Lineage (LINE) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue increased 0.9% year-over-year to $1,350 million, with AFFO per share up 8% to $0.81 and adjusted EBITDA down 2.4% to $326 million, reflecting stable performance amid challenging market dynamics and muted seasonal inventory build.

• Global Warehousing segment performed in line with expectations despite lower inventory levels, while Global Integrated Solutions segment NOI grew 8%.

• Completed $500 million inaugural investment grade bond offering at 5.25% coupon and deployed $535 million in growth capital, including key acquisitions and Tyson Foods agreements.

• Lowered full-year outlook for AFFO per share to $3.20–$3.40 and adjusted EBITDA to $1.29–$1.34 billion due to muted inventory build and reduced occupancy assumptions.

• LinOS warehouse execution system rollout continued, driving productivity improvements and supporting long-term growth.

Financial highlights

• Net revenues for Q2 2025 were $1,350 million, up 0.9% year-over-year; adjusted EBITDA was $326 million, down 2.4%; AFFO per share rose 8% to $0.81.

• Net loss for Q2 2025 was $7 million, improved from an $80 million loss in Q2 2024.

• Segment NOI for Q2 2025 was $435 million, down 2.7% year-over-year; same warehouse NOI down 6.3%.

• Global Integrated Solutions segment Q2 revenues were $380 million (up 2.2%); segment NOI was $68 million (up 7.9%), with margin at 17.9%.

• Declared quarterly dividend of $0.5275 per share for Q2 2025.

Outlook and guidance

• Full-year 2025 adjusted EBITDA now expected at $1.29–$1.34 billion, AFFO per share at $3.20–$3.40, both lowered from prior guidance.

• Q3 2025 adjusted EBITDA expected at $326–$336 million; AFFO per share at $0.75–$0.79.

• Sequential improvement in NOI and adjusted EBITDA expected in each quarter of the year, with stable pricing and higher minimum storage guarantees.

• Occupancy projections lowered due to delayed and muted seasonal inventory build; price and cost efficiency assumptions unchanged.

• Guidance excludes impact of unannounced acquisitions or developments.