Americold Realty Trust Inc

Latest Results (02.04.2026):

Americold Realty Trust, Inc. — Fourth quarter 2025: Americold reported Q4 2025 results showing modest operational resilience amid industry headwinds. For the quarter the company recorded total revenues of $658.5 million (down 1.2% year‑over‑year), a net loss of about $88.3 million (‑$0.31 per diluted share), but delivered Adjusted FFO of $108.3 million, or $0.38 per diluted share (up ~2.7% in per‑share Adjusted FFO vs. Q4 2024). Full‑year 2025 results included total revenues of $2.60 billion, Adjusted FFO of $408.3 million ($1.43 per diluted share) and a net loss of $114.5 million (‑$0.40 per diluted share).

Revenue and occupancy trends

Q4 2025 total revenues $658.5M (‑1.2% YoY). Global Warehouse same‑store revenues fell ~1.1% in Q4; economic occupancy declined to 76.1% (‑130 bps YoY) and throughput pallets were down ~4.3%, reflecting competitive pressures, changing consumer habits and recent capacity additions.

Profitability / cash‑flow metrics

Adjusted FFO (non‑GAAP) for Q4 was $108.3M ($0.38/sh), modestly ahead of last year on a per‑share basis. Core EBITDA for Q4 was $162.9M (up 4.7% YoY) and Core EBITDA margin improved to 24.7% from 23.3% a year earlier.

Net loss drivers

The Q4 net loss (~$88.3M, or $0.31/share) was materially affected by a $55.9M net loss on sale of real estate recognized in the quarter, partly offset by higher NOI and tax benefits.

Services margin and same‑store NOI

Americold continued to improve services profitability: Global Warehouse same‑store services margin rose to 13.9% in Q4 (from 12.7% in Q4 2024). However same‑store NOI declined modestly (Q4 same‑store NOI down ~0.6%).

Full‑year 2025 snapshot

FY2025 revenues $2.601B (‑2.4% YoY), Adjusted FFO $408.3M ($1.43/sh, down ~2.7% vs. 2024), Core EBITDA $617.9M (down ~2.6%), and a FY net loss of ~$114.5M (‑$0.40/share).

Balance sheet, liquidity and leverage

As of December 31, 2025 Americold had total liquidity of ~$935M and total net debt of roughly $4.2B. Net debt to pro‑forma Core EBITDA was ~6.8x. ~86.6% of debt was fixed or hedged and unsecured debt comprised ~95.5% of total debt.

Dividend and capital allocation

The Board raised the quarterly dividend by 5% to $0.23 per share for Q4 2025 (paid January 15, 2026). Management emphasized prioritizing balance‑sheet strengthening and targeting customer‑driven development opportunities in 2026.

2026 outlook and strategic priorities

For 2026 the company provided a prudent AFFO/guidance range of $1.20–$1.30 per share and set guidance ranges for same‑store warehouse revenues, NOI, Core EBITDA ($570M–$620M), interest expense ($170M–$180M) and maintenance capex ($60M–$70M). Management’s stated priorities: strengthen the balance sheet, improve real‑estate profitability, focus capital on customer‑driven development, expand retail/store‑support offerings, broaden commercial opportunities, and continue cost‑reduction initiatives (plus onboarding a new CFO).