Americold reports Q2 results, takes $309.6M impairment on facility wind-downs

The company disclosed its second quarter 2026 financial results through a press release and supplemental materials. The 8-K body itself does not contain specific financial metrics; those would be in the attached exhibits which are not provided in this filing excerpt.

Americold reported second quarter 2026 revenues of $662.9 million, up 1.9% year-over-year, driven by transportation services growth and warehouse rate increases. Adjusted FFO per share was $0.35, down 2.8% from $0.36 in Q2 2025. Core EBITDA was flat at $159.1 million. The company noted ongoing growth in physical occupancy and pricing as industry fundamentals stabilize.

Americold raised its full-year 2026 Adjusted FFO guidance to $1.26-$1.32 per share (unadjusted for the joint venture: $1.31-$1.37), up from prior guidance of $1.20-$1.30 per share. Management stated the improved outlook more than offsets projected dilution from the EQT joint venture transaction and reflects strong first-half operating performance and improving business trends.

The company is advancing toward closing its previously announced joint venture with EQT, expected to close in fiscal Q3 2026. Management expects the transaction to significantly improve the balance sheet, enhance financial flexibility, and provide a strategic platform for future developments. Updated guidance incorporates projected impacts of the joint venture.

Americold amended its revolving credit facility during Q2 2026, extending the maturity date to June 2030 with two additional six-month extension options. This provides enhanced liquidity runway and financial flexibility.

The company is progressing toward closing a previously announced joint venture with EQT, expected to close in the fiscal third quarter. Management expects this transaction to strengthen the balance sheet and enhance financial flexibility. The updated guidance incorporates the projected impacts of this joint venture.

Total revenues increased 1.9% year-over-year to $662.9 million (0.6% on constant currency basis). Same-store warehouse revenues grew 2.2% (1.1% constant currency). Physical occupancy improved 460 basis points to 67.4%, with average physical occupied pallets up 0.9% to 3,484 thousand. These metrics reflect continued industry stabilization and the company's ability to win new business.

Americold received regulatory approval to close its previously announced joint venture with EQT, expected to close in Q3 2026. The company will contribute 12 facilities valued at approximately $3,300 per pallet position and receive approximately $1.1 billion in proceeds. The transaction is expected to generate approximately $46 million in annual interest savings and reduce leverage by 0.75x. EQT will own 70% and Americold 30% of the joint venture.

Americold announced a new $163 million development project in Plover, Wisconsin for McCain Foods, a top-5 customer. The facility will feature automated storage retrieval capabilities and is backed by a 20-year fixed commitment agreement. Construction is expected to be completed by Q1 2028. This represents a lower-risk, customer-dedicated development supported by a long-term contract with an existing strategic customer.

Americold disclosed approximately $100 million in total cost savings initiatives. This includes approximately $30 million in completed savings (two-thirds indirect labor, one-third SG&A, with 400 headcount reduction), an additional approximately $25 million from the Fit for Purpose initiative (two-thirds SG&A, one-third indirect labor, with $8 million in 2026 and $17 million in 2027), and approximately $50 million in other spend reductions across IT projects and strategic initiatives.

Americold identified 25 sites for strategic exit as part of its portfolio management initiative, with 10 exits completed to date (6 in 2025, 4 in 2026). These exits removed nearly 160,000 pallet positions from the cold storage industry and generated over $50 million in proceeds. The company also disclosed 15 sites currently idled and marketed for sale, totaling approximately 350,000 pallet positions, with potential proceeds of several hundred million dollars.

Americold provided updated 2026 guidance reflecting the expected impact of the EQT joint venture. On an adjusted basis (excluding JV impact), the company expects warehouse same-store revenues of $2.03B-$2.09B, warehouse same-store NOI of $660M-$695M, total company NOI of $775M-$815M, Core EBITDA of $570M-$600M, interest expense of $155M-$160M, and Adjusted FFO per share of $1.26-$1.32. The guidance includes approximately $46 million in anticipated interest savings from the joint venture transaction.