AG真人官方

Americold Announces Second Quarter 2025 Results

Launched Three Innovative and Demand-Driven Development Projects

Delivered $0.36 AFFO per share

Updated 2025 Full-Year Outlook

ATLANTA, GA., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Americold AG真人官方ty Trust, Inc. (NYSE: COLD) (the 鈥淐ompany鈥�), a global leader in temperature-controlled logistics, real estate, and value-added services focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, today announced financial and operating results for the second quarter ended June 30, 2025.

George Chappelle, Chief Executive Officer of Americold AG真人官方ty Trust, said, 鈥淥ur team continues to execute well in the current market, despite the impacts from multiple headwinds that are constraining occupancy levels across the industry. During the second quarter we made strong progress on our four key operational priorities and won new business, while continuing to manage the business tightly. As a result, the first half of the year has largely been in-line with expectations, demonstrating the resilience and breadth of our various operating levers.鈥�

鈥淲e continue to position the Company for future growth. Specifically, we launched three innovative and demand-driven projects during the second quarter 鈥� our development in Kansas City in partnership with CPKC, our expansion in Allentown, and finally our state-of-the-art flagship build with DP World in the Port of Jebel Ali in Dubai. All three of these facilities are seeing strong customer demand, and we look forward to their financial contributions for years to come.鈥�

鈥淟ooking to the second half of the year, we expect the challenging demand environment to continue, with occupancy and throughput levels remaining below typical seasonality trends. As a result of these headwinds, we are adjusting our AFFO/share guidance range to $1.39 - $1.45. We remain focused on controlling what we can control, including lowering costs, improving efficiencies and capturing new business opportunities. Longer term, cold storage remains a mission-critical asset, and we believe that the breadth and magnitude of our network, in combination with our history of operational excellence positions us to maximize growth as industry volumes improve. I want to thank our associates around the world who continue to deliver for our customers, and I am looking forward to the future that we will help create.鈥�

Second Quarter 2025 Highlights

• Total revenues of $650.7 million, a 1.5% decrease from $661.0 million in Q2 2024 and a decrease of 1.5% on a constant currency basis.
• Net income of $1.6 million, or $0.01 per diluted share, as compared to a net loss of $0.23 per diluted share in Q2 2024.
• Global Warehouse segment same store revenues decreased 1.5% on an actual and constant currency basis as compared to Q2 2024.
• Global Warehouse same store services margin increased to 13.3% from 12.4% in Q2 2024.
• Global Warehouse segment same store NOI decreased 4.2% on an actual and constant currency basis, as compared to Q2 2024.
• Adjusted FFO of $103.6 million, or $0.36 per diluted share, a 5.6% decrease from Q2 2024 Adjusted FFO per diluted share.
• Core EBITDA of $159.1 million, decreased $6.4 million, or 3.9% (3.8% on a constant currency basis) from $165.5 million in Q2 2024.
• Core EBITDA margin of 24.4%, decreased from 25.0% in Q2 2024.
  
  

2025 Outlook

The table below includes the details of our annual guidance. The Company鈥檚 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.

Investor Webcast and Conference Call

The Company will hold a webcast and conference call on Thursday, August听7, 2025 at 8:00 a.m. Eastern Time to discuss its second quarter 2025 results. A live webcast of the call will be available via the Investors section of Americold AG真人官方ty Trust鈥檚 website at . 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鈥檚 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#13750776. The telephone replay will be available starting shortly after the call until August 21, 2025.

The Company鈥檚 supplemental package will be available prior to the conference call in the Investors section of the Company鈥檚 website at .

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鈥檚 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 2025 Total Company Financial Results

Total revenues for the second quarter of 2025 were $650.7 million, a 1.5% decrease from $661.0 million in the same quarter of the prior year, primarily due to lower volumes in the warehouse segment and a decrease in transportation services revenue.

Total NOI for the second quarter of 2025 was $211.7 million, a decrease of 1.8% (1.7% decrease on a constant currency basis) from the same quarter of the prior year. This decrease is primarily related to a decrease in warehouse segment NOI which was primarily due to lower volumes.

For the second quarter of 2025, the Company reported net income of $1.6 million, or $0.01 per diluted share, compared to a net loss of $64.4 million, or a net loss of $0.23 per diluted share, for the comparable quarter of the prior year. This was primarily driven by the Loss on debt extinguishment and termination of derivative instruments recognized during the second quarter of 2024 of $110.7 million offset by increased Acquisition, cyber incident, and other, net costs and Selling, general, and administrative costs during the second quarter of 2025.

Core EBITDA was $159.1 million for the second quarter of 2025, compared to $165.5 million for the comparable quarter of the prior year. This decrease (3.9% on an actual basis and 3.8% on a constant currency basis) was primarily driven by lower volumes in the warehouse segment and an increase in Selling, general, and administrative costs, primarily due to increased costs associated with the go-live of Project Orion in North America and Asia Pacific.

For the second quarter of 2025, Core FFO was $75.8 million, or $0.27 per diluted share, compared to $95.0 million, or $0.33 per diluted share, for the second quarter of 2024.

For the second quarter of 2025, Adjusted FFO was $103.6 million, or $0.36 per diluted share, compared to $109.4 million, or $0.38 per diluted share, for the second quarter of 2024.

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

Second Quarter 2025 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听30, 2025 and 2024.

Warehouse Results

For the second quarter of 2025, Global Warehouse segment revenues were $594.1 million, a decrease of $6.3 million, or 1.1% (1.0% decrease on a constant currency basis), compared to $600.4 million for the second quarter of 2024. This decrease was principally driven by lower volumes and throughput pallets due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels, partially offset by annual rate increases in the normal course of operations.

Global Warehouse segment contribution (NOI) was $201.0 million for the second quarter of 2025 as compared to $204.5 million for the second quarter of 2024, a decrease of $3.5 million, or a decrease of 1.7% on an actual and constant currency basis. Global Warehouse segment contribution (NOI) decreased primarily due to the factors noted above. Global Warehouse segment margin was 33.8% for the second quarter of 2025, a 30 basis point decrease compared to the second quarter of 2024, driven by lower volumes.

Fixed Commitment Rent and Storage Revenues

As of June听30, 2025, $617.4 million of the Company鈥檚 annualized rent and storage revenues were derived from customers with fixed commitment rent and storage contracts compared to $629.3 million at the end of the first quarter of 2025 and $618.0 million at the end of the second quarter of 2024. On a combined basis, 59.7% of rent and storage revenues were generated from fixed commitment storage contracts or leases. On a combined basis, 61.4% of total warehouse segment revenues were generated from customers with fixed committed contracts or leases.

Economic and Physical Occupancy

Fixed commitments storage contracts are designed to ensure the Company鈥檚 customers have space available when needed. For the second quarter of 2025, economic occupancy for the total warehouse segment was 73.8% and the warehouse segment same store pool was 75.5%, representing a 1,100 and 1,110 basis point increase above physical occupancy, respectively. Economic occupancy for the total warehouse segment decreased 430 basis points, and the warehouse segment same store pool decreased 410 basis points as compared to the second quarter of 2024. This was primarily due to lower overall volumes due to a competitive environment, the lapping of a counter cyclical inventory build in the prior year, changes in consumer buying habits, and the related change in food production levels which are primarily caused by growing consumer conservatism amid ongoing regulatory shifts.

AG真人官方 Estate Portfolio

As of June听30, 2025, the Company鈥檚 portfolio consists of 237 facilities. The Company ended the second quarter of 2025 with 234 facilities in its Global Warehouse segment portfolio and 3 facilities in its Third-party managed segment. The same store population consists of 223 facilities for the quarter ended June听30, 2025. As of June 30, 2025, the non-same store facility count consists of: 6 facilities where the executive leadership team has approved exits in the current year (4 of which are leased facilities and 2 of which are owned facilities and the Company is in pursuit to sell), 4 sites in the recently completed expansion and development phase (further detailed in the External Development and Capital Deployment section of our quarterly supplement), and 1 facility that we purchased in 2025. As of June 30, 2025, there are 4 sites in the development and expansion phase.

Balance Sheet Activity and Liquidity

As of June听30, 2025, the Company had total liquidity of approximately $937.0 million, including cash and available capacity on its revolving credit facility. Total net debt outstanding was approximately $3.9 billion (inclusive of approximately $193.2 million of financing leases/sale lease-backs and exclusive of unamortized deferred financing fees), of which 95.2% was in an unsecured structure. At quarter end, net debt to pro forma Core EBITDA (based on trailing twelve months Core EBITDA) was approximately 6.3x. The Company鈥檚 unsecured debt has a remaining weighted average term of 4.9 years, inclusive of extensions that the Company is expected to utilize, and carries a weighted average contractual interest rate of 4.0%. As of June听30, 2025, approximately 92.7% of the Company鈥檚 total debt outstanding was at a fixed rate, inclusive of hedged variable-rate for fixed-rate debt.

Dividend

On May听20, 2025, the Company鈥檚 Board of Directors declared a 5% increase in the dividend, as compared to the prior year, to $0.23 per share for the second quarter of 2025, which was paid on July听15, 2025 to common stockholders of record as of June听30, 2025.

About the Company

Americold is a global leader in temperature-controlled logistics real estate and value-added services. Focused on the ownership, operation, acquisition and development of temperature-controlled warehouses, Americold owns and/or operates 237 temperature-controlled warehouses, with approximately 1.5 billion refrigerated cubic feet of storage, in North America, Europe, Asia-Pacific, and South America. Americold鈥檚 facilities are an integral component of the supply chain connecting food producers, processors, distributors and retailers to consumers.

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 (鈥淣OI鈥�) and margin, same store revenues and NOI, certain constant currency metrics, 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鈥檚 results calculated in accordance with GAAP. In addition, because not all companies use identical calculations, the Company鈥檚 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: 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, in respect thereof; 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; difficulties in expanding our operations into new markets; 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, 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 investments; 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, including our ongoing at the market program; 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 鈥渁nticipates,鈥� 鈥渂elieves,鈥� 鈥渃ontinues,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥済oal,鈥� 鈥渙bjectives,鈥� 鈥渋ntends,鈥� 鈥渕ay,鈥� 鈥渙pportunity,鈥� 鈥減lans,鈥� 鈥減otential,鈥� 鈥渘ear-term,鈥� 鈥渓ong-term,鈥� 鈥減rojections,鈥� 鈥渁ssumptions,鈥� 鈥減rojects,鈥� 鈥済uidance,鈥� 鈥渇orecasts,鈥� 鈥渙utlook,鈥� 鈥渢arget,鈥� 鈥渢rends,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渨ould,鈥� 鈥渨ill鈥� 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 2025 outlook and our migration of our customers to fixed commitment storage contracts. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under 鈥淩isk Factors鈥� in our Annual Report on Form 10-K for the year ended December听31, 2024, 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 AG真人官方ty Trust, Inc.
Investor Relations
Telephone: 678-459-1959
Email:

We view and manage our business through three primary business segments鈥攚arehouse, transportation, and third-party managed. Our core business is our warehouse segment, where we provide temperature-controlled warehouse storage and related handling and other warehouse services. In our warehouse segment, we collect rent and storage fees from customers to store their frozen and perishable food and other products within our real estate portfolio. We also provide our customers with handling and other warehouse services related to the products stored in our buildings that are designed to optimize their movement through the cold chain, such as the placement of food products for storage and preservation, the retrieval of products from storage upon customer request, case-picking, blast freezing, produce grading and bagging, ripening, kitting, protein boxing, repackaging, e-commerce fulfillment, and other recurring handling services.

In our transportation segment, we broker and manage transportation of frozen and perishable food and other products for our customers. Our transportation services include consolidation services (i.e., consolidating a customer鈥檚 products with those of other customers for more efficient shipment), freight under management services (i.e., arranging for and overseeing transportation of customer inventory) and dedicated transportation services, each designed to improve efficiency and reduce transportation and logistics costs to our customers. We provide these transportation services at cost plus a service fee or, in the case of our consolidation or dedicated services, we may charge a fixed fee. We supplemented our regional, national and truckload consolidation services with the transportation operations from various warehouse acquisitions. We also provide multi-modal global freight forwarding services to support our customers鈥� needs in certain markets.

Under our third-party managed segment, we manage warehouses on behalf of third parties and provide warehouse management services to leading food manufacturers and retailers in their owned facilities. We believe using our third-party management services allows our customers to increase efficiency, reduce costs, reduce supply-chain risks and focus on their core businesses. We also believe that providing third-party management services allows us to offer a complete and integrated suite of services across the cold chain.