I did some shooting with some friends over the weekend. All our guns and ammo were in the car for a couple hours in 25-ish deg temps before we got to the range. The range itself was inside, but not heated. I'll say the temp was about 35 deg... you could see your breath.
The guns we had were a Ruger P85, two GP100's, Taurus PT145, Beretta PX4, and a .22LR revolver (I think it was an S&W but not sure).
Interestingly... ALL of them shot 2-3" high at 7 yds. It was odd... we loaded them up and fired our first salvo. When it was time to reload, one made a comment about shooting high. Yeah, me too. Me too. hmmmm.
All of this was relatively slow, deliberate fire.
After a few minutes and a few more salvos, the range brought out some space heaters that took the edge off the cold, and everyone's POI came back to normal.
I don't have a good explanation, just reporting what we experienced.