Financial Performance & Growth - Iron Mountain achieved record Q2 2025 results, exceeding expectations, with total revenues of $1.712 billion, a 12% year-over-year increase[39] - Adjusted EBITDA for Q2 2025 was $628 million, a 15% year-over-year increase, with an Adjusted EBITDA margin of 36.7%[39] - Adjusted Funds From Operations (AFFO) for Q2 2025 was $370 million, a 15% year-over-year increase, with AFFO per share at $1.24, also a 15% increase[39] - The company is increasing its full year 2025 revenue guidance to $6.79 billion - $6.94 billion, representing approximately 12% year-over-year growth[41] - Adjusted EBITDA for full year 2025 is guided to $2.52 billion - $2.57 billion, approximately 14% year-over-year growth[41] - AFFO for full year 2025 is guided to $1.505 billion - $1.530 billion, approximately 13% year-over-year growth, with AFFO per share of $5.04 - $5.13, a 12% increase[41] Business Segments - Global RIM (Records Management) segment is expected to generate ~$5.3 billion in revenue in 2025[28] - Data Center organic storage revenue increased by 26% year-over-year[39] - Asset Lifecycle Management (ALM) organic revenue growth was 42%, with reported growth of 70% year-over-year[39] Strategic Initiatives - Growth businesses (Data Center, Digital Solutions, ALM) are expected to account for 28% of total revenue in 2025, up from 15% in 2021[15, 45] - The company has a total addressable market of $165 billion[8, 45] - The company is expanding its data center capacity to approximately 1.3 GW from the current operating portfolio of 450 MW[9, 32]

Financial Performance - Iron Mountain reported Q1 2025 revenue of $1.593 billion, an increase of 8% year-over-year, or 9% excluding FX[38] - Adjusted EBITDA for Q1 2025 was $580 million, up 12% year-over-year, or 13% excluding FX, with a margin of 36.4%[38] - AFFO for Q1 2025 reached $348 million, an 8% increase year-over-year, or 10% excluding FX, with AFFO per share at $1.17, a 6% increase, or 9% excluding FX[38] - The company is increasing its full year 2025 revenue guidance to $6.74 billion - $6.89 billion, representing approximately 11% year-over-year growth[40] - The company is increasing its full year 2025 Adjusted EBITDA guidance to $2.505 billion - $2.555 billion, representing approximately 13% year-over-year growth[40] - The company is increasing its full year 2025 AFFO guidance to $1.480 billion - $1.510 billion, representing approximately 11% year-over-year growth[40] Business Segments and Strategy - Iron Mountain's total addressable market is over $150 billion[8] - The company's Matterhorn strategy focuses on accelerating enterprise growth through investments in large and growing global markets and leveraging its commercial platform[14] - Growth businesses, including Data Center, Digital Solutions, and ALM, are estimated to reach 28% of total revenue in 2025, up from 15% in 2021[21] - The company plans to invest approximately $1.8 billion in growth capital in 2025[41] - Iron Mountain has ample liquidity of $2.1 billion as of March 31, 2025 to support growth investments[41]