Iron Mountain Incorporated (delaware) · NYSE:IRM
Iron Mountain Incorporated (delaware) — Iron Mountain — Q3 2025 Earnings Presentation
24 slides from Iron Mountain Incorporated (delaware)'s earnings presentation, Nov 5, 2025
Slide 1: Q3 2025 Earnings Presentation
IRON MOUNTAIN IRON MOUNTAIN Q1 2025 Earnings Presentation Q3 2025 Earnings Presentation November 5, 2025
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 $165 billion 2025E Revenue Global Presence Countries Served Total Storage Volume ~$6.9 billion 61 740M+ +11% 4-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 4 Yr. CAGR (2021 -2025E) + 13% o +11% Reported % t 13% +10 o+ +13% Ex. Fx Impact %t x +10 Ex. F % +12 % +13 x Ex. F ~$6.9B +7% $6.1B 2025E Revenue +8% x 2024 Revenue % F +14 Ex. $5.5B 20
Slide 6: Driving Sustained Double-Digit Revenue Growth
DRIVING SUSTAINED DOUBLE-DIGIT REVENUE GROWTH ● Growth Businesses, including Data Center, Digital Solutions, and Asset Lifecycle Management (ALM), are increasing at 20%+ CAGR collectively and estimated to reach 28% of total revenue in 2025 up from 15% in 2021 ● We expect ~12% consolidated revenue gr
Slide 7: Matterhorn Strategy Delivering Record Results
MATTERHORN STRATEGY DELIVERING RECORD RESULTS ● Matterhorn strategy focuses on accelerating enterprise growth through investments in large and growing global markets and leveraging our enterprise-wide commercial platform to cross-sell solutions across our more than 240,000 customers x Fx . Fx .F . E
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 ● We are the trusted guardian of information and assets for more than 240,000 customers and have the largest global footprint in records management ● Global RIM segment is expected to generate ~$5.3 billion in revenue in 2025 with strong Adj. EBITDA
Slide 10: Data Center
DATA CENTER IRM is a Leader in the Strong and Growing Data Center Industry ○ Data center development remains very strong with industry capacity expected to increase at a 15-25% CAGR ○ Iron Mountain operates 30 data centers with strong market positions in Northern Virginia, Phoenix, Frankfurt, London
Slide 11: Asset Lifecycle Management (ALM)
ASSET LIFECYCLE MANAGEMENT (ALM) ● We are a global market leader in the highly fragmented, growing $30 billion ALM market with ~$600 million of revenue expected in 2025 ● ALM opportunity is significant across both the enterprise and data center decommissioning markets with low capital investment req
Slide 12: Q3 2025 Results and 2025 Outlook
Q3 2025 RESULTS AND 2025 OUTLOOK
Slide 13: Record Q3 2025 Results
RECORD Q3 2025 RESULTS Three Months Ended YoY% Change Key Highlights 9/30/25 9/30/24 Reported $ Constant Fx ● Record Q3 results with strength across business $ in millions, except per share data ○ Total Revenue +13% Y/Y Global RIM $1,339 $1,260 6% 5% ○ Adjusted EBITDA +16% Y/Y ○ AFFO +18% Y/Y Global
Slide 14: 2025 Guidance
2025 GUIDANCE We are reiterating our full year 2025 financial guidance, with fourth quarter 2025 Revenue and Adjusted EBITDA each expected to increase approximately 14% year over year ($ in millions, except per share data) 2025 Full Yr. Y/Y % Chg. Q4 Y/Y Guidance (1) 2025 at Midpoint 2025 % Chg. Rev
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 more than $1 billion annually that more than covers recurring capex and the dividend, with excess cash flow invested in growth ● Adj. EBITDA growth of m
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: Q3 Reconciliations
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, 2025 and 2024 is primarily due to (i) the reconciling items a
Slide 19: Q3 Reconciliations (Cont.)
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 (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
. IRON Elevate the power of : A MOUNTAIN® a Ann