Iron Mountain (NYSE: IRM) lifts 2026 outlook after double-digit Q2 growth

Rhea-AI Filing Summary

Iron Mountain Incorporated reported strong results for the quarter ended June 30, 2026. Total revenue was $2.03 billion, up 18.5% year over year, with storage rental revenue of $1.13 billion and service revenue of $894 million. Net income was $106 million, reversing a loss of $43 million a year earlier, and Adjusted EPS rose to $0.60 from $0.48.

Adjusted EBITDA reached $727 million, up 15.7%, with a 35.8% margin. AFFO was $433 million, or $1.44 per share, up 17% year over year. Growth businesses in data centers, digital solutions, and asset lifecycle management collectively grew more than 50%, with data center revenue up 39% and ALM revenue up 88%. The company increased full‑year 2026 guidance to $7.94–$8.01 billion in revenue and $5.87–$5.93 AFFO per share, declared a $0.864 quarterly dividend, and reported net lease‑adjusted leverage of 4.8x, within its 4.5x–5.5x target range.

Positive

• Q2 2026 revenue grew 18.5% to $2.03 billion, with storage up 12.3% and service revenue up 27.4%, demonstrating broad-based top-line strength.
• Profitability improved sharply, with Q2 2026 net income of $106 million versus a $43 million loss in Q2 2025 and Adjusted EPS rising 25% to $0.60.
• Cash-flow metrics were strong: Adjusted EBITDA was $727 million (+15.7%), while AFFO reached $433 million or $1.44 per share (+16–17% year over year).
• Growth platforms accelerated, with data center revenue up 39%, ALM revenue up 88%, and growth businesses (data center, digital, ALM) collectively expanding more than 50% year over year.
• 2026 guidance was raised to revenue of $7.94–$8.01 billion, Adjusted EBITDA of $2.945–$2.975 billion, and AFFO of $1.76–$1.78 billion, reflecting management’s stronger outlook.
• The Board declared a $0.864 quarterly dividend for Q3 2026, and the AFFO payout ratio over the trailing twelve months was about 60%, supporting ongoing shareholder returns.

Negative

• None.

Filing Explained

The August 5 disclosure furnishes Q2 results and guidance; its exhibits are not filed under Section 18 or incorporated by reference.

On August 5, 2026, Iron Mountain disclosed its second-quarter results, declared a third-quarter dividend, and raised its 2026 guidance. The event is complete as a reporting disclosure, while the furnished earnings materials are expressly not treated as filed for Section 18 purposes or incorporated by reference into another filing.

Form 8-K is used to report specified material events, and Item 2.02 identifies results of operations and financial condition; here, the filing reports the quarter ended June 30, 2026 rather than a new financing, issuance, or completed business combination.

The accompanying balance sheet reports $204,793 thousand of cash and equivalents, current debt of $220,809 thousand, long-term debt of $17,128,840 thousand, and total deficit equity of $955,005 thousand at quarter-end, adding capital-structure context to the operating results without establishing proceeds or ownership changes.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total Revenue Q2 2026: $2.03 billion Net Income Q2 2026: $106 million Adjusted EBITDA Q2 2026: $727 million +6 more

9 metrics

Total Revenue Q2 2026 $2.03 billion Quarter ended June 30, 2026; up 18.5% year over year

Net Income Q2 2026 $106 million Net income for Q2 2026 versus a $(43) million loss in Q2 2025

Adjusted EBITDA Q2 2026 $727 million Adjusted EBITDA for Q2 2026; up 15.7% from $628 million in Q2 2025

AFFO Q2 2026 $433 million Adjusted funds from operations in Q2 2026; approximately 17% year-over-year growth

AFFO per share Q2 2026 $1.44 Q2 2026 AFFO per share versus $1.24 in Q2 2025

2026 Revenue Guidance Range $7.94–$8.01 billion Full-year 2026 total revenue guidance increased on August 5, 2026

2026 AFFO per Share Guidance $5.87–$5.93 Full-year 2026 AFFO per share guidance range; ~14% growth at midpoint

Quarterly Dividend Q3 2026 $0.864 per share Cash dividend declared for third quarter 2026, payable October 2, 2026

Net Lease-Adjusted Leverage 4.8x Leverage ratio in Q2 2026, within the 4.5x–5.5x target range

Key Terms

Adjusted EBITDA, AFFO, FFO (Normalized), organic revenue growth, +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA for the second quarter was $727.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AFFO financial

"Generates quarterly AFFO of $433 million, or $1.44 per share"

AFFO (Adjusted Funds from Operations) is a measure of how much cash a real estate company or investment trust generates from its core operations after subtracting routine upkeep, leasing costs and other recurring expenses. Investors use it as a rough proxy for the cash available to pay dividends or reinvest, like checking how much money remains in your household budget after paying regular bills to see what you can spend or save.

FFO (Normalized) financial

"FFO (Normalized) per share was $1.01 for the second quarter"

FFO (normalized) is a recurring cash-based measure used mainly for real estate companies that starts with net income, adds back accounting charges for property wear-and-tear, and removes gains or losses from property sales and other one-off items so the result reflects typical operating performance. Investors treat it like a household's steady paycheck estimate — it shows the predictable cash available to pay dividends and compare property-focused firms more fairly than raw profit figures.

organic revenue growth financial

"Organic revenue growth of 16.8% year over year in the second quarter"

Organic revenue growth is the increase in a company's sales that comes from its existing products and services, without including any gains from acquisitions or selling off parts of the business. It reflects the company’s ability to attract more customers or encourage existing customers to buy more over time. For investors, it indicates the company's underlying strength and efficiency in expanding its core operations.

net lease-adjusted leverage ratio financial

"Net lease-adjusted leverage ratio 4.8x"

Asset Lifecycle Management (ALM) financial

"ALM revenue increased 88% on a reported basis and 82% on an organic basis"

Earnings Snapshot

Total revenue: $2.03 billion · Guidance included

quarter ended June 30, 2026

Total revenue $2.03 billion up 18.5% year over year

Net income $106 million improved from a $(43) million loss in Q2 2025

Adjusted EBITDA $727 million up 15.7% versus $628 million in Q2 2025

AFFO per share $1.44 up about 16% from $1.24 a year earlier

Guidance

For full-year 2026, Iron Mountain guides to total revenue of $7.94–$8.01 billion, Adjusted EBITDA of $2.945–$2.975 billion, AFFO of $1.76–$1.78 billion, and AFFO per share of $5.87–$5.93.

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FAQ

How did Iron Mountain (IRM) perform financially in Q2 2026?

In Q2 2026, Iron Mountain generated $2.03 billion in revenue, up 18.5% year over year, and reported $106 million of net income versus a prior-year loss. Adjusted EBITDA was $727 million, and AFFO totaled $433 million, or $1.44 per share.

What were Iron Mountain’s (IRM) key growth drivers in Q2 2026?

Key growth came from storage and services plus newer businesses. Storage revenue rose 12.3%, service revenue rose 27.4%, and data center, digital, and ALM businesses collectively grew more than 50%. Data center revenue increased 39% and ALM revenue grew 88% year over year.

What full-year 2026 guidance did Iron Mountain (IRM) provide?

For 2026, Iron Mountain guides to $7.94–$8.01 billion in total revenue, Adjusted EBITDA of $2.945–$2.975 billion, AFFO of $1.76–$1.78 billion, and AFFO per share of $5.87–$5.93, implying mid-teens percentage growth at the midpoints.

What dividend did Iron Mountain (IRM) declare alongside its Q2 2026 results?

The Board declared a quarterly cash dividend of $0.864 per share for the third quarter of 2026. It will be paid on October 2, 2026, to shareholders of record as of September 15, 2026, continuing the company’s regular capital return.

How strong were Iron Mountain’s (IRM) cash flow metrics in Q2 2026?

Q2 2026 Adjusted EBITDA was $727 million, up 15.7% year over year, with a 35.8% margin. AFFO reached $433 million, or $1.44 per share, up about 17%, supporting both growth investments and the dividend.

What is Iron Mountain’s (IRM) leverage position after Q2 2026?

Iron Mountain reported a net lease-adjusted leverage ratio of 4.8x at Q2 2026. This is within the company’s stated target range of 4.5x to 5.5x, which management cites as consistent with maintaining a strong balance sheet.

How is Iron Mountain’s (IRM) data center business evolving in 2026?

In Q2 2026, data center revenue grew 39% year over year, and the company signed 13 megawatts of new leases. Through July 2026, total data center leasing reached 110 megawatts, including 75 megawatts signed in July alone.

0001020569false00010205692026-08-052026-08-05

UNITED STATES
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

Date of report (Date of earliest event reported): August 5, 2026

IRON MOUNTAIN INCORPORATED

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

1-13045						23-2588479
(Commission File Number)						(IRS Employer Identification No.)

85 New Hampshire Avenue, Suite 150 Portsmouth, New Hampshire

(Address of Principal Executive Offices)

03801

(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:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name Of Each Exchange On Which Registered

Common Stock, $.01 par value per share

IRM

New York Stock Exchange

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 August 5, 2026, Iron Mountain Incorporated, or the Company, issued an earnings press release and supplemental financial information for the quarter ended June 30, 2026. In addition, the Company will be using a slide presentation during its earnings conference call. Copies of the earnings press release, slide presentation and supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, hereto and posted on the Company’s website, www.ironmountain.com, under “Investors.”

The information in this report, including Exhibits 99.1, 99.2 and 99.3 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the

Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Description

99.1        Second Quarter 2026 Earnings Press Release (Furnished herewith.)

99.2        Second Quarter 2026 Earnings Conference Call Presentation (Furnished herewith.)

99.3        Second Quarter 2026 Supplemental Financial Information (Furnished herewith)

104        The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

IRON MOUNTAIN INCORPORATED
By:			/s/ Barry Hytinen
Name:			Barry Hytinen
Title:			Executive Vice President and Chief Financial Officer

Date: August 5, 2026

FOR IMMEDIATE RELEASE Iron Mountain Reports Second Quarter 2026 Results • Delivers record quarterly results across all key performance metrics • Achieves quarterly revenue of $2.0 billion, an increase of 18.5% on a reported basis and an increase of 17.6% excluding the effects of foreign exchange • Organic revenue growth of 16.8% year over year in the second quarter • Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 50% year over year in the second quarter • Data center leasing of 110 megawatts year to date, including 13 megawatts in Q2 2026 and 75 megawatts in July • Q2 2026 Net Income of $106 million, as compared to a Net Loss of $43 million in Q2 2025 • Delivers quarterly Adjusted EBITDA of $727 million, an increase of 15.7% compared to $628 million in Q2 2025 • Generates quarterly AFFO of $433 million, or $1.44 per share, an increase of 17% compared to last year • Increases 2026 financial guidance driven by strong operational performance across the business PORTSMOUTH, N.H. – August 5, 2026 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the second quarter of 2026. “We delivered another record-breaking quarter, with our second quarter results exceeding our expectations due to our team’s strong execution of our growth plans and the continued trust of our clients. Our ongoing success continues to be driven by the collective strength in our physical records storage and growth businesses, together with the stewardship we provide to our more than 240,000 customers,” stated William L. Meaney, President and CEO of Iron Mountain. “Looking ahead, we are committed to capitalizing on the significant growth opportunities across our business. We are building momentum in our ALM and digital businesses through increased cross-selling and providing innovative solutions, and we are accelerating data center leasing, with 110 megawatts leased through July. Based on our strong Q2 outperformance and positive outlook, we are increasing our full year guidance.” Financial Performance Highlights for the Second Quarter of 2026 ($ in millions, except per share data) Three Months Ended Y/Y % Change Year to Date Y/Y % Change 6/30/26 6/30/25 Reported $ Constant Fx 6/30/26 6/30/25 Reported $ Constant Fx Storage Rental Revenue $1,135 $1,010 12% 12% $2,229 $1,958 14% 12% Service Revenue $894 $702 27% 26% $1,736 $1,346 29% 27% Total Revenues $2,029 $1,712 19% 18% $3,965 $3,304 20% 18% Net Income (Loss) $106 $(43) n/a $255 $(27) n/a Reported EPS $0.34 $(0.15) n/a $0.82 $(0.10) n/a Adjusted EPS $0.60 $0.48 25% $1.20 $0.92 30% Adjusted EBITDA $727 $628 16% 15% $1,435 $1,208 19% 17% Adjusted EBITDA Margin 35.8% 36.7% -90 bps 36.2% 36.6% -40 bps AFFO $433 $370 17% $859 $718 20% AFFO per share $1.44 $1.24 16% $2.87 $2.41 19% 1

• Total reported revenues for the second quarter were $2.0 billion, compared with $1.7 billion in the second quarter of 2025, an increase of 18.5%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 17.6% compared to the prior year, driven by an 11.5% increase in storage rental revenue and a 26.3% increase in service revenue. Year to date, total reported revenues increased 20.0%, or 18.1% excluding the impact of Fx. • Net Income for the second quarter was $106.1 million, compared with $(43.3) million loss in the second quarter of 2025, driven primarily by increased Operating Income. Year to date, Net Income was $255.1 million, compared with $(27.1) million loss in 2025. • Adjusted EBITDA for the second quarter was $727.0 million, compared with $628.4 million in the second quarter of 2025, an increase of 15.7%. On a constant currency basis, Adjusted EBITDA increased by 14.9% in the second quarter, compared to the second quarter of 2025, driven by increased revenue and Adjusted EBITDA across each of our segments and improved operating leverage from our continued transformation activities. Year to date, Adjusted EBITDA increased 18.8%, or 17.1% excluding the impact of Fx. • FFO (Normalized) per share was $1.01 for the second quarter, compared with $0.87 in the second quarter of 2025, an increase of 16.1%. Year to date, FFO (Normalized) per share was $1.99, compared with $1.64 in 2025, or an increase of 21.3%. • AFFO was $432.7 million for the second quarter, compared with $369.7 million in the second quarter of 2025, an increase of 17.0% driven by improved Adjusted EBITDA. Year to date, AFFO was $858.8 million compared with $718.1 million, or an increase of 19.6%. • AFFO per share was $1.44 for the second quarter, compared with $1.24 in the second quarter of 2025, an increase of 16.1%. Year to date, AFFO per share was $2.87, compared to $2.41 in 2025, or an increase of 19.1%. Dividend On August 5, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the third quarter. The third quarter 2026 dividend is payable on October 2, 2026, to shareholders of record at the close of business on September 15, 2026. Guidance Iron Mountain increased full year 2026 guidance; details are summarized in the table below. 2026 Guidance(1) ($ in millions, except per share data) Full Year 2026 New Approximate Y/Y % Change at Midpoint Previous Q3 2026 Approximate Y/Y % Change Total Revenue $7,940 - $8,010 ~16% $7,825 - $7,925 ~$1,980 ~13% Adjusted EBITDA $2,945 - $2,975 ~15% $2,925 - $2,965 ~$745 ~13% AFFO $1,760 - $1,780 ~15% $1,735 - $1,755 ~$440 ~12% AFFO Per Share $5.87 - $5.93 ~14% $5.79 - $5.86 ~$1.47 ~11% (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

Q2 2026 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) 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

Condensed Consolidated Balance Sheets (Unaudited; dollars in thousands) 6/30/2026 12/31/2025 ASSETS Current Assets: Cash and Cash Equivalents $204,793 $158,535 Accounts Receivable, Net 1,487,128 1,443,669 Prepaid Expenses and Other 411,820 332,779 Total Current Assets $2,103,741 $1,934,983 Property, Plant and Equipment: Property, Plant and Equipment $15,426,928 $14,457,335 Less: Accumulated Depreciation (5,157,107) (4,911,010) Property, Plant and Equipment, Net $10,269,821 $9,546,325 Other Assets, Net: Goodwill $5,267,192 $5,285,801 Customer and Supplier Relationships and Other Intangible Assets 1,235,492 1,269,607 Operating Lease Right-of-Use Assets 2,437,199 2,465,196 Other 641,997 623,107 Total Other Assets, Net $9,581,880 $9,643,711 Total Assets $21,955,442 $21,125,019 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $220,809 $216,074 Accounts Payable 857,182 710,662 Accrued Expenses and Other Current Liabilities 1,421,561 1,290,669 Deferred Revenue 397,974 402,091 Total Current Liabilities $2,897,526 $2,619,496 Long-term Debt, Net of Current Portion 17,128,840 16,215,885 Long-term Operating Lease Liabilities, Net of Current Portion 2,265,294 2,300,448 Other Long-term Liabilities 373,987 450,083 Deferred Income Taxes 181,564 184,015 Total Long-term Liabilities $19,949,685 $19,150,431 Redeemable Noncontrolling Interests 63,236 64,423 (Deficit) Equity Total (Deficit) Equity $(955,005) $(709,331) Total Liabilities and (Deficit) Equity $21,955,442 $21,125,019 5

Quarterly Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Revenues: Storage Rental $1,134,611 $1,094,765 3.6 % $1,009,989 12.3 % Service 894,451 841,384 6.3 % 701,959 27.4 % Total Revenues $2,029,062 $1,936,149 4.8 % $1,711,948 18.5 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $958,609 $889,803 7.7 % $754,837 27.0 % Selling, General and Administrative 402,339 372,764 7.9 % 390,456 3.0 % Depreciation and Amortization 281,395 267,839 5.1 % 252,566 11.4 % Acquisition and Integration Costs 1,684 2,921 (42.3) % 4,815 (65.0) % Restructuring and Other Transformation — — — 50,340 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 11,507 7,592 51.6 % (962) n/a Total Operating Expenses $1,655,534 $1,540,919 7.4 % $1,452,052 14.0 % Operating Income (Loss) $373,528 $395,230 (5.5) % $259,896 43.7 % Interest Expense, Net 223,446 223,821 (0.2) % 205,063 9.0 % Other Expense (Income), Net 29,178 (4,708) n/a 81,877 (64.4) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $120,904 $176,117 (31.4) % $(27,044) n/a Provision (Benefit) for Income Taxes 14,802 27,118 (45.4) % 16,296 (9.2) % Net Income (Loss) $106,102 $148,999 (28.8) % $(43,340) n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 4,672 5,334 (12.4) % 1,581 195.5 % Net Income (Loss) Attributable to Iron Mountain Incorporated $101,430 $143,665 (29.4) % $(44,921) n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.34 $0.48 (29.2) % $(0.15) n/a Diluted $0.34 $0.48 (29.2) % $(0.15) n/a Weighted Average Common Shares Outstanding - Basic 297,741 296,848 0.3 % 295,364 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,849 298,834 0.3 % 295,364 1.5 % 6

Year to Date Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) YTD 2026 YTD 2025 % Change Revenues: Storage Rental $2,229,376 $1,958,365 13.8 % Service 1,735,835 1,346,112 29.0 % Total Revenues $3,965,211 $3,304,477 20.0 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $1,848,412 $1,465,041 26.2 % Selling, General and Administrative 775,103 720,193 7.6 % Depreciation and Amortization 549,234 484,720 13.3 % Acquisition and Integration Costs 4,605 10,638 (56.7) % Restructuring and Other Transformation — 105,086 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 19,099 4,609 n/a Total Operating Expenses $3,196,453 $2,790,287 14.6 % Operating Income (Loss) $768,758 $514,190 49.5 % Interest Expense, Net 447,267 399,801 11.9 % Other Expense (Income), Net 24,470 110,365 (77.8) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $297,021 $4,024 n/a Provision (Benefit) for Income Taxes 41,920 31,131 34.7 % Net Income (Loss) $255,101 $(27,107) n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 10,006 1,862 n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $245,095 $(28,969) n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.82 $(0.10) n/a Diluted $0.82 $(0.10) n/a Weighted Average Common Shares Outstanding - Basic 297,295 294,935 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,342 294,935 1.5 % 7

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Net Income (Loss) $106,102 $148,999 (28.8) % $(43,340) n/a Add / (Deduct): Interest Expense, Net 223,446 223,821 (0.2) % 205,063 9.0 % Provision (Benefit) for Income Taxes 14,802 27,118 (45.4) % 16,296 (9.2) % Depreciation and Amortization 281,395 267,839 5.1 % 252,566 11.4 % Acquisition and Integration Costs 1,684 2,921 (42.3) % 4,815 (65.0) % Restructuring and Other Transformation — — — 50,340 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 11,507 7,592 51.6 % (962) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 28,857 (1,196) n/a 80,698 (64.2) % Stock-Based Compensation Expense 56,787 28,257 101.0 % 60,354 (5.9) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,438 2,588 (5.8) % 2,558 (4.7) % Adjusted EBITDA $727,018 $707,939 2.7 % $628,388 15.7 % Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (Gain) on disposal/write- down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. 8

Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) YTD 2026 YTD 2025 % Change Net Income (Loss) $255,101 $(27,107) n/a Add / (Deduct): Interest Expense, Net 447,267 399,801 11.9 % Provision (Benefit) for Income Taxes 41,920 31,131 34.7 % Depreciation and Amortization 549,234 484,720 13.3 % Acquisition and Integration Costs 4,605 10,638 (56.7) % Restructuring and Other Transformation — 105,086 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 19,099 4,609 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 27,661 108,080 (74.4) % Stock-Based Compensation Expense 85,044 86,448 (1.6) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 5,026 4,888 2.8 % Adjusted EBITDA $1,434,957 $1,208,294 18.8 % 9

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.34 $0.48 (29.2) % $(0.15) n/a Add / (Deduct): Acquisition and Integration Costs 0.01 0.01 — 0.02 (50.0) % Restructuring and Other Transformation — — n/a 0.17 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.04 0.03 33.3 % — n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.10 — n/a 0.27 (63.0) % Stock-Based Compensation Expense 0.19 0.09 111.1 % 0.20 (5.0) % Non-Cash Amortization Related to Derivative Instruments (0.02) — n/a 0.01 n/a Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.07) (0.02) n/a (0.04) 75.0 % Income (Loss) Attributable to Noncontrolling Interests 0.02 0.02 — % 0.01 100.0 % Impact of Weighted Average Dilutive Shares (2) — — n/a — n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.60 $0.60 — $0.48 25.0 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 30, 2026 and 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended June 30, 2026 and 2025 was 16.1% and 16.7% respectively, and quarter ended March 31, 2026 was 15.5%. (2) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. Adjusted Earnings Per Share, or Adjusted EPS We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (Gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling items and discrete tax items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. 10

Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share YTD 2026 YTD 2025 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.82 $(0.10) n/a Add / (Deduct): Acquisition and Integration Costs 0.02 0.04 (50.0) % Restructuring and Other Transformation — 0.36 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.06 0.02 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.09 0.37 (75.7) % Stock-Based Compensation Expense 0.28 0.29 (3.4) % Non-Cash Amortization Related to Derivative Instruments (0.02) 0.03 (166.7) % Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.09) (0.08) 12.5 % Income (Loss) Attributable to Noncontrolling Interests 0.03 0.01 n/a Impact of Weighted Average Dilutive Shares (2) — (0.01) (100.0) % Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.20 $0.92 30.4 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the six months ended June 30, 2026 and 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the year to date periods ending June 30, 2026 and 2025 was 16.1% and 16.7%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current year to date'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 year to date adjustment. (2) Reflects the impact of dilutive shares of 2,516 for the six months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. 11

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Net Income (Loss) $106,102 $148,999 (28.8) % $(43,340) n/a Add / (Deduct): Real Estate Depreciation (1) 116,734 111,459 4.7 % 107,186 8.9 % Loss (Gain) on Sale of Real Estate, Net of Tax 531 717 (25.9) % (4,981) (110.7) % Data Center Lease-Based Intangible Assets Amortization (2) 1,825 1,842 (0.9) % 1,683 8.4 % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,484 1,598 (7.1) % 1,567 (5.3) % FFO (Nareit) $226,676 $264,615 (14.3) % $62,115 n/a Add / (Deduct): Acquisition and Integration Costs 1,684 2,921 (42.3) % 4,815 (65.0) % Restructuring and Other Transformation — — — 50,340 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 10,976 6,875 59.7 % 3,809 188.1 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 28,857 (1,196) n/a 80,698 (64.2) % Stock-Based Compensation Expense 56,787 28,257 101.0 % 60,354 (5.9) % Non-Cash Amortization Related to Derivative Instruments (5,911) (896) n/a 4,177 n/a Real Estate Financing Lease Depreciation 3,996 3,924 1.8 % 3,426 16.6 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (19,279) (9,896) 94.8 % (11,671) 65.2 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (54) (57) (5.3) % (58) (6.9) % FFO (Normalized) $303,732 $294,547 3.1 % $258,005 17.7 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.76 $0.89 (14.6) % $0.21 n/a FFO (Normalized) $1.01 $0.99 2.0 % $0.87 16.1 % Weighted Average Common Shares Outstanding - Basic 297,741 296,848 0.3 % 295,364 0.8 % Weighted Average Common Shares Outstanding - Diluted (4) 299,849 298,834 0.3 % 297,642 0.7 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which 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) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. 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) Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change FFO (Normalized) $303,732 $294,547 3.1 % $258,005 17.7 % Add / (Deduct): Non-Real Estate Depreciation 82,116 76,742 7.0 % 69,960 17.4 % Amortization Expense (1) 76,724 73,872 3.9 % 70,311 9.1 % Amortization of Deferred Financing Costs 8,062 8,048 0.2 % 7,803 3.3 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,466 1,498 (2.1) % 1,659 (11.6) % Non-Cash Rent (Income) Expense (685) 621 n/a 783 (187.5) % Reconciliation to Normalized Cash Taxes (878) 5,861 (115.0) % (4,172) (79.0) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 194 196 (1.0) % 189 2.6 % Less: Recurring Capital Expenditures 37,989 35,279 7.7 % 34,794 9.2 % AFFO $432,742 $426,106 1.6 % $369,744 17.0 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $1.44 $1.43 0.7 % $1.24 16.1 % Weighted Average Common Shares Outstanding - Basic 297,741 296,848 0.3 % 295,364 0.8 % Weighted Average Common Shares Outstanding - Diluted (2) 299,849 298,834 0.3 % 297,642 0.7 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. (2) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. 13

Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) YTD 2026 YTD 2025 % Change Net Income (Loss) $255,101 $(27,107) n/a Add / (Deduct): Real Estate Depreciation (1) 228,193 201,333 13.3 % Loss (Gain) on Sale of Real Estate, Net of Tax 1,248 (4,669) (126.7) % Data Center Lease-Based Intangible Assets Amortization (2) 3,667 3,702 (0.9) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 3,082 3,063 0.6 % FFO (Nareit) $491,291 $176,322 178.6 % Add / (Deduct): Acquisition and Integration Costs 4,605 10,638 (56.7) % Restructuring and Other Transformation — 105,086 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 17,851 9,101 96.1 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 27,661 108,080 (74.4) % Stock-Based Compensation Expense 85,044 86,448 (1.6) % Non-Cash Amortization Related to Derivative Instruments (6,807) 8,353 (181.5) % Real Estate Financing Lease Depreciation 7,920 6,574 20.5 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (31,025) (23,344) 32.9 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (111) (183) (39.3) % FFO (Normalized) $596,429 $487,075 22.5 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.64 $0.59 178.0 % FFO (Normalized) $1.99 $1.64 21.3 % Weighted Average Common Shares Outstanding - Basic 297,295 294,935 0.8 % Weighted Average Common Shares Outstanding - Diluted (4) 299,342 297,451 0.6 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Reflects the impact of dilutive shares of 2,516 for the six months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. 14

Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) YTD 2026 YTD 2025 % Change FFO (Normalized) $596,429 $487,075 22.5 % Add / (Deduct): Non-Real Estate Depreciation 158,858 135,106 17.6 % Amortization Expense (1) 150,596 138,005 9.1 % Amortization of Deferred Financing Costs 16,110 15,659 2.9 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 2,964 2,976 (0.4) % Non-Cash Rent (Income) Expense (64) 4,008 (101.6) % Reconciliation to Normalized Cash Taxes 6,832 (2,173) n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 390 365 6.8 % Less: Recurring Capital Expenditures 73,268 62,877 16.5 % AFFO $858,847 $718,144 19.6 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $2.87 $2.41 19.1 % Weighted Average Common Shares Outstanding - Basic 297,295 294,935 0.8 % Weighted Average Common Shares Outstanding - Diluted (2) 299,342 297,451 0.6 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. (2) Reflects the impact of dilutive shares of 2,516 for the six months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. 15

Q2 2026 Earnings Presentation August 5, 2026

FORWARD LOOKING STATEMENTS We have made statements in this presentation that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this presentation. Reconciliation of Non-GAAP Measures Throughout this presentation, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO, and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included in the appendix to this presentation and in the Supplemental Reporting Information. 2

COMPANY OVERVIEW

IRON MOUNTAIN SNAPSHOT (NYSE: IRM) $55B $170B Enterprise Value Total Addressable Market ~$8B ~$3B 2026E Revenue 2026E Adj. EBITDA1 12% 13% 5-Yr Revenue CAGR 5-Yr Adj. EBITDA1 CAGR 60% 11% AFFO Payout Ratio2 Dividend Growth CAGR3 240,000+ 95% Customers Trusted by Fortune 1000 61 ~1,300 Countries Served Facilities Note: All figures as of 6/30/26 unless otherwise noted. 2026E represents the midpoint of our full year 2026 guidance as of 8/5/26. 1 Non-GAAP measure, please see Appendix for reconciliation. 2 Trailing twelve months. 3 CAGR for 2023 through 2026 annualized rate. 4 Data center revenue CAGR 2021 - 2026E. Data Center ♦ Total developable capacity of ~1.4 GW, with current operating portfolio of 529 MW ♦ Revenue growth of 25%+ since 20214 Best Global Data Center Provider Datacloud 2025 Global Awards Ceremony Iron Mountain is a global leader in information management services Records Management ♦ 735M+ cubic feet of records storage volume ♦ Highly recurring revenue stream with average retention of 14.5 years #1 Global Leader Records Management Asset Lifecycle Management ♦ Global leader in fragmented $35B market ♦ End-to-end solutions provider with large global footprint and operational scale and strong reputation for security ITAD Company of the Year 2025 ITAD Summit Digital Solutions ♦ Uniquely positioned to support government efficiency and productivity efforts ♦ Rapidly growing recurring revenue base Google Cloud Partner of the Year 2026 Business Applications: Media & Entertainment 2018 Technology: AI and Machine Learning Financial Operational Strong Leadership Positions in Global Businesses 4

5 1 Non-GAAP measure, please see Appendix for reconciliation. 2 Non-GAAP measure, please see Appendix for reconciliation. Effective Q4 2023, our AFFO definition has been updated to exclude amortization of capitalized commissions. With this change, our calculation more accurately represents our funds available to support growth, and is more comparable to our peers, including those in the data center industry. 3 2026E represents the midpoint of our full year 2026 guidance. GROWTH STRATEGY DELIVERING RECORD RESULTS ● Growth strategy has successfully accelerated enterprise growth ahead of our financial targets through investments in large and growing global markets and leveraging our enterprise-wide commercial platform to cross-sell solutions across our more than 240,000 customers 3 3 3 12% CAGR, 1 3% Ex. F x 13% CAGR, 14% Ex. F x 11% CAGR, 12% Ex. F x 11% CAGR, 1 2% Ex. F x 3

2024 DRIVING SUSTAINED DOUBLE-DIGIT REVENUE GROWTH 1 Growth businesses include Data Center (Data Center segment), Digital Solutions (included in RIM segment), and ALM (included in Corporate & Other). 2 All Other includes physical records management (included in RIM segment) and fine arts business (included in Corporate & Other). 3 2026E represents the midpoint of our full year 2026 guidance. ● Growth Businesses of Data Center, Asset Lifecycle Management (ALM), and Digital Solutions, are expected to have an outsized impact to consolidated growth as they continue to scale Growth Businesses Provide Increasing Tailwind to Driving Double-Digit Total Consolidated Growth Y/Y Revenue Growth 36% 34% 37% 7% 5% 7% 2025 2026E3 12% 12% 16% Growth Businesses All Other Total Growth $6,150 $6,902 $7,975 Growth Businesses Penetration % 24% 28% 34% $ in millions Growth Businesses All Other Contribution to Consolidated Growth 7% 8% 11% 5% 4% 5% 2024 2025 2026E3 12% 12% 16% Growth Businesses All Other Total Growth 3 6

Data Center Asset Lifecycle Management (ALM) STRONG LEADERSHIP POSITIONS IN GLOBAL BUSINESSES Synergistic Business Model Decades-long relationships built on trust Significant cross-selling opportunities Strong reputation for security and chain of custody End-to-end solutions for 240,000+ customers Global footprint and operational scale 7 Records Management and Digital Solutions

ALM Capitalizing on significant long-term growth opportunity with a multi-year global enterprise win to become the sole vendor managing tens of thousands of assets annually across North America, EMEA, and APAC. DATA CENTER Leased 110 megawatts year to date through July, including 51 megawatts in Mumbai and 25 megawatts in London to major global hyperscalers. DIGITAL Gaining traction with Insight DXP, our AI-powered agentic solutions platform, with a multi-year global managed services agreement with a leading fintech company to deliver intelligent intake management across 45 countries. RECORDS MANAGEMENT Driving consistent growth through exceptional customer stewardship, such as winning a contract to deploy our Smart Sort solution to process 10 million files for a leading global financial institution. KEY HIGHLIGHTS SUPPORTING STRONG GROWTH MOMENTUM 8

➔ 37 consecutive years of organic revenue growth ➔ Record level of storage volume in Q2 (735M+ cu. ft.) ➔ Highly recurring revenue stream as volume is 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 ~$600M business1 ◆ Leading provider of digital solutions, bringing light to dark data with AI-powered DXP platform ◆ Executing against a large backlog of signed government and enterprise deals across the world and driving a significant pipelineStorage ● Iron Mountain is a trusted guardian of information and assets for 240,000+ customers with the largest global footprint in records management ● Global RIM segment drives substantial cash flow and funds growth investments across the business ● In the second quarter of 2026, Global RIM revenue increased 8% on a reported basis and 7% on an organic basis Service Storage Service ~60% ~30%$5.3B 2025 Revenue Global RIM ~10% Digital Solutions Digital Solutions 1 Digital business on trailing twelve month basis.

DATA CENTER: Executing Multi-Year Growth Plan 1 CAGR 2021-2027E. Note: 2026E and 2027E are based on company projections. ○ Data center development remains very strong with industry capacity increasing at a 15-25% CAGR ○ Hyperscale demand for AI / Inference data centers is growing meaningfully as industry shifts from AI training to monetizing inference ○ In Q2 2026, data center revenue grew 39% and we signed 13 MW of new leases ■ Subsequent to quarter end, we signed new leases totaling 75 MW ■ Year-to-date through July, new leasing has totaled 110 MW ○ Current backlog, before any incremental new leasing, supports significant revenue growth in the coming years ■ In 2026, current backlog expected to drive growth of 25%+ ■ As of June 30th our backlog supports an additional $370 million of growth beyond 2026 (our leases signed in July will add to this) ○ Iron Mountain operates 31 data centers with strong market positions in Tier 1 markets ○ As we build out our data center portfolio, we will increase our capacity more than 2.5 times to 1.4 GW (from current operating portfolio of 529 MW) ○ In the next 24 months, we have ~325 MW of available to lease capacity expected to energize 10 IRM Growth Outlook Strong Industry Demand Outlook Expanding Data Center Portfolio

Enterprise ALM ➔ Secure, end-to-end IT asset lifecycle management solution for corporate end user devices (recycle, reuse, redeploy, remarket) ➔ Large global footprint and operational scale positions us as the low-cost provider and only player to offer a single vendor solution ➔ Strong reputation for security and trust, along with unique “last mile” chain of custody are key differentiators ➔ Significant revenue opportunity driven by new customers through cross selling success and expanding penetration within existing customers ➔ Supplementing growth through accretive tuck-in acquisitions to further expand global scale and operating leverage ALM: Capitalizing on Multi-Billion Dollar Growth Opportunity 11 Data Center Decommissioning ➔ Global footprint and operational scale supports project-based and recurring remarketing and redeployment of data center gear from hyperscale and enterprise customers ➔ Comprehensive remarketing platform that derives maximum component residual value for customers driven by industry leading downstream partner network ➔ Annual market growth driven by strong hyperscale data center development and refresh cycle ➔ Synergistic go-to-market: Iron Mountain is the only provider of a complete, end-to-end lifecycle solution for the rapidly growing hyperscale marketplace as we develop, operate, and decommission data centers Market Size: ~$35 billion Data Center Enterprise ● We are a global market leader in the highly fragmented, growing $35 billion ALM market with significant long-term growth potential across the enterprise and data center decommissioning markets with low capital investment requirements ● In the second quarter of 2026, ALM revenue increased 88% on a reported basis and 82% on an organic basis ALM results are included in the Corporate & Other.

Q2 2026 RESULTS AND 2026 OUTLOOK

RECORD Q2 2026 RESULTS Three Months Ended YoY% Change 6/30/26 6/30/25 Reported $ Constant Fx $ in millions, except per share data Global RIM $1,434 $1,324 8% 7% Global Data Center $263 $189 39% 39% Corporate and Other $333 $199 67% 67% Total Revenues $2,029 $1,712 19% 18% Net Income (Loss) $106 ($43) NM Reported EPS $0.34 ($0.15) NM Adj. EPS $0.60 $0.48 25% Adj. EBITDA $727 $628 16% 15% Adj. EBITDA Margin 35.8% 36.7% (90) bps AFFO $433 $370 17% AFFO per share $1.44 $1.24 16% Key Highlights ● Record Q2 results with strength across business ○ Total Revenue growth of 19%, including organic growth of 17% ○ Adjusted EBITDA +16% ○ AFFO +17% ● Global RIM ○ Revenue growth of 8%, including organic growth of 7% ○ Continued strong revenue management ○ Record Digital revenue ● Data Center ○ Revenue growth of 39%, including organic growth of 39% ○ Strong renewal pricing +12% (cash) and +14% (GAAP) ○ New leasing of 13 MW in Q2, and 110 MW year-to-date through July ● ALM ○ Revenue growth of 88%, including organic growth of 82% ○ Strong performance driven by both our enterprise and data center decommissioning channels, which grew more than 60% and 100%, respectively ○ Solid profitability expansion Y/Y, driven by the enterprise channel ● Maintained strong balance sheet ○ Leverage* of 4.8x, within 4.5x to 5.5x target range ● Committed to returning capital to shareholders Adjusted EPS, Adjusted EBITDA and AFFO are non-GAAP measures; please see Appendix for reconciliation 13 *Long-term net lease adjusted leverage ratio

14 (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. 2026 GUIDANCE: POSITIONED FOR ANOTHER RECORD YEAR Full Year 2026 2026 Guidance (1) New Y/Y % Chg. at Midpoint Previous Q3 2026 Y/Y % Chg. Revenue $7,940 - $8,010 ~16% $7,825 - $7,925 ~$1,980 ~13% Adjusted EBITDA $2,945 - $2,975 ~15% $2,925 - $2,965 ~$745 ~13% AFFO $1,760 - $1,780 ~15% $1,735 - $1,755 ~$440 ~12% AFFO Per Share $5.87 - $5.93 ~14% $5.79 - $5.86 ~$1.47 ~11% ($ in millions, except per share data)

15 (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. 2026 MID-POINT GUIDANCE WITH FX CONSIDERATIONS ● As the US dollar has strengthened since our last earnings call, for comparability, we are presenting our updated guidance on today’s FX rates and the FX rates at the time of our Q1 earnings guidance: Adjusted EBITDA AFFO Revenue AFFO per share $2,945 $1,745 $7,875 $5.83 $2,960 $1,770 $7,975 $5.90 $2,970 $1,780 $8,000 $5.93 Prior Guidance As of 4/30/26 With FX Rates As of 8/5/26 With FX Rates As of 4/30/26 ($ in millions, except per share data) Current Guidance Full Year 2026(1)

CAPITAL INVESTMENTS AND RETURNS 16 1 Based on the midpoint of our full year 2026 guidance 2 Long-term net lease adjusted leverage ratio. ● Our target leverage ratio2 is 4.5x – 5.5x, and in Q2 2026 leverage was 4.8x Investing in high ROIC opportunities that drive double-digit growth Capital allocation priorities focused on growing the dividend and investing in high-return growth opportunities We are committed to maintaining our strong balance sheet ● Committed to growing dividend in line with AFFO per share growth and targeting our AFFO payout ratio in the low 60s percent ● Underwriting very attractive data center development returns with hyperscale customers (pre-leased deals with 10-15 year duration) to capitalize on total developable capacity of 1.4 GW ● Our business generates operating cash flow approaching $2.0 billion annually that more than covers recurring capex and the dividend, with excess cash flow invested in growth ● The growth in Adjusted EBITDA1 and elimination of cash restructuring charges in 2026 supports more than $2.0 billion of leverage-neutral2 growth capital financing while sustaining strong AFFO per share growth

INVESTMENT TAKEAWAYS Strong Foundation1 Executing Growth Strategy2 Exceptional Financial Track Record 3 ❖ Global leader with strong and increasing margins across our business ❖ Highly recurring business model with decades-long relationships with 240,000+ customers, including 95% of the Fortune 1000 built on a history of strong customer satisfaction, operational excellence, and trust ❖ Operate in attractive, large and growing markets with $170 billion total addressable opportunity and significant cross-selling opportunities ❖ Portfolio of growth businesses (Data Center, Digital Solutions, ALM) increased revenue more than 50% in the second quarter of 2026, accounting for 35% of total revenue ❖ Achieved 13% Revenue and Adjusted EBITDA CAGR excluding Fx since 2021 ❖ Strong momentum across the business positions us for another record year of results in 2026 ❖ Delivering shareholder value through consistent dividend increases in line with AFFO per share growth ❖ Portfolio of enterprise and data center services allows us to drive double digit revenue and AFFO growth across cycles 17

18 APPENDIX

19 Q2 RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA REPORTED EPS TO ADJUSTED EPS (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 30, 2026 and 2025 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended June 30, 2026 and 2025 was 16.1% and 16.7% respectively. (2) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period.

20 Q2 RECONCILIATIONS (CONT.) NET INCOME (LOSS) TO FFO FFO TO AFFO (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period. (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. (2) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in Reported EPS-Fully Diluted due to our net loss position during the period.

21 FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA

22 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 23

DEFINITIONS (CONT.) Funds From Operations, or FFO (Nareit), and FFO (Normalized) Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. 24

Supplemental Financial Information Second Quarter 2026 investors.ironmountain.com

Table of Contents Section I - Q2 Earnings Press Release Q2 2026 Earnings Press Release 3 Section II - Financial Highlights and Organic Growth Financial and Operating Highlights 6 Organic Revenue Growth 7 Section III - Operational Metrics Global Storage Volume 8 Quarterly Operating Performance 9 Year to Date Operating Performance 10 Section IV - Balance Sheets, Statements of Operations and Reconciliations Condensed Consolidated Balance Sheets 11 Quarterly Condensed Consolidated Statements of Operations 12 Year to Date Condensed Consolidated Statements of Operations 13 Quarterly and Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA 14 Quarterly and Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 15 Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO 16 Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO 17 Section V - Storage and Service Reconciliation Quarterly Storage Rental and Service Business Detail 18 Year to Date Storage and Service Business Detail 19 Section VI - Real Estate Metrics Global Real Estate Portfolio and Lease Obligations 20 Facility Lease Expirations 20 Section VII - Data Center Customer and Portfolio Metrics Data Center Customer Lease Expiration and Leasing Activity Summary 21 Data Center Operating Portfolio and Total Potential Capacity 22 Data Center Expansion and Development Activity 23 Section VIII - Capitalization and Debt Maturity Profile Capitalization 24 Total Borrowings Maturity Schedule 24 Debt Maturity Profile 24 Section IX - Capital Expenditures Quarterly Capital Expenditures and Investments 25 Year to Date Capital Expenditures and Investments 25 Section X - Appendix and Definitions Appendix and Definitions 26 All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding All figures for the quarter ended June 30, 2026 unless noted Unaudited investors.ironmountain.com Q2 2026 Supplemental Financial Information 2

FOR IMMEDIATE RELEASE Iron Mountain Reports Second Quarter 2026 Results • Delivers record quarterly results across all key performance metrics • Achieves quarterly revenue of $2.0 billion, an increase of 18.5% on a reported basis and an increase of 17.6% excluding the effects of foreign exchange • Organic revenue growth of 16.8% year over year in the second quarter • Growth businesses of data center, digital, and asset lifecycle management (ALM) collectively grew more than 50% year over year in the second quarter • Data center leasing of 110 megawatts year to date, including 13 megawatts in Q2 2026 and 75 megawatts in July • Q2 2026 Net Income of $106 million, as compared to a Net Loss of $43 million in Q2 2025 • Delivers quarterly Adjusted EBITDA of $727 million, an increase of 15.7% compared to $628 million in Q2 2025 • Generates quarterly AFFO of $433 million, or $1.44 per share, an increase of 17% compared to last year • Increases 2026 financial guidance driven by strong operational performance across the business PORTSMOUTH, N.H. – August 5, 2026 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the second quarter of 2026. “We delivered another record-breaking quarter, with our second quarter results exceeding our expectations due to our team’s strong execution of our growth plans and the continued trust of our clients. Our ongoing success continues to be driven by the collective strength in our physical records storage and growth businesses, together with the stewardship we provide to our more than 240,000 customers,” stated William L. Meaney, President and CEO of Iron Mountain. “Looking ahead, we are committed to capitalizing on the significant growth opportunities across our business. We are building momentum in our ALM and digital businesses through increased cross-selling and providing innovative solutions, and we are accelerating data center leasing, with 110 megawatts leased through July. Based on our strong Q2 outperformance and positive outlook, we are increasing our full year guidance.” Financial Performance Highlights for the Second Quarter of 2026 ($ in millions, except per share data) Three Months Ended Y/Y % Change Year to Date Y/Y % Change 6/30/26 6/30/25 Reported $ Constant Fx 6/30/26 6/30/25 Reported $ Constant Fx Storage Rental Revenue $1,135 $1,010 12% 12% $2,229 $1,958 14% 12% Service Revenue $894 $702 27% 26% $1,736 $1,346 29% 27% Total Revenues $2,029 $1,712 19% 18% $3,965 $3,304 20% 18% Net Income (Loss) $106 $(43) n/a $255 $(27) n/a Reported EPS $0.34 $(0.15) n/a $0.82 $(0.10) n/a Adjusted EPS $0.60 $0.48 25% $1.20 $0.92 30% Adjusted EBITDA $727 $628 16% 15% $1,435 $1,208 19% 17% Adjusted EBITDA Margin 35.8% 36.7% -90 bps 36.2% 36.6% -40 bps AFFO $433 $370 17% $859 $718 20% AFFO per share $1.44 $1.24 16% $2.87 $2.41 19% • Total reported revenues for the second quarter were $2.0 billion, compared with $1.7 billion in the second quarter of 2025, an increase of 18.5%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 17.6% compared to the prior year, driven by an 11.5% increase in storage rental revenue and a 26.3% increase in service revenue. Year to date, total reported revenues increased 20.0%, or 18.1% excluding the impact of Fx. • Net Income for the second quarter was $106.1 million, compared with $(43.3) million loss in the second quarter of 2025, driven primarily by increased Operating Income. Year to date, Net Income was $255.1 million, compared with $(27.1) million loss in 2025. Section I - Q2 Earnings Press Release investors.ironmountain.com Q2 2026 Supplemental Financial Information 3

• Adjusted EBITDA for the second quarter was $727.0 million, compared with $628.4 million in the second quarter of 2025, an increase of 15.7%. On a constant currency basis, Adjusted EBITDA increased by 14.9% in the second quarter, compared to the second quarter of 2025, driven by increased revenue and Adjusted EBITDA across each of our segments and improved operating leverage from our continued transformation activities. Year to date, Adjusted EBITDA increased 18.8%, or 17.1% excluding the impact of Fx. • FFO (Normalized) per share was $1.01 for the second quarter, compared with $0.87 in the second quarter of 2025, an increase of 16.1%. Year to date, FFO (Normalized) per share was $1.99, compared with $1.64 in 2025, or an increase of 21.3%. • AFFO was $432.7 million for the second quarter, compared with $369.7 million in the second quarter of 2025, an increase of 17.0% driven by improved Adjusted EBITDA. Year to date, AFFO was $858.8 million compared with $718.1 million, or an increase of 19.6%. • AFFO per share was $1.44 for the second quarter, compared with $1.24 in the second quarter of 2025, an increase of 16.1%. Year to date, AFFO per share was $2.87, compared to $2.41 in 2025, or an increase of 19.1%. Dividend On August 5, 2026, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.864 per share of common stock for the third quarter. The third quarter 2026 dividend is payable on October 2, 2026, to shareholders of record at the close of business on September 15, 2026. Guidance Iron Mountain increased full year 2026 guidance; details are summarized in the table below. 2026 Guidance(1) ($ in millions, except per share data) Full Year 2026 New Approximate Y/Y % Change at Midpoint Previous Q3 2026 Approximate Y/Y % Change Total Revenue $7,940 - $8,010 ~16% $7,825 - $7,925 ~$1,980 ~13% Adjusted EBITDA $2,945 - $2,975 ~15% $2,925 - $2,965 ~$745 ~13% AFFO $1,760 - $1,780 ~15% $1,735 - $1,755 ~$440 ~12% AFFO Per Share $5.87 - $5.93 ~14% $5.79 - $5.86 ~$1.47 ~11% (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. Q2 2026 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) 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 - Q2 Earnings Press Release investors.ironmountain.com Q2 2026 Supplemental Financial Information 4

Forward Looking Statements We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Reconciliation of Non-GAAP Measures Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. Section I - Q2 Earnings Press Release investors.ironmountain.com Q2 2026 Supplemental Financial Information 5

Financial Highlights Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Storage Rental Revenue $1,134,611 $1,094,765 $1,061,248 $1,032,897 $1,009,989 Service Revenue $894,451 $841,384 $781,919 $721,196 $701,959 Total Revenues $2,029,062 $1,936,149 $1,843,167 $1,754,093 $1,711,948 Adjusted EBITDA $727,018 $707,939 $705,277 $660,379 $628,388 Adjusted EBITDA Margin 35.8 % 36.6 % 38.3 % 37.6 % 36.7 % Net Income (Loss) Attributable to Iron Mountain Incorporated $101,430 $143,665 $89,270 $84,290 $(44,921) Reported EPS - Fully Diluted $0.34 $0.48 $0.30 $0.28 $(0.15) Adjusted EPS $0.60 $0.60 $0.61 $0.54 $0.48 FFO (Normalized) $303,732 $294,547 $300,670 $276,891 $258,005 FFO (Normalized) per Share $1.01 $0.99 $1.01 $0.93 $0.87 AFFO $432,742 $426,106 $429,709 $393,316 $369,744 AFFO per Share $1.44 $1.43 $1.44 $1.32 $1.24 TTM AFFO Payout Ratio 60.0 % 60.7 % 62.2 % 61.7 % 62.7 % Dividend per Share $0.86 $0.86 $0.86 $0.79 $0.79 Weighted Average Common Shares Outstanding - Diluted 299,849 298,834 298,380 297,981 295,364 Net Lease-Adjusted Leverage Ratio 4.8x 4.8x 4.9x 5.0x 5.0x Operating Highlights Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Organic Storage Rental Revenue Growth 11.3 % 12.4 % 10.9 % 9.4 % 9.2 % Organic Service Revenue Growth 24.8 % 24.3 % 17.7 % 9.8 % 9.7 % Total Volume - Storage 747,880 745,276 744,001 743,512 735,807 Storage Facility Capacity Utilization 81.6 % 81.4 % 81.3 % 80.8 % 80.6 % Records Management Retention Rate 93.4 % 93.3 % 93.3 % 93.2 % 93.0 % Storage Revenue / Sq. Ft. $12.19 $11.74 $11.34 $11.05 $10.83 Storage NOI / Sq. Ft. $9.57 $9.10 $8.96 $8.76 $8.69 Data Center: Leasable Megawatts 528.5 507.2 488.2 452.2 450.2 Leased % - Stabilized 97.4 % 98.3 % 98.0 % 98.2 % 97.9 % Leased % - Total 97.1 % 97.2 % 96.9 % 97.0 % 96.3 % Kilowatts Leased - New/Expansion 13,127 21,849 43,413 13,464 2,325 Churn 2.0 % 0.4 % 1.7 % 0.3 % 0.5 % Number of Facilities 31 31 31 30 30 Number of Markets 21 21 21 21 21 Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q2 2026 Supplemental Financial Information 6

Organic Revenue Growth (1) Q2 2026 Q1 2026 YTD 2026 Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Storage Rental 12.3% 11.5% 11.3% 15.4% 12.6% 12.4% 13.8% 12.0% 11.8% Service 27.4% 26.3% 24.8% 30.6% 27.6% 24.3% 29.0% 27.0% 24.6% Total Revenues 18.5% 17.6% 16.8% 21.6% 18.6% 17.2% 20.0% 18.1% 17.0% Total Organic Revenue Growth 9.5% 8.1% 8.1% 9.4% 9.6% 13.6% 17.2% 16.8% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 4.0% 8.0% 12.0% 16.0% 20.0% Organic Storage Rental Revenue Growth 9.3% 8.8% 8.8% 9.2% 9.4% 10.9% 12.4% 11.3% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 6.0% 8.0% 10.0% 12.0% 14.0% Organic Service Revenue Growth 10.0% 7.0% 7.1% 9.7% 9.8% 17.7% 24.3% 24.8% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% 28.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q2 2026 Supplemental Financial Information 7

Global Storage Volume Global RIM Corporate and Other Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 700,000 710,000 720,000 730,000 740,000 750,000 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Global RIM 726,316 726,712 726,952 727,266 727,496 728,740 736,399 736,829 738,010 740,542 Corporate and Other 5,715 5,895 6,045 6,305 6,671 7,067 7,112 7,173 7,266 7,338 Total Volume - Storage 732,031 732,607 732,997 733,571 734,166 735,807 743,512 744,001 745,276 747,880 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 Q2 2026 Supplemental Financial Information 8

Quarterly Operating Performance Y/Y % Change Q2 2026 Q1 2026 Q2 2025 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $856,751 $823,517 $803,580 6.6% 5.6% 5.4% Service 576,811 580,569 520,218 10.9% 9.8% 9.1% Total Revenues $1,433,562 $1,404,086 $1,323,798 8.3% 7.3% 6.8% Adjusted EBITDA $620,751 $617,679 $586,303 Adjusted EBITDA Margin 43.3 % 44.0 % 44.3 % Global Data Center Business Storage Rental $258,892 $252,505 $188,279 37.5% 37.4% 37.4% Service 3,979 2,220 1,122 254.6% 251.2% 251.2% Total Revenues $262,871 $254,725 $189,401 38.8% 38.7% 38.7% Adjusted EBITDA $137,343 $132,763 $96,266 Adjusted EBITDA Margin 52.2 % 52.1 % 50.8 % Corporate and Other Storage Rental $18,968 $18,743 $18,130 4.6% 4.4% 4.4% Service 313,661 258,595 180,619 73.7% 73.0% 68.8% Total Revenues $332,629 $277,338 $198,749 67.4% 66.7% 63.0% Adjusted EBITDA $(31,076) $(42,503) $(54,181) Total Consolidated Storage Rental $1,134,611 $1,094,765 $1,009,989 12.3% 11.5% 11.3% Service 894,451 841,384 701,959 27.4% 26.3% 24.8% Total Revenues $2,029,062 $1,936,149 $1,711,948 18.5% 17.6% 16.8% Adjusted EBITDA $727,018 $707,939 $628,388 Adjusted EBITDA Margin 35.8 % 36.6 % 36.7 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q2 2026 Supplemental Financial Information 9

Year to Date Operating Performance Y/Y % Change YTD 2026 YTD 2025 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $1,680,268 $1,561,088 7.6% 5.8% 5.5% Service 1,157,380 1,018,652 13.6% 11.6% 10.7% Total Revenues $2,837,648 $2,579,740 10.0% 8.0% 7.6% Adjusted EBITDA $1,238,430 $1,142,617 Adjusted EBITDA Margin 43.6 % 44.3 % Global Data Center Business Storage Rental $511,397 $361,224 41.6% 40.2% 40.2% Service 6,199 1,374 351.2% 426.7% 426.7% Total Revenues $517,596 $362,598 42.7% 41.4% 41.4% Adjusted EBITDA $270,106 $187,082 Adjusted EBITDA Margin 52.2 % 51.6 % Corporate and Other Storage Rental $37,711 $36,053 4.6% 3.8% 3.8% Service 572,256 326,086 75.5% 74.1% 66.7% Total Revenues $609,967 $362,139 68.4% 67.1% 60.4% Adjusted EBITDA $(73,579) $(121,405) Total Consolidated Storage Rental $2,229,376 $1,958,365 13.8% 12.0% 11.8% Service 1,735,835 1,346,112 29.0% 27.0% 24.6% Total Revenues $3,965,211 $3,304,477 20.0% 18.1% 17.0% Adjusted EBITDA $1,434,957 $1,208,294 Adjusted EBITDA Margin 36.2 % 36.6 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q2 2026 Supplemental Financial Information 10

Condensed Consolidated Balance Sheets 6/30/2026 12/31/2025 ASSETS Current Assets: Cash and Cash Equivalents $204,793 $158,535 Accounts Receivable, Net 1,487,128 1,443,669 Prepaid Expenses and Other 411,820 332,779 Total Current Assets $2,103,741 $1,934,983 Property, Plant and Equipment: Property, Plant and Equipment $15,426,928 $14,457,335 Less: Accumulated Depreciation (5,157,107) (4,911,010) Property, Plant and Equipment, Net $10,269,821 $9,546,325 Other Assets, Net: Goodwill $5,267,192 $5,285,801 Customer and Supplier Relationships and Other Intangible Assets 1,235,492 1,269,607 Operating Lease Right-of-Use Assets 2,437,199 2,465,196 Other 641,997 623,107 Total Other Assets, Net $9,581,880 $9,643,711 Total Assets $21,955,442 $21,125,019 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $220,809 $216,074 Accounts Payable 857,182 710,662 Accrued Expenses and Other Current Liabilities 1,421,561 1,290,669 Deferred Revenue 397,974 402,091 Total Current Liabilities $2,897,526 $2,619,496 Long-term Debt, Net of Current Portion 17,128,840 16,215,885 Long-term Operating Lease Liabilities, Net of Current Portion 2,265,294 2,300,448 Other Long-term Liabilities 373,987 450,083 Deferred Income Taxes 181,564 184,015 Total Long-term Liabilities $19,949,685 $19,150,431 Redeemable Noncontrolling Interests 63,236 64,423 (Deficit) Equity Total (Deficit) Equity $(955,005) $(709,331) Total Liabilities and (Deficit) Equity $21,955,442 $21,125,019 Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 11

Quarterly Condensed Consolidated Statements of Operations Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Revenues: Storage Rental $1,134,611 $1,094,765 3.6 % $1,009,989 12.3 % Service 894,451 841,384 6.3 % 701,959 27.4 % Total Revenues $2,029,062 $1,936,149 4.8 % $1,711,948 18.5 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $958,609 $889,803 7.7 % $754,837 27.0 % Selling, General and Administrative 402,339 372,764 7.9 % 390,456 3.0 % Depreciation and Amortization 281,395 267,839 5.1 % 252,566 11.4 % Acquisition and Integration Costs 1,684 2,921 (42.3) % 4,815 (65.0) % Restructuring and Other Transformation — — — 50,340 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 11,507 7,592 51.6 % (962) n/a Total Operating Expenses $1,655,534 $1,540,919 7.4 % $1,452,052 14.0 % Operating Income (Loss) $373,528 $395,230 (5.5) % $259,896 43.7 % Interest Expense, Net 223,446 223,821 (0.2) % 205,063 9.0 % Other Expense (Income), Net 29,178 (4,708) n/a 81,877 (64.4) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $120,904 $176,117 (31.4) % $(27,044) n/a Provision (Benefit) for Income Taxes 14,802 27,118 (45.4) % 16,296 (9.2) % Net Income (Loss) $106,102 $148,999 (28.8) % $(43,340) n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 4,672 5,334 (12.4) % 1,581 195.5 % Net Income (Loss) Attributable to Iron Mountain Incorporated $101,430 $143,665 (29.4) % $(44,921) n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.34 $0.48 (29.2) % $(0.15) n/a Diluted $0.34 $0.48 (29.2) % $(0.15) n/a Weighted Average Common Shares Outstanding - Basic 297,741 296,848 0.3 % 295,364 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,849 298,834 0.3 % 295,364 1.5 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 12

Year to Date Condensed Consolidated Statements of Operations YTD 2026 YTD 2025 % Change Revenues: Storage Rental $2,229,376 $1,958,365 13.8 % Service 1,735,835 1,346,112 29.0 % Total Revenues $3,965,211 $3,304,477 20.0 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $1,848,412 $1,465,041 26.2 % Selling, General and Administrative 775,103 720,193 7.6 % Depreciation and Amortization 549,234 484,720 13.3 % Acquisition and Integration Costs 4,605 10,638 (56.7) % Restructuring and Other Transformation — 105,086 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 19,099 4,609 n/a Total Operating Expenses $3,196,453 $2,790,287 14.6 % Operating Income (Loss) $768,758 $514,190 49.5 % Interest Expense, Net 447,267 399,801 11.9 % Other Expense (Income), Net 24,470 110,365 (77.8) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $297,021 $4,024 n/a Provision (Benefit) for Income Taxes 41,920 31,131 34.7 % Net Income (Loss) $255,101 $(27,107) n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 10,006 1,862 n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $245,095 $(28,969) n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.82 $(0.10) n/a Diluted $0.82 $(0.10) n/a Weighted Average Common Shares Outstanding - Basic 297,295 294,935 0.8 % Weighted Average Common Shares Outstanding - Diluted 299,342 294,935 1.5 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 13

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Net Income (Loss) $106,102 $148,999 (28.8) % $(43,340) n/a Add / (Deduct): Interest Expense, Net 223,446 223,821 (0.2) % 205,063 9.0 % Provision (Benefit) for Income Taxes 14,802 27,118 (45.4) % 16,296 (9.2) % Depreciation and Amortization 281,395 267,839 5.1 % 252,566 11.4 % Acquisition and Integration Costs 1,684 2,921 (42.3) % 4,815 (65.0) % Restructuring and Other Transformation — — — 50,340 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 11,507 7,592 51.6 % (962) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 28,857 (1,196) n/a 80,698 (64.2) % Stock-Based Compensation Expense 56,787 28,257 101.0 % 60,354 (5.9) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,438 2,588 (5.8) % 2,558 (4.7) % Adjusted EBITDA $727,018 $707,939 2.7 % $628,388 15.7 % Year to Date Reconciliation of Net Income (Loss) to Adjusted EBITDA YTD 2026 YTD 2025 % Change Net Income (Loss) $255,101 $(27,107) n/a Add / (Deduct): Interest Expense, Net 447,267 399,801 11.9 % Provision (Benefit) for Income Taxes 41,920 31,131 34.7 % Depreciation and Amortization 549,234 484,720 13.3 % Acquisition and Integration Costs 4,605 10,638 (56.7) % Restructuring and Other Transformation — 105,086 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 19,099 4,609 n/a Other Expense (Income), Net, Excluding our Share of (Losses) Gains from our Unconsolidated Joint Ventures 27,661 108,080 (74.4) % Stock-Based Compensation Expense 85,044 86,448 (1.6) % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 5,026 4,888 2.8 % Adjusted EBITDA $1,434,957 $1,208,294 18.8 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 14

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.34 $0.48 (29.2) % $(0.15) n/a Add / (Deduct): Acquisition and Integration Costs 0.01 0.01 — 0.02 (50.0) % Restructuring and Other Transformation — — n/a 0.17 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 0.04 0.03 33.3 % — n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.10 — n/a 0.27 (63.0) % Stock-Based Compensation Expense 0.19 0.09 111.1 % 0.20 (5.0) % Non-Cash Amortization Related to Derivative Instruments (0.02) — n/a 0.01 n/a Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.07) (0.02) n/a (0.04) 75.0 % Income (Loss) Attributable to Noncontrolling Interests 0.02 0.02 — 0.01 100.0 % Impact of Weighted Average Dilutive Shares (2) — — n/a — n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.60 $0.60 — $0.48 25.0 % Year to Date Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share YTD 2026 YTD 2025 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.82 $(0.10) n/a Add / (Deduct): Acquisition and Integration Costs 0.02 0.04 (50.0) % Restructuring and Other Transformation — 0.36 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 0.06 0.02 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.09 0.37 (75.7) % Stock-Based Compensation Expense 0.28 0.29 (3.4) % Non-Cash Amortization Related to Derivative Instruments (0.02) 0.03 (166.7) % Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.09) (0.08) 12.5 % Income (Loss) Attributable to Noncontrolling Interests 0.03 0.01 n/a Impact of Weighted Average Dilutive Shares (2) — (0.01) (100.0) % Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.20 $0.92 30.4 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended June 30, 2026, June 30, 2025 and March 31, 2026 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 June 30, 2026 and 2025 was 16.1% and 16.7% respectively, and quarter ended March 31, 2026 was 15.5%. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter’s estimate of the annual structural tax rate. (2) Reflects the impact of dilutive shares of 2,278 and 2,516 for the three and six months ended June 30, 2025, respectively, not included in reported EPS-Fully Diluted due to our net loss position during the periods. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 15

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Net Income (Loss) $106,102 $148,999 (28.8) % $(43,340) n/a Add / (Deduct): Real Estate Depreciation (1) 116,734 111,459 4.7 % 107,186 8.9 % Loss (Gain) on Sale of Real Estate, Net of Tax 531 717 (25.9) % (4,981) (110.7) % Data Center Lease-Based Intangible Assets Amortization (2) 1,825 1,842 (0.9) % 1,683 8.4 % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,484 1,598 (7.1) % 1,567 (5.3) % FFO (Nareit) $226,676 $264,615 (14.3) % $62,115 n/a Add / (Deduct): Acquisition and Integration Costs 1,684 2,921 (42.3) % 4,815 (65.0) % Restructuring and Other Transformation — — — 50,340 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 10,976 6,875 59.7 % 3,809 188.1 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 28,857 (1,196) n/a 80,698 (64.2) % Stock-Based Compensation Expense 56,787 28,257 101.0 % 60,354 (5.9) % Non-Cash Amortization Related to Derivative Instruments (5,911) (896) n/a 4,177 n/a Real Estate Financing Lease Depreciation 3,996 3,924 1.8 % 3,426 16.6 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (19,279) (9,896) 94.8 % (11,671) 65.2 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (54) (57) (5.3) % (58) (6.9) % FFO (Normalized) $303,732 $294,547 3.1 % $258,005 17.7 % Add / (Deduct): Non-Real Estate Depreciation 82,116 76,742 7.0 % 69,960 17.4 % Amortization Expense (4) 76,724 73,872 3.9 % 70,311 9.1 % Amortization of Deferred Financing Costs 8,062 8,048 0.2 % 7,803 3.3 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,466 1,498 (2.1) % 1,659 (11.6) % Non-Cash Rent (Income) Expense (685) 621 n/a 783 (187.5) % Reconciliation to Normalized Cash Taxes (878) 5,861 (115.0) % (4,172) (79.0) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 194 196 (1.0) % 189 2.6 % Less: Recurring Capital Expenditures 37,989 35,279 7.7 % 34,794 9.2 % AFFO $432,742 $426,106 1.6 % $369,744 17.0 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.76 $0.89 (14.6) % $0.21 n/a FFO (Normalized) $1.01 $0.99 2.0 % $0.87 16.1 % AFFO Per Share $1.44 $1.43 0.7 % $1.24 16.1 % Weighted Average Common Shares Outstanding - Basic 297,741 296,848 0.3 % 295,364 0.8 % Weighted Average Common Shares Outstanding - Diluted (5) 299,849 298,834 0.3 % 297,642 0.7 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impacts our reported net income (Loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. (5) Reflects the impact of dilutive shares of 2,278 for the three months ended June 30, 2025, not included in reported EPS-Fully Diluted due to our net loss position during the period. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 16

Year to Date Reconciliation of Net Income (Loss) to FFO and AFFO YTD 2026 YTD 2025 % Change Net Income (Loss) $255,101 $(27,107) n/a Add / (Deduct): Real Estate Depreciation (1) 228,193 201,333 13.3 % Loss (Gain) on Sale of Real Estate, Net of Tax 1,248 (4,669) (126.7) % Data Center Lease-Based Intangible Assets Amortization (2) 3,667 3,702 (0.9) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 3,082 3,063 0.6 % FFO (Nareit) $491,291 $176,322 178.6 % Add / (Deduct): Acquisition and Integration Costs 4,605 10,638 (56.7) % Restructuring and Other Transformation — 105,086 (100.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 17,851 9,101 96.1 % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 27,661 108,080 (74.4) % Stock-Based Compensation Expense 85,044 86,448 (1.6) % Non-Cash Amortization Related to Derivative Instruments (6,807) 8,353 (181.5) % Real Estate Financing Lease Depreciation 7,920 6,574 20.5 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (31,025) (23,344) 32.9 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (111) (183) (39.3) % FFO (Normalized) $596,429 $487,075 22.5 % Add / (Deduct): Non-Real Estate Depreciation 158,858 135,106 17.6 % Amortization Expense (4) 150,596 138,005 9.1 % Amortization of Deferred Financing Costs 16,110 15,659 2.9 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 2,964 2,976 (0.4) % Non-Cash Rent (Income) Expense (64) 4,008 (101.6) % Reconciliation to Normalized Cash Taxes 6,832 (2,173) n/a Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 390 365 6.8 % Less: Recurring Capital Expenditures 73,268 62,877 16.5 % AFFO $858,847 $718,144 19.6 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.64 $0.59 178.0 % FFO (Normalized) $1.99 $1.64 21.3 % AFFO Per Share $2.87 $2.41 19.1 % Weighted Average Common Shares Outstanding - Basic 297,295 294,935 0.8 % Weighted Average Common Shares Outstanding - Diluted (5) 299,342 297,451 0.6 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. (5) Reflects the impact of dilutive shares of 2,516 for the six months ended June 30, 2025, not included in reported EPS-Fully Diluted due to our net loss position during the period. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q2 2026 Supplemental Financial Information 17

Quarterly Storage Rental and Service Business Detail Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $1,134,611 $1,094,765 3.6 % $1,009,989 12.3 % Plus: Terminations/Permanent Withdrawal Fees 11,346 9,661 17.4 % 9,266 22.5 % Total Revenue from Adjusted Storage Rental Activities $1,145,957 $1,104,426 3.8 % $1,019,255 12.4 % Less: Storage Rental Expenses Storage Rent 133,246 130,603 2.0 % 125,397 6.3 % Storage Rental Labor 14,118 17,403 (18.9) % 12,190 15.8 % All Other Storage Costs 199,095 195,995 1.6 % 153,708 29.5 % Storage Rental Cost of Sales $346,459 $344,001 0.7 % $291,295 18.9 % Storage Rental Gross Profit $799,498 $760,425 5.1 % $727,960 9.8 % Storage Rental Gross Margin 69.8 % 68.9 % 90 bps 71.4 % -160 bps Service Business Detail Total Service Revenue $894,451 $841,384 6.3 % $701,959 27.4 % Less: Terminations/Permanent Withdrawal Fees 11,346 9,661 17.4 % 9,266 22.5 % Total Revenue from Adjusted Service Activities $883,105 $831,723 6.2 % $692,693 27.5 % Less: Service Expenses Service Rent 7,550 7,443 1.4 % 6,577 14.8 % Service Labor 313,954 298,627 5.1 % 280,153 12.1 % All Other Service Costs 290,646 239,732 21.2 % 176,812 64.4 % Service Cost of Sales $612,150 $545,802 12.2 % $463,542 32.1 % Service Gross Profit $270,955 $285,921 (5.2) % $229,151 18.2 % Service Gross Margin 30.7 % 34.4 % -370 bps 33.1 % -240 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q2 2026 Supplemental Financial Information 18

Year to Date Storage Rental and Service Business Detail YTD 2026 YTD 2025 % Change Storage Rental Business Detail Total Storage Rental Revenue $2,229,376 $1,958,365 13.8 % Plus: Terminations/Permanent Withdrawal Fees 21,007 17,141 22.6 % Total Revenue from Adjusted Storage Rental Activities $2,250,383 $1,975,506 13.9 % Less: Storage Rental Expenses Storage Rent 263,849 246,902 6.9 % Storage Rental Labor 31,521 22,173 42.2 % All Other Storage Costs 395,090 303,186 30.3 % Storage Rental Cost of Sales $690,460 $572,261 20.7 % Storage Rental Gross Profit $1,559,923 $1,403,245 11.2 % Storage Rental Gross Margin 69.3 % 71.0 % -170 bps Service Business Detail Total Service Revenue $1,735,835 $1,346,112 29.0 % Less: Terminations/Permanent Withdrawal Fees 21,007 17,141 22.6 % Total Revenue from Adjusted Service Activities $1,714,828 $1,328,971 29.0 % Less: Service Expenses Service Rent 14,993 14,464 3.7 % Service Labor 612,581 544,151 12.6 % All Other Service Costs 530,378 334,165 58.7 % Service Cost of Sales $1,157,952 $892,780 29.7 % Service Gross Profit $556,876 $436,191 27.7 % Service Gross Margin 32.5 % 32.8 % -30 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q2 2026 Supplemental Financial Information 19

Global Real Estate Portfolio and Lease Obligations Global Real Estate Portfolio (1) Owned Facilities Leased Facilities Total Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Total as of 03/31/2026 232 24,705 1,086 73,321 1,318 98,026 Additions & Expansions 3 178 11 570 14 748 Dispositions & Move Outs (1) (42) (25) (621) (26) (663) Total as of 06/30/2026 234 24,841 1,072 73,270 1,306 98,111 Total % 17.9 % 25.3 % 82.1 % 74.7 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,962 Paris, France 765 Chicago 1,282 Montreal, Canada 552 Boston 1,104 Mexico City, Mexico 452 Dallas 966 Toronto, Canada 434 Houston 873 Dubai, United Arab Emirates 434 Facility Lease Expirations (2) (% of total square feet subject to lease) 5.2% 3.5% 5.0% 4.2% 4.5% 4.8% 3.8% 3.7% 5.2% 60.2% 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter Weighted-Average Remaining Operating Lease Obligation: 10.2 Years (1) Includes real estate held in consolidated joint ventures. (2) Includes financing and operating lease obligations. Section VI - Real Estate Metrics investors.ironmountain.com Q2 2026 Supplemental Financial Information 20

Data Center Customer Lease Expiration Year Number of Leases Expiring Total MW Expiring Percentage of Total MW Annualized GAAP TCV Rent Expiring Percentage of TCV Annualized Rent 2026 368 15.6 2.5% 38,769 3.7% 2027 723 26.1 4.2% 102,093 9.8% 2028 301 46.7 7.6% 114,459 11.0% 2029 159 34.7 5.6% 56,128 5.4% 2030 72 63.1 10.2% 90,281 8.6% 2031 46 16.4 2.7% 43,568 4.2% 2032 6 13.3 2.2% 21,305 2.0% 2033 6 29.9 4.9% 40,198 3.8% Thereafter 29 369.9 60.1% 537,399 51.5% Total 1,710 615.7 100.0% 1,044,199 100.0% WALE: 10.2 years Data Center Leasing Activity Summary Q2 2026 YTD 2026 Transaction Count GAAP MRR kW $ / kW / Month Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 77 $2,685 13,127 $205 145 $6,948 34,976 $199 Commenced leases 94 4,088 24,509 167 152 7,329 48,646 151 Commenced Built to Suit leases — — — — — — — — Renewed leases 189 1,579 4,133 382 381 3,661 10,842 338 Churn 2.0% 2.4% Cash Mark to Market 11.8% 12.2% GAAP Mark to Market 13.8% 14.0% CHI-1 Data Center in Chicago IL Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q2 2026 Supplemental Financial Information 21

Data Center Operating Portfolio Stabilized Pre-Stabilized Total Leaseable MW Leased % by MW Leaseable MW Leased % by MW Leaseable MW Leased % by MW Boyers and Other WPA-1 and Other 14.2 75.3% — — 14.2 75.3% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 46.5 100.0% — — 46.5 100.0% AZP-3 (1) 36.0 100.0% — — 36.0 100.0% Scottsdale AZS-1 5.7 100.0% — — 5.7 100.0% Denver DEN-1 11.3 85.9% — — 11.3 85.9% New Jersey NJE-1 20.8 100.0% — — 20.8 100.0% Chicago CHI-1 12.0 100.0% — — 12.0 100.0% Northern Virginia VA-1 12.4 100.0% — — 12.4 100.0% VA-2 36.0 100.0% — — 36.0 100.0% VA-3 44.0 100.0% — — 44.0 100.0% VA-4 (1) 32.0 100.0% — — 32.0 100.0% VA-5 (1) 40.0 100.0% — — 40.0 100.0% VA-6 (1) 32.0 100.0% — — 32.0 100.0% VA-7 (1) 36.0 100.0% — — 36.0 100.0% Amsterdam AMS-1 13.1 99.2% — — 13.1 99.2% London LON-1 8.7 58.1% — — 8.7 58.1% LON-2 27.0 100.0% — — 27.0 100.0% Frankfurt FRA-1 (2) 27.0 100.0% — — 27.0 100.0% FRA-2 9.8 100.0% — — 9.8 100.0% Singapore SIN-1 6.8 100.0% — — 6.8 100.0% Madrid MAD-1 3.0 41.2% — — 3.0 41.2% India Web Werks 11.7 72.7% 1.5 — 13.2 64.4% Total Data Center Properties 526.9 97.4% 1.5 — 528.5 97.1% (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 Q2 2026 Q2 2025 Operating Portfolio 528.5 450.2 Under Construction 160.2 201.5 Held for Development 684.2 628.2 Total Data Center Portfolio 1,372.9 1,279.9 Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q2 2026 Supplemental Financial Information 22

Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q2 2026 ($M) Cumulative Investment ($M) Total Expected Investment ($M) (3) Expected Completion Expected Stabilization MW Held for Development Data Center Expansion Amsterdam AMS-1 Phase 4 10.0 10.0 100.0% $12.9 $139.8 $156.6 Q2 2027 Q2 2027 — India Web Werks 1.2 — — — — — 2.9 New Jersey NJE-1 4.0 4.0 100.0% $0.3 $1.0 $59.5 28.0 All Other Facilities (1) — — — — — — 16.6 Total Expansion 15.2 14.0 92.2% $13.2 $140.8 $216.1 47.5 New Development Amsterdam AMS-2 — — — — — — 20.0 Chicago CHI-1 Future Phases (1) 24.0 24.0 100.0% — — — — London LON-3 Future Phases 25.0 — — $34.5 $301.3 $391.9 Q1 2027 Q1 2027 — Madrid MAD-2/3 20.0 — — $28.1 $151.4 $301.2 Q1 2027 Q4 2027 — MAD Future Phases — — — — — — 56.0 Northern Virginia VA-9 Phase 1 (2) 14.0 14.0 100.0% $40.9 $108.3 $173.5 Q4 2026 Q4 2026 — VA-9 Phase 2 (2) 14.0 14.0 100.0% $40.9 $108.3 $173.5 Q1 2027 Q1 2027 — VA Future Phases 32.0 32.0 100.0% — — — 195.0 India Web Werks — — — — — — 149.7 Miami MIA-1 16.0 16.0 100.0% $16.8 $167.1 $193.0 Q4 2026 Q4 2026 — Richmond RCH Future Phases — — — — — — 216.0 Total New Development 145.0 100.0 69.0% $161.2 $836.6 $1,233.0 636.7 Total Development 160.2 114.0 71.2% $174.4 $977.3 $1,449.1 684.2 (1) Includes megawatts pre-leased where construction is planned, but has not commenced. (2) VA-9 is held by a consolidated joint venture; construction costs are funded by the joint venture with Iron Mountain managing the construction. (3) Excludes cost associated with megawatts pre-leased where facility construction is planned, but has not commenced. Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q2 2026 Supplemental Financial Information 23

Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 06/30/2026 Capacity $3,225,000 # of Shares Outstanding 297,662 Outstanding $505,000 Share Price as of 6/30/26 $126.31 Letters of Credit $12,426 Total Market Capitalization $37,597,689 Remaining Capacity $2,707,574 Net Debt (1) $17,277,312 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $54,875,001 Interest Rate Spread (SOFR) 1.75 % Net Debt to Total Enterprise Value 31.5 % Weighted Average Interest Rate 5.31 % Adjusted EBITDA to Interest Expense 3.3x Maturity Date 3/18/2030 Total Enterprise Value to Adjusted EBITDA (2) 19.6x Credit Facility Fixed Charge Coverage Ratio 2.5x Net Total Lease-Adjusted Leverage Ratio 4.8x Fixed vs. Floating Rate Debt 83% 17% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/5/2025 11/3/2025 Total Long Term Debt Weighted Average Rates Weighted Average Interest 5.6 % Weighted Average Maturity 4.6 Years USD denominated 85 % Debt Maturity Profile ($ in Millions) (3) (4) 76 1,556 1,581 2,516 2,191 3,461 1,350 1,200 1,392 1,500 24 Senior Secured Credit Facility UK Revolving Credit Facility Other Debt Obligations Data Center Debt Agreements AUD Term Loan B A/R Securitization USD Term Loan B Senior Unsecured Notes 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 (1) Net debt is calculated as current portion of long-term debt of $220.8M plus long-term debt net of current portion of $17,128.8M plus deferred financing costs of $132.5M less cash and cash equivalents of $204.8M. (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 $268.4M of undrawn committed asset level financing for the construction of one Data Center asset in Northern Virginia. Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q2 2026 Supplemental Financial Information 24

Quarterly Capital Expenditures Q2 2026 Q1 2026 Q/Q % Change Q2 2025 Y/Y % Change Growth: Data Center $472,002 $408,084 15.7 % $376,983 25.2 % Real Estate 49,549 46,936 5.6 % 37,046 33.7 % Innovation and Other 31,213 37,070 (15.8) % 28,021 11.4 % Total Growth Capital Expenditures $552,764 $492,090 12.3 % $442,050 25.0 % Recurring: Data Center $4,956 $3,377 46.8 % $5,176 (4.3) % Real Estate 14,597 7,778 87.7 % 12,085 20.8 % Non-Real Estate 18,436 24,124 (23.6) % 17,533 5.2 % Total Recurring Capital Expenditures $37,989 $35,279 7.7 % $34,794 9.2 % Total Growth and Recurring Capital Expenditures $590,753 $527,369 12.0 % $476,844 23.9 % Net Change in Prepaid and Accrued Capital Expenditures (2,560) (9,356) (72.6) % 79,912 (103.2) % Total Cash Paid for Growth and Recurring Capital Expenditures $588,193 $518,013 13.5 % $556,756 5.6 % Year to Date Capital Expenditures YTD 2026 YTD 2025 % Change Growth: Data Center $880,086 $952,982 (7.6) % Real Estate 96,485 67,980 41.9 % Innovation and Other 68,283 49,605 37.7 % Total Growth Capital Expenditures $1,044,854 $1,070,567 (2.4) % Recurring: Data Center $8,333 $8,243 1.1 % Real Estate 22,375 20,281 10.3 % Non-Real Estate 42,560 34,353 23.9 % Total Recurring Capital Expenditures $73,268 $62,877 16.5 % Total Growth and Recurring Capital Expenditures $1,118,122 $1,133,444 (1.4) % Net Change in Prepaid and Accrued Capital Expenditures (11,916) 98,079 (112.1) % Total Cash Paid for Growth and Recurring Capital Expenditures $1,106,206 $1,231,523 (10.2) % Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q2 2026 Supplemental Financial Information 25

Non-GAAP Measures and Definitions Non-GAAP measures are supplemental metrics designed to enhance our disclosures and to provide additional information that we believe to be important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). Forward-Looking Statements: We have made statements in this Supplemental Financial Information that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “commit”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co- investment vehicles), incorporate alternative technologies (including artificial intelligence) into our business, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards, and regulatory and contractual requirements under government contracts; (iv) the impact of attacks on our internal information technology systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust (“REIT”) for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) fluctuations in commodity prices; (xv) competition for customers; (xvi) our ability to attract, develop and retain key personnel; (xvii) deficiencies in our disclosure controls and procedures or internal control over financial reporting; (xviii) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xix) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this Supplemental Financial Information. Acquisition and Integration Costs: We define Acquisition and Integration Costs as operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance and system integration costs. Adjusted Earnings Per Share, or Adjusted EPS: We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Non-Cash Amortization of Derivative Instruments: Includes amortization on instruments such as cross-currency swap agreements designated as a hedge of net investment. Adjusted EBITDA and Adjusted EBITDA Margin: We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Section X - Appendix and Definitions investors.ironmountain.com Q2 2026 Supplemental Financial Information 26

Funds From Operations, FFO (Nareit), and FFO (Normalized): Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share: FFO (Normalized) divided by weighted-average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFO: We define adjusted funds from operations or AFFO as FFO (Normalized) (1) excluding (i) non-cash rent expense (income); (ii) depreciation on non-real estate assets; (iii) amortization expense associated with customer and supplier relationship value, intake costs, acquisition of customer and supplier relationships, capitalized commissions and other intangibles; (iv) amortization of deferred financing costs and debt discount/ premium; (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases; and (vi) the impact of reconciling to normalized cash taxes; and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share: Calculated as AFFO divided by weighted-average fully-diluted shares outstanding. Terminations/Permanent Withdrawal Fees: Revenue from the preparation, documentation, and permanent withdrawal of records. Business Segments: The Global Records and Information Management ("Global RIM"): Records Management, stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 61 countries around the globe. Data Management, provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations, server and computer backup services and related services offerings ("Data Management"). Global Digital Solutions, develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information ("Global Digital Solutions"). Secure Shredding, includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers. Media and Archive Services, includes entertainment and media services which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets ("Media and Archive Services"). Consumer Storage, provides on-demand, valet storage for consumers ("Consumer Storage") utilizing data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. Global Data Center Business: Provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. Corporate and Other: Consists primarily of our Fine Arts and asset lifecycle management ("ALM") businesses and other corporate items ("Corporate and Other"). Our Fine Arts business provides technical expertise in the handling, installation and storing of art. Our ALM business provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure processing and disposition, and recycling or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. In addition, ALM also offers device support, end-of-life disposition and recycling or sale of employee IT devices. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable, and transparent chain of custody practices. Corporate and Other includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. Section X - Appendix and Definitions investors.ironmountain.com Q2 2026 Supplemental Financial Information 27

Capital Expenditures and Investments: Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally discretionary in nature. We categorize our capital expenditures as follows: Growth Investment: Data Center - Expenditures primarily related to investments in the construction of data center facilities (including the acquisition of land), as well as investments to drive revenue growth, expand capacity or achieve operational or cost efficiencies. Real Estate - Expenditures primarily related to investments in land, buildings, building and leasehold improvements and racking structures to grow our revenues, extend the useful life of an asset or achieve operational or cost efficiencies. Innovation and Other - Discretionary capital expenditures for new products and services as well as computer hardware and software to drive revenue growth, expand capacity or to achieve operational cost efficiencies in businesses other than our data center business. Integration costs of acquisitions are also included. Recurring: Data Center - Expenditures related to the replacement of equivalent components and overall maintenance of existing data center assets. Real Estate - Expenditures primarily related to the replacement of components of real estate assets such as buildings, building and leasehold improvements and racking structures. Non-Real Estate - Expenditures primarily related to the replacement of containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets that support the maintenance of existing revenues or avoidance of an increase in costs. Constant Currency: Adjusts results to normalize Fx impacts across comparable periods. Data Center Business Definitions: Leaseable MW - Represents the amount of critical power capacity available for customer use, measured in megawatts (MW). Monthly Recurring Revenue (MRR) - Defined as recurring contractual revenue under existing commenced customer leases, including rent, power, and other recurring data center services. Pre-leased - A lease on data center capacity that is signed before construction has completed. Pre-Stabilized - A building recently placed in service which has not yet reached 85% leased or 24 months in service. Rental Churn Rate - Represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the MRR terminated in the period, compared with total MRR at the beginning of the period. TCV - “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. Total potential MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. WALE - “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, excluding utility reimbursements. EBITDAR: Calculated using a trailing four fiscal quarter basis earnings before interest, taxes, depreciation and amortization and rent expense (“EBITDAR”) of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, subject to certain adjustments and exclusions, which make the calculation of financial performance for purposes of EBITDAR calculations not directly comparable to our presentation of Adjusted EBITDA. Credit Facility Fixed Charge Coverage Ratio: Calculated using a trailing four fiscal quarter basis EBITDAR divided by scheduled amortization, interest expense related to outstanding debt and preferred equity, if any, and rent expenses of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement. Net Lease-Adjusted Leverage Ratio: Calculated as net debt, including the capitalized value of lease obligations, of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, plus six times rent expenses divided by EBITDAR. Organic Revenue Growth: Our organic revenue growth rate, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rate includes the impact of acquisitions of customer relationships. Records Management Retention Rate: Calculated as one minus the result of dividing the total number of cubic feet of records removed from inventory due to customer terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. Storage Rev/NOI per Sq. Ft.: Calculated as either storage revenue or Storage NOI (as defined below) divided by the quarterly building square foot average for storage products. Section X - Appendix and Definitions investors.ironmountain.com Q2 2026 Supplemental Financial Information 28

Service Profit and Margin: The Gross Profit and Margin attributable to the global service business. Calculated as follows: Total Revenues from Adjusted Service Activities - Service Cost of Sales = Service Gross Profit ($) / Total Revenues from Adjusted Service Activities = Service Gross Margin (%) Storage Net Operating Income, or Storage NOI: Storage NOI is defined as adjusted revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Storage Profit and Margin: Gross Profit and Margin attributable to the global storage business. Calculated as follows: Total Revenue from Adjusted Storage Rental Activities - Storage Rental Cost of Sales = Storage Rental Gross Profit ($) / Total Revenue from Adjusted Storage Rental Activities = Storage Rental Gross Margin (%) Tax Rates: Effective Tax Rate - GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate - Estimated tax rate for the full fiscal year calculated based on forecasted ordinary income and forecasted tax expense/benefit excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). Total Storage Volume: Iron Mountain’s comprehensive portfolio of physical storage, including Global RIM and Corporate and Other, calculated on an absolute basis in cubic feet. Section X - Appendix and Definitions investors.ironmountain.com Q2 2026 Supplemental Financial Information 29

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