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Strengthening our Foundation to Unlock Long-Term Growth Corporate Deck | November 5, 2026
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Disclaimer 2 This presentation 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: failure to execute on growth strategies and opportunities; geopolitical conflicts, including the ongoing conflicts in the Middle East, and any related or resulting disruptions, including increasing energy costs; 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, or the impairment of any of our properties; 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; risks related to any failure to achieve the anticipated benefits, synergies or returns from the EQT JV, including as a result of unanticipated costs or liabilities, difficulties in integrating joint venture operations, or the failure of the joint venture to perform in accordance with our expectations; difficulties in expanding our operations into new markets and products; 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 the implementation of the new ERP system; risks related to 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 investment; 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; 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 “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” 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 2026 outlook, and statements about the EQT JV. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, 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. Non-GAAP Measures This presentation contains non-GAAP financial measures, including NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, Core EBITDA, Core EBITDA Margin, net debt, segment contribution (NOI) and margin, same store revenues and NOI, Core SG&A, constant currency basis and maintenance capital expenditures. Definitions and reconciliations of these non-GAAP metrics to their most comparable GAAP metrics are included herein. Each of these non-GAAP measures included in this presentation has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of the Company's results calculated in accordance with GAAP . In addition, because not all companies use identical calculations, the Company's presentation of non-GAAP measures in this presentation may not be comparable to similarly titled measures disclosed by other companies, including other REITs.
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Significant Scale & Expertise from 120+ Years of Experience Significant Scale Global Footprint Cubic Feet / Warehouse Count North America 1,022M / 163 South America 10M / 2 Europe 111M / 23 Asia Pacific 86M / 20 Note: Figures as of September 30, 2026. Figures may not sum due to rounding ~4.7M Pallet Positions 208 Warehouses ~2,700 Customers 12,200 Associates ~1.2B/48M Cubic Feet/Square Feet of Total Capacity Connectivity Conventional & Automated Presence at Every Major Node 3
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4 A Global Leader in Temperature- Controlled Warehousing Cold Storage Industry Market Share 1,022M cubic feet1 164 facilities 1,229M cubic feet1 208 facilities Note: Americold portfolio figures as of September 30, 2026. Figures may not sum due to rounding Market share estimates based on cubic feet of regrigerated warehouse capacity as reported in the 2026 GCCA Top 25 Refrigerated Warehousing & Logistics Providers publication 1) Figures do not include Americold’s Middle Eastern investment in the RSA JV or sites contributed to the EQT JV 2) The remaining 41% and 78% of the North American and global markets consist of ~3.0bn cubic feet and ~19.7bn cubic feet, respectively A Global Leader in Highly Fragmented Market North American Market Americold, 18% Rest of the Market², 41% Global Market Americold¹, 6% Rest of the Market², 78% 4
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Mission Critical Infrastructure Across the Cold Chain Americold has customer solutions for each of the four primary 3PL cold chain nodes: Production Support (Production Advantaged) Distribution Support (Forward Distribution) Import | Export Support (Port) Store Distribution (Retail) Americold has the infrastructure and expertise to support the flow of products from production through final distribution Produce Distribute Consume 5
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Americold’s Critical Infrastructure at Every Node % of total warehouse revenue for the last twelve months ended September 30, 2026 6 48% 14% 25% Forward Distribution - 93 sites • Multi-tenanted mixing facilities • Located near large population centers • Fewer fixed commitment agreements • Multiple customers served Retail Distribution Center - 26 sites • Typically single tenanted • Long-term fixed commitment agreements • High-turning and operationally intense • Largely insourced today Ports - 28 sites • Multiple tenants • Fewer fixed commitment agreements • High-turning • Leverage strategic partnerships Production Advantaged - 61 sites • Typically single tenanted • Long-term fixed commitment agreements • Requires deep customer relationships • Located in largely rural areas close to harvests 41.0% 26.0% 22.0% 11.0%
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Bryan Verbarendse President, Americas COLD: Joined 2023/Appointed 2025 ~33 years experience Nathan Harwell Chief Legal & People Officer COLD: Joined & Appointed 2023 & 2026 ~27 years experience Experienced Management Team Committed to Increasing Shareholder Value Significant experience in real estate, third-party logistics, and grocery retail Robert Chambers Chief Executive Officer COLD: Joined 2013/Appointed 2025 ~21 years experience Chris Papa Chief Financial Officer COLD: Joined & Appointed 2026 ~23 years experience Richard Winnall President, International COLD: Joined 2019/Appointed 2024 ~24 years experience Scott Henderson Chief Investment Officer COLD: Joined 2018/Appointed 2023 ~24 years experience 7 Anita Nanda Chief Technology & Solutions Officer COLD: Joined 2022/Appointed 2026 ~25 years experience
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Building A Stronger Americold for Long-Term Value Creation 8 Built a strong team that is laser focused on execution and delivering on our financial commitments Industry has continued to stabilize, supporting positive KPI trends and market share gains Execution against our Five Key Priorities is strengthening the operating and financial foundation Expanding the Aperture to new & adjacent sectors to broaden our growth opportunities
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Ongoing Industry Stabilization Rebound in physical & economic occupancy as industry fundamentals improve 9 Recent gains reflect continued industry stabilization & market share gains |-----------Covid Disruptions--------------||-------Stable Trends-------| |-Returning to Normalcy-| Derived from same-store population as reported during the indicated calendar period and as defined in the appendix. Physical Occupancy Economic Occupancy Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26-1200 -1000 -800 -600 -400 -200 0 200 400 600 800 1000 1200
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Ongoing Industry Stabilization Maintaining pricing discipline across varying market conditions 10 Consistent approach to capturing fair value for our storage and service offerings Represents same store rent and storage pricing per economic occupied pallet plus same store services revenues per throughput pallet, as reported Total Pricing Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26$20.00 $40.00 $60.00 $80.00 $100.00 $120.00
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11 • AFFO per share $0.35(1), fifth quarter of meeting or beating expectations • Occupancy, pricing, and throughput all increased while SG&A decreased • Same Store Revenue increased 4.9%, NOI increased 5.5%(1) • Leverage ratio reduced by a full turn through use of proceeds from the EQT JV • Raised 2026 full-year guidance by $0.03(1) at midpoint Continued Delivery Against Our Financial Commitments in Q3 (1) See “Non-GAAP Financial Measures” for additional information regarding these non-GAAP financial measures.
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Q3 26Q2 26Q1 26 Multi-Quarter Improvement in Key Operating Metrics 12 Key Metrics Q4 25Q3 25 Physical Occupancy(1) -330 bps -100 bps +20 bps +330 bps +460 bps Economic Occupancy(1) -220 bps -60 bps -40 bps +30 bps +210 bps Storage Pricing(2) +160 bps +20 bps +130 bps +110 bps +120 bps Handling Pricing(3) +210 bps +350 bps +320 bps +320 bps +190 bps Throughput -220 bps -310 bps -40 bps +150 bps +410 bps Core SG&A(4) +260 bps -170 bps +210 bps -50bps -80 bps 1. Represents change using the Q3 2026 same store pool 2. Represents change in onstant currency same store rent and storage pricing per economic occupied pallet using the Q3 2026 same store pool 3. Represents change in constant currency same store handling and services pricing per throughput pallet using the Q3 2026 same store pool 4. See “Non-GAAP Financial Measures” for additional information regarding these non-GAAP financial measures
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Our Key Priorities Building on a stronger foundation through consistent execution 13 • Strategic capital management to de-lever balance sheet and maintain investment grade profile • Creating value from our real estate through active portfolio management of low profit facilities, NNN leasing of space to tenants, and/or non-strategic asset sales • Driving organic growth by leveraging COLD’s advantages in under-penetrated sectors, such as retail, QSR, convenience, e-commerce, pet food, floral, pharmacy, and more • Limiting inorganic growth to lower-risk projects, such as customer-dedicated, partnership- driven, and international until leverage is reduced • Continued rightsizing of our cost structure - Leverage prior investments in technology and labor to streamline workflows for a more cost-efficient overhead model
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14 2026 Key Priorities Strategy Scorecard STRENGTHEN BALANCE SHEET • Executed ~$1.3 billion strategic joint venture with EQT ◦ Proceeds of ~$1.15 billion used to immediately pay outstanding debt ◦ ~$50 million in projected annual interest savings • Expanded credit facility, increased liquidity, eliminated all near-term maturities DRIVE ORGANIC GROWTH • Expansion into Convenience with On the Run win in Australia • Growth in Europe Retail with Jeronimo Martins and Plus wins • Expansion of 4PL with Little Caesar's win in Iberia • Won business with one of the world's top aerospace companies REAL ESTATE PORTFOLIO MANAGEMENT • Actively managing portfolio to improve productivity and recycle capital • 27 sites in total identified for strategic exit - 13 completed so far • Sold 13 sites since initiated for proceeds of nearly $100 million • Purchased a facility & triple net leased to a new tenant for 15 years OPTIMIZE COST STRUCTURE • ~$100 million of total savings and spend reductions identified • ~$30M of savings, completed in Q1 2026 • Fit for Purpose initiative, expected to generate an additional ~$25M of savings by Q1 2027 • Identified ~$50M in spend reductions from Transactions, Strategic Initiatives & Other LIMITED INORGANIC GROWTH • Announced new development for McCain - supporting a top-5 customer with a 35- year relationship and backed by 20-year commitment $50M of identified spend reductions implemented across IT projects and other categories, partially offset by incremental costs related to the EQT joint venture, idled sites, and other strategic priorities. Identified savings and spend reductions represent management estimates.
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15 1. Strategic Capital Management
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Joint Venture Creates Platform for Future Growth 16 Overview Americold and EQT closed the joint venture on August 31, 2026. Americold contributed 12 facilities into the venture. • Valued at ~$3,300 per pallet position • Anticipated interest savings from debt repayments of ~$50 million for Americold • JV has "first look" at development opportunities in North America for the first four years of the partnership • Americold will continue to manage day-to-day operations Benefits to Americold • Proceeds enabled significant reduction in leverage • Ability to expand platform in future with new growth opportunities • Highlights valuation discount between public & private markets Total Value: ~$1.3 billion Ownership: 70% EQT / 30% COLD Proceeds to COLD: ~$1.15 billion Cubic Feet: ~124 million Valuation: 7% cap rate Pallet Positions: ~402 thousand
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Debt Repayment Significantly Improves Our Balance Sheet Profile No debt maturities until 2029 with substantial liquidity and a predominantly fixed-rate debt portfolio Note: Dollars in millions. Figures based on company filings as of September 30, 2026. Balances denominated in foreign currencies have been translated to USD. Figures may not sum due to rounding 1) Revolver maturity date assumes the exercise of two six month extension options 2) Figure reflects cash, cash equivalents, restricted cash, and the capacity available under the Senior Unsecured Revolving Credit Facility less $19 million in outstanding letters of credit 3) Total net debt represents total debt outstanding of $3.3 billion less cash, cash equivalents and restricted cash of $36 million as of September 30, 2026. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 17 Real Estate Debt Maturity (1) Dollars in Millions • EQT JV enabled $1.15B debt reduction • Remaining net debt of ~$3B(3) is 93% unsecured and 87% fixed rate • Total available liquidity of $950M(2) with $914M undrawn credit facility • Investment grade ratings: BBB (Fitch/ DBRS Morningstar), Baa3 (Moody's) • $10B+ in unencumbered critical cold storage infrastructure that is mission critical and difficult to replicate $400 $350 $453 $400 $397 $500 $152 $64 $160 $246 2026 2027 2028 2029 2030 2031 2032 2033 2034
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18 2. Create Value from Real Estate
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Ability to Leverage Strong Market Presence Globally Production Advantaged Forward Distribution Retail Distribution Port Facilities Americold Advantages • Continued growth in retail and QSR • Expand adjacent categories, such as pet food, pharmacy, floral • Growth with strategic partnerships to enhance cold storage supply chain through rail and ports • Existing customers in Asia Pacific are growing and requesting additional development support • Continued growth in European occupancy based on new customer wins and expansion into new categories • Expansive global network of high-quality, strategically located warehouses • Deep relationships with top customers spanning decades • Best in class Americold Operating System fully integrated • Technology advantages in North America and Asia Pacific through Project Orion, with Europe implementation in Q426 Growth Strategy 19
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Actively Optimizing Our Portfolio to Improve Productivity and Returns 20 Progress to Date Total Sites Idled or Exited27 Total Pallet Positions Idled or Exited540k Total Proceeds to Date Exiting underperforming assets and reallocating capital toward higher-return opportunities Strengthening network productivity through improved utilization of existing capacity Initiated a comprehensive review of all active development projects and associated assumptions ~$100M Several Hundred Million of Potential Proceeds Identified from Additional Asset Sales Reducing industry capacity by removing select facilities from the cold storage market Potential proceeds represent preliminary management estimates and are subject to market conditions, diligence, transaction execution and approval processes. No assurance can be given regarding timing or amount of proceeds.
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21 3. Drive Organic Growth
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Deep Customer Relationships Drive Growth Opportunities Strategically-located network of facilities Comprehensive value-added services Top 25 Customers Best-in-class customer experience High standards of quality, reliability, and food safety Commitment to innovation through automation and strategic partnerships 22 ~39 years average tenure 13 customers are investment grade(2) 100% utilize committed contracts/leases ~50% of Warehouse revenues(1) 1) Based on LTM Warehouse revenues as of September 30, 2026 2) Represents long-term issuer rating as of October 2026 Compelling Value Proposition 100% use multiple facilities, average of 15 sites
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Leveraging Our Strategic Advantages to Broaden Our Opportunities Critical Infrastructure at Every Node Advanced Operating SystemCommitment to Best-in-Class Customer ServiceLong-Term Customer Relationships Significant Technology Investments Expand QSR to New Geographies Increase Market Share Grow Retail Business Evaluate Adjacent/New Categories 23 World-Class Partnerships
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Frozen Food Pharmaceuticals Fresh Food Retail QSR International Pet Food Floral Seafood Beverages Expanding the Aperture to Adjacent Growth Opportunities Dry Goods Cosmetics E-commerce Core Adjacent New 24 Focused on Driving Occupancy to Maximize Real Estate and Shareholder Value Chemicals Equipment
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Global Opportunity to Grow Retail and QSR Presence COLD Best in Class Operator Trusted by Largest Retailers & QSR Brands in the World What is Retail/QSR? • Pallets of product from multiple manufactures arrive at our facility • Product is warehoused until a store needs replenishment • Individual cases are picked based on store order • Cases are assembled into new multi- vendor, multi-SKU pallets • Pallets are staged for loading based on the delivery route • Pallets arrive and product placed into refrigerated/frozen coolers within the store Attractive Characteristics • 5 of our top-10 customers are retail/QSR companies • Generated 22% of total LTM warehouse segment revenue1 • Leading market share and challenging for competitors to enter complex value- added segment of market • Opportunity to expand into new geographies • Largely insourced by retailers today, with significant whitespace • Nearly twice the NOI/pallet compared to rest of the portfolio 25 Attractive Pipeline of Global Growth Opportunities 1) As of September 30, 2026
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26 4. Pursue Lower- Risk Projects
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McCain's Foods Development in Plover, Wisconsin 27 McCain Foods is one of North America's top potato processors & a top 5 customer Development Overview Americold entered into an agreement to develop a $163 million production advantaged facility fully dedicated to McCain Foods in Plover, Wisconsin, adjacent to the existing conventional facility • Construction expected to be completed by Q1 2028 • Anchored by a 20 year fixed commitment agreement • Automated storage retrieval system capabilities • Nearly 35 year relationship, utilizes 20+ Americold sites Project at a Glance Cubic Feet: ~17M Total investment: $163 million Pallet Positions: ~56,000 Completion: Q1 2028
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Operational Partners Development Opportunities Enhanced by Best-in-Class Partnerships 28 Kansas City, Missouri • First-of-its-kind rail-attached facility supporting the closed loop cold chain service between Mexico and US utilizing intermodal, bypassing customs, reducing transit time by approximately one day and reducing total cost. Completed in partnership with CPKC, opened Q2 2025. Port St. John, New Brunswick, Canada • Import/Export Hub will store and handle temperature sensitive food moving through the port, providing a more efficient route for Canadian food imports & exports, opened Q2 2026. Port of Jebel Ali, Dubai • Import/Export Hub is the first to offer both bonded & non-bonded service and enables global food Producers to connect directly with regional Retailers and Distributors. Opened Q2 2025. Highlights Top Five Global Port Operator 2022 One of NA’s Largest Railroad Companies 2023 DP World Canadian Pacific Kansas City
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29 5. Rightsize Cost Structure
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Americold Operating System and Warehouse Management Expertise Americold Operating System ensures best practices across entire network 30 Customer Focus Labor Optimization Focused Improvement Safety Talent Stewardship Food Safety Asset Protection Inventory Management Sustainability Excellence Refrigeration Excellence Advanced Integrated Systems Maintenance Excellence AOS distinguishes us from our competitors and is supported by our continuous improvement culture • • Delivering standardized procedures • Driving collaborative innovation • Improving service • Optimizing value
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Technology Differentiation: Improving Efficiency and Lowering Cost 31 Project Orion ERP Standardize processes, reduce manual work and improve analytics ▪ Warehouse management system (WMS) provides visibility to ensure orders delivered on-time and in-full (OTIF) ▪ Labor management system (LMS) optimizes workforce and delivers high service levels to customers ▪ Transportation Management System (TMS) ensuring comprehensive national delivery network visibility ▪ Warehouse Execution System (WES) facilitating industry-leading automation services ▪ Global Operations Command Center (GOCC): Enhancing network visibility, execution, and operational consistency 415+ Identified Gen AI Use Cases Leveraging embedded AI with tech partners
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Building a More Efficient Cost Structure More than $100M of savings and spend reductions identified across labor, SG&A and other areas $30M Savings Achieved – 1/3 indirect labor, 2/3 SG&A – $8M anticipated in 2026, $17M in 2027 – 2/3 indirect labor, 1/3 SG&A – Resulted in 400 headcount reduction in indirect labor – Transactions, Strategic Initiatives & Other, Net – No AFFO impact, cash savings available for other priorities 32 $25M Fit for Purpose $50M Spend Reductions Leveraging prior investments in technology and operating capabilities to drive greater efficiency, stronger execution and durable cash flows (1) $50M of identified spend reductions implemented across IT projects and other categories, partially offset by incremental costs related to the EQT joint venture, idled sites, and other strategic priorities
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33 6. Financial Performance
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Strong EBITDA Margins Supported by Ongoing Efficiency Initiatives 34 Core EBITDA ($M) and Margin (%) 17.5% • Effectively optimizing margins across all business areas • Creating a solid foundation with efforts over the past three years to build a productive, stabilized workforce supporting sustainable service margins • Strong variable cost control and focus on efficiencies • Significant investments in technology have streamlined processes, enhanced revenue capture, and accelerated labor management initiatives • Strategic partnerships fueling development pipeline for future profitable growth 17.5% 17.5% See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 17.5% 17.1% 30% growth 17.5% 17.1% 21.4% 23.8% $475M $500M $572M $634M $618M $618M 2021 2022 2023 2024 2025 2026 TTM 17.5% 21.4% 23.4% 17.1% 23.8% 23.7%
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History of AFFO Growth 35 • Hiring and retention initiatives deliver $100M in incremental services NOI • Project Orion improved labor productivity and efficiencies • Grew same store service margins by 911 bps to 12.9% • Refocus on 4 key strategic priorities: labor, customer service, pricing, developments • Re-commercialization initiative across the business • Announced strategic partnership with DP World • Announced strategic partnership with CPKC • Launched Project Orion • Completed and launched 5 automation projects AFFO (in millions) $1.11 $1.27 $1.47$1.11 $1.43 $1.11 $1.47 • Completed Houston acquisition to support retail growth • Increased quarterly dividend by 5% • Achieved target of 60% of rent & storage revenue from fixed commitment contracts • Rob Chambers appointed CEO • Introduced 5 key priorities to support future growth See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. $1.27 AFFO (in millions) 31% AFFO Growth $1.11 $1.27 $1.47 $300M $352M $420M $408M $393M 2022 2023 2024 2025 2026 TTM$1.11 $1.37$1.47$1.27 • Chris Papa appointed CFO • Announced formation of the Americold EQT Joint Venture, closed August 31, 2026 • Announced Fit for Purpose initiative for annualized savings of ~$25M, for total cost savings to date of ~$55M $1.27 $1.47 $1.43
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Commitment to Sustainability Initiatives Environmental Commitment to Energy Excellence and Efficiency • Recognized under the Global Cold Chain Alliance’s (GCCA) Energy Excellence Recognition Program with Gold, Silver or Bronze certifications at 203 facilities • 24% reduction in Scope 1 and 2 emissions from 2021, with an ultimate goal of 30% in 2030 • 30,822 MWh of renewable energy produced in 2025, with a goal of 150k MWh in 2030 • 2025 GRESB Regional Sector Leader for the Americas in the Industrial (Standing Investments) category • MSCI upgraded Americold to a AA ESG rating in 2026 Social Social Initiatives • Serve the public good by maintaining the integrity of food supply and reducing waste • Corporate contributions / support to charities aligned with our core beliefs and focus, such as Feed the Children and HeroBox • $84K of financial assistance provided by the Americold Foundation to 33 associates in 2025 Governance Shareholder- friendly Corporate Governance • All members of the Board other than the CEO are independent • Code of Business Conduct and Ethics encourage the highest levels of integrity across the organization, training completed by 100% of associates Awards & Recognition Charitable Organizations 36
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2026 Guidance Detail Guidance as of November 5, 2026 Guidance as of August 6, 2026 Warehouse segment same store revenues (constant currency) $2.06B - $2.10B $2.03B - $2.09B Warehouse segment same store NOI (constant currency) $680M - $700M $660M - $695M Total Company NOI (constant currency) $800M - $830M $775M - $815M Total selling, general and administrative expense (guidance is inclusive of approximately $228M - $233M of core SG&A, $23M - $24M of share-based compensation expense, and $8M - $10M of Project Orion deferred costs amortization) $260M - $265M $250M - $260M Core EBITDA $585M - $610M $570M - $600M Interest expense $155M - $160M $155M - $160M Current income tax expense, excluding impact of EQT Joint Venture $7M - $9M $7M - $9M Total maintenance capital expenditures $60M - $70M $60M - $70M Adjusted FFO per share $1.31 - $1.33 $1.26 - $1.32 See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures. 37
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Non-GAAP Financial Measures 38 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, segment contribution (NOI) and margin, same store revenues and NOI, certain constant currency metrics, total enterprise value, and maintenance capital expenditures. We calculate NAREIT funds from operations, or NAREIT FFO, in accordance with the standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as net income or loss determined in accordance with U.S. GAAP, excluding gains or losses from sales of previously depreciated operating real estate and real estate related assets, adjusted for specified non-cash items, such as real estate asset depreciation and amortization, and impairment charges on real estate related assets. We then further adjust for our share of reconciling items for partially owned entities and any Gain on contribution of real estate assets, net of tax. We believe that NAREIT FFO is helpful to investors as a supplemental performance measure because it excludes the effect of real estate related depreciation, amortization and gains or losses from sales of real estate or real estate related assets, all of which are based on historical costs, which implicitly assumes that the value of real estate diminishes predictably over time. Since real estate values instead have historically risen or fallen with market conditions, NAREIT FFO can facilitate comparisons of operating performance between periods and among other equity REITs. We calculate core funds from operations, or Core FFO, as NAREIT FFO adjusted for the effects of extraordinary items as defined under U.S. GAAP including Net loss (gain) on sale of non-real estate assets; Transactions, strategic Initiatives and other costs, net; Impairment of indefinite and long-lived assets (excluding certain real estate assets); Loss on debt extinguishment, modifications, and termination of derivative instruments, net; Foreign currency exchange loss (gain); Gain on legal settlement related to prior period operations; Gain on extinguishment of New Market Tax Credit Structure; Loss on deconsolidation of Chile Joint Venture; Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; Loss from discontinued operations, net of tax; Impairment of related party loan receivable; Loss on put option; Gain on sale of LATAM JV; and Gain from sale of partially owned entity. We believe that Core FFO is helpful to investors as a supplemental performance measure because it excludes the effects of certain items which can create significant earnings volatility, but which do not directly relate to our core business operations. We believe Core FFO can facilitate comparisons of operating performance between periods, while also providing a more meaningful predictor of future earnings potential. However, because NAREIT FFO and Core FFO add back real estate depreciation and amortization and do not capture the level of maintenance capital expenditures necessary to maintain the operating performance of our properties, both of which have material economic impacts on our results from operations, we believe the utility of NAREIT FFO and Core FFO measures of our performance may be limited. We calculate adjusted funds from operations, or Adjusted FFO, as Core FFO adjusted for the effects of Amortization of deferred financing costs and pension withdrawal liability; Amortization of below/above market leases; Non-real estate asset impairment; Straight-line rent adjustment; Deferred income tax (benefit) expense; Stock-based compensation expense; Non-real estate depreciation and amortization; Maintenance capital expenditures; Our share of reconciling items related to partially owned entities and Our share of reconciling items related to partially owned entities. We believe that Adjusted FFO is helpful to investors as a meaningful supplemental comparative performance measure of our ability to make incremental capital investments in our business and to assess our ability to fund distribution requirements from our operating activities. NAREIT FFO, Core FFO and Adjusted FFO are used by management, investors and industry analysts as supplemental measures of operating performance of equity REITs. NAREIT FFO, Core FFO and Adjusted FFO should be evaluated along with U.S. GAAP Net (loss) income and Net (loss) income per common share - diluted (the most directly comparable U.S. GAAP measures) in evaluating our operating performance. NAREIT FFO, Core FFO and Adjusted FFO do not represent net income or cash flows from operating activities in accordance with U.S. GAAP and are not indicative of our results of operations or cash flows from operating activities as disclosed in our Condensed Consolidated Statements of Operations (Unaudited) and Condensed Consolidated Statements of Cash Flows (Unaudited) included in our quarterly and annual reports. NAREIT FFO, Core FFO and Adjusted FFO should be considered as supplements, but not alternatives, to our Net (loss) income or Net cash provided by operating activities as indicators of our operating performance. Moreover, other REITs may not calculate FFO in accordance with the NAREIT definition or may interpret the NAREIT definition differently than we do. Accordingly, our NAREIT FFO may not be comparable to FFO as calculated by other REITs. In addition, there is no industry definition of Core FFO or Adjusted FFO and, as a result, other REITs may also calculate Core FFO or Adjusted FFO, or other similarly-captioned metrics, in a manner different than we do. We reconcile NAREIT FFO, Core FFO and Adjusted FFO to Net (loss) income, which is the most directly comparable financial measure calculated in accordance with U.S. GAAP. We calculate NAREIT EBITDA for Real Estate, or NAREIT EBITDAre, in accordance with the standards established by the Board of Governors of NAREIT, defined as, Net (loss) income before Depreciation and amortization; Interest expense; Income tax benefit; Net loss (gain) from sale of real estate; Adjustment to reflect share of EBITDAre of partially owned entities; and Gain on contribution of real estate assets NAREIT EBITDAre is a measure commonly used in our industry, and we present NAREIT EBITDAre to enhance investor understanding of our operating performance. We believe that NAREIT EBITDAre provides investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and useful life of related assets among otherwise comparable companies. We also calculate our Core EBITDA as NAREIT EBITDAre further adjusted for Transactions, strategic Initiatives and other costs, net; Loss from investments in partially owned entities; Impairment of indefinite and long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Loss on debt extinguishment and termination of derivative instruments, net; Net loss (gain) on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Gain on legal settlement related to prior period operations; Project Orion and other software related deferred costs amortization; Adjustment to reflect share of Core EBITDA of partially owned entities; Reduction in EBITDAre from partially owned entities; Gain from sale of partially owned entity; Loss from discontinued operations, net of tax; Impairment of related party loan receivable; Loss on put option; Gain on extinguishment of New Market Tax Credit Structure; and Loss on deconsolidation of Chile Joint Venture. We believe that the presentation of Core EBITDA provides a measurement of our operations that is meaningful to investors because it excludes the effects of certain items that are otherwise included in NAREIT EBITDAre but which we do not believe are indicative of our core business operations. We calculate Core EBITDA margin as Core EBITDA divided by Total revenues. NAREIT EBITDAre and Core EBITDA are not measurements of financial performance or liquidity under U.S. GAAP, and our NAREIT EBITDAre and Core EBITDA may not be comparable to similarly titled measures of other companies. You should not consider our NAREIT EBITDAre and Core EBITDA as alternatives to Net (loss) income or Net cash provided by operating activities determined in accordance with U.S. GAAP. Our calculations of NAREIT EBITDAre and Core EBITDA have limitations as analytical tools, including: • these measures do not reflect our historical or future cash requirements for maintenance capital expenditures or growth and expansion capital expenditures; • these measures do not reflect changes in, or cash requirements for, our working capital needs; • these measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness; • these measures do not reflect our tax expense or the cash requirements to pay our taxes; and • although depreciation and amortization are non-cash charges, the assets being depreciated will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements.
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Non-GAAP Financial Measures 39 Net debt is calculated using total debt outstanding less cash, cash equivalents, and restricted cash. NOI is calculated as Net (loss) income before Interest expense, Income tax (expense) benefit , Depreciation and amortization, and excluding corporate Selling, general, and administrative expense; Impairment of indefinite and long- lived assets; Transactions, strategic initiatives and other costs, net; Net (gain) loss from sale of real estate ; Joint venture related management fee and reimbursed costs ; Joint venture related reimbursed costs; Gain on contribution of real estate assets ; and all components of non-operating other income and expense. Management believes that this is a helpful metric to measure period to period operating performance of the business. We define our “same store” population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define “normalized operations” as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the “same store” population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2025) and are still owned by us as of the end of the current reporting period, unless the property is under development. The “same store” pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) do not result in a facility being excluded from the same store population as management believes that actively managing its real estate is normal course of operations. However, the sites contributed upon formation of the EQT JV have been excluded from both the same store and non- same store results. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year. We calculate “same store revenues” as revenues for the same store population. We calculate “same store contribution (NOI)” as revenues for the same store population less its cost of operations (excluding any Depreciation and amortization, Selling, general, and administrative , Transactions, strategic initiatives and other costs, net , Net (gain) loss from sale of real estate , Gain on contribution of real estate assets and all components of non-operating other income and expense. In order to derive an appropriate measure of period-to-period operating performance, we also calculate our same store contribution (NOI) on a constant currency basis to remove the effects of foreign currency exchange rate movements by using the comparable prior period exchange rate to translate from local currency into U.S. dollars for both periods. We evaluate the performance of the warehouses we own or lease using a “same store” analysis, and we believe that same store contribution (NOI) is helpful to investors as a supplemental performance measure because it includes the operating performance from the population of properties that is consistent from period to period and also on a constant currency basis, thereby eliminating the effects of changes in the composition of our warehouse portfolio and currency fluctuations on performance measures. Same store contribution (NOI) is not a measurement of financial performance under U.S. GAAP. In addition, other companies providing temperature-controlled warehouse storage and handling and other warehouse services may not define same store or calculate same store contribution (NOI) in a manner consistent with our definition or calculation. Same store contribution (NOI) should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. We define “maintenance capital expenditures” as capital expenditures made to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold’s operating standards. All quarterly amounts and non-GAAP disclosures within this filing shall be deemed unaudited. We are not able to provide forward-looking guidance for certain financial data that would make a reconciliation from the most comparable GAAP measure to the non-GAAP financial measure for forward-looking Warehouse Segment Same Store Revenues and NOI, Total Company NOI, Core EBITDA, and Adjusted FFO per share without unreasonable effort. This is due to the unpredictable nature of relevant reconciling items from factors such as acquisitions, divestitures, impairments, natural disaster events, restructurings, debt issuances that have not yet occurred, or other events that are out of our control and cannot be forecasted. The impact of such adjustments could be significant. Core SG&A to Total SG&A Reconciliation September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 Selling, general, and administrative $ 70,982 $ 62,350 $ 71,319 $ 62,864 $ 63,487 Less: Stock-based compensation expense 5,140 3,929 7,594 4,983 4,165 Less: Project Orion deferred costs amortization 8,778 947 2,582 2,607 2,715 Core SG&A $ 57,064 $ 57,474 $ 61,143 $ 55,274 $ 56,607 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 Selling, general, and administrative $ 63,663 $ 66,576 $ 69,235 $ 66,907 $ 70,982 Less: Stock-based compensation expense 6,256 6,335 7,259 6,594 5,140 Less: Project Orion deferred costs amortization 1,810 1,791 2,109 4,762 8,778 Core SG&A $ 55,597 $ 58,450 $ 59,867 $ 55,551 $ 57,064
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Total Segment NOI Reconciliation to Net Income - Last 5 Years 40 Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income from continuing operations before income taxes $ (30,597) $ (29,928) $ (328,089) $ (103,177) $ (135,733) Depreciation and amortization expense 319,840 331,446 353,743 360,817 367,362 Selling, general, and administrative expense 182,076 231,067 226,786 255,118 269,474 Transactions, strategic Initiatives and other costs, net 51,578 32,511 64,087 77,169 103,893 Impairment of indefinite and long-lived assets 3,312 7,380 236,515 33,126 47,099 Loss (gain) on sale of real estate — 5,689 (2,254) (3,514) 44,324 Interest expense 99,177 116,127 140,107 135,323 147,776 Loss on debt extinguishment, modifications and termination of derivative instruments 5,689 3,217 2,482 116,082 — Loss from investments in partially owned entities 723 918 1,442 3,702 2,112 Impairment of related party loan receivable — — 21,972 — — Loss on put option — — 56,576 — — Other, net (2,022) (2,464) (2,795) (27,919) (6,921) Total segment NOI $ 629,776 $ 695,963 $ 770,572 $ 846,727 $ 839,386 NOI by Segment Warehouse $ 600,400 $ 648,561 $ 728,532 $ 810,204 $ 808,140 Transportation 29,376 47,402 42,040 36,523 31,246 Total segment NOI $ 629,776 $ 695,963 $ 770,572 $ 846,727 $ 839,386 Warehouse NOI Same store warehouse NOI (as reported) $ 491,431 $ 605,548 $ 714,389 $ 815,319 $ 800,094 Non-same store warehouse NOI 108,969 43,013 14,143 (5,115) 8,046 Total warehouse NOI $ 600,400 $ 648,561 $ 728,532 $ 810,204 $ 808,140 Same store warehouse NOI (as reported) Rent and Storage NOI $ 404,009 $ 540,029 $ 664,917 $ 635,462 $ 623,014 Services NOI 87,422 65,519 49,472 179,857 177,080 Total Same store warehouse NOI $ 491,431 $ 605,548 $ 714,389 $ 815,319 $ 800,094 Same Store warehouse figures reflect actual reported values for the given time period. See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
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Total Segment NOI Reconciliation to Net Income - Last 4 Quarters 41 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income from continuing operations before income taxes $ (108,858) $ (20,258) $ (323,726) $ 697,058 $ 244,216 Joint venture related management fee and reimbursed costs — — — (13,058) Joint venture related reimbursed costs — — — 11,597 Depreciation and amortization expense 99,895 91,660 102,931 105,666 400,152 Selling, general, and administrative expense 62,350 71,319 62,864 63,487 260,020 Transactions, strategic Initiatives and other costs, net 26,201 20,445 28,470 32,208 107,324 Impairment of indefinite and long-lived assets 41,796 — 309,572 4,623 355,991 Loss (gain) on sale of real estate 55,941 (2,205) (3,316) (12,126) 38,294 Interest expense 39,483 41,519 42,300 41,971 165,273 Gain on contribution of real estate assets — — — 721,381 (721,381) Loss from investments in partially owned entities 373 412 520 2,398 3,703 Other, net (327) (7,383) (6,928) 1,240 (13,398) Total segment NOI $ 216,854 $ 195,509 $ 212,687 $ 213,683 $ 838,733 NOI by Segment Warehouse $ 209,340 $ 186,706 $ 201,735 $ 204,216 $ 801,997 Transportation 7,514 8,803 10,952 9,467 36,736 Total segment NOI $ 216,854 $ 195,509 $ 212,687 $ 213,683 $ 838,733 Warehouse NOI Same store warehouse NOI $ 177,917 $ 162,552 $ 170,559 $ 180,933 $ 691,961 Non-same store warehouse NOI 7,460 (1,175) 2,535 1,575 10,395 Sites Contributed to Partially Owned Entities 23,963 25,329 28,641 21,708 $ 99,641 Total warehouse NOI $ 209,340 $ 186,706 $ 201,735 $ 204,216 $ 801,997 Same store warehouse NOI Rent and Storage NOI $ 131,823 $ 127,089 $ 128,476 $ 129,364 $ 516,752 Services NOI 46,094 35,463 42,083 51,569 175,209 Total Same store warehouse NOI $ 177,917 $ 162,552 $ 170,559 $ 180,933 $ 691,961 reflects the actual results of our 2026 same store and non-same store pools, recast for the formation of the EQT JV, in USD, for the respective periods. . See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
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Core EBITDA Reconciliation to Net Income 42 Year Ended December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income $ (30,309) $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Depreciation and amortization 319,840 331,446 353,743 360,817 367,362 Interest expense 99,177 116,127 140,107 135,323 147,776 Income tax benefit (1,569) (18,836) (2,273) (8,428) (20,451) Net loss (gain) from sale of real estate — 5,689 (2,254) (3,514) 44,324 Adjustment to reflect share of EBITDAre of partially owned entities 8,966 17,815 8,996 5,909 3,273 NAREIT EBITDAre $ 396,105 $ 432,767 $ 162,050 $ 395,358 $ 427,002 Adjustments: Transactions, strategic Initiatives and other costs, net 51,578 32,511 64,087 77,169 103,893 Loss from investments in partially owned entities 2,004 9,300 3,823 3,702 2,112 Impairment of indefinite and long-lived assets 3,312 7,380 236,515 33,126 47,099 Foreign currency exchange loss (gain) 610 975 431 (8,833) 1,408 Stock-based compensation expense 23,900 27,137 23,592 25,274 22,922 Loss on debt extinguishment and termination of derivative instruments, net 5,689 3,217 2,482 116,082 — Net loss (gain) on real estate related asset disposals 279 3,556 235 330 102 Net loss (gain) on sale of non-real estate related assets — — 3,725 (236) 2,494 Gain on legal settlement related to prior period operations — — (2,180) (6,104) — Project Orion and other software related deferred costs amortization — — — 4,182 16,596 Reduction in EBITDAre from partially owned entities (8,966) (17,815) (8,996) (5,909) (3,273) Gain from sale of partially owned entity — — (304) — (2,420) Loss from discontinued operations, net of tax — — 8,072 — — Impairment of related party loan receivable — — 21,972 — — Loss on put option — — 56,576 — — Gain on extinguishment of New Market Tax Credit Structure — (3,410) — — — Loss on deconsolidation of Chile Joint Venture — 4,148 — — — Core EBITDA $ 474,511 $ 499,766 $ 572,080 $ 634,141 $ 617,935 Total revenues $ 2,714,790 $ 2,914,735 $ 2,673,329 $ 2,666,541 $ 2,601,846 Core EBITDA as a percentage of total revenues 17.5 % 17.1 % 21.4 % 23.8 % 23.7 % See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
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Core EBITDA Reconciliation to Net Income 43 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income $ (88,910) $ (13,692) $ (346,460) $ 690,536 $ 241,474 Adjustments: Depreciation and amortization 99,895 91,660 102,931 105,666 400,152 Interest expense 39,483 41,519 42,300 41,971 165,273 Income tax benefit (19,948) (6,566) 22,734 6,522 2,742 Net loss (gain) from sale of real estate 55,941 (2,205) (3,316) (12,126) 38,294 Adjustment to reflect share of EBITDAre of partially owned entities 499 619 616 3,389 5,123 Gain on contribution of real estate assets $ — $ — $ — $ (721,381) $ (721,381) NAREIT EBITDAre $ 86,960 $ 111,335 $ (181,195) $ 114,577 $ 131,677 Adjustments: Transactions, strategic Initiatives and other costs, net 26,201 20,445 28,470 32,208 107,324 Loss from investments in partially owned entities 373 412 520 2,398 3,703 Impairment of indefinite and long-lived assets 41,796 — 309,572 4,623 355,991 Foreign currency exchange loss (gain) 732 (4,686) 78 1,570 (2,306) Stock-based compensation expense 3,929 7,594 4,983 4,165 20,671 Loss on debt extinguishment and termination of derivative instruments, net — — (5,857) 538 (5,319) Net loss (gain) on real estate related asset disposals 88 (5) — 347 430 Net loss (gain) on sale of non-real estate related assets 2,404 (241) 515 (368) 2,310 Project Orion and other software related deferred costs amortization 947 2,582 2,607 2,715 8,851 Adjustment to reflect share of Core EBITDA of partially owned entities — — — 1,473 1,473 Reduction in EBITDAre from partially owned entities (499) (619) (616) (4,862) (6,596) Core EBITDA $ 162,931 $ 136,817 $ 159,077 $ 159,384 $ 618,209 Total revenues $ 658,453 $ 629,870 $ 662,890 $ 691,558 $ 2,642,771 Core EBITDA as a percentage of total revenues 24.7 % 21.7 % 24.0 % 23.0 % 23.4 % See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures Net Debt to Total Debt Outstanding Reconciliation September 30, 2026 Total Debt Outstanding $ 3,341,589 Less: Cash, cash equivalents and restricted cash (35,979) Net Debt $ 3,305,610
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Adjusted FFO Reconciliation to Net Income 44 Year Ended December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net (loss) income $ (19,474) $ (336,269) $ (94,749) $ (115,282) Adjustments: Real estate related depreciation 210,171 222,837 225,388 228,424 Net loss (gain) from sale of real estate 5,689 (2,254) (3,514) 44,324 Net loss on real estate related asset disposals 1,135 235 330 102 Impairment charges on certain real estate assets 3,407 — 20,985 45,612 Our share of reconciling items related to partially owned entities 4,410 1,705 1,144 894 NAREIT FFO $ 205,338 $ (113,746) $ 149,584 $ 204,074 Adjustments: Net loss (gain) on sale of non-real estate assets 2,421 3,725 (236) 2,494 Transactions, strategic Initiatives and other costs, net 32,511 64,087 77,169 103,893 Impairment of indefinite and long-lived assets (excluding certain real estate assets) 3,209 236,515 12,141 1,487 Loss on debt extinguishment, modifications, and termination of derivative instruments, net 3,217 2,482 116,082 — Foreign currency exchange loss (gain) 975 431 (8,833) 1,408 Gain on legal settlement related to prior period operations — (2,180) (6,104) — Gain on extinguishment of New Market Tax Credit Structure (3,410) — — — Loss on deconsolidation of Chile Joint Venture 4,148 — — — Project Orion deferred costs amortization — — 4,182 16,596 Our share of reconciling items related to partially owned entities 574 64 805 145 Loss from discontinued operations, net of tax — 8,072 — — Impairment of related party loan receivable — 21,972 — — Loss on put option — 56,576 — — Gain on sale of LATAM JV — (304) — — Gain from sale of partially owned entity — — — (2,420) Core FFO 248,983 277,694 344,790 327,677 Adjustments: Amortization of deferred financing costs and pension withdrawal liability 4,833 5,095 5,329 5,869 Amortization of below/above market leases 2,131 1,506 1,445 1,441 Non-real estate asset impairment 764 — — — Straight-line rent adjustment 747 1,011 1,612 288 Deferred income tax (benefit) expense (22,561) (10,781) (13,210) (26,584) Stock-based compensation expense 27,137 23,592 25,274 22,922 Non-real estate depreciation and amortization 121,275 130,906 135,429 138,938 Maintenance capital expenditures (85,511) (78,411) (80,951) (62,554) Our share of reconciling items related to partially owned entities 2,482 1,013 671 277 Adjusted FFO $ 300,280 $ 351,625 $ 420,389 $ 408,274 Weighted average dilutive shares $ 270,606 276,397 285,185 285,905 Adjusted FFO - diluted per share $ 1.11 $ 1.27 $ 1.47 $ 1.43 See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures
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Adjusted FFO Reconciliation to Net Income 45 Three Months Ended Twelve Months Ended December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 September 30, 2026 Net (loss) income $ (88,910) $ (13,692) $ (346,460) $ 690,536 $ 241,474 Adjustments: Real estate related depreciation 63,319 56,261 64,492 58,578 242,650 Net loss (gain) from sale of real estate 55,941 (2,205) (3,316) (12,126) 38,294 Net loss on real estate related asset disposals 88 (5) — 347 430 Impairment charges on certain real estate assets 41,796 — 309,004 4,623 355,423 Our share of reconciling items related to partially owned entities 247 247 260 917 1,671 Gain on contribution of real estate assets $ — $ — $ — $ (714,097) $ (714,097) NAREIT FFO $ 72,481 $ 40,606 $ 23,980 $ 28,778 $ 165,845 Adjustments: Net loss (gain) on sale of non-real estate assets 2,404 (241) 515 (368) 2,310 Transactions, strategic Initiatives and other costs, net 26,201 20,445 28,470 32,208 107,324 Impairment of indefinite and long-lived assets (excluding certain real estate assets) — — 568 — 568 Loss on debt extinguishment, modifications, and termination of derivative instruments, net — — (5,857) 538 (5,319) Foreign currency exchange loss (gain) 732 (4,686) 78 1,570 (2,306) Project Orion deferred costs amortization 947 2,582 2,607 2,715 8,851 Our share of reconciling items related to partially owned entities — — — 1,473 1,473 Core FFO 102,765 58,706 50,361 66,914 278,746 Adjustments: Amortization of deferred financing costs and pension withdrawal liability 1,467 1,532 1,606 1,846 6,451 Amortization of below/above market leases 360 365 296 265 1,286 Straight-line rent adjustment 63 302 835 330 1,530 Deferred income tax (benefit) expense (22,017) (9,506) 21,218 (3,020) (13,325) Stock-based compensation expense 3,929 7,594 4,983 4,165 20,671 Non-real estate depreciation and amortization 36,576 35,399 38,439 47,088 157,502 Maintenance capital expenditures (14,908) (12,504) (15,818) (17,030) (60,260) Our share of reconciling items related to partially owned entities 45 33 30 780 888 Adjusted FFO $ 108,280 $ 81,921 $ 101,950 $ 101,338 $ 393,489 Weighted average dilutive shares 286,208 286,606 287,286 287,286 286,847 Adjusted FFO - diluted per share $ 0.38 $ 0.29 $ 0.35 $ 0.35 $ 1.37 See "Non-GAAP Financial Measures" for additional information regarding these non-GAAP financial measures