Iron Mountain Incorporated (Delaware) · NYSE:IRM
Iron Mountain Incorporated (Delaware) — Iron Mountain — Q3 2026 Earnings Presentation
24 slides from Iron Mountain Incorporated (Delaware)'s earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 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
IRON MOUNTAIN SNAPSHOT (NYSE: IRM) $51B $170B Enterprise Value Total Addressable Market ~$8B ~$3B 2026E Revenue 2026E Adj. EBITDA1 12% 13% 5-Yr Revenue CAGR 5-Yr Adj. EBITDA1 CAGR 59% 11% AFFO Payout Ratio2 Dividend Growth CAGR3 240,000+ 95% Customers Trusted by Fortune 1000 61 ~1,300 Countries Serv
Slide 5: Growth Strategy Delivering Record Results
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
Slide 6: Driving Sustained Double-Digit Revenue Growth
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 (i
Slide 7: Strong Leadership Positions in Global Businesses
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 G
Slide 8: Key Highlights Supporting Strong Growth Momentum
ALM Capitalizing on significant long-term growth opportunity with a cross-sell win to become the sole partner for managing secure IT asset disposition in North America for a leading global consulting firm. DATA CENTER Leased 137 megawatts year to date, including 51 megawatts in Mumbai, 25 megawatts
Slide 9: Global RIM: Records Management + Digital Solutions
➔ 37 consecutive years of organic revenue growth ➔ Record level of storage volume in Q3 ➔ Highly recurring revenue stream as volume is sticky with ~15 year average storage duration per box ➔ Proven revenue management strategy driven by continuous enhancements to the value we provide customers ➔ Leve
Slide 10: Data Center: Executing Multi-Year Growth Plan
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 demand continuing to outpace supply ○ Hyperscale demand for AI / Inference data centers is growing meaningfully as indu
Slide 11: ALM: Capitalizing on Multi-Billion Dollar Growth Opportunity
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 fo
Slide 12: Q3 2026 Results and 2026 Outlook
Q3 2026 RESULTS AND 2026 OUTLOOK
Slide 13: Record Q3 2026 Results
RECORD Q3 2026 RESULTS Three Months Ended YoY% Change 9/30/26 9/30/25 Reported $ Constant Fx $ in millions, except per share data Global RIM $1,433 $1,339 7% 7% Global Data Center $274 $204 34% 34% Corporate and Other $284 $211 34% 34% Total Revenues $1,991 $1,754 13% 13% Net Income $129 $86 49% Rep
Slide 14: 2026 Guidance: Positioned for Another Record Year
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,
Slide 15: Capital Investments and Returns
CAPITAL INVESTMENTS AND RETURNS 15 1 Based on the midpoint of our full year 2026 guidance 2 Long-term net lease adjusted leverage ratio. ● Our target leverage ratio2 is 4.5x – 5.5x, and in Q3 2026 leverage was 4.8x Investing in high ROIC opportunities that drive double-digit growth Capital allocatio
Slide 16: Investment Takeaways
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
Slide 17: Appendix
17 APPENDIX
Slide 18: Q3 Reconciliations
18 Q3 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 September 30, 2026 and 2025 is primarily due to (i) the reconciling item
Slide 19: Q3 Reconciliations (Cont.)
19 Q3 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 esta
Slide 20: Full Year Reconciliations
20 FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA
Slide 21: Full Year Reconciliations (Cont.)
21 FULL YEAR RECONCILIATIONS (CONT.) NET INCOME (LOSS) TO FFO AND AFFO (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real
Slide 22: Definitions: Adjusted EBITDA
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 ind
Slide 23: 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 24: Elevate the power of your work
Elevate the power of your work. ANS MOUNTAIN®