COLD

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include, but are not limited to, those identified below and those described in Part I of this Quarterly Report on Form 10-Q under "Cautionary Statement Regarding Forward-Looking Statements", and "Risk Factors” in Item 1A of Part I of our 2025 Annual Report on Form 10-K. Management’s Overview Americold Realty Trust, Inc. together with its subsidiaries (“ART”, “Americold”, the “Company”, “us” or “we”) is a Maryland corporation that operates as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. As of June 30, 2026, the Company operated 224 warehouses globally, totaling approximately 1.4 billion cubic feet, with 179 warehouses in North America, 23 warehouses in Europe, 20 warehouses in Asia-Pacific, and 2 warehouses in South America. As of June 30, 2026, our business includes two primary business segments: Warehouse and Transportation. We also have a minority interest in one joint venture: RSA Cold Holdings Limited (the “RSA joint venture”), which operates 2 temperature-controlled warehouses in Dubai. 33 Table of Contents Joint Venture Formation On May 7, 2026, the Company announced the signing of a joint venture agreement with EQT Partners (“EQT”), one of the world’s largest private equity investors, to create a new North American joint venture focused on the ownership, operation, and development of high-quality cold storage warehouse facilities. Under the terms of the agreement, EQT and the Company will hold 70% and 30% equity interests, respectively, in the new venture. At inception, the Company will contribute 12 cold storage facilities to the joint venture and expects to receive proceeds from such transfer, which will be used to pay down outstanding indebtedness of the Company. The transaction is subject to customary closing conditions. Segment Reorganization As of January 1, 2026, the Company revised the operating segment information regularly provided to the Company's Chief Operating Decision Maker (the “CODM”) to combine the Warehouse and the former Third-party managed operating segments. As a result of this change, the Company now has two reportable operating segments: Warehouse and Transportation. All prior period comparative financial information has been recast to reflect the revised segment structure. See Note 10 - Segment Information for additional information of the Company's reportable segments. Business Strategy Our strategy is focused on disciplined execution, capital efficiency, and proactive asset management to enhance operating and financial performance, increase cash flows from operations, and create long-term stockholder value. We leverage the scale, density, and flexibility of our global temperature-controlled warehouse network to support customers across the cold chain, drive organic growth within our existing portfolio, and optimize physical and economic utilization. As an owner and operator of specialized cold-storage real estate, we actively manage our portfolio to maintain financial flexibility, support evolving customer requirements, and create value through selective development and portfolio optimization. We continue to emphasize operational excellence, cost discipline, and service reliability, supported by standardized processes and ongoing technology investments. While food remains our primary end market, our facilities also support adjacent temperature-sensitive categories and, where appropriate, non-temperature-sensitive goods. We believe these strategies position us to benefit from continued customer outsourcing, e-commerce growth, and evolving distribution models. 34 Table of Contents Key Factors Affecting Our Business and Financial Results Retail Automation and Other Real Estate Related Impairments On July 21, 2026, Americold Realty Trust, Inc. entered into an agreement with ADUSA Distribution, a subsidiary of Ahold Delhaize USA and a customer of the Company, pursuant to which the Company and ADUSA Distribution agreed to wind down operations at the Company's automated retail distribution center in Lancaster, Pennsylvania and Plainville, Connecticut, both of which were purpose-developed for ADUSA Distribution's use. As a result of the agreement described above, together with other real estate-related impairments recognized during the period, the Company recorded impairment charges of $309.6 million during the six months ended June 30, 2026, which were recognized within Impairment of long-lived assets on the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2025, the Company recorded impairment charges of $5.2 million primarily related to the exit or anticipated exit of certain warehouse operations. Project Orion In February 2023, the Company announced Project Orion (“Project Orion”), a multi‑year transformation initiative focused on modernizing technology platforms and business processes to support future growth and operational efficiency. Project Orion includes the implementation of a new cloud‑based enterprise resource planning (“ERP”) system (“Orion – Oracle”) and other transformation initiatives (“Orion – Transformation”). The Orion – Oracle implementation is substantially complete, with the exception of deployment in Europe. The Company recognized $11.1 million and $15.4 million in total costs related to Project Orion during the three months ended June 30, 2026 and 2025, respectively. The total costs related to Project Orion during the six months ended June 30, 2026 and 2025 were $17.0 million and $26.9 million, respectively. Massillon Acquisition On March 18, 2026, the Company completed the acquisition of Massillon (the “Massillon acquisition”), a previously leased warehouse facility located in Massillon, Ohio, for total consideration of $18.7 million. The Company purchased the property for investment purposes, intending to hold it for rental income and capital appreciation. Significant Risks and Uncertainties Certain industry and macroeconomic conditions have affected the operating environment for cold storage providers. These include increased speculative development, which has intensified competition and pricing dynamics, as well as inflationary and regulatory factors that have influenced consumer spending patterns and, indirectly, demand from food producers and retailers. To the extent these conditions impact operating performance over time, they may cause us to adjust our assumptions and estimates of future cash flows and fair value and increase the risk of impairment of certain long-lived assets. For a more robust discussion of risks associated with the Company and its operating results, see “Risk Factors” in the Company’s 2025 Annual Report on Form 10-K. 35 Table of Contents Seasonality We provide services to food producers, distributors, retailers, and e-tailers whose businesses, in some cases, are seasonal or cyclical. To help mitigate revenue and earnings volatility associated with seasonality, we have implemented fixed-commitment contracts with certain customers, under which customers pay for guaranteed warehouse space to maintain required inventory levels, particularly during periods of peak physical occupancy. Historically, on a portfolio-wide basis, physical occupancy rates have generally been lowest during May and June and have typically increased thereafter as a result of annual harvests and customer inventory build in advance of end-of-year holidays, with occupancy often peaking between mid-September and early December. Higher-than-average occupancy levels in October or November have historically resulted in higher revenues. However, these historical seasonal patterns are not always indicative of current or future results, and in recent periods, challenging demand conditions and other factors impacting the business have resulted in occupancy levels and revenue trends that are not aligned with typical seasonal expectations. Seasonality is mitigated, in part, by the diversity of our customer base and product mix, as peak demand for various products occurs at different times of the year (for example, demand for ice cream is typically highest in the summer, while demand for frozen turkeys usually peaks in the late fall). In addition, our southern hemisphere operations in Australia, New Zealand, and South America help balance seasonal impacts across our global portfolio, as growing and harvesting cycles in those regions are complementary to those in North America and Europe. Each of our warehouses establishes operating hours based on customer demand, which varies by location and over time. Financial Trends and Uncertainties Management believes that recent and future operating results may continue to be impacted by broader macroeconomic conditions, including consumer spending conservatism, persistent inflationary pressures, tariff-related uncertainty, and reductions in government-sponsored benefits. These factors have collectively influenced purchasing behavior, which in turn affect our customers’ production volumes and the corresponding demand for our temperature-controlled storage and handling services. The cold storage industry has also experienced increased speculative capacity, particularly in key distribution markets, which has increased competition. Management believes these trends are reasonably likely to continue to impact future results; however, despite these headwinds, we remain focused on disciplined cost control, delivering high-quality customer service, and investing in areas of the business that offer the greatest long-term value. How We Assess the Performance of Our Business Segment Contribution Net Operating Income (“NOI”) We evaluate the performance of our primary business segments based on their NOI contribution to our overall results of operations which aligns with how our decision makers evaluate performance. •Warehouse segment contribution NOI is calculated as Warehouse segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative expense, corporate-level Transactions, strategic initiatives and other costs, net, Impairment of long-lived assets, Net gain from sale of real estate, and all components of Other (expense) income. •Warehouse rent and storage contribution NOI is calculated as warehouse rent and storage revenues less power and other facilities costs. 36 Table of Contents •Warehouse services contribution NOI is calculated as warehouse services revenues less labor and other service costs. •Transportation segment contribution NOI is calculated as Transportation segment revenues less its cost of operations excluding any Depreciation and amortization, corporate-level Selling, general, and administrative expense, corporate-level Transactions, strategic initiatives and other costs, net, Impairment of long-lived assets, Net gain from sale of real estate, and all components of Other (expense) income. •Contribution NOI margin for each of these operations is calculated as the applicable contribution NOI measure divided by the applicable revenue measure. Segment NOI and NOI margin contribution metrics help investors understand revenues, costs, and earnings among service types. These NOI contribution measures are supplemental and are not measurements of financial performance under U.S. GAAP. We provide reconciliations of these measures to the most directly comparable U.S. GAAP measures in the results of operations sections below. Same Store Analysis We believe that same store metrics are key performance indicators commonly used in the real estate industry. Evaluating the performance of our real estate portfolio on a same store basis allows investors to evaluate performance in a way that is consistent period to period. 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) does 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. 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. For all same store properties (as defined above), we calculate “same store contribution NOI”, “same store rent and storage contribution NOI”, “same store services contribution NOI”, and the related margins in the same manner as described above. To ensure comparability in our period-to-period operating results, we also calculate same store contribution NOI measures on a constant currency basis, removing the impact of foreign exchange rate fluctuations by using prior period exchange rates to translate current period results into US dollars. These metrics isolate the operating performance of a consistent set of properties and thus eliminates the effects of changes in portfolio composition and currency fluctuations. 37 Table of Contents The following table shows the number of same store and non-same store warehouses in our portfolio as of June 30, 2026. Warehouse site count As of June 30, 2026 Total Warehouses(1) 224 Same Store Warehouses(2) 212 Non-Same Store Warehouses(3) 12 (1)Sites are removed from the site count if the executive leadership team has approved the exit and the site is vacant as of period end or, generally, if the site is held for sale. (2)As of January 1, 2026, the Company's former Third-Party Managed reportable segment is included under the Warehouse reportable segment. The Company's Third-Party Managed sites are included within the same store warehouse pool. (3)As of June 30, 2026, the non-same store facility count consists of: 5 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, and 5 sites in the process of winding down operations. As of June 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence. Same store financial metrics are 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 financial metrics in a manner consistent with our definitions and calculations. Same store financial measures should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. We provide reconciliations of these measures to the most directly comparable U.S. GAAP measures in the discussions of our comparative results of operations below. Physical Occupancy of our Warehouses We define average physical occupied pallets as the average number of physically occupied pallet positions in our warehouses for the applicable period. Physical occupancy percentage is calculated by dividing the average number of physically occupied pallets by the estimated average of total physical pallet positions in our warehouses, for the applicable period. We estimate the number of physical pallet positions by taking into account actual racked space and by estimating unracked space on an as-if racked basis. We base this estimate on a formula utilizing the total cubic feet of each room within the warehouse that is unracked divided by the volume of an assumed rack space that is consistent with the characteristics of the relevant warehouse. On a warehouse by warehouse basis, rack space generally ranges from three to four feet depending upon the type of facility and the nature of the customer goods stored therein. The number of our pallet positions is reviewed and updated quarterly, taking into account changes in racking configurations and room utilization. Economic Occupancy of our Warehouses We define average economic occupied pallets as the sum of the average number of physically occupied pallets and otherwise contractually committed pallets for a given period, without duplication. Economic occupancy percentage is calculated by dividing the average economic occupied pallets by the estimated average of total physical pallet positions in our warehouses, regardless of whether they are occupied, for the applicable period. Economic occupancy is a key driver of our financial results as it mitigates the impact of seasonal changes on physical occupancy and ensures our customers have the necessary space to support their business needs. 38 Table of Contents Throughput at our Warehouses The level and nature of throughput at our warehouses significantly impacts our warehouse services revenues. Throughput refers to the volume of pallets entering and exiting our warehouses, with higher levels of throughput driving warehouse services revenues. The nature of throughput can be influenced by various factors including product turnover and shifts in consumer demand. Food manufacturers’ production levels are influenced by market conditions, consumer demand, labor availability, supply chain dynamics and consumer preferences, which all impact throughput. Constant Currency Metrics Our consolidated revenues and expenses are subject to variations outside our control that are caused by the net effect of foreign currency translation on revenues generated and expenses incurred by our operations outside the United States. As a result, in order to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency fluctuations, we analyze our business performance based on certain constant currency reporting that represents current period results translated into U.S. dollars at the relevant average foreign exchange rates applicable in the comparable prior period. We believe that the presentation of constant currency results provides a measurement of our ongoing operations that is meaningful to investors because it excludes the impact of these foreign currency movements that we cannot control. Constant currency results are not measurements of financial performance under U.S. GAAP, and our constant currency results should be considered as a supplement, but not as an alternative, to our results calculated in accordance with U.S. GAAP. We provide reconciliations of these measures in the discussions of our comparative results of operations below. Components of Our Results of Operations Warehouse Rent, storage, and warehouse services revenues. Our primary source of revenues is rent, storage, and warehouse services fees. Rent and storage revenues are related to the storage of frozen, perishable or other products in our warehouses. We also offer a wide array of value-added services including: i) receipt, labeling and storage of goods, ii) customized order retrieval and packaging, iii) blast freezing and ripening, iv) government approved periodic inspections, fumigation, and other treatment services, v) e-commerce fulfillment and many more. Additionally, reimbursements that we receive for expenses incurred for warehouses that we manage on behalf of third-party owners are recognized as warehouse services revenues. We also earn management fees, incentive fees upon achieving negotiated performance and cost-savings results, or an applicable mark-up on costs. Rent, storage, and warehouse services cost of operations consist of labor, power, other facilities costs, and other service costs. Labor covers wages, benefits, workers' compensation, and can vary due to factors like workforce size, customer needs, compensation levels, third-party labor usage, collective bargaining agreements, customer requirements, productivity, labor availability, government policies, medical insurance costs, safety programs, and discretionary bonuses. Additionally, we incur labor charges for warehouses that we managed on behalf of third-party owners, which are recognized on a pass-through basis. 39 Table of Contents The cost of power fluctuates based on the price of power in the regions that our facilities operate and the required temperature zone or freezing required. We may, from time to time, hedge our exposure to changes in power prices through fixed rate agreements or, to the extent possible and appropriate, through rate escalations or power surcharge provisions within our customer contracts. Other facilities costs include utilities other than power, property taxes and insurance, sanitation, repairs and maintenance, operating leases rent charges, security, and other related facilities costs. Other services costs include equipment costs, warehouse consumables (e.g. shrink-wrap), associate protective equipment, warehouse administration and other related services costs. Transportation Transportation services revenues are derived from fees charged for transportation of our customers products, often including fuel and capacity surcharges. Transportation services cost of operations are primarily affected by third-party carrier costs, which are influenced by carrier factors like driver and equipment availability. In select markets, we use our drivers and assets, incurring costs like wages, fuel, tolls, insurance, and maintenance to operate these assets. Consolidated Operating Expenses Depreciation and amortization charges relate to the depreciation of buildings and equipment related improvements, leasehold improvements, material handling equipment, furniture, fixtures, and our computer equipment. Amortization relates primarily to intangible assets for customer relationships. Selling, general, and administrative expenses consist primarily of warehouse and non-warehouse related labor, administrative expenses, employee related costs, professional fees, equipment expenses, facility and warehouse costs, and information technology (including amortization and ongoing licenses expenses associated with the go-live of Project Orion). Transactions, strategic initiatives and other costs, net consists of non-recurring or non-routine costs including costs related to severance, non-routine stock compensation expense associated with certain employee awards and professional and consulting fees for strategic projects, acquisition related costs, terminated site operations and costs related to sites held for sale or idle facilities, Project Orion, and cyber incident related costs, net of insurance recoveries. These costs are not representative of our normal course of operations. Impairment of long-lived assets represents the impairment of certain long-lived assets whose values are considered unrecoverable, including recently recorded impairment charges related to the wind down of the Company’s retail automated operations in Plainville, CT and Lancaster, PA. Net gain from sale of real estate represents the gain recognized on the Company’s sale of real estate related assets. Interest expense is primarily associated with interest charged on unsecured revolving credit facilities, term loans, and notes. Interest expense also includes the impact of any interest rate swaps meant to hedge interest rate risk associated with such debt instruments. 40 Table of Contents Loss from investments in partially owned entities is representative of our share of gains and losses associated with our minority ownership interests in joint ventures. Other, net primarily includes gains related to the termination of certain hedge instruments, interest income, foreign currency remeasurement, gains and losses on other asset disposals including investments in partially owned entities, and other miscellaneous transactions. 41 Table of Contents Results of Operations Comparison of Results for the Three Months Ended June 30, 2026 and 2025 Warehouse Segment As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. The following table presents revenues, contribution (NOI), margins, and certain operating metrics for our global Warehouse segment for the three months ended June 30, 2026 and 2025. Three Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency (Dollars and units in thousands, except per pallet data) Global Warehouse revenues(2): Rent and storage $ 253,665 $ 252,128 $ 256,732 (1.2) % (1.8) % Warehouse services(3) 349,908 344,957 345,919 1.2 % (0.3) % Total revenues $ 603,573 $ 597,085 $ 602,651 0.2 % (0.9) % Global Warehouse cost of operations(2)(3): Power 38,114 37,915 35,544 7.2 % 6.7 % Other facilities costs(4)(5) 60,379 59,914 61,804 (2.3) % (3.1) % Labor 254,904 250,811 253,853 0.4 % (1.2) % Other services costs(4)(6) 48,441 48,205 48,536 (0.2) % (0.7) % Total Warehouse segment cost of operations $ 401,838 $ 396,845 $ 399,737 0.5 % (0.7) % Global Warehouse contribution (NOI) $ 201,735 $ 200,240 $ 202,914 (0.6) % (1.3) % Rent and storage contribution (NOI) $ 155,172 $ 154,299 $ 159,384 (2.6) % (3.2) % Services contribution (NOI) $ 46,563 $ 45,941 $ 43,530 7.0 % 5.5 % Global Warehouse margin 33.4 % 33.5 % 33.7 % -30 bps -20 bps Rent and storage margin 61.2 % 61.2 % 62.1 % -90 bps -90 bps Warehouse services margin 13.3 % 13.3 % 12.6 % 70 bps 70 bps Global Warehouse rent and storage metrics: Average economic occupied pallets 3,926 n/a 4,057 (3.2) % n/a Average physical occupied pallets 3,484 n/a 3,454 0.9 % n/a Average physical pallet positions 5,168 n/a 5,499 (6.0) % n/a Economic occupancy percentage 76.0 % n/a 73.8 % 220 bps n/a Physical occupancy percentage 67.4 % n/a 62.8 % 460 bps n/a Total rent and storage revenues per average economic occupied pallet $ 64.61 $ 64.22 $ 63.28 2.1 % 1.5 % Total rent and storage revenues per average physical occupied pallet $ 72.81 $ 72.37 $ 74.33 (2.0) % (2.6) % Global Warehouse services metrics: Throughput pallets(3) 8,926 n/a 9,017 (1.0) % n/a Total warehouse services revenues per throughput pallet $ 39.20 $ 38.65 $ 38.36 2.2 % 0.8 % (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. (2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. Refer to Note 3 - Transactions, Strategic Initiatives and Other Costs, Net for further details. (3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. (4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. (5)Includes real estate rent expense of $6.6 million and $7.4 million, on an actual basis, for the three months ended June 30, 2026 and 2025, respectively. (6)Includes non-real estate rent expense (equipment lease and rentals) of $1.8 million and $2.4 million, on an actual basis, for the three months ended June 30, 2026 and 2025, respectively. Prior period non-real estate rent expense is recast for the inclusion of Third-Party Managed sites. n/a - not applicable 42 Table of Contents On a constant currency basis, our Warehouse segment revenues decreased $5.6 million, or 0.9%, during the three months ended June 30, 2026, as compared to the same period in the prior year. This decrease was driven by the $11.8 million decrease in revenues in our non-same store pool, partially offset by the $6.2 million increase in revenues in our same store pool, both on a constant currency basis. Refer to the discussion in the same store section below for further details on the same store revenues increase. The decrease in revenues in the non-same store pool was primarily attributable to facilities exited, idled, or held for sale or sold subsequent to June 30, 2025, partially offset by incremental revenues associated with recently completed developments and expansions. On a constant currency basis, our Warehouse segment cost of operations decreased $2.9 million, or 0.7%, during the three months ended June 30, 2026, as compared to the same period in the prior year. This is primarily driven by a decrease of $13.4 million in our non-same store pool, partially offset by an increase of $10.5 million in our same store pool, both on a constant currency basis. Refer to the discussion in the same store section below for further details on the same store cost of operations increase. The decrease in the non-same store pool is primarily attributable to the decrease in revenues as described above. On a constant currency basis, Warehouse segment NOI decreased $2.7 million, or 1.3% during the three months ended June 30, 2026, as compared to the same period in the prior year. NOI decreased $4.3 million, or 2.2%, for our same store pool, and increased $1.7 million for our non-same store pool, both on a constant currency basis, due to the factors described above for the non-same store pool and in the same store section below. 43 Table of Contents Same Store and Non-Same Store Results As of January 1, 2026, the Company’s former Third-Party Managed reportable segment is included under the Warehouse reportable segment within the same store warehouse pool. All prior period comparative financial information has been recast to reflect the revised segment structure. The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our same store and non-same store for the three months ended June 30, 2026 and 2025. Three Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency Number of same store warehouses 212 212 (Dollars and units in thousands, except per pallet data) Same store revenues(2): Rent and storage $ 240,953 $ 239,533 $ 239,808 0.5 % (0.1) % Warehouse services(3) 339,134 334,489 328,012 3.4 % 2.0 % Total same store revenues $ 580,087 $ 574,022 $ 567,820 2.2 % 1.1 % Same store cost of operations(2)(3): Power 36,134 35,950 32,475 11.3 % 10.7 % Other facilities costs(4) 56,697 56,300 56,088 1.1 % 0.4 % Labor 242,559 238,714 235,443 3.0 % 1.4 % Other services costs(4) 46,482 46,258 42,682 8.9 % 8.4 % Total same store cost of operations $ 381,872 $ 377,222 $ 366,688 4.1 % 2.9 % Same store contribution (NOI) $ 198,215 $ 196,800 $ 201,132 (1.5) % (2.2) % Same store rent and storage contribution (NOI) $ 148,122 $ 147,283 $ 151,245 (2.1) % (2.6) % Same store services contribution (NOI) $ 50,093 $ 49,517 $ 49,887 0.4 % (0.7) % Same store margin 34.2 % 34.3 % 35.4 % -120 bps -110 bps Same store rent and storage margin 61.5 % 61.5 % 63.1 % -160 bps -160 bps Same store services margin 14.8 % 14.8 % 15.2 % -40 bps -40 bps Same store rent and storage metrics: Average economic occupied pallets 3,811 n/a 3,833 (0.6) % n/a Average physical occupied pallets 3,390 n/a 3,277 3.4 % n/a Average physical pallet positions 4,905 n/a 4,947 (0.8) % n/a Economic occupancy percentage 77.7 % n/a 77.5 % 20 bps n/a Physical occupancy percentage 69.1 % n/a 66.2 % 290 bps n/a Same store rent and storage revenues per average economic occupied pallet $ 63.23 $ 62.85 $ 62.56 1.1 % 0.5 % Same store rent and storage revenues per average physical occupied pallet $ 71.08 $ 70.66 $ 73.18 (2.9) % (3.4) % Same store services metrics: Throughput pallets(3) 8,682 n/a 8,632 0.6 % n/a Same store warehouse services revenues per throughput pallet $ 39.06 $ 38.53 $ 38.00 2.8 % 1.4 % (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. (2)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. (3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. (4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. n/a - not applicable 44 Table of Contents Same store rent and storage revenues decreased by $0.3 million, on a constant currency basis, primarily due to a 0.6% decrease in average economic occupied pallets associated with the overall decline in fixed commitment storage contracts during the three months ended June 30, 2026 compared to the same period in the prior year. This decrease includes a 3.4% increase in average physical occupied pallets, the benefit of which was offset by a 3.4% decrease in rent and storage revenues per average physical occupied pallet due to the unfavorable mix of products stored during the period. Same store services revenues increased by $6.5 million on a constant currency basis, primarily due to an increase in same store warehouse services revenues per throughput pallet of 1.4% and an increase in throughput pallets of 0.6% during the three months ended June 30, 2026, compared to the same period in the prior year. Same store costs of operations increased by $10.5 million, on a constant currency basis, primarily driven by higher power and other services costs. The increase in power costs was primarily driven by higher energy prices during the three months ended June 30, 2026, compared to the same period in the prior year. The increase in other services costs was due to higher customer claims and travel expenses recognized during the three months ended June 30, 2026, compared to the same period in the prior year. 45 Table of Contents Three Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency Number of non-same store warehouses 12 25 (Dollars and units in thousands, except per pallet data) Non-same store revenues(2): Rent and storage $ 12,712 $ 12,595 $ 16,924 n/r n/r Warehouse services 10,774 10,468 17,907 n/r n/r Total non-same store revenues $ 23,486 $ 23,063 $ 34,831 n/r n/r Non-same store cost of operations(2): Power 1,980 1,965 3,069 n/r n/r Other facilities costs 3,682 3,614 5,716 n/r n/r Labor 12,345 12,097 18,410 n/r n/r Other services costs 1,959 1,947 5,854 n/r n/r Total non-same store cost of operations $ 19,966 $ 19,623 $ 33,049 n/r n/r Non-same store contribution (NOI) $ 3,520 $ 3,440 $ 1,782 n/r n/r Non-same store rent and storage contribution (NOI) $ 7,050 $ 7,016 $ 8,139 n/r n/r Non-same store services contribution (NOI) $ (3,530) $ (3,576) $ (6,357) n/r n/r Non-same store rent and storage metrics: Average economic occupied pallets 115 n/a 224 n/r n/a Average physical occupied pallets 94 n/a 177 n/r n/a Average physical pallet positions 263 n/a 552 n/r n/a Economic occupancy percentage 43.7 % n/a 40.6 % n/r n/a Physical occupancy percentage 35.7 % n/a 32.1 % n/r n/a Non-same store rent and storage revenues per average economic occupied pallet $ 110.54 $ 109.52 $ 75.55 n/r n/r Non-same store rent and storage revenues per average physical occupied pallet $ 135.23 $ 133.99 $ 95.62 n/r n/r Non-same store services metrics: Throughput pallets 244 n/a 385 n/r n/a Non-same store warehouse services revenues per throughput pallet $ 44.16 $ 42.90 $ 46.51 n/r n/r (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. (2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. n/a - not applicable n/r - not relevant 46 Table of Contents Transportation Segment The following table presents the operating results of our Transportation segment for the three months ended June 30, 2026 and 2025. Three Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency (Dollars in thousands) Transportation services revenues $ 59,317 $ 57,674 $ 48,097 23.3 % 19.9 % Transportation services cost of operations 48,365 46,918 39,355 22.9 % 19.2 % Transportation segment contribution (NOI) $ 10,952 $ 10,756 $ 8,742 25.3 % 23.0 % Transportation margin 18.5 % 18.6 % 18.2 % 30 bps 40 bps (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. On a constant currency basis, Transportation services revenues increased $9.6 million, or 19.9%, as compared to the same period in the prior year. The increase was primarily due to overall higher volumes driven by increased customer expansion in North America and certain regions of Europe. In addition, transportation revenues in Asia‑Pacific increased as a result of a new business in Australia resulting in overall volume increases in the region. On a constant currency basis, Transportation services cost of operations increased $7.6 million, or 19.2%, as compared to the same period in the prior year. The increase was due to the same factors contributing to the increase in revenues mentioned above. Other Consolidated Operating Expenses The following table presents consolidated operating expenses, excluding cost of operations, for the three months ended June 30, 2026 and 2025. Three Months Ended June 30, Change 2026 2025 $ % Other consolidated operating expenses (In thousands) Depreciation and amortization $ 102,931 $ 90,462 $ 12,469 13.8 % Selling, general, and administrative $ 62,864 $ 66,907 $ (4,043) (6.0) % Transactions, strategic initiatives and other costs, net $ 28,470 $ 23,226 $ 5,244 22.6 % Impairment of long-lived assets $ 309,572 $ 5,226 $ 304,346 n/r Net gain from sale of real estate $ (3,316) $ (11,760) $ 8,444 (71.8) % n/r - not relevant Depreciation and amortization. Depreciation and amortization expense increased $12.5 million, or 13.8%, during the three months ended June 30, 2026 as compared to the same period in the prior year. This increase was substantially driven by the Company’s recently completed developments, expansions, and acquisitions, partially offset by sites that were sold, exited, or otherwise held for sale subsequent to June 30, 2025. 47 Table of Contents Selling, general, and administrative. During the three months ended June 30, 2026, corporate-level selling, general, and administrative expenses decreased $4.0 million, or 6.0%, compared to the same period in the prior year. This decrease was primarily driven by a decrease in labor and other personnel-related costs associated with overall costs reduction initiatives as well as a decrease in software related deferred costs amortization, partially offset by an increase in legal and professional fees. Transactions, strategic initiatives and other costs, net. During the three months ended June 30, 2026, Transactions, strategic initiatives and other costs, net increased $5.2 million, or 22.6% compared to the same period in the prior year primarily related to incremental transaction related costs associated with the anticipated formation of the joint venture with EQT. Impairment of long-lived assets. During the three months ended June 30, 2026, Impairment of long-lived assets increased $304.3 million, primarily associated with a mutual agreement with a customer to wind-down operations at the Company’s Plainville, CT and Lancaster, PA retail automated facilities. Net gain from sale of real estate. During the three months ended June 30, 2026, the Company recorded a net gain from the sale of real estate of $3.3 million, primarily related to the strategic sale of a facility in the United States. During the three months ended June 30, 2025, the Company recorded a net gain from the sale of real estate of $11.8 million, related to the strategic sale of two facilities in the United States and one facility in Europe. Other Income and Expense The following table presents items of other income and expense for the three months ended June 30, 2026 and 2025. Three Months Ended June 30, Change 2026 2025 $ % (In thousands) Interest expense $ 42,300 $ 38,245 $ 4,055 10.6 % Loss from investments in partially owned entities $ 520 $ 335 $ 185 55.2 % Other, net $ 6,928 $ 5,775 $ 1,153 20.0 % Interest expense. Interest expense increased $4.1 million, or 10.6%, as compared to the three months ended June 30, 2025. This was primarily due to an increase in outstanding debt, most notably our 2025 Unsecured Term Loan fully drawn during December of 2025 as well as an increase in interest on the U.S. dollar denominated Revolver due to timing of draws outstanding, partially offset by a decrease in interest due to the repayment of the Private Series A Notes in January of 2026 and a decrease in interest on failed sale-leaseback facilities. Other, net. Other, net was a benefit of $6.9 million for the three months ended June 30, 2026, as compared to a benefit of $5.8 million for the three months ended June 30, 2025. The benefit during the three months ended June 30, 2026 included a $5.9 million gain from the termination of interest rate swap agreements further described in Note 5 - Derivative Financial Instruments. The benefit during the three months ended June 30, 2025 included a $2.4 million gain from the sale of the SuperFrio joint venture. 48 Table of Contents Income Taxes Income tax expense for the three months ended June 30, 2026 was $22.7 million, an increase of $19.5 million from an income tax expense of $3.2 million for the three months ended June 30, 2025. The increase is primarily related to changes in the blend of pre-tax book income and losses generated year over year by jurisdiction. 49 Table of Contents Comparison of Results for the Six Months Ended June 30, 2026 and 2025 Warehouse Segment As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. The following table presents revenues, contribution (NOI), margins, and certain operating metrics for our global warehouse segment for the six months ended June 30, 2026 and 2025. Six Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency (Dollars and units in thousands, except per pallet data) Global Warehouse revenues(2): Rent and storage $ 499,720 $ 494,876 $ 511,311 (2.3) % (3.2) % Warehouse services(3) 681,766 669,666 676,327 0.8 % (1.0) % Total revenues $ 1,181,486 $ 1,164,542 $ 1,187,638 (0.5) % (1.9) % Global Warehouse cost of operations(2)(3): Power 71,937 71,099 67,255 7.0 % 5.7 % Other facilities costs(4)(5) 121,602 120,245 121,527 0.1 % (1.1) % Labor 507,622 497,773 501,297 1.3 % (0.7) % Other services costs(4)(6) 91,884 91,119 96,051 (4.3) % (5.1) % Total Warehouse segment cost of operations $ 793,045 $ 780,236 $ 786,130 0.9 % (0.7) % Global Warehouse contribution (NOI) $ 388,441 $ 384,306 $ 401,508 (3.3) % (4.3) % Rent and storage contribution (NOI) $ 306,181 $ 303,532 $ 322,529 (5.1) % (5.9) % Services contribution (NOI) $ 82,260 $ 80,774 $ 78,979 4.2 % 2.3 % Global Warehouse margin 32.9 % 33.0 % 33.8 % -90 bps -80 bps Rent and storage margin 61.3 % 61.3 % 63.1 % -180 bps -180 bps Warehouse services margin 12.1 % 12.1 % 11.7 % 40 bps 40 bps Global Warehouse rent and storage metrics: Average economic occupied pallets 3,928 n/a 4,093 (4.0) % n/a Average physical occupied pallets 3,428 n/a 3,477 (1.4) % n/a Average physical pallet positions 5,160 n/a 5,512 (6.4) % n/a Economic occupancy percentage 76.1 % n/a 74.3 % 180 bps n/a Physical occupancy percentage 66.4 % n/a 63.1 % 330 bps n/a Total rent and storage revenues per average economic occupied pallet $ 127.22 $ 125.99 $ 124.92 1.8 % 0.9 % Total rent and storage revenues per average physical occupied pallet $ 145.78 $ 144.36 $ 147.06 (0.9) % (1.8) % Global Warehouse services metrics: Throughput pallets(3) 17,668 n/a 18,027 (2.0) % n/a Total warehouse services revenues per throughput pallet $ 38.59 $ 37.90 $ 37.52 2.9 % 1.0 % (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. (2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. Refer to Note 3 - Transactions, Strategic Initiatives and Other Costs, Net for further details. (3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. (4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. (5)Includes real estate rent expense of $13.5 million and $13.9 million, on an actual basis, for the six months ended June 30, 2026 and 2025, respectively. (6)Includes non-real estate rent expense (equipment lease and rentals) of $3.5 million and $4.9 million, on an actual basis, for the six months ended June 30, 2026 and 2025, respectively. Prior period non-real estate rent expense is recast for the inclusion of Third-Party Managed sites. n/a - not applicable 50 Table of Contents On a constant currency basis, our Warehouse segment revenues decreased by $23.1 million, or 1.9%, during the six months ended June 30, 2026, compared to the same period in the prior year. This decrease was driven by a $23.6 million decrease in our non-same store pool, partially offset by a $0.5 million increase in our same store pool, both on a constant currency basis. Refer to the discussion in the same store section below for further details on the same store revenues increase. The decrease in revenues in the non-same store pool was primarily attributable to facilities exited, idled, or held for sale or sold subsequent to June 30, 2025, partially offset by incremental revenues associated with recently completed developments, expansions, and acquisitions. On a constant currency basis, our Warehouse segment cost of operations decreased by $5.9 million, or 0.7%, during the six months ended June 30, 2026, compared to the same period in the prior year. This was primarily driven by a decrease of $19.7 million in our non-same store pool, partially offset by an increase of $13.8 million in our same store pool, both on a constant currency basis. The decrease in the non-same store pool was primarily related to the decision to close certain facilities in the non-same store portfolio, which resulted in lower operating expenses during the six months ended June 30, 2026 compared to the same period in the prior year. On a constant currency basis, Warehouse segment NOI decreased 4.3% during the six months ended June 30, 2026, compared to the same period in the prior year. This was primarily due to a decrease in NOI in our same store pool of $13.3 million and a decrease in NOI in our non-same store pool of $3.9 million, both on a constant currency basis, due to the factors discussed above for non-same store and below related to the same store warehouse performance. 51 Table of Contents Same Store and Non-Same Store Results As of January 1, 2026, the Company’s former Third-Party Managed reportable segment is included under the Warehouse reportable segment within the same store warehouse pool. All prior period comparative financial information has been recast to reflect the revised segment structure. The following tables present revenues, contribution (NOI), margins, and certain operating metrics for our same store and non-same store for the six months ended June 30, 2026 and 2025. Six Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency Number of same store warehouses 212 212 (Dollars and units in thousands, except per pallet data) Same store revenues(2): Rent and storage $ 475,630 $ 470,976 $ 476,770 (0.2) % (1.2) % Warehouse services(3) 661,651 650,094 643,769 2.8 % 1.0 % Total same store revenues $ 1,137,281 $ 1,121,070 $ 1,120,539 1.5 % — % Same store cost of operations(2)(3): Power 67,875 67,077 61,736 9.9 % 8.7 % Other facilities costs(4) 113,627 112,422 112,450 1.0 % — % Labor 482,265 472,830 467,389 3.2 % 1.2 % Other services costs(4) 87,997 87,259 84,188 4.5 % 3.6 % Total same store cost of operations $ 751,764 $ 739,588 $ 725,763 3.6 % 1.9 % Same store contribution (NOI) $ 385,517 $ 381,482 $ 394,776 (2.3) % (3.4) % Same store rent and storage contribution (NOI) $ 294,128 $ 291,477 $ 302,584 (2.8) % (3.7) % Same store services contribution (NOI) $ 91,389 $ 90,005 $ 92,192 (0.9) % (2.4) % Same store margin 33.9 % 34.0 % 35.2 % -130 bps -120 bps Same store rent and storage margin 61.8 % 61.9 % 63.5 % -170 bps -160 bps Same store services margin 13.8 % 13.8 % 14.3 % -50 bps -50 bps Same store rent and storage metrics: Average economic occupied pallets 3,820 n/a 3,864 (1.1) % n/a Average physical occupied pallets 3,339 n/a 3,296 1.3 % n/a Average physical pallet positions 4,906 n/a 4,955 (1.0) % n/a Economic occupancy percentage 77.9 % n/a 78.0 % -10 bps n/a Physical occupancy percentage 68.1 % n/a 66.5 % 160 bps n/a Same store rent and storage revenues per average economic occupied pallet $ 124.51 $ 123.29 $ 123.39 0.9 % (0.1) % Same store rent and storage revenues per average physical occupied pallet $ 142.45 $ 141.05 $ 144.65 (1.5) % (2.5) % Same store services metrics: Throughput pallets(3) 17,183 n/a 17,230 (0.3) % n/a Same store warehouse services revenues per throughput pallet $ 38.51 $ 37.83 $ 37.36 3.1 % 1.3 % (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. (2)Rent, storage, and warehouse services revenues do not include the financial results of warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. (3)Prior period Warehouse segment financial results and related metrics have been recast to include the Company’s former Third-Party Managed reportable segment. The former Third-Party Managed services revenues are now included within Warehouse services revenues. (4)Certain immaterial prior period amounts have been reclassified to conform to the current period presentation. n/a - not applicable 52 Table of Contents Same store rent and storage revenues decreased by $5.8 million, on a constant currency basis, primarily due to a 1.1% decrease in average economic occupied pallets associated with the overall decline in fixed commitment storage contracts during the six months ended June 30, 2026 compared to the same period in the prior year. This decrease includes a 1.3% increase in average physical occupied pallets, the benefit of which was offset by a 2.5% decrease in rent and storage revenues per average physical occupied pallet due to the unfavorable mix of products stored during the period. Same store services revenues increased by $6.3 million on a constant currency basis, primarily due to general rate increases during the period. Specifically, our constant currency same store services revenues per throughput pallet increased 1.3% during the six months ended June 30, 2026, compared to the same period in the prior year. This was partially offset by a decrease in throughput of 0.3%. Same store costs of operations increased by $13.8 million on a constant currency basis, primarily driven by higher power and labor costs during the period. The increase in power costs was mainly driven by higher energy prices during the six months ended June 30, 2026, compared to the same period in the prior year. The increase in labor was due to higher contract labor costs during the six months ended June 30, 2026, compared to the same period in the prior year. 53 Table of Contents Six Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency Number of non-same store warehouses 12 25 (Dollars and units in thousands, except per pallet data) Non-same store revenues(2): Rent and storage $ 24,090 $ 23,900 $ 34,541 n/r n/r Warehouse services 20,115 19,572 32,558 n/r n/r Total non-same store revenues $ 44,205 $ 43,472 $ 67,099 n/r n/r Non-same store cost of operations(2): Power 4,062 4,022 5,519 n/r n/r Other facilities costs 7,975 7,823 9,077 n/r n/r Labor 25,357 24,943 33,908 n/r n/r Other services costs 3,887 3,860 11,863 n/r n/r Total non-same store cost of operations $ 41,281 $ 40,648 $ 60,367 n/r n/r Non-same store contribution (NOI) $ 2,924 $ 2,824 $ 6,732 n/r n/r Non-same store rent and storage contribution (NOI) $ 12,053 $ 12,055 $ 19,945 n/r n/r Non-same store services contribution (NOI) $ (9,129) $ (9,231) $ (13,213) n/r n/r Non-same store rent and storage metrics: Average economic occupied pallets 108 n/a 229 n/r n/a Average physical occupied pallets 89 n/a 181 n/r n/a Average physical pallet positions 254 n/a 557 n/r n/a Economic occupancy percentage 42.5 % n/a 41.1 % n/r n/a Physical occupancy percentage 35.0 % n/a 32.5 % n/r n/a Non-same store rent and storage revenues per average economic occupied pallet $ 223.06 $ 221.30 $ 150.83 n/r n/r Non-same store rent and storage revenues per average physical occupied pallet $ 270.67 $ 268.54 $ 190.83 n/r n/r Non-same store services metrics: Throughput pallets 485 n/a 797 n/r n/a Non-same store warehouse services revenues per throughput pallet $ 41.47 $ 40.35 $ 40.85 n/r n/r (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. (2)Rent, storage, and warehouse services revenues do not include the financial results of certain warehouses that are classified as held for sale. Rent, storage, and warehouse services cost of operations do not include the financial results of certain warehouses that are considered held for sale, idle, or closed due to an intention to exit. The operational results for these sites are recognized within Transactions, strategic initiatives and other costs, net. n/a - not applicable n/r - not relevant 54 Table of Contents Transportation Segment The following table presents the operating results of our Transportation segment for the six months ended June 30, 2026 and 2025. Six Months Ended June 30, Change 2026 Actual 2026 Constant Currency(1) 2025 Actual Actual Constant Currency (Dollars in thousands) Transportation services revenues $ 111,274 $ 107,465 $ 92,090 20.8 % 16.7 % Transportation services cost of operations 91,519 88,188 76,094 20.3 % 15.9 % Transportation segment contribution (NOI) $ 19,755 $ 19,277 $ 15,996 23.5 % 20.5 % Transportation margin 17.8 % 17.9 % 17.4 % 40 bps 50 bps (1)The adjustments from our U.S. GAAP operating results to calculate our operating results on a constant currency basis are the effect of changes in foreign currency exchange rates relative to the comparable prior period. On a constant currency basis, transportation revenues increased $15.4 million, or 16.7%, as compared to the same period in the prior year. The increase was primarily due to overall higher volumes driven by increased customer expansion in North America and certain regions of Europe. In addition, transportation revenues in Asia‑Pacific increased as a result of a new business in Australia resulting in overall volume increases in the region. On a constant currency basis, transportation cost of operations increased $12.1 million, or 15.9%, as compared to the same period in the prior year. The increase was due to the same factors contributing to the increase in revenues mentioned above for North America, Europe, and Asia-Pacific. Other Consolidated Operating Expenses The following table presents consolidated operating expenses, excluding cost of operations, for the six months ended June 30, 2026 and 2025. Six Months Ended June 30, Change 2026 2025 $ % Other consolidated operating expenses (In thousands) Depreciation and amortization $ 194,591 $ 179,444 $ 15,147 8.4 % Selling, general, and administrative $ 134,183 $ 136,142 $ (1,959) (1.4) % Transactions, strategic initiatives and other costs, net $ 48,915 $ 48,640 $ 275 0.6 % Impairment of long-lived assets $ 309,572 $ 5,226 $ 304,346 n/r Net gain from sale of real estate $ (5,521) $ (11,760) $ 6,239 (53.1) % n/r - not relevant Depreciation and amortization. Depreciation and amortization expense increased $15.1 million, or 8.4%, during the six months ended June 30, 2026 as compared to the same period in the prior year. This increase was substantially driven by the Company’s recently completed developments, expansions, and acquisitions, partially offset by sites that were sold, exited, or otherwise held for sale subsequent to June 30, 2025. 55 Table of Contents Selling, general, and administrative. During the six months ended June 30, 2026, corporate-level selling, general and administrative expenses decreased $2.0 million, or 1.4%, compared to the same period in the prior year. This decrease was primarily driven by a decrease in labor and other personnel-related costs associated with overall cost reduction initiatives as well as a decrease in software related deferred costs amortization, partially offset by an increase in legal and professional fees. Transactions, strategic initiatives and other costs, net. Corporate-level transactions, strategic initiatives and other costs remained relatively consistent during the six months ended June 30, 2026 compared to the same period in the prior year. Activity included a decline in non-capitalizable Project Orion related costs offset by increased severance expense associated with overall cost reduction initiatives and increased transaction related costs associated with the anticipated formation of the joint venture with EQT. Impairment of long-lived assets. During the six months ended June 30, 2026, Impairment of long-lived assets increased $304.3 million, primarily associated with a mutual agreement with a customer to wind-down operations at the Company’s Plainville, CT and Lancaster, PA retail automated facilities. Net gain from sale of real estate. During the six months ended June 30, 2026, the Company recorded a net gain from the sale of real estate of $5.5 million primarily related to the strategic sale of two facilities in the United States. During the six months ended June 30, 2025, the Company recorded a net gain from the sale of real estate of $11.8 million related to the strategic sale of two facilities in the United States and one facility in Europe. Other Income and Expense The following table presents items of other income and expense for the six months ended June 30, 2026 and 2025. Six Months Ended June 30, Change 2026 2025 $ % (In thousands) Interest expense $ 83,819 $ 74,362 $ 9,457 12.7 % Loss from investments in partially owned entities $ 932 $ 1,698 $ (766) (45.1) % Other, net $ 14,311 $ 7,071 $ 7,240 n/r n/r - not relevant Interest expense. Interest expense increased $9.5 million, or 12.7%, compared to the six months ended June 30, 2025. This was primarily due to an overall increase in outstanding debt, most notably the issuance of our Public 5.600% Notes during April of 2025, our 2025 Unsecured Term Loan fully drawn during December of 2025, and an increase in interest on the U.S. dollar denominated Revolver due to timing of draws outstanding, partially offset by a decrease in interest due to the repayment of the Private Series A Notes in January of 2026 and a decrease in interest on failed sale-leaseback facilities. Loss from investments in partially owned entities. Loss from investments in partially owned entities decreased $0.8 million compared to the six months ended June 30, 2025 due to the Company’s sale of its equity interest in the SuperFrio joint venture in April 2025, partially offset by an increase in the Company’s share of net losses from the RSA joint venture. Other, net. Other, net was a benefit of $14.3 million for the six months ended June 30, 2026, as compared to a benefit of $7.1 million for the six months ended June 30, 2025. The benefit during the six months ended June 30, 2026 included a $5.9 million gain from the termination of interest rate swap agreements further described in Note 56 Table of Contents 5 - Derivative Financial Instruments and a $5.2 million foreign currency remeasurement gain from the repayment of the Company’s A$153.5 million intercompany loan on January 28, 2026. The benefit during the six months ended June 30, 2025 included a $2.4 million gain from the sale of the SuperFrio joint venture. Income Taxes Income tax expense for the six months ended June 30, 2026 was $16.2 million, compared to an income tax expense of $5.7 million for the six months ended June 30, 2025. The increase in income tax expense is primarily related to changes in the blend of pre-tax book income and losses generated year over year by jurisdiction, as well as the impact of a valuation allowance established in the U.S. 57 Table of Contents Non-GAAP Financial Measures We use the following non-GAAP financial measures as supplemental performance measures of our business: NAREIT FFO, Core FFO, Adjusted FFO, NAREIT EBITDAre, and Core EBITDA and certain other non-GAAP financial measures described elsewhere in this Quarterly Report on Form 10-Q. 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, plus specified non-cash items, such as real estate asset depreciation and amortization, impairment charges on real estate related assets, and our share of reconciling items for partially owned entities. 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 related assets; Transactions, strategic initiatives and other costs, net; Impairment of long-lived assets (excluding certain real estate related assets); Gain on termination of derivative instruments; Foreign currency exchange loss (gain); Project Orion deferred costs amortization; Our share of reconciling items related to partially owned entities; 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; Straight-line rent adjustment; Deferred income tax expense; Stock-based compensation expense; Non-real estate related depreciation and amortization; Maintenance capital expenditures; 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. 58 Table of Contents 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. 59 Table of Contents Reconciliation of Net (Loss) Income to NAREIT FFO, Core FFO, and Adjusted FFO (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net (loss) income(1) $ (346,460) $ 1,550 $ (360,152) $ (14,923) Adjustments: Real estate related depreciation 64,492 55,292 120,753 110,891 Net gain from sale of real estate (3,316) (11,760) (5,521) (11,760) Net (gain) loss on real estate related asset disposals — — (5) 1 Impairment charges on certain real estate related assets 309,004 3,739 309,004 3,739 Our share of reconciling items related to partially owned entities 260 279 507 494 NAREIT FFO $ 23,980 $ 49,100 $ 64,586 $ 88,442 Adjustments: Net loss (gain) on sale of non-real estate related assets 515 (163) 274 (29) Transactions, strategic initiatives and other costs, net 28,470 23,226 48,915 48,640 Impairment of long-lived assets (excluding certain real estate related assets) 568 1,487 568 1,487 Gain on termination of derivative instruments (5,857) — (5,857) — Foreign currency exchange loss (gain) 78 (192) (4,608) 29 Project Orion deferred costs amortization 2,607 4,762 5,189 6,871 Our share of reconciling items related to partially owned entities — 27 — 145 Gain from sale of partially owned entity — (2,420) — (2,420) Core FFO $ 50,361 $ 75,827 $ 109,067 $ 143,165 Adjustments: Amortization of deferred financing costs and pension withdrawal liability 1,606 1,523 3,138 2,923 Amortization of below/above market leases 296 363 661 714 Straight-line rent adjustment 835 77 1,137 161 Deferred income tax expense 21,218 1,245 11,712 1,818 Stock-based compensation expense(2) 4,983 6,594 12,577 13,853 Non-real estate related depreciation and amortization 38,439 35,170 73,838 68,553 Maintenance capital expenditures(3) (15,818) (17,283) (28,322) (32,082) Our share of reconciling items related to partially owned entities 30 71 63 208 Adjusted FFO $ 101,950 $ 103,587 $ 183,871 $ 199,313 (1)Net (loss) income used in the calculation of the Adjusted FFO reconciliation represents Net (loss) income before adjustment for Net (loss) income attributable to noncontrolling interests. (2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net. (3)Maintenance capital expenditures include 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. 60 Table of Contents 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 expense; Net gain from sale of real estate; and Adjustment to reflect share of EBITDAre of partially owned entities. 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 long-lived assets; Foreign currency exchange loss (gain); Stock-based compensation expense; Gain on termination of derivative instruments; Net (gain) loss on real estate related asset disposals; Net loss (gain) on sale of non-real estate related assets; Project Orion deferred costs amortization; Reduction in EBITDAre from partially owned entities and Gain from sale of partially owned entity. 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. 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. 61 Table of Contents Reconciliation of Net (Loss) Income to NAREIT EBITDAre and Core EBITDA (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net (loss) income(1) $ (346,460) $ 1,550 $ (360,152) $ (14,923) Adjustments: Depreciation and amortization 102,931 90,462 194,591 179,444 Interest expense 42,300 38,245 83,819 74,362 Income tax expense 22,734 3,240 16,168 5,746 Net gain from sale of real estate (3,316) (11,760) (5,521) (11,760) Adjustment to reflect share of EBITDAre of partially owned entities 616 976 1,235 2,492 NAREIT EBITDAre $ (181,195) $ 122,713 $ (69,860) $ 235,361 Adjustments: Transactions, strategic initiatives and other costs, net 28,470 23,226 48,915 48,640 Loss from investments in partially owned entities 520 335 932 1,698 Impairment of long-lived assets 309,572 5,226 309,572 5,226 Foreign currency exchange loss (gain) 78 (192) (4,608) 29 Stock-based compensation expense(2) 4,983 6,594 12,577 13,853 Gain on termination of derivative instruments (5,857) — (5,857) — Net (gain) loss on real estate related asset disposals — — (5) 1 Net loss (gain) on sale of non-real estate related assets 515 (163) 274 (29) Project Orion deferred costs amortization 2,607 4,762 5,189 6,871 Reduction in EBITDAre from partially owned entities (616) (976) (1,235) (2,492) Gain from sale of partially owned entity — (2,420) — (2,420) Core EBITDA $ 159,077 $ 159,105 $ 295,894 $ 306,738 (1)Net (loss) income used in the calculation of the Core EBITDA reconciliation represents Net (loss) income before adjustment for Net (loss) income attributable to noncontrolling interests. (2)Stock-based compensation expense excludes any non-routine stock compensation expense associated with certain employee awards, which are recognized within Transactions, strategic initiatives and other costs, net. LIQUIDITY AND CAPITAL RESOURCES We currently expect that our principal sources of funding for working capital, facility acquisitions, business combinations, expansions, maintenance and renovation of our properties, development projects, debt service and distributions to our stockholders will include: •current cash balances; •cash flows from operations; •our Senior Unsecured Revolving Credit Facility; •public debt offerings; and •other forms of debt financings and equity offerings, including capital raises through joint ventures. We expect that our funding sources as noted above are adequate and will continue to be adequate to meet our short and long-term liquidity requirements and capital commitments. These liquidity requirements and capital commitments include: 62 Table of Contents •operating activities and overall working capital; •capital expenditures; •capital contributions and investments in joint ventures; •debt service obligations; •quarterly stockholder distributions; and •future development, expansion, and acquisition related activities. Public Debt Offerings On April 3, 2025, we completed an underwritten public offering of $400.0 million aggregate principal amount of the Operating Partnership’s 5.600% senior unsecured notes (the “Public 5.600% Notes”) due May 15, 2032. The Public 5.600% Notes are fully and unconditionally guaranteed, jointly and severally, by each of the Company, Americold Realty Operations, and certain subsidiaries of the Operating Partnership. Further details of this offering are described in Note 9 - Debt to the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. The Public 5.600% Notes bear interest at a rate of 5.600% per year, and interest is payable semi-annually on May 15 and November 15 of each year, with the first payment occurring on November 15, 2025. The proceeds from the issuance of the Public 5.600% Notes were used to repay a portion of borrowings previously outstanding. Senior Unsecured Credit Facility Amendment In June of 2026, the Company entered into an Amended and Restated Syndicated Facility Agreement (“Senior Unsecured Credit Facility”) that amended and restated the prior agreement dated August 23, 2022. The amendment increased the Term Loan A-2 tranche by C$100 million, added a new A$230 million AUD Term Loan Facility, extended the maturity dates associated with certain borrowings within the facility, and modified the pricing grid applicable to certain borrowings. Outstanding borrowings continue to bear interest at variable rates based on SOFR or the applicable alternative currency benchmark rate plus an applicable margin determined by the Company's debt ratings. The Senior Unsecured Term Loan consists of various tranches. Tranche A-1 consists of a $375 million USD term loan. Pursuant to the Amended and Restated Syndicated Facility Agreement, the terms of the agreement include an option for four three-month extensions past the previously extended contractual maturity date in August 2026. Tranche A-2 consists of a C$350 million term loan, an increase from the previous amount of C$250 million. Pursuant to the Amended and Restated Syndicated Facility Agreement, the maturity date was extended to June 2031 from the previous maturity date of January 2028, and does not have any extension options. The C$100 million increase was fully borrowed in June of 2026 and the proceeds were used to repay a portion of loans drawn under the Senior Unsecured Revolving Credit Facility. Tranche A-3 consists of a $270 million USD term loan delayed draw facility, which matures in January 2028 and does not have any extension options. The 2025 Unsecured Term Loan is comprised of a $250 million USD term loan delayed draw facility. The 2025 Unsecured Term Loan originally included an option for one six-month extension past the initial contractual maturity date in June 2026. In May 2026, the Company entered into an amendment to replace the original six-month extension option with two three-month extension options past the initial contractual maturity date in June 2026. In May 2026, the Company exercised the first three-month extension, which extended the maturity date to September 2026. Subsequently, in June 2026, the Company entered into the Amended and Restated Syndicated Facility Agreement which allows for two additional three-month extension options past the amended contractual 63 Table of Contents maturity date in September 2026. The Amended and Restated Syndicated Facility Agreement provided for a A$230 million AUD Term Loan Facility with a maturity date of June 2031 and no extension options. The AUD Term Loan Facility bears interest at a rate of BBSW + 0.90% and interest is payable monthly with the first payment occurring on July 31, 2026. The AUD Term Loan Facility was fully borrowed in June of 2026 and the proceeds were used to repay a portion of loans drawn under the Senior Unsecured Revolving Credit Facility. The Senior Unsecured Revolving Credit Facility is comprised of a $575 million U.S. dollar component and a $575 million U.S. dollar equivalent, multi-currency component. Pursuant to the Amended and Restated Syndicated Facility Agreement, the maturity date was extended to June 2030 from the previous maturity date of August 2026; however, the Company has the option to extend the maturity up to two times, each for a six-month period. In connection with the Amended and Restated Syndicated Facility Agreement, the Company incurred approximately $11.1 million of debt issuance costs, of which $2.7 million was recorded within “Senior unsecured notes and term loans - net of deferred financing costs” in the accompanying Condensed Consolidated Balance Sheets, and $8.4 million related to the Revolving Credit Facility was recorded within “Other assets” in the accompanying Condensed Consolidated Balance Sheets. Derivative Termination During the three months ended June 30, 2026, the Company de-designated and subsequently terminated interest rate swap agreements with notional amounts of $200 million, $175 million, and $270 million due to a change in the facts and circumstances associated with the forecasted transactions. Upon termination, the Company received cash proceeds of $6.4 million. As a result, the Company recognized a gain of $5.9 million in “Other, net” on the accompanying Condensed Consolidated Statements of Operations. The gain includes changes in the fair value of the swaps between the de-designation and termination dates of $2.0 million, as well as the reclassification of amounts previously recorded in Accumulated other comprehensive loss (“AOCI”) related to the forecasted transactions that are no longer probable of occurring of $3.9 million. The remaining AOCI balance associated with these hedges is immaterial and will continue to be reclassified into “Interest expense” on the accompanying Condensed Consolidated Statements of Operations through the expected repayment date of the related debt. Joint Venture Transactions During the three months ended June 30, 2026 the RSA joint venture repaid its outstanding loan balance of $23.4 million. Cash proceeds from the repayment were included in Net cash used in investing activities in the Condensed Consolidated Statements of Cash Flows. Security Interests in Customers’ Products By operation of law and in accordance with our customer contracts (other than leases), we typically receive warehouseman’s liens on products held in our warehouses to secure customer payments. Such liens permit us to take control of the products and sell them to third parties in order to recover any monies receivable on a delinquent account, but such products may be perishable or otherwise not available to us for re-sale. Historically, in instances where we have warehouseman’s liens and our customer sought bankruptcy protection, we have been successful in receiving “critical vendor” status, which has allowed us to fully collect on our accounts receivable during the pendency of the bankruptcy proceeding. 64 Table of Contents Our bad debt expense was $1.3 million and $1.2 million for the three months ended June 30, 2026 and 2025, and $2.3 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, we maintained bad debt allowances of approximately $16.3 million and $16.4 million, respectively, which we believe to be adequate. Dividends and Distributions We are required to distribute 90% of our taxable income (excluding capital gains) on an annual basis in order to continue to qualify as a REIT for federal income tax purposes. Accordingly, we intend to make, but are not contractually bound to make, regular quarterly distributions to stockholders from cash flows from our operating activities. While historically we have satisfied this distribution requirement by making cash distributions to our stockholders, we may choose to satisfy this requirement by making distributions of cash or other property. All such distributions are at the discretion of our Board of Directors. We consider market factors and our performance in addition to REIT requirements in determining distribution levels. We have distributed at least 100% of our taxable income annually since inception to minimize corporate-level federal income taxes. Amounts accumulated for distribution to stockholders are invested primarily in interest-bearing accounts, which are consistent with our intention to maintain our status as a REIT. As a result of this distribution requirement, we cannot rely on retained earnings to fund our ongoing operations to the same extent that other companies which are not REITs can. We may need to continue to raise capital in the debt and equity markets to fund our working capital needs, as well as potential developments in new or existing properties, acquisitions or investments in existing or newly created joint ventures. In addition, we may be required to use borrowings under our revolving credit facility, if necessary, to meet REIT distribution requirements and maintain our REIT status. On May 21, 2026, the Company’s Board of Directors declared a dividend of $0.23 per share for the second quarter of 2026, which was paid on July 15, 2026 to common stockholders of record as of June 30, 2026. For the six months ended June 30, 2026 and 2025, total cash outflows for dividends and distributions were $132.6 million and $129.6 million, respectively. For further information regarding dividends and distributions, refer to our Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K as filed with the SEC. 65 Table of Contents Outstanding Indebtedness The following table summarizes our outstanding indebtedness as of June 30, 2026: Debt Summary by Interest Rate Type: (In thousands) Fixed interest rate borrowings(1) $ 2,682,797 Variable interest rate - unhedged 1,575,863 Total senior unsecured notes, term loans and borrowings under revolving credit facility(2) 4,258,660 Sale-leaseback financing obligations 40,909 Financing lease obligations 172,085 Total debt and debt-like obligations $ 4,471,654 Percent of total debt and debt-like obligations: Fixed interest rate (inclusive of sale-leaseback and financing lease obligations)(1) 64.8 % Variable interest rate - unhedged 35.2 % Weighted effective interest rate as of June 30, 2026(3) 4.26 % (1)The total includes certain borrowings with variable interest rates that have been effectively hedged through interest rate swaps. (2)The total excludes unamortized deferred financing costs. (3)The effective interest rate presented includes the amortization of deferred financing costs and is based on the hedged rate for the C$250 million hedged portion of the Senior Unsecured Term Loan A Facility Tranche A-2. All other debt instruments are based on contractual rates. This rate excludes contractual rates associated with the sale leaseback and financing obligation debt like instruments shown in the table above. The variable rate debt shown above bears interest at interest rates based on various SOFR, CORRA, BBSW, EURIBOR, and BKBM rates, depending on the respective agreement governing the debt, including our global revolving credit facilities. As of June 30, 2026, our debt, excluding Sale-leaseback financing obligations and Financing lease obligations, had a weighted average term to maturity of approximately 4.4 years, assuming exercise of extension options. For further information regarding outstanding indebtedness, refer to Note 4 - Debt, Note 5 - Derivative Financial Instruments, and Note 9 - Accumulated Other Comprehensive Loss to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. 66 Table of Contents Aggregate Future Repayments of Indebtedness The aggregate maturities of indebtedness, excluding sale-leaseback financing obligations and financing lease obligations, as of June 30, 2026 for each of the next five years and thereafter, are as follows: Twelve months ending June 30:(1) (In thousands) 2027 $ 625,000 2028 270,000 2029 400,000 2030 801,285 2031 862,588 Thereafter 1,299,787 Aggregate principal amount of indebtedness 4,258,660 Less: unamortized deferred financing costs(2) (16,939) Total indebtedness, net of deferred financing costs $ 4,241,721 (1)$250.0 million of the debt listed to mature by June 30, 2027 represents the 2025 Unsecured Term Loan. Pursuant to the Amended and Restated Syndicated Facility Agreement, the 2025 Unsecured Term Loan includes include an option for two remaining three-month extensions past the amended contractual maturity date in September of 2026. $375.0 million of the debt listed to mature by June 30, 2027 represents the Senior Unsecured Term Loan A Facility Tranche A-1. Pursuant to the Amended and Restated Syndicated Facility Agreement, Tranche A-1 includes an option for four remaining three-month extensions past the previously extended contractual maturity date in August of 2026. Approximately $451.3 million of the debt listed to mature by June 30, 2030 represents outstanding borrowings on the Senior Unsecured Revolving Credit Facility. Pursuant to the Amended and Restated Syndicated Facility Agreement, the Senior Unsecured Revolving Credit Facility includes an option for two six-month extensions past the amended contractual maturity date in June of 2030. (2)Excludes unamortized deferred financing costs for the Senior Unsecured Revolving Credit Facility, which are recognized within “Other assets”. Repayment of Unsecured Notes On November 6, 2018, we completed a debt private placement transaction consisting of (i) $200.0 million senior unsecured notes with a coupon of 4.68% due January 8, 2026 (“Private Series A Notes”). The Company fully repaid the outstanding balance of $200.0 million during the six months ended June 30, 2026. Credit Ratings Our capital structure and financial practices have earned us investment grade credit ratings from three nationally recognized credit rating agencies as follows: •BBB with a (Stable Outlook) from Fitch •BBB with a (Positive Trend) outlook from DBRS Morningstar •Baa3 with a (Stable Outlook) from Moody’s These credit ratings are important to our ability to issue debt at favorable rates of interest, among other terms. Refer to our risk factor “Adverse changes in our credit ratings could negatively impact our financing activity” in our 2025 Annual Report on Form 10-K. 67 Table of Contents Capital Expenditures We utilize a strategic approach to capital expenditures to maintain the high quality and operational efficiency of our warehouses and equipment and ensure that our assets meet the “mission-critical” role they serve in the cold chain. The Company assesses its capital expenditure requirements regularly to support its operational infrastructure, drive strategic growth, and enhance long-term shareholder value. Maintenance Capital Expenditures Maintenance capital expenditures are capitalized funds used to uphold and extend the useful life of assets, resulting in future economic benefits. These expenditures relate to routine and recurring maintenance that is essential to sustain current operations. This includes the cost to purchase and install, repair, or construct assets when it results in a useful life longer than one year and the cost per asset is over a de minimis threshold. Examples of maintenance capital expenditures include roof repairs, refrigeration equipment refurbishment, racking system repairs, expenditures on material handling equipment and maintenance on existing servers. External Growth Capital Expenditures External growth capital expenditures refer to investments to expand our operations and enhance market position through mergers and acquisitions. External growth strategies rely on leveraging external assets and synergies to drive value creation and achieve strategic objectives. The Company completed the Houston acquisition on March 17, 2025 for total cash consideration of $108.4 million. Expansion, Development, and Integration Capital Expenditures Expansion, development, and integration capital expenditures refer to investments to enhance our existing operations and increase storage capacity. Examples of capital expenditures associated with expansion and development are warehouse expansions and greenfield developments. Such capital expenditures also include integrating operational systems, rebranding, and upgrading infrastructure to our standards associated with recent mergers and acquisitions. Expansion, development, and integration capital expenditures during the six months ended June 30, 2026 include the recently announced customer dedicated project in Plover, Wisconsin. Organic Growth Capital Expenditures Organic growth capital expenditures refer to investments with a focus on internal development through existing resources and capabilities. Organic growth strategies focus on utilizing internal resources and synergies to meet strategic goals. Examples of capital expenditures associated with organic growth are pallet position expansion and expansion of drop lots. Organic growth capital expenditures also includes the purchase of previously leased warehouses that remain operational. On March 18, 2026, the Company completed the acquisition of a previously leased warehouse facility in Massillon, Ohio for cash consideration of $18.7 million concurrent with the signing of a triple net lease with a customer to occupy the space. 68 Table of Contents Technological Upgrades and Enhancements Technological upgrades and enhancements refer to investments aimed at improving our technological infrastructure, investments in hardware, software, and systems that automate processes, enhance data analytics, and improve cyber security. In addition, this category includes sustainability initiatives and other asset modernization projects such as installation of LED lighting and solar panels. The following table sets forth our total capital expenditures for the three and six months ended June 30, 2026 and 2025. Three Months Ended June 30, Six Months Ended June 30, 2026 2025(1) 2026 2025(1) (In thousands) Maintenance $ 15,818 $ 17,283 $ 28,322 $ 32,082 External growth — — — 108,448 Expansion, development, and integration(2) 57,623 131,015 110,858 199,355 Organic growth 54,670 46,253 113,636 72,171 Technological upgrades and enhancements 11,867 5,267 21,288 9,778 Total capital expenditures(3) $ 139,978 $ 199,818 $ 274,104 $ 421,834 (1)Certain prior period amounts have been reclassified to conform to the current period presentation. (2)Expansion and development capital expenditures include spend for sites in the recently completed expansion and development phase that are included in our non-same store pool, external integration capital expenditures associated with recent acquisitions in the non-same store pool, and any other expansion and development sites that are in progress that will be added to our non-same store pool when operations commence. (3)Capital expenditures in the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 include $40.8 million of costs accrued as of December 31, 2025 and paid during the six months ended June 30, 2026. Such expenditures exclude $45.8 million of costs accrued during the six months ended June 30, 2026 that will be paid in a future period. We incurred capitalized interest of $6.0 million and $6.1 million for the three months ended June 30, 2026 and 2025, respectively, and $10.9 million and $10.1 million for the six months ended June 30, 2026 and 2025, respectively, which is included in the capital expenditures noted in the table above. CRITICAL ACCOUNTING ESTIMATES Refer to Part II, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2025 Annual Report on Form 10-K for a discussion of our critical accounting estimates and assumptions. There were no material changes during the period covered by this Quarterly Report to the critical accounting estimates and assumptions previously disclosed in our 2025 Annual Report on Form 10-K. 69 Table of Contents HISTORICAL CASH FLOWS The following summary discussion of our cash flows is based on the Condensed Consolidated Statements of Cash Flows and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below. Six Months Ended June 30, 2026 2025 (In thousands) Net cash provided by operating activities $ 140,000 $ 150,519 Net cash used in investing activities $ (215,733) $ (368,830) Net cash (used in) provided by financing activities $ (20,874) $ 267,318 Operating Activities For the six months ended June 30, 2026, our net cash provided by operating activities was $140.0 million, a decrease of $10.5 million compared to $150.5 million for the six months ended June 30, 2025. This decrease was primarily driven by the impact of lower overall NOI which was partially offset by favorable changes in net working capital. Investing Activities Net cash used in investing activities was $215.7 million for the six months ended June 30, 2026. Additions to property, buildings, and equipment were $250.4 million, reflecting capitalized maintenance expenditures, various growth and IT related capital expenditures, and investments in our previously announced expansion and development projects. Additionally, we invested $18.7 million for the acquisition of Massillon on March 18, 2026, which was a previously leased warehouse facility. Refer to Note 2 - Asset Acquisitions and Business Combinations to these Condensed Consolidated Financial Statements for further details of this transaction. Cash provided by investing activities also included $23.4 million of total proceeds from collection of advances to partially owned entities and $30.0 million of total proceeds primarily related to the sale of real estate related assets. Net cash used in investing activities was $368.8 million for the six months ended June 30, 2025. Additions to property, buildings, and equipment were $290.2 million, reflecting capitalized maintenance expenditures, various growth and IT related capital expenditures, and investments in our previously announced expansion and development projects. Additionally, the Company completed the Houston acquisition for total cash consideration of $108.4 million. Other investing activities included cash outflows of $19.2 million associated with loan to the RSA joint venture. Cash provided by investing activities consisted of $27.5 million of total proceeds from the sale of the equity interest in the SuperFrio joint venture, as well as $21.6 million of total proceeds primarily related to the sale of certain facilities. Financing Activities Net cash used in financing activities was $20.9 million for the six months ended June 30, 2026. Cash used in financing activities primarily consisted of $505.4 million in repayments on our Senior Unsecured Revolving Credit Facility, $200.0 million in repayments of senior unsecured notes, $132.6 million for quarterly dividend payments, $10.4 million in payment of debt issuance costs, and $23.2 million in finance lease repayments. Cash 70 Table of Contents provided by financing activities consisted of $618.7 million in proceeds from our Senior Unsecured Revolving Credit Facility, and $232.5 million in proceeds related to senior unsecured term loan draws, further described in Note 4 - Debt to these Condensed Consolidated Financial Statements. Net cash provided by financing activities was $267.3 million for the six months ended June 30, 2025. Cash provided by financing activities primarily consisted of a $400.0 million public debt offering and $314.7 million in proceeds from our Senior Unsecured Revolving Credit Facility, a portion of which was used to fund the Houston acquisition. Cash used in financing activities also consisted of $129.6 million for quarterly dividend payments, $298.0 million in repayments to our Senior Unsecured Revolving Credit Facility, and $16.8 million in finance lease repayments. NEW ACCOUNTING PRONOUNCEMENTS Refer to Note 1 - General to our Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. 71 Table of Contents SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION On September 12, 2024, we completed an underwritten public offering of $500.0 million aggregate principal amount of the Operating Partnership’s Public 5.409% Notes due September 12, 2034. Interest is payable on March 12 and September 12 of each year. On April 3, 2025, we completed an underwritten public offering of $400.0 million aggregate principal amount of the Operating Partnership’s Public 5.600% Notes due May 15, 2032. Interest is payable on May 15 and November 15 of each year. On the date of issuance of both the Public 5.409% Notes and the Public 5.600% Notes, each of the Company and Americold Realty Operations, Inc. (together, the “Parent Guarantors”), and each of Nova Cold Logistics, Americold Australian Holdings and Icecap Properties NZ Limited (the “Subsidiary Guarantors” and together with the Parent Guarantors, the “Initial Guarantors”), jointly and severally, fully and unconditionally guaranteed the Operating Partnership’s obligations under the Public 5.409% Notes and the Public 5.600% Notes, including the due and punctual payment of principal of, and premium, if any, and interest on, the Public 5.409% Notes and the Public 5.600% Notes. The following table contains the summarized financial information of the Initial Guarantors and the Operating Partnership (collectively, the “Obligor Group”) on a combined basis after the elimination of intercompany balances and transactions between entities in the Obligor Group as of June 30, 2026 and December 31, 2025 and for the six months ended June 30, 2026: June 30, 2026 December 31, 2025 (In thousands) Total Assets $ 5,836,629 $ 5,654,688 Receivables from sales to subsidiaries other than the initial guarantors $ — $ — Total Liabilities $ 4,576,680 $ 4,498,731 Six Months Ended June 30, 2026 (In thousands) Total Revenues $ 750,414 Revenues from sales to subsidiaries other than the initial guarantors $ — Operating loss $ (273,399) Net loss from continuing operations $ (340,650) Net loss attributable to the entity $ (340,650) Separate Consolidated Financial Statements of the Operating Partnership have not been presented in accordance with Rule 3-10 of Regulation S-X and Rule 12h-5 under the Securities and Exchange Act of 1934.