Americold Realty Trust, Inc. Q4 FY2025 earnings call

2025 accomplishments included financial performance improvements, commercial success in pricing, operational margin growth, and supporting customer projects. 2026 key priorities are deleveraging, evaluating global portfolio, driving organic growth, evaluating inorganic growth, and right-sizing cost structure.

Fourth quarter AFFO was $0.38 per share, slightly ahead of expectations, and full-year AFFO was $1.43 per share. Core EBITDA and total company NOI increased year-over-year in the fourth quarter. Commercially, storage and handling rates improved in the quarter, with ~60% of rent and storage revenues from fixed commitment contracts in 2025. Operationally, services margin was nearly 14% in Q4 and 12.7% for the full year, up nearly 1,000 basis points over the past two years.

2026 AFFO expected between $1.20 - $1.30 per share. Same-store revenue ~$2.2 - $2.27 billion. Same-store NOI $735 - $785 million. Total company NOI $780 - $845 million. Core SG&A $218 - $228 million. Core EBITDA $570 - $620 million. Interest expense $171 - $180 million. Maintenance CapEx $60 - $70 million.

Risks include industry demand and supply uncertainties, uncertainty around deleveraging transactions, and uncertainty in portfolio management asset disposals.

Q: Samir Upadhyay Khanal with Bank of America asked about customer demand.

A: Robert Scott Chambers said customers' net sales growth is flattish, focusing on growing volume through innovation.

Q: Michael Griffin with Evercore ISI asked about occupancy assumptions.

A: Robert Scott Chambers and Scott Henderson discussed occupancy expectations.

Q: Michael Goldsmith with UBS asked about international presence.

A: Robert Scott Chambers talked about international assets performing well.

Q: Craig Allen Mailman with Citigroup asked about deleveraging.

A: Robert Scott Chambers and Scott Henderson discussed deleveraging initiative.

Q: Greg Michael McGinniss with Scotiabank asked about fixed contract renewals.

A: Robert Scott Chambers talked about high retention rate in fixed contracts.

Q: Todd Michael Thomas with KeyBanc Capital Markets asked about potential transactions.

A: Scott Henderson and Robert Scott Chambers discussed potential transactions.

Q: Blaine Matthew Heck with Wells Fargo asked about supply picture.

A: Robert Scott Chambers and Scott Henderson talked about supply excess in U.S.

Q: Michael Carroll with RBC Capital Markets asked about mothballed warehouses.

A: Scott Henderson talked about mothballed warehouses in 2025 and 2026.

Q: Michael Mueller with XLNT asked about occupancy lift from asset actions.

A: Robert Scott Chambers talked about occupancy lift from various initiatives.

Q: Vince Tibone with Green Street asked about physical occupancy.

A: Robert Scott Chambers said physical occupancy is stabilized.

Q: Nicholas Thillman with Baird asked about dividend policy.

A: Robert Scott Chambers talked about dividend policy focus.

Q: Brendan Lynch with Barclays asked about same-store and non-same-store.

A: Scott Henderson explained same-store and non-same-store NOI breakdown