IRON MOUNTAIN Q1 2025 Earnings Presentation IRON MOUNTAIN Q4 2025 Earnings Presentation February 12, 2026 FORWARD LOOKING STATEMENTS We have made statements in this presentation that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investme ...

Financial Performance & Growth - Iron Mountain reported record Q3 2025 results, with total revenue increasing by 13% year-over-year[42] - Adjusted EBITDA increased by 16% year-over-year, reaching $660 million[42] - Adjusted Funds From Operations (AFFO) increased by 18% year-over-year, totaling $393 million, with AFFO per share at $132, a 17% increase[42] - The company is reiterating its full-year 2025 revenue guidance of $679 billion to $694 billion, representing approximately 12% year-over-year growth[43] - Adjusted EBITDA for full-year 2025 is guided at $252 billion to $257 billion, about 14% year-over-year growth[43] - Full-year 2025 AFFO is expected to be $1505 billion to $153 billion, around 13% year-over-year growth, with AFFO per share between $504 and $513, a 12% increase[43] Business Segments - Global RIM (Records Management) revenue is expected to be approximately $53 billion in 2025[25] - Data Center organic revenue growth was +32% year-over-year in Q3 2025[42] - Asset Lifecycle Management (ALM) organic revenue growth was 36% and reported growth +65% year-over-year in Q3 2025[42] Strategic Initiatives - Growth businesses (Data Center, Digital Solutions, ALM) are expected to account for 28% of total revenue in 2025, growing at a 20%+ compound annual growth rate (CAGR) collectively[47] - The company has a total addressable market of $165 billion[8, 47] - Iron Mountain is increasing its dividend by 10% effective January 2026, marking the fourth consecutive year of dividend increases[42]