2Q26 Earnings Preview: Continued Signs of Demand Stabilization; Expect Improving KPls and Modest Guide Raise: Cold Storage REITs 2Q26 Preview | North America

Research evidence excerpt

2Q26 Earnings Preview: Continued Signs of Demand Stabilization; Expect Improving KPls and Modest Guide Raise: Cold Storage REITs 2Q26 Preview | North America

d EBITDA savings within -15.0% May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 May-26

3-5 years through warehouse productivity improvements. Management

expects LinOS to be implemented across 250+ warehouses by end of Source: USDA, Morgan Stanley Research

2029. Successful deployment of AI in back-office functions, inquiry Exhibit 9 : USDA Cold Storage Inventory (in

response, and algorithm management may further long-term expense billion pounds)

reduction. USDA Commodities Volume (in billion pounds)

update on $50M cost savings program: Another key focus 11.0 ° Execution Frozen Juice Frozen Fruit Frozen Vegetables Potatoes Nuts Eggs Frozen Meat Poultry Dairy Product

9.8 10.0 9.9 9.9 9.8

10.0 9.4 9.3

8.9 8.8 for 2026 and 2027 is progress toward the targeted $50mn+ of 9.1 9.1 9.1 8.9 8.7 8.6 9.0

annualized administrative and indirect cost savings, announced on the 8.0

7.0

4Q25 call. The initiative centers on streamlining and centralizing select 6.0

functions, with management expecting ~50% of the savings to be 5.04.0

realized in 2026, incremental to ongoing LinOS productivity efforts. 3.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM

Investor focus will be on execution, whether savings are tracking to plan,

and whether centralization of field costs can be achieved without Source: USDA, Morgan Stanley Research

operational disruption.

° Trade tensions remain in focus. Import/export represents

approximately 15% of LINE's warehouse throughput. Container volumes