Americold Guides 2026 AFFO of $1.20–$1.30, Targets 6x Leverage
Americold reported Q4 AFFO of $0.38 per share, up from prior year, with services revenue per pallet rising 2.4% and economic occupancy climbing 280 basis points sequentially. For 2026 guides AFFO of $1.20–$1.30 per share, projects revenue per pallet down 100–200 bps and aims to reduce net debt/EBITDA to ~6x.
1. Q4 Financial Results
Americold delivered fourth-quarter AFFO of $0.38 per share, exceeding last year's level, while services revenue per pallet rose 2.4% and storage revenue per pallet increased 0.3%. Economic occupancy improved by 280 basis points sequentially, driving year-over-year growth in core EBITDA and total company NOI.
2. 2026 Guidance and Outlook
The company forecasts full-year AFFO of $1.20–$1.30 per share, with revenue per pallet expected to decline 100–200 basis points and economic occupancy flat to down 300 basis points. Same-store revenue is projected at $2.2–$2.27 billion and core EBITDA at $570–$620 million, reflecting ongoing market headwinds.
3. Five Strategic Priorities
Americold’s 2026 priorities include deleveraging to a net debt/EBITDA ratio near 6x, exiting non-core sites removing over 22 million cubic feet, securing $30 million of annual cost savings, reducing transformation cash spend by $50 million, and driving organic growth through new sector expansion.
4. Operational Highlights and Leadership
The company achieved services margins of nearly 14% in Q4 and full-year 12.7%, up about 1,000 basis points over two years. CEO Rob Chambers announced the appointment of Chris Papa as CFO and noted three completed expansion projects in Allentown, Kansas City, and Dubai, all on time and on budget.