Americold Realty Trust announced financial and operating results for the fourth quarter and full year ended December 31, 2025.

Americold Realty Trust, Inc. (NYSE: COLD) (the "Company"), is the global leader in temperature-controlled logistics, ensuring safe, efficient food movement worldwide, today announced financial and operating results for the fourth quarter and year ended December 31, 2025.

Rob Chambers, Chief Executive Officer of Americold Realty Trust, stated, "Americold delivered solid fourth-quarter AFFO per share of $0.38, slightly ahead of expectations in what remains a challenging backdrop across the cold storage industry. Our teams continue to execute well, improving operational performance, advancing our commercial strategy, and delivering on key development milestones around the globe. During the year we expanded our services margin and achieved our long-term 60% target for fixed commitment contracts, while winning new business with some of the world's most important food producers and retailers. I am proud of how the organization has remained focused on delivering our commitments as we build a stronger foundation for the years ahead."

"Entering 2026, we have developed a list of key priorities that are designed to position Americold for long-term future growth. These include taking disciplined steps to strengthen our balance sheet, enhance the profitability of our global real estate portfolio, and focus our capital on customer-driven development opportunities. At the same time, we are expanding our presence in high-value retail and store-support solutions, while broadening our commercial aperture to pursue opportunities in new and adjacent sectors. Our cost-reduction initiatives are well underway and will help us navigate the ongoing headwinds while we execute against these priorities. With the upcoming addition of Chris Papa as our Chief Financial Officer, we are further bolstering our capabilities as we advance this next phase of our strategy."

"In this complex environment, we are taking a prudent approach to our 2026 outlook and expect AFFO of $1.20 to $1.30 per share. I believe the actions we are taking behind our key priorities will meaningfully strengthen our company and enhance our long-term earnings power. Americold's mission-critical assets, operational excellence, and deep customer relationships continue to differentiate us in the marketplace, and we remain confident in our ability to create sustained value for our shareholders."

Fourth Quarter 2025 Highlights

Total revenues of $658.5 million, a 1.2% decrease from $666.4 million in Q4 2024 and a decrease of 1.6% on a constant currency basis.

Net loss of $88.3 million, or $0.31 loss per diluted share, as compared to a net loss of $0.13 per diluted share in Q4 2024.

Global Warehouse segment same store revenues decreased 1.1% on an actual basis and decreased 1.5% on a constant currency basis as compared to Q4 2024.

Global Warehouse same store services margin increased to 13.9% from 12.7% in Q4 2024.

Global Warehouse segment same store NOI decreased 0.6%, or 0.8% on a constant currency basis, as compared to Q4 2024.

Adjusted FFO of $108.3 million, or $0.38 per diluted share, a 2.7% increase from Q4 2024 Adjusted FFO per diluted share of $0.37.

Core EBITDA of $162.9 million, increased $7.3 million, or 4.7% (3.3% on a constant currency basis) from $155.6 million in Q4 2024.

Core EBITDA margin of 24.7%, increased from 23.3% in Q4 2024.

 

Full Year to Date 2025 Highlights

Total revenues of $2.6 billion, a 2.4% decrease from $2.7 billion in 2024 and a decrease of 2.3% on a constant currency basis.

Net loss of $114.5 million, or $0.40 loss per diluted share, as compared to a net loss of $0.33 per diluted share in 2024.

Global Warehouse segment same store revenues decreased 1.4% on an actual basis and decreased 1.2% on a constant currency basis as compared to 2024.

Global Warehouse same store services margin increased to 12.8% from 12.3% in 2024.

Global Warehouse segment same store NOI decreased 2.7%, or 2.5% on a constant currency basis, as compared to 2024.

Adjusted FFO of $408.3 million, or $1.43 per diluted share, a 2.7% decrease from 2024 Adjusted FFO per diluted share of $1.47.

Core EBITDA of $617.9 million, decreased $16.2 million, or 2.6% on an actual and constant currency basis from $634.1 million in 2024.

Core EBITDA margin of 23.7%, decreased from 23.8% in 2024.

 

2026 Outlook

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

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