Financial Performance - Lineage, Inc. reported quarterly funds from operations (FFO) of $0.85 per share, exceeding the Zacks Consensus Estimate of $0.78 per share, but down from $0.90 per share a year ago, representing an FFO surprise of +8.97% [1] - The company posted revenues of $1.38 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.49%, compared to $1.34 billion in the same quarter last year [2] Market Performance - Lineage, Inc. shares have declined approximately 35.6% since the beginning of the year, while the S&P 500 has gained 15.1% [3] - The current consensus FFO estimate for the upcoming quarter is $0.82 on revenues of $1.38 billion, and for the current fiscal year, it is $3.27 on revenues of $5.37 billion [7] Industry Outlook - The REIT and Equity Trust - Other industry, to which Lineage, Inc. belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Third Quarter 2025 FINANCIAL RESULTS November 5, 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 an ...

Financial Performance - Net revenues for Q3 2025 were $1,377 million, a 3.1% increase from $1,335 million in Q3 2024[18] - The company reported a net loss of $112 million for Q3 2025, compared to a net loss of $543 million in Q3 2024[18] - Basic earnings per share for Q3 2025 were $(0.44), an improvement from $(2.44) in Q3 2024[18] - Comprehensive income for Q3 2025 was $(152) million, compared to $(474) million in Q3 2024, indicating a reduction in losses[18] - Net income for the nine months ended September 30, 2025, was $(119) million, compared to $(671) million for the same period in 2024, showing a significant improvement[27] Operational Costs - Cost of operations increased to $932 million in Q3 2025, compared to $897 million in Q3 2024, reflecting a 3.9% rise[18] - The company incurred acquisition, transaction, and other expenses of $12 million in Q3 2025, significantly lower than $592 million in Q3 2024[18] - Stock-based compensation expenses totaled $38 million, a slight increase from $34 million in the prior period, indicating ongoing investment in employee incentives[24] - Stock-based compensation expenses decreased to $107 million in 2025 from $171 million in 2024, a decline of 37.4%[27] Assets and Liabilities - Total assets as of September 30, 2025, were $19,197 million, up from $18,661 million as of December 31, 2024[16] - Total liabilities increased to $9,812 million as of September 30, 2025, compared to $8,967 million at the end of 2024, marking a 9.5% rise[16] - The company’s retained earnings showed a deficit of $2,325 million as of September 30, 2025, compared to a deficit of $1,855 million at the end of 2024[16] - The company’s total stockholders' equity decreased to $8,383 million as of September 30, 2025, from $8,638 million at the end of 2024[16] Cash Flow and Investments - Net cash provided by operating activities increased to $627 million in 2025 from $446 million in 2024, reflecting a 40.5% increase[27] - Cash flows used in investing activities rose to $(899) million in 2025, compared to $(536) million in 2024, indicating a 67.7% increase in investment outflows[27] - The company made acquisitions net of cash acquired totaling $(441) million in 2025, compared to $(113) million in 2024, reflecting a 290.3% increase in acquisition spending[27] Equity and Shareholder Returns - The company declared dividends of $0.53 per common share, consistent with previous distributions, indicating a stable return to shareholders[24] - The company distributed $100 million in dividends and other distributions during the quarter ending June 30, 2024[20] - The total number of shares outstanding remained stable, with no significant changes reported during the period[24] Debt and Financing - Total debt increased to $5,968 million as of September 30, 2025, up from $4,976 million at December 31, 2024, representing a 22% increase[130] - The Company issued $500 million in 5.25% senior notes on June 17, 2025, due July 15, 2030, with interest payable starting January 15, 2026[143] - The Company maintained compliance with all financial covenants as of September 30, 2025, including a maximum total indebtedness to total assets ratio of less than 0.60 to 1.00[145] Acquisitions and Divestitures - The company completed acquisitions totaling $119 million for Bellingham Cold Storage and $60 million for other assets during the nine months ended September 30, 2025[106] - The company recorded a loss of $60 million on the divestiture of Lineage Spain Transportation, which closed on August 29, 2025[113] - Goodwill increased to $3.473 billion as of September 30, 2025, reflecting acquisitions and measurement period adjustments[115] Legal and Regulatory Matters - The Company is currently involved in a putative class action lawsuit related to its IPO, which is at a preliminary stage, with potential implications for financial reporting[212] Market Conditions and Future Outlook - Future outlook includes potential market expansion and product development initiatives to enhance revenue streams[24] - The company is focusing on maintaining a consistent dividend policy while managing its equity and debt levels[24]

Financial Performance - Total revenue increased by 3.1% to $1,377 million in Q3 2025[11] - GAAP net loss was $(112) million, or $(0.44) per diluted common share[11] - Adjusted EBITDA rose by 2.4% to $341 million, with an adjusted EBITDA margin decrease of 10 basis points to 24.8%[11] - AFFO increased by 6.3% to $221 million, while AFFO per share decreased by 5.6% to $0.85[11] - Net revenues for the three months ended September 30, 2025, were $1,377 million, a 3.1% increase from $1,335 million in the same period of 2024[23] - Net loss attributable to Lineage, Inc. for the three months ended September 30, 2025, was $100 million, compared to a net loss of $485 million in the same period of 2024[23] - Basic earnings per share for the three months ended September 30, 2025, were $(0.44), an improvement from $(2.44) in the prior year[23] - Comprehensive income attributable to Lineage, Inc. for the three months ended September 30, 2025, was $(136) million, compared to $(424) million in the same period of 2024[24] - The company reported a total operating income of $35 million for the three months ended September 30, 2025, compared to an operating loss of $515 million in the same period of 2024[23] - The net income (loss) before income taxes for the three months ended September 30, 2025, was $(101) million, an improvement from $(588) million in the same period of 2024[23] - The net income (loss) for the quarter ending September 30, 2025, is reported as a loss of $112 million[26] - For the nine months ended September 30, 2025, the company reported a net income loss of $119 million, an improvement from a loss of $671 million in the same period of 2024[28] Guidance and Outlook - Full-year 2025 adjusted EBITDA guidance revised to $1.290 to $1.305 billion, down from $1.290 to $1.340 billion[7] - Fourth quarter 2025 adjusted EBITDA expected to be between $319 to $334 million[7] - Occupancy is expected to continue increasing into Q4, but NOI outlook is lowered due to tariff uncertainty and lower US occupancy[5] Assets and Liabilities - Total assets as of September 30, 2025, were $19,197 million, compared to $18,661 million as of December 31, 2024[20] - Long-term debt increased to $5,925 million as of September 30, 2025, up from $4,906 million at the end of 2024[20] - As of September 30, 2025, the total equity balance is $9,378 million, with redeemable noncontrolling interests at $7 million[26] Operating Expenses - Total operating expenses decreased to $1,342 million for the three months ended September 30, 2025, down from $1,850 million in the prior year, reflecting a 27.4% reduction[23] - The cost of operations for the three months ended September 30, 2025, was $932 million, up from $897 million in the same period of 2024, indicating a 3.9% increase[23] - The company incurred acquisition, transaction, and other expenses of $12 million for the three months ended September 30, 2025, significantly lower than $592 million in the same period of 2024[23] Cash Flow and Investments - The company experienced a net cash provided by operating activities of $627 million for the nine months ended September 30, 2025, compared to $446 million in 2024[28] - The company reported a net cash used in investing activities of $899 million for the nine months ended September 30, 2025, compared to $536 million in 2024[28] Segment Performance - Total global warehousing segment revenues for the three months ended September 30, 2025, increased by 4.2% to $1,013 million, compared to $972 million in 2024[30] - The global warehousing segment's net operating income (NOI) for the three months ended September 30, 2025, was $384 million, a slight increase of 0.3% from $383 million in 2024[30] - The total global warehousing segment cost of operations for the three months ended September 30, 2025, rose by 6.8% to $629 million, up from $589 million in 2024[30] - The economic occupancy percentage for the global warehousing segment decreased to 80.3% in Q3 2025, down from 82.0% in Q3 2024, representing a decline of 170 basis points[30] - For the nine months ended September 30, 2025, total global warehousing segment revenues were $2,927 million, a marginal increase of 0.7% from $2,907 million in 2024[34] - The global warehousing segment's NOI for the nine months ended September 30, 2025, was $1,111 million, down 3.6% from $1,152 million in 2024[34] - The average economic occupancy for the nine months ended September 30, 2025, was 80.1%, a decrease of 270 basis points from 82.8% in 2024[34] Non-GAAP Measures - The company utilizes non-GAAP financial measures such as segment NOI, FFO, Core FFO, Adjusted FFO, EBITDA, and Adjusted EBITDA to evaluate performance and assist investors in understanding core operations[60] - Total segment NOI is calculated as total revenues minus operational costs, excluding depreciation and amortization, which helps assess segment performance[61] - EBITDAre is defined as earnings before interest, taxes, depreciation, and amortization, providing a measure of operating results unaffected by capital structure differences[62] - Adjusted EBITDA further excludes non-operating income and expenses, providing a clearer view of core business operations[63] - Funds from operations (FFO) is calculated by excluding extraordinary items and gains or losses from sales of real estate, facilitating performance comparisons[65] - Core FFO adjusts FFO for non-real estate items, offering a more stable measure of operating performance[66] - Adjusted FFO includes adjustments for deferred financing costs and maintenance capital expenditures, aiding in assessing capital investment capabilities[69] - The company emphasizes that FFO, Core FFO, and Adjusted FFO should be evaluated alongside GAAP net income for a comprehensive performance assessment[70] - Forward-looking guidance for certain financial data is not provided due to the unpredictable nature of reconciling items, which could significantly impact results[71]

Core Insights - Lineage, Inc. reported a total revenue increase of 3.1% to $1,377 million for Q3 2025 [1] - The company experienced a GAAP net loss of $(112) million, translating to $(0.44) per diluted common share [1] - Adjusted EBITDA rose by 2.4% to $341 million, while the adjusted EBITDA margin decreased by 10 basis points to 24.8% [1] - AFFO (Adjusted Funds from Operations) increased by 6.3% to $221 million [1]

Core Insights - Preformed Line Products Company (PLPC) reported a 21% increase in net sales for Q3 2025, reaching $178.1 million compared to $147.0 million in Q3 2024, driven by strong performance in energy and communications markets [1][2] - The company faced a decline in net income for Q3 2025, reporting $2.6 million or $0.53 per diluted share, down from $7.7 million or $1.54 per diluted share in Q3 2024, primarily due to a non-cash pension plan termination charge and tariff impacts [2][10] - Adjusted net income for Q3 2025, excluding the pension charge, was $10.3 million or $2.09 per diluted share, reflecting a 36% increase [10][15] Financial Performance - For the first nine months of 2025, net sales increased by 16% to $496.2 million from $426.6 million in the same period of 2024, with all segments showing year-over-year growth [3][4] - Net income for the first nine months of 2025 was $26.8 million or $5.42 per diluted share, slightly up from $26.6 million or $5.37 per diluted share in the same period of 2024 [4][10] - Adjusted net income for the nine months ended September 30, 2025, was $34.6 million or $6.98 per diluted share, marking a 30% increase [4][15] Market Dynamics - The increase in sales was supported by higher volumes in energy and communication markets, with international segments contributing significantly to the growth [1][5] - The company experienced cost increases due to tariffs on imported goods, which affected its income statement, although selling price increases were implemented to mitigate these impacts [2][5] - The successful completion of the U.S. Pension Plan termination was noted as a significant step in strengthening the company's balance sheet [5][10] Operational Highlights - The company reported a gross profit of $52.8 million for Q3 2025, compared to $45.8 million in Q3 2024, indicating improved margins despite the challenges posed by tariffs [10][12] - PLPC's total assets as of September 30, 2025, were $644.6 million, an increase from $573.9 million at the end of 2024 [11][12] - The company continues to focus on providing high-quality products and superior customer service, with a strong emphasis on maintaining its market position in energy and communications sectors [5][7]

Group 1: Company Overview - Lineage, Inc. (NASDAQ:LINE) is recognized as one of the Best 52-Week Low Mid Cap Stocks to Buy Now [1] - The company operates as a global temperature-controlled warehouse REIT, providing industrial real estate and cold-chain logistics services across North America, Europe, and Asia-Pacific [3] Group 2: Financial Performance and Guidance - During the fiscal second quarter earnings, management lowered the full year guidance for adjusted EBITDA to a range of $1.29 billion to $1.34 billion, down from the previous guidance of $1.35 billion to $1.40 billion [2] - The expected adjusted EBITDA for the third quarter is projected to be between $326 million and $336 million [2] Group 3: Analyst Ratings and Price Targets - Barclays reduced the price target for Lineage, Inc. from $51 to $47 while maintaining a Buy rating [1] - UBS also lowered its price target from $45 to $41, keeping a Hold rating on the stock [3] - Analysts have noted significant industry challenges in the cold storage sector, with only a few bright spots anticipated before the Q3 earnings [1]

Company Overview - Lineage, Inc. (NASDAQ: LINE) operates as the largest temperature-controlled warehouse REIT in the US and globally, serving over 13,000 customers across 19 countries [1] Stock Performance - Since its IPO in late July 2024, the stock has shown significant activity, although specific performance metrics are not detailed in the provided content [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology, and has written extensively on investment topics [1]

Core Points - Value Line, Inc. declared a quarterly cash dividend of $0.325 per common share, payable on November 10, 2025, to stockholders of record on October 27, 2025, with 9,405,828 shares outstanding as of October 17, 2025 [1] Company Overview - Value Line is a leading provider of investment research, with its Investment Survey being one of the most widely used sources of independent equity research [2] - The company publishes proprietary investment research in both print and digital formats [2] Specialized Services - Value Line Select: Monthly recommendations of one exceptional stock with superior profit potential and a favorable risk/reward ratio [3] - Value Line Special Situations Service: Monthly recommendations of small and mid-cap stocks expected to deliver above-market returns [3] - Value Line Select ETFs: Monthly identification of one ETF positioned to outperform the market [3] - Value Line Select: Dividend Income & Growth: Monthly recommendations of two stocks expected to provide above-average current income and long-term dividend growth [4] - Value Line ETFs Service: Data and analysis on over 2,800 ETFs to assist subscribers in portfolio selection [4] - Value Line M&A Service: Monthly highlight of one company likely to be acquired at a premium [5] - Value Line Information You Should Know: Focuses on financial planning and investment issues relevant to today's investors [5] - Value Line Climate Change Investing Service: Targets climate change as a critical issue expected to transform the global economy [6] Research Products - Value Line Investment Survey: Provides financial information and quantitative analysis on approximately 1,800 small and mid-cap companies [8] - Value Line 600: In-depth research on 600 large and prominent companies [8] - Value Line Investment Survey–Selection & Opinion: Weekly economic and stock market commentary with actively managed model portfolios [9] - Value Line Investment Analyzer: Covers approximately 6,000 equities, providing complete stock analysis [12]

Core Viewpoint - Lineage, Inc. is set to report its financial results for the third quarter of 2025 on November 5, 2025, before the market opens [1] Financial Reporting - The financial results announcement will be followed by a conference call scheduled for 8:00 a.m. Eastern Time on the same day [1] - A live webcast of the conference call will be accessible on the Lineage Investor Relations website [1] - An audio replay of the conference call will be available for one week following the event [1]