Cold Storage 2Q26 Earnings Preview

Research evidence excerpt

Cold Storage 2Q26 Earnings Preview

Barclays | Americold Realty Trust / Lineage Inc.

•• The EQT JV closing and AFFOps headwind. The $1.3b JV with EQT is estimated to close in

3Q26, management projects to incur 6c to 10c of AFFOps headwind depending on closing

timing. It is possible that COLD can offset this through operational outperformance and

incremental cost savings. The strategic rationale remains compelling, as management

expects approximately $1.1b of proceeds to pay down debt, which should reduce leverage by

roughly 0.75x from the 1Q26 level of 7.1x net debt-to-core EBITDA, and move the company

closer to its long-term leverage target of ~6x or below.

•• The Port Saint John project. Consistent with NAREIT commentary around prioritizing

differentiated assets and value-added services, this facility combines cold storage, maritime

logistics, and rail connectivity in a single location, strengthening Americold's role in

transportation coordination and supply chain management. We view this as a prudent step

toward a more integrated cold-chain logistics platform.

•• Occupancy gain. After posting the first y/y increase in physical occupancy since 3Q23 during

1Q26 (+20bp y/y to 66.4%), management has indicated trends improved further into 2Q26.

While economic occupancy remains pressured by contract renewals and space reductions,

management views physical occupancy as the better leading indicator of future performance.

At NAREIT, management specifically noted m/m occupancy gains in both April and May

despite normal seasonal headwinds.

Guidance: The company reiterated 2026 AFFO guidance range of $1.20 to $1.30 (midpoint

implies -12.5% y/y, in line with current consensus). Both SS revenue and SSNOI guidance are

now below consensus: $2.235b vs. $2.273b, and $760m vs.