Iron Mountain (NYSE: IRM) posts record 2025 results and double-digit 2026 growth outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Iron Mountain Incorporated reported record results for the fourth quarter and full year 2025 while issuing upbeat 2026 guidance. Revenue reached $1.8 billion in Q4 and $6.9 billion for 2025, up 16.6% and 12.2% year over year, driven by strong storage and service growth.
Despite higher operating and interest costs reducing full-year net income to $152 million from $184 million (EPS $0.49 vs. $0.61), profitability on a cash and operating basis improved. Adjusted EBITDA rose to $2.57 billion, up 15.1%, with margin expanding to 37.3%. AFFO increased to $1.54 billion, or $5.17 per share, up 13.9%.
Growth businesses in data centers, digital solutions, and asset lifecycle management collectively grew more than 30% in 2025 and now represent 28% of revenue. The board declared a $0.864 first-quarter 2026 dividend. For 2026, the company guides to revenue of $7.625–$7.775 billion, Adjusted EBITDA of $2.875–$2.925 billion, and AFFO of $1.705–$1.735 billion, implying continued double-digit growth.
Positive
- Record operating performance and cash generation: 2025 Adjusted EBITDA rose to $2.57 billion (up 15.1%) and AFFO reached $1.54 billion, or $5.17 per share (up 13.9%), supporting both growth investments and dividend increases.
- Strong double-digit growth outlook for 2026: Guidance calls for revenue of $7.625–$7.775 billion (~12% growth) and Adjusted EBITDA of $2.875–$2.925 billion (~13% growth), indicating expectations of continued expansion across core and growth businesses.
Negative
- None.
Insights
Record AFFO and strong 2026 guidance signal healthy, growing cash flows despite lower GAAP earnings.
Iron Mountain delivered 2025 revenue of
GAAP net income declined to
Management’s 2026 outlook—revenue of
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): February 12, 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 February 12, 2026, Iron Mountain Incorporated, or the Company, issued an earnings press release and supplemental financial information for the quarter and year ended December 31, 2025. 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 Fourth Quarter and Full Year 2025 Earnings Press Release (Furnished herewith.)
99.2 Fourth Quarter and Full Year 2025 Earnings Conference Call Presentation (Furnished herewith.)
99.3 Fourth Quarter and Full Year 2025 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: February 12, 2026
FOR IMMEDIATE RELEASE Iron Mountain Reports Fourth Quarter and Full Year 2025 Results • Delivers record quarterly and full year results across all key performance metrics • Achieves quarterly and full year revenue of $1.8 billion and $6.9 billion, reflecting year over year growth of 16.6% and 12.2%, respectively • Organic revenue growth of 14% year over year in the fourth quarter and 10% for the full year • Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 40% year over year in the fourth quarter and more than 30% for the full year • Q4 2025 and Full Year 2025 Net Income of $93 million and $152 million, respectively • Delivers quarterly and full year Adjusted EBITDA of $705 million and $2.6 billion, respectively • Generates quarterly and full year AFFO of $430 million, or $1.44 per share and $1.5 billion, or $5.17 per share, respectively • Issues strong 2026 guidance with Revenue growth of 10% to 13% and Adjusted EBITDA growth of 12% to 14%, respectively PORTSMOUTH, N.H. – February 12, 2026 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2025. “We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all-time highs for Revenue, Adjusted EBITDA, and AFFO. Our team’s steadfast commitment to delivering innovative solutions for our customers as part of our growth strategy continues to drive exceptional performance across each of our business segments,” said William L. Meaney, President and CEO of Iron Mountain. “Our outlook for continued double digit revenue and profit growth in 2026 remains equally promising, as our growth businesses represent an increasingly larger portion of our revenue and our highly recurring physical records storage business sustains its solid growth trajectory. With strong data center leasing in the fourth quarter, we enter 2026 with momentum underwritten by the 400 megawatts of capacity being energized over the next 24 months. Across all our business areas we are off to a strong start to the year and expect to deliver another year of record performance.” Financial Performance Highlights for the Fourth Quarter and Full Year 2025 ($ in millions, except per share data) Three Months Ended Y/Y % Change Full Year Y/Y % Change 12/31/25 12/31/24 Reported $ Constant Fx 12/31/25 12/31/24 Reported $ Constant Fx Storage Rental Revenue $1,061 $942 13% 11% $4,053 $3,682 10% 10% Service Revenue $782 $639 22% 21% $2,849 $2,468 15% 15% Total Revenues $1,843 $1,581 17% 15% $6,902 $6,150 12% 12% Net Income (Loss) $93 $106 (12)% $152 $184 (17)% Reported EPS $0.30 $0.35 (14)% $0.49 $0.61 (20)% Adjusted EPS $0.61 $0.50 22% $2.12 $1.77 20% Adjusted EBITDA $705 $605 17% 15% $2,574 $2,236 15% 15% Adjusted EBITDA Margin 38.3% 38.3% 0 bps 37.3% 36.4% 90 bps AFFO $430 $368 17% $1,541 $1,345 15% AFFO per share $1.44 $1.24 16% $5.17 $4.54 14% 1
• Total reported revenues for the fourth quarter were $1.8 billion, compared with $1.6 billion in the fourth quarter of 2024, an increase of 16.6%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 14.9% compared to the prior year, driven by an 11.1% increase in storage rental revenue and a 20.7% increase in service revenue. For the full year, total reported revenues increased 12.2%, or 11.9% excluding the impact of Fx. • Net Income (Loss) for the fourth quarter was $93.1 million, compared with $105.7 million in the fourth quarter of 2024. For the full year, Net Income was $152.3 million, compared with $183.7 million in 2024. • Adjusted EBITDA for the fourth quarter was $705.3 million, compared with $605.1 million in the fourth quarter of 2024, an increase of 16.6%. On a constant currency basis, Adjusted EBITDA increased by 15.1% in the fourth quarter, compared to the fourth quarter of 2024, driven by increased revenue and Adjusted EBITDA in our Global RIM, Data Center and ALM businesses and improved operating leverage coming from our continued improvement activities. For the full year, Adjusted EBITDA increased 15.1%, or 14.8% excluding the impact of Fx. • FFO (Normalized) per share was $1.01 for the fourth quarter, compared with $0.85 in the fourth quarter of 2024, an increase of 18.8%. For the full year, FFO (Normalized) per share was $3.63, compared with $3.15 in 2024, or an increase of 15.2%. • AFFO was $429.7 million for the fourth quarter, compared with $368.0 million in the fourth quarter of 2024, an increase of 16.8% driven by improved Adjusted EBITDA. For the full year, AFFO was $1.54 billion compared with $1.34 billion, or an increase of 14.6%. • AFFO per share was $1.44 for the fourth quarter, compared with $1.24 in the fourth quarter of 2024, an increase of 16.1%. For the full year, AFFO per share was $5.17, compared to $4.54 in 2024, or an increase of 13.9%. Dividend On February 12, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the first quarter. The first quarter 2026 dividend is payable on April 3, 2026, to shareholders of record at the close of business on March 16, 2026. Guidance Iron Mountain issued full year 2026 guidance; details are summarized in the table below. 2026 Guidance(1) ($ in millions, except per share data) Full Year 2026 Approximate Y/Y % Change at Midpoint First Quarter 2026 Approximate Y/Y % Change Total Revenue $7,625 - $7,775 ~12% ~$1,855 ~16% Adjusted EBITDA $2,875 - $2,925 ~13% ~$685 ~18% AFFO $1,705 - $1,735 ~12% ~$415 ~19% AFFO Per Share $5.69 - $5.79 ~11% ~$1.39 ~19% (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
Q4 2025 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) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Investor Relations Contacts: Mark Rupe Erika Crabtree SVP, Investor Relations Manager, Investor Relations Mark.Rupe@ironmountain.com Erika.Crabtree@ironmountain.com (215) 402-7013 (617) 535-2845 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
Consolidated Balance Sheets (Audited; dollars in thousands) 12/31/2025 12/31/2024 ASSETS Current Assets: Cash and Cash Equivalents $158,535 $155,716 Accounts Receivable, Net 1,443,669 1,291,379 Prepaid Expenses and Other 332,779 244,127 Total Current Assets $1,934,983 $1,691,222 Property, Plant and Equipment: Property, Plant and Equipment $14,457,335 $11,985,997 Less: Accumulated Depreciation (4,911,010) (4,354,398) Property, Plant and Equipment, Net $9,546,325 $7,631,599 Other Assets, Net: Goodwill $5,285,801 $5,083,817 Customer and Supplier Relationships and Other Intangible Assets 1,269,607 1,274,731 Operating Lease Right-of-Use Assets 2,465,196 2,489,893 Other 623,107 545,853 Total Other Assets, Net $9,643,711 $9,394,294 Total Assets $21,125,019 $18,717,115 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $216,074 $715,109 Accounts Payable 710,662 678,716 Accrued Expenses and Other Current Liabilities 1,290,669 1,366,568 Deferred Revenue 402,091 326,882 Total Current Liabilities $2,619,496 $3,087,275 Long-term Debt, Net of Current Portion 16,215,885 13,003,977 Long-term Operating Lease Liabilities, Net of Current Portion 2,300,448 2,334,826 Other Long-term Liabilities 450,083 312,199 Deferred Income Taxes 184,015 205,341 Total Long-term Liabilities $19,150,431 $15,856,343 Redeemable Noncontrolling Interests 64,423 78,171 (Deficit) Equity Total (Deficit) Equity $(709,331) $(304,674) Total Liabilities and (Deficit) Equity $21,125,019 $18,717,115 5
Quarterly Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Revenues: Storage Rental $1,061,248 $1,032,897 2.7 % $941,970 12.7 % Service 781,919 721,196 8.4 % 639,309 22.3 % Total Revenues $1,843,167 $1,754,093 5.1 % $1,581,279 16.6 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $822,500 $791,939 3.9 % $688,933 19.4 % Selling, General and Administrative 338,461 335,248 1.0 % 333,307 1.5 % Depreciation and Amortization 277,512 262,203 5.8 % 234,609 18.3 % Acquisition and Integration Costs 3,505 5,402 (35.1) % 7,269 (51.8) % Restructuring and Other Transformation 43,480 47,346 (8.2) % 36,797 18.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net 16,666 3,366 n/a (2,074) n/a Total Operating Expenses $1,502,124 $1,445,504 3.9 % $1,298,841 15.7 % Operating Income (Loss) $341,043 $308,589 10.5 % $282,438 20.7 % Interest Expense, Net 219,794 209,740 4.8 % 194,452 13.0 % Other Expense (Income), Net 16,920 (3,986) n/a (36,243) (146.7) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $104,329 $102,835 1.5 % $124,229 (16.0) % Provision (Benefit) for Income Taxes 11,209 16,594 (32.5) % 18,544 (39.6) % Net Income (Loss) $93,120 $86,241 8.0 % $105,685 (11.9) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 3,850 1,951 97.3 % 1,753 119.6 % Net Income (Loss) Attributable to Iron Mountain Incorporated $89,270 $84,290 5.9 % $103,932 (14.1) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.30 $0.28 7.1 % $0.35 (14.3) % Diluted $0.30 $0.28 7.1 % $0.35 (14.3) % Weighted Average Common Shares Outstanding - Basic 295,969 295,771 0.1 % 293,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 298,380 297,981 0.1 % 297,201 0.4 % 6
Full Year Consolidated Statements of Operations (Audited; dollars in thousands, except per-share data) Full Year 2025 Full Year 2024 % Change Revenues: Storage Rental $4,052,510 $3,682,259 10.1 % Service 2,849,227 2,467,650 15.5 % Total Revenues $6,901,737 $6,149,909 12.2 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $3,079,480 $2,696,549 14.2 % Selling, General and Administrative 1,393,902 1,339,539 4.1 % Depreciation and Amortization 1,024,435 900,905 13.7 % Acquisition and Integration Costs 19,545 35,842 (45.5) % Restructuring and Other Transformation 195,912 161,359 21.4 % Loss (Gain) on Disposal/Write-Down of PP&E, Net 24,641 6,196 n/a Total Operating Expenses $5,737,915 $5,140,390 11.6 % Operating Income (Loss) $1,163,822 $1,009,519 15.3 % Interest Expense, Net 829,335 721,559 14.9 % Other Expense (Income), Net 123,299 43,422 184.0 % Net Income (Loss) Before Provision (Benefit) for Income Taxes $211,188 $244,538 (13.6) % Provision (Benefit) for Income Taxes 58,934 60,872 (3.2) % Net Income (Loss) $152,254 $183,666 (17.1) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 7,663 3,510 118.3 % Net Income (Loss) Attributable to Iron Mountain Incorporated $144,591 $180,156 (19.7) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.49 $0.61 (19.7) % Diluted $0.49 $0.61 (19.7) % Weighted Average Common Shares Outstanding - Basic 295,403 293,365 0.7 % Weighted Average Common Shares Outstanding - Diluted 297,816 296,234 0.5 % 7
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Net Income (Loss) $93,120 $86,241 8.0 % $105,685 (11.9) % Add / (Deduct): Interest Expense, Net 219,794 209,740 4.8 % 194,452 13.0 % Provision (Benefit) for Income Taxes 11,209 16,594 (32.5) % 18,544 (39.6) % Depreciation and Amortization 277,512 262,203 5.8 % 234,609 18.3 % Acquisition and Integration Costs 3,505 5,402 (35.1) % 7,269 (51.8) % Restructuring and Other Transformation 43,480 47,346 (8.2) % 36,797 18.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 16,666 3,366 n/a (2,074) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 15,722 (5,329) n/a (37,795) (141.6) % Stock-Based Compensation Expense 21,685 32,147 (32.5) % 44,647 (51.4) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,584 2,669 (3.2) % 2,917 (11.4) % Adjusted EBITDA $705,277 $660,379 6.8 % $605,051 16.6 % 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
Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Full Year 2025 Full Year 2024 % Change Net Income (Loss) $152,254 $183,666 (17.1) % Add / (Deduct): Interest Expense, Net 829,335 721,559 14.9 % Provision (Benefit) for Income Taxes 58,934 60,872 (3.2) % Depreciation and Amortization 1,024,435 900,905 13.7 % Acquisition and Integration Costs 19,545 35,842 (45.5) % Restructuring and Other Transformation 195,912 161,359 21.4 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 24,641 6,196 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 118,473 39,159 n/a Stock-Based Compensation Expense 140,280 118,138 18.7 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 10,141 8,684 16.8 % Adjusted EBITDA $2,573,950 $2,236,380 15.1 % 9
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.30 $0.28 7.1 % $0.35 (14.3) % Add / (Deduct): Acquisition and Integration Costs 0.01 0.02 (50.0) % 0.02 (50.0) % Restructuring and Other Transformation 0.15 0.16 (6.3) % 0.12 25.0 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.06 0.01 n/a (0.01) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.05 (0.02) n/a (0.13) (138.5) % Stock-Based Compensation Expense 0.07 0.11 (36.4) % 0.15 (53.3) % Non-Cash Amortization Related to Derivative Instruments 0.01 0.01 — 0.01 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.05) (0.04) 25.0 % (0.03) 66.7 % Income (Loss) Attributable to Noncontrolling Interests 0.01 0.01 — 0.01 — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.61 $0.54 13.0 % $0.50 22.0 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the quarters ended December 31, 2025 and 2024 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 December 31, 2025, September 30, 2025 and December 31, 2024 was 13.1%, 14.8%, and 15.6%, respectively. 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
Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Full Year 2025 Full Year 2024 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.49 $0.61 (19.7) % Add / (Deduct): Acquisition and Integration Costs 0.07 0.12 (41.7) % Restructuring and Other Transformation 0.66 0.54 22.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.08 0.02 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.40 0.13 n/a Stock-Based Compensation Expense 0.47 0.40 17.5 % Non-Cash Amortization Related to Derivative Instruments 0.06 0.06 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.12) (0.12) — Income (Loss) Attributable to Noncontrolling Interests 0.03 0.01 n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $2.12 $1.77 19.8 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the years ended December 31, 2025 and 2024 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 years ended December 31, 2025 and 2024 was 13.1% and 15.6%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter’s estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. 11
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Net Income (Loss) $93,120 $86,241 8.0 % $105,685 (11.9) % Add / (Deduct): Real Estate Depreciation (1) 111,823 108,405 3.2 % 92,154 21.3 % Loss (Gain) on Sale of Real Estate, Net of Tax 1,176 194 n/a (6,614) (117.8) % Data Center Lease-Based Intangible Assets Amortization (2) 1,835 1,858 (1.2) % 5,553 (67.0) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,589 1,612 (1.4) % 1,855 (14.3) % FFO (Nareit) $209,543 $198,310 5.7 % $198,633 5.5 % Add / (Deduct): Acquisition and Integration Costs 3,505 5,402 (35.1) % 7,269 (51.8) % Restructuring and Other Transformation 43,480 47,346 (8.2) % 36,797 18.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 15,490 3,168 n/a 5,442 184.6 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 15,722 (5,329) n/a (37,795) (141.6) % Stock-Based Compensation Expense 21,685 32,147 (32.5) % 44,647 (51.4) % Non-Cash Amortization Related to Derivative Instruments 4,176 4,176 — 4,176 — Real Estate Financing Lease Depreciation 3,274 3,276 — 3,221 1.6 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (16,150) (11,547) 39.9 % (9,997) 61.5 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (55) (58) (5.2) % 75 (173.3) % FFO (Normalized) $300,670 $276,891 8.6 % $252,468 19.1 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.70 $0.67 4.5 % $0.67 4.5 % FFO (Normalized) $1.01 $0.93 8.6 % $0.85 18.8 % Weighted Average Common Shares Outstanding - Basic 295,969 295,771 0.1 % 293,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 298,380 297,981 0.1 % 297,201 0.4 % (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. 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) Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change FFO (Normalized) $300,670 $276,891 8.6 % $252,468 19.1 % Add / (Deduct): Non-Real Estate Depreciation 83,320 77,774 7.1 % 67,016 24.3 % Amortization Expense (1) 77,260 70,890 9.0 % 66,665 15.9 % Amortization of Deferred Financing Costs 8,350 8,760 (4.7) % 6,671 25.2 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,683 1,492 12.8 % 1,229 36.9 % Non-Cash Rent Expense (Income) 539 500 7.8 % 4,741 (88.6) % Reconciliation to Normalized Cash Taxes 565 (1,583) (135.7) % 5,034 (88.8) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 195 196 (0.5) % 179 8.9 % Less: Recurring Capital Expenditures 42,873 41,604 3.1 % 36,017 19.0 % AFFO $429,709 $393,316 9.3 % $367,986 16.8 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $1.44 $1.32 9.1 % $1.24 16.1 % Weighted Average Common Shares Outstanding - Basic 295,969 295,771 0.1 % 293,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 298,380 297,981 0.1 % 297,201 0.4 % (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
Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Full Year 2025 Full Year 2024 % Change Net Income (Loss) $152,254 $183,666 (17.1) % Add / (Deduct): Real Estate Depreciation (1) 421,561 367,362 14.8 % (Gain) Loss on Sale of Real Estate, Net of Tax (3,299) (6,698) (50.7) % Data Center Lease-Based Intangible Assets Amortization (2) 7,395 22,304 (66.8) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 6,264 4,830 29.7 % FFO (Nareit) $584,175 $571,464 2.2 % Add / (Deduct): Acquisition and Integration Costs 19,545 35,842 (45.5) % Restructuring and Other Transformation 195,912 161,359 21.4 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 27,759 14,025 97.9 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 118,473 39,159 n/a Stock-Based Compensation Expense 140,280 118,138 18.7 % Non-Cash Amortization Related to Derivative Instruments 16,705 16,705 — Real Estate Financing Lease Depreciation 13,124 13,135 (0.1) % Tax Impact of Reconciling Items and Discrete Tax Items (3) (35,757) (37,248) (4.0) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (296) (17) n/a FFO (Normalized) $1,079,920 $932,562 15.8 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.96 $1.93 1.6 % FFO (Normalized) $3.63 $3.15 15.2 % Weighted Average Common Shares Outstanding - Basic 295,403 293,365 0.7 % Weighted Average Common Shares Outstanding - Diluted 297,816 296,234 0.5 % (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
Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) Full Year 2025 Full Year 2024 % Change FFO (Normalized) $1,079,920 $932,562 15.8 % Add / (Deduct): Non-Real Estate Depreciation 296,200 248,799 19.1 % Amortization Expense (1) 286,155 249,305 14.8 % Amortization of Deferred Financing Costs 32,769 25,580 28.1 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 6,151 5,347 15.0 % Non-Cash Rent Expense (Income) 5,047 19,042 (73.5) % Reconciliation to Normalized Cash Taxes (18,474) 6,248 n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 756 724 4.4 % Less: Recurring Capital Expenditures 147,354 143,067 3.0 % AFFO $1,541,170 $1,344,540 14.6 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $5.17 $4.54 13.9 % Weighted Average Common Shares Outstanding - Basic 295,403 293,365 0.7 % Weighted Average Common Shares Outstanding - Diluted 297,816 296,234 0.5 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. 15
IRON MOUNTAIN Q1 2025 Earnings Presentation IRON MOUNTAIN Q4 2025 Earnings Presentation February 12, 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
191 MW Under Construction 67% Pre-Leased Global Presence Mountaineers ~29k Customers Served 240,000+ Trusted by ~95% of Fortune 1000 Facilities ~1,340 IRON MOUNTAIN SNAPSHOT (NYSE: IRM) A global leader in storage and information management services with a total addressable market of $170 billion 2026E Revenue ~$7.7 billion +11% 5-Yr CAGR Countries Served 61 Note: All figures as of 12/31/25 unless otherwise noted. 2026E represents the midpoint of our full year 2026 guidance. *2024 WSJ Management Top 250 Annual Company Ranking developed by the Drucker Institute published in May 2025. Total Storage Volume 740M+ Cubic Ft. 4 Data Center Portfolio 488 MW Operating Portfolio 97% Leased 661 MW Held for Development #1 for Customer Satisfaction* 1.3 GW Total Developable Capacity
Climb On! • Strong Global Leadership Positions in Multiple Businesses • World-class Operations 5 $4.5B 2021 Revenue $5.1B 2022 Revenue $5.5B 2023 Revenue $6.1B 2024 Revenue $6.9B 2025 Revenue Note: 2026E represents the midpoint of our full year 2026 guidance. Fx = foreign exchange OUR GROWTH JOURNEY 5 Yr. CAGR (2021 -2026E) +11% Reported +12% Ex. Fx Impact +14% +7% +12% +12% ~$7.7B 2026E Revenue +12%
● Growth Businesses, including Data Center, Asset Lifecycle Management (ALM), and Digital Solutions, collectively increased more than 30% and accounted for 28% of total revenue in 2025 up from 15% in 2021 ● Growth Businesses accounted for two-thirds of consolidated IRM growth of 12% in 2025 ● Looking ahead, our consolidated growth will continue to benefit from our Growth Businesses increasing as a percentage of total revenue 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). Growth Businesses 1 All Other 2 28% 2025 72% 20252021 $4.5 Bil ~$6.9 Bil ~11% CAGR ~40% 2029E ~60%~7% CAGR ~30% CAGR 6 % Total Revenue
7 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 11% CAGR, 1 2% Ex. F x 12% CAGR, 13% Ex. F x 11% CAGR, 12% Ex. F x 10% CAGR, 1 2% Ex. F x 3 3 33
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 8 Records Management and Digital Solutions
➔ 37 consecutive years of organic revenue growth ➔ Record level of storage volume in Q4 (735M+ cu. ft.) ➔ Highly predictable revenue stream as volume is very sticky with ~14.5 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 $500M+ business ◆ Customers digitise to gain access to dark data ◆ Our Insight Digital Experience Platform (DXP) with embedded AI / ML technology allows customers to automatically extract and deliver data and insights ◆ Well positioned to support government efficiency effortsStorage ● Iron Mountain is a trusted guardian of information and assets for more than 240,000 customers with the largest global footprint in records management ● Global RIM Adj. EBITDA margin profile of ~45% drives substantial cash flow and funds growth investments across the business Service Storage Service ~60% ~30%$5.3B 2025 Revenue Global RIM ~10% Digital Solutions Digital Solutions
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 capacity expected to increase at a 15-25% CAGR ○ Hyperscale demand for AI / Inference data centers will grow meaningfully in the coming years as industry shifts to inference from training ○ In 2025, data center revenue grew 30% with an adjusted EBITDA margin of 52%, and we signed 63 MW of new leases ○ 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%+ ■ Beyond 2026, we expect our current backlog to contribute more than $325 million of growth, before any incremental new leasing ○ Iron Mountain operates 31 data centers with strong market positions in Northern Virginia, Phoenix, Frankfurt, London, and Amsterdam ○ As we build out our data center portfolio, we will nearly triple our capacity to 1.3 GW (from current operating portfolio of 488 MW) ○ In the next 24 months, we have more than 400 MW of available capacity energizing, including more than 200 MW in the next 18 months 10 IRM Growth Outlook Strong Industry Demand Outlook Expanding Data Center Portfolio
Enterprise ➔ Stable and growing, service-based model supporting enterprise customers’ IT asset management (recycle, reuse, redeploy, remarket) ➔ Market growing from end user device growth and increased focus on data security governance ➔ Growing enterprise ALM revenue organically double-digits driven by winning new customers and cross selling success of existing customers ➔ Supplementing growth through accretive tuck-in acquisitions to further expand global scale and operating leverage ➔ Enterprise accounts for ~60% of ALM revenue ALM: Capitalizing on Multi-Billion Dollar Growth Opportunity 11 Data Center Decommissioning ➔ Project-based model supporting the remarketing of hyperscale customers’ server components (memory, hard drives, CPU, GPU) ➔ Solid market growth annually benefiting from strong data center development and ~5 year refresh cycle (compute and efficiency) ➔ Highly synergistic with our Data Center business and serves as competitive advantage when working with hyperscale customers ➔ Data center decommissioning revenue is growing double-digits driven by aging data center servers ➔ Data Center Decommissioning is ~40% of ALM revenue Market Size: ~$35 billion ~$25 billion ~$10 billion Enterprise Data Center Decommissioning ● 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 ● In 2025, ALM revenue increased 63% on a reported basis and 40% on an organic basis to $633 million ALM results are included in the Corporate & Other.
Q4 2025 RESULTS AND 2026 OUTLOOK
RECORD Q4 2025 RESULTS Three Months Ended YoY% Change 12/31/25 12/31/24 Reported $ Constant Fx $ in millions, except per share data Global RIM $1,373 $1,258 9% 8% Global Data Center $237 $170 39% 37% Corporate and Other $234 $153 53% 52% Total Revenues $1,843 $1,581 17% 15% Net Income $93 $106 (12%) Reported EPS $0.30 $0.35 (14%) Adj. EPS $0.61 $0.50 22% Adj. EBITDA $705 $605 17% 15% Adj. EBITDA Margin 38.3% 38.3% 0 bps AFFO $430 $368 17% AFFO per share $1.44 $1.24 16% Key Highlights ● Record Q4 results with strength across business ○ Total Revenue +17% Y/Y, including organic growth of 14% ○ Adjusted EBITDA +17% Y/Y ○ AFFO +17% Y/Y ● Global RIM ○ Organic revenue growth +7% Y/Y ○ Continued strong revenue management ○ Record Digital revenue ● Data Center ○ Organic revenue growth +37% Y/Y ○ Strong Y/Y renewal pricing +9% (cash) and +12% (GAAP) ○ New leasing of 43 MW in quarter ● ALM ○ Organic revenue growth of 56% and reported growth 70% Y/Y ○ Strong growth partially attributable to higher component remarketing revenue ○ Solid expansion in profitability Y/Y ● Maintained strong balance sheet ○ Leverage* of 4.9x, within 4.5x to 5.5x target range ● Remained committed to returning capital to shareholders ○ Increased dividend by 10% in November 2025, marking the fourth consecutive year in which we have increased the dividend 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. We are committed to delivering industry leading growth and expect 2026 to be another record year for Iron Mountain 2026 GUIDANCE 2026 Guidance (1) Full Yr. 2026 Y/Y % Chg. at Midpoint Q1 2026 Y/Y % Chg. Revenue $7,625 - $7,775 ~12% ~$1,855 ~16% Adjusted EBITDA $2,875 - $2,925 ~13% ~$685 ~18% AFFO $1,705 - $1,735 ~12% ~$415 ~19% AFFO Per Share $5.69 - $5.79 ~11% ~$1.39 ~19% ($ in millions, except per share data)
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, we have been at ~5.0x for ~2 years 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 10% increase announced in November 2025 which marked the fourth consecutive year of growing the dividend ● 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 1.3 GW ● Our business generates operating cash flow of $1.5 to $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 in multiple businesses with strong and increasing margins ❖ 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) increased revenue more than 30% collectively in 2025, accounting for 28% 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 16
APPENDIX
18 Q4 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 quarters ended December 31, 2025 and 2024 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 December 31, 2025 and December 31, 2024 was 13.1% and 15.6%, respectively.
19 Q4 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) income 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
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. DEFINITIONS
Supplemental Financial Information Fourth Quarter 2025 investors.ironmountain.com
Table of Contents Section I - Q4 Earnings Press Release Q4 2025 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 Full Year Operating Performance 10 Section IV - Balance Sheets, Statements of Operations and Reconciliations Consolidated Balance Sheets 11 Quarterly Consolidated Statements of Operations 12 Full Year Consolidated Statements of Operations 13 Quarterly and Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA 14 Quarterly and Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 15 Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO 16 Full Year Reconciliation of Net Income (Loss) to FFO and AFFO 17 Section V - Storage and Service Reconciliation Quarterly Storage Rental and Service Business Detail 18 Full Year 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 Full Year 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 December 31, 2025 unless noted Unaudited investors.ironmountain.com Q4 2025 Supplemental Financial Information 2
FOR IMMEDIATE RELEASE Iron Mountain Reports Fourth Quarter and Full Year 2025 Results • Delivers record quarterly and full year results across all key performance metrics • Achieves quarterly and full year revenue of $1.8 billion and $6.9 billion, reflecting year over year growth of 16.6% and 12.2%, respectively • Organic revenue growth of 14% year over year in the fourth quarter and 10% for the full year • Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 40% year over year in the fourth quarter and more than 30% for the full year • Q4 2025 and Full Year 2025 Net Income of $93 million and $152 million, respectively • Delivers quarterly and full year Adjusted EBITDA of $705 million and $2.6 billion, respectively • Generates quarterly and full year AFFO of $430 million, or $1.44 per share and $1.5 billion, or $5.17 per share, respectively • Issues strong 2026 guidance with Revenue growth of 10% to 13% and Adjusted EBITDA growth of 12% to 14%, respectively PORTSMOUTH, N.H. – February 12, 2026 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2025. “We are pleased to report another record performance in the fourth quarter above our expectations, concluding our fifth consecutive year of all- time highs for Revenue, Adjusted EBITDA, and AFFO. Our team’s steadfast commitment to delivering innovative solutions for our customers as part of our growth strategy continues to drive exceptional performance across each of our business segments,” said William L. Meaney, President and CEO of Iron Mountain. “Our outlook for continued double digit revenue and profit growth in 2026 remains equally promising, as our growth businesses represent an increasingly larger portion of our revenue and our highly recurring physical records storage business sustains its solid growth trajectory. With strong data center leasing in the fourth quarter, we enter 2026 with momentum underwritten by the 400 megawatts of capacity being energized over the next 24 months. Across all our business areas we are off to a strong start to the year and expect to deliver another year of record performance.” Financial Performance Highlights for the Fourth Quarter and Full Year 2025 ($ in millions, except per share data) Three Months Ended Y/Y % Change Full Year Y/Y % Change 12/31/25 12/31/24 Reported $ Constant Fx 12/31/25 12/31/24 Reported $ Constant Fx Storage Rental Revenue $1,061 $942 13% 11% $4,053 $3,682 10% 10% Service Revenue $782 $639 22% 21% $2,849 $2,468 15% 15% Total Revenues $1,843 $1,581 17% 15% $6,902 $6,150 12% 12% Net Income (Loss) $93 $106 (12)% $152 $184 (17)% Reported EPS $0.30 $0.35 (14)% $0.49 $0.61 (20)% Adjusted EPS $0.61 $0.50 22% $2.12 $1.77 20% Adjusted EBITDA $705 $605 17% 15% $2,574 $2,236 15% 15% Adjusted EBITDA Margin 38.3% 38.3% 0 bps 37.3% 36.4% 90 bps AFFO $430 $368 17% $1,541 $1,345 15% AFFO per share $1.44 $1.24 16% $5.17 $4.54 14% • Total reported revenues for the fourth quarter were $1.8 billion, compared with $1.6 billion in the fourth quarter of 2024, an increase of 16.6%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 14.9% compared to the prior year, driven by an 11.1% increase in storage rental revenue and a 20.7% increase in service revenue. For the full year, total reported revenues increased 12.2%, or 11.9% excluding the impact of Fx. • Net Income (Loss) for the fourth quarter was $93.1 million, compared with $105.7 million in the fourth quarter of 2024. For the full year, Net Income was $152.3 million, compared with $183.7 million in 2024. Section I - Q4 Earnings Press Release investors.ironmountain.com Q4 2025 Supplemental Financial Information 3
• Adjusted EBITDA for the fourth quarter was $705.3 million, compared with $605.1 million in the fourth quarter of 2024, an increase of 16.6%. On a constant currency basis, Adjusted EBITDA increased by 15.1% in the fourth quarter, compared to the fourth quarter of 2024, driven by increased revenue and Adjusted EBITDA in our Global RIM, Data Center and ALM businesses and improved operating leverage coming from our continued improvement activities. For the full year, Adjusted EBITDA increased 15.1%, or 14.8% excluding the impact of Fx. • FFO (Normalized) per share was $1.01 for the fourth quarter, compared with $0.85 in the fourth quarter of 2024, an increase of 18.8%. For the full year, FFO (Normalized) per share was $3.63, compared with $3.15 in 2024, or an increase of 15.2%. • AFFO was $429.7 million for the fourth quarter, compared with $368.0 million in the fourth quarter of 2024, an increase of 16.8% driven by improved Adjusted EBITDA. For the full year, AFFO was $1.54 billion compared with $1.34 billion, or an increase of 14.6%. • AFFO per share was $1.44 for the fourth quarter, compared with $1.24 in the fourth quarter of 2024, an increase of 16.1%. For the full year, AFFO per share was $5.17, compared to $4.54 in 2024, or an increase of 13.9%. Dividend On February 12, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the first quarter. The first quarter 2026 dividend is payable on April 3, 2026, to shareholders of record at the close of business on March 16, 2026. Guidance Iron Mountain issued full year 2026 guidance; details are summarized in the table below. 2026 Guidance(1) ($ in millions, except per share data) Full Year 2026 Approximate Y/Y % Change at Midpoint First Quarter 2026 Approximate Y/Y % Change Total Revenue $7,625 - $7,775 ~12% ~$1,855 ~16% Adjusted EBITDA $2,875 - $2,925 ~13% ~$685 ~18% AFFO $1,705 - $1,735 ~12% ~$415 ~19% AFFO Per Share $5.69 - $5.79 ~11% ~$1.39 ~19% (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. Q4 2025 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) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Investor Relations Contacts: Mark Rupe Erika Crabtree SVP, Investor Relations Manager, Investor Relations Mark.Rupe@ironmountain.com Erika.Crabtree@ironmountain.com (215) 402-7013 (617) 535-2845 Media Contact: media@ironmountain.com Section I - Q4 Earnings Press Release investors.ironmountain.com Q4 2025 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 - Q4 Earnings Press Release investors.ironmountain.com Q4 2025 Supplemental Financial Information 5
Financial Highlights Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Storage Rental Revenue $1,061,248 $1,032,897 $1,009,989 $948,376 $941,970 Service Revenue $781,919 $721,196 $701,959 $644,153 $639,309 Total Revenues $1,843,167 $1,754,093 $1,711,948 $1,592,529 $1,581,279 Adjusted EBITDA $705,277 $660,379 $628,388 $579,906 $605,051 Adjusted EBITDA Margin 38.3 % 37.6 % 36.7 % 36.4 % 38.3 % Net Income (Loss) Attributable to Iron Mountain Incorporated $89,270 $84,290 $(44,921) $15,952 $103,932 Reported EPS - Fully Diluted $0.30 $0.28 $(0.15) $0.05 $0.35 Adjusted EPS $0.61 $0.54 $0.48 $0.43 $0.50 FFO (Normalized) $300,670 $276,891 $258,005 $229,070 $252,468 FFO (Normalized) per Share $1.01 $0.93 $0.87 $0.77 $0.85 AFFO $429,709 $393,316 $369,744 $348,400 $367,986 AFFO per Share $1.44 $1.32 $1.24 $1.17 $1.24 TTM AFFO Payout Ratio 62.2 % 61.7 % 62.7 % 62.0 % 60.0 % Dividend per Share $0.86 $0.79 $0.79 $0.79 $0.72 Net Lease-Adjusted Leverage Ratio 4.9x 5.0x 5.0x 5.0x 5.0x Operating Highlights Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Organic Storage Rental Revenue Growth 10.9 % 9.4 % 9.2 % 8.8 % 8.8 % Organic Service Revenue Growth 17.7 % 9.8 % 9.7 % 7.1 % 7.0 % Total Volume - Storage 744,001 743,512 735,807 734,166 733,571 Storage Facility Capacity Utilization 81.3 % 80.8 % 80.6 % 79.9 % 79.6 % Records Management Retention Rate 93.3 % 93.2 % 93.0 % 92.9 % 92.6 % Storage Revenue / Sq. Ft. $11.34 $11.05 $10.83 $10.14 $10.07 Storage NOI / Sq. Ft. $8.96 $8.76 $8.69 $8.10 $8.14 Data Center: Leasable Megawatts 488.2 452.2 450.2 424.2 416.2 Leased % - Stabilized 98.0 % 98.2 % 97.9 % 98.0 % 97.4 % Leased % - Total 96.9 % 97.0 % 96.3 % 96.1 % 95.5 % Kilowatts Leased - New/Expansion 43,413 13,464 2,325 3,700 9,664 Churn 1.7 % 0.3 % 0.5 % 0.3 % 4.4 % Number of Facilities 31 30 30 29 29 Number of Markets 21 21 21 21 21 Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q4 2025 Supplemental Financial Information 6
Organic Revenue Growth (1) Q4 2025 Q3 2025 Full Year 2025 Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Storage Rental 12.7% 11.1% 10.9% 10.4% 9.5% 9.4% 10.1% 9.7% 9.6% Service 22.3% 20.7% 17.7% 16.0% 15.3% 9.8% 15.5% 15.1% 11.2% Total Revenues 16.6% 14.9% 13.6% 12.6% 11.8% 9.6% 12.2% 11.9% 10.2% Total Organic Revenue Growth 8.3% 9.8% 9.5% 8.1% 8.1% 9.4% 9.6% 13.6% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Organic Storage Rental Revenue Growth 7.5% 10.1% 9.3% 8.8% 8.8% 9.2% 9.4% 10.9% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6.0% 8.0% 10.0% 12.0% Organic Service Revenue Growth 9.6% 9.4% 10.0% 7.0% 7.1% 9.7% 9.8% 17.7% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (4.0)% 0.0% 4.0% 8.0% 12.0% 16.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q4 2025 Supplemental Financial Information 7
Global Storage Volume C ub ic F ee t ( in th ou sa nd s) Global RIM Corporate and Other Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 700,000 710,000 720,000 730,000 740,000 750,000 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Global RIM 725,907 726,048 726,316 726,712 726,952 727,266 727,496 728,740 736,399 736,829 Corporate and Other 5,356 5,493 5,715 5,895 6,045 6,305 6,671 7,067 7,112 7,173 Total Volume - Storage 731,263 731,541 732,031 732,607 732,997 733,571 734,166 735,807 743,512 744,001 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 Q4 2025 Supplemental Financial Information 8
Quarterly Operating Performance Y/Y % Change Q4 2025 Q3 2025 Q4 2024 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $808,529 $814,118 $755,972 7.0% 5.4% 5.2% Service 564,412 524,682 502,374 12.3% 10.6% 9.8% Total Revenues $1,372,941 $1,338,800 $1,258,346 9.1% 7.5% 7.0% Adjusted EBITDA $622,414 $598,467 $579,113 Adjusted EBITDA Margin 45.3 % 44.7 % 46.0 % Global Data Center Business Storage Rental $234,410 $201,383 $168,073 39.5% 37.6% 37.6% Service 2,291 2,747 2,110 8.6% 6.6% 6.6% Total Revenues $236,701 $204,130 $170,183 39.1% 37.2% 37.2% Adjusted EBITDA $121,867 $107,377 $88,132 Adjusted EBITDA Margin 51.5 % 52.6 % 51.8 % Corporate and Other Storage Rental $18,309 $17,396 $17,925 2.1% 1.1% 1.1% Service 215,216 193,767 134,825 59.6% 58.7% 48.0% Total Revenues $233,525 $211,163 $152,750 52.9% 51.9% 42.5% Adjusted EBITDA $(39,004) $(45,465) $(62,194) Total Consolidated Storage Rental $1,061,248 $1,032,897 $941,970 12.7% 11.1% 10.9% Service 781,919 721,196 639,309 22.3% 20.7% 17.7% Total Revenues $1,843,167 $1,754,093 $1,581,279 16.6% 14.9% 13.6% Adjusted EBITDA $705,277 $660,379 $605,051 Adjusted EBITDA Margin 38.3 % 37.6 % 38.3 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 9
Full Year Operating Performance Y/Y % Change Full Year 2025 Full Year 2024 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $3,183,735 $3,009,094 5.8% 5.5% 5.4% Service 2,107,746 1,970,344 7.0% 6.6% 6.2% Total Revenues $5,291,481 $4,979,438 6.3% 6.0% 5.7% Adjusted EBITDA $2,363,498 $2,223,117 Adjusted EBITDA Margin 44.7 % 44.6 % Global Data Center Business Storage Rental $797,017 $606,294 31.5% 30.4% 30.4% Service 6,412 13,734 (53.3)% (54.3)% (54.3)% Total Revenues $803,429 $620,028 29.6% 28.5% 28.5% Adjusted EBITDA $416,326 $282,513 Adjusted EBITDA Margin 51.8 % 45.6 % Corporate and Other Storage Rental $71,758 $66,871 7.3% 6.6% 6.6% Service 735,069 483,572 52.0% 51.7% 33.7% Total Revenues $806,827 $550,443 46.6% 46.2% 30.4% Adjusted EBITDA $(205,874) $(269,250) Total Consolidated Storage Rental $4,052,510 $3,682,259 10.1% 9.7% 9.6% Service 2,849,227 2,467,650 15.5% 15.1% 11.2% Total Revenues $6,901,737 $6,149,909 12.2% 11.9% 10.2% Adjusted EBITDA $2,573,950 $2,236,380 Adjusted EBITDA Margin 37.3 % 36.4 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 10
Consolidated Balance Sheets 12/31/2025 12/31/2024 ASSETS Current Assets: Cash and Cash Equivalents $158,535 $155,716 Accounts Receivable, Net 1,443,669 1,291,379 Prepaid Expenses and Other 332,779 244,127 Total Current Assets $1,934,983 $1,691,222 Property, Plant and Equipment: Property, Plant and Equipment $14,457,335 $11,985,997 Less: Accumulated Depreciation (4,911,010) (4,354,398) Property, Plant and Equipment, Net $9,546,325 $7,631,599 Other Assets, Net: Goodwill $5,285,801 $5,083,817 Customer and Supplier Relationships and Other Intangible Assets 1,269,607 1,274,731 Operating Lease Right-of-Use Assets 2,465,196 2,489,893 Other 623,107 545,853 Total Other Assets, Net $9,643,711 $9,394,294 Total Assets $21,125,019 $18,717,115 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $216,074 $715,109 Accounts Payable 710,662 678,716 Accrued Expenses and Other Current Liabilities 1,290,669 1,366,568 Deferred Revenue 402,091 326,882 Total Current Liabilities $2,619,496 $3,087,275 Long-term Debt, Net of Current Portion 16,215,885 13,003,977 Long-term Operating Lease Liabilities, Net of Current Portion 2,300,448 2,334,826 Other Long-term Liabilities 450,083 312,199 Deferred Income Taxes 184,015 205,341 Total Long-term Liabilities $19,150,431 $15,856,343 Redeemable Noncontrolling Interests 64,423 78,171 (Deficit) Equity Total (Deficit) Equity (709,331) (304,674) Total Liabilities and (Deficit) Equity $21,125,019 $18,717,115 Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 11
Quarterly Consolidated Statements of Operations Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Revenues: Storage Rental $1,061,248 $1,032,897 2.7 % $941,970 12.7 % Service 781,919 721,196 8.4 % 639,309 22.3 % Total Revenues $1,843,167 $1,754,093 5.1 % $1,581,279 16.6 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $822,500 $791,939 3.9 % $688,933 19.4 % Selling, General and Administrative 338,461 335,248 1.0 % 333,307 1.5 % Depreciation and Amortization 277,512 262,203 5.8 % 234,609 18.3 % Acquisition and Integration Costs 3,505 5,402 (35.1) % 7,269 (51.8) % Restructuring and Other Transformation 43,480 47,346 (8.2) % 36,797 18.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net 16,666 3,366 n/a (2,074) n/a Total Operating Expenses $1,502,124 $1,445,504 3.9 % $1,298,841 15.7 % Operating Income (Loss) $341,043 $308,589 10.5 % $282,438 20.7 % Interest Expense, Net 219,794 209,740 4.8 % 194,452 13.0 % Other Expense (Income), Net 16,920 (3,986) n/a (36,243) (146.7) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $104,329 $102,835 1.5 % $124,229 (16.0) % Provision (Benefit) for Income Taxes 11,209 16,594 (32.5) % 18,544 (39.6) % Net Income (Loss) $93,120 $86,241 8.0 % $105,685 (11.9) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 3,850 1,951 97.3 % 1,753 119.6 % Net Income (Loss) Attributable to Iron Mountain Incorporated $89,270 $84,290 5.9 % $103,932 (14.1) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.30 $0.28 7.1 % $0.35 (14.3) % Diluted $0.30 $0.28 7.1 % $0.35 (14.3) % Weighted Average Common Shares Outstanding - Basic 295,969 295,771 0.1 % 293,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 298,380 297,981 0.1 % 297,201 0.4 % Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 12
Full Year Consolidated Statements of Operations Full Year 2025 Full Year 2024 % Change Revenues: Storage Rental $4,052,510 $3,682,259 10.1 % Service 2,849,227 2,467,650 15.5 % Total Revenues $6,901,737 $6,149,909 12.2 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $3,079,480 $2,696,549 14.2 % Selling, General and Administrative 1,393,902 1,339,539 4.1 % Depreciation and Amortization 1,024,435 900,905 13.7 % Acquisition and Integration Costs 19,545 35,842 (45.5) % Restructuring and Other Transformation 195,912 161,359 21.4 % Loss (Gain) on Disposal/Write-Down of PP&E, Net 24,641 6,196 n/a Total Operating Expenses $5,737,915 $5,140,390 11.6 % Operating Income (Loss) $1,163,822 $1,009,519 15.3 % Interest Expense, Net 829,335 721,559 14.9 % Other Expense (Income), Net 123,299 43,422 184.0 % Net Income (Loss) Before Provision (Benefit) for Income Taxes $211,188 $244,538 (13.6) % Provision (Benefit) for Income Taxes 58,934 60,872 (3.2) % Net Income (Loss) $152,254 $183,666 (17.1) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 7,663 3,510 118.3 % Net Income (Loss) Attributable to Iron Mountain Incorporated $144,591 $180,156 (19.7) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.49 $0.61 (19.7) % Diluted $0.49 $0.61 (19.7) % Weighted Average Common Shares Outstanding - Basic 295,403 293,365 0.7 % Weighted Average Common Shares Outstanding - Diluted 297,816 296,234 0.5 % Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 13
Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Net Income (Loss) $93,120 $86,241 8.0 % $105,685 (11.9) % Add / (Deduct): Interest Expense, Net 219,794 209,740 4.8 % 194,452 13.0 % Provision (Benefit) for Income Taxes 11,209 16,594 (32.5) % 18,544 (39.6) % Depreciation and Amortization 277,512 262,203 5.8 % 234,609 18.3 % Acquisition and Integration Costs 3,505 5,402 (35.1) % 7,269 (51.8) % Restructuring and Other Transformation 43,480 47,346 (8.2) % 36,797 18.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 16,666 3,366 n/a (2,074) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 15,722 (5,329) n/a (37,795) (141.6) % Stock-Based Compensation Expense 21,685 32,147 (32.5) % 44,647 (51.4) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,584 2,669 (3.2) % 2,917 (11.4) % Adjusted EBITDA $705,277 $660,379 6.8 % $605,051 16.6 % Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA Full Year 2025 Full Year 2024 % Change Net Income (Loss) $152,254 $183,666 (17.1) % Add / (Deduct): Interest Expense, Net 829,335 721,559 14.9 % Provision (Benefit) for Income Taxes 58,934 60,872 (3.2) % Depreciation and Amortization 1,024,435 900,905 13.7 % Acquisition and Integration Costs 19,545 35,842 (45.5) % Restructuring and Other Transformation 195,912 161,359 21.4 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 24,641 6,196 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 118,473 39,159 n/a Stock-Based Compensation Expense 140,280 118,138 18.7 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 10,141 8,684 16.8 % Adjusted EBITDA $2,573,950 $2,236,380 15.1 % Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 14
Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.30 $0.28 7.1 % $0.35 (14.3) % Add / (Deduct): Acquisition and Integration Costs 0.01 0.02 (50.0) % 0.02 (50.0) % Restructuring and Other Transformation 0.15 0.16 (6.3) % 0.12 25.0 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.06 0.01 n/a (0.01) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.05 (0.02) n/a (0.13) (138.5) % Stock-Based Compensation Expense 0.07 0.11 (36.4) % 0.15 (53.3) % Non-Cash Amortization Related to Derivative Instruments 0.01 0.01 — 0.01 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.05) (0.04) 25.0 % (0.03) 0.7% Income (Loss) Attributable to Noncontrolling Interests 0.01 0.01 — 0.01 — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.61 $0.54 13.0 % $0.50 22.0 % Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Full Year 2025 Full Year 2024 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.49 $0.61 (19.7) % Add / (Deduct): Acquisition and Integration Costs 0.07 0.12 (41.7) % Restructuring and Other Transformation 0.66 0.54 22.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.08 0.02 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.40 0.13 n/a Stock-Based Compensation Expense 0.47 0.40 17.5 % Non-Cash Amortization Related to Derivative Instruments 0.06 0.06 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.12) (0.12) — Income (Loss) Attributable to Noncontrolling Interests 0.03 0.01 n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $2.12 $1.77 19.8 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended December 31, 2025, December 31, 2024 and September 30, 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 and twelve months ended December 31, 2025 and 2024 was 13.1% and 15.6%, respectively, and three months ended September 30, 2025 was 14.8%. The Tax Impact of Reconciling Items and Discrete Tax Items was 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. Section III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 15
Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Net Income (Loss) $93,120 $86,241 8.0 % $105,685 (11.9) % Add / (Deduct): Real Estate Depreciation (1) 111,823 108,405 3.2 % 92,154 21.3 % Loss (Gain) on Sale of Real Estate, Net of Tax 1,176 194 n/a (6,614) (117.8) % Data Center Lease-Based Intangible Assets Amortization (2) 1,835 1,858 (1.2) % 5,553 (67.0) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,589 1,612 (1.4) % 1,855 (14.3) % FFO (Nareit) $209,543 $198,310 5.7 % $198,633 5.5 % Add / (Deduct): Acquisition and Integration Costs 3,505 5,402 (35.1) % 7,269 (51.8) % Restructuring and Other Transformation 43,480 47,346 (8.2) % 36,797 18.2 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 15,490 3,168 n/a 5,442 184.6 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 15,722 (5,329) n/a (37,795) (141.6) % Stock-Based Compensation Expense 21,685 32,147 (32.5) % 44,647 (51.4) % Non-Cash Amortization Related to Derivative Instruments 4,176 4,176 — 4,176 — Real Estate Financing Lease Depreciation 3,274 3,276 — 3,221 1.6 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (16,150) (11,547) 39.9 % (9,997) 61.5 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (55) (58) (5.2) % 75 (173.3) % FFO (Normalized) $300,670 $276,891 8.6 % $252,468 19.1 % Add / (Deduct): Non-Real Estate Depreciation 83,320 77,774 7.1 % 67,016 24.3 % Amortization Expense (4) 77,260 70,890 9.0 % 66,665 15.9 % Amortization of Deferred Financing Costs 8,350 8,760 (4.7) % 6,671 25.2 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,683 1,492 12.8 % 1,229 36.9 % Non-Cash Rent Expense (Income) 539 500 7.8 % 4,741 (88.6) % Reconciliation to Normalized Cash Taxes 565 (1,583) (135.7) % 5,034 (88.8) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 195 196 (0.5) % 179 8.9 % Less: Recurring Capital Expenditures 42,873 41,604 3.1 % 36,017 19.0 % AFFO $429,709 $393,316 9.3 % $367,986 16.8 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.70 $0.67 4.5 % $0.67 4.5 % FFO (Normalized) $1.01 $0.93 8.6 % $0.85 18.8 % AFFO Per Share $1.44 $1.32 9.1 % $1.24 16.1 % Weighted Average Common Shares Outstanding - Basic 295,969 295,771 0.1 % 293,771 0.7 % Weighted Average Common Shares Outstanding - Diluted 298,380 297,981 0.1 % 297,201 0.4 % (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 III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 16
Full Year Reconciliation of Net Income (Loss) to FFO and AFFO Full Year 2025 Full Year 2024 % Change Net Income (Loss) $152,254 $183,666 (17.1) % Add / (Deduct): Real Estate Depreciation (1) 421,561 367,362 14.8 % (Gain) Loss on Sale of Real Estate, Net of Tax (3,299) (6,698) (50.7) % Data Center Lease-Based Intangible Assets Amortization (2) 7,395 22,304 (66.8) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 6,264 4,830 29.7 % FFO (Nareit) $584,175 $571,464 2.2 % Add / (Deduct): Acquisition and Integration Costs 19,545 35,842 (45.5) % Restructuring and Other Transformation 195,912 161,359 21.4 % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 27,759 14,025 97.9 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 118,473 39,159 n/a Stock-Based Compensation Expense 140,280 118,138 18.7 % Non-Cash Amortization Related to Derivative Instruments 16,705 16,705 — Real Estate Financing Lease Depreciation 13,124 13,135 (0.1) % Tax Impact of Reconciling Items and Discrete Tax Items (3) (35,757) (37,248) (4.0) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (296) (17) n/a FFO (Normalized) $1,079,920 $932,562 15.8 % Add / (Deduct): Non-Real Estate Depreciation 296,200 248,799 19.1 % Amortization Expense (4) 286,155 249,305 14.8 % Amortization of Deferred Financing Costs 32,769 25,580 28.1 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 6,151 5,347 15.0 % Non-Cash Rent Expense (Income) 5,047 19,042 (73.5) % Reconciliation to Normalized Cash Taxes (18,474) 6,248 n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 756 724 4.4 % Less: Recurring Capital Expenditures 147,354 143,067 3.0 % AFFO $1,541,170 $1,344,540 14.6 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.96 $1.93 1.6 % FFO (Normalized) $3.63 $3.15 15.2 % AFFO Per Share $5.17 $4.54 13.9 % Weighted Average Common Shares Outstanding - Basic 295,403 293,365 0.7 % Weighted Average Common Shares Outstanding - Diluted 297,816 296,234 0.5 % (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 III - Operational Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 17
Quarterly Storage Rental and Service Business Detail Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $1,061,248 $1,032,897 2.7 % $941,970 12.7 % Plus: Terminations/Permanent Withdrawal Fees 10,602 10,143 4.5 % 10,616 (0.1) % Total Revenue from Adjusted Storage Rental Activities $1,071,850 $1,043,040 2.8 % $952,586 12.5 % Less: Storage Rental Expenses Storage Rent 128,875 125,619 2.6 % 123,459 4.4 % Storage Rental Labor 13,898 13,054 6.5 % 8,662 60.4 % All Other Storage Costs 182,418 169,425 7.7 % 144,065 26.6 % Storage Rental Cost of Sales $325,191 $308,098 5.5 % $276,186 17.7 % Storage Rental Gross Profit $746,659 $734,942 1.6 % $676,401 10.4 % Storage Rental Gross Margin 69.7 % 70.5 % -80 bps 71.0 % -130 bps Service Business Detail Total Service Revenue $781,919 $721,196 8.4 % $639,309 22.3 % Less: Terminations/Permanent Withdrawal Fees 10,602 10,143 4.5 % 10,616 (0.1) % Total Revenue from Adjusted Service Activities $771,317 $711,053 8.5 % $628,693 22.7 % Less: Service Expenses Service Rent 7,194 7,868 (8.6) % 7,815 (7.9) % Service Labor 293,351 289,933 1.2 % 263,908 11.2 % All Other Service Costs 196,764 186,040 5.8 % 141,024 39.5 % Service Cost of Sales $497,309 $483,841 2.8 % $412,747 20.5 % Service Gross Profit $274,008 $227,212 20.6 % $215,946 26.9 % Service Gross Margin 35.5 % 32.0 % 350 bps 34.3 % 120 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q4 2025 Supplemental Financial Information 18
Full Year Storage Rental and Service Business Detail Full Year 2025 Full Year 2024 % Change Storage Rental Business Detail Total Storage Rental Revenue $4,052,510 $3,682,259 10.1 % Plus: Terminations/Permanent Withdrawal Fees 37,886 41,894 (9.6) % Total Revenue from Adjusted Storage Rental Activities $4,090,396 $3,724,153 9.8 % Less: Storage Rental Expenses Storage Rent 501,396 490,901 2.1 % Storage Rental Labor 49,125 38,242 28.5 % All Other Storage Costs 655,029 571,271 14.7 % Storage Rental Cost of Sales $1,205,550 $1,100,414 9.6 % Storage Rental Gross Profit $2,884,846 $2,623,738 10.0 % Storage Rental Gross Margin 70.5 % 70.5 % 0 bps Service Business Detail Total Service Revenue $2,849,227 $2,467,650 15.5 % Less: Terminations/Permanent Withdrawal Fees 37,886 41,894 (9.6) % Total Revenue from Adjusted Service Activities $2,811,341 $2,425,756 15.9 % Less: Service Expenses Service Rent 29,526 27,874 5.9 % Service Labor 1,127,435 1,014,325 11.2 % All Other Service Costs 716,969 553,936 29.4 % Service Cost of Sales $1,873,930 $1,596,135 17.4 % Service Gross Profit $937,411 $829,621 13.0 % Service Gross Margin 33.3 % 34.2 % -90 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q4 2025 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 09/30/2025 233 24,557 1,128 73,974 1,361 98,531 Additions & Expansions 1 216 14 1,021 15 1,237 Dispositions & Move Outs (2) (102) (31) (1,042) (33) (1,144) Total as of 12/31/2025 232 24,671 1,111 73,953 1,343 98,623 Total % 17.3 % 25.0 % 82.7 % 75.0 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,962 Paris, France 807 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) 5.9% 3.5% 4.7% 4.1% 4.5% 4.9% 3.7% 3.7% 4.3% 60.7% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Weighted-Average Remaining Lease Obligation: 10.5 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 Q4 2025 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 949 27.9 4.8% 86,202 8.9% 2027 272 19.2 3.3% 69,646 7.2% 2028 280 45.2 7.7% 107,023 11.1% 2029 86 30.6 5.2% 46,107 4.8% 2030 77 63.1 10.8% 86,172 8.9% 2031 14 10.1 1.7% 22,974 2.4% 2032 8 17.3 3.0% 27,718 2.9% Thereafter 32 372.9 63.5% 519,337 53.8% Total 1,718 586.3 100.0% $965,179 100.0% WALE: 10.3 years Data Center Leasing Activity Summary Q4 2025 Full Year 2025 Transaction Count GAAP MRR kW $ / kW / Month Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 110 $7,537 43,413 $174 401 $11,382 62,902 $181 Commenced leases 109 5,886 40,534 145 395 11,671 78,012 150 Commenced Built to Suit leases — — — — — — — — Renewed leases 176 1,364 3,736 365 1,037 12,866 49,158 262 Churn 1.7% 2.8% Cash Mark to Market 9.0% 14.1% GAAP Mark to Market 12.5% 20.2% AZP-3 Rendering Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q4 2025 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 81.4% — — 14.2 81.4% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 46.5 100.0% — — 46.5 100.0% AZP-3 (1) 18.0 100.0% — — 18.0 100.0% Scottsdale AZS-1 5.7 100.0% — — 5.7 100.0% Denver DEN-1 11.3 88.1% — — 11.3 88.1% New Jersey NJE-1 20.8 100.0% — — 20.8 100.0% 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 Phase 1 (1) 32.0 100.0% — — 32.0 100.0% VA-7 Phase 1 (1) 36.0 100.0% — — 36.0 100.0% Amsterdam AMS-1 13.1 97.5% — — 13.1 97.5% London LON-1 8.7 57.6% — — 8.7 57.6% LON-2 18.0 100.0% — — 18.0 100.0% 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 40.6% — — 3.0 40.6% India Web Werks 1.5 100.0% 10.4 47.7% 11.9 54.3% Total Data Center Properties 477.8 98.0% 10.4 47.7% 488.2 96.9% (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 Q4 2025 Q4 2024 Operating Portfolio 488.2 416.2 Under Construction 190.5 164.5 Held for Development 661.2 699.2 Total Data Center Portfolio 1,339.9 1,279.9 Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q4 2025 Supplemental Financial Information 22
Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q4 2025 ($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 — — $17.2 $114.0 $156.6 Q2 2027 Q2 2028 — India Web Werks 2.5 — — — — — 2.9 New Jersey NJE-1 4.0 4.0 100.0% — — — 28.0 All Other Facilities (1) — — — — — — 16.6 Total Expansion 16.5 4.0 24.3% $17.2 $114.0 $156.6 47.5 New Development Phoenix AZP-3 Phase 2 (2) 10.0 10.0 100.0% $8.1 $51.6 $60.1 Q2 2026 Q2 2026 — AZP-3 Phase 3 (2) 8.0 8.0 100.0% $6.2 $36.5 $47.4 Q3 2026 Q3 2026 — Amsterdam AMS-2 — — — — — — 20.0 Chicago CHI-2 Phase 1 12.0 12.0 100.0% $4.2 $183.1 $195.4 Q2 2026 Q2 2026 — CHI-2 Future Phases (1) 24.0 24.0 100.0% — — — — London LON-2 Phase 3 9.0 9.0 100.0% $2.3 $71.4 $82.2 Q1 2026 Q1 2026 — LON-3 Future Phases 25.0 — — $98.2 $221.8 $391.9 Q4 2026 Q4 2026 — Madrid MAD-1 10.0 — — $5.6 $85.2 $145.4 Q4 2026 Q4 2027 — MAD-1 Future Phases — — — — — — 66.0 Northern Virginia VA-9 Phase 1 14.0 14.0 100.0% $14.8 $34.1 $173.5 Q4 2026 Q4 2026 — VA-9 Phase 2 14.0 14.0 100.0% $14.8 $34.1 $173.5 Q1 2027 Q1 2027 — VA Future Phases (1) 32.0 32.0 100.0% — — — 162.0 India Web Werks — — — — — — 149.7 Miami MIA-1 16.0 — — $30.8 $108.2 $193.0 Q3 2026 Q3 2027 — Richmond RCH Future Phases — — — — — — 216.0 Total New Development 174.0 123.0 70.7% $185.0 $825.9 $1,462.3 613.7 Total Development 190.5 127.0 66.7% $202.2 $939.9 $1,618.9 661.2 (1) Includes megawatts pre-leased where construction is planned, but has not commenced. (2) AZP-3 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 Q4 2025 Supplemental Financial Information 23
Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 12/31/2025 Capacity $3,237,500 # of Shares Outstanding 295,789 Outstanding $1,239,000 Share Price as of 12/31/25 $82.95 Letters of Credit $12,398 Total Market Capitalization $24,535,668 Remaining Capacity $1,986,102 Net Debt (1) $16,385,938 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $40,921,606 Interest Rate Spread (SOFR) 1.75 % Net Debt to Total Enterprise Value 40.0 % Weighted Average Interest Rate 5.54 % Adjusted EBITDA to Interest Expense 3.2x Maturity Date 3/18/2030 Total Enterprise Value to Adjusted EBITDA (2) 15.9x Credit Facility Fixed Charge Coverage Ratio 2.5x Net Total Lease-Adjusted Leverage Ratio 4.9x Fixed vs. Floating Rate Debt 78% 22% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/5/2025 11/3/2025 Total Long Term Debt Weighted Average Rates Weighted Average Interest 5.5 % Weighted Average Maturity 4.6 Years USD denominated 84 % Debt Maturity Profile ($ in Millions) (3) (4) 380 1,947 1,574 2,090 2,905 3,028 1,350 1,200 1,432 25 Revolving Credit Facility and Term Loan A UK Revolving Credit Facility Data Center Debt Agreements AUD Term Loan B A/R Securitization USD Term Loan B Mortgage Notes Payable Senior Unsecured Notes 2026 2027 2028 2029 2030 2031 2032 2033 2034 2036 (1) Net debt is calculated as current portion of long-term debt of $216.1M plus long-term debt net of current portion of $16,215.9M plus deferred financing costs of $112.5M less cash and cash equivalents of $158.5M. (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 $28.6M of undrawn committed asset level financing for the construction of two Data Center assets in Northern Virginia. Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q4 2025 Supplemental Financial Information 24
Quarterly Capital Expenditures Q4 2025 Q3 2025 Q/Q % Change Q4 2024 Y/Y % Change Growth: Data Center $417,160 $376,839 10.7 % $541,879 (23.0) % Real Estate 72,861 40,103 81.7 % 73,419 (0.8) % Innovation and Other 35,538 54,907 (35.3) % 69,843 (49.1) % Total Growth Capital Expenditures $525,559 $471,849 11.4 % $685,141 (23.3) % Recurring: Data Center $6,109 $6,212 (1.7) % $6,486 (5.8) % Real Estate 21,643 17,648 22.5 % 17,031 27.1 % Non-Real Estate 15,121 17,744 (14.8) % 12,500 21.0 % Total Recurring Capital Expenditures $42,873 $41,604 3.1 % $36,017 19.0 % Total Growth and Recurring Capital Expenditures $568,432 $513,453 10.7 % $721,158 (21.2) % Net Change in Prepaid and Accrued Capital Expenditures (52,186) 10,407 n/a (103,562) (49.6) % Total Cash Paid for Growth and Recurring Capital Expenditures $516,245 $523,860 (1.5) % $617,596 (16.4) % Full Year Capital Expenditures Full Year 2025 Full Year 2024 % Change Growth: Data Center $1,746,981 $1,422,118 22.8 % Real Estate 180,944 204,248 (11.4) % Innovation and Other 140,050 131,195 6.7 % Total Growth Capital Expenditures $2,067,975 $1,757,561 17.7 % Recurring: Data Center $20,564 $19,728 4.2 % Real Estate 59,572 56,781 4.9 % Non-Real Estate 67,218 66,558 1.0 % Total Recurring Capital Expenditures $147,354 $143,067 3.0 % Total Growth and Recurring Capital Expenditures $2,215,329 $1,900,628 16.6 % Net Change in Prepaid and Accrued Capital Expenditures 56,299 (109,064) (151.6) % Total Cash Paid for Growth and Recurring Capital Expenditures $2,271,628 $1,791,564 26.8 % Section IX - Capital Expenditures investors.ironmountain.com Q4 2025 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). SRP FLS Statement: 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 Q4 2025 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 Q4 2025 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 Q4 2025 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 Q4 2025 Supplemental Financial Information 29
FAQ
How did Iron Mountain (IRM) perform financially in full year 2025?
Iron Mountain delivered strong 2025 results with revenue of $6.9 billion, up 12.2% year over year. Adjusted EBITDA increased to $2.57 billion and AFFO rose to $1.54 billion, or $5.17 per share, reflecting robust cash generation despite lower GAAP net income.
What were Iron Mountain’s (IRM) key fourth quarter 2025 earnings metrics?
In Q4 2025, Iron Mountain reported $1.843 billion in revenue, up 16.6% from Q4 2024. Adjusted EBITDA was $705 million, also up 16.6%, and AFFO reached $430 million, or $1.44 per share, supported by 14% organic revenue growth.
How fast are Iron Mountain’s (IRM) growth businesses expanding?
The growth segments—data center, digital solutions, and asset lifecycle management—expanded rapidly in 2025. They collectively grew revenue by more than 30% for the year and over 40% in Q4, and now represent about 28% of total company revenue, up from 15% in 2021.
What guidance did Iron Mountain (IRM) provide for 2026 revenue and earnings?
For 2026, Iron Mountain projects revenue of $7.625–$7.775 billion, roughly 12% growth at the midpoint. It expects Adjusted EBITDA of $2.875–$2.925 billion and AFFO of $1.705–$1.735 billion, with AFFO per share guided to $5.69–$5.79.
How did Iron Mountain’s (IRM) net income trend compared with non-GAAP metrics in 2025?
In 2025, GAAP net income declined to $152 million from $184 million, with reported EPS falling to $0.49 from $0.61. However, Adjusted EPS improved to $2.12, and both Adjusted EBITDA and AFFO showed double-digit growth, highlighting stronger underlying operating performance.
What dividend did Iron Mountain (IRM) declare for the first quarter of 2026?
Iron Mountain’s board declared a quarterly cash dividend of $0.864 per share for the first quarter of 2026. The dividend is payable on April 3, 2026, to shareholders of record at the close of business on March 16, 2026, continuing its pattern of increasing shareholder payouts.
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Iron Mountain
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IRM Stock Data
29.62B
293.22M
0.78%
85.37%
2.93%
REIT - Specialty
Real Estate Investment Trusts
United States
PORTSMOUTH