25 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Aug 5, 2026
Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 5, 2026
Slide 2: Forward Looking Statements
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
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Iron Mountain Snapshot (NYSE: IRM)
IRON MOUNTAIN SNAPSHOT (NYSE: IRM) Iron Mountain is a global leader in information management services Financial Strong Leadership Positions in Global Businesses $55B $170B Records Management Data Center Enterprise Value Total Addressable Market ♦ 735M+ cubic feet of records storage volume ♦ Total d
Slide 5: Growth Strategy Delivering Record Results
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 240,00
Slide 6: Driving Sustained Double-Digit Revenue Growth
DRIVING SUSTAINED DOUBLE-DIGIT REVENUE GROWTH Growth Businesses Provide Increasing Tailwind to Driving Double-Digit Total Consolidated Growth ● Growth Businesses of Data Center, Asset Lifecycle Management (ALM), and Digital Solutions, are expected to have an outsized impact to consolidated growth as
Slide 7: Strong Leadership Positions in Global Businesses
STRONG LEADERSHIP POSITIONS IN GLOBAL BUSINESSES Records Management Asset Lifecycle and Data Center Management Digital Solutions (ALM) Synergistic Business Model Decades-long relationships built on trust Significant cross-selling opportunities Strong reputation for security and chain of custody End-
Slide 8: Key Highlights Supporting Strong Growth Momentum
KEY HIGHLIGHTS SUPPORTING STRONG GROWTH MOMENTUM ALM DATA CENTER Capitalizing on significant long-term growth Leased 110 megawatts year to date through opportunity with a multi-year global enterprise July, including 51 megawatts in Mumbai and 25 win to become the sole vendor managing tens of megawat
Slide 9: Global RIM: Records Management + Digital Solutions
GLOBAL RIM: Records Management + Digital Solutions ● 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 th
Slide 10: Data Center: Executing Multi-Year Growth Plan
DATA CENTER: Executing Multi-Year Growth Plan Strong Industry Demand Outlook ○ 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
Slide 11: ALM: Capitalizing on Multi-Billion Dollar Growth Opportunity
ALM: Capitalizing on Multi-Billion Dollar Growth Opportunity ● 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 ● I
Slide 12: Q2 2026 Results and 2026 Outlook
Q2 2026 RESULTS AND 2026 OUTLOOK
Slide 13: Record Q2 2026 Results
RECORD Q2 2026 RESULTS Three Months Ended YoY% Change Key Highlights 6/30/26 6/30/25 Reported $ Constant Fx ● Record Q2 results with strength across business $ in millions, except per share data ○ Total Revenue growth of 19%, including organic growth of 17% Global RIM $1,434 $1,324 8% 7% ○ Adjusted
Slide 14: 2026 Guidance: Positioned for Another Record Year
2026 GUIDANCE: POSITIONED FOR ANOTHER RECORD YEAR ($ in millions, except per share data) Full Year 2026 2026 Y/Y % Chg. Y/Y Guidance (1) New at Midpoint Previous Q3 2026 % 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 ~$745 ~13% A
Slide 15: 2026 Mid-Point Guidance with FX Considerations
2026 MID-POINT GUIDANCE WITH FX CONSIDERATIONS ● As the US dollar has strengthened since our last earnings call, for comparability, we are presenting our updated guidance on today’s FX rates and the FX rates at the time of our Q1 earnings guidance: ($ in millions, except per share data) Current Guid
Slide 16: Capital Investments and Returns
CAPITAL INVESTMENTS AND RETURNS Investing in high ROIC opportunities that drive double-digit growth ● 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
Slide 17: Investment Takeaways
INVESTMENT TAKEAWAYS 1 Strong Foundation ❖ 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
Slide 18: Appendix
APPENDIX 18
Slide 19: Q2 Reconciliations
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,
Slide 20: Q2 Reconciliations (Cont.)
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 (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized and le
Slide 21: Full Year Reconciliations
FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA 21
Slide 22: Full Year Reconciliations (Cont.)
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 est
Slide 23: Definitions
DEFINITIONS 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 belie
Slide 24: Definitions (Cont.)
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 ta
Slide 25: Elevate the power of your work
Elevate the power of your work. J\ RON MOUNTAIN®