Lineage publishes third-quarter 2026 earnings call transcript
LINE•Lineage cut its 2026 adjusted EBITDA guidance by lowering the midpoint by $15 million to $1.25 billion–$1.27 billion. AFFO guidance narrowed to $2.86–$2.98 per share, while the estimated annual EBITDA impact of the Big Bear fire rose to $20 million.
1. Guidance lowered
On its November 10 third-quarter earnings call, Lineage lowered 2026 adjusted EBITDA guidance to $1.25 billion–$1.27 billion, reducing the midpoint by $15 million. AFFO guidance narrowed to $2.86–$2.98 per share, retaining its midpoint despite weaker warehouse activity and transportation margins.
2. Fire impact and outlook
Lineage raised its estimate of the Big Bear fire’s annual EBITDA impact to $20 million, including lost generation from solar systems undergoing safety inspections. It lowered GIS NOI guidance to $231 million–$236 million and said contract repricing should restore margins over the next couple of quarters.
