• Achieves record quarterly revenue of $1.6 billion, an increase of 7.8% on a reported basis and an increase of 9.4% excluding the effects of foreign exchange

• Strong performance across the business, with our growth businesses of data center, digital, and asset lifecycle management (ALM) collectively growing more than 20%

• Net Income of $16 million

• Delivers record first quarter Adjusted EBITDA of $580 million

• Increases 2025 financial guidance

PORTSMOUTH, N.H.: Iron Mountain Incorporated (NYSE: IRM), a global leader in information management services, announces financial results for the first quarter of 2025.

“We are pleased with our strong start to 2025, delivering another record performance in Revenue, Adjusted EBITDA, and AFFO in the first quarter and above our expectations. Our team’s focus on providing solutions that meet our customers’ needs as part of our Matterhorn growth strategy continues to drive broad based strength across each of our business segments,” said William L. Meaney, President and CEO of Iron Mountain. “Our data center, digital, and ALM businesses are driving strong double digit organic revenue gains and continue to have a long runway for growth. We are increasing our full year guidance based on our strong Q1 performance and positive outlook, and recent changes in currency exchange rates.”

• Total reported revenues for the first quarter were $1.6 billion, compared with $1.5 billion in the first quarter of 2024, an increase of 7.8%. Excluding the impact of foreign currency exchange ("Fx"), total reported revenues increased 9.4% compared to the prior year, driven by an 8.8% increase in storage rental revenue and a 10.2% increase in service revenue.

• Net Income for the first quarter was $16.2 million, compared with $77.0 million in the first quarter of 2024, primarily driven by the impact of changes in the exchange rates on our intercompany balances.

• Adjusted EBITDA for the first quarter was $579.9 million, compared with $518.9 million in the first quarter of 2024, an increase of 11.8%. On a constant currency basis, Adjusted EBITDA increased by 13.5% in the first quarter, compared to the first quarter of 2024, driven by increased revenue in our Global RIM, ALM, and Data Center businesses and improved operating leverage coming from our continued improvement activities.

• FFO (Normalized) per share was $0.77 for the first quarter, compared with $0.74 in the first quarter of 2024.

• AFFO was $348.4 million for the first quarter, compared with $323.7 million in the first quarter of 2024, an increase of 7.6% driven by improved Adjusted EBITDA.

• AFFO per share was $1.17 for the first quarter, compared with $1.10 in the first quarter of 2024.

Dividend

On May 1, 2025, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.785 per share of common stock for the second quarter. The second quarter 2025 dividend is payable on July 3, 2025, to shareholders of record at the close of business on June 16, 2025.

Guidance

Iron Mountain increased full year 2025 guidance; details are summarized in the table below.

(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.

Q1 2025 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.

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.

Quarterly Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data)
	Q1 2025		Q4 2024		Q/Q % Change			Q1 2024		Y/Y % Change
Revenues:
Storage Rental	$948,376		$941,970		0.7%			$884,842		7.2%
Service	644,153		639,309		0.8%			592,021		8.8%
Total Revenues	$1,592,529		$1,581,279		0.7%			$1,476,863		7.8%
Operating Expenses:
Cost of Sales (excluding Depreciation and Amortization)	$710,204		$688,933		3.1%			$653,255		8.7%
Selling, General and Administrative	329,737		333,307		(1.1)%			319,465		3.2%
Depreciation and Amortization	232,154		234,609		(1.0)%			209,555		10.8%
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