24 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Feb 12, 2026
Slide 1: Q4 2025 Earnings Presentation
IRON MOUNTAIN IRON MOUNTAIN Q1 2025 Earnings Presentation Q4 2025 Earnings Presentation February 12, 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) A global leader in storage and information management services with a total addressable market of $170 billion 2026E Revenue Global Presence Countries Served Total Storage Volume ~$7.7 billion 61 740M+ +11% 5-Yr CAGR Cubic Ft. Customers Served Facilities Data Cente
Slide 5: Our Growth Journey
OUR GROWTH JOURNEY Climb On! • Strong Global Leadership Positions in Multiple Businesses • World-class Operations 5 Yr. CAGR (2021 -2026E) +11% Reported % +12 +12% Ex. Fx Impact % +12 % +12 ~$7.7B $6.9B 2026E Revenue +7% 2025 Revenue % $6.1B +14 2024 Revenue $5.5B 2023 Revenue $5.1B 2022 Revenue $4.
Slide 6: Driving Sustained Double-Digit Revenue Growth
DRIVING SUSTAINED DOUBLE-DIGIT REVENUE GROWTH ● Growth Businesses, including Data Center, Asset Lifecycle Management (ALM), and Digital Solutions, collectively increased more than 30% and accounted for 28% of total revenue in 2025 up from 15% in 2021 ● Growth Businesses accounted for two-thirds of c
Slide 7: 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 8: 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 9: Global RIM: Records Management + Digital Solutions
GLOBAL RIM: Records Management + Digital Solutions ● Iron Mountain is a trusted guardian of information and assets for more than 240,000 customers with the largest global footprint in records management ● Global RIM Adj. EBITDA margin profile of ~45% drives substantial cash flow and funds growth inv
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 expected to increase at a 15-25% CAGR ○ Hyperscale demand for AI / Inference data centers will grow meaningfully in the coming years as industry shifts to
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: Q4 2025 Results and 2026 Outlook
Q4 2025 RESULTS AND 2026 OUTLOOK
Slide 13: Record Q4 2025 Results
RECORD Q4 2025 RESULTS Three Months Ended YoY% Change Key Highlights 12/31/25 12/31/24 Reported $ Constant Fx ● Record Q4 results with strength across business $ in millions, except per share data ○ Total Revenue +17% Y/Y, including organic growth of 14% Global RIM $1,373 $1,258 9% 8% ○ Adjusted EBI
Slide 14: 2026 Guidance
2026 GUIDANCE We are committed to delivering industry leading growth and expect 2026 to be another record year for Iron Mountain ($ in millions, except per share data) 2026 Full Yr. Y/Y % Chg. Q1 Y/Y Guidance (1) 2026 at Midpoint 2026 % Chg. Revenue $7,625 - $7,775 ~12% ~$1,855 ~16% Adjusted EBITDA
Slide 15: Capital Investments and Returns
CAPITAL INVESTMENTS AND RETURNS Investing in high ROIC opportunities that drive double-digit growth ● Our business generates operating cash flow of $1.5 to $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 16: Investment Takeaways
INVESTMENT TAKEAWAYS 1 Strong Foundation ❖ Global leader in multiple businesses with strong and increasing margins ❖ 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, operatio
Slide 17: Appendix
APPENDIX
Slide 18: Q4 Reconciliations
Q4 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 quarters ended December 31, 2025 and 2024 is primarily due to (i) the reconciling items above,
Slide 19: Q4 Reconciliations (Cont.)
Q4 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 and leasehold improvements, data
Slide 20: Full Year Reconciliations
FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA 20
Slide 21: 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 22: 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 23: Definitions
DEFINITIONS 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 a
Slide 24: Iron Mountain
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