Iron Mountain Incorporated : Q1 2024 Investor Presentation

IRON MOUNTAIN

INVESTOR PRESENTATION

Updated for Q1 2024

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", "target" 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 presentation.

Reconciliation of Non-GAAP Measures

Throughout this presentation, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, and (3) 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 in the Supplemental Reporting Information.

IRM INVESTOR PRESENTATION 2

TABLE OF CONTENTS

COMPANY OVERVIEW

4

OVERVIEW OF OUR BUSINESS UNITS

13

FINANCIAL OVERVIEW AND SUSTAINABILITY

18

APPENDIX

26

IRM INVESTOR PRESENTATION 3

COMPANY OVERVIEW

IRM INVESTOR PRESENTATION

IRON MOUNTAIN SNAPSHOT (NYSE: IRM)

Mountaineers	Customers Served	Countries Served		Facilities
~27,000	240,000+	60		~1,400
	Global Presence				2023 Revenue Breakdown
~98M Sq. Ft. | ~731.5M Cubic Ft. Global Physical Volume

Member of

Note: All figures as of 12/31/23.

IRM INVESTOR PRESENTATION 5

OVERVIEW OF OUR BUSINESS UNITS

Global

RIM1

Comprehensive information management offerings spanning physical storage, digital solutions, and

digital storage

Data

Center

Data Center facilities for

enterprise and hyperscale clients to protect mission-critical assets and ensure continued operation of IT infrastructure

Asset Lifecycle Management (ALM)

IT asset management solutions through entire asset lifecycle while protecting data, optimizing use, maximizing return on investment, and minimizing environmental impact

Crozier

Fine Arts

Technical expertise in handling, installation, and storing of art to provide customers sustainable solutions

1 Records and Information Management (RIM); includes physical and digital.

IRM INVESTOR PRESENTATION 6

OUR PURPOSE AND VALUES

PURPOSE

We protect and elevate the power of our customers' work

VALUES

Act	Own	Build	Take	Promote
with Integrity	Safety & Security	Customer Value	Ownership	Inclusion & Teamwork

IRM INVESTOR PRESENTATION 7

SUSTAINABLE COMPETITIVE ADVANTAGES

Synergistic Global Business

Comprehensive Information

Management and Data Storage Solutions

Long-tenured Customer Relationships

with Institutional Expertise

Leader in Sustainability

Cash-generative and Highly Profitable Model with Durable Revenue Stream

Mountaineer Talent and

Operating Culture

IRM INVESTOR PRESENTATION 8

OUR NEAR-TERMGROWTH JOURNEY

Climb On! • Strong Global Leadership Positions in Multiple Businesses • World-class Operations

~$7.3B

2026E Revenue

$5.5B	$6.0B-
$6.15B
2023 Revenue

$5.1B	2024E Revenue
2022 Revenue

$4.5B

2021 Revenue

$4.2B

2019 Revenue
70 Years of	Summit Growth
Success	Foundation

MATTERHORN: Accelerating Growth

IRM INVESTOR PRESENTATION 9

PROJECT

MATTERHORN

OPERATING MODEL

• Introduced at September 2022 Investor Event
• Shifting from product to solution sale through new global enterprise-wide commercial platform
• Migrating execution from businesses to new global enterprise-wide operational platform
• Businesses benefitting from shared services and best practices
• Investing to support growth

1 Records and Information Management (RIM); includes physical and digital.	IRM INVESTOR PRESENTATION 10
2 Asset Lifecycle Management (ALM); comprised of three verticals: hyperscale,
enterprise and OEM