Core Insights - Americold Realty Trust Inc. is recognized as a strong buy-the-dip stock by analysts, particularly following the announcement of a new cold storage facility in Dubai [1][2]. Company Developments - The new facility in Dubai is the largest operational site for Americold in the Middle East, featuring 40,000 pallet positions and multi-temperature capabilities, aimed at optimizing food flows in the region [2]. - This facility is expected to enhance connections between global food producers and the Gulf Cooperation Council markets [2]. Strategic Goals - Management anticipates that the new facility will provide innovative supply chain solutions, significantly reshaping the global food supply chain [3]. - The CEO of Americold emphasized the importance of this facility in addressing inefficiencies in the region's food supply chain and creating long-term value for customers through strategic partnerships [4]. Company Overview - Americold Realty Trust Inc. operates as a real estate investment trust (REIT) specializing in temperature-controlled logistics, owning and managing cold storage warehouses while providing value-added services like transportation and supply chain management [5].

Financial Data and Key Metrics Changes - The company reported an 8% growth in AFFO per share, while total revenue increased modestly by 1% and adjusted EBITDA decreased by 2% due to challenging market dynamics [6][7][27] - The annual AFFO per share guidance was reduced to a range of $3.20 to $3.40, down from the previous range of $3.40 to $3.60 [7][14] - Adjusted EBITDA guidance for the full year was revised to a range of $1.29 billion to $1.34 billion, down from $1.35 billion to $1.40 billion [14][15] Business Line Data and Key Metrics Changes - The Global Warehousing segment experienced a 4% decline in total NOI to $367 million, with same warehouse revenue down 3% [22] - The Global Integrated Solutions segment saw a 2% increase in revenue to $380 million and an 8% increase in NOI to $68 million, with an NOI margin improvement of 100 basis points to 17.9% [24] Market Data and Key Metrics Changes - The company noted that same warehouse NOI was down 6% year over year due to elevated inventory levels experienced last year [7] - There was a sequential improvement in same store NOI from $336 million to $343 million, indicating a positive trend despite the seasonal challenges [7][8] Company Strategy and Development Direction - The company is focused on driving competitive differentiation through customer success, leveraging network effects, and enhancing warehouse productivity [18][19] - The rollout of the LINO F technology is expected to accelerate, with plans to complete 10 conversions by year-end, showing double-digit productivity improvements [9][20] - The company aims to strengthen its position as an industry leader by improving supply chain efficiency for customers and enhancing service through technology partnerships [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the core business despite current market challenges, citing high food prices, interest rates, and tariff impacts as ongoing concerns [6][16] - The company anticipates a seasonal uplift in occupancy in the second half of the year, although it has adjusted expectations for the magnitude of this uplift [12][32] - Management emphasized the importance of internal initiatives and customer relationships in driving future growth, despite the current economic pressures [82][83] Other Important Information - The company completed a $500 million investment-grade bond offering, which has been well received by investors [9][25] - The company has a net debt of $7.4 billion and total liquidity of $1.5 billion, indicating a disciplined approach to capital deployment [25] Q&A Session Summary Question: Why was guidance reiterated at NAREIT and then revised down? - Management explained that occupancy guidance changed due to a delay in typical seasonal uplift, which was observed later than usual [30][32] Question: What are the arguments for low occupancy and throughput? - Management noted that high food prices and consumer behavior are impacting inventory levels, but they believe the industry is stabilizing [35][36] Question: Can you provide updates on the LINOS pilot? - Management confirmed that LINOS is exceeding expectations with double-digit productivity improvements across implemented sites [39][40] Question: What is the pricing strategy for storage? - Management stated that pricing levels remain stable, with a 5% sequential improvement in storage revenue per physical pallet [46][48] Question: What is the outlook for throughput and supply in the industry? - Management indicated that throughput is under pressure due to elevated inventory levels, but they expect a decrease in new supply coming online in 2026 [51][55] Question: What assumptions underpin the Q3 and Q4 guidance? - Management highlighted that occupancy expectations were adjusted, but they remain confident in productivity improvements and internal initiatives [58][60] Question: How conservative is the guidance for the back half of the year? - Management stated that the guidance reflects a prudent approach, with occupancy levels expected to improve sequentially [99][100]

Core Viewpoint - STEF Group is advancing its sustainability efforts by launching two hydrogen projects in collaboration with Toyota Material Handling Europe and Plug Power, aimed at integrating hydrogen production and fuel cell technology into its logistics operations for temperature-controlled food products [1][6]. Group 1: Hydrogen Projects Overview - The two hydrogen projects are located in Athis-Mons, France, and Torrejón de Ardoz, Spain, focusing on powering forklifts with green hydrogen [2][9]. - In France, green hydrogen is produced using renewable energy and delivered on-site, while in Spain, an electrolyzer generates hydrogen on-site powered by a 2.9 MWp photovoltaic rooftop plant [2][3]. Group 2: Benefits of Hydrogen Technology - Hydrogen fuel cells can enhance forklift operator productivity, offering better performance in temperature ranges from -18° to +4°, and allowing for quick refueling in under 3 minutes [4][5]. - The lifespan of hydrogen fuel cells is approximately 10 years, which is double that of traditional batteries, contributing to reduced environmental impact [5]. Group 3: Strategic Partnerships - Toyota Material Handling Europe will supply STEF with fuel cell-ready forklifts tailored to the specific needs of STEF's operations, enhancing safety and comfort for operators [7]. - Plug Power will provide a comprehensive hydrogen solution, including fuel cells, electrolyzers, and ongoing service, as part of its GenKey ecosystem [10][11]. Group 4: Environmental Commitment - These projects are part of STEF's Moving Green climate initiative, which aims to utilize 100% low-carbon energy in its buildings by the end of 2025 [6].