Americold Realty Trust reported fourth‑quarter 2025 results that included an adjusted funds‑from‑operations (AFFO) per share of $0.38, a 2.7% year‑over‑year increase that beat consensus estimates of $0.37 by $0.01. Total revenue for the quarter was $658.5 million, down 1.2% from $666.4 million in the same period a year earlier, driven by a 4.3% decline in throughput pallets and a modest drop in global warehouse segment revenue. Net operating income for the global warehouse segment rose to $216.9 million, and the segment’s margin expanded to 34.4%, reflecting cost efficiencies and a higher mix of higher‑margin contracts.
Full‑year 2025 figures show revenue of $2.6 billion, a 2.4% decline from the prior year, and same‑store economic occupancy of 76.1%. The same‑store warehouse services margin increased to 13.9%, up 90 basis points, while the company recorded a net loss of $114.5 million and an adjusted funds‑from‑operations per share of $1.43. These results illustrate the company’s ability to maintain profitability in a market characterized by oversupply and weak demand, even as overall revenue contracts.
The company raised its quarterly dividend by 5% to $0.23 per share, effective January 15, 2026, continuing its commitment to returning value to shareholders while preserving capital for strategic initiatives.
Looking ahead, Americold lowered its 2026 AFFO guidance to $1.20‑$1.30 per share, a slight downward revision from earlier estimates. The adjustment signals management’s cautious outlook amid ongoing market headwinds, while still expressing confidence in sustaining profitability through disciplined cost management and portfolio rationalization.
Management emphasized that disciplined cost control, portfolio rationalization, and a focus on higher‑margin fixed‑commitment contracts are key drivers of the company’s resilience. The company’s Project Orion initiative, aimed at operational excellence, is expected to further support margin expansion and operational efficiency in the coming years.
In the broader cold‑storage market, Americold faces oversupply and weak demand, yet it has managed to expand margins through cost efficiencies and a strategic shift toward higher‑margin contracts, positioning it to navigate current headwinds while maintaining a solid earnings base.
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