The JV announcement provides a positive catalyst for deleveraging, but the operating deterioration (AFFO -14.7% YoY, same-store NOI -3.1%) warrants caution. Watch for JV closing details and second-half recovery in occupancy. The stock may trade on JV sentiment initially, but fundamentals remain weak — consider waiting for clearer stabilization signs before adding positions.
Price Chart
Executive Summary
Americold's Q1 2026 AFFO per share of $0.29 beat the $0.25 consensus but fell 14.7% YoY, while total revenue was essentially flat (+0.1%). Same-store NOI declined 3.1% and Core EBITDA dropped 7.3%, reflecting continued headwinds from excess industry capacity and weak demand. The announcement of a $1.3B joint venture with EQT provides a positive balance-sheet catalyst, but operating trends remain negative.
Key Financial Metrics
Key Facts
- Q1 2026 total revenue $629.9M, +0.1% YoY (down 1.9% constant currency)
- Adjusted FFO $81.9M / $0.29 per diluted share, -14.7% vs $0.34 in Q1 2025
- Net loss $13.6M ($0.05/sh) vs net loss $16.4M ($0.06/sh) in Q1 2025
- Same Store Warehouse NOI -3.1% actual, -4.5% constant currency
- Core EBITDA $136.8M, -7.3% YoY (margin 21.7% vs 23.5%)
- 2026 guidance reaffirmed: AFFO $1.20-$1.30/sh, Core EBITDA $570M-$620M
- New $1.3B cold storage joint venture with EQT announced alongside earnings
- Net debt to pro forma Core EBITDA increased to 7.1x from 6.8x in Q4 2025
- Physical occupancy stabilized at 66.4% (vs 66.2% in Q1 2025), but economic occupancy fell 70bps to 77.3%
Financial Impact
Q1 AFFO $0.29 beat $0.25 consensus by 16%, but YoY decline of 14.7% signals ongoing earnings pressure. Core EBITDA decline of $10.8M YoY reduces free cash flow generation.
Risk Factors
- Continued capacity oversupply in cold storage industry pressuring occupancy and pricing
- Higher interest expense ($41.5M, +15% YoY) and net leverage at 7.1x limit financial flexibility
- Joint venture execution risk and potential dilution from future capital raises
- Reaffirmed guidance may prove optimistic if occupancy recovery fails to materialize
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-031656 |
| Document: q12026-pressreleasewithjv.htm | 0001628280-26-031656 |
| Document: art-20260507.htm | 0001628280-26-031656 |
| Document: 0001628280-26-031656-index-headers.html | 0001628280-26-031656 |
| Document: 0001628280-26-031656-index.html | 0001628280-26-031656 |
| Document: 0001628280-26-031656.txt | 0001628280-26-031656 |
| 8-K Data (Synthetic) | 0001628280-26-031656 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 31, 2026 4w ago | 8-K | $14.74 $13.98 | ▼ −5.16% | ▼ −5.27% | $13.97 (−5.22%) |
Aug 31, 2026 4w ago | 8-K | $14.74 $13.98 | ▼ −5.16% | ▼ −5.27% | $13.97 (−5.22%) |
Jul 23, 2026 10w ago | 8-K | $14.10 $15.02 | ▼ −6.52% | ▼ −3.22% | $13.97 (+0.92%) |
Jul 8, 2026 12w ago | Press Release | $15.72 $14.03 | ▼ −10.75% | ▼ −14.02% | $13.97 (−11.13%) |
Jun 1, 2026 17w ago | 8-K | $15.33 $16.11 | ▲ +5.12% | ▲ +7.43% | $13.97 (−8.84%) |
May 21, 2026 19w ago | Press Release | $14.32 $14.07 | ▼ −1.71% | ▼ −2.25% | $13.97 (−2.41%) |
May 7, 2026 21w ago | 8-K | $14.96 $14.61 | ▲ +2.31% | ▲ +5.44% | $13.97 (+6.59%) |
May 7, 2026 21w ago | 8-K | $14.96 $14.61 | ▼ −2.31% | ▼ −5.44% | $13.97 (−6.59%) |
Apr 8, 2026 25w ago | DEFA14A | $11.99 $12.70 | ▲ +5.97% | ▼ −1.60% | $13.97 (+16.56%) |
Mar 5, 2026 30w ago | Press Release | $12.50 $11.48 | ▼ −8.16% | ▼ −6.12% | $13.97 (+11.80%) |
US Market Status
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