Lineage Inc. (LINE) USDA check in for June '26 Encouraging June inventory trends across all and public warehouses.

Equity Research 27 July 2026 | 6:31AM EDT

Lineage Inc. (LINE): USDA check-in for June ‘26: Encouraging June inventory trends across all and public warehouses.

Given investor focus on LINE’s occupancy and inventory trends, we share USDA June Caitlin Burrows | data (released on 7/24/26), compare it versus historical trends, and review how Goldman Sachs & Co. LLC 2026 seasonality is trending. We realize there are many ways to analyze the data but Jeremy Kuhl believe the all warehouses results and the public warehouse results are encouraging | Goldman Sachs & Co. LLC this month, on both a m/m and y/y basis. We expect LINE could outperform the REIT sector on 7/27/26 as a result. Shailee Lnu | Goldman Sachs India SPL As discussed in our note published 3/20/25 (see Exhibit 3 here), we believe that USDA data can be a proxy for LINE inventory levels/occupancy but also realize USDA Harrison Slater, CFA | data and LINE’s own results may end up differing. Two drivers of the difference are Goldman Sachs & Co. LLC commodity mix and the impact of competitive supply (relevant to LINE’s occupancy but not to the industry as a whole).

USDA data and interpretation - All Warehouses June USDA data (released 7/24/26), which measures cold storage inventory at an industry level in all warehouses, was 8.35bn pounds (Exhibit 1).

n MoM: The sequential trend was +0.9% for June 2026, where Exhibit 2 (light blue line) shows the June MoM trend: a sequential increase is to be expected, where the June 2026 sequential increase is better than in 2025. This is encouraging. n YoY: The y/y trend was +1.5% for June 2026 (light blue line in Exhibit 1), which is the largest positive y/y result for any month since March 2023. This is encouraging. n On an absolute basis, June inventory is well below pre-pandemic Junes (Exhibit 2), suggesting to us that there is potential for future improvement. June inventory in 2026 was -12.5%/-10.4% below 2018/2019 levels.

Note that the All Warehouses numbers are revised in subsequent monthly and annual publications; this report references the revised numbers.

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Goldman Sachs Lineage Inc. (LINE)

Exhibit 1: The y/y June USDA inventory for all warehouses Exhibit 2: June 2026 inventory increased +0.9% m/m in all was +1.5%, which is the largest positive monthly result warehouses, a significant improvement from around since March 2023 +0.3% m/m in 2025 USDA monthly inventory and YoY change June USDA inventory and MoM change

12 8% 10.00 2.0% 6% 10 1.5% 4% 9.50 2% 1.0% 8 0% 9.00 0.5% 6 -2% 8.50 0.0% -4% 4 -6% -0.5% -8% 8.00 2 -1.0% -10% 0 Jan-18 -12% 7.50 -1.5% May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 June (Total in bn, lbs) m/m % (RHS) May-24 Sep-24 Jan-25 May-25 Sep-25 Jan-26 May-26 Monthly total (bn) Y/y % (RHS)

Note: Due to the US Government Shutdown, USDA data was not published for Source: USDA September 2025.

USDA data and interpretation - Public Warehouses June USDA data (released 7/24/26), which measures cold storage inventory at an industry level in public warehouses, was 7.38bn pounds (Exhibit 4).

n MoM: The sequential trend was +0.2% for June 2026 (Exhibit 4). The sequential increase was more muted than June 2025’s +0.7%, though still positive. n YoY: The y/y trend was +6.5% for June 2026 (light blue line in Exhibit 3). The y/y trend moderated slightly from May’s +7.1% y/y, but remains one of the strongest readings since late 2022. n On an absolute basis, June 2026 inventory is -1.6% below 2018 levels and +0.5% above 2019 levels for the corresponding June months (Exhibit 3).