Lineage Inc at NAREIT REITweek: Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ki Bin Kim - Truist Securities - Analyst : Great. So maybe we'll start off with some news this week. Rob, you're retiring already?

Question: Ki Bin Kim - Truist Securities - Analyst : Great. So it hasn't been that long since earnings. How about an update since last month on the quarter and how business is going overall? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 03, 2025 / 3:45PM, LINE.OQ - Lineage Inc at NAREIT REITweek: Investor Conference

Question: Ki Bin Kim - Truist Securities - Analyst : And pricing in the market has been a topic that's been coming up lately. You must have a lot of insight given your scale and platform and your customer base. What are you seeing around pricing conversations with your customers? And what are you seeing in regards to price more broadly in the market?

Question: Ki Bin Kim - Truist Securities - Analyst : And I think you mentioned that a lot of these contracts are priced in the first quarter more so. Do you still believe that we've hit that low point in pricing and issues start to improve here on out?

Question: Ki Bin Kim - Truist Securities - Analyst : Okay. And we've talked about --

Question: Ki Bin Kim - Truist Securities - Analyst : Yeah, that's right. And we've talked about seasonality in the cold storage sector. It's not something we have seen much in recent years. We've obviously had a great couple of years stretched in COVID before giving it back. What gives you confidence that there will be a return to seasonality, and what could that look like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 03, 2025 / 3:45PM, LINE.OQ - Lineage Inc at NAREIT REITweek: Investor Conference

Question: Ki Bin Kim - Truist Securities - Analyst : And your customers, who are the biggest food producers in the world, look at the end consumer as an indicator for how much inventory they will need. What are you seeing from the consumer, and where are we in the cycle for demand for frozen food?

Question: Ki Bin Kim - Truist Securities - Analyst : And I think that's an important part of it. Some of the unclarity in the market is that we've had a couple of good years followed by a tough year. Some of it -- most of it due to comps. One question I get frequently is what is the new normal? And how do -- and are you sure we can get back to some growth rate? How would you answer that?

Question: Ki Bin Kim - Truist Securities - Analyst : And are there any signs that you're looking for, for healthier end consumer?

Question: Ki Bin Kim - Truist Securities - Analyst : And I think a sticky customer base is one of the key aspects of your company. So maybe you could just help educate us. What is the typical churn rate for your customer base in a given year?

Question: Ki Bin Kim - Truist Securities - Analyst : And could you discuss the impact of tariffs on your business? And also, the Trump administration has frequently highlighted trade imbalances. And one of the ways to fix it is, perhaps, urging other countries to buy more US agriculture. Do you see that as a tangible net benefit to your business?

Question: Ki Bin Kim - Truist Securities - Analyst : Let me pause here for a second. Any questions from the audience? Okay. We've talked about -- a little bit about Lineage's scale and density in the market and how that shapes your visibility into what's happening. What other factors are you -- do you use on approaching a customer? And when a customer is looking out for new space, how do they end up choosing Lineage over some peers?

Question: Ki Bin Kim - Truist Securities - Analyst : And maybe we can just touch on that topic a little further. What is the upside you see in GIS? And I'm sure that's tied to your technology stack. So how do you approach a customer, and how do you end up selling the key aspects of this?

Question: Ki Bin Kim - Truist Securities - Analyst : Now, as a public company, there must be parts of the business that you look at differently. What are some of the newer initiatives that you are undertaking since going public?

Question: Ki Bin Kim - Truist Securities - Analyst : And maybe we can speak a little bit more about LinOS. There are a couple of things I was impressed with when I met with you guys in the IPO process, LinOS, technology stack, and obviously, the people and the bench you have. This is an initiative we've talked about frequently. Where did that LinOS project come from? How long it has been in the works? You're starting to test the software now in some of your conventional facilities. So you're rolling out beyond just automatic facilities. So maybe you can provide some update. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 03, 2025 / 3:45PM, LINE.OQ - Lineage Inc at NAREIT REITweek: Investor Conference

Question: Ki Bin Kim - Truist Securities - Analyst : Let's stick with that point. If you can maybe take a step back and bifurcate the portfolio, like how much penetration is there with LinOS? And if you split the portfolio between automated and manual, what does that pie chart look like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 03, 2025 / 3:45PM, LINE.OQ - Lineage Inc at NAREIT REITweek: Investor Conference

Question: Ki Bin Kim - Truist Securities - Analyst : So does the benefit, ultimately, end up being better margins for the company? Or is it also split between savings to the customer? And when you're actually kind of fight for a customer, how important is that LinOS?

Question: Ki Bin Kim - Truist Securities - Analyst : And you announced an exciting acquisition and development deal recently. Could you provide any updates there with the Tyson's deal and what led to this transaction? What exactly do they want to get out of it? And are there potentially similar opportunities out there with other customers?

Question: Ki Bin Kim - Truist Securities - Analyst : And what do the yields look like on the development aspect of the Tyson's deal?

Question: Ki Bin Kim - Truist Securities - Analyst : And can you talk about the external growth opportunities? Obviously, internal growth is a big aspect. External growth, you can buy, build, redevelop. What does that opportunity set look like?

Question: Ki Bin Kim - Truist Securities - Analyst : Okay, and a balance sheet question for Rob. Can you just maybe provide an overview on your leverage, debt-to-EBITDA ratios, how you expect to fund deals like the Tyson's deal, and how much can be generated by internal free cash flow?

Question: Ki Bin Kim - Truist Securities - Analyst : And what does your debt maturity schedule look like?

Question: Ki Bin Kim - Truist Securities - Analyst : And let me stop here one more time for questions from the audience. All right. We got a question. If you want to speak into the mic, please? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 03, 2025 / 3:45PM, LINE.OQ - Lineage Inc at NAREIT REITweek: Investor Conference Unidentified Participant Can you touch on the top two or three global growth markets that you must be in? I mean, this asset class is fairly new there. I mean, it's so fragmented. I mean, where would you find those high growth?

Question: Ki Bin Kim - Truist Securities - Analyst : Any other questions? Well, that brings us to an end. Thank you very much for your time, and thank you, everyone, for joining.