COLD: Adjusting estimates post 1Q26 earnings results

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COLD: Adjusting estimates post 1Q26 earnings results

RBC Capital Markets, LLC

Michael Carroll, CFA (Head of US Real Estate Research)

(440) 715-2649, michael.carroll@rbccm.com

Brad Heffern, CFA (Analyst)

(512) 708-6311, brad.heffern@rbccm.com

Henry Newell (Associate)

(216) 364-0260, henry.a.newell@rbccm.com

May 22, 2026

Americold Realty Trust, Inc. Sector Perform

NYSE: COLD; USD 14.81RESEARCH Adjusting estimates post 1Q26 earnings results Price Target USD 16.00 ↑ 14.00

Our view: We are updating our outlook and estimates post 1Q26. COLD Scenario Analysis* delivered a healthy earnings report highlighting solid progress on its stated

objectives and announced a new JV. We are slightly adjusting our estimates Downside Current Price Upside

to reflect the new outlook and raising our price target to $16/share. Our Scenario Price Target Scenario

Sector Perform rating is unchanged. 10.00 14.81 16.00 22.00

26% 14% 55%

*Implied Total Returns Key points:EQUITY Estimates update: We are increasing our 2026 and 2027 AFFO estimates Key Statistics

and introducing 2028. COLD delivered a healthy same store update SharesDividend:O/S (MM): 286.60.92 MarketYield: Cap (MM): 4,2456.2%

and noted overall results have been tracking towards the top-end of NAVPS: 17.29 P/NAVPS: 0.86x

the guidance range. However, management reiterated its range as the Debt to Cap: 57% Avg. Daily Volume: 4,066,350

announced JV transaction should cause notable dilution to the earnings RBC Estimates run-rate. Our estimates now imply core earnings will drop 11.0% in 2026 FY Dec 2025A 2026E 2027E 2028E

before increasing 3.1% in 2027 and 7.5% 2028. We note this trend could FFO/Sh, Rpt 1.15 0.92 0.91 1.00

be more volatile given high-operational leverage with some upside if the Diluted

space noticeably recovers. Prev.