Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations for the three months ended March 31, 2026 should be read in conjunction with our Condensed Consolidated Financial Statements and Notes thereto for the three months ended March 31, 2026, included herein, and our Consolidated Financial Statements and Notes thereto for the year ended December 31, 2025, included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission ("SEC") on February 12, 2026 (our "Annual Report").

FORWARD-LOOKING STATEMENTS

We have made statements in this Quarterly Report 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", "pursue", "commits", "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:

• 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 business, 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;

• 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;

• 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, and regulatory and contractual requirements under government contracts;

• 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;

• our ability to fund capital expenditures;

• the impact of our distribution requirements on our ability to execute our business plan;

• our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes ("REIT");

• changes in the political and economic environments in the countries in which we operate and changes in the global political climate;

• our ability to raise debt or equity capital and changes in the cost of our debt;

• our ability to comply with our existing debt obligations and restrictions in our debt instruments;

• the impact of service interruptions or equipment damage and the cost of power on our data center operations;

• the cost or potential liabilities associated with real estate necessary for our business;

• unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations;

• fluctuations in commodity prices;

• competition for customers;

• our ability to attract, develop, and retain key personnel;

• deficiencies in our disclosure controls and procedures or internal control over financial reporting;

• other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and

• 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 report.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									24

Part I. Financial Information

OVERVIEW

The following discussions set forth, for the periods indicated, management's discussion and analysis of financial condition and results of operations. Significant trends and changes are discussed for the three months ended March 31, 2026 within each section.

GENERAL

RESULTS OF OPERATIONS—KEY TRENDS

• Our organic storage rental revenue growth is primarily driven by revenue management in our Global RIM Business segment, where we expect volume to be relatively stable in the near term, as well as by growth in our Global Data Center Business segment, primarily driven by lease commencements.

• Our organic service revenue growth is primarily driven by new and existing digital offerings, traditional records management services and services in our asset lifecycle management ("ALM") business, all of which we expect to grow in the near term and benefit our organic service revenue growth in 2026.

• We expect continued total revenue and Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") growth in 2026 as a result of our focus on new product and service offerings, cross-selling opportunities, innovation, customer solutions and market expansion in line with our growth strategies.

Cost of sales (excluding depreciation and amortization) and Selling, general and administrative expenses for the three months ended March 31, 2026 consists of the following:

COST OF SALES						SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									25

Part I. Financial Information

NON-GAAP MEASURES

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:

EXCLUDED
•Acquisition and Integration Costs (as defined below) •Restructuring and other transformation *•*Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)						•Other (income) expense, net •Stock-based compensation expense •Intangible impairments

Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We also show Adjusted EBITDA and Adjusted EBITDA Margin for each of our reportable segments under "Results of Operations – Segment Analysis" below.

Adjusted EBITDA excludes both interest expense, net and the provision (benefit) for income taxes. These expenses are associated with our capitalization and tax structures, which we do not consider when evaluating the operating profitability of our core operations. Adjusted EBITDA does not include depreciation and amortization expenses, in order to eliminate the impact of capital investments, which we evaluate by comparing capital expenditures to incremental revenue generated and as a percentage of total revenues. Adjusted EBITDA and Adjusted EBITDA Margin 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 (loss), net income (loss) or cash flows from operating activities.

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (IN THOUSANDS):

			THREE MONTHS ENDED MARCH 31,
			2026						2025
Net Income (Loss)			$	148,999					$	16,233
Add/(Deduct):
Interest expense, net			223,821						194,738
Provision (benefit) for income taxes			27,118						14,835
Depreciation and amortization			267,839						232,154
Acquisition and Integration Costs(1)			2,921						5,823
Restructuring and other transformation			—						54,746
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)			7,592						5,571
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures			(1,196)						27,382
Stock-based compensation expense			28,257						26,094
Our share of Adjusted EBITDA reconciling items from our unconsolidated joint ventures			2,588						2,330
Adjusted EBITDA			$	707,939					$	579,906

(1)Represents 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 (collectively, "Acquisition and Integration Costs").

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									26

Part I. Financial Information

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:

EXCLUDED
•Acquisition and Integration Costs •Restructuring and other transformation •Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate) •Other (income) expense, net						•Stock-based compensation expense •Non-cash amortization related to derivative instruments •Tax impact of reconciling items and discrete tax items •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.

RECONCILIATION OF REPORTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED TO ADJUSTED EPS—FULLY DILUTED FROM NET INCOME (LOSS) ATTRIBUTABLE TO IRON MOUNTAIN INCORPORATED:

			THREE MONTHS ENDED MARCH 31,
			2026						2025
Reported EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated			$	0.48					$	0.05
Add/(Deduct):
Acquisition and Integration Costs			0.01						0.02
Restructuring and other transformation			—						0.18
Loss (gain) on disposal/write-down of property, plant and equipment, net (including real estate)			0.03						0.02
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures			—						0.09
Stock-based compensation expense			0.09						0.09
Non-cash amortization related to derivative instruments			—						0.01
Tax impact of reconciling items and discrete tax items(1)			(0.02)						(0.04)
Income (Loss) Attributable to Noncontrolling Interests			0.02						—
Adjusted EPS—Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated(2)			$	0.60					$	0.43

(1)The differences between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2026 and 2025 are 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 ended March 31, 2026 and 2025 was 15.5% and 17.0%, respectively. The Tax impact of reconciling items and discrete tax items is calculated using the current quarter's estimate of the annual structural tax rate.

(2)Columns may not foot due to rounding.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									27

Part I. Financial Information

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 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:

EXCLUDED
•Acquisition and Integration Costs •Restructuring and other transformation *•*Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate) •Other (income) expense, net •Stock-based compensation expense						•Non-cash amortization related to derivative instruments •Real estate financing lease depreciation •Tax impact of reconciling items and discrete tax items •Intangible impairments •(Income) loss from discontinued operations, net of tax

RECONCILIATION OF NET INCOME (LOSS) TO FFO (NAREIT) AND FFO (NORMALIZED) (IN THOUSANDS):

			THREE MONTHS ENDED MARCH 31,
			2026						2025
Net Income (Loss)			$	148,999					$	16,233
Add/(Deduct):
Real estate depreciation			111,459						94,147
Loss (gain) on sale of real estate, net of tax			717						312
Data center lease-based intangible assets amortization			1,842						2,019
Our share of FFO (Nareit) reconciling items from our unconsolidated joint ventures			1,598						1,496
FFO (Nareit)			264,615						114,207
Add/(Deduct):
Acquisition and Integration Costs			2,921						5,823
Restructuring and other transformation			—						54,746
Loss (gain) on disposal/write-down of property, plant and equipment, net (excluding real estate)			6,875						5,292
Other (income) expense, net, excluding our share of losses (gains) from our unconsolidated joint ventures(1)			(1,196)						27,382
Stock-based compensation expense			28,257						26,094
Non-cash amortization related to derivative instruments			(896)						4,176
Real estate financing lease depreciation			3,924						3,148
Tax impact of reconciling items and discrete tax items(2)			(9,896)						(11,673)
Our share of FFO (Normalized) reconciling items from our unconsolidated joint ventures			(57)						(125)
FFO (Normalized)			$	294,547					$	229,070

(1)Includes foreign currency transaction (gains) losses, net and other, net. See Note 2.h. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding the components of Other (income) expense, net.

(2)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) for Income Taxes and (ii) other discrete tax items. Discrete tax items resulted in a provision (benefit) for income taxes of $(0.3) million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									28

Part I. Financial Information

CRITICAL ACCOUNTING ESTIMATES

Our discussion and analysis of our financial condition and results of operations are based upon our Condensed Consolidated Financial Statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities and are not readily apparent from other sources. Actual results may differ from these estimates. Our critical accounting estimates include the following, which are listed in no particular order:

• Revenue Recognition

• Accounting for Acquisitions

• Impairment of Tangible and Intangible Assets

• Income Taxes

Further detail regarding our critical accounting estimates can be found in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report, and the Consolidated Financial Statements and the Notes included therein. We have determined that no material changes concerning our critical accounting estimates have occurred since December 31, 2025.

RESULTS OF OPERATIONS

COMPARISON OF THE THREE MONTHS ENDED MARCH 31, 2026 TO THE THREE MONTHS ENDED MARCH 31, 2025 (IN THOUSANDS):

			THREE MONTHS ENDED MARCH 31,												DOLLAR CHANGE						PERCENTAGE CHANGE
			2026						2025
Revenues			$	1,936,149					$	1,592,529					$	343,620					21.6		%
Operating Expenses			1,540,919						1,338,235						202,684						15.1		%
Operating Income			395,230						254,294						140,936						55.4		%
Other Expenses, Net			246,231						238,061						8,170						3.4		%
Net Income (Loss)			148,999						16,233						132,766						817.9		%
Net Income (Loss) Attributable to Noncontrolling Interests			5,334						281						5,053						1,798.2		%
Net Income (Loss) Attributable to Iron Mountain Incorporated			$	143,665					$	15,952					$	127,713					800.6		%
Adjusted EBITDA(1)			$	707,939					$	579,906					$	128,033					22.1		%
Adjusted EBITDA Margin(1)			36.6		%				36.4		%

(1)See "Non-GAAP Measures—Adjusted EBITDA" in this Quarterly Report for the definitions of Adjusted EBITDA and Adjusted EBITDA Margin, reconciliation of Net Income (Loss) to Adjusted EBITDA and a discussion of why we believe these non-GAAP measures provide relevant and useful information to our current and potential investors.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									29

Part I. Financial Information

REVENUES

Total revenues consist of the following (in thousands):

			THREE MONTHS ENDED MARCH 31,																		PERCENTAGE CHANGE
			2026						2025						DOLLAR CHANGE						ACTUAL						CONSTANT CURRENCY**(1)**						ORGANIC GROWTH**(2)**						IMPACT OF ACQUISITIONS
Storage Rental			$	1,094,765					$	948,376					$	146,389					15.4		%				12.6		%				12.4		%				0.2		%
Service			841,384						644,153						197,231						30.6		%				27.6		%				24.3		%				3.3		%
Total Revenues			$	1,936,149					$	1,592,529					$	343,620					21.6		%				18.6		%				17.2		%				1.4		%

(1)Constant currency growth rate, which is a non-GAAP measure, is calculated by translating the 2025 results at the 2026 average exchange rates.

(2)Our organic revenue growth rate, which is a non-GAAP measure, 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 rate includes the impact of acquisitions of customer relationships.

TOTAL REVENUES

Primary factors influencing the change in reported storage rental revenue and reported service revenue for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:

STORAGE RENTAL REVENUE						•organic storage rental revenue growth driven by revenue management in our Global RIM Business segment and lease commencements and improved pricing in our Global Data Center Business segment.
SERVICE REVENUE						•organic service revenue growth driven by increases in Global Digital Solutions and traditional service activity levels in our Global RIM Business segment and growth from new and existing customers in our ALM business; and •an increase of $16.9 million due to recent acquisitions in our ALM business.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									30

Part I. Financial Information

OPERATING EXPENSES

COST OF SALES

Cost of sales (excluding depreciation and amortization) consists of the following expenses (in thousands):

			THREE MONTHS ENDED MARCH 31,																		PERCENTAGE CHANGE												% OF TOTAL REVENUES												PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
			2026						2025						DOLLAR CHANGE						ACTUAL						CONSTANT CURRENCY						2026						2025
Labor			$	316,031					$	273,981					$	42,050					15.3		%				11.8		%				16.3		%				17.2		%				(0.9)		%
Facilities			330,647						287,406						43,241						15.0		%				11.7		%				17.1		%				18.0		%				(0.9)		%
Transportation			44,147						43,133						1,014						2.4		%				(0.2)		%				2.3		%				2.7		%				(0.4)		%
Product Cost of Sales and Other			198,978						105,684						93,294						88.3		%				85.6		%				10.3		%				6.6		%				3.7		%
Total Cost of sales			$	889,803					$	710,204					$	179,599					25.3		%				21.9		%				46.0		%				44.6		%				1.4		%

Primary factors influencing the change in reported Cost of sales for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:

*•*an increase in labor costs driven by an increase in service activity, primarily within our Global RIM Business segment;

*•*an increase in facilities expenses, primarily driven by higher utilities cost in our Global Data Center Business segment, and increases in rent and real estate tax expense; and

• an increase in product cost of sales and other in our ALM business in line with product sales increases from new and existing customers.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

Selling, general and administrative expenses consists of the following expenses (in thousands):

			THREE MONTHS ENDED MARCH 31,																		PERCENTAGE CHANGE												% OF TOTAL REVENUES												PERCENTAGE CHANGE (FAVORABLE)/ UNFAVORABLE
			2026						2025						DOLLAR CHANGE						ACTUAL						CONSTANT CURRENCY						2026						2025
General, Administrative and Other			$	274,515					$	242,874					$	31,641					13.0		%				11.2		%				14.2		%				15.3		%				(1.1)		%
Sales, Marketing and Account Management			98,249						86,863						11,386						13.1		%				9.6		%				5.1		%				5.5		%				(0.4)		%
Total Selling, general and administrative expenses			$	372,764					$	329,737					$	43,027					13.0		%				10.8		%				19.3		%				20.7		%				(1.4)		%

Primary factors influencing the change in reported Selling, general and administrative expenses for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 include the following:

• an increase in general, administrative and other expenses, primarily driven by higher compensation expense; and

• an increase in sales, marketing and account management expenses, primarily driven by higher compensation expense, and increased marketing costs.

DEPRECIATION AND AMORTIZATION

Depreciation expense increased $29.7 million, or 18.3%, for the three months ended March 31, 2026 compared to the prior year period. See Note 2.i. to Notes to Consolidated Financial Statements included in our Annual Report for additional information regarding the useful lives over which our property, plant and equipment is depreciated.

Amortization expense increased $6.0 million, or 8.6%, for the three months ended March 31, 2026 compared to the prior year period.

ACQUISITION AND INTEGRATION COSTS

Acquisition and Integration Costs for the three months ended March 31, 2026 and 2025 were approximately $2.9 million and $5.8 million, respectively.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									31

Part I. Financial Information

LOSS (GAIN) ON DISPOSAL/WRITE-DOWN OF PROPERTY, PLANT AND EQUIPMENT, NET

Loss (gain) on disposal/write-down of property, plant and equipment, net for the three months ended March 31, 2026 and 2025 was approximately $7.6 million and $5.6 million, respectively.

OTHER EXPENSES, NET

INTEREST EXPENSE, NET

Interest expense, net increased $29.1 million to $223.8 million in the three months ended March 31, 2026 from $194.7 million in the prior year period. The increase is primarily due to higher average debt outstanding during the three months ended March 31, 2026 compared to the prior year period. Our weighted average interest rate, inclusive of the fees associated with our outstanding letters of credit, was 5.5% and 5.7% at March 31, 2026 and 2025, respectively. See Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our indebtedness.

OTHER (INCOME) EXPENSE, NET

Other (income) expense, net for the three months ended March 31, 2026 and 2025 consists of the following (in thousands):

			THREE MONTHS ENDED MARCH 31,												DOLLAR CHANGE
DESCRIPTION			2026						2025
Foreign currency transaction (gains) losses, net(1)			$	(24,512)					$	29,663					$	(54,175)
Other, net(2)			19,804						(1,175)						20,979
Other (Income) Expense, Net			$	(4,708)					$	28,488					$	(33,196)

(1)The gains for the three months ended March 31, 2026 primarily consist of the impact of changes in the exchange rate of the Euro against the United States dollar on our intercompany balances with and between certain of our subsidiaries.

(2)Other, net for the three months ended March 31, 2026 primarily consists of a loss of approximately $17.8 million due to the change in value of our deferred purchase obligations.

PROVISION (BENEFIT) FOR INCOME TAXES

We provide for income taxes during interim periods based on our estimate of the effective tax rate for the year. Our effective tax rates for the three months ended March 31, 2026 and 2025 are as follows:

			THREE MONTHS ENDED MARCH 31,
			2026						2025
Effective Tax Rate			15.4		%				47.8		%

The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate for the three months ended March 31, 2026 were the (i) benefits derived from the dividends paid deduction, (ii) income we recorded in Other (income) expense, net during the period, as well as the differences in the tax rates to which our foreign earnings are subject, partially offset by (iii) disallowed interest expenses of certain entities.

Effective on January 1, 2026, the One Big Beautiful Bill Act increased the maximum allowable value of a REIT’s total assets held in one or more taxable REIT subsidiaries at the end of any quarter from 20% to 25%.

Beginning in 2024, we became subject to the Organization for Economic Cooperation and Development (the “OECD”) Global Anti-Base Erosion Model Rules (“Pillar Two”). Pillar Two may impose additional taxes (“Top-Up Taxes”) if the effective tax rate (as defined by the OECD) in a jurisdiction is below 15%. Pillar Two does not apply to “Excluded Entities” and certain subsidiaries of Excluded Entities. We continue to believe that we qualify as an Excluded Entity as a “Real Estate Investment Vehicle.” In the event certain subsidiaries do not qualify as Excluded Entities, available safe harbor rules could apply that would exempt the entities from any Top-Up Taxes. Substantially all of our non-excluded, non-U.S. jurisdictions qualify for one or more of the safe harbor rules.

On January 5, 2026, the OECD announced a comprehensive Side-by-Side safe harbor package (the “SbS Safe Harbor”) that, if enacted, would exempt U.S.-parented multinational companies from certain Top-Up Taxes under Pillar Two beginning January 1, 2026. While the SbS Safe Harbor is not yet enacted in any foreign jurisdiction where we operate, we expect that the SbS Safe Harbor may be adopted prior to the year ended December 31, 2026.

We do not expect the Top-Up Taxes of the remaining non-U.S. jurisdictions that may not qualify for the safe harbor rules, or the Top-Up Taxes from our U.S. income that may be subject to Pillar Two, to have a material impact on our consolidated financial statements.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									32

Part I. Financial Information

NET INCOME (LOSS) AND ADJUSTED EBITDA

The following table reflects the effect of the foregoing factors on our net income (loss) and Adjusted EBITDA (in thousands):

			THREE MONTHS ENDED MARCH 31,												DOLLAR CHANGE						PERCENTAGE CHANGE
			2026						2025
Net Income (Loss)			$	148,999					$	16,233					$	132,766					817.9		%
Net Income (Loss) as a percentage of Revenue			7.7		%				1.0		%
Adjusted EBITDA			$	707,939					$	579,906					$	128,033					22.1		%
Adjusted EBITDA Margin			36.6		%				36.4		%

Adjusted EBITDA Margin for the three months ended March 31, 2026 increased 20 basis points from the same prior year period driven by favorable overhead management, offset by changes in our revenue mix.			↑ INCREASED BY $128.0 MILLION OR 22.1% Adjusted EBITDA

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									33

Part I. Financial Information

SEGMENT ANALYSIS

See Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a description of our reportable segments.

GLOBAL RIM BUSINESS (IN THOUSANDS)

			THREE MONTHS ENDED MARCH 31,																		PERCENTAGE CHANGE
						DOLLAR CHANGE						ACTUAL						CONSTANT CURRENCY						ORGANIC GROWTH						IMPACT OF ACQUISITIONS
			2026						2025
Storage Rental			$	823,517					$	757,508					$	66,009					8.7		%				5.9		%				5.6		%				0.3		%
Service			580,569						498,434						82,135						16.5		%				13.4		%				12.5		%				0.9		%
Segment Revenue			$	1,404,086					$	1,255,942					$	148,144					11.8		%				8.9		%				8.3		%				0.6		%
Segment Adjusted EBITDA			$	617,679					$	556,314					$	61,365
Segment Adjusted EBITDA Margin			44.0		%				44.3		%

THREE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL RIM BUSINESS (IN MILLIONS)

Storage Rental Revenue						Service Revenue						Segment Revenue						Segment Adjusted EBITDA

Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global RIM Business segment for the three months ended March 31, 2026 compared to the prior year period include the following:

• organic storage rental revenue growth driven by revenue management;

• organic service revenue growth primarily driven by increases in our Global Digital Solutions business and growth in our traditional service activity levels; and

*•*a 30 basis point decrease in Adjusted EBITDA Margin primarily driven by changes in revenue mix, partially offset by favorable overhead management.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									34

Part I. Financial Information

GLOBAL DATA CENTER BUSINESS (IN THOUSANDS)

			THREE MONTHS ENDED MARCH 31,																		PERCENTAGE CHANGE
						DOLLAR CHANGE						ACTUAL						CONSTANT CURRENCY						ORGANIC GROWTH						IMPACT OF ACQUISITIONS
			2026						2025
Storage Rental			$	252,505					$	172,945					$	79,560					46.0		%				43.1		%				43.1		%				—		%
Service			2,220						252						1,968						781.0		%				4,948.3		%				4,948.3		%				—		%
Segment Revenue			$	254,725					$	173,197					$	81,528					47.1		%				44.3		%				44.3		%				—		%
Segment Adjusted EBITDA			$	132,763					$	90,816					$	41,947
Segment Adjusted EBITDA Margin			52.1		%				52.4		%

THREE MONTHS ENDED YEAR OVER YEAR SEGMENT ANALYSIS: GLOBAL DATA CENTER BUSINESS (IN MILLIONS)

Storage Rental Revenue						Service Revenue						Segment Revenue						Segment Adjusted EBITDA

Primary factors influencing the change in revenue and Adjusted EBITDA Margin in our Global Data Center Business segment for the three months ended March 31, 2026 compared to the prior year period include the following:

• organic storage rental revenue growth from leases that commenced during the first three months of 2026 and in prior periods, improved pricing and increased customer usage of power;

*•*an increase in Adjusted EBITDA primarily driven by organic storage rental revenue growth; and

*•*a 30 basis point decrease in Adjusted EBITDA Margin reflecting higher pass-through power costs, partially offset by ongoing cost management.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									35

Part I. Financial Information

CORPORATE AND OTHER (IN THOUSANDS)

			THREE MONTHS ENDED MARCH 31,																		PERCENTAGE CHANGE
						DOLLAR CHANGE						ACTUAL						CONSTANT CURRENCY						ORGANIC GROWTH						IMPACT OF ACQUISITIONS
			2026						2025
Storage Rental			$	18,743					$	17,923					$	820					4.6		%				3.1		%				3.1		%				—		%
Service			258,595						145,467						113,128						77.8		%				75.6		%				64.1		%				11.5		%
Revenue			$	277,338					$	163,390					$	113,948					69.7		%				67.6		%				57.4		%				10.2		%
Adjusted EBITDA			$	(42,503)					$	(67,224)					$	24,721

Primary factors influencing the change in revenue and Adjusted EBITDA in Corporate and Other (as defined in Note 8 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report) for the three months ended March 31, 2026 compared to the prior year period include the following:

• an increase in service revenue of $16.9 million due to acquisitions in our ALM business;

• organic service revenue growth in our ALM business driven by growth from new and existing customers and improved component pricing trends; and

*•*an improvement in Adjusted EBITDA driven by service revenue improvement in our ALM business.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									36

Part I. Financial Information

LIQUIDITY AND CAPITAL RESOURCES

GENERAL

We expect to meet our short-term and long-term cash flow requirements through cash generated from operations, cash on hand, borrowings under the Credit Agreement (as defined below), as well as other potential financings (such as the issuance of debt). Our cash flow requirements, both in the near and long term, include, but are not limited to, capital expenditures, the repayment of outstanding debt, shareholder dividends, potential business acquisitions and normal business operation needs.

CASH FLOWS

The following is a summary of our cash balances and cash flows (in thousands) as of and for the three months ended March 31,

			2026						2025
Cash Flows from Operating Activities			$	338,550					$	197,299
Cash Flows from Investing Activities			(531,467)						(766,766)
Cash Flows from Financing Activities			271,222						578,832
Cash and Cash Equivalents, End of Period			250,710						155,338

A. CASH FLOWS FROM OPERATING ACTIVITIES

For the three months ended March 31, 2026, net cash flows provided by operating activities increased by $141.3 million compared to the prior year period, primarily due to an increase in net income (loss) (excluding non-cash charges) of $170.7 million, partially offset by a decrease in cash from working capital of $29.4 million.

B. CASH FLOWS FROM INVESTING ACTIVITIES

Our significant investing activity during the three months ended March 31, 2026 included cash paid for capital expenditures of $518.0 million. Additional details of our capital spending are included in the "Capital Expenditures" section below.

C. CASH FLOWS FROM FINANCING ACTIVITIES

Our significant financing activities during the three months ended March 31, 2026 included:

• Net proceeds of approximately $658.1 million primarily associated with borrowings under the Revolving Credit Facility and our data center credit facilities, which were used to partially finance the construction of our data centers.

• Payment of dividends in the amount of $275.6 million on our common stock.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									37

Part I. Financial Information

CAPITAL EXPENDITURES

The following table presents our capital spend for the three months ended March 31, 2026 and 2025, organized by the type of the spending as described in our Annual Report (in thousands):

			THREE MONTHS ENDED MARCH 31,
NATURE OF CAPITAL SPEND			2026						2025
Growth Investment Capital Expenditures:
Data Center			$	408,084					$	575,999
Real Estate			46,936						30,934
Innovation and Other			37,070						21,584
Total Growth Investment Capital Expenditures			492,090						628,517
Recurring Capital Expenditures:
Data Center			$	3,377					$	3,067
Real Estate			7,778						8,196
Non-Real Estate			24,124						16,820
Total Recurring Capital Expenditures			35,279						28,083
Total Capital Spend (on accrual basis)			$	527,369					$	656,600
Net increase (decrease) in prepaid capital expenditures			11,370						(2,351)
Net (increase) decrease in accrued capital expenditures			(20,726)						20,518
Total Capital Spend (on cash basis)			$	518,013					$	674,767

Excluding capital expenditures associated with potential future acquisitions, we expect total capital expenditures of approximately $2,200.0 million for the year ending December 31, 2026. Of this, we expect capital expenditures for growth investment of approximately $2,050.0 million and recurring capital expenditures of approximately $150.0 million.

DIVIDENDS

See Note 7 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for a listing of dividends that we declared during the first three months of 2026 and fiscal year 2025.

On April 30, 2026, we declared a dividend to our stockholders of record as of June 15, 2026 of $0.864 per share, payable on July 3, 2026.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									38

Part I. Financial Information

FINANCIAL INSTRUMENTS AND DEBT

Financial instruments that potentially subject us to credit risk consist principally of cash and cash equivalents (including money market funds and time deposits) and accounts receivable. The only significant concentrations of liquid investments as of March 31, 2026 are related to cash and cash equivalents held in money market funds. See Note 2.d. to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for information on our money market funds and time deposits.

Long-term debt as of March 31, 2026 is as follows (in thousands):

			MARCH 31, 2026
			DEBT (INCLUSIVE OF DISCOUNT)						UNAMORTIZED DEFERRED FINANCING COSTS						CARRYING AMOUNT
Revolving Credit Facility(1)			$	1,285,000					$	(7,724)					$	1,277,276
Term Loan A(1)			481,250						—						481,250
Term Loan B(1)			2,016,319						(11,885)						2,004,434
Virginia 6 Term Loans(2)			210,000						(2,140)						207,860
Virginia 7 Term Loans(2)			293,455						(3,535)						289,920
Virginia 4/5 Term Loans due 2030(2)			208,224						(3,350)						204,874
Virginia 3 Term Loans due 2031			433,000						(8,583)						424,417
AUD Term Loan(2)			267,998						(1,915)						266,083
UK Revolving Credit Facility(2)			185,035						(1,684)						183,351
47/8% Notes due 2027(2)			1,000,000						(2,133)						997,867
51/4% Notes due 2028(2)			825,000						(2,362)						822,638
5% Notes due 2028(2)			500,000						(1,688)						498,312
7% Notes(2)			1,000,000						(6,027)						993,973
47/8% Notes due 2029(2)			1,000,000						(5,063)						994,937
51/4% Notes due 2030(2)			1,300,000						(6,518)						1,293,482
41/2% Notes(2)			1,100,000						(6,119)						1,093,881
5% Notes due 2032(2)			750,000						(8,268)						741,732
55/8% Notes(2)			600,000						(3,678)						596,322
61/4% Notes(2)			1,200,000						(12,302)						1,187,698
Euro Notes(2)			1,380,536						(16,247)						1,364,289
Real Estate Mortgages, Financing Lease Liabilities and Other			780,096						(1,375)						778,721
Accounts Receivable Securitization Program			400,000						(336)						399,664
Total Long-term Debt			17,215,913						(112,932)						17,102,981
Less Current Portion			(216,965)						—						(216,965)
Long-term Debt, Net of Current Portion			$	16,998,948					$	(112,932)					$	16,886,016

(1)Collectively, the “Credit Agreement”. The Credit Agreement consists of a revolving credit facility (the “Revolving Credit Facility”), a term loan A facility (the “Term Loan A”) and a term loan B facility (the "Term Loan B").

(2)Each as defined in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report.

See Note 6 to Notes to Consolidated Financial Statements included in our Annual Report and Note 5 to Notes to Condensed Consolidated Financial Statements included in this Quarterly Report for additional information regarding our long-term debt.

DATA CENTER DEBT AGREEMENTS

On January 9, 2026, Iron Mountain Data Centers Virginia 3, LLC and Iron Mountain Data Centers Virginia 3 Intermediate II, LLC, both wholly owned subsidiaries of Iron Mountain Incorporated, entered into a mortgage loan agreement and a mezzanine loan agreement with a total original principal balance of $433.0 million (the "Virginia 3 Term Loans due 2031"). Virginia 3 Term Loans due 2031 are secured by the property of Iron Mountain Data Centers Virginia 3, LLC and are scheduled to mature on January 9, 2031, at which point all obligations will become due. The Virginia 3 Term Loans due 2031 bear interest at a weighted average rate of 6.33%. Total net proceeds from the Virginia 3 Term Loans due 2031 were used to repay the Virginia 3 Term Loans due 2026 (defined as the Virginia 3 Term Loans in Note 6 to Notes to Consolidated Financial Statements included in our Annual Report) and a portion of the outstanding borrowings under the Revolving Credit Facility.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									39

Part I. Financial Information

DEBT COVENANTS

The Credit Agreement, our bond indentures and other agreements governing our indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict our ability to complete acquisitions, pay cash dividends, incur indebtedness, make investments, sell assets and take other specified corporate actions. The covenants do not contain a rating trigger. Therefore, a change in our debt rating would not trigger a default under the Credit Agreement, our bond indentures or other agreements governing our indebtedness. The Credit Agreement requires that we satisfy a net total lease adjusted leverage ratio and a fixed charge coverage ratio on a quarterly basis, and our bond indentures require that, among other things, we satisfy a leverage ratio (not lease adjusted) or a fixed charge coverage ratio (not lease adjusted) as a condition to taking actions such as paying dividends and incurring indebtedness.

The Credit Agreement uses earnings before interest, taxes, depreciation and amortization and rent expense ("EBITDAR")-based calculations and the bond indentures use EBITDA-based calculations as the primary measures of financial performance for purposes of calculating leverage and fixed charge coverage ratios. The EBITDAR- and EBITDA-based leverage calculations include our consolidated subsidiaries, other than those we have designated as "Unrestricted Subsidiaries" as defined in the Credit Agreement and bond indentures. Generally, the Credit Agreement and the bond indentures use a trailing four fiscal quarter basis for purposes of the relevant calculations and require certain adjustments and exclusions for purposes of those calculations, which make the calculation of financial performance under the Credit Agreement and bond indentures not directly comparable to Adjusted EBITDA as presented herein. These adjustments can be significant. For example, the calculation of financial performance under the Credit Agreement and certain of our bond indentures includes (subject to specified exceptions and caps) adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions, (ii) certain executed lease agreements associated with our data center business that have yet to commence and (iii) restructuring and other strategic initiatives. The calculation of financial performance under our other bond indentures includes, for example, adjustments for non-cash charges and for expected benefits associated with (i) completed acquisitions and (ii) events that are extraordinary, unusual or non-recurring.

Our leverage and fixed charge coverage ratios under the Credit Agreement as of March 31, 2026 are as follows:

			MARCH 31, 2026												MAXIMUM/MINIMUM ALLOWABLE
Net total lease adjusted leverage ratio			4.8												Maximum allowable of 7.0
Fixed charge coverage ratio			2.5												Minimum allowable of 1.5

We are in compliance with our leverage and fixed charge coverage ratios under the Credit Agreement, our bond indentures and other agreements governing our indebtedness as of March 31, 2026. Noncompliance with these leverage and fixed charge coverage ratios would have a material adverse effect on our financial condition and liquidity.

Our ability to pay interest on or to refinance our indebtedness depends on our future performance, working capital levels and capital structure, which are subject to general economic, financial, competitive, legislative, regulatory and other factors which may be beyond our control. There can be no assurance that we will generate sufficient cash flow from our operations or that future financings will be available on acceptable terms or in amounts sufficient to enable us to service or refinance our indebtedness or to make necessary capital expenditures.

DERIVATIVE INSTRUMENTS

INTEREST RATE SWAP AGREEMENTS

We utilize interest rate swap agreements designated as cash flow hedges to limit our exposure to changes in interest rates on a portion of our floating rate indebtedness. Certain of our interest rate swap agreements have notional amounts that will increase with the underlying hedged transaction. Under our interest rate swap agreements, we receive variable rate interest payments associated with the notional amount of each interest rate swap, based upon the one-month Secured Overnight Financing Rate, in exchange for the payment of fixed interest rates as specified in the interest rate swap agreements. Our interest rate swap agreements are marked to market at the end of each reporting period, representing the fair values of the interest rate swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities.

As of March 31, 2026 and December 31, 2025, we have approximately $1,010.0 million and $1,349.0 million, respectively, in notional value outstanding on our interest rate swap agreements. As of March 31, 2026, our interest rate swap agreements have maturity dates ranging from August 2026 through May 2027.

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									40

Part I. Financial Information

CROSS-CURRENCY SWAP AGREEMENTS

We utilize cross-currency swaps to hedge the variability of exchange rate impacts between the United States dollar and certain of our foreign functional currencies, including the Euro and the Canadian dollar. As of March 31, 2026, our cross-currency swap agreements have maturity dates ranging from November 2026 through February 2029.

The notional values of our cross-currency swaps, by hedged currency, as of March 31, 2026 and December 31, 2025, are as follows (in thousands):

			MARCH 31, 2026						DECEMBER 31, 2025
Euro			$	504,559					$	509,187
Canadian dollar			350,000						350,000
			$	854,559					$	859,187

We have designated these cross-currency swap agreements as hedges of net investments in our Euro and Canadian dollar denominated subsidiaries and they require an exchange of the notional amounts at maturity. These cross-currency swap agreements are marked to market at the end of each reporting period, representing the fair values of the cross-currency swap agreements, and any changes in fair value are recognized as a component of Accumulated other comprehensive items, net. Unrealized gains are recognized as assets, while unrealized losses are recognized as liabilities. The excluded component of our cross-currency swap agreements is recorded in Accumulated other comprehensive items, net and amortized to interest expense on a straight-line basis.

INVESTMENTS

Our joint venture with AGC Equity Partners (the "Frankfurt JV") is accounted for as an equity method investment and is presented as a component of Other within Other assets, net in our Condensed Consolidated Balance Sheets. The carrying value and equity interest in the unconsolidated Frankfurt JV at March 31, 2026 is as follows (in thousands):

			MARCH 31, 2026
			CARRYING VALUE						EQUITY INTEREST
Frankfurt JV			$	82,641					20		%

IRON MOUNTAIN MARCH 31, 2026 FORM 10-Q									41

Part I. Financial Information