Fourth Quarter 2024 FINANCIAL RESULTS February 26, 2025 Safe Harbor Statement Forward-Looking Statements. Certain statements contained in this Presentation, other than historical facts, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which Lineage operates, and beliefs of, and assumptions made by, the Company ...

Financial Performance - For the year ended December 31, 2024, the company generated $5.3 billion in revenue, with a net loss of $0.8 billion and Adjusted EBITDA of $1.3 billion[22]. - The total liquidity, including cash on hand and available revolver capacity, is $1.8 billion, supporting the company's external growth strategy[60]. - The company's 25 largest customers contributed approximately 32% of total revenues for the year ended December 31, 2024, with four customers each accounting for at least 2% of total revenues[185]. Operational Capacity - The company operates approximately 86 million square feet and 3.1 billion cubic feet of capacity across 488 warehouses, serving over 13,000 customers[22]. - As of December 31, 2024, the average occupancy rate across the portfolio was 83.4%, with North America having an economic occupancy of 84.0%[28]. - Approximately 75% of the company's global warehousing NOI was derived from distribution centers, with 46% from warehouses located near ports[49]. Segments and Revenue Sources - The Global Warehousing Segment represented approximately 87% of total net operating income (NOI), while the Global Integrated Solutions Segment accounted for 13%[26]. - Long-term contracts with major customers provide stability, with 44.0% of storage revenues subject to minimum storage guarantees[52]. - Approximately 44.0% of the company's storage revenues for the year ended December 31, 2024, were generated from agreements with customers that contained minimum storage guarantees[144]. Growth and Expansion - The company has executed 120 acquisitions over the last 17 years, with nearly two-thirds being proprietarily sourced, demonstrating a strong acquisition strategy[70]. - Recently completed greenfield and expansion projects include 3.3 million square feet of new facilities, targeting an NOI yield of 11%[72]. - The future long-term pipeline includes 15 projects globally, with an estimated construction cost of $1,652 million[78]. Technology and Innovation - The company has invested significantly in transformational technology initiatives, including the deployment of 82 fully and semi-automated facilities, which is expected to drive future growth[56]. - Lineage Link, a proprietary customer visibility platform, has been rolled out across approximately 75% of the network, enhancing inventory management and operational efficiencies[58]. - The in-house data science team has generated 133 patents issued and 164 patents pending, focusing on innovations that enhance operational efficiencies and profitability[68]. Sustainability and Energy - The company has installed capacity of 146 megawatts of solar energy as of December 31, 2024, as part of its sustainability strategy[88]. - The company aims to achieve carbon neutrality by calendar 2040, depending on the execution of operational strategies related to energy efficiency and onsite energy generation[194]. - The company anticipates that automated facilities can reduce energy intensity by approximately 20% compared to conventional facilities[88]. Workforce and Labor Relations - As of December 31, 2024, the company employed approximately 26,000 people worldwide, with 68.8% located in North America, 21.2% in Europe, and 10.0% in Asia-Pacific[106]. - Approximately 16% of the company's total team members are represented by various local labor unions and associations[106]. - Approximately 16% of the company's global workforce is represented by labor unions, which could lead to increased operating costs and disruptions if collective bargaining agreements are not favorable[132]. Risks and Challenges - The company is exposed to risks associated with expansion and development, which could result in returns below expectations and unforeseen costs[118]. - The company faces risks related to cybersecurity incidents that could disrupt operations and adversely affect financial conditions[21]. - The company is exposed to economic downturns in the temperature-controlled warehouse industry, which could adversely affect storage and handling fees[120]. Compliance and Governance - The company is classified as a "controlled company," allowing it to rely on exemptions from certain corporate governance requirements, which may affect shareholder protections[216][217]. - Significant costs are expected due to compliance with new regulations following the IPO, including legal, accounting, and insurance expenses[218]. - Implementation of internal controls over financial reporting is required, with substantial work anticipated to meet compliance standards[219]. Market Conditions - Inflationary pressures have risen to levels not seen in decades, impacting operating expenses such as labor, utility, and interest costs[126]. - Increased competition in the market may pressure the company to reduce rent and storage fees, impacting profitability[180]. - Supply chain disruptions may continue to negatively impact the availability of materials and transportation, affecting the company's operations[136].

Financial Performance - Total revenue for 2024 was $5.3 billion, flat compared to the prior year[7] - Adjusted EBITDA for Q4 2024 increased by 9.8% to $335 million, with an adjusted EBITDA margin of 25.0%, up 210 basis points[7] - AFFO for Q4 2024 increased by 147.7% to $213 million, with AFFO per share rising by 72.9% to $0.83[7] - The company reported a GAAP net loss of $751 million for the full year 2024, equating to a loss of $3.70 per diluted common share[7] - Net revenues for Q4 2024 were $1,339 million, a slight increase from $1,334 million in Q4 2023[20] - Net loss attributable to Lineage, Inc. for Q4 2024 was $71 million, compared to a net loss of $52 million in Q4 2023[20] - Comprehensive loss attributable to Lineage, Inc. was $286 million in Q4 2024, a significant decrease from a comprehensive income of $3 million in Q4 2023[20] - The company reported a net loss of $751 million for the year ended December 31, 2024, compared to a net loss of $96 million in 2023[20] - Net income for Q4 2024 was a loss of $80 million, compared to a loss of $57 million in Q4 2023, and a total loss of $751 million for the year 2024 versus a loss of $96 million in 2023[56] Assets and Liabilities - Total assets as of December 31, 2024, were $18.661 billion, a decrease from $18.871 billion in 2023[18] - Total liabilities decreased significantly from $12.849 billion in 2023 to $8.967 billion in 2024[18] - The balance of redeemable noncontrolling interests as of December 31, 2023, was $349 million, an increase from $298 million as of December 31, 2022[21] - The total liabilities for redeemable noncontrolling interests decreased from $349 million in 2023 to $43 million in 2024, indicating a reduction in financial obligations[23] - The balance of total equity as of December 31, 2024, was $9,651 million, up from $5,673 million in 2023, indicating growth in shareholder value[23] Operating Expenses - Total operating expenses increased to $1,360 million in Q4 2024 from $1,276 million in Q4 2023, representing a 6.6% increase[20] - Total operating expenses for the year ended December 31, 2024, were $5,701 million, up from $4,944 million in 2023, marking a 15.3% increase[20] - The company incurred $651 million in acquisition, transaction, and other expenses for the year ended December 31, 2024, compared to $60 million in 2023[20] - General and administrative expenses for Q4 2024 were $145 million, up from $141 million in Q4 2023, with total expenses for 2024 at $539 million compared to $502 million in 2023[56] - Acquisition, restructuring, and other expenses totaled $46 million in Q4 2024, up from $23 million in Q4 2023, with total expenses for 2024 at $542 million compared to $73 million in 2023[60] Cash Flow and Investments - Cash provided by operating activities decreased to $703 million in 2024 from $796 million in 2023, reflecting a reduction in operational efficiency[25] - Total cash used in investing activities was $919 million in 2024, down from $1,066 million in 2023, showing a decrease in capital expenditures[25] - The company reported a depreciation and amortization expense of $876 million in 2024, an increase from $760 million in 2023, indicating higher asset utilization[25] - Integration capital expenditures increased to $94 million in 2024 from $75 million in 2023[52] - External growth capital investments totaled $760 million in 2024, up from $741 million in 2023[54] Revenue Segments - Total global warehousing segment revenues for Q4 2024 were $980 million, a 0.5% increase from $975 million in Q4 2023[28] - Warehouse storage revenue decreased by 3.4% to $508 million in Q4 2024 from $526 million in Q4 2023[28] - Warehouse services revenue increased by 5.1% to $472 million in Q4 2024 compared to $449 million in Q4 2023[28] - Total global warehousing segment revenues for the year ended December 31, 2024, were $3,887 million, a 0.8% increase from $3,857 million in 2023[31] - Total same warehouse revenues declined by 1.4% to $3,344 million in 2024 compared to $3,390 million in 2023[38] - Non-same warehouse revenues increased by 16.3% to $543 million in 2024 from $467 million in 2023[43] - Global Integrated Solutions segment revenues decreased by 2.2% to $1,453 million in 2024 from $1,485 million in 2023[47] Performance Metrics - EBITDA for Q4 2024 was $176 million, down from $273 million in Q4 2023, with total EBITDA for 2024 at $466 million compared to $1.14 billion in 2023[57] - Adjusted EBITDA for Q4 2024 increased to $335 million, compared to $305 million in Q4 2023, with an annual total of $1.329 billion for 2024 versus $1.278 billion in 2023[60] - Total segment NOI for Q4 2024 was $435 million, slightly down from $438 million in Q4 2023, with a total of $1.765 billion for 2024 compared to $1.752 billion in 2023[56] - Adjusted EBITDA margin improved to 25.0% in Q4 2024 from 22.9% in Q4 2023, with an annual margin of 24.9% for 2024 compared to 23.9% in 2023[57] - Total non-same warehouse margin improved by 140 basis points to 36.3% in 2024 from 34.9% in 2023[43] Stock and Equity - The company declared a quarterly dividend of $0.5275 per share, representing an annualized dividend rate of $2.11 per share[7] - The company issued common stock in an IPO, net of equity raise costs, amounting to $4,879 million in 2024, compared to a negative $6 million in 2023[25] - Stock-based compensation expenses of $215 million in 2024, a substantial increase from $26 million in 2023, reflecting a shift in compensation strategy[25] - Stock-based compensation expense increased to $44 million in Q4 2024 from $7 million in Q4 2023, with total expenses for 2024 at $215 million compared to $26 million in 2023[60] Guidance and Future Outlook - The company expects full-year 2025 adjusted EBITDA to be between $1.35 billion and $1.40 billion, and adjusted FFO per share to be between $3.40 and $3.60[6] - The company cannot provide forward-looking guidance for Adjusted EBITDA and Adjusted FFO per share due to the unpredictable nature of reconciling items such as acquisitions and natural disasters[72] Operational Efficiency - Average occupied economic pallets decreased by 2.2% to 8,339 thousand in Q4 2024 from 8,525 thousand in Q4 2023[28] - Economic occupancy percentage dropped to 83.9% in Q4 2024, down 330 basis points from 87.2% in Q4 2023[28] - Average occupied economic pallets for the year ended December 31, 2024, were 8,175 thousand, a decrease of 1.4% from 8,292 thousand in 2023[31] - Average occupied economic pallets in non-same warehouses increased by 2.8% to 1,218 thousand in Q4 2024 from 1,185 thousand in Q4 2023[41] - Average physical occupied pallets in non-same warehouses increased by 1.8% to 1,118 thousand in Q4 2024 from 1,098 thousand in Q4 2023[41]

Carnival Leaders Begin Countdown to New Exclusive Destination's Opening with Behind-the-Scenes Visit GRAND BAHAMA, Feb. 19, 2025 /PRNewswire/ -- Carnival Cruise Line guests are just five months away from experiencing Celebration Key's five portals to paradise. To kick off the countdown to the official opening on July 19, Carnival Corporation & plc's Chief Executive Officer Josh Weinstein and Chief Maritime Officer Lars Ljoen joined Carnival Cruise Line President Christine Duffy for a behind the scenes look ...

Core Concept - The Bazaar is a unique onboard experience designed to enhance the connection between ship and shore, allowing guests to immerse themselves in the cultures of the destinations visited during their cruise [2][3]. Group 1: Experience and Offerings - The Bazaar will feature four Caribbean destination-inspired festivals, each linked to specific ports of call, offering local food, crafting experiences, and entertainment [2][3]. - On sea days, the Market at The Bazaar will showcase local artisans and provide hands-on craft experiences, with offerings changing according to festival themes [3]. - New dining options at The Bazaar will include an open kitchen concept, Mosaic, serving elevated dishes inspired by the regions visited [4]. - The Chef's Table experience at Mosaic will offer a multi-course tasting menu featuring dishes from Celebrity's global culinary leadership team, paired with award-winning wines [5]. - Chef's Studio at Mosaic will serve as a cooking school where guests can learn to prepare regional delicacies, with the curriculum changing to reflect festival themes [6]. - A casual dining concept, Spice, will provide rotating bites inspired by the ports visited, featuring a scenic café setting [7]. Group 2: Guest Engagement and Customization - Celebrity Cruises is launching the Xcel 'Dream Makers' initiative, allowing guests to influence the onboard experiences, including culinary and entertainment options [8][9]. Group 3: Shore Excursions and Future Plans - Celebrity's shore excursions will offer diverse ways to explore local cultures, including Chef's Market Discoveries and Small Group Journeys led by local guides [10]. - The Royal Beach Club in Nassau, launching in late 2025, will provide an all-inclusive beach experience with local culture at its core [10]. - Celebrity Xcel will begin its inaugural season from Fort Lauderdale, offering itineraries to the Caribbean, and will transition to European sailings in Summer 2026 [11].

Core Insights - Harley-Davidson has unveiled its all-new and refreshed motorcycle lineup for 2025, featuring models such as the Street Glide® Ultra and Pan America® 1250 ST, along with a collection of six updated Cruiser models [1][2][3] Group 1: New Models Overview - The 2025 lineup includes the Street Glide® Ultra, designed for long-distance touring, and the Pan America® 1250 ST, which is an adventure sport motorcycle suitable for daily rides and weekend touring [1][4][5] - The Cruiser collection consists of six models, all equipped with the new Milwaukee-Eight® 117 powertrain and advanced technology, utilizing the Softail® chassis [3] - The Sportster® S model has been updated with revised suspension for improved comfort, featuring a 60% increase in rear wheel travel without affecting seat height [6] Group 2: Custom Vehicle Operations (CVO) Models - Harley-Davidson's 2025 CVO™ lineup includes four limited-production models that emphasize power and prestige, featuring new design details and high-performance components [7] - The CVO™ Road Glide® ST model is inspired by competitive racing bikes and combines a Milwaukee-Eight® 121 H.O. engine with custom details for enhanced performance [7] - The CVO™ Pan America® model is equipped with rugged accessories for adventure touring, showcasing Harley-Davidson's commitment to adventure and freedom [8] Group 3: Company Vision and Mission - Harley-Davidson aims to lead the motorcycle industry through innovation and emotional connection, emphasizing the timeless pursuit of adventure and freedom [9]

IPO Market Overview - The US IPO market raised over $41 billion in 2024, surpassing the $24 billion in 2023 and $22 billion in 2022, marking the best year since 2021 [6] - The record for IPO fundraising was set in 2021 with $316.6 billion, driven by low interest rates [12] - Market participants anticipate a boom in IPO activity in 2025 due to expected regulatory easing and Federal Reserve interest rate cuts [14][15] Top IPOs of 2024 - Lineage, the world's largest cold-storage warehouse operator, raised $5.10 billion in July, the largest US IPO since Arm Holdings' $5.23 billion float in September 2023 [2] - Viking Holdings, a cruise company, raised $1.77 billion in May [10] - StandardAero, an aircraft maintenance provider, raised $1.66 billion in October [3] - Amer Sports, a Finnish sporting equipment company, raised $1.57 billion in January [4] - UL Solutions, an applied safety science company, raised $1.09 billion in April [5] Factors Influencing IPO Activity - The Federal Reserve's interest rate hikes starting in March 2022 cooled IPO activity by increasing borrowing costs and competition for investor cash [8] - Deregulation is expected to make it easier for early-stage companies to grow and attract investors [7] - The private market surge in 2024 has provided alternative funding sources for companies like SpaceX and OpenAI, reducing the urgency for IPOs [13] Future IPO Prospects - AI chip startup Cerebras Systems and Swedish payments processor Klarna are likely to test investor appetite for IPOs in 2025 [9] - Cryptocurrency-related companies are expected to see increased investor interest under the new crypto-friendly White House administration [13] - Mature companies are likely to follow suit and go public in 2025 if post-IPO trading performance is strong [13] Historical Context - The IPO market declined after 2021 due to the fading SPAC craze and disappointing post-IPO performances, such as Rivian Automotive losing over three-quarters of its value since its 2022 IPO [16] - US IPOs fell 16% on average on their first day of trading in 2022 [16]

Core Insights - Norwegian Cruise Line (NCL) is set to enhance guest experiences aboard Norwegian Bliss and Norwegian Breakaway with significant updates, including the introduction of the world's first immersive cinema and dining experience at sea, named Silver Screen Bistro, and a new outdoor recreational venue called Horizon Park [1][8]. Group 1: New Offerings - Silver Screen Bistro will debut on Norwegian Breakaway, providing an immersive movie and dining experience with oversized recliners and shareable menu items [8]. - Horizon Park will be introduced on both ships, featuring lawn-style games and an expansive stage for live entertainment, offering guests 360° ocean views [4][9]. - The Haven by Norwegian® will see updated accommodations, including new three-bedroom suites and additional balcony staterooms [5]. Group 2: Dining Enhancements - Popular dining venues will be expanded, including Cagney's Steakhouse and Teppanyaki, with the introduction of Palomar, a seafood specialty restaurant [6][10]. - The dining experience will be enhanced by replacing existing venues to accommodate more guests and improve service [6][10]. Group 3: Itinerary and Travel Options - Norwegian Bliss will embark on a 13-day itinerary from Southampton to Miami, followed by various Caribbean and Alaskan cruises starting in February 2025 [6][11]. - Norwegian Cruise Line will continue to offer a variety of tropical cruise vacations to the Caribbean and Bahamas from multiple embarkation ports [12]. Group 4: Value-Added Packages - NCL is introducing the More At Sea™ package, which includes unlimited open bar, specialty dining credits, and enhanced Wi-Fi, available for sailings starting January 1, 2025 [13].

Core Insights - Eric Stonestreet has been named the godfather of Norwegian Aqua, a new ship in Norwegian Cruise Line's fleet, and will participate in its christening ceremony on April 13, 2025, in Miami [3][4] - Norwegian Aqua is the first ship in NCL's Prima Plus Class, featuring innovative amenities such as the Aqua Slidecoaster, a hybrid rollercoaster and waterslide, and various upscale dining options [5][6] - The ship will offer seven-day Caribbean itineraries starting April 26, 2025, from Port Canaveral, Florida, and will later include voyages to Bermuda and Eastern Caribbean destinations [4][5] Company Overview - Norwegian Cruise Line has been a pioneer in the cruise industry for 57 years, allowing guests to customize their vacation experiences without assigned dining times or formal dress codes [9] - The company operates a fleet of 19 ships that visit 450 destinations worldwide, including its private island, Great Stirrup Cay, in the Bahamas [9] - NCL emphasizes superior guest service and a variety of entertainment and dining options, catering to diverse traveler needs [9][10] New Offerings - The More At Sea™ package will provide guests with enhanced value, including unlimited open bar, specialty dining credits, and shore excursion credits, starting January 1, 2025 [6] - The package can be combined with NCL's Black Friday sale, offering 50% off all cruises [6]

Third Quarter 2024 FINANCIAL RESULTS November 6, 2024 Safe Harbor Statement Certain statements contained in this presentation, including statements relating to our plans and strategies, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can generally be identified by Lineage's use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek ...