Iron Mountain lifts 2026 revenue outlook to $7.95B–$8.02B
Raised full-year guidance includes revenue of $7,950–$8,020 million, alongside a 15% dividend increase payable January 6, 2027.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Iron Mountain Incorporated (IRM) reported third-quarter 2026 revenue of $1,991 million, up 13.5% year over year, and net income of $128.9 million, compared with $86.2 million a year earlier. Adjusted EBITDA was $748.0 million, up 13.3%, while AFFO reached $458.4 million, up 16.6%, or $1.53 per share. Data center revenue grew 34%, and asset lifecycle management revenue grew 43% reported and 38% organically. The company signed 102 megawatts of data center leases in the quarter and 137 megawatts year to date.
Iron Mountain raised full-year 2026 guidance to $7,950–$8,020 million in revenue, $2,948–$2,978 million in Adjusted EBITDA, and $1,780–$1,800 million in AFFO; AFFO-per-share guidance is $5.94–$6.00. The board declared a $0.993-per-share fourth-quarter cash dividend, a 15% increase, payable January 6, 2027, to shareholders of record December 15, 2026. Adjusted EBITDA and AFFO are non-GAAP measures.
5 points · 1 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 guidance was raised to $7,950–$8,020 million revenue.
- Moderate pointQ3 revenue rose 13.5% year over year to $1,991 million.
- Moderate pointQ3 net income increased 49.4% year over year to $128.9 million.
- Moderate pointQ3 Adjusted EBITDA rose 13.3%; AFFO rose 16.6% year over year.
- Minor pointFourth-quarter dividend per share increased 15% to $0.993.
Negative
- None.
Filing Explained
This November 5 Form 8-K reports third-quarter results under Item 2.02 and furnishes the earnings release, presentation and supplemental information; those materials are not treated as filed for Section 18 liability or incorporated by reference into other filings.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $1,991 million; up 13.5% year over year
Net income: $128.9 million; up 49.4% year over year
Adjusted EBITDA: $748.0 million; up 13.3% year over year
+5 more
8 metrics
Total revenue
$1,991 million; up 13.5% year over year
Third quarter of 2026
Net income
$128.9 million; up 49.4% year over year
Third quarter of 2026
Adjusted EBITDA
$748.0 million; up 13.3% year over year
Third quarter of 2026
AFFO
$458.4 million; up 16.6% year over year
Third quarter of 2026
AFFO per share
$1.53; up 15.9% year over year
Third quarter of 2026
Full-year revenue guidance
$7,950–$8,020 million
2026 guidance; approximate year-over-year change at midpoint of ~16%
Quarterly cash dividend
$0.993 per share; 15% increase
Fourth quarter of 2026
Data center leases signed
102 megawatts
Third quarter of 2026
Key Terms
Adjusted EBITDA, AFFO, organic revenue growth, FFO (Normalized)
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $748.0 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
AFFO financial
"all-time high quarterly AFFO of $458 million"
AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.
organic revenue growth financial
"increase of 12.8% on an organic basis"
Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.
FFO (Normalized) financial
"FFO (Normalized) per share was $1.05"
FFO (normalized) is a recurring cash-based measure used mainly for real estate companies that starts with net income, adds back accounting charges for property wear-and-tear, and removes gains or losses from property sales and other one-off items so the result reflects typical operating performance. Investors treat it like a household's steady paycheck estimate — it shows the predictable cash available to pay dividends and compare property-focused firms more fairly than raw profit figures.
Earnings Snapshot
Total revenue: $1,991 million · Guidance included
Third quarter of 2026
Total revenue
$1,991 million
13.5% year over year
Net income
$128.9 million
49.4% year over year
Adjusted EBITDA
$748.0 million
13.3% year over year
AFFO
$458.4 million
16.6% year over year
AFFO per share
$1.53
15.9% year over year
Guidance
Q4 2026: revenue approximately $2,030 million; Adjusted EBITDA approximately $780 million; AFFO approximately $473 million; AFFO per share approximately $1.57. Full-year 2026: revenue $7,950–$8,020 million (approximate year-over-year change at midpoint ~16%); Adjusted EBITDA $2,948–$2,978 million (~15%); AFFO $1,780–$1,800 million (~16%); AFFO per share $5.94–$6.00 (~15%).
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did IRM report in Q3 2026?
IRM reported third-quarter 2026 total revenue of $1,991 million, up 13.5% year over year.
What is IRM's full-year 2026 financial guidance?
Full-year 2026 guidance is $7,950–$8,020 million of revenue, $2,948–$2,978 million of Adjusted EBITDA, $1,780–$1,800 million of AFFO and $5.94–$6.00 AFFO per share. Approximate year-over-year changes at the midpoint are 16%, 15%, 16% and 15%, respectively.
When is IRM's fourth-quarter 2026 dividend payable?
The $0.993-per-share fourth-quarter cash dividend, increased 15%, is payable January 6, 2027, to shareholders of record at the close of business December 15, 2026.
How much data center leasing did IRM report in Q3 2026?
Iron Mountain signed 102 megawatts of data center leases in the third quarter and 137 megawatts year to date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 5, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
(Commission File Number) | (IRS Employer Identification No.) | |||||||
(Address of Principal Executive Offices)
(Zip Code)
(617 ) 535-4766
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name Of Each Exchange On Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, Iron Mountain Incorporated, or the Company, issued an earnings press release and supplemental financial information for the quarter ended September 30, 2026. In addition, the Company will be using a slide presentation during its earnings conference call. Copies of the earnings press release, slide presentation and supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, hereto and posted on the Company’s website, www.ironmountain.com, under “Investors.”
The information in this report, including Exhibits 99.1, 99.2 and 99.3 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | |||||||
99.1 Third Quarter 2026 Earnings Press Release (Furnished herewith.)
99.2 Third Quarter 2026 Earnings Conference Call Presentation (Furnished herewith.)
99.3 Third Quarter 2026 Supplemental Financial Information (Furnished herewith)
104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
IRON MOUNTAIN INCORPORATED | |||||
By: | /s/ Barry Hytinen | ||||
Name: | Barry Hytinen | ||||
Title: | Executive Vice President and Chief Financial Officer | ||||
Date: November 5, 2026
FOR IMMEDIATE RELEASE Iron Mountain Reports Third Quarter 2026 Results • Achieves record third quarter revenue of $2.0 billion, an increase of 13.5% on a reported basis and 12.8% on an organic basis • Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 30% year over year in the third quarter • Data center leasing of 102 megawatts in the third quarter for a total of 137 megawatts year to date • Q3 2026 Net Income of $129 million, as compared to Net Income of $86 million in Q3 2025 • Delivers record quarterly Adjusted EBITDA of $748 million, an increase of 13.3% with a strong Adjusted EBITDA margin of 37.6%, up nearly 200 basis points sequentially • Generates all-time high quarterly AFFO of $458 million, or $1.53 per share, an increase of 17% compared to last year • Raises full year 2026 financial guidance driven by continued strong operational performance across the business • Increases quarterly dividend per share by 15% based on continued strong growth in AFFO PORTSMOUTH, N.H. – November 5, 2026 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the third quarter of 2026. “We are pleased to report another record performance in the third quarter that exceeded our expectations. Our outstanding results continue to reflect the combined strength of our physical records storage and growth businesses, supported by our team's commitment to customer value creation and disciplined operational execution,” stated William L. Meaney, President and CEO of Iron Mountain. “Our business and outlook remains strong with a clear view for sustained long-term growth. We have signed 137 megawatts of new data center leases year to date and our cross-selling efforts in ALM and Digital are accelerating, all of which supports significant future growth. Based on our strong 2026 growth and continued positive outlook, we are pleased to increase the dividend by 15%.” Financial Performance Highlights for the Third Quarter of 2026 ($ in millions, except per share data) Three Months Ended Y/Y % Change Year to Date Y/Y % Change 9/30/26 9/30/25 Reported $ Constant Fx 9/30/26 9/30/25 Reported $ Constant Fx Storage Rental Revenue $1,150 $1,033 11% 11% $3,379 $2,991 13% 12% Service Revenue $841 $721 17% 16% $2,577 $2,067 25% 23% Total Revenues $1,991 $1,754 13% 13% $5,956 $5,059 18% 16% Net Income (Loss) $129 $86 49% $384 $59 n/a Reported EPS $0.41 $0.28 46% $1.23 $0.19 n/a Adjusted EPS $0.64 $0.54 19% $1.82 $1.48 23% Adjusted EBITDA $748 $660 13% 13% $2,183 $1,869 17% 16% Adjusted EBITDA Margin 37.6% 37.6% 0 bps 36.7% 36.9% -20 bps AFFO $458 $393 17% $1,317 $1,111 19% AFFO per share $1.53 $1.32 16% $4.40 $3.73 18% 1
• Total reported revenues for the third quarter were $2.0 billion, compared with $1.8 billion in the third quarter of 2025, an increase of 13.5%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 13.3% compared to the prior year, driven by an 11.2% increase in storage rental revenue and a 16.3% increase in service revenue. Year to date, total reported revenues increased 17.7%, or 16.5% excluding the impact of Fx. • Net Income for the third quarter was $128.9 million, compared with $86.2 million in the third quarter of 2025, driven primarily by increased Operating Income. Year to date, Net Income was $384.0 million, compared with $59.1 million in 2025. • Adjusted EBITDA for the third quarter was $748.0 million, compared with $660.4 million in the third quarter of 2025, an increase of 13.3%. On a constant currency basis, Adjusted EBITDA increased by 13.0% in the third quarter, compared to the third quarter of 2025, driven by increased revenue and Adjusted EBITDA across each of our segments and improved operating leverage from our continued transformation activities. Year to date, Adjusted EBITDA increased 16.8%, or 15.7% excluding the impact of Fx. • FFO (Normalized) per share was $1.05 for the third quarter, compared with $0.93 in the third quarter of 2025, an increase of 12.9%. Year to date, FFO (Normalized) per share was $3.03, compared with $2.59 in 2025, or an increase of 17.0%. • AFFO was $458.4 million for the third quarter, compared with $393.3 million in the third quarter of 2025, an increase of 16.6% driven by improved Adjusted EBITDA. Year to date, AFFO was $1,317.3 million compared with $1,111.5 million, or an increase of 18.5%. • AFFO per share was $1.53 for the third quarter, compared with $1.32 in the third quarter of 2025, an increase of 15.9%. Year to date, AFFO per share was $4.40, compared to $3.73 in 2025, or an increase of 18.0%. Dividend On November 5, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.993 per share of common stock for the fourth quarter, representing an increase of 15%. The fourth quarter 2026 dividend is payable on January 6, 2027, to shareholders of record at the close of business on December 15, 2026. Guidance Iron Mountain’s fourth quarter and full year 2026 guidance details are summarized in the table below. 2026 Guidance(1) ($ in millions, except per share data) Q4 2026 Full Year 2026 Approximate Y/Y % Change at Midpoint Total Revenue ~$2,030 $7,950 - $8,020 ~16% Adjusted EBITDA ~$780 $2,948 - $2,978 ~15% AFFO ~$473 $1,780 - $1,800 ~16% AFFO Per Share ~$1.57 $5.94 - $6.00 ~15% (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. 2
Q3 2026 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) partners with more than 240,000 customers across 61 countries, including approximately 95% of the Fortune 1000. We serve as the trusted guardians of what matters most, helping unlock what’s possible. By connecting physical, digital, and intelligent workflows, our lifecycle solutions help organizations realize enterprise value at scale. From complex challenges across information management and digital transformation to data security, data centers, and asset lifecycle management, we empower organizations to navigate an ever-changing landscape to prepare for tomorrow’s possibilities. Our longstanding commitment to safety, security, sustainability, and continuous innovation defines everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Investor Relations Contacts: Mark Rupe Jake Carfagna SVP, Investor Relations Manager, Investor Relations Mark.Rupe@IronMountain.com Jacob.Carfagna@IronMountain.com (215) 402-7013 (414) 551-1147 Media Contact: media@ironmountain.com 3
Forward Looking Statements We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co- investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Reconciliation of Non-GAAP Measures Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. 4
Condensed Consolidated Balance Sheets (Unaudited; dollars in thousands) 9/30/2026 12/31/2025 ASSETS Current Assets: Cash and Cash Equivalents $188,160 $158,535 Accounts Receivable, Net 1,507,674 1,443,669 Prepaid Expenses and Other 405,025 332,779 Total Current Assets $2,100,859 $1,934,983 Property, Plant and Equipment: Property, Plant and Equipment $15,978,288 $14,457,335 Less: Accumulated Depreciation (5,304,203) (4,911,010) Property, Plant and Equipment, Net $10,674,085 $9,546,325 Other Assets, Net: Goodwill $5,280,352 $5,285,801 Customer and Supplier Relationships and Other Intangible Assets 1,208,451 1,269,607 Operating Lease Right-of-Use Assets 2,359,510 2,465,196 Other 700,117 623,107 Total Other Assets, Net $9,548,430 $9,643,711 Total Assets $22,323,374 $21,125,019 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $1,232,903 $216,074 Accounts Payable 782,400 710,662 Accrued Expenses and Other Current Liabilities 1,394,332 1,290,669 Deferred Revenue 378,117 402,091 Total Current Liabilities $3,787,752 $2,619,496 Long-term Debt, Net of Current Portion 16,739,299 16,215,885 Long-term Operating Lease Liabilities, Net of Current Portion 2,186,718 2,300,448 Other Long-term Liabilities 416,139 450,083 Deferred Income Taxes 194,222 184,015 Total Long-term Liabilities $19,536,378 $19,150,431 Redeemable Noncontrolling Interests 62,186 64,423 (Deficit) Equity Total (Deficit) Equity $(1,062,942) $(709,331) Total Liabilities and (Deficit) Equity $22,323,374 $21,125,019 5
Quarterly Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Revenues: Storage Rental $1,149,508 $1,134,611 1.3 % $1,032,897 11.3 % Service 841,109 894,451 (6.0) % 721,196 16.6 % Total Revenues $1,990,617 $2,029,062 (1.9) % $1,754,093 13.5 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $926,648 $958,609 (3.3) % $791,939 17.0 % Selling, General and Administrative 348,765 402,339 (13.3) % 335,248 4.0 % Depreciation and Amortization 291,796 281,395 3.7 % 262,203 11.3 % Acquisition and Integration Costs 4,547 1,684 170.0 % 5,402 (15.8) % Restructuring and Other Transformation — — — 47,346 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 8,288 11,507 (28.0) % 3,366 146.2 % Total Operating Expenses $1,580,044 $1,655,534 (4.6) % $1,445,504 9.3 % Operating Income (Loss) $410,573 $373,528 9.9 % $308,589 33.0 % Interest Expense, Net 216,521 223,446 (3.1) % 209,740 3.2 % Other Expense (Income), Net 8,440 29,178 (71.1) % (3,986) n/a Net Income (Loss) Before Provision (Benefit) for Income Taxes $185,612 $120,904 53.5 % $102,835 80.5 % Provision (Benefit) for Income Taxes 56,734 14,802 n/a 16,594 n/a Net Income (Loss) $128,878 $106,102 21.5 % $86,241 49.4 % Less: Net Income (Loss) Attributable to Noncontrolling Interests 4,738 4,672 1.4 % 1,951 142.8 % Net Income (Loss) Attributable to Iron Mountain Incorporated $124,140 $101,430 22.4 % $84,290 47.3 % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.42 $0.34 23.5 % $0.28 50.0 % Diluted $0.41 $0.34 20.6 % $0.28 46.4 % Weighted Average Common Shares Outstanding - Basic 297,986 297,741 0.1 % 295,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 299,994 299,849 — 297,981 0.7 % 6
Year to Date Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) YTD 2026 YTD 2025 % Change Revenues: Storage Rental $3,378,884 $2,991,262 13.0 % Service 2,576,944 2,067,308 24.7 % Total Revenues $5,955,828 $5,058,570 17.7 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $2,775,060 $2,256,980 23.0 % Selling, General and Administrative 1,123,868 1,055,441 6.5 % Depreciation and Amortization 841,030 746,923 12.6 % Acquisition and Integration Costs 9,152 16,040 (42.9) % Restructuring and Other Transformation — 152,432 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 27,387 7,975 n/a Total Operating Expenses $4,776,497 $4,235,791 12.8 % Operating Income (Loss) $1,179,331 $822,779 43.3 % Interest Expense, Net 663,788 609,541 8.9 % Other Expense (Income), Net 32,910 106,379 (69.1) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $482,633 $106,859 n/a Provision (Benefit) for Income Taxes 98,654 47,725 106.7 % Net Income (Loss) $383,979 $59,134 n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 14,744 3,813 n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $369,235 $55,321 n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $1.24 $0.19 n/a Diluted $1.23 $0.19 n/a Weighted Average Common Shares Outstanding - Basic 297,525 295,214 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,559 297,628 0.6 % 7
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Net Income (Loss) $128,878 $106,102 21.5 % $86,241 49.4 % Add / (Deduct): Interest Expense, Net 216,521 223,446 (3.1) % 209,740 3.2 % Provision (Benefit) for Income Taxes 56,734 14,802 n/a 16,594 n/a Depreciation and Amortization 291,796 281,395 3.7 % 262,203 11.3 % Acquisition and Integration Costs 4,547 1,684 170.0 % 5,402 (15.8) % Restructuring and Other Transformation — — — 47,346 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 8,288 11,507 (28.0) % 3,366 146.2 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 7,827 28,857 (72.9) % (5,329) n/a Stock-Based Compensation Expense 30,867 56,787 (45.6) % 32,147 (4.0) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,500 2,438 2.5 % 2,669 (6.3) % Adjusted EBITDA $747,958 $727,018 2.9 % $660,379 13.3 % Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (Gain) on disposal/write- down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. 8
Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) YTD 2026 YTD 2025 % Change Net Income (Loss) $383,979 $59,134 n/a Add / (Deduct): Interest Expense, Net 663,788 609,541 8.9 % Provision (Benefit) for Income Taxes 98,654 47,725 106.7 % Depreciation and Amortization 841,030 746,923 12.6 % Acquisition and Integration Costs 9,152 16,040 (42.9) % Restructuring and Other Transformation — 152,432 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 27,387 7,975 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 35,488 102,751 (65.5) % Stock-Based Compensation Expense 115,911 118,595 (2.3) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 7,526 7,557 (0.4) % Adjusted EBITDA $2,182,915 $1,868,673 16.8 % 9
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.41 $0.34 20.6 % $0.28 46.4 % Add / (Deduct): Acquisition and Integration Costs 0.02 0.01 100.0 % 0.02 — Restructuring and Other Transformation — — n/a 0.16 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.03 0.04 (25.0) % 0.01 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.03 0.10 (70.0) % (0.02) n/a Stock-Based Compensation Expense 0.10 0.19 (47.4) % 0.11 (9.1) % Non-Cash Amortization Related to Derivative Instruments (0.02) (0.02) — 0.01 n/a Tax Impact of Reconciling Items and Discrete Tax Items (1) 0.06 (0.07) (185.7) % (0.04) n/a Income (Loss) Attributable to Noncontrolling Interests 0.02 0.02 — 0.01 100.0 % Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.64 $0.60 6.67 % $0.54 18.5 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended September 30, 2026 and 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three months ended September 30, 2026 and 2025 was 17.1% and 14.8% respectively, and three months ended June 30, 2026 was 16.1%. Adjusted Earnings Per Share, or Adjusted EPS We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (Gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling items and discrete tax items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. 10
Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share YTD 2026 YTD 2025 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.23 $0.19 n/a Add / (Deduct): Acquisition and Integration Costs 0.03 0.05 (40.0) % Restructuring and Other Transformation — 0.51 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.09 0.03 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.12 0.35 (65.7) % Stock-Based Compensation Expense 0.39 0.40 (2.5) % Non-Cash Amortization Related to Derivative Instruments (0.04) 0.04 n/a Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.05) (0.10) (50.0) % Income (Loss) Attributable to Noncontrolling Interests 0.05 0.01 n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.82 $1.48 23.0 % (1) The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the nine months ended September 30, 2026 and 2025 are primarily due to (i) the reconciling items above, which impact our reported Net Income (Loss) Before Provision (Benefit) for Income Taxes but have an insignificant impact on our reported Provision (Benefit) for Income Taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the nine months ended September 30, 2026 and 2025 was 17.1% and 14.8%, respectively. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. 11
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Net Income (Loss) $128,878 $106,102 21.5 % $86,241 49.4 % Add / (Deduct): Real Estate Depreciation (1) 116,808 116,734 0.1 % 108,405 7.8 % Loss (Gain) on Sale of Real Estate, Net of Tax 1,084 531 104.1 % 194 n/a Data Center Lease-Based Intangible Assets Amortization (2) 1,774 1,825 (2.8) % 1,858 (4.5) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,743 1,484 17.5 % 1,612 8.1 % FFO (Nareit) $250,287 $226,676 10.4 % $198,310 26.2 % Add / (Deduct): Acquisition and Integration Costs 4,547 1,684 170.0 % 5,402 (15.8) % Restructuring and Other Transformation — — — 47,346 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 7,204 10,976 (34.4) % 3,168 127.4 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 7,827 28,857 (72.9) % (5,329) n/a Stock-Based Compensation Expense 30,867 56,787 (45.6) % 32,147 (4.0) % Non-Cash Amortization Related to Derivative Instruments (5,911) (5,911) — 4,176 n/a Real Estate Financing Lease Depreciation 4,603 3,996 15.2 % 3,276 40.5 % Tax Impact of Reconciling Items and Discrete Tax Items (3) 16,758 (19,279) (186.9) % (11,547) n/a Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (61) (54) 13.0 % (58) 5.2 % FFO (Normalized) $316,121 $303,732 4.1 % $276,891 14.2 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.83 $0.76 9.2 % $0.67 23.9 % FFO (Normalized) $1.05 $1.01 4.0 % $0.93 12.9 % Weighted Average Common Shares Outstanding - Basic 297,986 297,741 0.1 % 295,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 299,994 299,849 — 297,981 0.7 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impacts our reported net income (Loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Funds From Operations, or FFO (Nareit), and FFO (Normalized) Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. 12
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change FFO (Normalized) $316,121 $303,732 4.1 % $276,891 14.2 % Add / (Deduct): Non-Real Estate Depreciation 89,631 82,116 9.2 % 77,774 15.2 % Amortization Expense (1) 78,980 76,724 2.9 % 70,890 11.4 % Amortization of Deferred Financing Costs 9,255 8,062 14.8 % 8,760 5.6 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,404 1,466 (4.2) % 1,492 (6.0) % Non-Cash Rent Expense (Income) 1,251 (685) n/a 500 150.2 % Reconciliation to Normalized Cash Taxes 6,791 (878) n/a (1,583) n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 13 194 (93.3) % 196 (93.4) % Less: Recurring Capital Expenditures 45,026 37,989 18.5 % 41,604 8.2 % AFFO $458,420 $432,742 5.9 % $393,316 16.6 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $1.53 $1.44 6.3 % $1.32 15.9 % Weighted Average Common Shares Outstanding - Basic 297,986 297,741 0.1 % 295,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 299,994 299,849 — % 297,981 0.7 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. 13
Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) YTD 2026 YTD 2025 % Change Net Income (Loss) $383,979 $59,134 n/a Add / (Deduct): Real Estate Depreciation (1) 345,001 309,738 11.4 % Loss (Gain) on Sale of Real Estate, Net of Tax 2,332 (4,475) (152.1) % Data Center Lease-Based Intangible Assets Amortization (2) 5,441 5,560 (2.1) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 4,825 4,675 3.2 % FFO (Nareit) $741,578 $374,632 97.9 % Add / (Deduct): Acquisition and Integration Costs 9,152 16,040 (42.9) % Restructuring and Other Transformation — 152,432 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 25,055 12,269 104.2 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 35,488 102,751 (65.5) % Stock-Based Compensation Expense 115,911 118,595 (2.3) % Non-Cash Amortization Related to Derivative Instruments (12,718) 12,529 n/a Real Estate Financing Lease Depreciation 12,523 9,850 27.1 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (19,676) (28,719) (31.5) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (172) (241) (28.4) % FFO (Normalized) $907,141 $770,138 17.8 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $2.48 $1.26 96.8 % FFO (Normalized) $3.03 $2.59 17.0 % Weighted Average Common Shares Outstanding - Basic 297,525 295,214 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,559 297,628 0.6 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. 14
Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) YTD 2026 YTD 2025 % Change FFO (Normalized) $907,141 $770,138 17.8 % Add / (Deduct): Non-Real Estate Depreciation 248,489 212,880 16.7 % Amortization Expense (1) 229,576 208,895 9.9 % Amortization of Deferred Financing Costs 25,365 24,419 3.9 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 4,368 4,468 (2.2) % Non-Cash Rent Expense (Income) 1,187 4,508 (73.7) % Reconciliation to Normalized Cash Taxes 19,031 (9,928) n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 403 561 (28.2) % Less: Recurring Capital Expenditures 118,294 104,481 13.2 % AFFO $1,317,266 $1,111,460 18.5 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $4.40 $3.73 18.0 % Weighted Average Common Shares Outstanding - Basic 297,525 295,214 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,559 297,628 0.6 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. 15
Q3 2026 Earnings Presentation November 5, 2026
FORWARD LOOKING STATEMENTS We have made statements in this presentation that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this presentation. Reconciliation of Non-GAAP Measures Throughout this presentation, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO, and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included in the appendix to this presentation and in the Supplemental Reporting Information. 2
COMPANY OVERVIEW
IRON MOUNTAIN SNAPSHOT (NYSE: IRM) $51B $170B Enterprise Value Total Addressable Market ~$8B ~$3B 2026E Revenue 2026E Adj. EBITDA1 12% 13% 5-Yr Revenue CAGR 5-Yr Adj. EBITDA1 CAGR 59% 11% AFFO Payout Ratio2 Dividend Growth CAGR3 240,000+ 95% Customers Trusted by Fortune 1000 61 ~1,300 Countries Served Facilities Note: All figures as of 9/30/26 unless otherwise noted. 2026E represents the midpoint of our full year 2026 guidance as of 11/5/26. 1 Non-GAAP measure, please see Appendix for reconciliation. 2 Trailing twelve months. 3 CAGR for 2023 through 2026 annualized rate. 4 Data center revenue CAGR 2021 - 2026E. Data Center ♦ Total developable capacity of ~1.4 GW, with current operating portfolio of 545 MW ♦ Revenue growth of 25%+ since 20214 Best Global Data Center Provider Datacloud 2026 Global Awards Ceremony Iron Mountain is a global leader in information management services Records Management ♦ Highly recurring revenue stream with average retention of ~15 years ♦ Large enterprise customer base provides significant cross-sell opportunity #1 Global Leader Records Management Asset Lifecycle Management ♦ Global leader in fragmented $35B market ♦ End-to-end solutions provider with large global footprint and operational scale and strong reputation for security ITAD Company of the Year 2025 ITAD Summit Digital Solutions ♦ Uniquely positioned to support government efficiency and productivity efforts ♦ Rapidly growing recurring revenue base Google Cloud Partner of the Year 2026 Business Applications: Media & Entertainment 2018 Technology: AI and Machine Learning Financial Operational Strong Leadership Positions in Global Businesses 4
5 1 Non-GAAP measure, please see Appendix for reconciliation. 2 Non-GAAP measure, please see Appendix for reconciliation. Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation more accurately represents our funds available to support growth, and is more comparable to our peers, including those in the data center industry. 3 2026E represents the midpoint of our full year 2026 guidance. GROWTH STRATEGY DELIVERING RECORD RESULTS ● Growth strategy has successfully accelerated enterprise growth ahead of our financial targets through investments in large and growing global markets and leveraging our enterprise-wide commercial platform to cross-sell solutions across our more than 240,000 customers 12% CAGR, 1 3% Ex. F x 13% CAGR, 14% Ex. F x 11% CAGR, 12% Ex. F x 11% CAGR, 12% Ex. F x Revenue ($M) Adj. EBITDA1 ($M) AFFO2 ($M) AFFO/Share2 3 3 3 3
2024 DRIVING SUSTAINED DOUBLE-DIGIT REVENUE GROWTH 1 Growth businesses include Data Center (Data Center segment), Digital Solutions (included in RIM segment), and ALM (included in Corporate & Other). 2 All Other includes physical records management (included in RIM segment) and fine arts business (included in Corporate & Other). 3 2026E represents the midpoint of our full year 2026 guidance. ● Growth Businesses of Data Center, Asset Lifecycle Management (ALM), and Digital Solutions, are expected to have an outsized impact to consolidated growth as they continue to scale Growth Businesses Provide Increasing Tailwind to Driving Double-Digit Total Consolidated Growth Y/Y Revenue Growth 36% 34% 37% 7% 5% 7% 2025 2026E3 12% 12% 16% Growth Businesses All Other Total Growth $6,150 $6,902 $7,985 Growth Businesses Penetration % 24% 28% 34% $ in millions Growth Businesses All Other Contribution to Consolidated Growth 7% 8% 11% 5% 4% 5% 2024 2025 2026E3 12% 12% 16% Growth Businesses All Other Total Growth 3 6
Data Center Asset Lifecycle Management (ALM) STRONG LEADERSHIP POSITIONS IN GLOBAL BUSINESSES Synergistic Business Model Decades-long relationships built on trust Significant cross-selling opportunities Strong reputation for security and chain of custody End-to-end solutions for 240,000+ customers Global footprint and operational scale 7 Records Management and Digital Solutions
ALM Capitalizing on significant long-term growth opportunity with a cross-sell win to become the sole partner for managing secure IT asset disposition in North America for a leading global consulting firm. DATA CENTER Leased 137 megawatts year to date, including 51 megawatts in Mumbai, 25 megawatts in London, and 23 megawatts in Chennai and expanded global hyperscaler customer base. DIGITAL Continuing momentum with Insight DXP, our AI-powered agentic solutions platform, with a multi-year agreement to manage a digital transformation initiative for a government in the Middle East. RECORDS MANAGEMENT Driving consistent growth through exceptional customer stewardship, by winning a $25 million multi-year contract to provide records management services to a new customer within the federal government. KEY HIGHLIGHTS SUPPORTING STRONG GROWTH MOMENTUM 8
➔ 37 consecutive years of organic revenue growth ➔ Record level of storage volume in Q3 ➔ Highly recurring revenue stream as volume is sticky with ~15 year average storage duration per box ➔ Proven revenue management strategy driven by continuous enhancements to the value we provide customers ➔ Leveraging 240,000+ customer relationships to cross-sell across the enterprise ➔ Own 25% of real estate square footage of ~1,300 facilities in 61 countries - plenty of capacity to grow without need for additional growth capex GLOBAL RIM: Records Management + Digital Solutions 9 ➔ Revenue generated from servicing storage volume (transportation, Smart Suite offering, information destruction) and providing Digital Solutions ➔ Leverage large logistics network to pick up and deliver records to customers on a regular basis ➔ Strong operational discipline with history of controlling expenses and expanding margins ➔ Fast growing ~$600M business1 ◆ Leading provider of digital solutions, bringing light to dark data with AI-powered DXP platform ◆ Converting unstructured physical and digital data into actionable intelligence ◆ Executing against a large backlog of signed government and enterprise deals across the world and driving a significant pipeline Storage ● Iron Mountain is a trusted guardian of information and assets for 240,000+ customers with the largest global footprint in records management ● Global RIM segment drives substantial cash flow and funds growth investments across the business ● In the third quarter of 2026, Global RIM revenue increased 7% on both a reported and organic basis Service Storage Service ~60% ~30%$5.3B 2025 Revenue Global RIM ~10% Digital Solutions Digital Solutions 1 Digital business on trailing twelve month basis.
DATA CENTER: Executing Multi-Year Growth Plan 1 CAGR 2021-2027E. Note: 2026E and 2027E are based on company projections. ○ Data center development remains very strong with industry demand continuing to outpace supply ○ Hyperscale demand for AI / Inference data centers is growing meaningfully as industry shifts from AI training to monetizing inference ○ In Q3 2026, data center revenue grew 34% and we signed 102 MW of new leases ■ Year-to-date through September, new leasing has totaled 137 MW ○ Current backlog, before any incremental new leasing, supports significant revenue growth in the coming years ■ In 2026, current backlog expected to drive growth of 25%+ ■ Our backlog supports ~$1.7 billion in annual revenue before any incremental leasing ○ Iron Mountain operates 32 data centers with strong market positions in Tier 1 markets ○ As we build out our data center portfolio, we will increase our capacity more than 2.5 times to 1.4 GW (from current operating portfolio of 545 MW) ○ In the next 24 months, we have ~325 MW of available to lease capacity expected to energize 10 IRM Growth Outlook Strong Industry Demand Outlook Expanding Data Center Portfolio 2027 Backlog Revenue w/ Full Backlog Full Backlog $ Billions
Enterprise ALM ➔ Secure, end-to-end IT asset lifecycle management solution for corporate end user devices (recycle, reuse, redeploy, remarket) ➔ Large global footprint and operational scale positions us as the low-cost provider and only player to offer a single vendor solution ➔ Strong reputation for security and trust, along with unique “last mile” chain of custody are key differentiators ➔ Significant revenue opportunity driven by new customers through cross selling success, increasing penetration within existing customers and expanding global footprint ➔ Supplementing growth through accretive tuck-in acquisitions to further expand global scale and operating leverage ALM: Capitalizing on Multi-Billion Dollar Growth Opportunity 11 Data Center Decommissioning ➔ Global footprint and operational scale supports project-based and recurring remarketing and redeployment of data center gear from hyperscale and enterprise customers ➔ Comprehensive remarketing platform that derives maximum component residual value for customers driven by industry leading downstream partner network ➔ Annual market growth driven by strong hyperscale data center development and refresh cycle ➔ Synergistic go-to-market: Iron Mountain is the only provider of a complete, end-to-end lifecycle solution for the rapidly growing hyperscale marketplace as we develop, operate, and decommission data centers Market Size: ~$35 billion Data Center Enterprise ● We are a global market leader in the highly fragmented, growing $35 billion ALM market with significant long-term growth potential across the enterprise and data center decommissioning markets with low capital investment requirements ● Large global footprint serving 40 countries, positioned to scale direct operations beyond our current 10 markets ● In the third quarter of 2026, ALM revenue increased 43% on a reported basis and 38% on an organic basis ALM results are included in the Corporate & Other.
Q3 2026 RESULTS AND 2026 OUTLOOK
RECORD Q3 2026 RESULTS Three Months Ended YoY% Change 9/30/26 9/30/25 Reported $ Constant Fx $ in millions, except per share data Global RIM $1,433 $1,339 7% 7% Global Data Center $274 $204 34% 34% Corporate and Other $284 $211 34% 34% Total Revenues $1,991 $1,754 13% 13% Net Income $129 $86 49% Reported EPS $0.41 $0.28 46% Adj. EPS $0.64 $0.54 19% Adj. EBITDA $748 $660 13% 13% Adj. EBITDA Margin 37.6% 37.6% 0 bps AFFO $458 $393 17% AFFO per share $1.53 $1.32 16% Key Highlights ● Record Q3 results with strength across business ○ Total Revenue +13% ○ Adjusted EBITDA +13% ○ AFFO +17% ● Global RIM ○ Revenue growth of 7% ○ Continued strong revenue management ○ Record Digital revenue ● Data Center ○ Revenue growth of 34% ○ Strong renewal pricing +10% (cash) and +15% (GAAP) ○ New leasing of 102 MW in Q3, and 137 MW year-to-date through Q3 ● ALM ○ Revenue growth of 43%, including organic growth of 38% ○ Strong performance driven by our enterprise ALM channel ○ Solid improvement in profitability contribution Y/Y ● Maintained strong balance sheet ○ Leverage* of 4.8x, within 4.5x to 5.5x target range ● Announced dividend increase of 15% effective January 2027 ○ This will mark the fifth increase of the dividend in the past four years Adjusted EPS, Adjusted EBITDA and AFFO are non-GAAP measures; please see Appendix for reconciliation 13 *Long-term net lease adjusted leverage ratio
14 (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. 2026 GUIDANCE: POSITIONED FOR ANOTHER RECORD YEAR 2026 Guidance (1) Q4 2026 Full Year 2026 Y/Y % Chg. at Midpoint Revenue ~$2,030 $7,950 - $8,020 ~16% Adjusted EBITDA ~$780 $2,948 - $2,978 ~15% AFFO ~$473 $1,780 - $1,800 ~16% AFFO Per Share ~$1.57 $5.94 - $6.00 ~15% ($ in millions, except per share data) * Our increased financial guidance absorbs the negative impact resulting from the stronger US dollar since our last earnings call.
CAPITAL INVESTMENTS AND RETURNS 15 1 Based on the midpoint of our full year 2026 guidance 2 Long-term net lease adjusted leverage ratio. ● Our target leverage ratio2 is 4.5x – 5.5x, and in Q3 2026 leverage was 4.8x Investing in high ROIC opportunities that drive double-digit growth Capital allocation priorities focused on growing the dividend and investing in high-return growth opportunities We are committed to maintaining our strong balance sheet ● Committed to growing dividend in line with AFFO per share growth, consistent with the 15% increase announced in November 2026 ● Underwriting very attractive data center development returns with hyperscale customers (pre-leased deals with 10-15 year duration) to capitalize on total developable capacity of 1.4 GW ● Our business generates operating cash flow approaching $2.0 billion annually that more than covers recurring capex and the dividend, with excess cash flow invested in growth ● The growth in Adjusted EBITDA1 and elimination of cash restructuring charges in 2026 supports more than $2.0 billion of leverage-neutral2 growth capital financing while sustaining strong AFFO per share growth
INVESTMENT TAKEAWAYS Strong Foundation1 Executing Growth Strategy2 Exceptional Financial Track Record 3 ❖ Global leader with strong and increasing margins across our business ❖ Highly recurring business model with decades-long relationships with 240,000+ customers, including 95% of the Fortune 1000 built on a history of strong customer satisfaction, operational excellence, and trust ❖ Operate in attractive, large and growing markets with $170 billion total addressable opportunity and significant cross-selling opportunities ❖ Portfolio of growth businesses (Data Center, Digital Solutions, ALM) expected to increase revenue 37% in 2026, accounting for 34% of total revenue ❖ Achieved 13% Revenue and Adjusted EBITDA CAGR excluding Fx since 2021 ❖ Strong momentum across the business positions us for another record year of results in 2026 ❖ Delivering shareholder value through consistent dividend increases in line with AFFO per share growth ❖ Portfolio of enterprise and data center services allows us to drive double digit revenue and AFFO growth across cycles 16
17 APPENDIX
18 Q3 RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA REPORTED EPS TO ADJUSTED EPS (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended September 30, 2026 and 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended September 30, 2026 and 2025 was 17.1% and 14.8% respectively.
19 Q3 RECONCILIATIONS (CONT.) NET INCOME (LOSS) TO FFO FFO TO AFFO (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.
20 FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA
21 FULL YEAR RECONCILIATIONS (CONT.) NET INCOME (LOSS) TO FFO AND AFFO (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Effective Q4 2023, our AFFO definition has been updated to exclude the amortization of capitalized commissions. Amortization expense of capitalized commissions was $43.4M, $40.6M and $30.7M for full year 2023, 2022, and 2021, respectively.
Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Adjusted Earnings Per Share, or Adjusted EPS We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling items and discrete tax items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. DEFINITIONS 22
DEFINITIONS (CONT.) Funds From Operations, or FFO (Nareit), and FFO (Normalized) Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. 23
Supplemental Financial Information Third Quarter 2026 investors.ironmountain.com
Table of Contents Section I - Q3 Earnings Press Release Q3 2026 Earnings Press Release 3 Section II - Financial Highlights and Organic Growth Financial and Operating Highlights 6 Organic Revenue Growth 7 Section III - Operational Metrics Global Storage Volume 8 Quarterly Operating Performance 9 Year to Date Operating Performance 10 Section IV - Balance Sheets, Statements of Operations and Reconciliations Condensed Consolidated Balance Sheets 11 Quarterly Condensed Consolidated Statements of Operations 12 Year to Date Condensed Consolidated Statements of Operations 13 Quarterly and Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA 14 Quarterly and Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 15 Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO 16 Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO 17 Section V - Storage and Service Reconciliation Quarterly Storage Rental and Service Business Detail 18 Year to Date Storage and Service Business Detail 19 Section VI - Real Estate Metrics Global Real Estate Portfolio and Lease Obligations 20 Facility Lease Expirations 20 Section VII - Data Center Customer and Portfolio Metrics Data Center Customer Lease Expiration and Leasing Activity Summary 21 Data Center Operating Portfolio and Total Potential Capacity 22 Data Center Expansion and Development Activity 23 Section VIII - Capitalization and Debt Maturity Profile Capitalization 24 Total Borrowings Maturity Schedule 24 Debt Maturity Profile 24 Section IX - Capital Expenditures Quarterly Capital Expenditures and Investments 25 Year to Date Capital Expenditures and Investments 25 Section X - Appendix and Definitions Appendix and Definitions 26 All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding All figures for the quarter ended September 30, 2026 unless noted Unaudited investors.ironmountain.com Q3 2026 Supplemental Financial Information 2
FOR IMMEDIATE RELEASE Iron Mountain Reports Third Quarter 2026 Results • Achieves record third quarter revenue of $2.0 billion, an increase of 13.5% on a reported basis and 12.8% on an organic basis • Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 30% year over year in the third quarter • Data center leasing of 102 megawatts in the third quarter for a total of 137 megawatts year to date • Q3 2026 Net Income of $129 million, as compared to Net Income of $86 million in Q3 2025 • Delivers record quarterly Adjusted EBITDA of $748 million, an increase of 13.3% with a strong Adjusted EBITDA margin of 37.6%, up nearly 200 basis points sequentially • Generates all-time high quarterly AFFO of $458 million, or $1.53 per share, an increase of 17% compared to last year • Raises full year 2026 financial guidance driven by continued strong operational performance across the business • Increases quarterly dividend per share by 15% based on continued strong growth in AFFO PORTSMOUTH, N.H. – November 5, 2026 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the third quarter of 2026. “We are pleased to report another record performance in the third quarter that exceeded our expectations. Our outstanding results continue to reflect the combined strength of our physical records storage and growth businesses, supported by our team's commitment to customer value creation and disciplined operational execution,” stated William L. Meaney, President and CEO of Iron Mountain. “Our business and outlook remains strong with a clear view for sustained long-term growth. We have signed 137 megawatts of new data center leases year to date and our cross-selling efforts in ALM and Digital are accelerating, all of which supports significant future growth. Based on our strong 2026 growth and continued positive outlook, we are pleased to increase the dividend by 15%.” Financial Performance Highlights for the Third Quarter of 2026 ($ in millions, except per share data) Three Months Ended Y/Y % Change Year to Date Y/Y % Change 9/30/26 9/30/25 Reported $ Constant Fx 9/30/26 9/30/25 Reported $ Constant Fx Storage Rental Revenue $1,150 $1,033 11% 11% $3,379 $2,991 13% 12% Service Revenue $841 $721 17% 16% $2,577 $2,067 25% 23% Total Revenues $1,991 $1,754 13% 13% $5,956 $5,059 18% 16% Net Income (Loss) $129 $86 49% $384 $59 n/a Reported EPS $0.41 $0.28 46% $1.23 $0.19 n/a Adjusted EPS $0.64 $0.54 19% $1.82 $1.48 23% Adjusted EBITDA $748 $660 13% 13% $2,183 $1,869 17% 16% Adjusted EBITDA Margin 37.6% 37.6% 0 bps 36.7% 36.9% -20 bps AFFO $458 $393 17% $1,317 $1,111 19% AFFO per share $1.53 $1.32 16% $4.40 $3.73 18% • Total reported revenues for the third quarter were $2.0 billion, compared with $1.8 billion in the third quarter of 2025, an increase of 13.5%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 13.3% compared to the prior year, driven by an 11.2% increase in storage rental revenue and a 16.3% increase in service revenue. Year to date, total reported revenues increased 17.7%, or 16.5% excluding the impact of Fx. • Net Income for the third quarter was $128.9 million, compared with $86.2 million in the third quarter of 2025, driven primarily by increased Operating Income. Year to date, Net Income was $384.0 million, compared with $59.1 million in 2025. • Adjusted EBITDA for the third quarter was $748.0 million, compared with $660.4 million in the third quarter of 2025, an increase of 13.3%. On a constant currency basis, Adjusted EBITDA increased by 13.0% in the third quarter, compared to the third quarter of 2025, driven by increased revenue and Adjusted EBITDA across each of our segments and improved operating leverage from our continued transformation activities. Year to date, Adjusted EBITDA increased 16.8%, or 15.7% excluding the impact of Fx. Section I - Q2 Earnings Press Release investors.ironmountain.com Q3 2026 Supplemental Financial Information 3
• FFO (Normalized) per share was $1.05 for the third quarter, compared with $0.93 in the third quarter of 2025, an increase of 12.9%. Year to date, FFO (Normalized) per share was $3.03, compared with $2.59 in 2025, or an increase of 17.0%. • AFFO was $458.4 million for the third quarter, compared with $393.3 million in the third quarter of 2025, an increase of 16.6% driven by improved Adjusted EBITDA. Year to date, AFFO was $1,317.3 million compared with $1,111.5 million, or an increase of 18.5%. • AFFO per share was $1.53 for the third quarter, compared with $1.32 in the third quarter of 2025, an increase of 15.9%. Year to date, AFFO per share was $4.40, compared to $3.73 in 2025, or an increase of 18.0%. Dividend On November 5, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.993 per share of common stock for the fourth quarter, representing an increase of 15%. The fourth quarter 2026 dividend is payable on January 6, 2027, to shareholders of record at the close of business on December 15, 2026. Guidance Iron Mountain’s fourth quarter and full year 2026 guidance details are summarized in the table below. 2026 Guidance(1) ($ in millions, except per share data) Q4 2026 Full Year 2026 Approximate Y/Y % Change at Midpoint Total Revenue ~$2,030 $7,950 - $8,020 ~16% Adjusted EBITDA ~$780 $2,948 - $2,978 ~15% AFFO ~$473 $1,780 - $1,800 ~16% AFFO Per Share ~$1.57 $5.94 - $6.00 ~15% (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. Q3 2026 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) partners with more than 240,000 customers across 61 countries, including approximately 95% of the Fortune 1000. We serve as the trusted guardians of what matters most, helping unlock what’s possible. By connecting physical, digital, and intelligent workflows, our lifecycle solutions help organizations realize enterprise value at scale. From complex challenges across information management and digital transformation to data security, data centers, and asset lifecycle management, we empower organizations to navigate an ever-changing landscape to prepare for tomorrow’s possibilities. Our longstanding commitment to safety, security, sustainability, and continuous innovation defines everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Investor Relations Contacts: Mark Rupe Jake Carfagna SVP, Investor Relations Manager, Investor Relations Mark.Rupe@IronMountain.com Jacob.Carfagna@IronMountain.com (215) 402-7013 (414) 551-1147 Media Contact: media@ironmountain.com Section I - Q2 Earnings Press Release investors.ironmountain.com Q3 2026 Supplemental Financial Information 4
Forward Looking Statements We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Reconciliation of Non-GAAP Measures Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. Section I - Q2 Earnings Press Release investors.ironmountain.com Q3 2026 Supplemental Financial Information 5
Financial Highlights Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Storage Rental Revenue $1,149,508 $1,134,611 $1,094,765 $1,061,248 $1,032,897 Service Revenue $841,109 $894,451 $841,384 $781,919 $721,196 Total Revenues $1,990,617 $2,029,062 $1,936,149 $1,843,167 $1,754,093 Adjusted EBITDA $747,958 $727,018 $707,939 $705,277 $660,379 Adjusted EBITDA Margin 37.6 % 35.8 % 36.6 % 38.3 % 37.6 % Net Income (Loss) Attributable to Iron Mountain Incorporated $124,140 $101,430 $143,665 $89,270 $84,290 Reported EPS - Fully Diluted $0.41 $0.34 $0.48 $0.30 $0.28 Adjusted EPS $0.64 $0.60 $0.60 $0.61 $0.54 FFO (Normalized) $316,121 $303,732 $294,547 $300,670 $276,891 FFO (Normalized) per Share $1.05 $1.01 $0.99 $1.01 $0.93 AFFO $458,420 $432,742 $426,106 $429,709 $393,316 AFFO per Share $1.53 $1.44 $1.43 $1.44 $1.32 TTM AFFO Payout Ratio 59.2 % 60.0 % 60.7 % 62.2 % 61.7 % Dividend per Share $0.86 $0.86 $0.86 $0.86 $0.79 Weighted Average Common Shares Outstanding - Diluted 299,994 299,849 298,834 298,380 297,981 Net Lease-Adjusted Leverage Ratio 4.8x 4.8x 4.8x 4.9x 5.0x Operating Highlights Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Organic Storage Rental Revenue Growth 11.1 % 11.3 % 12.4 % 10.9 % 9.4 % Organic Service Revenue Growth 15.1 % 24.8 % 24.3 % 17.7 % 9.8 % Total Volume - Storage 750,682 747,880 745,276 744,001 743,512 Storage Facility Capacity Utilization 81.8 % 81.6 % 81.4 % 81.3 % 80.8 % Records Management Retention Rate 93.5 % 93.4 % 93.3 % 93.3 % 93.2 % Storage Revenue / Sq. Ft. $12.40 $12.19 $11.74 $11.34 $11.05 Storage NOI / Sq. Ft. $9.65 $9.57 $9.10 $8.96 $8.76 Data Center: Leasable Megawatts 544.6 528.5 507.2 488.2 452.2 Leased % - Stabilized 97.5 % 97.4 % 98.3 % 98.0 % 98.2 % Leased % - Total 97.2 % 97.1 % 97.2 % 96.9 % 97.0 % Megawatts Leased 102.5 13.1 21.8 43.4 13.5 Churn 0.7 % 2.0 % 0.4 % 1.7 % 0.3 % Number of Facilities 32 31 31 31 30 Number of Markets 21 21 21 21 21 Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q3 2026 Supplemental Financial Information 6
Organic Revenue Growth (1) Q3 2026 Q2 2026 YTD 2026 Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Storage Rental 11.3% 11.2% 11.1% 12.3% 11.5% 11.3% 13.0% 11.8% 11.6% Service 16.6% 16.3% 15.1% 27.4% 26.3% 24.8% 24.7% 23.3% 21.3% Total Revenues 13.5% 13.3% 12.8% 18.5% 17.6% 16.8% 17.7% 16.5% 15.6% Total Organic Revenue Growth 8.1% 8.1% 9.4% 9.6% 13.6% 17.2% 16.8% 12.8% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 4.0% 8.0% 12.0% 16.0% 20.0% Organic Storage Rental Revenue Growth 8.8% 8.8% 9.2% 9.4% 10.9% 12.4% 11.3% 11.1% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 6.0% 8.0% 10.0% 12.0% 14.0% Organic Service Revenue Growth 7.0% 7.1% 9.7% 9.8% 17.7% 24.3% 24.8% 15.1% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% 28.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q3 2026 Supplemental Financial Information 7
Global Storage Volume Global RIM Corporate and Other Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 700,000 710,000 720,000 730,000 740,000 750,000 760,000 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Global RIM 726,712 726,952 727,266 727,496 728,740 736,399 736,829 738,010 740,542 743,338 Corporate and Other 5,895 6,045 6,305 6,671 7,067 7,112 7,173 7,266 7,338 7,344 Total Volume - Storage 732,607 732,997 733,571 734,166 735,807 743,512 744,001 745,276 747,880 750,682 Business acquisitions during the quarter (1) — — — — — 7,394 — — — — (1) Volume acquired through acquisition in the quarter; this is included in Total Storage Volume. Section III - Operational Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 8
Quarterly Operating Performance Y/Y % Change Q3 2026 Q2 2026 Q3 2025 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $858,192 $856,751 $814,118 5.4% 5.3% 5.2% Service 574,891 576,811 524,682 9.6% 9.2% 9.0% Total Revenues $1,433,083 $1,433,562 $1,338,800 7.0% 6.8% 6.7% Adjusted EBITDA $630,006 $620,751 $598,467 Adjusted EBITDA Margin 44.0 % 43.3 % 44.7 % Global Data Center Business Storage Rental $272,102 $258,892 $201,383 35.1% 35.3% 35.3% Service 1,496 3,979 2,747 (45.5)% (45.4)% (45.4)% Total Revenues $273,598 $262,871 $204,130 34.0% 34.3% 34.3% Adjusted EBITDA $153,984 $137,343 $107,377 Adjusted EBITDA Margin 56.3 % 52.2 % 52.6 % Corporate and Other Storage Rental $19,214 $18,968 $17,396 10.5% 10.5% 9.1% Service 264,722 313,661 193,767 36.6% 36.4% 32.6% Total Revenues $283,936 $332,629 $211,163 34.5% 34.2% 30.7% Adjusted EBITDA $(36,032) $(31,076) $(45,465) Total Consolidated Storage Rental $1,149,508 $1,134,611 $1,032,897 11.3% 11.2% 11.1% Service 841,109 894,451 721,196 16.6% 16.3% 15.1% Total Revenues $1,990,617 $2,029,062 $1,754,093 13.5% 13.3% 12.8% Adjusted EBITDA $747,958 $727,018 $660,379 Adjusted EBITDA Margin 37.6 % 35.8 % 37.6 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 9
Year to Date Operating Performance Y/Y % Change YTD 2026 YTD 2025 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $2,538,460 $2,375,206 6.9% 5.6% 5.4% Service 1,732,271 1,543,334 12.2% 10.8% 10.2% Total Revenues $4,270,731 $3,918,540 9.0% 7.6% 7.3% Adjusted EBITDA $1,868,436 $1,741,084 Adjusted EBITDA Margin 43.7 % 44.4 % Global Data Center Business Storage Rental $783,499 $562,607 39.3% 38.4% 38.4% Service 7,695 4,121 86.7% 96.6% 96.6% Total Revenues $791,194 $566,728 39.6% 38.8% 38.8% Adjusted EBITDA $424,090 $294,459 Adjusted EBITDA Margin 53.6 % 52.0 % Corporate and Other Storage Rental $56,925 $53,449 6.5% 6.0% 5.5% Service 836,978 519,853 61.0% 60.1% 54.0% Total Revenues $893,903 $573,302 55.9% 55.1% 49.5% Adjusted EBITDA $(109,611) $(166,870) Total Consolidated Storage Rental $3,378,884 $2,991,262 13.0% 11.8% 11.6% Service 2,576,944 2,067,308 24.7% 23.3% 21.3% Total Revenues $5,955,828 $5,058,570 17.7% 16.5% 15.6% Adjusted EBITDA $2,182,915 $1,868,673 Adjusted EBITDA Margin 36.7 % 36.9 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 10
Condensed Consolidated Balance Sheets 9/30/2026 12/31/2025 ASSETS Current Assets: Cash and Cash Equivalents $188,160 $158,535 Accounts Receivable, Net 1,507,674 1,443,669 Prepaid Expenses and Other 405,025 332,779 Total Current Assets $2,100,859 $1,934,983 Property, Plant and Equipment: Property, Plant and Equipment $15,978,288 $14,457,335 Less: Accumulated Depreciation (5,304,203) (4,911,010) Property, Plant and Equipment, Net $10,674,085 $9,546,325 Other Assets, Net: Goodwill $5,280,352 $5,285,801 Customer and Supplier Relationships and Other Intangible Assets 1,208,451 1,269,607 Operating Lease Right-of-Use Assets 2,359,510 2,465,196 Other 700,117 623,107 Total Other Assets, Net $9,548,430 $9,643,711 Total Assets $22,323,374 $21,125,019 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $1,232,903 $216,074 Accounts Payable 782,400 710,662 Accrued Expenses and Other Current Liabilities 1,394,332 1,290,669 Deferred Revenue 378,117 402,091 Total Current Liabilities $3,787,752 $2,619,496 Long-term Debt, Net of Current Portion 16,739,299 16,215,885 Long-term Operating Lease Liabilities, Net of Current Portion 2,186,718 2,300,448 Other Long-term Liabilities 416,139 450,083 Deferred Income Taxes 194,222 184,015 Total Long-term Liabilities $19,536,378 $19,150,431 Redeemable Noncontrolling Interests 62,186 64,423 (Deficit) Equity Total (Deficit) Equity $(1,062,942) $(709,331) Total Liabilities and (Deficit) Equity $22,323,374 $21,125,019 Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 11
Quarterly Condensed Consolidated Statements of Operations Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Revenues: Storage Rental $1,149,508 $1,134,611 1.3 % $1,032,897 11.3 % Service 841,109 894,451 (6.0) % 721,196 16.6 % Total Revenues $1,990,617 $2,029,062 (1.9) % $1,754,093 13.5 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $926,648 $958,609 (3.3) % $791,939 17.0 % Selling, General and Administrative 348,765 402,339 (13.3) % 335,248 4.0 % Depreciation and Amortization 291,796 281,395 3.7 % 262,203 11.3 % Acquisition and Integration Costs 4,547 1,684 170.0 % 5,402 (15.8) % Restructuring and Other Transformation — — — 47,346 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 8,288 11,507 (28.0) % 3,366 146.2 % Total Operating Expenses $1,580,044 $1,655,534 (4.6) % $1,445,504 9.3 % Operating Income (Loss) $410,573 $373,528 9.9 % $308,589 33.0 % Interest Expense, Net 216,521 223,446 (3.1) % 209,740 3.2 % Other Expense (Income), Net 8,440 29,178 (71.1) % (3,986) n/a Net Income (Loss) Before Provision (Benefit) for Income Taxes $185,612 $120,904 53.5 % $102,835 80.5 % Provision (Benefit) for Income Taxes 56,734 14,802 n/a 16,594 n/a Net Income (Loss) $128,878 $106,102 21.5 % $86,241 49.4 % Less: Net Income (Loss) Attributable to Noncontrolling Interests 4,738 4,672 1.4 % 1,951 142.8 % Net Income (Loss) Attributable to Iron Mountain Incorporated $124,140 $101,430 22.4 % $84,290 47.3 % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.42 $0.34 23.5 % $0.28 50.0 % Diluted $0.41 $0.34 20.6 % $0.28 46.4 % Weighted Average Common Shares Outstanding - Basic 297,986 297,741 0.1 % 295,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 299,994 299,849 — 297,981 0.7 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 12
Year to Date Condensed Consolidated Statements of Operations YTD 2026 YTD 2025 % Change Revenues: Storage Rental $3,378,884 $2,991,262 13.0 % Service 2,576,944 2,067,308 24.7 % Total Revenues $5,955,828 $5,058,570 17.7 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $2,775,060 $2,256,980 23.0 % Selling, General and Administrative 1,123,868 1,055,441 6.5 % Depreciation and Amortization 841,030 746,923 12.6 % Acquisition and Integration Costs 9,152 16,040 (42.9) % Restructuring and Other Transformation — 152,432 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 27,387 7,975 n/a Total Operating Expenses $4,776,497 $4,235,791 12.8 % Operating Income (Loss) $1,179,331 $822,779 43.3 % Interest Expense, Net 663,788 609,541 8.9 % Other Expense (Income), Net 32,910 106,379 (69.1) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $482,633 $106,859 n/a Provision (Benefit) for Income Taxes 98,654 47,725 106.7 % Net Income (Loss) $383,979 $59,134 n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 14,744 3,813 n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $369,235 $55,321 n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $1.24 $0.19 n/a Diluted $1.23 $0.19 n/a Weighted Average Common Shares Outstanding - Basic 297,525 295,214 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,559 297,628 0.6 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 13
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Net Income (Loss) $128,878 $106,102 21.5 % $86,241 49.4 % Add / (Deduct): Interest Expense, Net 216,521 223,446 (3.1) % 209,740 3.2 % Provision (Benefit) for Income Taxes 56,734 14,802 n/a 16,594 n/a Depreciation and Amortization 291,796 281,395 3.7 % 262,203 11.3 % Acquisition and Integration Costs 4,547 1,684 170.0 % 5,402 (15.8) % Restructuring and Other Transformation — — — 47,346 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 8,288 11,507 (28.0) % 3,366 146.2 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 7,827 28,857 (72.9) % (5,329) n/a Stock-Based Compensation Expense 30,867 56,787 (45.6) % 32,147 (4.0) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,500 2,438 2.5 % 2,669 (6.3) % Adjusted EBITDA $747,958 $727,018 2.9 % $660,379 13.3 % Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA YTD 2026 YTD 2025 % Change Net Income (Loss) $383,979 $59,134 n/a Add / (Deduct): Interest Expense, Net 663,788 609,541 8.9 % Provision (Benefit) for Income Taxes 98,654 47,725 106.7 % Depreciation and Amortization 841,030 746,923 12.6 % Acquisition and Integration Costs 9,152 16,040 (42.9) % Restructuring and Other Transformation — 152,432 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 27,387 7,975 n/a Other Expense (Income), Net, Excluding our Share of (Losses) Gains from our Unconsolidated Joint Ventures 35,488 102,751 (65.5) % Stock-Based Compensation Expense 115,911 118,595 (2.3) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 7,526 7,557 (0.4) % Adjusted EBITDA $2,182,915 $1,868,673 16.8 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 14
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.41 $0.34 20.6 % $0.28 46.4 % Add / (Deduct): Acquisition and Integration Costs 0.02 0.01 100.0 % 0.02 — Restructuring and Other Transformation — — n/a 0.16 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.03 0.04 (25.0) % 0.01 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.03 0.10 (70.0) % (0.02) n/a Stock-Based Compensation Expense 0.10 0.19 (47.4) % 0.11 (9.1) % Non-Cash Amortization Related to Derivative Instruments (0.02) (0.02) — 0.01 n/a Tax Impact of Reconciling Items and Discrete Tax Items (1) 0.06 (0.07) (185.7) % (0.04) n/a Income (Loss) Attributable to Noncontrolling Interests 0.02 0.02 — 0.01 100.0 % Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.64 $0.60 6.7 % $0.54 18.5 % Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share YTD 2026 YTD 2025 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.23 $0.19 n/a Add / (Deduct): Acquisition and Integration Costs 0.03 0.05 (40.0) % Restructuring and Other Transformation — 0.51 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 0.09 0.03 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.12 0.35 (65.7) % Stock-Based Compensation Expense 0.39 0.40 (2.5) % Non-Cash Amortization Related to Derivative Instruments (0.04) 0.04 n/a Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.05) (0.10) (50.0) % Income (Loss) Attributable to Noncontrolling Interests 0.05 0.01 n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.82 $1.48 23.0 % (1) The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three and nine months ended September 30, 2026 and 2025 are primarily due to (i) the reconciling items above, which impact our reported Net Income (Loss) Before Provision (Benefit) for Income Taxes but have an insignificant impact on our reported Provision (Benefit) for Income Taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three and nine months ended September 30, 2026 and 2025 was 17.1% and 14.8%, respectively, and three months ended June 30, 2026 was 16.1%. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 15
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Net Income (Loss) $128,878 $106,102 21.5 % $86,241 49.4 % Add / (Deduct): Real Estate Depreciation (1) 116,808 116,734 0.1 % 108,405 7.8 % Loss (Gain) on Sale of Real Estate, Net of Tax 1,084 531 104.1 % 194 n/a Data Center Lease-Based Intangible Assets Amortization (2) 1,774 1,825 (2.8) % 1,858 (4.5) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,743 1,484 17.5 % 1,612 8.1 % FFO (Nareit) $250,287 $226,676 10.4 % $198,310 26.2 % Add / (Deduct): Acquisition and Integration Costs 4,547 1,684 170.0 % 5,402 (15.8) % Restructuring and Other Transformation — — — 47,346 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 7,204 10,976 (34.4) % 3,168 127.4 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 7,827 28,857 (72.9) % (5,329) n/a Stock-Based Compensation Expense 30,867 56,787 (45.6) % 32,147 (4.0) % Non-Cash Amortization Related to Derivative Instruments (5,911) (5,911) — 4,176 n/a Real Estate Financing Lease Depreciation 4,603 3,996 15.2 % 3,276 40.5 % Tax Impact of Reconciling Items and Discrete Tax Items (3) 16,758 (19,279) (186.9) % (11,547) n/a Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (61) (54) 13.0 % (58) 5.2 % FFO (Normalized) $316,121 $303,732 4.1 % $276,891 14.2 % Add / (Deduct): Non-Real Estate Depreciation 89,631 82,116 9.2 % 77,774 15.2 % Amortization Expense (4) 78,980 76,724 2.9 % 70,890 11.4 % Amortization of Deferred Financing Costs 9,255 8,062 14.8 % 8,760 5.6 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,404 1,466 (4.2) % 1,492 (6.0) % Non-Cash Rent Expense (Income) 1,251 (685) n/a 500 150.2 % Reconciliation to Normalized Cash Taxes 6,791 (878) n/a (1,583) n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 13 194 (93.3) % 196 (93.4) % Less: Recurring Capital Expenditures 45,026 37,989 18.5 % 41,604 8.2 % AFFO $458,420 $432,742 5.9 % $393,316 16.6 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.83 $0.76 9.2 % $0.67 23.9 % FFO (Normalized) $1.05 $1.01 4.0 % $0.93 12.9 % AFFO Per Share $1.53 $1.44 6.3 % $1.32 15.9 % Weighted Average Common Shares Outstanding - Basic 297,986 297,741 0.1 % 295,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 299,994 299,849 — 297,981 0.7 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impacts our reported net income (Loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 16
Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO YTD 2026 YTD 2025 % Change Net Income (Loss) $383,979 $59,134 n/a Add / (Deduct): Real Estate Depreciation (1) 345,001 309,738 11.4 % Loss (Gain) on Sale of Real Estate, Net of Tax 2,332 (4,475) (152.1) % Data Center Lease-Based Intangible Assets Amortization (2) 5,441 5,560 (2.1) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 4,825 4,675 3.2 % FFO (Nareit) $741,578 $374,632 97.9 % Add / (Deduct): Acquisition and Integration Costs 9,152 16,040 (42.9) % Restructuring and Other Transformation — 152,432 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 25,055 12,269 104.2 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 35,488 102,751 (65.5) % Stock-Based Compensation Expense 115,911 118,595 (2.3) % Non-Cash Amortization Related to Derivative Instruments (12,718) 12,529 n/a Real Estate Financing Lease Depreciation 12,523 9,850 27.1 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (19,676) (28,719) (31.5) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (172) (241) (28.4) % FFO (Normalized) $907,141 $770,138 17.8 % Add / (Deduct): Non-Real Estate Depreciation 248,489 212,880 16.7 % Amortization Expense (4) 229,576 208,895 9.9 % Amortization of Deferred Financing Costs 25,365 24,419 3.9 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 4,368 4,468 (2.2) % Non-Cash Rent Expense (Income) 1,187 4,508 (73.7) % Reconciliation to Normalized Cash Taxes 19,031 (9,928) n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 403 561 (28.2) % Less: Recurring Capital Expenditures 118,294 104,481 13.2 % AFFO $1,317,266 $1,111,460 18.5 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $2.48 $1.26 96.8 % FFO (Normalized) $3.03 $2.59 17.0 % AFFO Per Share $4.40 $3.73 18.0 % Weighted Average Common Shares Outstanding - Basic 297,525 295,214 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,559 297,628 0.6 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q3 2026 Supplemental Financial Information 17
Quarterly Storage Rental and Service Business Detail Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $1,149,508 $1,134,611 1.3 % $1,032,897 11.3 % Plus: Terminations/Permanent Withdrawal Fees 10,877 11,346 (4.1) % 10,143 7.2 % Total Revenue from Adjusted Storage Rental Activities $1,160,385 $1,145,957 1.3 % $1,043,040 11.3 % Less: Storage Rental Expenses Storage Rent 136,417 133,246 2.4 % 125,619 8.6 % Storage Rental Labor 17,340 14,118 22.8 % 13,054 32.8 % All Other Storage Costs 203,210 199,095 2.1 % 169,425 19.9 % Storage Rental Cost of Sales $356,967 $346,459 3.0 % $308,098 15.9 % Storage Rental Gross Profit $803,418 $799,498 0.5 % $734,942 9.3 % Storage Rental Gross Margin 69.2 % 69.8 % -60 bps 70.5 % -130 bps Service Business Detail Total Service Revenue $841,109 $894,451 (6.0) % $721,196 16.6 % Less: Terminations/Permanent Withdrawal Fees 10,877 11,346 (4.1) % 10,143 7.2 % Total Revenue from Adjusted Service Activities $830,232 $883,105 (6.0) % $711,053 16.8 % Less: Service Expenses Service Rent 7,527 7,550 (0.3) % 7,868 (4.3) % Service Labor 303,632 313,954 (3.3) % 289,933 4.7 % All Other Service Costs 258,522 290,646 (11.1) % 186,040 39.0 % Service Cost of Sales $569,681 $612,150 (6.9) % $483,841 17.7 % Service Gross Profit $260,551 $270,955 (3.8) % $227,212 14.7 % Service Gross Margin 31.4 % 30.7 % 70 bps 32.0 % -60 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q3 2026 Supplemental Financial Information 18
Year to Date Storage Rental and Service Business Detail YTD 2026 YTD 2025 % Change Storage Rental Business Detail Total Storage Rental Revenue $3,378,884 $2,991,262 13.0 % Plus: Terminations/Permanent Withdrawal Fees 31,884 27,284 16.9 % Total Revenue from Adjusted Storage Rental Activities $3,410,768 $3,018,546 13.0 % Less: Storage Rental Expenses Storage Rent 400,266 372,521 7.4 % Storage Rental Labor 48,861 35,227 38.7 % All Other Storage Costs 598,300 472,611 26.6 % Storage Rental Cost of Sales $1,047,427 $880,359 19.0 % Storage Rental Gross Profit $2,363,341 $2,138,187 10.5 % Storage Rental Gross Margin 69.3 % 70.8 % -150 bps Service Business Detail Total Service Revenue $2,576,944 $2,067,308 24.7 % Less: Terminations/Permanent Withdrawal Fees 31,884 27,284 16.9 % Total Revenue from Adjusted Service Activities $2,545,060 $2,040,024 24.8 % Less: Service Expenses Service Rent 22,520 22,332 0.8 % Service Labor 916,213 834,084 9.8 % All Other Service Costs 788,900 520,205 51.7 % Service Cost of Sales $1,727,633 $1,376,621 25.5 % Service Gross Profit $817,427 $663,403 23.2 % Service Gross Margin 32.1 % 32.5 % -40 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q3 2026 Supplemental Financial Information 19
Global Real Estate Portfolio and Lease Obligations Global Real Estate Portfolio (1) Owned Facilities Leased Facilities Total Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Total as of 06/30/2026 234 24,841 1,072 73,270 1,306 98,111 Additions & Expansions — — 13 565 13 565 Dispositions & Move Outs (1) (5) (24) (1,510) (25) (1,514) Total as of 09/30/2026 233 24,837 1,061 72,325 1,294 97,162 Total % 18.0 % 25.6 % 82.0 % 74.4 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,962 Paris, France 765 Chicago 1,282 Montreal, Canada 552 Boston 1,104 Mexico City, Mexico 452 Dallas 966 Toronto, Canada 434 Houston 873 Dubai, United Arab Emirates 434 Facility Lease Expirations (2) (% of total square feet subject to lease) 3.7% 3.4% 4.5% 4.7% 4.6% 4.6% 3.9% 3.8% 4.7% 62.1% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Weighted-Average Remaining Operating Lease Obligation: 10.2 Years (1) Includes real estate held in consolidated joint ventures. (2) Includes financing and operating lease obligations. Section VI - Real Estate Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 20
Data Center Customer Lease Expiration Year Number of Leases Expiring Total MW Expiring Percentage of Total MW Annualized GAAP TCV Rent Expiring Percentage of TCV Annualized Rent 2026 191 5.9 0.8% 18,370 1.7% 2027 847 27.7 3.9% 108,758 9.8% 2028 311 45.2 6.3% 114,405 10.3% 2029 201 44.1 6.2% 73,810 6.7% 2030 77 63.1 8.8% 90,953 8.2% 2031 61 18.6 2.6% 46,827 4.2% 2032 7 13.3 1.9% 21,354 1.9% 2033 6 29.9 4.2% 40,486 3.7% Thereafter 30 468.7 65.3% 683,522 53.5% Total 1,731 716.5 100.0% 1,198,487 100.0% WALE: 10.0 years Data Center Leasing Activity Summary Q3 2026 YTD 2026 Transaction Count GAAP MRR kW $ / kW / Month Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 90 $13,000 102,492 $127 235 $19,948 137,468 $145 Commenced leases 58 4,923 29,229 168 210 12,252 77,875 157 Commenced Built to Suit leases — — — — — — — — Renewed leases 168 2,607 8,626 302 549 6,268 19,468 322 Churn 0.7% 3.1% Cash Mark to Market 10.0% 11.2% GAAP Mark to Market 14.9% 14.3% MIA-1 Data Center in Miami FL Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 21
Data Center Operating Portfolio Stabilized Pre-Stabilized Total Leaseable MW Leased % by MW Leaseable MW Leased % by MW Leaseable MW Leased % by MW Boyers and Other WPA-1 and Other 14.2 76.1% — — 14.2 76.1% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 46.5 100.0% — — 46.5 100.0% AZP-3 (1) 36.0 100.0% — — 36.0 100.0% Scottsdale AZS-1 5.7 100.0% — — 5.7 100.0% Denver DEN-1 11.3 86.0% — — 11.3 86.0% New Jersey NJE-1 20.8 100.0% — — 20.8 100.0% Chicago CHI-1 12.0 100.0% — — 12.0 100.0% Miami MIA-1 16.0 100.0% — — 16.0 100.0% Northern Virginia VA-1 12.4 100.0% — — 12.4 100.0% VA-2 36.0 100.0% — — 36.0 100.0% VA-3 44.0 100.0% — — 44.0 100.0% VA-4 (1) 32.0 100.0% — — 32.0 100.0% VA-5 (1) 40.0 100.0% — — 40.0 100.0% VA-6 (1) 32.0 100.0% — — 32.0 100.0% VA-7 (1) 36.0 100.0% — — 36.0 100.0% Amsterdam AMS-1 13.1 99.2% — — 13.1 99.2% London LON-1 8.7 51.4% — — 8.7 51.4% LON-2 27.0 100.0% — — 27.0 100.0% Frankfurt FRA-1 (2) 27.0 100.0% — — 27.0 100.0% FRA-2 9.8 100.0% — — 9.8 100.0% Singapore SIN-1 6.8 100.0% — — 6.8 100.0% Madrid MAD-1 3.0 50.3% — — 3.0 50.3% India MUM-1/2 and Other 11.8 73.9% 1.5 — 13.3 65.5% Total Data Center Properties 543.1 97.5% 1.5 — 544.6 97.2% (1) AZP-3, VA-4/5, VA-6, VA-7 are held by consolidated joint ventures. (2) FRA-1 is held by an unconsolidated joint venture. Total Potential Capacity - Megawatts Q3 2026 Q3 2025 Operating Portfolio 544.6 452.2 Under Construction 317.1 202.5 Held for Development 511.9 685.2 Total Data Center Portfolio 1,373.6 1,339.9 Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 22
Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q3 2026 ($M) Cumulative Investment ($M) Total Expected Investment ($M) (3) Expected Completion Expected Stabilization MW Held for Development Data Center Expansion Amsterdam AMS-1 Phase 4 10.0 10.0 100.0% $13.5 $153.3 $174.6 Q2 2027 Q2 2027 — India Other 3.8 — — — — — 3.5 New Jersey NJE-1 4.0 4.0 100.0% $2.7 $3.7 $59.5 Q1 2028 Q1 2029 28.0 All Other Facilities — — — — — — 16.6 Total Expansion 17.8 14.0 78.7% $16.2 $157.0 $234.2 48.1 New Development Amsterdam AMS-2 — — — — — — 20.0 Chicago CHI-1 Future Phases (1) 24.0 24.0 100.0% — — — — London LON-3 Future Phases 24.7 24.7 100.0% $38.2 $339.2 $391.9 Q1 2027 Q1 2027 — Madrid MAD-2/3 20.0 — — $17.8 $169.3 $301.3 Q1 2028 Q1 2028 — MAD Future Phases — — — — — — 56.0 Northern Virginia VA-9 Phase 1 (2) 14.0 14.0 100.0% $34.4 $142.7 $173.5 Q4 2026 Q4 2026 — VA-9 Phase 2 (2) 14.0 14.0 100.0% $34.4 $142.7 $173.5 Q1 2027 Q1 2027 — VA-8 32.0 32.0 100.0% $58.4 $140.6 $514.2 Q3 2028 Q3 2028 — VA Future Phases — — — — — — 195.0 India MUM-3 51.5 51.5 100.0% $3.7 $35.6 $319.0 Q3 2028 Q4 2028 — CHN-1 23.2 23.2 100.0% $13.1 $77.0 $176.7 Q4 2027 Q4 2027 — India Future Phases — — — — — — 72.8 Richmond RCH-1 48.0 — — $89.9 $199.9 $594.6 Q1 2028 Q2 2028 — RCH-2 48.0 — — $0.4 $8.3 $589.0 Q3 2028 Q4 2028 — RCH Future Phases — — — — — — 120.0 Total New Development 299.3 183.3 61.2% $290.2 $1,255.3 $3,233.7 463.8 Total Development 317.1 197.3 62.2% $306.4 $1,412.3 $3,467.8 511.9 (1) Includes megawatts pre-leased where construction is planned, but has not commenced. (2) VA-9 is held by a consolidated joint venture; construction costs are funded by the joint venture with Iron Mountain managing the construction. (3) Excludes cost associated with megawatts pre-leased where facility construction is planned, but has not commenced. Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q3 2026 Supplemental Financial Information 23
Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 09/30/2026 Capacity $3,218,750 # of Shares Outstanding 297,793 Outstanding $988,250 Share Price as of 9/30/26 $110.95 Letters of Credit $12,282 Total Market Capitalization $33,040,171 Remaining Capacity $2,218,218 Net Debt (1) $17,908,266 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $50,948,437 Interest Rate Spread (SOFR) 1.75 % Net Debt to Total Enterprise Value 35.1 % Weighted Average Interest Rate 5.63 % Adjusted EBITDA to Interest Expense 3.5x Maturity Date 3/18/2030 Total Enterprise Value to Adjusted EBITDA (2) 17.6x Credit Facility Fixed Charge Coverage Ratio 2.5x Net Total Lease-Adjusted Leverage Ratio 4.8x Fixed vs. Floating Rate Debt 79% 21% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/5/2025 10/16/2026 Total Long Term Debt Weighted Average Rates Weighted Average Interest 5.7 % Weighted Average Maturity 4.4 Years USD denominated 89 % Debt Maturity Profile ($ in Millions) (3) (4) 63 1,556 1,581 2,631 2,683 3,461 1,350 1,214 1,384 1,500 24 Senior Secured Credit Facility UK Revolving Credit Facility Other Debt Obligations Data Center Debt Agreements AUD Term Loan B A/R Securitization USD Term Loan B Senior Unsecured Notes 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 (1) Net debt is calculated as current portion of long-term debt of $1,232.9M plus long-term debt net of current portion of $16,739.3M plus deferred financing costs of $124.2M less cash and cash equivalents of $188.2M. (2) Total Enterprise Value to Adjusted EBITDA is calculated on a trailing twelve-month basis. (3) Excludes Deferred Financing Costs, Discounts, Financing Leases, Notes Payable and Other. (4) In addition to the above, the Company has approximately $159.4M of undrawn committed asset level financing for the construction of one Data Center asset in Northern Virginia. Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q3 2026 Supplemental Financial Information 24
Quarterly Capital Expenditures Q3 2026 Q2 2026 Q/Q % Change Q3 2025 Y/Y % Change Growth: Data Center $464,011 $472,002 (1.7) % $376,839 23.1 % Real Estate 42,594 49,549 (14.0) % 40,103 6.1 % Innovation and Other 38,115 31,213 22.1 % 54,907 (30.6) % Total Growth Capital Expenditures $544,720 $552,764 (1.5) % $471,849 15.4 % Recurring: Data Center $5,106 $4,956 3.0 % $6,212 (17.9) % Real Estate 16,935 14,597 16.0 % 17,648 (4.0) % Non-Real Estate 22,985 18,436 24.7 % 17,744 29.6 % Total Recurring Capital Expenditures $45,026 $37,989 18.5 % $41,604 8.2 % Total Growth and Recurring Capital Expenditures $589,746 $590,753 (0.2) % $513,453 14.9 % Net Change in Prepaid and Accrued Capital Expenditures 28,253 (2,560) n/a 10,407 171.5 % Total Cash Paid for Growth and Recurring Capital Expenditures $617,999 $588,193 5.1 % $523,860 18.0 % Year to Date Capital Expenditures YTD 2026 YTD 2025 % Change Growth: Data Center $1,344,097 $1,329,821 1.1 % Real Estate 139,079 108,083 28.7 % Innovation and Other 106,398 104,512 1.8 % Total Growth Capital Expenditures $1,589,574 $1,542,416 3.1 % Recurring: Data Center $13,439 $14,455 (7.0) % Real Estate 39,310 37,929 3.6 % Non-Real Estate 65,545 52,097 25.8 % Total Recurring Capital Expenditures $118,294 $104,481 13.2 % Total Growth and Recurring Capital Expenditures $1,707,868 $1,646,897 3.7 % Net Change in Prepaid and Accrued Capital Expenditures 16,337 108,486 (84.9) % Total Cash Paid for Growth and Recurring Capital Expenditures $1,724,205 $1,755,383 (1.8) % Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q3 2026 Supplemental Financial Information 25
Non-GAAP Measures and Definitions Non-GAAP measures are supplemental metrics designed to enhance our disclosures and to provide additional information that we believe to be important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). Forward-Looking Statements: We have made statements in this Supplemental Financial Information that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co- investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust (“REIT”) for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this Supplemental Financial Information. Acquisition and Integration Costs: We define Acquisition and Integration Costs as operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs. Adjusted Earnings Per Share, or Adjusted EPS: We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Non-Cash Amortization of Derivative Instruments: Includes amortization on instruments such as cross-currency swap agreements designated as a hedge of net investment. Adjusted EBITDA and Adjusted EBITDA Margin: We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Section X - Appendix and Definitions investors.ironmountain.com Q3 2026 Supplemental Financial Information 26
Funds From Operations, FFO (Nareit), and FFO (Normalized): Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share: FFO (Normalized) divided by weighted-average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFO: We define adjusted funds from operations or AFFO as FFO (Normalized) (1) excluding (i) non-cash rent expense (income); (ii) depreciation on non-real estate assets; (iii) amortization expense associated with customer and supplier relationship value, intake costs, acquisition of customer and supplier relationships, capitalized commissions and other intangibles; (iv) amortization of deferred financing costs and debt discount/ premium; (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases; and (vi) the impact of reconciling to normalized cash taxes; and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share: Calculated as AFFO divided by weighted-average fully-diluted shares outstanding. Terminations/Permanent Withdrawal Fees: Revenue from the preparation, documentation, and permanent withdrawal of records. Business Segments: The Global Records and Information Management ("Global RIM"): Records Management, stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 61 countries around the globe. Data Management, provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations, server and computer backup services and related services offerings ("Data Management"). Global Digital Solutions, develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information ("Global Digital Solutions"). Secure Shredding, includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers. Media and Archive Services, includes entertainment and media services which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets ("Media and Archive Services"). Consumer Storage, provides on-demand, valet storage for consumers ("Consumer Storage") utilizing data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. Global Data Center Business: Provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. Corporate and Other: Consists primarily of our Fine Arts and asset lifecycle management ("ALM") businesses and other corporate items ("Corporate and Other"). Our Fine Arts business provides technical expertise in the handling, installation and storing of art. Our ALM business provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure processing and disposition, and recycling or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. In addition, ALM also offers device support, end-of-life disposition and recycling or sale of employee IT devices. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable, and transparent chain of custody practices. Corporate and Other includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. Section X - Appendix and Definitions investors.ironmountain.com Q3 2026 Supplemental Financial Information 27
Capital Expenditures and Investments: Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally discretionary in nature. We categorize our capital expenditures as follows: Growth Investment: Data Center - Expenditures primarily related to investments in the construction of data center facilities (including the acquisition of land), as well as investments to drive revenue growth, expand capacity or achieve operational or cost efficiencies. Real Estate - Expenditures primarily related to investments in land, buildings, building and leasehold improvements and racking structures to grow our revenues, extend the useful life of an asset or achieve operational or cost efficiencies. Innovation and Other - Discretionary capital expenditures for new products and services as well as computer hardware and software to drive revenue growth, expand capacity or to achieve operational cost efficiencies in businesses other than our data center business. Integration costs of acquisitions are also included. Recurring: Data Center - Expenditures related to the replacement of equivalent components and overall maintenance of existing data center assets. Real Estate - Expenditures primarily related to the replacement of components of real estate assets such as buildings, building and leasehold improvements and racking structures. Non-Real Estate - Expenditures primarily related to the replacement of containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets that support the maintenance of existing revenues or avoidance of an increase in costs. Constant Currency: Adjusts results to normalize Fx impacts across comparable periods. Data Center Business Definitions: Leaseable MW - Represents the amount of critical power capacity available for customer use, measured in megawatts (MW). Monthly Recurring Revenue (MRR) - Defined as recurring contractual revenue under existing commenced customer leases, including rent, power, and other recurring data center services. Pre-leased - A lease on data center capacity that is signed before construction has completed. Pre-Stabilized - A building recently placed in service which has not yet reached 85% leased or 24 months in service. Rental Churn Rate - Represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the MRR terminated in the period, compared with total MRR at the beginning of the period. TCV - “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. Total potential MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. WALE - “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, excluding utility reimbursements. EBITDAR: Calculated using a trailing four fiscal quarter basis earnings before interest, taxes, depreciation and amortization and rent expense (“EBITDAR”) of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, subject to certain adjustments and exclusions, which make the calculation of financial performance for purposes of EBITDAR calculations not directly comparable to our presentation of Adjusted EBITDA. Credit Facility Fixed Charge Coverage Ratio: Calculated using a trailing four fiscal quarter basis EBITDAR divided by scheduled amortization, interest expense related to outstanding debt and preferred equity, if any, and rent expenses of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement. Net Lease-Adjusted Leverage Ratio: Calculated as net debt, including the capitalized value of lease obligations, of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, plus six times rent expenses divided by EBITDAR. Organic Revenue Growth: Our organic revenue growth rate, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rate includes the impact of acquisitions of customer relationships. Records Management Retention Rate: Calculated as one minus the result of dividing the total number of cubic feet of records removed from inventory due to customer terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. Storage Rev/NOI per Sq. Ft.: Calculated as either storage revenue or Storage NOI (as defined below) divided by the quarterly building square foot average for storage products. Section X - Appendix and Definitions investors.ironmountain.com Q3 2026 Supplemental Financial Information 28
Service Profit and Margin: The Gross Profit and Margin attributable to the global service business. Calculated as follows: Total Revenues from Adjusted Service Activities - Service Cost of Sales = Service Gross Profit ($) / Total Revenues from Adjusted Service Activities = Service Gross Margin (%) Storage Net Operating Income, or Storage NOI: Storage NOI is defined as adjusted revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Storage Profit and Margin: Gross Profit and Margin attributable to the global storage business. Calculated as follows: Total Revenue from Adjusted Storage Rental Activities - Storage Rental Cost of Sales = Storage Rental Gross Profit ($) / Total Revenue from Adjusted Storage Rental Activities = Storage Rental Gross Margin (%) Tax Rates: Effective Tax Rate - GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate - Estimated tax rate for the full fiscal year calculated based on forecasted ordinary income and forecasted tax expense/benefit excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). Total Storage Volume: Iron Mountain’s comprehensive portfolio of physical storage, including Global RIM and Corporate and Other, calculated on an absolute basis in cubic feet. Section X - Appendix and Definitions investors.ironmountain.com Q3 2026 Supplemental Financial Information 29