Americold Realty Trust reports strong Q3 2026 results

Cover page 4 changes

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For the quarterly period ended June September 30, 2026

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Class Outstanding at August 4, 2026

Class Outstanding at November 3, 2026

Common Stock, $0.01 par value per share 285,480,551 285,532,047

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Forward-looking statements 3 changes

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• risks related to any failure to consummate our joint venture with EQT on the terms or timeline currently anticipated, or at all, due to the failure to satisfy closing conditions, obtain necessary approvals or consents, or other factors beyond our control;

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The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this Quarterly Report on Form 10-Q. Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections,"

The risks included here are not exhaustive, and additional factors could adversely affect our business and financial performance, including factors and risks included in other sections of this Quarterly Report on Form 10-Q. Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near-term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions are intended to identify such forward-looking statements, although not all forward-looking statements may contain such words. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission ("SEC") on February 26, 2026 ("2025 Annual Report on Form 10-K"), and other reports filed with the SEC, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, except to the extent required by law.

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Financial statements 187 changes

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June September 30, 2026 December 31, 2025

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Land $ 817,453 $ 818,606

Other assets 274,186 246,090

Land $ 778,170 $ 818,606

Buildings and improvements 4,766,175 4,322,321 4,798,286

Machinery and equipment 1,753,123 1,652,786 1,612,744

Assets under construction 573,897 541,670 756,798

Accumulated depreciation ( 2,790,561 2,652,326 ) ( 2,641,241 )

Property, buildings, and equipment – net 5,120,087 4,642,621 5,345,193

Operating leases - net 162,186 156,240 179,935

Financing leases - net 177,341 184,461 157,936

Cash, cash equivalents, and restricted cash 40,470 35,979 136,863

Accounts receivable - net of allowance of $ 16,260 16,818 and $ 16,396 at June September 30, 2026 and December 31, 2025, respectively

Identifiable intangible assets – net 796,956 787,473 819,494

Goodwill 826,695 826,564 828,335

Investments in and advances to partially owned entities 15,963 168,735 39,231

Other assets 327,624 246,090

Total assets $ 7,811,137 7,516,354 $ 8,121,598

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Unearned revenues 22,651 20,169

Other liabilities 7,809 7,953

Total liabilities 5,360,085 5,199,585

Borrowings under revolving line of credit $ 451,285 216,240 $ 332,111

Accounts payable and accrued expenses 599,607 577,511 574,059

Senior unsecured notes and term loans - net of deferred financing costs of $ 16,939 15,541 and $ 16,001 at June September 30, 2026 and December 31, 2025, respectively

Sale-leaseback financing obligations 40,909 40,165 42,352

Financing lease obligations 172,085 179,645 152,262

Operating lease obligations 165,195 165,104 179,965

Unearned revenues 20,788 20,169

Deferred tax liability - net 110,108 167,676 98,591

Repurchase obligation 72,422 —

Other liabilities 101,368 7,953

Total liabilities 4,430,917 5,199,585

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Noncontrolling interests 36,546 37,568

Total equity 2,451,052 2,922,013

Common stock, $ 0.01 par value per share – 500,000,000 authorized shares; 285,432,128 285,518,624 and 284,871,943 shares issued and outstanding at June September 30, 2026 and December 31, 2025, respectively

Paid-in capital 5,673,791 5,678,145 5,664,195

Accumulated deficit and distributions in excess of net earnings ( 3,208,249 2,591,112 ) ( 2,719,408 )

Accumulated other comprehensive loss ( 53,889 50,002 ) ( 63,190 )

Total stockholders' equity 2,414,506 3,039,885 2,884,445

Noncontrolling interests 45,552 37,568

Total equity 3,085,437 2,922,013

Total liabilities and equity $ 7,811,137 7,516,354 $ 8,121,598

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Three Months Ended June 30, Six Months Ended June 30,

Rent, storage, and warehouse services $ 603,573 $ 602,651 $ 1,181,486 $ 1,187,638

Transportation services 59,317 48,097 111,274 92,090

Total revenues 662,890 650,748 1,292,760 1,279,728

Rent, storage, and warehouse services cost of operations 401,838 399,737 793,045 786,130

Transportation services cost of operations 48,365 39,355 91,519 76,094

Depreciation and amortization 102,931 90,462 194,591 179,444

Selling, general, and administrative 62,864 66,907 134,183 136,142

Transactions, strategic initiatives and other costs, net 28,470 23,226 48,915 48,640

Impairment of long-lived assets 309,572 5,226 309,572 5,226

Net gain from sale of real estate ( 3,316 ) ( 11,760 ) ( 5,521 ) ( 11,760 )

Total operating expenses 950,724 613,153 1,566,304 1,219,916

Operating (loss) income ( 287,834 ) 37,595 ( 273,544 ) 59,812

Three Months Ended September 30, Nine Months Ended September 30,

Rent, storage, and warehouse services $ 616,283 $ 615,822 $ 1,797,769 $ 1,803,460

Transportation services 62,217 47,843 173,491 139,933

Joint venture related management fee and reimbursed costs 13,058 — 13,058 —

Total revenues 691,558 663,665 1,984,318 1,943,393

Rent, storage, and warehouse services cost of operations 412,067 418,530 1,205,112 1,204,660

Transportation services cost of operations 52,750 40,107 144,269 116,201

Joint venture related reimbursed costs 11,597 — 11,597 —

Depreciation and amortization 105,666 88,023 300,257 267,467

Selling, general, and administrative 63,487 70,982 197,670 207,124

Transactions, strategic initiatives and other costs, net 32,208 29,052 81,123 77,692

Impairment of long-lived assets 4,623 77 314,195 5,303

Total operating expenses 682,398 646,771 2,254,223 1,878,447

Net (gain) loss from sale of real estate ( 12,126 ) 143 ( 17,647 ) ( 11,617 )

Gain on contribution of real estate assets ( 721,381 ) — ( 721,381 ) —

Operating income 742,667 16,751 469,123 76,563

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Interest expense ( 42,300 ) ( 38,245 ) ( 83,819 ) ( 74,362 )

Other, net 6,928 5,775 14,311 7,071

(Loss) income before income taxes ( 323,726 ) 4,790 ( 343,984 ) ( 9,177 )

Current income tax ( 1,516 ) ( 1,995 ) ( 4,456 ) ( 3,928 )

Deferred income tax ( 21,218 ) ( 1,245 ) ( 11,712 ) ( 1,818 )

Total income tax expense ( 22,734 ) ( 3,240 ) ( 16,168 ) ( 5,746 )

Net (loss) income $ ( 346,460 ) $ 1,550 $ ( 360,152 ) $ ( 14,923 )

Net (loss) income attributable to noncontrolling interests ( 3,650 ) 11 ( 3,785 ) ( 82 )

Net (loss) income attributable to Americold Realty Trust, Inc. $ ( 342,810 ) $ 1,539 $ ( 356,367 ) $ ( 14,841 )

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and 107 more changes in the filing

Note 1: General 4 changes

Americold Realty Trust, Inc. together with its subsidiaries ("ART", "Americold", the "Company", "us" or "we") is a Maryland corporation that operates as a real estate investment trust ("REIT") for U.S. federal income tax purposes. Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. As of June September 30, 2026, the Company operated 224 208 warehouses globally, totaling approximately 1.4 1.2 billion cubic feet, with 179 163 warehouses in North America, 23 warehouses in Europe, 20 warehouses in Asia-Pacific, and 2 warehouses in South America.

As of June September 30, 2026, our business includes two primary business segments: Warehouse and Transportation. We also have a minority interest in one two joint venture: ventures: RSA Cold Holdings Limited (the "RSA joint venture"), which operates 2 temperature-controlled warehouses in Dubai, and Americold-EQT Cold Storage Partnership, LLC (the "EQT JV"), in which we hold a 30 % equity interest, which owns 12 temperature-controlled warehouse facilities in North America.

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Segment Reorganization

As of January 1, 2026, the Company revised the operating segment information regularly provided to the Company's Chief Operating Decision Maker (the "CODM") to combine the Warehouse and the former Third-

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Notes to the financial statements 10 changes

adjustments resulting from the translation of financial statements are recognized in "Unrealized net gain (loss) on foreign currency" in the Condensed Consolidated Statements of Comprehensive Loss. Assets and liabilities of subsidiaries operating outside the United States with a functional currency other than U.S. dollars are translated into U.S. dollars using period-end exchange rates and income statement accounts are translated at weighted average exchange rates.

For the three months ended June 30, 2026 and 2025, the amount of foreign currency remeasurement recognized in the Condensed Consolidated Statements of Operations within "Other, net" was immaterial.

For the six months ended June 30, 2026, the amount of foreign currency remeasurement recognized in the Condensed Consolidated Statements of Operations within "Other, net" was gain of $ 4.6 million. For the six months ended June 30, 2025, the amount of foreign currency remeasurement recognized in the Condensed Consolidated Statements of Operations within "Other, net" was immaterial .

For the three months ended June 30, 2026 and 2025, the amount of foreign currency translation recognized in the Condensed Consolidated Statements of Comprehensive Loss within "Unrealized net gain (loss) on foreign currency" was a gain of $ 4.7 million and a loss of $ 13.2 million, respectively.

For the six months ended June 30, 2026 and 2025, the amount of foreign currency translation recognized in the Condensed Consolidated Statements of Comprehensive Loss within "Unrealized net gain (loss) on foreign currency" was a gain of $ 9.5 million and a loss of $ 19.1 million, respectively.

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In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Standards Update ("ASU") 2024-03, "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses". This ASU requires an entity to disclose the amounts of employee compensation, depreciation, and intangible asset amortization included in each relevant expense caption. It also requires an entity to include certain amounts that are already required to be disclosed under current GAAP in the same disclosure. Additionally, it requires an entity to disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, and to disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The amendments in the ASU are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. An entity may apply the amendments prospectively for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the planned method of adoption as well as the impact of this standard on our Consolidated Financial Statements and the related footnote disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles – Goodwill and Other – Internal-Use Software. This standard eliminates the prescriptive "project stage" model in ASC 350-40, clarifies the threshold for when entities begin capitalizing software development costs, and requires that disclosure requirements under ASC 360, Property, Plant, and Equipment – Overall, also apply to capitalized software costs regardless of presentation. ASU 2025-06 is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted, and may be applied prospectively, retrospectively, or under a modified transition approach. The Company is currently evaluating the method of adoption as well as the overall impact of this guidance but does not expect its adoption to have a material effect on the Consolidated Financial Statements or related footnote disclosures.

In December 2025, the Financial Accounting Standards Board ("FASB") issued ASU, "Interim Reporting (Topic 270): Narrow-Scope Improvements". This ASU incorporates a disclosure principle that requires entities to disclose events and changes that occur after the end of the most recent fiscal year that have a material impact on the entity, as well as clarifies the applicability of interim disclosure requirements. This ASU is effective for interim and annual periods beginning after December 15, 2027, with early adoption permitted, and may be applied prospectively or retrospectively to any or all periods presented. The Company is currently evaluating when it will adopt the ASU and the impact of this guidance but does not expect its adoption to have a material effect on the Consolidated Financial Statements or related footnote disclosures.

In May 2026, the FASB issued Accounting Standards Update ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which establishes recognition, measurement, presentation, and disclosure requirements for environmental credits and environmental credit obligations. The amendments in ASU 2026-02 are effective for annual reporting periods beginning after December 15, 2027, including interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the provisions of ASU 2026-02, including the applicability of the guidance to the Company's environmental credit activities, and is assessing the impact that adoption of the standard may have on its Consolidated Financial Statements or related footnote disclosures.

All other new accounting pronouncements that have been issued, but not yet effective are currently being evaluated and at this time are not expected to have a material impact on our financial position or results of operations.

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Note 2: Asset Acquisitions and Business Combinations 1 change

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The finalized fair values of the assets acquired and liabilities assumed and the related acquisition accounting are based on management's estimates and assumptions, information provided by a third-party valuation specialist, as well as other information compiled by management and the books and records for the Houston acquisition.

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Note 3: Transactions, Strategic Initiatives and Other Costs, Net 15 changes

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Three Months Ended June 30, Six Months Ended June 30,

Three Months Ended September 30, Nine Months Ended September 30,

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Acquisition and transaction related costs

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Total Orion related costs 11,079 15,442 17,015 26,938

Acquisition and transaction related costs

Severance and other compensation costs (2)

Total Orion related costs 10,019 12,959 27,034 39,897

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Other costs, net 4,542 3,370 8,351 6,028

Total held for sale, closed, and idled sites, net, excluding severance 4,542 3,370 8,351 10,985

Other costs, net 7,443 4,864 15,794 10,892

Total held for sale, closed, and idled site costs, net, excluding severance 7,443 4,864 15,794 15,849

Severance and other compensation costs (2)

Cyber incident related costs, net of insurance recoveries 83 462 177 2,130 ( 813 ) 1,061 ( 636 ) 3,191

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Acquisition and transaction related costs include costs associated with any potential acquisition and joint venture activity, whether consummated or not, such as advisory, legal, accounting, valuation, and other professional or consulting fees. During the three and nine months ended September 30, 2026, these costs also included those associated with the formation of the EQT JV which is further described in Note 13 - Investments in and Advances to Partially Owned Entities to these Condensed Consolidated Financial Statements. We also include integration costs pre- and post-acquisition that reflect work being performed to facilitate acquisition integration, such as work associated with information systems and other projects, including spending to support future acquisitions, which primarily consists of professional services. We consider acquisition-related costs to be corporate costs regardless of the segment or segments involved in the transaction.

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Acquisition and transaction related costs include costs associated with any potential acquisition and joint venture activity, whether consummated or not, such as advisory, legal, accounting, valuation, and other professional or consulting fees. During the six months ended June 30, 2026, these costs also included those associated with the anticipated formation of the joint venture with EQT Partners which is further described in Note 1 - General to these Condensed Consolidated Financial Statements. We also include integration costs pre- and post-acquisition that reflect work being performed to facilitate acquisition integration, such as work associated with information systems and other projects, including spending to support future acquisitions, which primarily consists of professional services. We consider acquisition-related costs to be corporate costs regardless of the segment or segments involved in the transaction.

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Note 4: Debt 8 changes

The following table reflects a summary of our outstanding indebtedness, at carrying amount, as of June September 30, 2026 and December 31, 2025:

June September 30, 2026 December 31, 2025

Senior Unsecured Notes $ 2,506,687 2,499,838 $ 2,730,980

Senior Unsecured Term Loans 1,300,688 405,701 1,077,144

Senior Unsecured Revolving Credit Facility 451,285 216,240 332,111

Total principal amount of indebtedness $ 4,258,660 3,121,779 $ 4,140,235

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The following table provides additional details of our Senior Unsecured Notes as of June September 30, 2026 and December 31, 2025:

June September 30, 2026 December 31, 2025

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Note 5: Derivative Financial Instruments 6 changes

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During the six nine months ended June September 30, 2026, the Australian dollar-denominated Senior Unsecured Revolving Credit Facility, that was previously held by the Company's United States-based subsidiary, was fully repaid and redrawn by its Australian-based subsidiary. As a result, the Company no longer designated the revolver draw as a hedge of its net investment in its Australian-based subsidiary as of June September 30, 2026.

As of June September 30, 2026, the Company design ated € 820.5 million of debt and accrued interest as a hedge of its net investment in its Europe-based subsidiary. As of December 31, 2025, the Company designated A$ 207.5 million and € 820.5 million of debt and accrued interest as a hedge of its net investment in its Australian-based and Europe-based subsidiaries, respectively. The remeasurement of these instruments is recorded in "Unrealized net gain (loss) on foreign currency" on the accompanying Condensed Consolidated Statements of Comprehensive Loss.

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During the three nine months ended June September 30, 2026, the Company de-designated and subsequently terminated interest rate swap agreements with notional amounts of $ 200 million, $ 175 million, and $ 270 million due to a change in the facts and circumstances associated with the forecasted transactions. Upon termination, the Company received cash proceeds of $ 6.4 million. As a result, the Company recognized a gain of $ 5.9 million in "Other, net" on the accompanying Condensed Consolidated Statements of Operations. The gain includes changes in the fair value of the swaps between the de-designation and termination dates of $ 2.0 million, as well as the reclassification of amounts previously recorded in Accumulated other comprehensive loss ("AOCI") related to the forecasted transactions that are no longer probable of occurring of $ 3.9 million. The remaining AOCI balance associated with these hedges is immaterial and will continue to be has been reclassified into "Interest expense" on the accompanying Condensed Consolidated Statements of Operations through the expected repayment date of during the related debt. three months ended September 30, 2026.

The following tables include the key provisions of the Company's interest rate swap agreements, including the fair value, as of June September 30, 2026 and December 31, 2025:

Notional Fixed Base Interest Rate Swap Effective Date Expiration Date Asset Fair Value as of June September 30, 2026

Liability Fair Value as of June September 30, 2026

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Note 6: Fair Value Measurements 13 changes

As of June September 30, 2026 and December 31, 2025, the carrying amounts of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued expenses approximate their fair values due to the short-term maturities of the instruments.

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Fair Value Hierarchy June September 30,

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Income shortfall liability (3)

Level 3 $ 46,800 $ —

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Interest rate swap liabilities Level 2 $ 1,939 555 $ 3,403

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Certain previously impaired real estate assets Level 3 $ 155,813 3,500 $ 20,885

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Level 2 $ 401,292 $ 404,334

Level 2 $ 389,006 $ 404,334

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Level 2 $ 486,400 $ 489,960

Level 2 $ 471,238 $ 489,960

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Level 3 $ 3,232,407 $ 3,128,449

Level 3 $ 2,068,960 $ 3,128,449

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(3) During the three months ended September 30, 2026, the Company entered into a support arrangement in conjunction with the formation of the EQT JV. The terms of the arrangement are more fully described in Note 13 - Investments in and Advances to Partially Owned Entities to these Condensed Consolidated Financial Statements .

Note 7: Income Taxes 1 change

The Company's effective tax rate for the three and six nine months ended June September 30, 2026 and 2025 varies from the statutory U.S. federal income tax rate primarily due to the Company being designated as a REIT that is generally treated as a non-tax paying entity. During the three and six nine months ended June September 30, 2026, and 2025, the effective tax rate was primarily impacted by the blend gain recognized in connection with the formation of pre-tax book income and losses generated year over year by jurisdiction. the EQT JV. During the six three and nine months ended June September 30, 2026, the Company recognized a non-recurring discrete tax expense of $ 3.9 3.7 million, discrete consisting primarily of a $ 2.8 million foreign audit settlement and $ 2.9 million of state tax expense related to the EQT JV formation, which was partially offset by a $ 2.0 million deferred tax benefit recognized attributable to upon the establishment termination of a pension plan. During the nine months ended September 30, 2026, the Company also recognized a discrete tax expense of $ 3.9 million related to a valuation allowance established in the U.S.

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Legal proceedings 1 change

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The Company records accruals for environmental matters when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on current law and existing technologies. The Company adjusts these accruals periodically as assessment and remediation efforts progress or as additional technical or legal information become becomes available. The Company had nominal amounts recorded as environmental liabilities in "Accounts payable and accrued expenses" as of June September 30, 2026 and December 31, 2025 on the Condensed Consolidated Balance Sheets. Most of the Company's warehouses utilize ammonia as a refrigerant. Ammonia is classified as a hazardous chemical regulated by the Environmental Protection Agency, and an accident or significant release of ammonia from a warehouse could result in injuries, loss of life, and property damage. Future changes in applicable environmental laws or regulations, or in the interpretations of such laws and

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Note 9: Accumulated Other Comprehensive Loss 24 changes

Three Months Ended June 30, Six Months Ended June 30,

The Company reports activity in Accumulated other comprehensive loss ("AOCI") for foreign currency translation adjustments, including the translation adjustment for investments in partially owned entities, unrealized gains and losses on designated derivatives, and minimum pension liability adjustments (net of tax). The activity in AOCI for the three and six nine months ended June September 30, 2026 and 2025 is as follows:

Three Months Ended September 30, Nine Months Ended September 30, (In thousands)

Opening balance - accumulated other comprehensive loss $ ( 54,508 53,889 ) $ ( 42,012 58,468 ) $ ( 63,190 ) $ ( 27,279 )

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Net loss arising during period ( 2 ) ( 49 ) ( 35 ) ( 98 )

Cumulative translation adjustment ( 6,383 ) 71,771 ( 8,937 ) 105,264

Balance at beginning of period, net of tax $ 877 875 $ 849 800 $ 910 $ 898

Net loss on pension and other postretirement benefit ( (2) ) ( 49 ) ( 35 ) ( 98 )

Balance at end of period, net of tax $ 875 ( 1,684 ) $ 800 751 $ 875 ( 1,684 ) $ 800 751

Balance at beginning of period, net of tax $ ( 64,047 59,360 ) $ ( 51,876 65,089 ) $ ( 68,893 ) $ ( 46,028 )

Cumulative translation adjustment ( 5,691 ) ( 8,368 ) ( 11,051 ) 96,896

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Net gain (loss) on foreign currency translation 4,687 ( 13,213 ) 9,533 ( 19,061 )

Reclassification of derivative net investment hedge to earnings (1)

Reclassification of accumulated CTA on SuperFrio sale proceeds — ( 1,579 ) — ( 1,579 )

Reclassification of CTA to earnings upon sale of partially owned entity — 2,372 — — 2,372

Net gain (loss) on foreign currency translation 5,379 ( 5,357 ) 14,912 ( 24,418 )

Balance at end of period, net of tax $ ( 59,360 53,981 ) $ ( 65,089 70,446 ) $ ( 59,360 53,981 ) $ ( 65,089 70,446 )

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Balance at beginning of period, net of tax $ 8,662 4,596 $ 9,015 5,821 $ 4,793 $ 17,851

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Net loss on designated derivatives ( 4,066 ) ( 3,194 ) ( 197 ) ( 12,030 )

Net gain (loss) on designated derivatives 1,067 ( 930 ) 870 ( 12,960 )

Balance at end of period, net of tax $ 4,596 5,663 $ 5,821 4,891 $ 4,596 5,663 $ 5,821 4,891

Closing balance - accumulated other comprehensive loss $ ( 53,889 50,002 ) $ ( 58,468 64,804 ) $ ( 53,889 50,002 ) $ ( 58,468 64,804 )

(1) Refer to Note 5 - Derivative Financial Instruments for details of our derivative and designated non-derivative financial instruments, including the classification on the Condensed Consolidated Statements of Operations for items reclassified from AOCI to Net (loss) income (loss).

(2) Losses during the three months ended September 30, 2026 include a $ 0.7 million reclassification from accumulated other comprehensive income related to a pension settlement during the period.

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Note 10: Segment Information 4 changes

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Revenues and costs associated with the Company's management of the EQT JV, consisting of a management fee and reimbursed costs, are not included in either of the Company's Warehouse or Transportation reportable segments and are presented as reconciling items between Total segment contribution and Income (loss) before income taxes. The EQT JV management activities do not meet the materiality threshold required for separate reporting as a reportable segment as of September 30, 2026.

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Significant Warehouse segment expenses include labor, power, other facilities costs, and other service services costs.

Labor - Labor, the most significant part of warehouse expenses, covers wages, benefits, and workers' compensation.

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The accounting policies used in the preparation of our reportable segments' financial information are the same as those used in the preparation of our Condensed Consolidated Financial Statements. Our CODM is our Chief Executive Officer, who uses segment contribution to evaluate segment performance and to allocate resources. The CODM considers budget-to-actual variances on a monthly, quarterly, and annual basis using the segment profit or loss measure when making decisions about allocating capital and personnel to the segments. The CODM also uses the segment profit or loss measure to assess the performance for each segment by comparing the results and return on specific assets of within each segment with one another and industry competitors.

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Note 11: Earnings/Loss per Common Share 20 changes

Three Months Ended June 30, Six Months Ended June 30,

Weighted average common stock outstanding – diluted 286,881 285,794 286,572 285,484

Three Months Ended June 30, Six Months Ended June 30,

Employee stock options 5 — 8 34

Restricted stock units 639 1,028 719 817

Operating Partnership units 192 523 318 343

Total 836 1,551 1,045 1,194

Basic (loss) income (loss) per share and Diluted (loss) income (loss) per share are calculated by dividing the Net (loss) income (loss), attributable to common stockholders by the basic and diluted weighted-average common stock outstanding in the period, respectively, using the allocation method prescribed by the two-class method. The Company applies this method to compute earnings/loss per common share because it distributes non-forfeitable dividend equivalents on restricted stock units and Operating Partnership units granted to certain associates and non-employee directors who have the right to participate in the distribution of common dividends while the restricted stock units and Operating Partnership units are unvested.

A reconciliation of the basic and diluted weighted-average common stock outstanding for the three and six nine months ended June September 30, 2026 and 2025 is as follows:

Three Months Ended September 30, Nine Months Ended September 30, (In thousands)

Weighted average common stock outstanding – basic 286,881 285,604 286,572 285,484 286,625 285,898 286,590 285,622

Dilutive effect of stock-based awards — 190 1,045 — 598 —

Weighted average common stock outstanding – diluted 287,670 285,898 287,188 285,622

For the three and nine months ended June September 30, 2025 , 2026, certain potential common stock under the treasury stock method and the if-converted method was dilutive because the Company reported net income for the period. those periods. For the three months ended June 30, 2026 and the six nine months ended June September 30, 2026 and 2025, potential common stock under the treasury stock method and the if-converted method were was antidilutive because the Company reported a net loss for such periods. Consequently, the Company did not have any adjustments between Basic and Diluted income (loss) per share related to stock-based awards for those periods.

The table below presents the number of antidilutive potential common shares that are not considered in the calculation of Diluted (loss) income (loss) per share:

Three Months Ended September 30, Nine Months Ended September 30, (In thousands)

Employee stock options — 22 5 30

Restricted stock units 1,043 880 827 838

Operating Partnership units 1,273 301 636 329

Total 2,316 1,203 1,468 1,197

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Note 12: Revenue from Contracts with Customers 9 changes

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The following tables represent a disaggregation of revenues from contracts with customers for the three and six nine months ended June September 30, 2026 and 2025, by segment and geographic region:

Three Months Ended June September 30, 2026

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Joint venture related management fee and reimbursed costs 13,058 — — — 13,058

Three Months Ended June September 30, 2025

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Joint venture related management fee and reimbursed costs — — — — —

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Six Months Ended June 30, 2026

North America Europe Asia-Pacific South America Total

Warehouse rent and storage

Warehouse services (1)

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MD&A 537 changes

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q. In addition, the following discussion contains forward-looking statements, such as statements regarding our expectation for future performance, liquidity and capital resources, that involve risks, uncertainties and assumptions that could cause actual results to differ materially from our expectations. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Factors that could cause such differences include, but are not limited to, those identified below and those described in Part I of this Quarterly Report on Form 10-Q under " Cautionary Statement Regarding Forward-Looking Statements Statemen ts ", and "Risk Factors" in Item 1A of Part I of our 2025 Annual Report on Form 10-K .

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Americold Realty Trust, Inc. together with its subsidiaries ("ART", "Americold", the "Company", "us" or "we") is a Maryland corporation that operates as a real estate investment trust ("REIT") for U.S. federal income tax purposes. Americold is a global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide. We connect producers, processors, distributors, and retailers. Leveraging deep industry expertise, advanced technology, and sustainable practices, Americold delivers reliable cold storage and transportation solutions that create lasting value for customers and communities. As of June September 30, 2026, the Company operated 224 208 warehouses globally, totaling approximately 1.4 1.2 billion cubic feet, with 179 163 warehouses in North America, 23 warehouses in Europe, 20 warehouses in Asia-Pacific, and 2 warehouses in South America.

As of June September 30, 2026, our business includes two primary business segments: Warehouse and Transportation. We also have a minority interest in one two joint venture: ventures: RSA Cold Holdings Limited (the "RSA joint venture"), which operates 2 temperature-controlled warehouses in Dubai, and Americold-EQT Cold Storage Partnership, LLC (the "EQT JV"), in which we hold a 30% equity interest, which owns 12 temperature-controlled warehouse facilities in North America.

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On May 7, 2026, the Company announced the signing of a joint venture agreement with EQT Partners ("EQT"), one of the world's largest private equity investors, to create a new North American joint venture focused on the ownership, operation, and development of high-quality cold storage warehouse facilities.

Under the terms of the agreement, EQT and the Company will hold 70% and 30% equity interests, respectively, in the new venture. At inception, the Company will contribute 12 cold storage facilities to the joint venture and expects to receive proceeds from such transfer, which will be used to pay down outstanding indebtedness of the Company. The transaction is subject to customary closing conditions.

On August 31, 2026, the Company completed the formation of Americold-EQT Cold Storage Partnership, LLC (the "EQT JV") with EQT Partners ("EQT"), a joint venture focused on the ownership, operation, and potential development of high-quality cold storage warehouse facilities in North America.

Upon closing, the Company contributed 12 cold storage facilities to the EQT JV and retained a 30% equity interest in the EQT JV, while EQT acquired a 70% equity interest in the EQT JV. The Company received proceeds in connection with the transaction, which were used to repay outstanding indebtedness of the Company. The Company continues to serve as the operating manager of the EQT JV and provides day-to-day operational oversight. Additional information regarding the transaction is included in Note 13 - Investments in and Advances to Partially Owned Entities .

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As of January 1, 2026, the Company revised the operating segment information regularly provided to the Company's Chief Operating Decision Maker (the "CODM") to combine the Warehouse and the former Third-party managed operating segments. As a result of this change, the Company now has two reportable operating segments: Warehouse and Transportation. All prior period comparative financial information has been recast to reflect the revised segment structure. See Note 10 - Segment Information for additional information of about the Company's reportable segments.

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During the six months ended June 30, 2025, the Company recorded impairment charges of $5.2 million primarily related to the exit or anticipated exit of certain warehouse operations.

As a result of the agreement described above, together with other real estate-related impairments recognized during the period, the Company recorded impairment charges of $309.6 $314.2 million during the six nine months ended June September 30, 2026, which were recognized within Impairment of long-lived assets on the Condensed Consolidated Statements of Operations.

In February 2023, the Company announced Project Orion ("Project Orion"), a multi‑year transformation initiative focused on modernizing technology platforms and business processes to support future growth and operational efficiency. Project Orion includes the implementation of a new cloud‑based enterprise resource planning ("ERP") system ("Orion – Oracle") and other transformation initiatives ("Orion – Transformation"). The Orion – Oracle implementation is substantially complete, with the exception of finalizing its deployment in Europe. The Company recognized $11.1 $10.0 million and $15.4 $13.0 million in total costs related to Project Orion during the three months ended June September 30, 2026 and 2025, respectively. The total costs related to Project Orion during the six nine months ended June September 30, 2026 and 2025 were $17.0 $27.0 million and $26.9 $39.9 million, respectively.

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Management believes that recent and future operating results may continue to be impacted by broader macroeconomic conditions, including consumer spending conservatism, persistent inflationary pressures, tariff-related uncertainty, and reductions in government-sponsored benefits. These factors have collectively influenced purchasing behavior, which in turn affect affects our customers' production volumes and the corresponding demand for our temperature-controlled storage and handling services. The cold storage industry has also experienced increased speculative capacity, particularly in key distribution markets, which has increased competition. Management believes these trends are reasonably likely to continue to impact future results; however, despite these headwinds, we remain focused on disciplined cost control, delivering high-quality customer service, and investing in areas of the business that offer the greatest long-term value.

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• Warehouse segment contribution NOI is calculated as Warehouse segment revenues less its cost of operations excluding any Joint venture related reimbursed costs, Depreciation and amortization, corporate-level Selling, general, and administrative expense, corporate-level Transactions, strategic initiatives and other costs, net, Impairment of long-lived assets, Net (gain) loss from sale of real estate, Gain on contribution of real estate assets, and all components of Other (expense) income.

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• Transportation segment contribution NOI is calculated as Transportation segment revenues less its cost of operations excluding any Joint venture related reimbursed costs, Depreciation and amortization, corporate-level Selling, general, and administrative expense, corporate-level Transactions, strategic initiatives and other costs, net, Impairment of long-lived assets, Net (gain) loss from sale of real estate, Gain on contribution of real estate assets, and all components of Other (expense) income.

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We believe that same store metrics are key performance indicators commonly used in the real estate industry. Evaluating the performance of our real estate portfolio on a same store basis allows investors to evaluate performance in a way that is consistent period to period. We define our "same store" population once annually at the beginning of the current calendar year. Our population includes properties owned or leased for the entirety of two comparable periods with at least twelve consecutive months of normalized operations prior to January 1 of the current calendar year. We define "normalized operations" as properties that have been open for operation or lease, after development, expansion, or significant modification (e.g., rehabilitation subsequent to a natural disaster). Acquired properties are included in the "same store" population if owned by us as of the first business day of the prior calendar year (e.g. January 1, 2025) and are still owned by us as of the end of the current reporting period, unless the property is under development. The "same store" pool is also adjusted to remove properties that are being exited (e.g. non-renewal of warehouse lease or held for sale to third parties), were sold, or entered development subsequent to the beginning of the current calendar year. Changes in ownership structure (e.g., purchase of a previously leased warehouse) does do not result in a facility being excluded from the same store population as management believes that actively managing its real estate is normal course of operations. However, the sites contributed upon formation of the EQT JV have been excluded from both the same store and non-same store results. Additionally, management classifies new developments (both conventional and automated facilities) as a component of the same store pool once the facility is considered fully operational and both inbounding and outbounding product for at least twelve consecutive months prior to January 1 of the current calendar year.

For all same store properties (as defined above), we calculate "same store contribution (NOI)", "same store rent and storage contribution NOI", "same store services contribution NOI", and the related margins in the same manner as described above. To ensure comparability in our period-to-period operating results, we also calculate same store contribution NOI measures on a constant currency basis, removing the impact of foreign exchange rate fluctuations by using prior period exchange rates to translate current period results into US dollars. These metrics isolate the operating performance of a consistent set of properties and thus eliminates eliminate the effects of changes in portfolio composition and currency fluctuations.

The following table shows the number of same store and non-same store warehouses in our portfolio as of June September 30, 2026.

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As of September 30, 2026

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(3) As of June September 30, 2026, the non-same store facility count consists of: 5 4 sites that are in the recently completed expansion and development phase, 1 facility that we purchased in 2025, 1 recently leased warehouse in Australia, 1 site currently under temporary construction, 3 sites held for sale, and 5 4 sites in the process of winding down operations. As of June September 30, 2026, there are 2 sites in the development and expansion phase that will be added to the non-same store pool when operations commence.

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Labor covers wages, benefits, and workers' compensation, and can vary due to factors like workforce size, customer needs, compensation levels, third-party labor usage, collective bargaining agreements, customer requirements, productivity, labor availability, government policies, medical insurance costs, safety programs, and discretionary bonuses. Additionally, we incur labor charges for warehouses that we managed manage on behalf of third-party owners, which are recognized on a pass-through basis.

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Joint venture related management fee and reimbursed costs revenues are related to management fees that the Company earns related to its property management services provided to the EQT JV. The Company receives reimbursements for any costs incurred related to operating the warehouses which is recognized on a gross basis in Joint venture related management fee and reimbursed costs revenues and the related costs in Joint venture related reimbursed costs .

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Transactions, strategic initiatives and other costs, net consists of non-recurring or non-routine costs including costs related to severance, non-routine stock compensation expense associated with certain employee awards and professional and consulting fees for strategic projects, acquisition and transaction related costs (including costs related to the formation of the EQT JV), terminated site operations and costs related to sites held for sale or idle facilities, Project Orion, and cyber incident related costs, net of insurance recoveries. These costs are not representative of our normal course of operations.

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Net (gain) loss from sale of real estate represents the gain recognized on the Company's sale of real estate related assets.

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Gain on contribution of real estate assets represents gains associated with the initial formation of the EQT JV.

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Other, net primarily includes gains related to the termination of certain hedge instruments, interest income, foreign currency remeasurement, gains and losses on other asset disposals including investments in partially owned entities, and other miscellaneous transactions.

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Comparison of Results for the Three Months Ended June September 30, 2026 and 2025

As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure. The Company's Third-Party Managed sites are included within the same store warehouse pool.

The following table presents revenues, contribution (NOI), margins, and certain operating metrics margins for our Global Warehouse segment for the three months ended June September 30, 2026 and 2025.

Global Warehouse Reconciliation

Three Months Ended September 30,

Same Store Warehouse $ 546,341 $ 517,011

Non-Same Store Warehouse 23,020 40,219

Sites Contributed to Partially Owned Entities (2)

Global Warehouse Segment (1)

Segment costs of operations:

Same Store Warehouse 365,408 346,307

Non-Same Store Warehouse 21,445 39,188

Sites Contributed to Partially Owned Entities (2)

Global Warehouse Segment (1)

Segment Contribution:

Same Store Warehouse 180,933 170,704

Non-Same Store Warehouse 1,575 1,031

Sites Contributed to Partially Owned Entities (2)

Global Warehouse Segment (1)

(1) As of January 1, 2026, the Company's former Third-Party Managed reportable segment has been included in the Warehouse reportable segment. All prior period comparative financial information has been recast to reflect the revised segment structure.

(2) These amounts represent the results of sites contributed to the EQT JV upon formation on August 31, 2026.

The following table presents revenues, contribution (NOI), margins, and certain operating metrics for our global Warehouse segment for the three months ended September 30, 2026 and 2025. The following tables exclude results for sites contributed to the EQT JV.

Three Months Ended June September 30, Change

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Rent and storage $ 253,665 $ 252,128 $ 256,732 (1.2) % (1.8) %

Rent and storage $ 235,184 $ 234,541 $ 235,288 — % (0.3) %

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Total revenues $ 603,573 $ 597,085 $ 602,651 0.2 % (0.9) %

Total Warehouse revenues $ 569,361 $ 565,711 $ 557,230 2.2 % 1.5 %

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Power 38,114 37,915 35,544 7.2 % 6.7 %

Power 42,568 42,588 39,754 7.1 % 7.1 %

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Labor 254,904 250,811 253,853 0.4 % (1.2) %

Labor 240,709 238,186 238,143 1.1 % — %

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Total Warehouse segment cost of operations $ 401,838 $ 396,845 $ 399,737 0.5 % (0.7) %

Global Warehouse contribution (NOI) $ 201,735 $ 200,240 $ 202,914 (0.6) % (1.3) %

Rent and storage contribution (NOI) $ 155,172 $ 154,299 $ 159,384 (2.6) % (3.2) %

Services contribution (NOI) $ 46,563 $ 45,941 $ 43,530 7.0 % 5.5 %

Global Warehouse margin 33.4 % 33.5 % 33.7 % -30 bps -20 bps

Total Warehouse segment cost of operations $ 386,853 $ 384,074 $ 385,495 0.4 % (0.4) %

Global Warehouse contribution (NOI) $ 182,508 $ 181,637 $ 171,735 6.3 % 5.8 %

Rent and storage contribution (NOI) $ 134,557 $ 134,097 $ 137,196 (1.9) % (2.3) %

Services contribution (NOI) $ 47,951 $ 47,540 $ 34,539 38.8 % 37.6 %

Global Warehouse margin 32.1 % 32.1 % 30.8 % 130 bps 130 bps

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61.2 % 61.2 % 62.1 % -90 bps -90 bps

57.2 % 57.2 % 58.3 % -110 bps -110 bps

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13.3 % 13.3 % 12.6 % 70 bps 70 bps

14.3 % 14.4 % 10.7 % 360 bps 370 bps

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Average economic occupied pallets 3,926 n/a 4,057 (3.2) % n/a

Average physical pallet positions 5,168 n/a 5,499 (6.0) % n/a

Economic occupancy percentage 76.0 % n/a 73.8 % 220 bps n/a

Physical occupancy percentage 67.4 % n/a 62.8 % 460 bps n/a

Average economic occupied pallets 3,639 n/a 3,698 (1.6) % n/a

Average physical occupied pallets 3,484 3,233 n/a 3,454 0.9 3,151 2.6 % n/a

Average physical pallet positions 4,745 n/a 5,092 (6.8) % n/a

Economic occupancy percentage 76.7 % n/a 72.6 % 410 bps n/a

Physical occupancy percentage 68.1 % n/a 61.9 % 620 bps n/a

Total rent and storage revenues per average economic occupied pallet $ 64.61 64.63 $ 64.22 64.45 $ 63.28 2.1 63.63 1.6 % 1.5 1.3 %

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and 457 more changes in the filing

Market risk 8 changes

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As of June 30, 2026, we had $645.0 million of outstanding USD-denominated variable-rate debt under the Senior Unsecured Term Loan Facility (excluding the 2025 Unsecured Term Loan). During the three months ended June 30, 2026, interest rate swap agreements associated with these term loans were terminated. These term loans bear interest at adjusted one-month SOFR (which includes an adjustment of 0.10%). These rates are also subject to contractual margins of 0.95%. As of June 30, 2026, the adjusted one-month SOFR rate for both the Tranche A-1 and the Delayed Draw Tranche A-3 was 3.74% (which includes an adjustment of 0.10%).

As of June 30, 2026, we had $250.0 million of outstanding USD-denominated variable-rate debt for the 2025 Unsecured Term Loan. The 2025 Unsecured Term Loan is unhedged and bears interest at daily SOFR, which was approximately 3.62% at June 30, 2026, and is subject to a contractual margin of 0.95%.

As of June September 30, 2026, we had C$350.0 million of outstanding CAD-denominated variable-rate debt under the Senior Unsecured Term Loan Facility. This term loan bears interest at daily CORRA and is subject to a contractual margin of 0.90%. Of this amount, C$250.0 million is hedged by an interest rate swap that effectively locks the floating rate at 4.49%, while the remaining C$100.0 million is unhedged. As of June September 30, 2026, the daily CORRA rate for the unhedged C$100 million portion of the Tranche A-2 was 2.28%. 2.30%.

As of June September 30, 2026, we had A$230.0 million of outstanding AUD-denominated variable-rate debt for the AUD Term Loan Facility. The AUD Term Loan Facility is unhedged and bears interest at one-month BBSW, which was approximately 4.35% 4.52% at June September 30, 2026, and is subject to a contractual margin of 0.90%.

Additionally, as of June September 30, 2026, we had $305.0 $64.0 million, C$22.0 C$32.0 million, €70.5 million, and NZ$88.5 million outstanding of Senior Unsecured Revolving Credit Facility draws. At June September 30, 2026, daily SOFR (USD) was approximately 3.62%, 3.87%, daily CORRA (CAD) was approximately 2.32%, 2.30%, one-month EURIBOR (Euro) was approximately 2.18%, 2.48%, and one-month BKBM (NZD) was approximately 2.59%. 3.06%. These rates are also subject to contractual margins of 0.80%.

The interest rate paid on borrowings can never drop below 0.0%. A 100 basis point increase in market interest rates would result in an increase in annual interest expense to service our variable-rate debt of approximately $15.8 $4.5 million, and a 100 basis point decrease in market interest rates would result in a decrease in annual interest expense of approximately $15.8 $4.5 million.

Our interest rate risk exposure at June September 30, 2026 was not materially different than what we disclosed in our 2025 Annual Report on Form 10-K as filed with the SEC.

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As it relates to the currency of countries where we own and operate warehouse facilities and provide logistics services, our foreign currency risk exposure at June September 30, 2026 was not materially different than what we disclosed in our 2025 Annual Report on Form 10-K as filed with the SEC. The information concerning foreign currency risk in Item 7A under the caption "Quantitative and Qualitative Disclosures About Market Risk" of our 2025 Annual Report on Form 10-K , is hereby incorporated by reference in this Quarterly Report on Form 10-Q.

Controls and procedures 2 changes

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In accordance with Rule 13a-15(b) of the Exchange Act, the Company's management, with the participation of the Chief Executive Officer and the Chief Financial Officer, carried out an evaluation of the effectiveness of the Company's "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective at a reasonable assurance level as of June September 30, 2026.

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There were no changes in our internal control over financial reporting during the three months ended June September 30, 2026 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Risk factors 1 change

Investing in our securities involves risks and uncertainties. You should consider and read the information contained in our 2025 Annual Report on Form 10-K , including the risk factors identified in Item 1A of Part I thereof ("Risk Factors"). Any of the risks discussed in our 2025 Annual Report on Form 10-K and in other reports we file with the SEC, and other risks we have not anticipated or discussed, could have a material adverse impact on our business, financial condition or results of operations. As of June September 30, 2026, no material changes had occurred to the risk factors previously disclosed in our 2025 Annual Report on Form 10-K .

Other information 1 change

During the three months ended June September 30, 2026, none of the Company's directors or officers adopted, modified or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement" (as such term is defined in Item 408(c) of Regulation S-K).

Exhibits 8 changes

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Amended and Restated Syndicated Facility Agreement, dated June 23, 2026, by and among Americold Realty Trust, Inc., Americold Realty Operating Partnership, L.P., certain other subsidiaries of Americold Realty Trust, Inc., Bank of America, N.A., as administrative agent and certain lenders and letter of credit issuers party thereto (incorporated by reference to Exhibit 10.1 to Americold Realty Trust's Current Report on Form 8-K filed on June 24, 2026)

Amended and Restated Americold Logistics, LLC Executive Severance Benefits Plan, effective August 25, 2026 (incorporated by reference to Exhibit 10.1 to Americold Realty Trust's Current Report on Form 8-K filed on August 31, 2026)

First Amendment to Contribution Agreement, dated as of May 7, August 29, 2026, by and among Americold Realty Operating Partnership, L.P., Americold North America JV Member, LLC MHG Gateway Properties, LLC, ART Mortgage Borrower Propco 2010 - 5 LLC, Americold New TRS Sub 1, LLC, Americold Real Estate, L.P., ART Mortgage Borrower Propco 2010 - 4 LLC, New Hall's Warehouse LLC, Americold Russellville, LLC and Snowfall Topco LP (incorporated by reference to Exhibit 10.1 to Americold Realty Trust's Current Report on Form 8-K/A 8-K filed on May 12, August 31, 2026)

Amended and Restated Limited Liability Company Agreement, dated as of August 31, 2026, by and among Americold-EQT Cold Storage Partnership, LLC, a Delaware limited liability company, Americold Real Estate, L.P., a Delaware limited partnership, Americold Logistics, LLC, a Delaware limited liability company, the unitholders parties thereto from time to time and, solely for the purposes set forth in Section 3.13(c) and Exhibit G of such agreement, Americold Realty Operating Partnership, LP, a Delaware limited partnership

List of Subsidiary Guarantors (incorporated by reference to Exhibit 22.1 to Americold Realty Trust, Inc.'s Post-Effective Amendment No. 1 to Form S-3 Registration Statement filed on September 3, 2024) August 6, 2026)

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101 The following financial statements of Americold Realty Trust's Form 10-Q for the quarter ended June September 30, 2026, formatted in XBRL interactive data files: (i) Condensed Consolidated Balance Sheets as of June September 30, 2026 and December 31, 2025; (ii) Condensed Consolidated Income Statements for the three and six nine months ended June September 30, 2026 and 2025; (iii) Condensed Consolidated Statements of Comprehensive Loss Income for the three and six nine months ended June September 30, 2026 and 2025; (iv) Condensed Consolidated Statements of Equity for the three and six nine months ended June September 30, 2026 and 2025; (v) Condensed Consolidated Statements of Cash Flows for the six nine months ended June September 30, 2026 and 2025; and (vi) Notes to Condensed Consolidated Financial Statements.

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† Certain of the exhibits and schedules to this exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5). The Company agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

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Date: August 6, November 5, 2026 By: /s/ Christopher J. Papa

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