX-99.3 (cold-investordeckq226.htm)

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8-K

8-K (Primary)

Filename: art-20260806.htm · Sequence: 1

art-20260806

false000145586300014558632026-08-062026-08-06

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 6, 2026

AMERICOLD REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland

001-34723

93-0295215

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

10 Glenlake Parkway, South Tower, Suite 600

Atlanta, Georgia 30328

(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

Symbol(s)

Name of each exchange

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 6, 2026, Americold Realty Trust, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the second quarter ended June 30, 2026. 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 6, 2026, 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

99.1

Press Release dated August 6, 2026 for the second quarter ended June 30, 2026.

99.2

Supplemental Information Package for the second quarter ended June 30, 2026.

99.3

Investor Presentation Materials posted August 6, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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 6, 2026

AMERICOLD REALTY TRUST, INC.

By:

/s/ Christopher J. Papa

Name: Christopher J. Papa

Title: Chief Financial Officer and Executive Vice President

EX-99.1

Filename: q22026-pressrelease.htm · Sequence: 2

Document

Exhibit 99.1

AMERICOLD ANNOUNCES SECOND QUARTER 2026 RESULTS

Delivered $0.35 Adjusted FFO Per Share and Raises Full-Year Guidance

Year-Over-Year Revenue and Occupancy Growth Reflect Continued Industry Stabilization

Advanced Strategic Joint Venture to Strengthen Balance Sheet and Enhance Financial Flexibility

Atlanta, GA, August 6, 2026 - Americold Realty Trust, Inc. (NYSE: COLD) (the “Company”), a global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the second quarter ended June 30, 2026.

"Americold delivered another quarter of strong results, with Adjusted FFO of $0.35 per share exceeding our expectations and total revenues increasing year-over-year. We were encouraged by ongoing growth in both physical occupancy and pricing, as industry fundamentals show continued signs of stabilization. While consumer demand remains relatively flat, our results demonstrate the strength of our platform, the value of our customer relationships, and our ability to win new business through operational excellence and disciplined commercial execution."

"Importantly, we are not waiting for a market recovery to drive value creation. We entered the year with a clear set of priorities focused on strengthening the business, and we made meaningful progress on each of them during the second quarter. We are advancing towards closing our joint venture with EQT, which we expect will significantly improve our balance sheet, enhance our financial flexibility and provide a strategic platform to pursue future developments. Our initiatives to actively manage our portfolio, improve our cost structure and expand customer relationships, demonstrate that our strategy is delivering tangible results and that Americold can win in the market.”

"Our team continues to execute well, and the strength of our first-half operating performance, combined with the improving trends we are seeing across the business, gives us the confidence to increase our full-year Adjusted FFO guidance to a range of $1.26 to $1.32 per share. Importantly, our improved outlook more than offsets the projected dilution from the joint venture transaction and demonstrates the resilience of the underlying business. We remain focused on disciplined execution, prudent capital allocation, and delivering reliable service to our customers, and we believe Americold is well positioned to generate sustainable long-term growth and value creation for our shareholders."

Second Quarter 2026 Highlights

•Total revenues of $662.9 million, a 1.9% increase from $650.7 million in Q2 2025 and an increase of 0.6% on a constant currency basis.

•Net loss of $342.8 million, or $1.19 loss per diluted share, as compared to a net income of $0.01 per diluted share in Q2 2025 primarily due to impairment charges recognized during the quarter.

•Global Warehouse segment same store revenues increased 2.2% on an actual basis and increased 1.1% on a constant currency basis as compared to Q2 2025.

•Global Warehouse same store services margin decreased to 14.8% in Q2 2026 from 15.2% in Q2 2025.

•Global Warehouse segment same store NOI decreased 1.5%, or 2.2% on a constant currency basis, as compared to Q2 2025.

•Adjusted FFO of $102.0 million, or $0.35 per diluted share, a 2.8% decrease from Q2 2025 Adjusted FFO per diluted share of $0.36.

•Core EBITDA remained flat at $159.1 million in Q2 2026 and Q2 2025, with a 0.6% decrease on a constant currency basis.

•Core EBITDA margin of 24.0%, decreased from 24.4% in Q2 2025.

2026 Outlook

The table below includes the details of our annual guidance as of August 6, 2026 which have been updated to include the projected impacts of the joint venture which was announced on May 7, 2026 and is expected to close during the Company’s fiscal third quarter. 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

August 6, 2026

Unadjusted(1) 8/6/2026

Unadjusted(1) 2/19/2026

Warehouse segment same store revenues (constant currency)

$2.03B - $2.09B

$2.25B - $2.32B

$2.20B - $2.27B

Warehouse segment same store NOI (constant currency)

$660M - $695M

$760M - $800M

$735M - $785M

Total Company NOI (constant currency)

$775M - $815M

$810M - $850M

$780M - $845M

Total selling, general and administrative expense (guidance is 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 - $600M

$605M - $635M

$570M - $620M

Interest expense

$155M - $160M

$170M - $175M

$170M - $180M

Current income tax expense

$7M - $9M

$6M - $8M

Total maintenance capital expenditures

$60M - $70M

Adjusted FFO per share

$1.26 -$1.32

$1.31 - $1.37

$1.20 - $1.30

(1)The ranges for these metrics exclude the projected impacts of the joint venture transaction which was announced on May 7, 2026 and is expected to close during the Company’s fiscal third quarter.

We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, August 6, 2026 at 8:00 a.m. Eastern Time to discuss its second 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#13761099. The telephone replay will be available starting shortly after the call until August 20, 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.

Second Quarter 2026 Total Company Financial Results

As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

Total revenues for the second quarter of 2026 were $662.9 million, a 1.9% increase from $650.7 million in the same quarter of the prior year, primarily due to an increase in transportation services revenues, a slight increase in our same store warehouse pool driven by rate increases, and favorable foreign exchange rate movements, partially offset by lower revenue from the Company's non-same store pool attributable to portfolio management initiatives, including the sale or exit of certain sites during the trailing twelve-month period.

For the second quarter of 2026, Global Warehouse segment revenues were $603.6 million, an increase of $0.9 million, or 0.2% on an actual basis, and a decrease of 0.9% on a constant currency basis. The actual increase was principally driven by favorable foreign exchange rate movements, incremental revenue from recently completed developments in our Australian operations, and a 0.9% increase in our physical occupied pallet positions. This increase was partially offset by a 1.0% decrease in throughput pallets and a slight decline in fixed commitment storage contracts during the second quarter of 2026 compared to the same period in the prior year.

Global Warehouse segment contribution (“NOI”) was $201.7 million for the second quarter of 2026, as compared to $202.9 million for the second quarter of 2025, a decrease of $1.2 million, or 0.6% on an actual basis and a decrease of 1.3% on a constant currency basis. Global Warehouse segment margin was 33.4% for the second quarter of 2026, a 30 basis point decrease compared to the second quarter of 2025. The decrease in NOI for the Global Warehouse segment was primarily driven by higher energy costs during the second quarter of 2026 as compared to the second quarter of 2025, partially offset by the increase in Global Warehouse segment revenues, as noted above.

Total NOI for the second quarter of 2026 was $212.7 million, an increase of 0.5% (0.3% decrease on a constant currency basis) from the same quarter of the prior year. This increase was primarily related to an increase in Transportation segment NOI driven by higher volumes across our Transportation network.

For the second quarter of 2026, the Company reported a net loss of $342.8 million, or a net loss of $1.19 per diluted share, compared to net income of $1.5 million, or net income of $0.01 per diluted share, for the comparable quarter of the prior year. This decline was principally driven by a $309.6 million impairment charge during the second quarter of 2026 primarily associated with a mutual agreement with a customer to wind-down operations at our Lancaster, PA and Plainville, CT facilities. The decline in net income was also attributable to an unfavorable $19.5 million change in Total income tax expense, a $12.5 million increase in Depreciation and amortization expense associated with recently completed developments and a $8.4 million decline in Net gain from sale of real estate as compared to the second quarter of 2025.

Core EBITDA was $159.1 million in both the second quarter of 2026 and the second quarter of 2025. On a constant currency basis, Core EBITDA decreased 0.6%, primarily due to the factors impacting net loss noted above.

For the second quarter of 2026, Core FFO was $50.4 million, or $0.18 per diluted share, compared to $75.8 million, or $0.27 per diluted share, for the second quarter of 2025.

For the second quarter of 2026, Adjusted FFO was $102.0 million, or $0.35 per diluted share, compared to $103.6 million, or $0.36 per diluted share, for the second 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 June 30, 2026, the Company had total liquidity of approximately $719.8 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 $213.0 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees). Unsecured debt comprises 95.2% of the Company’s total debt as of June 30, 2026. At quarter end, net debt to pro-forma Core EBITDA (based on trailing twelve months pro-forma Core EBITDA) was approximately 7.3x. During the three months ended June 30, 2026, the Company amended its revolving credit agreement to extend the maturity date to June of 2030 with two six month options to renew past that date. Inclusive of this amendment, the Company’s unsecured debt has a remaining weighted average term of 4.4 years, inclusive of extensions that the Company has the option to utilize, and carries a weighted average contractual interest rate of 4.1%. As of June 30, 2026, approximately 64.8% of the Company’s total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On May 21, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the second quarter of 2026, which was paid on July 15, 2026, to common stockholders of record as of June 30, 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, total enterprise value, 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, or the impairment of any of our properties; 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 any 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 any 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; 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 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

Second 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 and six months ended June 30, 2026 and 2025.

Three Months Ended June 30, Change

Dollars and units in thousands, except per pallet data

2026 Actual

2026 Constant Currency(1)

2025 Actual

Actual Constant Currency

TOTAL WAREHOUSE SEGMENT

Global Warehouse revenues(2):

Rent and storage $ 253,665 $ 252,128 $ 256,732 (1.2) % (1.8) %

Warehouse services(3)

349,908 344,957 345,919 1.2 % (0.3) %

Total revenues $ 603,573 $ 597,085 $ 602,651 0.2 % (0.9) %

Global Warehouse cost of operations(2)(3):

Power 38,114 37,915 35,544 7.2 % 6.7 %

Other facilities costs(4)(5)

60,379 59,914 61,804 (2.3) % (3.1) %

Labor 254,904 250,811 253,853 0.4 % (1.2) %

Other services costs(4)(6)

48,441 48,205 48,536 (0.2) % (0.7) %

Total Warehouse segment cost of operations $ 401,838 $ 396,845 $ 399,737 0.5 % (0.7) %

Global Warehouse contribution (NOI) $ 201,735 $ 200,240 $ 202,914 (0.6) % (1.3) %

Rent and storage contribution (NOI)(7)

$ 155,172 $ 154,299 $ 159,384 (2.6) % (3.2) %

Services contribution (NOI)(8)

$ 46,563 $ 45,941 $ 43,530 7.0 % 5.5 %

Global Warehouse margin 33.4 % 33.5 % 33.7 % -30 bps -20 bps

Rent and storage margin(9)

61.2 % 61.2 % 62.1 % -90 bps -90 bps

Warehouse services margin(10)

13.3 % 13.3 % 12.6 % 70 bps 70 bps

Global Warehouse rent and storage metrics:

Average economic occupied pallets(11)

3,926 n/a 4,057 (3.2) % n/a

Average physical occupied pallets(12)

3,484 n/a 3,454 0.9 % n/a

Average physical pallet positions(12)

5,168 n/a 5,499 (6.0) % n/a

Economic occupancy percentage(11)

76.0 % n/a 73.8 % 220 bps n/a

Physical occupancy percentage(12)

67.4 % n/a 62.8 % 460 bps n/a

Total rent and storage revenues per average economic occupied pallet $ 64.61 $ 64.22 $ 63.28 2.1 % 1.5 %

Total rent and storage revenues per average physical occupied pallet $ 72.81 $ 72.37 $ 74.33 (2.0) % (2.6) %

Global Warehouse services metrics:

Throughput pallets(3)

8,926 n/a 9,017 (1.0) % n/a

Total warehouse services revenues per throughput pallet $ 39.20 $ 38.65 $ 38.36 2.2 % 0.8 %

(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)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.

(3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.

(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

(5)Includes real estate rent expense of $6.6 million and $7.4 million for the three months ended June 30, 2026 and 2025, respectively.

(6)Includes non-real estate rent expense (equipment lease and rentals) of $1.8 million and $2.4 million for the three months ended June 30, 2026 and 2025, respectively. Prior period non-real estate rent expense is recast for the inclusion of Third-Party Managed sites.

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

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

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

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

(11)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.

(12)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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, for the applicable period.

(n/a = not applicable)

Three Months Ended June 30, Change

Dollars and units in thousands, except per pallet data

2026 Actual

2026 Constant Currency(1)

2025 Actual

Actual Constant Currency

SAME STORE WAREHOUSE

Number of same store warehouses(2)

212 212

Same store revenues(3):

Rent and storage $ 240,953 $ 239,533 $ 239,808 0.5 % (0.1) %

Warehouse services(4)

339,134 334,489 328,012 3.4 % 2.0 %

Total same store revenues

$ 580,087 $ 574,022 $ 567,820 2.2 % 1.1 %

Same store cost of operations(3)(4):

Power 36,134 35,950 32,475 11.3 % 10.7 %

Other facilities costs(5)

56,697 56,300 56,088 1.1 % 0.4 %

Labor 242,559 238,714 235,443 3.0 % 1.4 %

Other services costs(5)

46,482 46,258 42,682 8.9 % 8.4 %

Total same store cost of operations

$ 381,872 $ 377,222 $ 366,688 4.1 % 2.9 %

Same store contribution (NOI)

$ 198,215 $ 196,800 $ 201,132 (1.5) % (2.2) %

Same store rent and storage contribution (NOI)(6)

$ 148,122 $ 147,283 $ 151,245 (2.1) % (2.6) %

Same store services contribution (NOI)(7)

$ 50,093 $ 49,517 $ 49,887 0.4 % (0.7) %

Same store margin

34.2 % 34.3 % 35.4 % -120 bps -110 bps

Same store rent and storage margin(8)

61.5 % 61.5 % 63.1 % -160 bps -160 bps

Same store services margin(9)

14.8 % 14.8 % 15.2 % -40 bps -40 bps

Same store rent and storage metrics:

Average economic occupied pallets(10)

3,811 n/a 3,833 (0.6) % n/a

Average physical occupied pallets(11)

3,390 n/a 3,277 3.4 % n/a

Average physical pallet positions(11)

4,905 n/a 4,947 (0.8) % n/a

Economic occupancy percentage(10)

77.7 % n/a 77.5 % 20 bps n/a

Physical occupancy percentage(11)

69.1 % n/a 66.2 % 290 bps n/a

Same store rent and storage revenues per average economic occupied pallet

$ 63.23 $ 62.85 $ 62.56 1.1 % 0.5 %

Same store rent and storage revenues per average physical occupied pallet

$ 71.08 $ 70.66 $ 73.18 (2.9) % (3.4) %

Same store services metrics:

Throughput pallets(4)

8,682 n/a 8,632 0.6 % n/a

Same store warehouse services revenues per throughput pallet

$ 39.06 $ 38.53 $ 38.00 2.8 % 1.4 %

(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, if the site is held for sale.

(3)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.

(4)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues.

(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

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

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

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

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

(10)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.

(11)We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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, for the applicable period.

(n/a = not applicable)

Three Months Ended June 30, Change

Dollars and units in thousands, except per pallet data

2026 Actual

2026 Constant Currency(1)

2025 Actual

Actual Constant Currency

NON-SAME STORE WAREHOUSE

Number of non-same store warehouses(2)

12 25

Non-same store revenues(3):

Rent and storage $ 12,712 $ 12,595 $ 16,924 n/r n/r

Warehouse services 10,774 10,468 17,907 n/r n/r

Total non-same store revenues

$ 23,486 $ 23,063 $ 34,831 n/r n/r

Non-same store cost of operations(3):

Power 1,980 1,965 3,069 n/r n/r

Other facilities costs 3,682 3,614 5,716 n/r n/r

Labor 12,345 12,097 18,410 n/r n/r

Other services costs 1,959 1,947 5,854 n/r n/r

Total non-same store cost of operations

$ 19,966 $ 19,623 $ 33,049 n/r n/r

Non-same store contribution (NOI)

$ 3,520 $ 3,440 $ 1,782 n/r n/r

Non-same store rent and storage contribution (NOI)(4)

$ 7,050 $ 7,016 $ 8,139 n/r n/r

Non-same store services contribution (NOI)(5)

$ (3,530) $ (3,576) $ (6,357) n/r n/r

Non-same store rent and storage metrics:

Average economic occupied pallets(6)

115 n/a 224 n/r n/a

Average physical occupied pallets(7)

94 n/a 177 n/r n/a

Average physical pallet positions(7)

263 n/a 552 n/r n/a

Economic occupancy percentage(6)

43.7 % n/a 40.6 % n/r n/a

Physical occupancy percentage(7)

35.7 % n/a 32.1 % n/r n/a

Non-same store rent and storage revenues per average economic occupied pallet

$ 110.54 $ 109.52 $ 75.55 n/r n/r

Non-same store rent and storage revenues per average physical occupied pallet

$ 135.23 $ 133.99 $ 95.62 n/r n/r

Non-same store services metrics:

Throughput pallets 244 n/a 385 n/r n/a

Non-same store warehouse services revenues per throughput pallet

$ 44.16 $ 42.90 $ 46.51 n/r n/r

(2)As of June 30, 2026, the non-same store facility count consists of: 5 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 5 sites in the process of winding down operations. As of June 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale.

(3)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net.

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

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

(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 pallet positions in our warehouses for the applicable period. Average physical pallet positions is defined as the average number of estimated pallet positions available for storage (also referred to as pallet capacity) within 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, for the applicable period.

(n/a = not applicable)

(n/r = not relevant)

Six Months Ended June 30, Change

Dollars and units in thousands, except per pallet data

2026 Actual

2026 Constant Currency(1)

2025 Actual

Actual Constant Currency

TOTAL WAREHOUSE SEGMENT

Global Warehouse revenues(2):

Rent and storage $ 499,720 $ 494,876 $ 511,311 (2.3) % (3.2) %

Warehouse services(3)

681,766 669,666 676,327 0.8 % (1.0) %

Total revenues $ 1,181,486 $ 1,164,542 $ 1,187,638 (0.5) % (1.9) %

Global Warehouse cost of operations(2)(3):

Power 71,937 71,099 67,255 7.0 % 5.7 %

Other facilities costs(4)(5)

121,602 120,245 121,527 0.1 % (1.1) %

Labor 507,622 497,773 501,297 1.3 % (0.7) %

Other services costs(4)(6)

91,884 91,119 96,051 (4.3) % (5.1) %

Total Warehouse segment cost of operations $ 793,045 $ 780,236 $ 786,130 0.9 % (0.7) %

Global Warehouse contribution (NOI) $ 388,441 $ 384,306 $ 401,508 (3.3) % (4.3) %

Rent and storage contribution (NOI)(7)

$ 306,181 $ 303,532 $ 322,529 (5.1) % (5.9) %

Services contribution (NOI)(8)

$ 82,260 $ 80,774 $ 78,979 4.2 % 2.3 %

Global Warehouse margin 32.9 % 33.0 % 33.8 % -90 bps -80 bps

Rent and storage margin(9)

61.3 % 61.3 % 63.1 % -180 bps -180 bps

Warehouse services margin(10)

12.1 % 12.1 % 11.7 % 40 bps 40 bps

Global Warehouse rent and storage metrics:

Average economic occupied pallets(11)

3,928 n/a 4,093 (4.0) % n/a

Average physical occupied pallets(12)

3,428 n/a 3,477 (1.4) % n/a

Average physical pallet positions(12)

5,160 n/a 5,512 (6.4) % n/a

Economic occupancy percentage(11)

76.1 % n/a 74.3 % 180 bps n/a

Physical occupancy percentage(12)

66.4 % n/a 63.1 % 330 bps n/a

Total rent and storage revenues per average economic occupied pallet $ 127.22 $ 125.99 $ 124.92 1.8 % 0.9 %

Total rent and storage revenues per average physical occupied pallet $ 145.78 $ 144.36 $ 147.06 (0.9) % (1.8) %

Global Warehouse services metrics:

Throughput pallets(3)

17,668 n/a 18,027 (2.0) % n/a

Total warehouse services revenues per throughput pallet $ 38.59 $ 37.90 $ 37.52 2.9 % 1.0 %

(4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

(5)Includes real estate rent expense of $13.5 million and $13.9 million for the three and six months ended June 30, 2026 and 2025, respectively.

(6)Includes non-real estate rent expense (equipment lease and rentals) of $3.5 million and $4.9 million for the three and six months ended June 30, 2026 and 2025, respectively. Prior period non-real estate rent expense is recast for the inclusion of Third-Party Managed sites.

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

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

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

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

(n/a = not applicable)

Six Months Ended June 30, Change

Dollars and units in thousands, except per pallet data

2026 Actual

2026 Constant Currency(1)

2025 Actual Actual Constant Currency

SAME STORE WAREHOUSE

Number of same store warehouses(2)

212 212

Same store revenues(3):

Rent and storage $ 475,630 $ 470,976 $ 476,770 (0.2) % (1.2) %

Warehouse services(4)

661,651 650,094 643,769 2.8 % 1.0 %

Total same store revenues

$ 1,137,281 $ 1,121,070 $ 1,120,539 1.5 % — %

Same store cost of operations(3)(4):

Power 67,875 67,077 61,736 9.9 % 8.7 %

Other facilities costs(5)

113,627 112,422 112,450 1.0 % — %

Labor 482,265 472,830 467,389 3.2 % 1.2 %

Other services costs(5)

87,997 87,259 84,188 4.5 % 3.6 %

Total same store cost of operations

$ 751,764 $ 739,588 $ 725,763 3.6 % 1.9 %

Same store contribution (NOI)

$ 385,517 $ 381,482 $ 394,776 (2.3) % (3.4) %

Same store rent and storage contribution (NOI)(6)

$ 294,128 $ 291,477 $ 302,584 (2.8) % (3.7) %

Same store services contribution (NOI)(7)

$ 91,389 $ 90,005 $ 92,192 (0.9) % (2.4) %

Same store margin

33.9 % 34.0 % 35.2 % -130 bps -120 bps

Same store rent and storage margin(8)

61.8 % 61.9 % 63.5 % -170 bps -160 bps

Same store services margin(9)

13.8 % 13.8 % 14.3 % -50 bps -50 bps

Same store rent and storage metrics:

Average economic occupied pallets(10)

3,820 n/a 3,864 (1.1) % n/a

Average physical occupied pallets(11)

3,339 n/a 3,296 1.3 % n/a

Average physical pallet positions(11)

4,906 n/a 4,955 (1.0) % n/a

Economic occupancy percentage(10)

77.9 % n/a 78.0 % -10 bps n/a

Physical occupancy percentage(11)

68.1 % n/a 66.5 % 160 bps n/a

Same store rent and storage revenues per average economic occupied pallet

$ 124.51 $ 123.29 $ 123.39 0.9 % (0.1) %

Same store rent and storage revenues per average physical occupied pallet

$ 142.45 $ 141.05 $ 144.65 (1.5) % (2.5) %

Same store services metrics:

Throughput pallets(4)

17,183 n/a 17,230 (0.3) % n/a

Same store warehouse services revenues per throughput pallet

$ 38.51 $ 37.83 $ 37.36 3.1 % 1.3 %

(2)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, if the site is held for sale.

(5)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.

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

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

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

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

(n/a = not applicable)

Six Months Ended June 30, Change

Dollars and units in thousands, except per pallet data

2026 Actual

2026 Constant Currency(1)

2025 Actual

Actual Constant Currency

NON-SAME STORE WAREHOUSE

Number of non-same store warehouses(2)

12 25

Non-same store revenues(3):

Rent and storage $ 24,090 $ 23,900 $ 34,541 n/r n/r

Warehouse services 20,115 19,572 32,558 n/r n/r

Total non-same store revenues

$ 44,205 $ 43,472 $ 67,099 n/r n/r

Non-same store cost of operations(3):

Power 4,062 4,022 5,519 n/r n/r

Other facilities costs 7,975 7,823 9,077 n/r n/r

Labor 25,357 24,943 33,908 n/r n/r

Other services costs 3,887 3,860 11,863 n/r n/r

Total non-same store cost of operations

$ 41,281 $ 40,648 $ 60,367 n/r n/r

Non-same store contribution (NOI)

$ 2,924 $ 2,824 $ 6,732 n/r n/r

Non-same store rent and storage contribution (NOI)(4)

$ 12,053 $ 12,055 $ 19,945 n/r n/r

Non-same store services contribution (NOI)(5)

$ (9,129) $ (9,231) $ (13,213) n/r n/r

Non-same store rent and storage metrics:

Average economic occupied pallets(6)

108 n/a 229 n/r n/a

Average physical occupied pallets(7)

89 n/a 181 n/r n/a

Average physical pallet positions(7)

254 n/a 557 n/r n/a

Economic occupancy percentage(6)

42.5 % n/a 41.1 % n/r n/a

Physical occupancy percentage(7)

35.0 % n/a 32.5 % n/r n/a

Non-same store rent and storage revenues per average economic occupied pallet

$ 223.06 $ 221.30 $ 150.83 n/r n/r

Non-same store rent and storage revenues per average physical occupied pallet

$ 270.67 $ 268.54 $ 190.83 n/r n/r

Non-same store services metrics:

Throughput pallets 485 n/a 797 n/r n/a

Non-same store warehouse services revenues per throughput pallet

$ 41.47 $ 40.35 $ 40.85 n/r n/r

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

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

(n/a = not applicable)

(n/r = not relevant)

Americold Realty Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except shares and per share amounts)

June 30, 2026 December 31, 2025

Assets

Property, buildings, and equipment:

Land $ 817,453 $ 818,606

Buildings and improvements 4,766,175 4,798,286

Machinery and equipment 1,753,123 1,612,744

Assets under construction 573,897 756,798

7,910,648 7,986,434

Accumulated depreciation (2,790,561) (2,641,241)

Property, buildings, and equipment – net 5,120,087 5,345,193

Operating leases - net 162,186 179,935

Financing leases - net 177,341 157,936

Cash, cash equivalents, and restricted cash 40,470 136,863

Accounts receivable - net of allowance of $16,260 and $16,396 at June 30, 2026 and December 31, 2025, respectively

397,253 368,521

Identifiable intangible assets – net 796,956 819,494

Goodwill 826,695 828,335

Investments in and advances to partially owned entities 15,963 39,231

Other assets 274,186 246,090

Total assets $ 7,811,137 $ 8,121,598

Liabilities and Equity

Liabilities

Borrowings under revolving line of credit $ 451,285 $ 332,111

Accounts payable and accrued expenses 599,607 574,059

Senior unsecured notes and term loans - net of deferred financing costs of $16,939 and $16,001 at June 30, 2026 and December 31, 2025, respectively

3,790,436 3,792,123

Sale-leaseback financing obligations 40,909 42,352

Financing lease obligations 172,085 152,262

Operating lease obligations 165,195 179,965

Unearned revenues 22,651 20,169

Deferred tax liability - net 110,108 98,591

Other liabilities 7,809 7,953

Total liabilities 5,360,085 5,199,585

Equity

Stockholders' equity:

Common stock, $0.01 par value per share – 500,000,000 authorized shares; 285,432,128 and 284,871,943 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

2,853 2,848

Paid-in capital 5,673,791 5,664,195

Accumulated deficit and distributions in excess of net earnings (3,208,249) (2,719,408)

Accumulated other comprehensive loss (53,889) (63,190)

Total stockholders’ equity 2,414,506 2,884,445

Noncontrolling interests 36,546 37,568

Total equity 2,451,052 2,922,013

Total liabilities and equity $ 7,811,137 $ 8,121,598

Americold Realty Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenues:

Rent, storage, and warehouse services $ 603,573 $ 602,651 $ 1,181,486 $ 1,187,638

Transportation services 59,317 48,097 111,274 92,090

Total revenues 662,890 650,748 1,292,760 1,279,728

Operating expenses:

Rent, storage, and warehouse services cost of operations 401,838 399,737 793,045 786,130

Transportation services cost of operations 48,365 39,355 91,519 76,094

Depreciation and amortization 102,931 90,462 194,591 179,444

Selling, general, and administrative 62,864 66,907 134,183 136,142

Transactions, strategic initiatives and other costs, net 28,470 23,226 48,915 48,640

Impairment of long-lived assets 309,572 5,226 309,572 5,226

Net gain from sale of real estate (3,316) (11,760) (5,521) (11,760)

Total operating expenses 950,724 613,153 1,566,304 1,219,916

Operating (loss) income (287,834) 37,595 (273,544) 59,812

Other (expense) income:

Interest expense (42,300) (38,245) (83,819) (74,362)

Loss from investments in partially owned entities (520) (335) (932) (1,698)

Other, net 6,928 5,775 14,311 7,071

(Loss) income before income taxes (323,726) 4,790 (343,984) (9,177)

Income tax expense:

Current income tax (1,516) (1,995) (4,456) (3,928)

Deferred income tax (21,218) (1,245) (11,712) (1,818)

Total income tax expense (22,734) (3,240) (16,168) (5,746)

Net (loss) income $ (346,460) $ 1,550 $ (360,152) $ (14,923)

Net (loss) income attributable to noncontrolling interests (3,650) 11 (3,785) (82)

Net (loss) income attributable to Americold Realty Trust, Inc. $ (342,810) $ 1,539 $ (356,367) $ (14,841)

Weighted average common stock outstanding – basic 286,881 285,604 286,572 285,484

Weighted average common stock outstanding – diluted 286,881 285,794 286,572 285,484

Net (loss) income per common share - basic $ (1.19) $ 0.01 $ (1.24) $ (0.05)

Net (loss) income per common share - diluted $ (1.19) $ 0.01 $ (1.24) $ (0.05)

Americold Realty Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In thousands, except shares and per share amounts)

Six Months Ended June 30,

2026 2025

Operating activities:

Net loss $ (360,152) $ (14,923)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization 194,591 179,444

Amortization of deferred financing costs and pension withdrawal liability 3,138 2,923

Project Orion deferred costs amortization 5,189 6,871

Gain from sale of partially owned entity — (2,420)

Loss from investments in partially owned entities 932 1,698

Stock-based compensation expense 14,043 15,805

Deferred income tax expense 11,712 1,818

Provision for doubtful accounts receivable 2,322 1,344

Impairment of long-lived assets 309,572 5,226

Non-cash operating lease expenses 16,639 18,951

Net gain from sale of real estate (5,521) (11,760)

Changes in operating assets and liabilities:

Accounts receivable (30,524) 26,937

Accounts payable and accrued expenses 19,415 (36,265)

Other assets (22,924) (27,006)

Operating lease liabilities (15,617) (18,449)

Proceeds from settlement of treasury lock hedge transactions — 1,292

Other, net (2,815) (967)

Net cash provided by operating activities 140,000 150,519

Investing activities:

Additions to property, buildings and equipment (250,422) (290,218)

Acquisitions of property, buildings, and equipment, net of cash acquired (18,707) —

Business combinations, net of cash acquired — (108,448)

Investments in and advances to partially owned entities and other, net — (19,216)

Proceeds from collection of advances to partially owned entities 23,388 —

Proceeds from sale of property, buildings, and equipment 30,008 21,581

Proceeds from sale of investments in partially owned entities — 27,471

Net cash used in investing activities (215,733) (368,830)

Financing activities:

Distributions paid on common stock, restricted stock units and noncontrolling interests in OP (132,595) (129,632)

Proceeds from stock options exercised 2,047 2,293

Proceeds from employee stock purchase plan — 1,577

Remittance of withholding taxes related to employee stock-based transactions (2,456) (2,646)

Proceeds from revolving line of credit 618,718 314,735

Repayment on revolving line of credit (505,448) (298,000)

Repayment of sale-leaseback financing obligations (1,444) (1,969)

Repayment of financing lease obligations (21,775) (14,854)

Payment of debt issuance costs (10,436) (4,186)

Proceeds from public senior unsecured notes offering — 400,000

Repayment of senior unsecured notes (200,000) —

Proceeds from senior unsecured term loans 232,515 —

Net cash (used in) provided by financing activities (20,874) 267,318

Net (decrease) increase in cash, cash equivalents, and restricted cash (96,607) 49,007

Effect of foreign currency translation on cash, cash equivalents and restricted cash 214 4,717

Cash, cash equivalents and restricted cash:

Beginning of period 136,863 47,652

End of period $ 40,470 $ 101,376

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO

(In thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net (loss) income(1)

$ (346,460) $ 1,550 $ (360,152) $ (14,923)

Adjustments:

Real estate related depreciation 64,492 55,292 120,753 110,891

Net gain from sale of real estate (3,316) (11,760) (5,521) (11,760)

Net (gain) loss on real estate related asset disposals — — (5) 1

Impairment charges on certain real estate related assets 309,004 3,739 309,004 3,739

Our share of reconciling items related to partially owned entities 260 279 507 494

NAREIT FFO $ 23,980 $ 49,100 $ 64,586 $ 88,442

Adjustments:

Net loss (gain) on sale of non-real estate related assets 515 (163) 274 (29)

Transactions, strategic initiatives and other costs, net 28,470 23,226 48,915 48,640

Impairment of long-lived assets (excluding certain real estate related assets) 568 1,487 568 1,487

Gain on termination of derivative instruments (5,857) — (5,857) —

Foreign currency exchange loss (gain) 78 (192) (4,608) 29

Project Orion deferred costs amortization 2,607 4,762 5,189 6,871

Our share of reconciling items related to partially owned entities — 27 — 145

Gain from sale of partially owned entity — (2,420) — (2,420)

Core FFO $ 50,361 $ 75,827 $ 109,067 $ 143,165

Adjustments:

Amortization of deferred financing costs and pension withdrawal liability 1,606 1,523 3,138 2,923

Amortization of below/above market leases 296 363 661 714

Straight-line rent adjustment 835 77 1,137 161

Deferred income tax expense 21,218 1,245 11,712 1,818

Stock-based compensation expense(2)

4,983 6,594 12,577 13,853

Non-real estate related depreciation and amortization 38,439 35,170 73,838 68,553

Maintenance capital expenditures(3)

(15,818) (17,283) (28,322) (32,082)

Our share of reconciling items related to partially owned entities 30 71 63 208

Adjusted FFO $ 101,950 $ 103,587 $ 183,871 $ 199,313

(1)Net (loss) income used in the calculation of the Adjusted FFO reconciliation represents Net (loss) income before the adjustment for Net (loss) income attributable to noncontrolling interests.

(2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net.

(3)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.

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (continued)

(In thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

NAREIT FFO $ 23,980 $ 49,100 $ 64,586 $ 88,442

Core FFO $ 50,361 $ 75,827 $ 109,067 $ 143,165

Adjusted FFO $ 101,950 $ 103,587 $ 183,871 $ 199,313

Reconciliation of weighted average shares:

Weighted average basic shares for Net (loss) income calculation

286,881 285,604 286,572 285,484

Dilutive stock options and unvested restricted stock units 405 190 374 228

Weighted average dilutive shares 287,286 285,794 286,946 285,712

NAREIT FFO - basic per share

$ 0.08 $ 0.17 $ 0.23 $ 0.31

NAREIT FFO - diluted per share

$ 0.08 $ 0.17 $ 0.23 $ 0.31

Core FFO - basic per share

$ 0.18 $ 0.27 $ 0.38 $ 0.50

Core FFO - diluted per share

$ 0.18 $ 0.27 $ 0.38 $ 0.50

Adjusted FFO - basic per share

$ 0.36 $ 0.36 $ 0.64 $ 0.70

Adjusted FFO - diluted per share

$ 0.35 $ 0.36 $ 0.64 $ 0.70

Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA

(In thousands)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net (loss) income(1)

$ (346,460) $ 1,550 $ (360,152) $ (14,923)

Adjustments:

Depreciation and amortization 102,931 90,462 194,591 179,444

Interest expense 42,300 38,245 83,819 74,362

Income tax expense 22,734 3,240 16,168 5,746

Net gain from sale of real estate (3,316) (11,760) (5,521) (11,760)

Adjustment to reflect share of EBITDAre of partially owned entities 616 976 1,235 2,492

NAREIT EBITDAre $ (181,195) $ 122,713 $ (69,860) $ 235,361

Adjustments:

Transactions, strategic initiatives and other costs, net 28,470 23,226 48,915 48,640

Loss from investments in partially owned entities 520 335 932 1,698

Impairment of long-lived assets 309,572 5,226 309,572 5,226

Foreign currency exchange loss (gain) 78 (192) (4,608) 29

Stock-based compensation expense(2)

4,983 6,594 12,577 13,853

Gain on termination of derivative instruments (5,857) — (5,857) —

Net (gain) loss on real estate related asset disposals — — (5) 1

Net loss (gain) on sale of non-real estate related assets 515 (163) 274 (29)

Project Orion deferred costs amortization 2,607 4,762 5,189 6,871

Reduction in EBITDAre from partially owned entities (616) (976) (1,235) (2,492)

Gain from sale of partially owned entity — (2,420) — (2,420)

Core EBITDA $ 159,077 $ 159,105 $ 295,894 $ 306,738

Total revenues

$ 662,890 $ 650,748 $ 1,292,760 $ 1,279,728

Core EBITDA margin 24.0 % 24.4 % 22.9 % 24.0 %

(1)Net (loss) income used in the calculation of the Core EBITDA reconciliation represents Net (loss) income before the adjustment for Net (loss) income attributable to noncontrolling interests.

Revenues and Contribution (NOI) by Segment

(In thousands)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Segment revenues:

Warehouse(1)

$ 603,573 $ 602,651 $ 1,181,486 $ 1,187,638

Transportation 59,317 48,097 111,274 92,090

Total revenues 662,890 650,748 1,292,760 1,279,728

Segment contribution:

Warehouse(1)

201,735 202,914 388,441 401,508

Transportation 10,952 8,742 19,755 15,996

Total segment contribution (NOI) 212,687 211,656 408,196 417,504

Reconciling items:

Depreciation and amortization expense (102,931) (90,462) (194,591) (179,444)

Selling, general, and administrative expense (62,864) (66,907) (134,183) (136,142)

Transactions, strategic initiatives and other costs, net (28,470) (23,226) (48,915) (48,640)

Impairment of long-lived assets (309,572) (5,226) (309,572) (5,226)

Net gain from sale of real estate 3,316 11,760 5,521 11,760

Interest expense (42,300) (38,245) (83,819) (74,362)

Loss from investments in partially owned entities (520) (335) (932) (1,698)

Other, net 6,928 5,775 14,311 7,071

(Loss) income before income taxes $ (323,726) $ 4,790 $ (343,984) $ (9,177)

(1)As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

Notes and Definitions

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 gains or losses from sales of previously depreciated operating real estate and real estate related 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 extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real estate related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Gain on termination of derivative instruments; Foreign currency exchange loss (gain); 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; Stock-based compensation expense; Non-real estate related 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 (loss) income and Net (loss) income per common share - diluted (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 Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) 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 (loss) income or Net cash provided by 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 (loss) income, 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 (loss) income before Depreciation and amortization; Interest expense; Income tax expense; 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 Transactions, strategic initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Gain on termination of derivative instruments; Net (gain) loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; 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 Total 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 (loss) income or Net cash provided by 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;

•these measures do not reflect changes in, or cash requirements for, our working capital needs;

•these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;

•these measures do not reflect our tax expense or the cash requirements to pay our taxes; and

•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.

Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. 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, divestitures, exited properties and properties classified as held for sale. The pro-forma adjustment for acquisitions reflects the Core EBITDA for the period of time prior to acquisition.

NOI is calculated as Net (loss) income before Interest expense, Income tax expense, Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Transactions, strategic initiatives and other costs, net; 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, 2025) 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, Selling, general, and administrative, Transactions, strategic initiatives and other costs, net and Net gain from sale of real estate) and all components of non-operating other income and expense. 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 calculated “total enterprise value” as the sum of net debt and our equity capitalization based on the fully diluted unweighted common stock outstanding and the related common stock share price as of June 30, 2026.

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.

EX-99.2

Filename: q22026-quarterlysupplement.htm · Sequence: 3

Document

Exhibit 99.2

Financial Supplement | Second Quarter 2026

Table of Contents PAGE

Corporate Profile

Earnings Release

Financial Information

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Operations

Condensed Consolidated Statements of Cash Flows

Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO

Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA

Debt Detail and Maturities

Interest Expense & Debt Covenants

Transactions, Strategic Initiatives and Other Costs, Net

Operations Overview

Global Warehouse Portfolio

Fixed Commitment and Lease Maturity Schedules

Capital Expenditures

External Growth and Capital Deployment

Other Supplemental Information

Same Store Historical Performance Trends

Unconsolidated Joint Venture (Investments in Partially Owned Entities)

Reconciliations, Notes and Definitions

Revenues and Contribution (NOI) by Segment

Notes and Definitions

Financial Supplement | Second Quarter 2026

Corporate Profile

Corporate Headquarters

10 Glenlake Parkway, Suite 600, South Tower

Atlanta, Georgia 30328

Telephone: 678-441-1400

Website: www.americold.com

Senior Management

Robert S. Chambers: Chief Executive Officer and Director

Christopher J. Papa: Chief Financial Officer and Executive Vice President

M. Bryan Verbarendse: President, Americas

Richard C. Winnall: President, International

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

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

Anita Nanda: Global Development and Automation and Senior 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

Kelly H. Barrett: Director

Robert L. Bass: Director

Robert S. Chambers: Chief Executive Officer and Director

Antonio F. Fernandez: Director

Pamela K. Kohn: Director

David J. Neithercut: Director

Andrew P. Power: Director

Joseph E. Reece: Director

Stephen R. Sleigh: 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: investor.relations@americold.com

** - Anita Nanda is also currently serving as the Company’s Interim Chief Information Officer.

Financial Supplement | Second Quarter 2026

Analyst Coverage

Firm Analyst Name Contact 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

Compass Point Research Rob Simone 201-355-6813 rsimone@compasspointllc.com

Evercore ISI Steve Sakwa/

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 Kevin Brown 312-244-7664 kevin.brown@morningstar.com

Piper Sandler Alexander Goldfarb 212-466-7937 alexander.goldfarb@psc.com

RBC Michael Carroll 440-715-2649 michael.carroll@rbccm.com

Scotiabank

Viktor Fediv 212-225-6411 viktor.fediv@scotiabank.com

Truist Michael R. Lewis 212-319-5659 michael.r.lewis@truist.com

UBS Michael Goldsmith 212-713-2951 michael.goldsmith@ubs.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

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.