Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): February 13, 2025

IRON MOUNTAIN INCORPORATED

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)


1-13045						23-2588479
(Commission File Number)						(IRS Employer Identification No.)

85 New Hampshire Avenue, Suite 150 Portsmouth, New Hampshire

(Address of Principal Executive Offices)

03801

(Zip Code)

(617) 535-4766

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name Of Each Exchange On Which Registered

Common Stock, $.01 par value per share

IRM

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 13, 2025, Iron Mountain Incorporated, or the Company, issued an earnings press release and supplemental financial information for the quarter and year ended December 31, 2024. In addition, the Company will be using a slide presentation during its earnings conference call. Copies of the earnings press release, slide presentation and supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, hereto and posted on the Company’s website, www.ironmountain.com, under “Investors.”

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Fourth Quarter and Full Year 2024 Earnings Press Release (Furnished herewith.)

99.2 Fourth Quarter and Full Year 2024 Earnings Conference Call Presentation (Furnished herewith.)

99.3 Fo urth Quarter and Full Year 2024 Supplemental Financial Information (Furnished herewith)

101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

The information in this report, including Exhibits 99.1, 99.2 and 99.3 is furnished in accordance with SEC Release No. 33-8216 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


IRON MOUNTAIN INCORPORATED

By:			/s/ Barry Hytinen
Name:			Barry Hytinen
Title:			Executive Vice President and Chief Financial Officer

Date: February 13, 2025

FOR IMMEDIATE RELEASE Iron Mountain Reports Fourth Quarter and Full Year 2024 Results • Achieves record quarterly and full year revenue of $1.6 billion and $6.1 billion, respectively • Q4 2024 and Full Year 2024 revenue growth of 11.4% and 12.2%, respectively, driven by strong performances across global RIM, data center, and asset lifecycle management (ALM) businesses • Q4 2024 and Full Year 2024 Net Income of $106 million and $184 million, respectively • Delivers record quarterly and full year Adjusted EBITDA of $605 million and $2.2 billion, respectively • Issues strong 2025 guidance with Revenue growth of 8% to 11% and Adjusted EBITDA growth of 11% to 13% • Excluding the effects of foreign exchange, 2025 guidance for Revenue growth is 10% to 12% and Adjusted EBITDA growth is 12% to 14% • Increases quarterly dividend per share by 10% based on continued strong growth in AFFO PORTSMOUTH, N.H. – February 13, 2025 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2024. “We are pleased to report that our fourth quarter and full year 2024 results were an all-time record for Revenue, Adjusted EBITDA, and AFFO. We continue to execute well against our Project Matterhorn growth strategy, delivering double-digit revenue growth in Q4 with strength across each of our business segments. We are grateful to our Mountaineers for their continued dedication to serving our customers, which is driving our outstanding results,” said William L. Meaney, President and CEO of Iron Mountain. “As we look to 2025, we remain committed to continuing to deliver industry leading revenue growth of 8% to 11%, which is benefiting from our growth businesses representing an increasingly larger portion of our revenue, as well as adjusted EBITDA growth of 11% to 13%. With our strong performance in 2024 and continued growth outlook we are pleased to increase the dividend by 10%.” Financial Performance Highlights for the Fourth Quarter and Full Year 2024 ($ in millions, except per share data) Three Months Ended Y/Y % Change Full Year Y/Y % Change 12/31/24 12/31/23 Reported $ Constant Fx 12/31/24 12/31/23 Reported $ Constant Fx Storage Rental Revenue $942 $871 8% 9% $3,682 $3,371 9% 10% Service Revenue $639 $549 17% 17% $2,468 $2,109 17% 17% Total Revenue $1,581 $1,420 11% 12% $6,150 $5,480 12% 13% Net Income $106 $29 n/a $184 $187 (2)% Reported EPS $0.35 $0.10 n/a $0.61 $0.63 (3)% Adjusted EPS $0.50 $0.52 (4)% $1.77 $1.82 (3)% Adjusted EBITDA $605 $525 15% 16% $2,236 $1,962 14% 14% Adjusted EBITDA Margin 38.3% 37.0% 130 bps 36.4% 35.8% 60 bps AFFO $368 $328 12% $1,345 $1,211 11% AFFO per share $1.24 $1.11 12% $4.54 $4.12 10% 1

• Total reported revenues for the fourth quarter were $1.6 billion, compared with $1.4 billion in the fourth quarter of 2023, an increase of 11.4%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 12.1% compared to the prior year, driven by an 8.8% increase in storage rental revenue and a 17.2% increase in service revenue. For the full year, total reported revenues increased 12.2%, or 12.6% excluding the impact of Fx. • Net Income for the fourth quarter was $105.7 million, compared with $29.2 million in the fourth quarter of 2023, driven by increased Operating Income. For the full year, net income was $183.7 million, compared with $187.3 million in 2023. • Adjusted EBITDA for the fourth quarter was $605.1 million, compared with $525.2 million in the fourth quarter of 2023, an increase of 15.2%. On a constant currency basis, Adjusted EBITDA increased by 16.2% in the fourth quarter, compared to the fourth quarter of 2023, driven by increased revenue in our Global RIM, ALM, and Data Center businesses. On a constant currency basis, full year Adjusted EBITDA increased 14.5%. • FFO (Normalized) per share was $0.85 for the fourth quarter, compared with $0.83 in the fourth quarter of 2023. For the full year, FFO (Normalized) per share was $3.15, compared with $3.04 in 2023, or an increase of 3.6%. • AFFO was $368.0 million for the fourth quarter, compared with $327.6 million in the fourth quarter of 2023, an increase of 12.3% driven by improved Adjusted EBITDA. For the full year, AFFO was $1.34 billion compared with $1.21 billion, or an increase of 11.0%. • AFFO per share was $1.24 for the fourth quarter, compared with $1.11 in the fourth quarter of 2023. For the full year, AFFO per share was $4.54, compared to $4.12 in 2023, or an increase of 10.2%. Dividend On February 13, 2025, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.785 per share of common stock for the first quarter, representing an increase of 10%. The first quarter 2025 dividend is payable on April 4, 2025, to shareholders of record at the close of business on March 17, 2025. Guidance Iron Mountain issued full year 2025 guidance; details are summarized in the table below. 2025 Guidance(1) ($ in millions, except per share data) 2025 Guidance Approximate Y/Y % Change at Midpoint Approximate Y/Y % Change Ex. Fx at Midpoint Total Revenue $6,650 - $6,800 ~9% ~11% Adjusted EBITDA $2,475 - $2,525 ~12% ~13% AFFO $1,450 - $1,480 ~9% ~11% AFFO Per Share $4.85 - $4.95 ~8% ~10% (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, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. 2

Q4 2024 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Investor Relations Contacts: Mark Rupe Erika Crabtree SVP, Investor Relations Manager, Investor Relations Mark.Rupe@ironmountain.com Erika.Crabtree@ironmountain.com (215) 402-7013 (617) 535-2845 3

Forward Looking Statements We have made statements in this press release 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, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Reconciliation of Non-GAAP Measures Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. 4

Consolidated Balance Sheets (Audited; dollars in thousands) 12/31/2024 12/31/2023 ASSETS Current Assets: Cash and Cash Equivalents $155,716 $222,789 Accounts Receivable, Net 1,291,379 1,259,826 Prepaid Expenses and Other 244,127 252,930 Total Current Assets $1,691,222 $1,735,545 Property, Plant and Equipment: Property, Plant and Equipment $11,985,997 $10,373,989 Less: Accumulated Depreciation (4,354,398) (4,059,120) Property, Plant and Equipment, Net $7,631,599 $6,314,869 Other Assets, Net: Goodwill $5,083,817 $5,017,912 Customer and Supplier Relationships and Other Intangible Assets 1,274,731 1,279,800 Operating Lease Right-of-Use Assets 2,489,893 2,696,024 Other 545,853 429,652 Total Other Assets, Net $9,394,294 $9,423,388 Total Assets $18,717,115 $17,473,802 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $715,109 $120,670 Accounts Payable 678,716 539,594 Accrued Expenses and Other Current Liabilities 1,366,568 1,250,259 Deferred Revenue 326,882 325,665 Total Current Liabilities $3,087,275 $2,236,188 Long-term Debt, Net of Current Portion 13,003,977 11,812,500 Long-term Operating Lease Liabilities, Net of Current Portion 2,334,826 2,562,394 Other Long-term Liabilities 312,199 237,590 Deferred Income Taxes 205,341 235,410 Redeemable Noncontrolling Interests 78,171 177,947 Total Long-term Liabilities $15,934,514 $15,025,841 Total Liabilities $19,021,789 $17,262,029 (Deficit) Equity Total (Deficit) Equity $(304,674) $211,773 Total Liabilities and (Deficit) Equity $18,717,115 $17,473,802 5

Quarterly Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Revenues: Storage Rental $941,970 $935,701 0.7 % $871,144 8.1 % Service 639,309 621,657 2.8 % 548,685 16.5 % Total Revenues $1,581,279 $1,557,358 1.5 % $1,419,829 11.4 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $688,933 $678,390 1.6 % $601,329 14.6 % Selling, General and Administrative 333,307 341,929 (2.5) % 314,932 5.8 % Depreciation and Amortization 234,609 232,240 1.0 % 199,941 17.3 % Acquisition and Integration Costs 7,269 11,262 (35.5) % 12,860 (43.5) % Restructuring and Other Transformation 36,797 37,282 (1.3) % 53,853 (31.7) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (2,074) 5,091 (140.7) % 6,157 (133.7) % Total Operating Expenses $1,298,841 $1,306,194 (0.6) % $1,189,072 9.2 % Operating Income (Loss) $282,438 $251,164 12.5 % $230,757 22.4 % Interest Expense, Net 194,452 186,067 4.5 % 151,784 28.1 % Other (Income) Expense, Net (36,243) 86,362 (142.0) % 40,761 (188.9) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $124,229 $(21,265) n/a $38,212 n/a Provision (Benefit) for Income Taxes 18,544 12,400 49.5 % 9,018 105.6 % Net Income (Loss) $105,685 $(33,665) n/a $29,194 n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,753 (45) n/a 712 146.2 % Net Income (Loss) Attributable to Iron Mountain Incorporated $103,932 $(33,620) n/a $28,482 n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.35 $(0.11) n/a $0.10 n/a Diluted $0.35 $(0.11) n/a $0.10 n/a Weighted Average Common Shares Outstanding - Basic 293,771 293,603 0.1 % 292,328 0.5 % Weighted Average Common Shares Outstanding - Diluted 297,201 293,603 1.2 % 295,014 0.7 % 6

Full Year Consolidated Statements of Operations (Audited; dollars in thousands, except per-share data) Full Year 2024 Full Year 2023 % Change Revenues: Storage Rental $3,682,259 $3,370,645 9.2 % Service 2,467,650 2,109,644 17.0 % Total Revenues $6,149,909 $5,480,289 12.2 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $2,696,549 $2,357,800 14.4 % Selling, General and Administrative 1,339,539 1,236,287 8.4 % Depreciation and Amortization 900,905 776,159 16.1 % Acquisition and Integration Costs 35,842 25,875 38.5 % Restructuring and Other Transformation 161,359 175,215 (7.9) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 6,196 (12,825) (148.3) % Total Operating Expenses $5,140,390 $4,558,511 12.8 % Operating Income (Loss) $1,009,519 $921,778 9.5 % Interest Expense, Net 721,559 585,932 23.1 % Other Expense (Income), Net 43,422 108,640 (60.0) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $244,538 $227,206 7.6 % Provision (Benefit) for Income Taxes 60,872 39,943 52.4 % Net Income (Loss) $183,666 $187,263 (1.9) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 3,510 3,029 15.9 % Net Income (Loss) Attributable to Iron Mountain Incorporated $180,156 $184,234 (2.2) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.61 $0.63 (3.2) % Diluted $0.61 $0.63 (3.2) % Weighted Average Common Shares Outstanding - Basic 293,365 291,936 0.5 % Weighted Average Common Shares Outstanding - Diluted 296,234 293,965 0.8 % 7

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Net Income (Loss) $105,685 $(33,665) n/a $29,194 n/a Add / (Deduct): Interest Expense, Net 194,452 186,067 4.5 % 151,784 28.1 % Provision (Benefit) for Income Taxes 18,544 12,400 49.5 % 9,018 105.6 % Depreciation and Amortization 234,609 232,240 1.0 % 199,941 17.3 % Acquisition and Integration Costs 7,269 11,262 (35.5) % 12,860 (43.5) % Restructuring and Other Transformation 36,797 37,282 (1.3) % 53,853 (31.7) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) (2,074) 5,091 (140.7) % 6,157 (133.7) % Other (Income) Expense, Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures (37,795) 85,532 (144.2) % 40,332 (193.7) % Stock-Based Compensation Expense 44,647 29,563 51.0 % 20,604 116.7 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,917 2,341 24.6 % 1,506 93.7 % Adjusted EBITDA $605,051 $568,113 6.5 % $525,249 15.2 % 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 indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write- down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. 8

Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Full Year 2024 Full Year 2023 % Change Net Income (Loss) $183,666 $187,263 (1.9) % Add / (Deduct): Interest Expense, Net 721,559 585,932 23.1 % Provision (Benefit) for Income Taxes 60,872 39,943 52.4 % Depreciation and Amortization 900,905 776,159 16.1 % Acquisition and Integration Costs 35,842 25,875 38.5 % Restructuring and Other Transformation 161,359 175,215 (7.9) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 6,196 (12,825) (148.3) % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 39,159 98,891 (60.4) % Stock-Based Compensation Expense 118,138 73,799 60.1 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 8,684 11,425 (24.0) % Adjusted EBITDA $2,236,380 $1,961,677 14.0 % 9

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.35 $(0.11) n/a $0.10 n/a Add / (Deduct): Acquisition and Integration Costs 0.02 0.04 (50.0) % 0.04 (50.0) % Restructuring and Other Transformation 0.12 0.13 (7.7) % 0.18 (33.3) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (0.01) 0.02 (150.0) % 0.02 (150.0) % Other (Income) Expense, Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures (0.13) 0.29 (144.8) % 0.14 (192.9) % Stock-Based Compensation Expense 0.15 0.10 50.0 % 0.07 114.3 % Non-Cash Amortization Related to Derivative Instruments 0.01 0.01 — 0.01 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.03) (0.04) (25.0) % (0.04) (25.0) % Income (Loss) Attributable to Noncontrolling Interests 0.01 — n/a — n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.50 $0.44 13.6 % $0.52 (3.8) % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the quarters ended December 31, 2024 and 2023 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended December 31, 2024, September 30, 2024 and December 31, 2023 was 15.6%, 15.1%, and 12.3%, respectively. Adjusted Earnings Per Share, or Adjusted EPS We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling Items and discrete tax Items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. 10

Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Full Year 2024 Full Year 2023 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.61 $0.63 (3.2) % Add / (Deduct): Acquisition and Integration Costs 0.12 0.09 33.3 % Restructuring and Other Transformation 0.54 0.60 (10.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 0.02 (0.04) (150.0) % Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.13 0.34 (61.8) % Stock-Based Compensation Expense 0.40 0.25 60.0 % Non-Cash Amortization Related to Derivative Instruments 0.06 0.07 (14.3) % Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.12) (0.12) — Income (Loss) Attributable to Noncontrolling Interests 0.01 0.01 — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.77 $1.82 (2.7) % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the years ended December 31, 2024 and 2023 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the years ended December 31, 2024 and 2023 was 15.6% and 12.3%, respectively. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter’s estimate of the annual structural tax rate for the full year. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. 11

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Net Income (Loss) $105,685 $(33,665) n/a $29,194 n/a Add / (Deduct): Real Estate Depreciation (1) 92,154 93,864 (1.8) % 83,928 9.8 % (Gain) Loss on Sale of Real Estate, Net of Tax (6,614) 531 n/a 193 n/a Data Center Lease-Based Intangible Assets Amortization (2) 5,553 5,604 (0.9) % 3,804 46.0 % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,855 1,422 30.5 % 853 117.5 % FFO (Nareit) $198,633 $67,756 193.2 % $117,972 68.4 % Add / (Deduct): Acquisition and Integration Costs 7,269 11,262 (35.5) % 12,860 (43.5) % Restructuring and Other Transformation 36,797 37,282 (1.3) % 53,853 (31.7) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 5,442 4,554 19.5 % 6,290 (13.5) % Other (Income) Expense, Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures (37,795) 85,532 (144.2) % 40,332 (193.7) % Stock-Based Compensation Expense 44,647 29,563 51.0 % 20,604 116.7 % Non-Cash Amortization Related to Derivative Instruments 4,176 4,176 — 4,176 — Real Estate Financing Lease Depreciation 3,221 3,692 (12.8) % 3,022 6.6 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (9,997) (10,465) (4.5) % (13,050) (23.4) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures 75 (83) 190.4 % (56) n/a FFO (Normalized) $252,468 $233,269 8.2 % $246,005 2.6 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.67 $0.23 191.3 % $0.40 67.5 % FFO (Normalized) $0.85 $0.79 7.6 % $0.83 2.4 % Weighted Average Common Shares Outstanding - Basic 293,771 293,603 0.1 % 292,328 0.5 % Weighted Average Common Shares Outstanding - Diluted 297,201 293,603 1.2 % 295,014 0.7 % (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 estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. 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 amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. 12

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change FFO (Normalized) $252,468 $233,269 8.2 % $246,005 2.6 % Add / (Deduct): Non-Real Estate Depreciation 67,016 66,787 0.3 % 51,572 29.9 % Amortization Expense (1) 66,665 62,293 7.0 % 57,613 15.7 % Amortization of Deferred Financing Costs 6,671 6,666 0.1 % 3,278 103.5 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,229 1,321 (6.9) % 1,829 (32.8) % Non-Cash Rent Expense (Income) 4,741 4,984 (4.9) % 4,982 (4.8) % Reconciliation to Normalized Cash Taxes 5,034 (2,166) n/a 7,090 (29.0) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 179 183 (2.7) % 181 (1.7) % Less: Recurring Capital Expenditures 36,017 41,337 (12.9) % 44,916 (19.8) % AFFO $367,986 $332,000 10.8 % $327,634 12.3 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $1.24 $1.13 9.7 % $1.11 11.7 % Weighted Average Common Shares Outstanding - Basic 293,771 293,603 0.1 % 292,328 0.5 % Weighted Average Common Shares Outstanding - Diluted 297,201 293,603 1.2 % 295,014 0.7 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. 13

Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Full Year 2024 Full Year 2023 % Change Net Income (Loss) $183,666 $187,263 (1.9) % Add / (Deduct): Real Estate Depreciation (1) 367,362 322,045 14.1 % (Gain) Loss on Sale of Real Estate, Net of Tax (6,698) (16,656) (59.8) % Data Center Lease-Based Intangible Assets Amortization (2) 22,304 22,322 (0.1) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 4,830 2,226 117.0 % FFO (Nareit) $571,464 $517,200 10.5 % Add / (Deduct): Acquisition and Integration Costs 35,842 25,875 38.5 % Restructuring and Other Transformation 161,359 175,215 (7.9) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 14,025 4,307 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 39,159 98,891 (60.4) % Stock-Based Compensation Expense 118,138 73,799 60.1 % Non-Cash Amortization Related to Derivative Instruments 16,705 21,097 (20.8) % Real Estate Financing Lease Depreciation 13,135 12,019 9.3 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (37,248) (35,307) 5.5 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (17) (374) (95.5) % FFO (Normalized) $932,562 $892,722 4.5 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.93 $1.76 9.7 % FFO (Normalized) $3.15 $3.04 3.6 % Weighted Average Common Shares Outstanding - Basic 293,365 291,936 0.5 % Weighted Average Common Shares Outstanding - Diluted 296,234 293,965 0.8 % (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 estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. 14

Full Year Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) Full Year 2024 Full Year 2023 % Change FFO (Normalized) $932,562 $892,722 4.5 % Add / (Deduct): Non-Real Estate Depreciation 248,799 191,785 29.7 % Amortization Expense (1) 249,305 227,987 9.4 % Amortization of Deferred Financing Costs 25,580 16,859 51.7 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 5,347 7,036 (24.0) % Non-Cash Rent Expense (Income) 19,042 25,140 (24.3) % Reconciliation to Normalized Cash Taxes 6,248 (14,826) (142.1) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 724 4,868 (85.1) % Less: Recurring Capital Expenditures 143,067 140,406 1.9 % AFFO $1,344,540 $1,211,165 11.0 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $4.54 $4.12 10.2 % Weighted Average Common Shares Outstanding - Basic 293,365 291,936 0.5 % Weighted Average Common Shares Outstanding - Diluted 296,234 293,965 0.8 % (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. 15

February 13, 2025 IRON MOUNTAIN Q4 2024 Earnings Presentation

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, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “will” or similar expressions, we are making forward-looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space or services activity; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this presentation. Reconciliation of Non-GAAP Measures Throughout this presentation, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), (5) AFFO, and (6) AFFO per share. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included in the appendix to this presentation and in the Supplemental Reporting Information. 2

COMPANY OVERVIEW

Global Presence Mountaineers ~29k Customers Served 240,000+ Trusted by ~95% of Fortune 1000 Facilities ~1,350 IRON MOUNTAIN SNAPSHOT (NYSE: IRM) A global leader in storage and information management services with a total addressable market of $150 billion 2024 Revenue $6.1 billion +11% 3-Yr CAGR Countries Served 61 Note: All figures as of 12/31/24. *2024 WSJ Management Top 250 Annual Company Ranking developed by the Drucker Institute. Total Storage Volume 730M+ Cubic Ft. 4 Data Center Portfolio 416 MW Operating Portfolio 96% Leased 165 MW Under Construction 94% Pre-Leased 699 MW Held for Development #1 for Customer Satisfaction*

Climb On! • Strong Global Leadership Positions in Multiple Businesses • World-class Operations 5 $4.5B 2021 Revenue Summit Growth Foundation $5.1B 2022 Revenue $5.5B 2023 Revenue MATTERHORN: Accelerating Growth $6.1B 2024 Revenue ~$6.7B 2025 Revenue Mid-Point Note: 2025 is mid-point of full year 2025 guidance. Fx = foreign exchange OUR GROWTH JOURNEY 3 Yr. CAGR (2021 -2024) +11% Reported +13% Ex. Fx Impact +14% +7% +12% +8% to +11% +17% Ex. Fx +8% Ex. Fx +13% Ex. Fx +10% to +12% Ex. Fx

Driving Revenue Growth in Records Management Supply Differentiated Data Center Offerings Delivering Differentiated Digital Solutions Scaling Asset Lifecycle Management to Capitalize on Fragmented Market ● Revenue management ● Flat to slight growth in volume ● Leveraging 240,000+ customer relationships to cross-sell across the enterprise (digital, data center and ALM services) ● Leveraging our InSight Digital Experience Platform (DXP) with embedded AI / ML technology to automatically extract and deliver data and insights ● Scalable, unified end-to-end solutions across physical & digital assets (Intelligent Business Process Management - iBPM) ● Growing percentage of hyperscale needs are AI-based ● Vast majority of IRM data centers are AI ready and all new construction will be AI enabled ● Significant potential capacity - 3x our current operating footprint ● Secure, sustainable and scalable ALM solutions – hardware asset management, enterprise ITAD, and data center decommissioning ● Strengthening global scale through strategic acquisitions (Wisetek, APCD) ● Large cross-selling opportunity STRATEGIC GROWTH PRIORITIES Committed to sustaining double-digit revenue growth Growth businesses increasing at a 20%+ CAGR, coupled with mid-to-high single digit growth in records management business Supported by operational focus on driving productivity and profitability 6

Records / Data Management Global Digital Solutions Transportation Services Core Services Revenue Management Support, Streamline, and Enhance Customer’s Business Strategy and Operations $5.0 billion 2024 Revenue, +7% vs. LY ➢ Global market leader in records and information management storage, both physical and digital ➢ Highly predictable revenue from storing and servicing more than 725 million cubic feet of physical volume globally ➢ Digital solutions business within Global RIM is ~$500 million annualized run rate and growing rapidly ➢ Proven revenue management strategy ➢ Very strong Adjusted EBITDA margin profile GLOBAL RIM 7

Opportunity to Triple Capacity 8 IRM Markets Data Center Markets Operational Data Centers Under Construction Note: All figures as of 12/31/24. $620 million 2024 Revenue, +25% vs. LY ➢ Industry outlook very positive for data center demand ➢ Top global operator of data centers with 29 data centers in 21 markets, serving 1,300+ customers, including 5 of largest global hyperscalers ➢ High visibility for incremental revenue growth; $810 million of annualized contract value at the end of 2024 ➢ 94% of MW under construction is already pre-leased under long-term agreements ➢ Very strong Adjusted EBITDA margin profile GLOBALLY CONNECTED PLATFORM Operating Portfolio 416 Under Construction 165 Held for Development 699 Total Data Center Portfolio 1,280 DATA CENTER Total Potential Capacity (MW)

~$400 million 2024 Revenue, +119% vs. LY ➢ Significant structural advantages and growth vectors in a large, fragmented market ➢ Global footprint and trusted customer relationships ➢ Best-in-class data security and chain of custody ➢ Market leader in cloud / hyperscale decommissioning ➢ Highly synergistic with core and data center businesses Reclaiming & Recycling Decommissioning & Remarketing Configuration Data Erasure Inventory Management & Deployment Unique Services Delivery Platform Developed on Scope, Capabilities, and Exclusive Built-for-Purpose Technology ASSET LIFECYCLE MANAGEMENT 9

Q4 AND FULL YEAR 2024 RESULTS

Record quarterly performance ● Revenue of $1.6 billion ● AFFO of $368 million ● Net income of $106 million ● Adjusted EBITDA of $605 million ● AFFO per share of $1.24 Year over Year Growth ● Total Revenue growth of 11%, 12% excluding Fx ● Adjusted EBITDA growth of 15%, 16% excluding Fx ● AFFO growth of 12%, 14% excluding Fx ● AFFO per share growth of 12% Storage Rental Revenue $942 $871 8% 9% Service Revenue $639 $549 17% 17% Total Revenue $1,581 $1,420 11% 12% Net Income $106 $29 – Reported EPS $0.35 $0.10 – Adj. EPS $0.50 $0.52 (4)% Adj. EBITDA $605 $525 15% 16% Adj. EBITDA Margin 38.3% 37.0% 130 bps AFFO $368 $328 12% AFFO per share $1.24 $1.11 12% 12/31/24 12/31/23 Reported $ Constant Fx Three Months Ended YoY % ∆ ($M, Except per Share Data) Other Q4 accomplishments ● Adjusted EBITDA margin expanded ~130 bps Y/Y ● Global RIM revenue increased 6% ● Data Center revenue increased 24% ● ALM revenue increased 118% RECORD Q4 2024 RESULTS 11 Adjusted EBITDA and AFFO are non-GAAP measures; please see Appendix for reconciliation

12 ➢ Revenue of $6.1 billion, increased 12% on a reported basis and 13% excluding Fx ➢ Adjusted EBITDA of $2.2 billion increased 14% and 14.5% excluding Fx ➢ AFFO of $1.3 billion increased 11% and 12% excluding Fx 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 available to support growth, and is more comparable to our peers, including those in the data center industry. 3 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 is more comparable to our peers, including those in the data center industry. 11% CAGR, 13% Ex. Fx 11% CAGR, 13% Ex. Fx 9% CAGR, 11% Ex. Fx 8% CAGR, 11% Ex. Fx RECORD FULL YEAR 2024 RESULTS

CAPITAL ALLOCATION STRATEGY Investing to Support Growth Capital Return Prudent Leverage ● Dividend policy: Target AFFO payout ratio of low to mid-60s ● With strong operating performance, we announced a dividend increase of 10% effective in Q2 2025 ● Leverage target: long-term net lease adjusted leverage ratio of 4.5x – 5.5x ● 2024 is lowest level of leverage since before the company’s REIT conversion in 2014 ● Ample liquidity of $3.3 billion as of December 31, 2024 to support growth investments ● Growth capex: deployed $1.8 billion in growth oriented capital in 2024 ● Planning to invest ~$1.8 billion in growth capital in 2025 Growth-oriented Capex ($ mil) Announced % Growth in Dividend / Share Net Lease Adjusted Leverage 5.0x5.3x 5.1x 5.1x 5.0x 5.3x 5.1x 5.1x 5.0x 5.0x 5.5x 4.5x 13 Payout Ratio % AFFO 69% 63% 62% 60% 63% ~

2025 OUTLOOK

15 (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, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. We remain committed to continuing to deliver industry leading revenue and Adjusted EBITDA growth, which is reflected in our guidance. 2025 GUIDANCE 2025 Guidance (1) Full Yr. 2025 % Chg. Y/Y Q1 2025 % Chg. Y/Y Revenue $6,650 - $6,800 8-11% 10-12% ex. Fx ~$1,590 8% 10% ex. Fx Adjusted EBITDA $2,475 - $2,525 11-13% 12-14% ex. Fx ~$575 11% 13% ex. Fx AFFO $1,450 - $1,480 8-10% 10-13% ex. Fx ~$342 6% 9% ex. Fx AFFO Per Share $4.85 - $4.95 7-9% 9-12% ex. Fx ~$1.15 5% 8% ex. Fx ($ in millions, except per share data)

APPENDIX

17 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, 2024 and 2023 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended December 31, 2024 and December 31, 2023 was 15.6% and 12.3%, respectively.

18 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 and leasehold improvements, data center infrastructure and racking structures), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (1) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles.

19 FULL YEAR RECONCILIATIONS NET INCOME (LOSS) TO ADJUSTED EBITDA

20 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 estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Effective Q4 2023, our AFFO definition has been updated to exclude the amortization of capitalized commissions. Amortization expense of capitalized commissions was $43.4M, $40.6M and $30.7M for full year 2023, 2022, and 2021 respectively.

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 indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Adjusted Earnings Per Share, or Adjusted EPS We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Figures may not foot due to rounding. The Tax Impact of reconciling Items and discrete tax Items is calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. 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 amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income) net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) Non-cash rent expense (income), (ii) Depreciation on non-real estate assets, (iii) Amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer and supplier relationships, capitalized commissions and other intangibles, (iv) Amortization of deferred financing costs and debt discount/premium, (v) Revenue reduction associated with amortization of customer inducements and above- and below-market data center leases and (vi) The impact of reconciling to normalized cash taxes and (2) including Recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. DEFINITIONS

Supplemental Financial Information Fourth Quarter 2024 investors.ironmountain.com

Table of Contents Section I - Q4 Earnings Press Release Q4 2024 Earnings Press Release 3 Section II - Financial Highlights and Organic Growth Financial and Operating Highlights 6 Organic Revenue Growth 7 Section III - Operational Metrics Global Storage Volume 8 Quarterly Operating Performance 9 Full Year Operating Performance 10 Section IV - Balance Sheets, Statements of Operations and Reconciliations Consolidated Balance Sheets 11 Quarterly Consolidated Statements of Operations 12 Full Year Consolidated Statements of Operations 13 Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA 14 Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA 14 Quarterly and Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 15 Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO 16 Full Year Reconciliation of Net Income (Loss) to FFO and AFFO 17 Section V - Storage and Service Reconciliation Quarterly Storage Rental and Service Business Detail 18 Full Year Storage and Service Business Detail 19 Section VI - Real Estate Metrics Global Real Estate Portfolio and Lease Obligations 20 Facility Lease Expirations 20 Section VII - Data Center Customer and Portfolio Metrics Data Center Customer Lease Expiration and Leasing Activity Summary 21 Data Center Operating Portfolio and Total Potential Capacity 22 Data Center Expansion and Development Activity 23 Section VIII - Capitalization and Debt Maturity Profile Capitalization 24 Total Borrowings Maturity Schedule 24 Debt Maturity Profile 24 Section IX - Capital Expenditures Quarterly and Full Year Capital Expenditures and Investments 25 Section X - Appendix and Definitions Appendix and Definitions 26 All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding All figures for the quarter ended December 31, 2024 unless noted Unaudited investors.ironmountain.com Q4 2024 Supplemental Financial Information 2

Iron Mountain Reports Fourth Quarter and Full Year 2024 Results • Achieves record quarterly and full year revenue of $1.6 billion and $6.1 billion, respectively • Q4 2024 and Full Year 2024 revenue growth of 11.4% and 12.2%, respectively, driven by strong performances across global RIM, data center, and asset lifecycle management (ALM) businesses • Q4 2024 and Full Year 2024 Net Income of $106 million and $184 million, respectively • Delivers record quarterly and full year Adjusted EBITDA of $605 million and $2.2 billion, respectively • Issues strong 2025 guidance with Revenue growth of 8% to 11% and Adjusted EBITDA growth of 11% to 13% • Excluding the effects of foreign exchange, 2025 guidance for Revenue growth is 10% to 12% and Adjusted EBITDA growth is 12% to 14% • Increases quarterly dividend per share by 10% based on continued strong growth in AFFO PORTSMOUTH, N.H. – February 13, 2025 – Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the fourth quarter and full year 2024. “We are pleased to report that our fourth quarter and full year 2024 results were an all-time record for Revenue, Adjusted EBITDA, and AFFO. We continue to execute well against our Project Matterhorn growth strategy, delivering double-digit revenue growth in Q4 with strength across each of our business segments. We are grateful to our Mountaineers for their continued dedication to serving our customers, which is driving our outstanding results,” said William L. Meaney, President and CEO of Iron Mountain. “As we look to 2025, we remain committed to continuing to deliver industry leading revenue growth of 8% to 11%, which is benefiting from our growth businesses representing an increasingly larger portion of our revenue, as well as adjusted EBITDA growth of 11% to 13%. With our strong performance in 2024 and continued growth outlook we are pleased to increase the dividend by 10%.” Financial Performance Highlights for the Fourth Quarter and Full Year 2024 ($ in millions, except per share data) Three Months Ended Y/Y % Change Full Year Y/Y % Change 12/31/24 12/31/23 Reported $ Constant Fx 12/31/24 12/31/23 Reported $ Constant Fx Storage Rental Revenue $942 $871 8% 9% $3,682 $3,371 9% 10% Service Revenue $639 $549 17% 17% $2,468 $2,109 17% 17% Total Revenue $1,581 $1,420 11% 12% $6,150 $5,480 12% 13% Net Income $106 $29 n/a $184 $187 (2)% Reported EPS $0.35 $0.10 n/a $0.61 $0.63 (3)% Adjusted EPS $0.50 $0.52 (4)% $1.77 $1.82 (3)% Adjusted EBITDA $605 $525 15% 16% $2,236 $1,962 14% 14% Adjusted EBITDA Margin 38.3% 37.0% 130 bps 36.4% 35.8% 60 bps AFFO $368 $328 12% $1,345 $1,211 11% AFFO per share $1.24 $1.11 12% $4.54 $4.12 10% • Total reported revenues for the fourth quarter were $1.6 billion, compared with $1.4 billion in the fourth quarter of 2023, an increase of 11.4%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 12.1% compared to the prior year, driven by an 8.8% increase in storage rental revenue and a 17.2% increase in service revenue. For the full year, total reported revenues increased 12.2%, or 12.6% excluding the impact of Fx. • Net Income for the fourth quarter was $105.7 million, compared with $29.2 million in the fourth quarter of 2023, driven by increased Operating Income. For the full year, net income was $183.7 million, compared with $187.3 million in 2023. • Adjusted EBITDA for the fourth quarter was $605.1 million, compared with $525.2 million in the fourth quarter of 2023, an increase of 15.2%. On a constant currency basis, Adjusted EBITDA increased by 16.2% in the fourth quarter, compared to the fourth quarter of 2023, driven by increased revenue in our Global RIM, ALM, and Data Center businesses. On a constant currency basis, full year Adjusted EBITDA increased 14.5%. Section I - Q4 Earnings Press Release investors.ironmountain.com Q4 2024 Supplemental Financial Information 3

• FFO (Normalized) per share was $0.85 for the fourth quarter, compared with $0.83 in the fourth quarter of 2023. For the full year, FFO (Normalized) per share was $3.15, compared with $3.04 in 2023, or an increase of 3.6%. • AFFO was $368.0 million for the fourth quarter, compared with $327.6 million in the fourth quarter of 2023, an increase of 12.3% driven by improved Adjusted EBITDA. For the full year, AFFO was $1.34 billion compared with $1.21 billion, or an increase of 11.0%. • AFFO per share was $1.24 for the fourth quarter, compared with $1.11 in the fourth quarter of 2023. For the full year, AFFO per share was $4.54, compared to $4.12 in 2023, or an increase of 10.2%. Dividend On February 13, 2025, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.785 per share of common stock for the first quarter, representing an increase of 10%. The first quarter 2025 dividend is payable on April 4, 2025, to shareholders of record at the close of business on March 17, 2025. Guidance Iron Mountain issued full year 2025 guidance; details are summarized in the table below. 2025 Guidance(1) ($ in millions, except per share data) 2025 Guidance Approximate Y/Y % Change at Midpoint Approximate Y/Y % Change Ex. Fx at Midpoint Total Revenue $6,650 - $6,800 ~9% ~11% Adjusted EBITDA $2,475 - $2,525 ~12% ~13% AFFO $1,450 - $1,480 ~9% ~11% AFFO Per Share $4.85 - $4.95 ~8% ~10% (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, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. Q4 2024 Earnings Conference Call and Related Materials The conference call / webcast details, earnings presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. To learn more about Iron Mountain, please visit www.IronMountain.com. Investor Relations Contacts: Mark Rupe Erika Crabtree SVP, Investor Relations Manager, Investor Relations Mark.Rupe@ironmountain.com Erika.Crabtree@ironmountain.com (215) 402-7013 (617) 535-2845 Section I - Q4 Earnings Press Release investors.ironmountain.com Q4 2024 Supplemental Financial Information 4

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: We have made statements in this press release 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, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “projects”, “pursue”, “will” or similar expressions, we are making forward- looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies (including artificial intelligence) into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes; (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this press release. Reconciliation of Non-GAAP Measures Throughout this press release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) AFFO. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. Section I - Q4 Earnings Press Release investors.ironmountain.com Q4 2024 Supplemental Financial Information 5

Financial Highlights Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Storage Rental Revenue $941,970 $935,701 $919,746 $884,842 $871,144 Service Revenue $639,309 $621,657 $614,663 $592,021 $548,685 Total Revenues $1,581,279 $1,557,358 $1,534,409 $1,476,863 $1,419,829 Adjusted EBITDA $605,051 $568,113 $544,361 $518,855 $525,249 Adjusted EBITDA Margin 38.3 % 36.5 % 35.5 % 35.1 % 37.0 % Net Income (Loss) Attributable to Iron Mountain Incorporated $103,932 $(33,620) $35,783 $74,061 $28,482 Reported EPS - Fully Diluted $0.35 $(0.11) $0.12 $0.25 $0.10 Adjusted EPS $0.50 $0.44 $0.42 $0.43 $0.52 FFO (Normalized) $252,468 $233,269 $231,021 $219,777 $246,005 FFO (Normalized) per Share $0.85 $0.79 $0.78 $0.74 $0.83 AFFO $367,986 $332,000 $320,901 $323,653 $327,634 AFFO per Share $1.24 $1.13 $1.08 $1.10 $1.11 TTM AFFO Payout Ratio 60.0 % 60.3 % 60.3 % 61.0 % 61.6 % Dividend per Share $0.72 $0.72 $0.65 $0.65 $0.65 Weighted Average Common Shares Outstanding - Diluted 297,201 293,603 295,838 295,221 295,014 Net Lease-Adjusted Leverage Ratio 5.0x 5.0x 5.0x 5.1x 5.1x Operating Highlights Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Organic Storage Rental Revenue Growth 8.8 % 9.3 % 10.1 % 7.5 % 10.4 % Organic Service Revenue Growth 7.0 % 10.0 % 9.4 % 9.6 % 6.2 % Total Volume - Storage 733,571 732,997 732,607 732,031 731,541 Storage Facility Capacity Utilization 79.6 % 79.4 % 79.2 % 79.2 % 79.6 % Records Management Retention Rate 92.6 % 92.7 % 92.8 % 92.9 % 92.9 % Storage Revenue / Sq. Ft. $10.07 $9.92 $9.74 $9.38 $9.15 Storage NOI / Sq. Ft. $8.14 $7.95 $7.75 $7.46 $7.37 Data Center: Leasable Megawatts 416.2 364.7 265.7 261.4 255.4 Leased % - Stabilized 97.4 % 98.7 % 96.0 % 95.7 % 95.4 % Leased % - Total 95.5 % 96.8 % 93.5 % 94.0 % 93.3 % Kilowatts Leased - New/Expansion 9,664 9,205 66,493 30,449 4,535 Churn 4.4 % 0.5 % 1.2 % 0.9 % 1.7 % Number of Facilities 29 28 26 26 26 Number of Markets 21 21 21 21 21 Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q4 2024 Supplemental Financial Information 6

Organic Revenue Growth (1) Q4 2024 Q3 2024 Full Year 2024 Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Reported Constant Currency Organic Revenue Storage Rental 8.1% 8.8% 8.8% 9.0% 9.3% 9.3% 9.2% 9.7% 8.9% Service 16.5% 17.2% 7.0% 17.4% 17.6% 10.0% 17.0% 17.3% 9.0% Total Revenues 11.4% 12.1% 8.1% 12.2% 12.5% 9.5% 12.2% 12.6% 9.0% Total Organic Revenue Growth 7.5% 5.7% 5.5% 8.7% 8.3% 9.8% 9.5% 8.1% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Organic Storage Rental Revenue Growth 11.1% 10.8% 9.7% 10.4% 7.5% 10.1% 9.3% 8.8% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 6.0% 8.0% 10.0% 12.0% Organic Service Revenue Growth 2.0% (1.4)% (0.6)% 6.2% 9.6% 9.4% 10.0% 7.0% Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 (4.0)% 0.0% 4.0% 8.0% 12.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q4 2024 Supplemental Financial Information 7

Global Storage Volume Global RIM Corporate and Other Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 700,000 710,000 720,000 730,000 740,000 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Global RIM 724,480 724,926 725,510 (1) 725,907 726,048 726,316 726,712 726,952 727,266 Corporate and Other 4,804 5,210 5,256 5,356 5,493 5,715 5,895 6,045 6,305 Total Volume - Storage 729,284 730,136 730,767 731,263 731,541 732,031 732,607 732,997 733,571 Business acquisitions during the quarter (2) — — — — — — — — — (1) On June 29, 2023, we acquired 100% interest in Clutter Intermediate, Inc. and control of all assets of the related Clutter joint venture, of which we had a preexisting relationship. The volume associated with this business both prior and subsequent to our acquisition is substantially consistent. (2) Volume acquired through acquisition in the quarter; this is included in Total Storage Volume. Section III - Operational Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 8

Quarterly Operating Performance Y/Y % Change Q4 2024 Q3 2024 Q4 2023 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $755,972 $767,780 $723,112 4.5% 5.4% 5.4% Service 502,374 492,578 469,619 7.0% 7.8% 7.8% Total Revenues $1,258,346 $1,260,358 $1,192,731 5.5% 6.3% 6.3% Adjusted EBITDA $579,113 $568,994 $533,643 Adjusted EBITDA Margin 46.0 % 45.1 % 44.7 % Global Data Center Business Storage Rental $168,073 $150,796 $131,986 27.3% 27.2% 27.2% Service 2,110 2,410 5,167 (59.2)% (59.4)% (59.4)% Total Revenues $170,183 $153,206 $137,153 24.1% 23.9% 23.9% Adjusted EBITDA $88,132 $66,796 $58,285 Adjusted EBITDA Margin 51.8 % 43.6 % 42.5 % Corporate and Other Storage Rental $17,925 $17,125 $16,046 11.7% 11.1% 11.1% Service 134,825 126,669 73,899 82.4% 82.2% 7.2% Total Revenues $152,750 $143,794 $89,946 69.8% 69.5% 7.9% Adjusted EBITDA $(62,194) $(67,677) $(66,679) Total Consolidated Storage Rental $941,970 $935,701 $871,144 8.1% 8.8% 8.8% Service 639,309 621,657 548,685 16.5% 17.2% 7.0% Total Revenues $1,581,279 $1,557,358 $1,419,829 11.4% 12.1% 8.1% Adjusted EBITDA $605,051 $568,113 $525,249 Adjusted EBITDA Margin 38.3 % 36.5 % 37.0 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 9

Full Year Operating Performance Y/Y % Change Full Year 2024 Full Year 2023 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $3,009,094 $2,834,352 6.2% 6.7% 6.3% Service 1,970,344 1,827,424 7.8% 8.3% 7.9% Total Revenues $4,979,438 $4,661,776 6.8% 7.3% 6.9% Adjusted EBITDA $2,223,117 $2,027,037 Adjusted EBITDA Margin 44.6 % 43.5 % Global Data Center Business Storage Rental $606,294 $474,066 27.9% 27.6% 24.8% Service 13,734 20,960 (34.5)% (34.6)% (34.6)% Total Revenues $620,028 $495,026 25.3% 25.0% 22.2% Adjusted EBITDA $282,513 $215,945 Adjusted EBITDA Margin 45.6 % 43.6 % Corporate and Other Storage Rental $66,871 $62,227 7.5% 7.0% 5.3% Service 483,572 261,260 85.1% 84.7% 20.2% Total Revenues $550,443 $323,487 70.2% 69.7% 17.3% Adjusted EBITDA $(269,250) $(281,305) Total Consolidated Storage Rental $3,682,259 $3,370,645 9.2% 9.7% 8.9% Service 2,467,650 2,109,644 17.0% 17.3% 9.0% Total Revenues $6,149,909 $5,480,289 12.2% 12.6% 9.0% Adjusted EBITDA $2,236,380 $1,961,677 Adjusted EBITDA Margin 36.4 % 35.8 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 10

Consolidated Balance Sheets 12/31/2024 12/31/2023 ASSETS Current Assets: Cash and Cash Equivalents $155,716 $222,789 Accounts Receivable, Net 1,291,379 1,259,826 Prepaid Expenses and Other 244,127 252,930 Total Current Assets $1,691,222 $1,735,545 Property, Plant and Equipment: Property, Plant and Equipment $11,985,997 $10,373,989 Less: Accumulated Depreciation (4,354,398) (4,059,120) Property, Plant and Equipment, Net $7,631,599 $6,314,869 Other Assets, Net: Goodwill $5,083,817 $5,017,912 Customer and Supplier Relationships and Other Intangible Assets 1,274,731 1,279,800 Operating Lease Right-of-Use Assets 2,489,893 2,696,024 Other 545,853 429,652 Total Other Assets, Net $9,394,294 $9,423,388 Total Assets $18,717,115 $17,473,802 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $715,109 $120,670 Accounts Payable 678,716 539,594 Accrued Expenses and Other Current Liabilities 1,366,568 1,250,259 Deferred Revenue 326,882 325,665 Total Current Liabilities $3,087,275 $2,236,188 Long-term Debt, Net of Current Portion 13,003,977 11,812,500 Long-term Operating Lease Liabilities, Net of Current Portion 2,334,826 2,562,394 Other Long-term Liabilities 312,199 237,590 Deferred Income Taxes 205,341 235,410 Redeemable Noncontrolling Interests 78,171 177,947 Total Long-term Liabilities $15,934,514 $15,025,841 Total Liabilities $19,021,789 $17,262,029 (Deficit) Equity Total (Deficit) Equity $(304,674) $211,773 Total Liabilities and (Deficit) Equity $18,717,115 $17,473,802 Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 11

Quarterly Consolidated Statements of Operations Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Revenues: Storage Rental $941,970 $935,701 0.7 % $871,144 8.1 % Service 639,309 621,657 2.8 % 548,685 16.5 % Total Revenues $1,581,279 $1,557,358 1.5 % $1,419,829 11.4 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $688,933 $678,390 1.6 % $601,329 14.6 % Selling, General and Administrative 333,307 341,929 (2.5) % 314,932 5.8 % Depreciation and Amortization 234,609 232,240 1.0 % 199,941 17.3 % Acquisition and Integration Costs 7,269 11,262 (35.5) % 12,860 (43.5) % Restructuring and Other Transformation 36,797 37,282 (1.3) % 53,853 (31.7) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (2,074) 5,091 (140.7) % 6,157 (133.7) % Total Operating Expenses $1,298,841 $1,306,194 (0.6) % $1,189,072 9.2 % Operating Income (Loss) $282,438 $251,164 12.5 % $230,757 22.4 % Interest Expense, Net 194,452 186,067 4.5 % 151,784 28.1 % Other (Income) Expense, Net (36,243) 86,362 (142.0) % 40,761 (188.9) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $124,229 $(21,265) n/a $38,212 n/a Provision (Benefit) for Income Taxes 18,544 12,400 49.5 % 9,018 105.6 % Net Income (Loss) $105,685 $(33,665) n/a $29,194 n/a Less: Net Income (Loss) Attributable to Noncontrolling Interests 1,753 (45) n/a 712 146.2 % Net Income (Loss) Attributable to Iron Mountain Incorporated $103,932 $(33,620) n/a $28,482 n/a Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.35 $(0.11) n/a $0.10 n/a Diluted $0.35 $(0.11) n/a $0.10 n/a Weighted Average Common Shares Outstanding - Basic 293,771 293,603 0.1 % 292,328 0.5 % Weighted Average Common Shares Outstanding - Diluted 297,201 293,603 1.2 % 295,014 0.7 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 12

Full Year Consolidated Statements of Operations Full Year 2024 Full Year 2023 % Change Revenues: Storage Rental $3,682,259 $3,370,645 9.2 % Service 2,467,650 2,109,644 17.0 % Total Revenues $6,149,909 $5,480,289 12.2 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $2,696,549 $2,357,800 14.4 % Selling, General and Administrative 1,339,539 1,236,287 8.4 % Depreciation and Amortization 900,905 776,159 16.1 % Acquisition and Integration Costs 35,842 25,875 38.5 % Restructuring and Other Transformation 161,359 175,215 (7.9) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 6,196 (12,825) (148.3) % Total Operating Expenses $5,140,390 $4,558,511 12.8 % Operating Income (Loss) $1,009,519 $921,778 9.5 % Interest Expense, Net 721,559 585,932 23.1 % Other (Income) Expense, Net 43,422 108,640 (60.0) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $244,538 $227,206 7.6 % Provision (Benefit) for Income Taxes 60,872 39,943 52.4 % Net Income (Loss) $183,666 $187,263 (1.9) % Less: Net Income (Loss) Attributable to Noncontrolling Interests 3,510 3,029 15.9 % Net Income (Loss) Attributable to Iron Mountain Incorporated $180,156 $184,234 (2.2) % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.61 $0.63 (3.2) % Diluted $0.61 $0.63 (3.2) % Weighted Average Common Shares Outstanding - Basic 293,365 291,936 0.5 % Weighted Average Common Shares Outstanding - Diluted 296,234 293,965 0.8 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 13

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Net Income (Loss) $105,685 $(33,665) n/a $29,194 n/a Add / (Deduct): Interest Expense, Net 194,452 186,067 4.5 % 151,784 28.1 % Provision (Benefit) for Income Taxes 18,544 12,400 49.5 % 9,018 105.6 % Depreciation and Amortization 234,609 232,240 1.0 % 199,941 17.3 % Acquisition and Integration Costs 7,269 11,262 (35.5) % 12,860 (43.5) % Restructuring and Other Transformation 36,797 37,282 (1.3) % 53,853 (31.7) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) (2,074) 5,091 (140.7) % 6,157 (133.7) % Other (Income) Expense, Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures (37,795) 85,532 (144.2) % 40,332 (193.7) % Stock-Based Compensation Expense 44,647 29,563 51.0 % 20,604 116.7 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 2,917 2,341 24.6 % 1,506 93.7 % Adjusted EBITDA $605,051 $568,113 6.5 % $525,249 15.2 % Full Year Reconciliation of Net Income (Loss) to Adjusted EBITDA Full Year 2024 Full Year 2023 % Change Net Income (Loss) $183,666 $187,263 (1.9) % Add / (Deduct): Interest Expense, Net 721,559 585,932 23.1 % Provision (Benefit) for Income Taxes 60,872 39,943 52.4 % Depreciation and Amortization 900,905 776,159 16.1 % Acquisition and Integration Costs 35,842 25,875 38.5 % Restructuring and Other Transformation 161,359 175,215 (7.9) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Including Real Estate) 6,196 (12,825) (148.3) % Other Expense (Income), Net, Excluding our Share of (Losses) Gains from our Unconsolidated Joint Ventures 39,159 98,891 (60.4) % Stock-Based Compensation Expense 118,138 73,799 60.1 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 8,684 11,425 (24.0) % Adjusted EBITDA $2,236,380 $1,961,677 14.0 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 14

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.35 $(0.11) n/a $0.10 n/a Add / (Deduct): Acquisition and Integration Costs 0.02 0.04 (50.0) % 0.04 (50.0) % Restructuring and Other Transformation 0.12 0.13 (7.7) % 0.18 (33.3) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (0.01) 0.02 (150.0) % 0.02 (150.0) % Other (Income) Expense, Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures (0.13) 0.29 (144.8) % 0.14 (192.9) % Stock-Based Compensation Expense 0.15 0.10 50.0 % 0.07 114.3 % Non-Cash Amortization Related to Derivative Instruments 0.01 0.01 — 0.01 — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.03) (0.04) (25.0) % (0.04) (25.0) % Income (Loss) Attributable to Noncontrolling Interests 0.01 — n/a — n/a Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.50 $0.44 13.6 % $0.52 (3.8) % Full Year Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Full Year 2024 Full Year 2023 % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.61 $0.63 (3.2) % Add / (Deduct): Acquisition and Integration Costs 0.12 0.09 33.3 % Restructuring and Other Transformation 0.54 0.60 (10.0) % Loss (Gain) on Disposal/Write-Down of PP&E, Net 0.02 (0.04) (150.0) % Other Expense (Income), Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures 0.13 0.34 (61.8) % Stock-Based Compensation Expense 0.40 0.25 60.0 % Non-Cash Amortization Related to Derivative Instruments 0.06 0.07 (14.3) % Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.12) (0.12) — Income (Loss) Attributable to Noncontrolling Interests 0.01 0.01 — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $1.77 $1.82 (2.7) % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months and twelve months ended December 31, 2024, and 2023 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the three months and twelve months ended December 31, 2024 and 2023 was 15.6% and 12.3%, respectively, and 15.1% for the three months ended September 2024. The Tax Impact of Reconciling Items and Discrete Tax Items was calculated using the current quarter’s estimate of the annual structural tax rate. This may result in the current period adjustment plus prior reported quarterly adjustments not summing to the full year adjustment. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 15

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Net Income (Loss) $105,685 $(33,665) n/a $29,194 n/a Add / (Deduct): Real Estate Depreciation (1) 92,154 93,864 (1.8) % 83,928 9.8 % (Gain) Loss on Sale of Real Estate, Net of Tax (6,614) 531 n/a 193 n/a Data Center Lease-Based Intangible Assets Amortization (2) 5,553 5,604 (0.9) % 3,804 46.0 % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 1,855 1,422 30.5 % 853 117.5 % FFO (Nareit) $198,633 $67,756 193.2 % $117,972 68.4 % Add / (Deduct): Acquisition and Integration Costs 7,269 11,262 (35.5) % 12,860 (43.5) % Restructuring and Other Transformation 36,797 37,282 (1.3) % 53,853 (31.7) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 5,442 4,554 19.5 % 6,290 (13.5) % Other (Income) Expense, Net, Excluding our Share of (Gains) Losses from our Unconsolidated Joint Ventures (37,795) 85,532 (144.2) % 40,332 (193.7) % Stock-Based Compensation Expense 44,647 29,563 51.0 % 20,604 116.7 % Non-Cash Amortization Related to Derivative Instruments 4,176 4,176 — 4,176 — Real Estate Financing Lease Depreciation 3,221 3,692 (12.8) % 3,022 6.6 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (9,997) (10,465) (4.5) % (13,050) (23.4) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures 75 (83) 190.4 % (56) n/a FFO (Normalized) $252,468 $233,269 8.2 % $246,005 2.6 % Add / (Deduct): Non-Real Estate Depreciation 67,016 66,787 0.3 % 51,572 29.9 % Amortization Expense (4) 66,665 62,293 7.0 % 57,613 15.7 % Amortization of Deferred Financing Costs 6,671 6,666 0.1 % 3,278 103.5 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,229 1,321 (6.9) % 1,829 (32.8) % Non-Cash Rent Expense (Income) 4,741 4,984 (4.9) % 4,982 (4.8) % Reconciliation to Normalized Cash Taxes 5,034 (2,166) n/a 7,090 (29.0) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 179 183 (2.7) % 181 (1.7) % Less: Recurring Capital Expenditures 36,017 41,337 (12.9) % 44,916 (19.8) % AFFO $367,986 $332,000 10.8 % $327,634 12.3 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.67 $0.23 191.3 % $0.40 67.5 % FFO (Normalized) $0.85 $0.79 7.6 % $0.83 2.4 % AFFO Per Share $1.24 $1.13 9.7 % $1.11 11.7 % Weighted Average Common Shares Outstanding - Basic 293,771 293,603 0.1 % 292,328 0.5 % Weighted Average Common Shares Outstanding - Diluted 297,201 293,603 1.2 % 295,014 0.7 % (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 estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impacts our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 16

Full Year Reconciliation of Net Income (Loss) to FFO and AFFO Full Year 2024 Full Year 2023 % Change Net Income (Loss) $183,666 $187,263 (1.9) % Add / (Deduct): Real Estate Depreciation (1) 367,362 322,045 14.1 % (Gain) Loss on Sale of Real Estate, Net of Tax (6,698) (16,656) (59.8) % Data Center Lease-Based Intangible Assets Amortization (2) 22,304 22,322 (0.1) % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 4,830 2,226 117.0 % FFO (Nareit) $571,464 $517,200 10.5 % Add / (Deduct): Acquisition and Integration Costs 35,842 25,875 38.5 % Restructuring and Other Transformation 161,359 175,215 (7.9) % Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 14,025 4,307 n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 39,159 98,891 (60.4) % Stock-Based Compensation Expense 118,138 73,799 60.1 % Non-Cash Amortization Related to Derivative Instruments 16,705 21,097 (20.8) % Real Estate Financing Lease Depreciation 13,135 12,019 9.3 % Tax Impact of Reconciling Items and Discrete Tax Items (3) (37,248) (35,307) 5.5 % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures (17) (374) (95.5) % FFO (Normalized) $932,562 $892,722 4.5 % Add / (Deduct): Non-Real Estate Depreciation 248,799 191,785 29.7 % Amortization Expense (4) 249,305 227,987 9.4 % Amortization of Deferred Financing Costs 25,580 16,859 51.7 % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 5,347 7,036 (24.0) % Non-Cash Rent Expense (Income) 19,042 25,140 (24.3) % Reconciliation to Normalized Cash Taxes 6,248 (14,826) (142.1) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 724 4,868 (85.1) % Less: Recurring Capital Expenditures 143,067 140,406 1.9 % AFFO $1,344,540 $1,211,165 11.0 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $1.93 $1.76 9.7 % FFO (Normalized) $3.15 $3.04 3.6 % AFFO Per Share $4.54 $4.12 10.2 % Weighted Average Common Shares Outstanding - Basic 293,365 291,936 0.5 % Weighted Average Common Shares Outstanding - Diluted 296,234 293,965 0.8 % (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 estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. (4) Includes customer and supplier relationship value, intake costs, acquisition of customer relationships, capitalized commissions and other intangibles. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q4 2024 Supplemental Financial Information 17

Quarterly Storage Rental and Service Business Detail Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $941,970 $935,701 0.7 % $871,144 8.1 % Plus: Terminations/Permanent Withdrawal Fees 10,616 11,052 (3.9) % 9,222 15.1 % Total Revenue from Adjusted Storage Rental Activities $952,586 $946,753 0.6 % $880,366 8.2 % Less: Storage Rental Expenses Storage Rent 123,459 122,396 0.9 % 120,010 2.9 % Storage Rental Labor 8,662 9,015 (3.9) % 7,489 15.7 % All Other Storage Costs 144,065 142,993 0.7 % 138,662 3.9 % Storage Rental Cost of Sales $276,186 $274,404 0.6 % $266,161 3.8 % Storage Rental Gross Profit $676,401 $672,349 0.6 % $614,205 10.1 % Storage Rental Gross Margin 71.0 % 71.0 % 0 bps 69.8 % 120 bps Service Business Detail Total Service Revenue $639,309 $621,657 2.8 % $548,685 16.5 % Less: Terminations/Permanent Withdrawal Fees 10,616 11,052 (3.9) % 9,222 15.1 % Total Revenue from Adjusted Service Activities $628,693 $610,605 3.0 % $539,463 16.5 % Less: Service Expenses Service Rent 7,815 6,979 12.0 % 6,565 19.0 % Service Labor 263,908 255,484 3.3 % 215,310 22.6 % All Other Service Costs 141,024 141,523 (0.4) % 113,292 24.5 % Service Cost of Sales $412,747 $403,986 2.2 % $335,167 23.1 % Service Gross Profit $215,946 $206,619 4.5 % $204,296 5.7 % Service Gross Margin 34.3 % 33.8 % 50 bps 37.9 % -360 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q4 2024 Supplemental Financial Information 18

Full Year Storage Rental and Service Business Detail Full Year 2024 Full Year 2023 % Change Storage Rental Business Detail Total Storage Rental Revenue $3,682,259 $3,370,645 9.2 % Plus: Terminations/Permanent Withdrawal Fees 41,894 33,441 25.3 % Total Revenue from Adjusted Storage Rental Activities $3,724,153 $3,404,086 9.4 % Less: Storage Rental Expenses Storage Rent 490,901 472,994 3.8 % Storage Rental Labor 38,242 32,500 17.7 % All Other Storage Costs 571,271 504,353 13.3 % Storage Rental Cost of Sales $1,100,414 $1,009,847 9.0 % Storage Rental Gross Profit $2,623,738 $2,394,239 9.6 % Storage Rental Gross Margin 70.5 % 70.3 % 20 bps Service Business Detail Total Service Revenue $2,467,650 $2,109,644 17.0 % Less: Terminations/Permanent Withdrawal Fees 41,894 33,441 25.3 % Total Revenue from Adjusted Service Activities $2,425,756 $2,076,203 16.8 % Less: Service Expenses Service Rent 27,874 24,997 11.5 % Service Labor 1,014,325 858,851 18.1 % All Other Service Costs 553,936 464,105 19.4 % Service Cost of Sales $1,596,135 $1,347,953 18.4 % Service Gross Profit $829,621 $728,250 13.9 % Service Gross Margin 34.2 % 35.1 % -90 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q4 2024 Supplemental Financial Information 19

Global Real Estate Portfolio and Lease Obligations Global Real Estate Portfolio (1) Owned Facilities Leased Facilities Total Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Total as of 09/30/2024 236 24,201 1,120 73,819 1,356 98,020 Additions & Expansions 4 275 17 871 21 1,145 Dispositions & Move Outs (4) (304) (27) (781) (31) (1,086) Total as of 12/31/2024 (2) 236 24,171 1,110 73,909 1,346 98,079 Total % 17.5 % 24.6 % 82.5 % 75.4 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,962 Paris, France 807 Chicago 1,282 Montreal, Canada 552 Boston 1,083 Mexico City, Mexico 452 Dallas 966 Toronto, Canada 434 Houston 873 Lima, Peru 434 Facility Lease Expirations (3) (% of total square feet subject to lease) 4.0% 5.8% 2.6% 3.0% 4.1% 4.4% 5.7% 3.2% 3.8% 63.5% 2025 2026 2027 2028 2029 2030 2031 2032 2033 Thereafter Weighted-Average Remaining Operating Lease Obligation: 11.2 Years (1) Includes real estate held in consolidated joint ventures. (2) Includes 15 owned data center facilities and 5 leased data center facilities with 3.3M Sq. Ft. and 0.8M Sq. Ft., respectively. (3) Includes financing and operating lease obligations. Section VI - Real Estate Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 20

Data Center Customer Lease Expiration Year Number of Leases Expiring Total MW Expiring Percentage of Total MW Annualized GAAP TCV Rent Expiring Percentage of TCV Annualized Rent 2025 947 32.8 6.1% 87,435 10.8% 2026 372 28.3 5.3% 71,103 8.8% 2027 189 14.8 2.8% 43,542 5.4% 2028 111 38.5 7.2% 69,900 8.6% 2029 66 50.5 9.5% 52,612 6.5% 2030 27 54.5 10.2% 67,744 8.4% 2031 5 2.5 0.5% 4,913 0.6% Thereafter 28 311.8 58.4% 412,800 50.9% Total 1,745 533.7 100.0% $810,049 100.0% WALE: 10.6 years Data Center Leasing Activity Summary Q4 2024 Full Year 2024 Transaction Count GAAP MRR kW $ / kW / Month Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 71 $2,231 9,664 $231 335 $20,035 115,811 $173 Commenced leases 49 5,771 52,383 110 311 9,736 80,687 121 Commenced Built to Suit leases — — — — 2 1,346 72,000 19 Renewed leases 216 1,705 5,984 285 893 7,011 24,604 285 Churn 4.4% 7.0% Cash Mark to Market 7.0% 6.8% GAAP Mark to Market 10.9% 10.6% AZP-3 Rendering Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 21

Data Center Operating Portfolio Stabilized Pre-Stabilized Total Leaseable MW Leased % by MW Leaseable MW Leased % by MW Leaseable MW Leased % by MW Boyers and Other WPA-1 and Other 14.2 76.5% — — 14.2 76.5% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 46.5 100.0% — — 46.5 100.0% Scottsdale AZS-1 5.7 100.0% — — 5.7 100.0% Denver DEN-1 11.3 72.1% — — 11.3 72.1% New Jersey NJE-1 16.8 86.3% 4.0 62.5% 20.8 81.7% Northern Virginia VA-1 12.4 100.0% — — 12.4 100.0% VA-2 36.0 99.0% — — 36.0 99.0% VA-3 44.0 100.0% — — 44.0 100.0% VA-4 (1) 32.0 100.0% — — 32.0 100.0% VA-5 (1) 40.0 100.0% — — 40.0 100.0% VA-6 Phase 1 (2) 16.0 100.0% — — 16.0 100.0% Amsterdam AMS-1 13.1 95.0% — — 13.1 95.0% London LON-1 8.7 96.8% — — 8.7 96.8% LON-2 18.0 100.0% — — 18.0 100.0% Frankfurt FRA-1 (3) 27.0 100.0% — — 27.0 100.0% FRA-2 9.8 100.0% — — 9.8 100.0% Singapore SIN-1 6.8 100.0% — — 6.8 100.0% Madrid MAD-1 1.0 45.0% — — 1.0 45.0% India Web Werks 1.5 100.0% 10.4 35.0% 11.9 43.3% Total Data Center Properties 401.8 97.4% 14.4 42.7% 416.2 95.5% (1) VA-4/5 are held by a consolidated joint venture. (2) VA-6 data center is held by a consolidated joint venture. (3) FRA-1 data center is an unconsolidated joint venture. Total Potential Capacity - Megawatts Q4 2024 Q4 2023 Operating Portfolio 416.2 255.4 Under Construction 164.5 229.7 Held for Development 699.2 375.7 Total Data Center Portfolio 1,279.9 860.8 Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 22

Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q4 2024 ($M) Cumulative Investment ($M) Total Expected Investment ($M) (4) Expected Completion Expected Stabilization MW Held for Development Data Center Expansion Amsterdam AMS-1 Phase 4 5.0 — — — $44.1 $45.0 Q3 2026 Q3 2027 5.0 Madrid MAD-1 Phase 1 2.0 0.3 14.0% $2.7 $25.7 $31.9 Q1 2025 Q1 2026 — India Web Werks 2.5 — — — — — 2.9 All Other Facilities (2) 1.0 1.0 — — — — 20.4 Total Expansion 10.5 1.3 12.2% $2.7 $69.7 $76.9 28.3 New Development Phoenix AZP-3 Phase 1 18.0 18.0 100.0% $40.2 $132.2 $297.5 Q4 2025 Q4 2025 — AZP-3 Phase 2 10.0 10.0 100.0% $15.0 $15.0 $60.1 Q2 2026 Q2 2026 — AZP-3 Phase 3 8.0 8.0 100.0% $6.6 $6.6 $47.4 Q3 2026 Q3 2026 — Amsterdam AMS-2 — — — — — — 20.0 Chicago CHI-2 Future Phases — — — — — — 36.0 Frankfurt FRA-1 Phase 2 (1) — — — — — — — FRA-1 Phase 3 (1) — — — — — — — London LON-2 Phase 3 9.0 9.0 100.0% $6.8 $60.3 $65.9 Q1 2025 Q1 2026 — LON-3 Future Phases 25.0 25.0 100.0% $2.5 $31.7 $391.9 Q4 2026 Q4 2026 — Madrid MAD-1 Future Phases — — — — — — 76.0 Northern Virginia VA-6 Phase 2 (3) 16.0 15.0 93.8% $40.5 $78.3 $111.5 Q2 2025 Q2 2026 — VA-7 (3) 36.0 36.0 100.0% $71.5 $181.4 $374.0 Q4 2025 Q2 2026 — VA Future Phases (2) 32.0 32.0 100.0% — — — 174.0 India Web Werks — — — — — — 148.9 Miami MIA-1 — — — — — — 16.0 Richmond RIC Future Phases — — — — — — 200.0 Total New Development 154.0 153.0 99.4% $183.1 $505.5 $1,348.2 670.9 Total Development 164.5 154.3 93.8% $185.7 $575.2 $1,425.1 699.2 (1) FRA-1 is an unconsolidated joint venture; construction costs are funded by the joint venture with Iron Mountain managing the construction. (2) Includes megawatts pre-leased where construction is planned, but has not commenced. (3) VA-6 and VA-7 are held by a consolidated joint venture; construction costs are funded by the joint venture with Iron Mountain managing the construction. (4) Excludes cost associated with megawatts pre-leased where facility construction is planned, but has not commenced. Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q4 2024 Supplemental Financial Information 23

Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 12/31/2024 Capacity $2,966,016 # of Shares Outstanding 293,593 Outstanding $337,016 Share Price as of 12/31/24 $105.11 Letters of Credit $7,766 Total Market Capitalization $30,859,522 Remaining Capacity $2,621,234 Net Debt (1) $13,680,648 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $44,540,170 Interest Rate Spread (SOFR) 1.75 % Net Debt to Total Enterprise Value 30.7 % Weighted Average Interest Rate 6.08 % Adjusted EBITDA to Interest Expense 3.1x Maturity Date 3/18/2030 Total Enterprise Value to Adjusted EBITDA (2) 19.9x Credit Facility Fixed Charge Coverage Ratio 2.4x Net Total Lease-Adjusted Leverage Ratio 5.0x Fixed vs. Floating Rate Debt 86% 14% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/3/2024 10/10/2024 Total Long Term Debt Weighted Average Rates Weighted Average Interest 5.7 % Weighted Average Maturity 4.9 Years USD denominated 89 % Debt Maturity Profile ($ in Millions) (3) (4) 543 776 1,599 1,363 2,055 1,601 2,839 1,350 1,200 24 10 Revolving Credit Facility and Term Loan A Bi-Lateral Loans Construction Loans IMDC AUD Term Loan B A/R Securitization USD Term Loan B (2031) Mortgage Notes Payable Senior Unsecured Notes 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2036 (1) Net debt is calculated as current portion of long-term debt of $715.1M plus long-term debt net of current portion of $13,004.0M plus deferred financing costs of $117.3M less cash and cash equivalents of $155.7M. (2) Total Enterprise Value to Adjusted EBITDA is calculated on a trailing twelve-month basis. (3) Excludes Deferred Financing Costs, Discounts, Financing Leases, Notes Payable and Other. (4) In addition to the above, the Company has approximately $472.8M of undrawn committed asset level financing for the construction of five Data Center assets in Northern Virginia. Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q4 2024 Supplemental Financial Information 24

Quarterly Capital Expenditures Q4 2024 Q3 2024 Q/Q % Change Q4 2023 Y/Y % Change Growth: Data Center $541,879 $308,851 75.4 % $310,230 74.7 % Real Estate 73,419 37,872 93.9 % 64,862 13.2 % Innovation and Other 69,843 26,651 162.1 % 23,803 193.4 % Total Growth Capital Expenditures $685,141 $373,374 83.5 % $398,895 71.8 % Recurring: Data Center $6,486 $7,876 (17.6) % $5,249 23.6 % Real Estate 17,031 15,842 7.5 % 23,886 (28.7) % Non-Real Estate 12,500 17,619 (29.1) % 15,781 (20.8) % Total Recurring Capital Expenditures $36,017 $41,337 (12.9) % $44,916 (19.8) % Total Growth and Recurring Capital Expenditures $721,158 $414,711 73.9 % $443,811 62.5 % Net Change in Prepaid and Accrued Capital Expenditures (103,562) (18,644) n/a (66,882) 54.8 % Total Cash Paid for Growth and Recurring Capital Expenditures $617,596 $396,067 55.9 % $376,929 63.8 % Full Year Capital Expenditures Full Year 2024 Full Year 2023 % Change Growth: Data Center $1,422,118 $964,198 47.5 % Real Estate 204,248 201,036 1.6 % Innovation and Other 131,195 81,135 61.7 % Total Growth Capital Expenditures $1,757,561 $1,246,369 41.0 % Recurring: Data Center $19,728 $17,198 14.7 % Real Estate 56,781 58,465 (2.9) % Non-Real Estate 66,558 64,743 2.8 % Total Recurring Capital Expenditures $143,067 $140,406 1.9 % Total Growth and Recurring Capital Expenditures $1,900,628 $1,386,775 37.1 % Net Change in Prepaid and Accrued Capital Expenditures (109,064) (47,552) 129.4 % Total Cash Paid for Growth and Recurring Capital Expenditures $1,791,564 $1,339,223 33.8 % Section IX - Capital Expenditures investors.ironmountain.com Q4 2024 Supplemental Financial Information 25

Non-GAAP Measures and Definitions Non-GAAP measures are supplemental metrics designed to enhance our disclosures and to provide additional information that we believe to be important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). SRP FLS Statement: We have made statements in this Supplemental Financial Information 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, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, "projects", “pursue”, “will” or similar expressions, we are making forward- looking statements. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. In addition, important factors that could cause actual results to differ from expectations include, among others: (i) our ability or inability to execute our strategic growth plan, including our ability to invest according to plan, grow our businesses (including through joint ventures or other co-investment vehicles), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the costs of complying with and our ability to comply with laws, regulations and customer requirements, including those relating to data privacy and cybersecurity issues, as well as fire and safety and environmental standards; (iv) the impact of attacks on our internal information technology (“IT”) systems, including the impact of such incidents on our reputation and ability to compete and any litigation or disputes that may arise in connection with such incidents; (v) our ability to fund capital expenditures; (vi) the impact of our distribution requirements on our ability to execute our business plan; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes (“REIT”); (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this Supplemental Financial Information. Acquisition and Integration Costs: We define Acquisition and Integration Costs as operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, and system integration costs. Adjusted Earnings Per Share, or Adjusted EPS: We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Tax impact of reconciling items and discrete tax items; and (viii) Amortization related to the write-off of certain customer relationship intangible assets. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Non-Cash Amortization of Derivative Instruments: Includes amortization on instruments such as cross-currency swap agreements designated as a hedge of net investment. Adjusted EBITDA and Adjusted EBITDA Margin: 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 indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; and (vi) Intangible impairments. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Funds From Operations, 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 amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the Section X - Appendix and Definitions investors.ironmountain.com Q4 2024 Supplemental Financial Information 26

cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; (viii) Tax impact of reconciling items and discrete tax items; (ix) Intangible impairments; and (x) (Income) loss from discontinued operations, net of tax. FFO (Normalized) per share: FFO (Normalized) divided by weighted-average fully-diluted shares outstanding. Adjusted Funds From Operations, or AFFO: We define adjusted funds from operations or AFFO as FFO (Normalized) (1) excluding (i) non-cash rent expense (income); (ii) depreciation on non-real estate assets; (iii) amortization expense associated with customer and supplier relationship value, intake costs, acquisition of customer and supplier relationships, capitalized commissions and other intangibles; (iv) amortization of deferred financing costs and debt discount/ premium; (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases; and (vi) the impact of reconciling to normalized cash taxes; and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share: Calculated as AFFO divided by weighted-average fully-diluted shares outstanding. Terminations/Permanent Withdrawal Fees: Revenue from the preparation, documentation, and permanent withdrawal of records. Business Segments: The Global Records and Information Management ("Global RIM"): Records Management, stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 60 countries around the globe. Data Management, provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations, server and computer backup services and related services offerings ("Data Management"). Global Digital Solutions, develops, implements and supports comprehensive storage and information management solutions for the complete lifecycle of our customers’ information, including the management of physical records, conversion of documents to digital formats and digital storage of information ("Global Digital Solutions"). Secure Shredding, includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers. Entertainment Services, entertainment and media services which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets ("Entertainment Services"). Consumer Storage, provides on-demand, valet storage for consumers ("Consumer Storage") utilizing data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. Global Data Center Business: Provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. Corporate and Other: Consists primarily of our Fine Arts and asset lifecycle management ("ALM") businesses and other corporate items (Corporate and Other). Our Fine Arts business provides technical expertise in the handling, installation and storing of art. Our ALM business provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure processing and disposition or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. In addition, ALM also offers workplace IT asset management services including storage, configuration, deployment, device support and end-of-life disposition for employee IT devices. Our ALM service focus on protecting and eradicating customer data while maintaining strong, auditable, and transparent chain of custody practices. Corporate and Other includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole. Section X - Appendix and Definitions investors.ironmountain.com Q4 2024 Supplemental Financial Information 27

Capital Expenditures and Investments: Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally discretionary in nature. We categorize our capital expenditures as follows: Growth Investment: Data Center - Expenditures primarily related to investments in the construction of data center facilities (including the acquisition of land), as well as investments to drive revenue growth, expand capacity or achieve operational or cost efficiencies. Real Estate - Expenditures primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures to grow our revenues, extend the useful life of an asset or achieve operational or cost efficiencies. Innovation and Other - Discretionary capital expenditures for significant new products and services as well as computer hardware and software to support new products and services or to achieve operational or cost efficiencies. Integration costs of acquisitions are also included. Recurring: Data Center - Expenditures related to the replacement of equivalent components and overall maintenance of existing data center assets. Real Estate - Expenditures primarily related to the replacement of components of real estate assets such as buildings, building improvements, leasehold improvements and racking structures. Non-Real Estate - Expenditures primarily related to the replacement of containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets that support the maintenance of existing revenues or avoidance of an increase in costs. Constant Currency: Adjusts results to normalize Fx impacts across comparable periods. Data Center Business Definitions: Leaseable MW - Represents the amount of critical power capacity available for customer use, measured in megawatts (MW). Monthly Recurring Revenue (MRR) - Defined as recurring contractual revenue under existing commenced customer leases, including rent, power, and other recurring data center services. Pre-leased - A lease on data center capacity that is signed before construction has completed. Pre-Stabilized - A building recently placed in service which has not yet reached 85% leased or 24 months in service. Rental Churn Rate - Represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the MRR terminated in the period, compared with total MRR at the beginning of the period. TCV - “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. Total potential MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. WALE - “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, excluding utility reimbursements. EBITDAR: Calculated as the last 12 months' earnings before interest, taxes, depreciation and amortization and rent expense (“EBITDAR”) of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, subject to certain adjustments and exclusions, which make the calculation of financial performance for purposes of EBITDAR calculations not directly comparable to our presentation of Adjusted EBITDA. Credit Facility Fixed Charge Coverage Ratio: Calculated as last twelve months EBITDAR divided by scheduled amortization, interest expense related to outstanding debt and preferred equity, if any, and rent expenses of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement. Net Lease-Adjusted Leverage Ratio: Calculated as net debt, including the capitalized value of lease obligations, of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, plus six times rent expenses divided by EBITDAR. Organic Revenue Growth: Our organic revenue growth rate, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rates includes the impact of acquisitions of customer relationships. Records Management Retention Rate: Calculated as one minus the result of dividing the total number of cubic feet of records removed from inventory due to customer terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. Storage Rev/NOI per Sq. Ft.: Calculated as either storage revenue or Storage NOI (as defined below) divided by the quarterly building square foot average for storage products. Section X - Appendix and Definitions investors.ironmountain.com Q4 2024 Supplemental Financial Information 28

Service Profit and Margin: The Gross Profit and Margin attributable to the global service business. Calculated as follows: Total Revenues from Adjusted Service Activities - Service Cost of Sales = Service Gross Profit ($) / Total Revenues from Adjusted Service Activities = Service Gross Margin (%) Storage Net Operating Income, or Storage NOI: Storage NOI is defined as revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Storage Profit and Margin: Gross Profit and Margin attributable to the global storage business. Calculated as follows: Total Revenue from Adjusted Storage Rental Activities - Storage Rental Cost of Sales = Storage Rental Gross Profit ($) / Total Revenue from Adjusted Storage Rental Activities = Storage Rental Gross Margin (%) Tax Rates: Effective Tax Rate - GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate - Estimated tax rate for the full fiscal year calculated based on forecasted ordinary income and forecasted tax expense/benefit excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). Total Storage Volume: Iron Mountain’s comprehensive portfolio of physical storage, including Global RIM and Corporate and Other, calculated on an absolute basis in cubic feet. Section X - Appendix and Definitions investors.ironmountain.com Q4 2024 Supplemental Financial Information 29

Cover Document	Feb. 13, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 13, 2025
Entity Registrant Name	IRON MOUNTAIN INC
Entity Incorporation, State or Country Code	DE
Entity File Number	1-13045
Entity Tax Identification Number	23-2588479
Entity Address, Address Line One	85 New Hampshire Avenue
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Portsmouth
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03801
City Area Code	617
Local Phone Number	535-4766
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	IRM
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001020569
Amendment Flag	false

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