Americold Realty Trust Earnings Call Transcripts
Fiscal Year 2026
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AFFO per share exceeded expectations in Q1 2026, with stabilized occupancy and strong contract renewals. A $1.3B joint venture with EQT will fund debt repayment and reduce leverage, while guidance for the year is maintained despite anticipated JV headwinds.
Fiscal Year 2025
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Q4 2025 results exceeded expectations, with AFFO per share at $0.38 and strong year-over-year growth in NOI and EBITDA. 2026 guidance anticipates AFFO of $1.20–$1.30 per share amid ongoing industry headwinds, with a focus on deleveraging, cost control, and portfolio optimization.
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Third-quarter AFFO per share met expectations amid persistent demand and pricing headwinds. Economic occupancy and throughput remain pressured, but revenue per pallet improved and new business wins set a record. Guidance is reiterated, with further occupancy and pricing headwinds expected in 2026.
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Q2 2025 results were stable but challenged by persistent demand and pricing headwinds, leading to reduced AFFO guidance and flat occupancy expectations for the rest of the year. Strategic development projects were completed under budget, and capital is being redeployed into higher-return opportunities.
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Q1 2025 results met expectations, with strong operational execution and a 5% dividend increase. Full-year guidance was revised downward due to macro headwinds, but fixed-commitment contracts and development activity remain robust.
Fiscal Year 2024
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Strong Q4 and 2024 results featured double-digit NOI growth, margin expansion, and a robust development pipeline. 2025 guidance calls for 5% AFFO per share growth, stable occupancy, and continued investment in high-return projects.
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AFFO and same-store NOI grew over 11% year-over-year, driven by productivity and technology gains, while warehouse services margins set a new 12% base. Despite weak consumer demand and lower occupancy, fixed commitment contracts and a robust development pipeline support future growth.
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AFFO and Core EBITDA saw strong double-digit growth, driven by higher warehouse services margins and operational efficiencies from Project Orion. Despite weak consumer demand and lower throughput, guidance for AFFO per share and NOI was raised, with development activity accelerating and service margins expected to remain robust.