Lineage Q2 Earnings Call Highlights

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Wed, August 5, 2026 astatine 12:04 PM CDT 7 min read

Key Points

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Second-quarter results exceeded expectations: Adjusted EBITDA was astir $320 cardinal and AFFO was $198 million, oregon $0.76 per share, arsenic improved occupancy and outgo controls offset trade-related measurement pressure.
Full-year guidance improved for halfway operations: Lineage raised same-store NOI maturation guidance to antagonistic 3% to level and AFFO guidance to $2.80-$3.05 per share, portion maintaining its adjusted EBITDA midpoint.
Headwinds remain: Throughput declined 1.8%, including a 14% driblet successful instrumentality volumes, portion the Big Bear installation occurrence is expected to trim EBITDA by astir $15 cardinal successful the 2nd fractional and GIS guidance was lowered due to the fact that of carrier-rate unit and a ineligible settlement.

Lineage (NASDAQ:LINE) reported second-quarter results that exceeded its interior expectations and statement estimates arsenic warehouse occupancy improved and cost-control efforts helped offset continued trade-related measurement pressure.

Adjusted EBITDA totaled astir $320 cardinal for the quarter, portion adjusted funds from operations, oregon AFFO, was astir $198 million, oregon $0.76 per share. President and Chief Executive Officer Greg Lehmkuhl said the company's operational trends continued to stabilize, though its full-year outlook inactive reflects competitory pressures successful immoderate U.S. markets and trade-related measurement headwinds.

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"The underlying trajectory of our concern done the archetypal fractional has been encouraging," Lehmkuhl said. "Operations are performing amended than expected, and the signs of stabilization we've highlighted implicit the past mates of quarters person continued."

Warehouse occupancy improves, portion throughput remains pressured

In the Global Warehousing segment, full warehouse nett operating income was astir $367 million. Same-store NOI declined 2.9% from a twelvemonth earlier, a effect Chief Financial Officer Robb LeMasters said was up of expectations. Favorable overseas speech contributed 90 ground points to same-store NOI during the quarter.

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Same-store carnal occupancy accrued 90 ground points twelvemonth implicit year, marking an betterment aft declines during 2025. Same-store rent, retention and blast gross per carnal pallet declined 0.7%, portion services gross per throughput pallet accrued 2.1%.

Same-store throughput pallets fell 1.8% twelvemonth implicit year, including a 14% diminution successful instrumentality volumes arsenic tariff uncertainty continued to measurement connected higher-turning port-related business. International instrumentality measurement represents astir 15% of Lineage's warehouse throughput, according to management.

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