Item 1. BUSINESS.

BUSINESS OVERVIEW

Iron Mountain Incorporated, a Delaware corporation ("IMI"), was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are 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 (“ALM”) needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations.

We are listed on the New York Stock Exchange (the "NYSE") and are a constituent of the Standard & Poor’s 500 Index, the Morgan Stanley Capital International ("MSCI") REIT index and the FTSE EPRA Nareit Global Real Estate Index. As of December 31, 2024, we were number 604 on the Fortune 1000. We have been organized and have operated as a REIT beginning with our taxable year ended December 31, 2014.

BUSINESS STRATEGY

OVERVIEW

Our company has been a market leader in the physical ecosystem supporting information storage and retrieval, as most businesses have relied on paper documents or computer tapes to store their valuable information. Over time, customers are increasing their digital information, with the new information storage ecosystem being a hybrid of physical and digital media. We have evolved our business to meet our customers' needs while remaining focused on driving growth supported by our four pillars outlined below.

Continued revenue growth in physical storage through revenue management actions as well as volume growth achieved in faster growing markets and our consumer business, as well as complementary business growth			•We are establishing and enhancing leadership positions in higher-growth markets such as central and eastern Europe, Latin America, Asia, the Middle East and Africa. •We continue to identify, acquire, incubate and scale complementary businesses and products to support our long-term growth objectives and drive solid returns on invested capital. These opportunities include our Global Digital Solutions, ALM, Fine Arts and Consumer Storage (each as defined below) businesses.
Utilizing our global scale as well as over 70 years of customer trust to deliver differentiated data center offerings			•We have made significant progress in scaling our Global Data Center Business through acquisitions and organic growth, with 29 operating data centers across 21 global markets, either directly or through unconsolidated joint ventures. •As of December 31, 2024, we had leased approximately 96% of the existing 416 megawatt ("MW") capacity of our data centers. With a total potential capacity of 1,280 MW in land and buildings currently owned or operated by us, we are among the largest global data center operators.
Establishing and maintaining a leadership position in critical digital infrastructure as well as developing and offering new products and services that allow our customers to achieve reliable and secure information management solutions in an increasingly hybrid physical and digital world			•We are positioned to take advantage of the secular growth trends of the changing nature of digital infrastructure. We continue to scale our Global Digital Solutions business to complement our existing offerings in records and information management, ALM, and our Global Data Center business in order to respond to our customers’ growing interest and need to react to environmental, social and corporate governance considerations. This full suite of complementary businesses puts Iron Mountain in a unique position to cross sell our products and services to our customers. •Our customers are faced with navigating a more complex regulatory environment, and one in which hybrid physical and digital solutions have become the norm. Our strategy is underpinned by our persistent focus on best-in-class customer experience, as we continue to seek innovative solutions to help our customers progress on their journey from physical storage to a digital ecosystem.

			IRON MOUNTAIN 2024 FORM 10-K			1

Part I

Continued investment in our growth agenda, our business and customer-centric solutions			•We have established an investment strategy to fuel our growth. The investments we outlined in our plan for Project Matterhorn (as defined below) have been informed by our established leadership position in the physical storage business, our expanding services such as Global Digital Solutions and ALM and our significant progress in the Global Data Center Business.

PROJECT MATTERHORN

In September 2022, we announced a global program designed to accelerate the growth of our business ("Project Matterhorn"). Project Matterhorn investments focus on transforming our operating model to a global operating model. Project Matterhorn focuses on the formation of a solution-based sales approach that is designed to allow us to optimize our shared services and best practices to better serve our customers' needs. We are investing to accelerate growth and to capture a greater share of the large, global addressable markets in which we operate. We have incurred approximately $378.5 million in Restructuring and other transformation costs from the inception of Project Matterhorn through December 31, 2024. We expect to incur approximately $150.0 million in costs related to Project Matterhorn during the year ending December 31, 2025, at which point the program is expected to be completed. Costs are comprised of (1) restructuring costs, which include (i) site consolidation and other related exit costs, (ii) employee severance costs and (iii) certain professional fees associated with these activities, and (2) other transformation costs, which include professional fees such as project management costs and costs for third party consultants who are assisting in the enablement of our growth initiatives. Total costs related to Project Matterhorn during the years ended December 31, 2024 and 2023 were approximately $161.4 million and $175.2 million, respectively.

BUSINESS SEGMENTS

The amount of revenues derived from our business segments and other relevant data, including financial information about geographic areas and product and service lines, for the years ended December 31, 2024, 2023 and 2022, are set forth in Note 11 to Notes to Consolidated Financial Statements included in this Annual Report.

GLOBAL RIM BUSINESS

The Global Records and Information Management ("Global RIM") Business segment includes several distinct offerings.

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 61 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"). In August 2024, we launched the InSight Digital Experience Platform (also referred to as DXP), a secure, software-as-a-service platform designed to automate customer workflows, enhance data accessibility, ensure audit compliance and optimize customer data for AI applications.

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.

Media and Archive Services, includes 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.

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.

2			IRON MOUNTAIN 2024 FORM 10-K

Part I

GLOBAL DATA CENTER BUSINESS

The Global Data Center Business segment 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. The world’s most heavily regulated organizations have trusted us as a data center operator for over 20 years, with five of the largest global hyperscalers among our customers.

CORPORATE AND OTHER

Corporate and Other consists primarily of our ALM and Fine Arts businesses and other corporate items ("Corporate and Other").

ALM, provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure, processing and disposition, and recycling 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, end-of-life disposition and recycling or sale of employee IT devices. Our ALM services focus on protecting and eradicating customer data while maintaining strong, auditable and transparent chain of custody practices.

Fine Arts, provides technical expertise in the handling, installation and storing of art ("Fine Arts").

Corporate and Other also includes costs related to executive and staff functions, including finance, human resources and IT, which benefit the enterprise as a whole.

			IRON MOUNTAIN 2024 FORM 10-K			3

Part I

BUSINESS ATTRIBUTES

Our business has the following attributes:

Large, Diversified, Global Business			The world’s most heavily regulated organizations trust us with the storage of their records. Our mission-critical storage offerings and related services generated approximately $6.1 billion in annual revenue in 2024. Our business has a highly diverse customer base of more than 240,000 customers - with no single customer accounting for more than approximately 1% of revenue during the year ended December 31, 2024 - and operates in 61 countries globally. This presents a significant cross-sell opportunity for our expanding solutions, including digital, data center and ALM.
Recurring, Durable Revenue Stream			A majority of our revenue is recurring in nature. In our Records Management business, our contracted storage rental fee agreements generally range from one to five years in length. As of December 31, 2024, we stored more than 730 million cubic feet of physical volume and we have consistently experienced strong customer retention levels. In our Global Data Center Business, our lease durations vary by customer, with a weighted average lease expiration of 10.6 years as of December 31, 2024.
Comprehensive Information Management Solution			As an S&P 500 REIT with approximately 1,350 locations globally and with offerings spanning physical storage, digitization solutions and digital storage, we are positioned to provide a holistic offering to our customers. We are able to cater to our customers’ physical and digital needs and to help guide their digital transformation journey.
Significant Owner and Operator of Real Estate			We operate approximately 98 million square feet of real estate worldwide. Our owned real estate footprint spans to over 24 million square feet.
Limited Revenue Cyclicality			Historically, economic downturns have not significantly affected our storage rental business. Due to the durability of our total global physical volumes, the success of our revenue management initiatives and the growth of our Global Data Center Business, we believe we can continue to grow organic storage rental revenue over time.
Shifting Revenue Mix			We have identified a number of areas where we see opportunity for growth as we position ourselves to unlock greater value for our customers. These business lines, including Global Data Center, ALM and Global Digital Solutions, represent markets with strong, secular growth.

4			IRON MOUNTAIN 2024 FORM 10-K

Part I

In addition, our Global Data Center Business has the following attributes:

Large Data Center Platform with Significant Expansion Opportunity			As of December 31, 2024, we had 416 MW of leasable capacity with an additional 864 MW under construction or held for development.
Differentiated Compliance and Security			We offer comprehensive compliance support as well as physical and cybersecurity. Our Security-in-Depth strategy integrates both technical and human security measures, with oversight provided by senior security leaders with military and public sector backgrounds. As of December 31, 2024, our data center portfolio has achieved numerous certifications and received third party assurance reports, making it one of the most comprehensive compliance programs in the industry. These certifications and reports on compliance include the global ISO 27001, ISO 22301, ISO 9001, SOC 2 and PCI-DSS standards, as well as HIPAA, NIST 800-53 and FISMA HIGH in the United States. The program also includes enterprise-wide certified ISO 14001 and 50001 environmental and energy management systems and complies with ISO 14064 for greenhouse gas emissions, supporting our commitment to sustainability.
Efficient Access and Flexibility			We have the ability to provide customers with a range of deployment options from one cabinet to an entire building, leveraging our global portfolio of hyperscale-ready and underground data centers. We also provide access to numerous carriers, cloud providers and peering exchanges with migration support.
100% Clean Energy Data Centers			We have matched 100% of the energy consumption in our data centers with clean energy annually since 2017. This approach enables our Green Power Pass offering, which allows customers to report the power they consume at any Iron Mountain Data Center as clean power in their public reporting, making Iron Mountain a key part of their decarbonization roadmaps and goals. Our data center business is a founding signatory to the UN Compact on 24/7 Carbon-Free Energy (“CFE”), which seeks hour-by-hour matching of site consumption with local CFE by 2040.

COMPETITION

We face competition from numerous storage and information management services providers globally, as well as storage and information management services that are managed and operated internally by organizations. Competition for records and information customers is driven by factors such as pricing, reputation and reliability, the quality and security of storage solutions and the scope and scale of technology. While the majority of our competitors operate in only one market or region, we believe we provide a differentiated global offering that competes effectively in these areas.

We also compete with numerous data center developers, owners and operators, many of whom own properties comparable to ours in several of the same metropolitan areas where our facilities are located. We believe that competition for data center customers is based on availability of power, security measures, location, connectivity and rental rates, and we are confident in our ability to compete effectively in each of these areas. Additionally, we believe our strong brand, global footprint and excellent commercial relationships empower us to compete successfully and provide significant cross-selling opportunities with our existing customer base.

In our ALM business, we compete with both hyperscalers and individual corporate clients who manage their own asset recycling, disposition and management, in addition to external competitors.

HUMAN CAPITAL MANAGEMENT

EMPLOYEES

As of December 31, 2024, we employed approximately 11,150 employees in the United States and approximately 17,700 employees outside of the United States. As of December 31, 2024, approximately 375 employees were represented by unions in North America and approximately 1,375 employees were represented by unions in Latin America. All union employees are currently under renewed labor agreements or operating under an extension agreement.

			IRON MOUNTAIN 2024 FORM 10-K			5

Part I

BENEFIT PROGRAMS

We provide our employees with benefits that are designed to support their overall physical, financial, emotional and social well-being. These benefits vary by location but generally include health and welfare benefits, paid time off and programs to support financial security. Additionally, employees are able to access emotional well-being resources through global employee assistance programs. Certain unionized employees receive benefits through unions and are not eligible to participate in our benefit programs. In addition to base compensation and other usual benefits, a significant portion of full-time employees participate in some form of incentive-based compensation program that provides payments based on revenues, profits or attainment of specific objectives for the unit in which they work.

COMPANY CULTURE

We are committed to making a meaningful impact on our customers, our people and our business by cultivating a culture that is firmly grounded in our values: Acting with Integrity, Owning Safety and Security, Building Customer Value, Taking Ownership and Promoting Inclusion and Teamwork.

While we foster an environment of learning, collaboration, diversity and wellbeing, we know culture truly thrives in the everyday experience of working at Iron Mountain.

Our culture encourages open communication and innovation while fostering trust, engagement and exceptional performance. We evaluate this through regular employee surveys and by leveraging data to gain a deeper understanding of our global workforce, and how they work. These insights collectively enable us to drive enhanced employee engagement, measure effectiveness and refine our approach for sustained success.

Led by our President and CEO, William Meaney, our Inclusive Leadership Alliance (the "Alliance") includes members of the Executive Leadership Team and plays a pivotal role in advancing our culture and driving growth. The Alliance reviews and supports key initiatives, monitors progress toward enterprise goals, ensures accountability through measurable targets and communicates achievements to stakeholders.

Our volunteer-based global employee resource groups play an essential role in supporting talent attraction, retention and development, and serving as valuable allies across our company. Each group is sponsored by one or more members of Iron Mountain’s Executive Leadership Team.

COMMUNITY INVOLVEMENT

We are committed to integrating responsible and sustainable practices throughout our organization to help our operations have a positive impact on the environment and the communities in which we operate. We aim to give back to the communities where we live and work and believe that this commitment helps in our efforts to attract and retain employees. We offer philanthropic support to our global community through our Living Legacy Initiative, which is our commitment to help preserve and make accessible cultural and historical information and artifacts. We encourage volunteerism in the communities in which we live and work through our Moving Mountains volunteer program, offering paid time off for employees to help community-based and civic-minded organizations.

INSURANCE

For strategic risk transfer purposes, we maintain a comprehensive insurance program with insurers that we believe to be reputable and which have adequate capitalization in amounts that we believe to be appropriate. Property insurance is purchased on a comprehensive basis, including flood and earthquake (including excess coverage), subject to certain policy conditions, sublimits and deductibles. Property is insured based upon the replacement cost of real and personal property, including leasehold improvements, business income loss and extra expense. Other types of insurance that we carry, which are also subject to certain policy conditions, sublimits and deductibles, include medical, workers’ compensation, general liability, umbrella, automobile, professional, cyber, warehouse legal liability and directors’ and officers’ liability policies.

GOVERNMENT REGULATION

We are required to comply with numerous laws and regulations covering a wide variety of subject matters which may have a material effect on our capital expenditures, earnings and competitive position.

6			IRON MOUNTAIN 2024 FORM 10-K

Part I

For example, some of our currently and formerly owned or leased properties were previously used by entities other than us for industrial or other purposes, or were affected by waste generated from nearby properties, that involved the use, storage, generation and/or disposal of hazardous substances and wastes, including petroleum products. In some instances, this prior use involved the operation of underground storage tanks or the presence of asbestos-containing materials. Where we are aware of environmental conditions that require remediation, we undertake appropriate activity, in accordance with all legal requirements. Although we have from time to time conducted limited environmental investigations and remedial activities at some of our former and current facilities, we have not undertaken environmental reviews of all of our properties. We therefore may be potentially liable for environmental costs and may be unable to sell, rent, mortgage or use contaminated real estate owned or leased by us. Under various federal, state and local environmental laws, we may be liable for environmental compliance and remediation costs to address contamination, if any, located at owned and leased properties as well as damages arising from such contamination, whether or not we know of, or were responsible for, the contamination, or the contamination occurred while we owned or leased the property. Environmental conditions for which we might be liable may also exist at properties that we may acquire in the future. In addition, future regulatory action and environmental laws may impose costs for environmental compliance that do not exist today.

We transfer a portion of our risk of financial loss due to currently undetected environmental matters by purchasing an environmental impairment liability insurance policy, which covers all owned and leased locations. Coverage is provided for both liability and remediation costs.

In addition, we are subject to numerous laws and regulations relating to data privacy and cybersecurity, which are complex, change frequently and have tended to become more stringent over time. We have an established global privacy compliance framework and devote substantial resources, and may in the future have to devote significant additional resources, to facilitate compliance with these laws and regulations, and to investigate, defend or remedy actual or alleged violations or breaches. Any failure by us to comply with, or remedy any violations or breaches of, these laws and regulations could negatively impact our operations, result in the imposition of fines and penalties, liability and litigation, significant costs and expenses and reputational harm.

For more information about laws and regulations that could affect our business, see "Item 1A. Risk Factors" included in this Annual Report.

SUSTAINABILITY

At Iron Mountain, we are using our influence and expertise to drive innovations that protect and elevate the effectiveness of our customers’ endeavors, while also creating a meaningful, positive impact on individuals, the environment, and our overall performance. Iron Mountain is committed to sustainable growth, and this is highlighted through initiatives and targets within our company. We aim to minimize our environmental impact, foster a culture and processes that support the well-being of our global teams, and to be a catalyst for positive change within our communities.

We transparently report on our sustainability efforts and the advancement of our objectives by using widely adopted reporting frameworks such as the Global Reporting Initiative, CDP and EcoVadis. In addition, we continue to further align our reporting with the recommendations of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures.

Our work continues to receive recognition. In 2024, the Science Based Targets initiative ("SBTi") validated our targets, which are aligned with the Paris Climate Agreement aspiration of limiting the global temperature increase to 1.5 degrees Celsius. Our data center team was recognized with the Decarbonization of Electricity award from BroadGroup International for their work and thought leadership on carbon-free energy.

As of December 31, 2024, we are a constituent of multiple indexes that focus on corporate sustainability standards, including several MSCI All Country World Indexes (ACWI), such as the ACWI Low Carbon Leaders, ACWI Climate Paris Aligned, ACWI ESG Leaders and ACWI Socially Responsible Index (SRI). We have also been a constituent of the FTSE4Good Index for more than ten years. A copy of our sustainability report is available on the "Who we are" section of our website, www.ironmountain.com, under the heading "Sustainability". We are not including the information contained on or available through our website as part of, or incorporating such information by reference into, this Annual Report.

			IRON MOUNTAIN 2024 FORM 10-K			7

Part I

STRONG ENVIRONMENTAL FOCUS •Iron Mountain provides a Green Power Pass solution in the data center market to help customers manage their carbon footprint. •Founding signatory of the UN Compact on 24/7 Carbon Free Energy. As of 2024, Iron Mountain has over 190 locations globally with the ability to track and match renewable energy usage on an hourly basis. •87% of our global electricity use was covered by renewable sources in 2023. •Iron Mountain has near and long-term science-based emissions reduction targets that have been validated by SBTi. •Reduced Scope 1 and 2 greenhouse gas (GHG) emissions by 10% from 2022 to 2023. •Achieved a landfill diversion rate of 81% in 2023, reducing waste to landfill and lowering emissions associated with waste processing.

INTERNET WEBSITE

Our internet address is www.ironmountain.com. Under the "Investors" section on our website, we make available, free of charge, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the "Exchange Act") as soon as reasonably practicable after such forms are filed with or furnished to the SEC. We are not including the information contained on or available through our website as a part of, or incorporating such information by reference into, this Annual Report. Copies of our corporate governance guidelines, code of ethics and the charters of our audit, compensation, finance, nominating and governance and risk and safety committees are available on the "Investors" section of our website, www.ironmountain.com, under the heading "Corporate Governance".

8			IRON MOUNTAIN 2024 FORM 10-K

Part I