Global Warehouse segment revenues declined 1.0% year-over-year as economic occupancy fell 130 basis points to 76.1% and throughput pallets dropped 4.3%. Core EBITDA reached $162.9 M with a 24.7% margin, up from 23.3% in the prior year’s quarter, while full-year Core EBITDA margin held at 23.7% versus 23.8% in 2024. Contribution NOI for Global Warehouse rose to $206.9 M, with segment margin improving 120 basis points to 34.4%.

Management has shifted focus from acreage expansion toward operational optimization, targeting roughly $90 M in annualized savings by 2025 through labor efficiency, energy optimization and procurement discipline. Total 2025 capital expenditures were $698.1 M, including $62.6 M in maintenance capex and $108.4 M for the Houston acquisition, while ground-up development has slowed. Guidance for 2026 maintenance capex is just $60–70 M, underscoring the pivot to extracting higher returns from existing assets.

As of December 31, 2025, Americold carried $4.2 B in net debt with a 6.8x net debt to pro forma Core EBITDA ratio and $935.4 M in liquidity. Of total debt, 86.6% is fixed-rate or hedged at a 4.0% weighted average interest rate over 4.1 years. At $11.13 per share, the equity market value stands near $3.2 B, trading at 7.8x trailing Adjusted FFO of $1.43 and implying a 12.8% FFO yield, with enterprise value of $7.4 B equating to about $5.3 per refrigerated cubic foot of capacity.