8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

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

Date of report (Date of earliest event reported): May 4, 2023

IRON MOUNTAIN INCORPORATED

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

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

85 New Hampshire Avenue, Suite 150 Portsmouth, New Hampshire

(Address of Principal Executive Offices)

03801

(Zip Code)

(617) 535-4766

(Registrant’s Telephone Number, Including Area Code)

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

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

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

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

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

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

Title of Each Class	Trading Symbol(s)	Name Of Each Exchange On Which Registered
Common Stock, $.01 par value per share	IRM	New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02.    Results of Operations and Financial Condition.

On May 4, 2023, Iron Mountain Incorporated, or the Company, issued an earnings press release and supplemental financial information for the quarter ended March 31, 2023. In addition, the Company will be using a slide presentation during its earnings conference call. Copies of the earnings press release, slide presentation and supplemental financial information are furnished as Exhibits 99.1, 99.2 and 99.3, respectively, hereto and posted on the Company’s website, www.ironmountain.com, under “Investors.”

Item 9.01.    Financial Statements and Exhibits.

(d) Exhibits

99.1    First Quarter 2023 Earnings Press Release (Furnished herewith.)

99.2    First Quarter 2023 Earnings Conference Call Presentation (Furnished herewith.)

99.3    First Quarter 2023 Supplemental Financial Information (Furnished herewith)

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

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

The information in this report, including Exhibits 99.1, 99.2 and 99.3 is furnished in accordance with SEC Release No. 33-8216 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the

“Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

SIGNATURES

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

                    

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

Date: May 4, 2023

EX-99.1

FOR IMMEDIATE RELEASE Iron Mountain Reports First Quarter Results -- Net Income of $66 million; Achieves record quarterly Revenue -- -- Data Center: Signs 52 megawatts of new and expansion leases in first quarter -- PORTSMOUTH, N.H. – May 4, 2023 – Iron Mountain Incorporated (NYSE: IRM), a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services, announces financial and operating results for the first quarter of 2023. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein. “We are pleased to report another quarter of record revenue. Our continued strength, in spite of the turbulent geopolitical and economic times in which we find ourselves, reflects the resilience of our business model and the steadfast commitment of our outstanding team," said William L. Meaney, President and CEO of Iron Mountain. “Thanks to this, we achieved revenue growth of 8% for the first quarter and adjusted EBITDA growth of 9% on a constant currency basis, or 5% and 7%, respectively, on a reported basis. The success of Project Matterhorn is exceeding our expectations, and we are on track to continue to provide innovative solutions to meet our customers' needs.” Financial Performance Highlights for the First Quarter of 2023 ($ in millions, except per share data) Three Months Ended Y/Y % Change 3/31/23 3/31/22 Reported $ Constant Fx Storage Rental Revenue $810 $751 8% 10% Service Revenue $504 $497 2% 4% Total Revenue $1,314 $1,248 5% 8% Net Income $66 $42 57% Reported EPS $0.22 $0.14 57% Adjusted EPS $0.42 $0.38 8% Adjusted EBITDA $461 $431 7% 9% Adjusted EBITDA Margin 35.1% 34.5% 60 bps AFFO $284 $264 8% AFFO per share $0.97 $0.91 7% 1

• Total reported revenues for the first quarter were $1.3 billion, compared with $1.2 billion in the first quarter of 2022, an increase of 5.3%. Excluding the impact of foreign currency exchange (Fx), total reported revenues increased 7.5% compared to the prior year, driven by a 10.2% increase in storage rental revenue, while service revenue increased 3.5%. Service revenue growth increased 11.1% on an organic basis excluding the ITRenew acquisition which occurred in the first quarter of 2022. • Net Income for the first quarter was $65.5 million compared with $41.7 million in the first quarter of 2022. • Adjusted EBITDA for the first quarter was $460.8 million, compared with $431.0 million in the first quarter of 2022, an increase of 6.9%. On a constant currency basis, Adjusted EBITDA increased by 8.6% in the first quarter, driven by the strong increase in storage rental revenue and productivity benefits. • FFO (Normalized) per share was $0.71 for the first quarter, compared with $0.66 in the first quarter of 2022. • AFFO was $284.0 million for the first quarter, compared with $264.2 million in the first quarter of 2022, an increase of 7.5%, driven by improved Adjusted EBITDA. • AFFO per share was $0.97 for the first quarter, compared with $0.91 in the first quarter of 2022, an increase of 7.0%, driven by improved Adjusted EBITDA. Dividend On May 4, 2023, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.6185 per share for the second quarter. The second quarter 2023 dividend is payable on July 6, 2023, for shareholders of record on June 15, 2023. Guidance Iron Mountain affirmed full year 2023 guidance; details are summarized in the table below. 2023 Guidance(1) ($ in millions, except per share data) 2023 Guidance Y/Y % Change at Midpoint Total Revenue $5,500 - $5,600 ~9% Adjusted EBITDA $1,940 - $1,975 ~7% AFFO $1,150 - $1,175 ~5% AFFO Per Share $3.91 - $4.00 ~4% (1) Iron Mountain does not provide a reconciliation of non-GAAP measures that it discusses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts or at all, including, most notably, the impact of exchange rates on Iron Mountain’s transactions, loss or gain related to the disposition of real estate and other income or expense. Without this information, Iron Mountain does not believe that a reconciliation would be meaningful. 2

About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals. To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn. Investor Relations Contacts: Gillian Tiltman Sarah Barry SVP, Head of Investor Relations Senior Manager, Investor Relations Gillian.Tiltman@ironmountain.com Sarah.Barry@ironmountain.com (617) 286-4881 (617) 237-6597 3

Forward Looking Statements We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “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), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) 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; (vi) our ability to fund capital expenditures; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes (“REIT”); (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this release. Reconciliation of Non-GAAP Measures Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) AFFO. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. 4

Condensed Consolidated Balance Sheets (Unaudited; dollars in thousands) 3/31/2023 12/31/2022 ASSETS Current Assets: Cash and Cash Equivalents $146,442 $141,797 Accounts Receivable, Net 1,174,326 1,174,915 Prepaid Expenses and Other 280,169 230,433 Total Current Assets $1,600,937 $1,547,145 Property, Plant and Equipment: Property, Plant and Equipment $9,286,873 $9,025,765 Less: Accumulated Depreciation (3,944,300) (3,910,321) Property, Plant and Equipment, Net $5,342,573 $5,115,444 Other Assets, Net: Goodwill $4,896,761 $4,882,734 Customer and Supplier Relationships and Other Intangible Assets 1,380,316 1,423,145 Operating Lease Right-of-Use Assets 2,666,951 2,583,704 Other 578,171 588,342 Total Other Assets, Net $9,522,199 $9,477,925 Total Assets $16,465,709 $16,140,514 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $101,608 $87,546 Accounts Payable 512,269 469,198 Accrued Expenses and Other Current Liabilities 1,057,320 1,031,910 Deferred Revenue 335,393 328,910 Total Current Liabilities $2,006,590 $1,917,564 Long-term Debt, Net of Current Portion 10,862,188 10,481,449 Long-term Operating Lease Liabilities, Net of Current Portion 2,513,817 2,429,167 Other Long-term Liabilities 170,391 317,376 Deferred Income Taxes 271,504 263,005 Redeemable Noncontrolling Interests 95,630 95,160 Total Long-term Liabilities $13,913,530 $13,586,157 Total Liabilities $15,920,120 $15,503,721 Equity Total Equity $545,589 $636,793 Total Liabilities and Equity $16,465,709 $16,140,514 5

Quarterly Condensed Consolidated Statements of Operations (Unaudited; dollars in thousands, except per-share data) Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Revenues: Storage Rental $810,089 $769,457 5.3 % $751,070 7.9 % Service 504,260 509,592 (1.0) % 496,976 1.5 % Total Revenues $1,314,349 $1,279,049 2.8 % $1,248,046 5.3 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $571,626 $539,982 5.9 % $546,622 4.6 % Selling, General and Administrative 294,520 279,161 5.5 % 280,723 4.9 % Depreciation and Amortization 182,094 190,649 (4.5) % 183,615 (0.8) % Acquisition and Integration Costs 1,595 9,653 (83.5) % 15,661 (89.8) % Restructuring and Other Transformation 36,913 38,551 (4.2) % — — (Gain) Loss on Disposal/Write-Down of PP&E, Net (13,061) (27,144) (51.9) % (705) n/a Total Operating Expenses $1,073,687 $1,030,852 4.2 % $1,025,916 4.7 % Operating Income (Loss) $240,662 $248,197 (3.0) % $222,130 8.3 % Interest Expense, Net 137,169 136,748 0.3 % 114,442 19.9 % Other Expense (Income), Net 21,200 (31,597) (167.1) % 55,901 (62.1) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $82,293 $143,046 (42.5) % $51,787 58.9 % Provision (Benefit) for Income Taxes 16,758 17,392 (3.6) % 10,080 66.2 % Net Income (Loss) $65,535 $125,654 (47.8) % $41,707 57.1 % Less: Net Income (Loss) Attributable to Noncontrolling Interests 940 3,216 (70.8) % (592) n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $64,595 $122,437 (47.2) % $42,299 52.7 % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.22 $0.42 (47.6) % $0.15 46.7 % Diluted $0.22 $0.42 (47.6) % $0.14 57.1 % Weighted Average Common Shares Outstanding - Basic 291,442 291,227 0.1 % 290,328 0.4 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 0.1 % 291,846 0.4 % 6

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA (Dollars in thousands) Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Net Income $65,535 $125,654 (47.8) % $41,707 57.1 % Add / (Deduct): Interest Expense, Net 137,169 136,748 0.3 % 114,442 19.9 % Provision (Benefit) for Income Taxes 16,758 17,392 (3.6) % 10,080 66.2 % Depreciation and Amortization 182,094 190,649 (4.5) % 183,615 (0.8) % Acquisition and Integration Costs 1,595 9,653 (83.5) % 15,661 (89.8) % Restructuring and Other Transformation 36,913 38,551 (4.2) % — — (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) (13,061) (27,144) (51.9) % (705) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 17,491 (34,455) (150.8) % 53,515 (67.3) % Stock-Based Compensation Expense 12,509 10,938 14.4 % 11,341 10.3 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 3,805 3,937 (3.3) % 1,338 184.5 % Adjusted EBITDA $460,808 $471,923 (2.4) % $430,994 6.9 % Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs, (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write- down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; and (v) Stock-based compensation expense. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. 7

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.22 $0.42 (47.6) % $0.14 57.1 % Add / (Deduct): Acquisition and Integration Costs 0.01 0.03 (83.5) % 0.05 (89.9) % Restructuring and Other Transformation 0.13 0.13 (4.3) % — — Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets — — — 0.02 (100.0) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (0.04) (0.09) (51.9) % — — Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.06 (0.12) (150.7) % 0.18 (67.4) % Stock-Based Compensation Expense 0.04 0.04 14.3 % 0.04 9.8 % Non-Cash amortization related to derivative instruments 0.02 0.03 (35.9) % — — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.02) (0.02) (7.2) % (0.05) (67.9) % Net Income Attributable to Noncontrolling Interests — 0.01 (70.8) % — — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.42 $0.43 (4.3) % $0.38 8.2 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2023 and 2022 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended March 31, 2023 and 2022 was 15.2% and 18.6%, respectively, and quarter ended December 31, 2022 was 15.2%. Adjusted Earnings Per Share, or Adjusted EPS We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Amortization related to the write-off of certain customer relationship intangible assets; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other expense (income), net; (vi) Stock-based compensation expense; (vii) Non-cash amortization related to derivative instruments; and (viii) Tax impact of reconciling items and discrete tax items. 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. 8

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Dollars in thousands, except per-share data) Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Net Income $65,535 $125,654 (47.8) % $41,707 57.1 % Add / (Deduct): Real Estate Depreciation (1) 76,129 78,902 (3.5) % 79,333 (4.0) % (Gain) Loss on Sale of Real Estate, Net of Tax (15,746) (29,629) (46.9) % 214 n/a Data Center Lease-Based Intangible Assets Amortization (2) 6,129 5,106 20.0 % 4,123 48.7 % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 132 — — — — FFO (Nareit) $132,179 $180,033 (26.6) % $125,377 5.4 % Add / (Deduct): Acquisition and Integration Costs 1,595 9,653 (83.5) % 15,661 (89.8) % Restructuring and Other Transformation 36,913 38,551 (4.2) % — — Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 4,550 2,138 112.9 % (919) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 17,491 (34,455) (150.8) % 53,515 (67.3) % Stock-Based Compensation Expense 12,509 10,938 14.4 % 11,341 10.3 % Non-Cash amortization related to derivative instruments 5,834 9,100 (35.9) % — — Real Estate Financing Lease Depreciation 2,988 2,970 0.6 % 3,780 (20.9) % Tax Impact of Reconciling Items and Discrete Tax Items (3) (6,893) (5,043) 36.7 % (15,632) (55.9) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures 226 2,297 (90.2) % (20) n/a FFO (Normalized) $207,392 $216,182 (4.1) % $193,103 7.4 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.45 $0.61 (26.2) % $0.43 4.7 % FFO (Normalized) $0.71 $0.74 (4.1) % $0.66 7.6 % Weighted Average Common Shares Outstanding - Basic 291,442 291,227 0.1 % 290,328 0.4 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 0.1 % 291,846 0.4 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) from income taxes and (ii) other discrete tax items. Funds From Operations, or FFO (Nareit), and FFO (Normalized) Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measure, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; and (viii) Tax impact of reconciling items and discrete tax items. FFO (Normalized) per share FFO (Normalized) divided by weighted average fully-diluted shares outstanding. 9

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (continued) (Dollars in thousands, except per-share data) Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change FFO (Normalized) $207,392 $216,182 (4.1) % $193,103 7.4 % Add / (Deduct): Non-Real Estate Depreciation 40,948 46,486 (11.9) % 37,280 9.8 % Amortization Expense (1) 44,657 45,453 (1.8) % 50,494 (11.6) % Amortization of Deferred Financing Costs 4,332 4,508 (3.9) % 5,610 (22.8) % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,760 2,587 (32.0) % 1,860 (5.4) % Non-Cash Rent Expense (Income) 7,436 6,024 23.5 % 3,126 137.9 % Reconciliation to Normalized Cash Taxes 3,157 916 n/a 6,435 (50.9) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 1,981 974 103.3 % 1,110 78.5 % Less: Recurring Capital Expenditures 27,663 36,340 (23.9) % 34,785 (20.5) % AFFO $284,000 $286,791 (1.0) % $264,234 7.5 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $0.97 $0.98 (1.0) % $0.91 7.0 % Weighted Average Common Shares Outstanding - Basic 291,442 291,227 0.1 % 290,328 0.4 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 0.1 % 291,846 0.4 % (1) Includes Customer and Supplier Relationship Value, intake costs, acquisition of customer relationships and other intangibles. Excludes amortization of capitalized commissions. Adjusted Funds From Operations, or AFFO We define adjusted funds from operations (“AFFO”) as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer relationship value, intake costs, acquisitions of customer and supplier relationships and other intangibles, (other than capitalized internal commissions), (iv) amortization of deferred financing costs and debt discount/premium, (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases, and (vi) the impact of reconciling to normalized cash taxes, and (2) including recurring capital expenditures. We also adjust for these items to the extent attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share AFFO divided by weighted average fully-diluted shares outstanding. 10

EX-99.2

Q1 2023 Earnings Call May 4, 2023

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”, “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), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) 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; (vi) our ability to fund capital expenditures; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes (“REIT”); (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this 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. 2 Forward Looking Statements

3Q1 Accomplishments ● Strong quarterly performance ○ Revenue of $1.31 billion, up 5% year over year, or 8% excluding the impact of Fx ○ Adjusted EBITDA of $461 million, growth of 7% year over year, or 9% excluding the impact of Fx ○ Net Income of $66 million ○ AFFO of $284 million, up 8% year over year ○ AFFO/Share of $0.97, up 7% year over year ● Organic storage rental revenue growth of 11%, reflecting continued benefit of pricing combined with positive volume trends and data center growth ● Leased 52 megawatts of data center capacity in the quarter

4 First Quarter 2023

5 Well Positioned Balance Sheet • Quarter-end leverage of 5.1x net lease adjusted ○ Lowest level since 2017 • ~$1.0 billion of liquidity • ~75% fixed rate debt • 5.3% weighted average interest rate • 5.7 years weighted average maturity

6Reaffirming 2023 Guidance 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. ● Outlook: For the second quarter, we expect Revenue of approximately $1.35 billion, Adjusted EBITDA of approximately $475 million, AFFO of approximately $270 million, and AFFO per share of approximately $0.92 ($ in millions, except per share data) 2023 Guidance Approximate Y/Y % Change at Midpoint Approximate Y/Y % Change xFx at Midpoint Total Revenue $5,500 - $5,600 ~9% ~10% Adjusted EBITDA $1,940 - $1,975 ~7% ~8% AFFO $1,150 - $1,175 ~5% ~6% AFFO Per Share $3.91 - $4.00 ~4% ~6%

EX-99.3

Supplemental Financial Information First Quarter 2023 investors.ironmountain.com

Table of Contents Section I - Q1 Earnings Press Release Q1 2023 Earnings Press Release 3 Section II - Financial Highlights and Organic Growth Financial and Operating Highlights 6 Organic Revenue Growth 7 Section III - Operational Metrics Global Storage Volume 8 Quarterly Operating Performance 9 Section IV - Balance Sheets, Statements of Operations and Reconciliations Condensed Consolidated Balance Sheets 10 Quarterly Condensed Consolidated Statements of Operations 11 Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA 12 Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share 13 Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO 14 Section V - Storage and Service Reconciliation Quarterly Storage Rental and Service Business Detail 16 Section VI - Real Estate Metrics Global Real Estate Portfolio and Lease Obligations 17 Facility Lease Expirations 17 Section VII - Data Center Customer and Portfolio Metrics Data Center Customer Lease Expiration and Leasing Activity Summary 18 Data Center Operating Portfolio and Total Potential Capacity 19 Data Center Expansion and Development Activity 20 Section VIII - Capitalization and Debt Maturity Profile Capitalization 21 Total Borrowings Maturity Schedule 21 Debt Maturity Profile 21 Section IX - Capital Expenditures Quarterly Capital Expenditures and Investments 22 Section X - Appendix and Definitions Appendix and Definitions 23 All figures except per share, megawatts (MW), kilowatts (kW), and facility counts in 000s unless noted All figures in reported dollars unless noted Figures may not foot due to rounding All figures for the quarter ended March 31, 2023 unless noted Unaudited investors.ironmountain.com Q1 2023 Supplemental Financial Information 2

Iron Mountain Reports First Quarter Results -- Net Income of $66 million; Achieves record quarterly Revenue -- -- Data Center: Signs 52 megawatts of new and expansion leases in first quarter -- PORTSMOUTH, N.H. – May 4, 2023 – Iron Mountain Incorporated (NYSE: IRM), a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services, announces financial and operating results for the first quarter of 2023. The conference call / webcast details, earnings call presentation and supplemental financial information, which includes definitions of certain capitalized terms used in this release, are available on Iron Mountain’s Investor Relations website. Reconciliations of non-GAAP measures to the appropriate GAAP measures are included herein. “We are pleased to report another quarter of record revenue. Our continued strength, in spite of the turbulent geopolitical and economic times in which we find ourselves, reflects the resilience of our business model and the steadfast commitment of our outstanding team," said William L. Meaney, President and CEO of Iron Mountain. “Thanks to this, we achieved revenue growth of 8% for the first quarter and adjusted EBITDA growth of 9% on a constant currency basis, or 5% and 7%, respectively, on a reported basis. The success of Project Matterhorn is exceeding our expectations, and we are on track to continue to provide innovative solutions to meet our customers' needs.” Financial Performance Highlights for the First Quarter of 2023 ($ in millions, except per share data) Three Months Ended Y/Y % Change 3/31/23 3/31/22 Reported $ Constant Fx Storage Rental Revenue $810 $751 8% 10% Service Revenue $504 $497 2% 4% Total Revenue $1,314 $1,248 5% 8% Net Income $66 $42 57% Reported EPS $0.22 $0.14 57% Adjusted EPS $0.42 $0.38 8% Adjusted EBITDA $461 $431 7% 9% Adjusted EBITDA Margin 35.1% 34.5% 60 bps AFFO $284 $264 8% AFFO per share $0.97 $0.91 7% • Total reported revenues for the first quarter were $1.3 billion, compared with $1.2 billion in the first quarter of 2022, an increase of 5.3%. Excluding the impact of foreign currency exchange (Fx), total reported revenues increased 7.5% compared to the prior year, driven by a 10.2% increase in storage rental revenue, while service revenue increased 3.5%. Service revenue growth increased 11.1% on an organic basis excluding the ITRenew acquisition which occurred in the first quarter of 2022. • Net Income for the first quarter was $65.5 million compared with $41.7 million in the first quarter of 2022. • Adjusted EBITDA for the first quarter was $460.8 million, compared with $431.0 million in the first quarter of 2022, an increase of 6.9%. On a constant currency basis, Adjusted EBITDA increased by 8.6% in the first quarter, driven by the strong increase in storage rental revenue and productivity benefits. • FFO (Normalized) per share was $0.71 for the first quarter, compared with $0.66 in the first quarter of 2022. • AFFO was $284.0 million for the first quarter, compared with $264.2 million in the first quarter of 2022, an increase of 7.5%, driven by improved Adjusted EBITDA. • AFFO per share was $0.97 for the first quarter, compared with $0.91 in the first quarter of 2022, an increase of 7.0%, driven by improved Adjusted EBITDA. Section I - Q4 Earnings Press Release investors.ironmountain.com Q1 2023 Supplemental Financial Information 3

Dividend On May 4, 2023, Iron Mountain's Board of Directors declared a quarterly cash dividend of $0.6185 per share for the second quarter. The second quarter 2023 dividend is payable on July 6, 2023, for shareholders of record on June 15, 2023. Guidance Iron Mountain affirmed full year 2023 guidance; details are summarized in the table below. 2023 Guidance(1) ($ in millions, except per share data) 2023 Guidance Y/Y % Change at Midpoint Total Revenue $5,500 - $5,600 ~9% Adjusted EBITDA $1,940 - $1,975 ~7% AFFO $1,150 - $1,175 ~5% AFFO Per Share $3.91 - $4.00 ~4% (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. About Iron Mountain Iron Mountain Incorporated (NYSE: IRM) is a global leader in innovative storage, data center infrastructure, asset lifecycle management and information management services. Founded in 1951 and trusted by more than 225,000 customers worldwide, Iron Mountain helps customers CLIMB HIGHER™ to transform their businesses. Through a range of offerings including digital transformation, data centers, secure records storage, information management, asset lifecycle management, secure destruction, and art storage and logistics, Iron Mountain helps businesses bring light to their dark data, enabling customers to unlock value and intelligence from their stored digital and physical assets at speed and with security, while helping them meet their environmental goals. To learn more about Iron Mountain, please visit: www.IronMountain.com and follow @IronMountain on Twitter and LinkedIn. Section I - Q4 Earnings Press Release investors.ironmountain.com Q1 2023 Supplemental Financial Information 4

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: We have made statements in this press release that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as "believes", "expects", "anticipates", "estimates", "plans", "intends", “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), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space, (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) 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; (vi) our ability to fund capital expenditures; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes ("REIT"); (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this release. Reconciliation of Non-GAAP Measures Throughout this release, Iron Mountain discusses (1) Adjusted EBITDA, (2) Adjusted EPS, (3) FFO (Nareit), (4) FFO (Normalized), and (5) AFFO. These measures do not conform to accounting principles generally accepted in the United States (“GAAP”). These non-GAAP measures are supplemental metrics designed to enhance our disclosure and to provide additional information that we believe to be important for investors to consider in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) attributable to Iron Mountain Incorporated or cash flows from operating activities (as determined in accordance with GAAP). The reconciliation of these measures to the appropriate GAAP measure, as required by Regulation G under the Securities Exchange Act of 1934, as amended, and their definitions are included later in this release. Investor Relations Contacts: Gillian Tiltman Sarah Barry SVP, Head of Investor Relations Senior Manager, Investor Relations Gillian.Tiltman@ironmountain.com Sarah.Barry@ironmountain.com (617) 286-4881 (617) 237-6597 Section I - Q3 Earnings Press Release investors.ironmountain.com Q1 2023 Supplemental Financial Information 5

Facts and Figures $5.2 Billion Trailing Twelve-Month Revenue 225,000+ Customer Accounts ~26,000 Employees ~1,400 Facilities Worldwide 89 million+ Pieces of Media ~730 million Cubic Feet of Global Storage Volume Financial Highlights Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Storage Rental Revenue $810,089 $769,457 $760,370 $753,126 $751,070 Service Revenue $504,260 $509,592 $526,575 $536,408 $496,976 Total Revenues $1,314,349 $1,279,049 $1,286,945 $1,289,534 $1,248,046 Adjusted EBITDA $460,808 $471,923 $469,434 $454,706 $430,994 Adjusted EBITDA Margin 35.1 % 36.9 % 36.5 % 35.3 % 34.5 % Net Income (Loss) Attributable to Iron Mountain Incorporated $64,595 $122,437 $192,164 $200,081 $42,299 Reported EPS - Fully Diluted $0.22 $0.42 $0.66 $0.68 $0.14 Adjusted EPS $0.42 $0.43 $0.48 $0.46 $0.38 FFO (Normalized) $207,392 $216,182 $223,315 $216,240 $193,103 FFO (Normalized) per Share $0.71 $0.74 $0.76 $0.74 $0.66 AFFO $284,000 $286,791 $287,971 $270,934 $264,234 AFFO per Share $0.97 $0.98 $0.98 $0.93 $0.91 Dividend per Share $0.62 $0.62 $0.62 $0.62 $0.62 TTM AFFO Payout Ratio 64.1 % 65.2 % 66.3 % 67.8 % 69.3 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 292,552 292,487 291,846 Net Lease-Adjusted Leverage Ratio 5.1x 5.1x 5.2x 5.3x 5.4x Operating Highlights Q1 2023 Q4 2022 Q3 2022 Q2 2022 Q1 2022 Organic Storage Rental Revenue Growth 11.1 % 11.0 % 9.7 % 8.2 % 6.8 % Organic Service Revenue Growth 2.0 % 11.8 % 21.8 % 21.1 % 16.1 % Total Volume - Storage 730,136 729,284 732,211 730,002 727,653 Storage Facility Capacity Utilization 79.5 % 79.3 % 79.8 % 81.3 % 80.9 % Records Management Retention Rate 93.0 % 93.3 % 93.4 % 93.8 % 93.8 % Storage Revenue / Sq. Ft. $8.64 $8.34 $8.35 $8.27 $8.21 Storage NOI / Sq. Ft. $7.00 $6.84 $6.70 $6.64 $6.60 Data Center: Leasable Megawatts 206.9 191.6 190.6 179.8 176.8 Leased % - Stabilized 94.3 % 92.6 % 93.0 % 91.8 % 91.6 % Leased % - Total 92.2 % 91.6 % 92.0 % 90.6 % 90.7 % Kilowatts Leased - New/Expansion 51,770 13,657 6,901 83,046 35,048 Churn 1.5 % 0.2 % 0.6 % 0.6 % 2.0 % Number of Facilities 24 21 20 20 20 Number of Markets 19 19 18 18 18 Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q1 2023 Supplemental Financial Information 6

Organic Revenue Growth (1) Q1 2023 Reported Constant Currency Organic Revenue Storage Rental 7.9% 10.2% 11.1% Service 1.5% 3.5% 2.0% Total Revenues 5.3% 7.5% 7.5% Total Organic Revenue Growth 9.7% 7.4% 8.5% 10.0% 12.8% 14.1% 11.3% 7.5% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 0.0% 4.0% 8.0% 12.0% 16.0% Organic Storage Rental Revenue Growth 2.5% 2.3% 3.6% 6.8% 8.2% 9.7% 11.0% 11.1% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Organic Service Revenue Growth 25.5% 17.7% 17.6% 16.1% 21.1% 21.8% 11.8% 2.0% Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 0.0% 10.0% 20.0% 30.0% (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section II - Financial Highlights and Organic Growth investors.ironmountain.com Q1 2023 Supplemental Financial Information 7

Global Storage Volume Global RIM Corporate and Other Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 500,000 550,000 600,000 650,000 700,000 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Global RIM 705,770 705,527 707,608 711,549 722,582 721,945 723,331 725,665 727,496 724,480 724,926 Corporate and Other 3,478 3,707 3,734 4,223 4,250 4,301 4,322 4,336 4,715 4,804 5,210 Total Volume - Storage 709,248 709,234 711,342 715,772 726,831 726,246 727,653 730,002 732,211 729,284 730,136 Business acquisitions during the quarter (1) 272 — — 5,020 10,743 — — — 143 — — (1) Volume acquired through acquisition in the quarter; this is included in Total Storage Volume. Section III - Operational Metrics investors.ironmountain.com Q1 2023 Supplemental Financial Information 8

Quarterly Operating Performance Y/Y % Change Q1 2023 Q4 2022 Q1 2022 Reported Constant Currency Organic Growth (1) Global RIM Business Storage Rental $687,669 $656,721 $650,087 5.8% 8.2% 9.4% Service 438,857 427,924 398,804 10.0% 12.5% 13.6% Total Revenues $1,126,526 $1,084,645 $1,048,891 7.4% 9.8% 11.0% Adjusted EBITDA $477,784 $485,563 $448,795 Adjusted EBITDA Margin 42.4 % 44.8 % 42.8 % Global Data Center Business Storage Rental $107,435 $98,661 $87,451 22.9% 24.3% 23.6% Service 4,870 5,081 9,536 (48.9)% (47.9)% (47.9)% Total Revenues $112,305 $103,742 $96,987 15.8% 17.3% 16.6% Adjusted EBITDA $50,635 $48,678 $41,977 Adjusted EBITDA Margin 45.1 % 46.9 % 43.3 % Corporate and Other Storage Rental $14,985 $14,075 $13,532 10.7% 12.4% 8.4% Service 60,533 76,587 88,636 (31.7)% (30.9)% (44.0)% Total Revenues $75,518 $90,661 $102,168 (26.1)% (25.2)% (37.1)% Adjusted EBITDA $(67,611) $(62,318) $(59,778) Total Consolidated Storage Rental $810,089 $769,457 $751,070 7.9% 10.2% 11.1% Service 504,260 509,592 496,976 1.5% 3.5% 2.0% Total Revenues $1,314,349 $1,279,049 $1,248,046 5.3% 7.5% 7.5% Adjusted EBITDA $460,808 $471,923 $430,994 Adjusted EBITDA Margin 35.1 % 36.9 % 34.5 % (1) Constant Currency and excluding impact from business acquisitions and divestitures. Section III - Operational Metrics investors.ironmountain.com Q1 2023 Supplemental Financial Information 9

Consolidated Balance Sheets 3/31/2023 12/31/2022 ASSETS Current Assets: Cash and Cash Equivalents $146,442 $141,797 Accounts Receivable, Net 1,174,326 1,174,915 Prepaid Expenses and Other 280,169 230,433 Total Current Assets $1,600,937 $1,547,145 Property, Plant and Equipment: Property, Plant and Equipment $9,286,873 $9,025,765 Less: Accumulated Depreciation (3,944,300) (3,910,321) Property, Plant and Equipment, Net $5,342,573 $5,115,444 Other Assets, Net: Goodwill $4,896,761 $4,882,734 Customer and Supplier Relationships and Other Intangible Assets 1,380,316 1,423,145 Operating Lease Right-of-Use Assets 2,666,951 2,583,704 Other 578,171 588,342 Total Other Assets, Net $9,522,199 $9,477,925 Total Assets $16,465,709 $16,140,514 LIABILITIES AND EQUITY Current Liabilities: Current Portion of Long-term Debt $101,608 $87,546 Accounts Payable 512,269 469,198 Accrued Expenses and Other Current Liabilities 1,057,320 1,031,910 Deferred Revenue 335,393 328,910 Total Current Liabilities $2,006,590 $1,917,564 Long-term Debt, Net of Current Portion 10,862,188 10,481,449 Long-term Operating Lease Liabilities, Net of Current Portion 2,513,817 2,429,167 Other Long-term Liabilities 170,391 317,376 Deferred Income Taxes 271,504 263,005 Redeemable Noncontrolling Interests 95,630 95,160 Total Long-term Liabilities $13,913,530 $13,586,157 Total Liabilities $15,920,120 $15,503,721 Equity Total Equity $545,589 $636,793 Total Liabilities and Equity $16,465,709 $16,140,514 Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2023 Supplemental Financial Information 10

Quarterly Consolidated Statements of Operations Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Revenues: Storage Rental $810,089 $769,457 5.3 % $751,070 7.9 % Service 504,260 509,592 (1.0) % 496,976 1.5 % Total Revenues $1,314,349 $1,279,049 2.8 % $1,248,046 5.3 % Operating Expenses: Cost of Sales (excluding Depreciation and Amortization) $571,626 $539,982 5.9 % $546,622 4.6 % Selling, General and Administrative 294,520 279,161 5.5 % 280,723 4.9 % Depreciation and Amortization 182,094 190,649 (4.5) % 183,615 (0.8) % Acquisition and Integration Costs 1,595 9,653 (83.5) % 15,661 (89.8) % Restructuring and Other Transformation 36,913 38,551 (4.2) % — — (Gain) Loss on Disposal/Write-Down of PP&E, Net (13,061) (27,144) (51.9) % (705) n/a Total Operating Expenses $1,073,687 $1,030,852 4.2 % $1,025,916 4.7 % Operating Income (Loss) $240,662 $248,197 (3.0) % $222,130 8.3 % Interest Expense, Net 137,169 136,748 0.3 % 114,442 19.9 % Other Expense (Income), Net 21,200 (31,597) (167.1) % 55,901 (62.1) % Net Income (Loss) Before Provision (Benefit) for Income Taxes $82,293 $143,046 (42.5) % $51,787 58.9 % Provision (Benefit) for Income Taxes 16,758 17,392 (3.6) % 10,080 66.2 % Net Income (Loss) $65,535 $125,654 (47.8) % $41,707 57.1 % Less: Net Income (Loss) Attributable to Noncontrolling Interests 940 3,216 (70.8) % (592) n/a Net Income (Loss) Attributable to Iron Mountain Incorporated $64,595 $122,437 (47.2) % $42,299 52.7 % Net Income (Loss) Per Share Attributable to Iron Mountain Incorporated: Basic $0.22 $0.42 (47.6) % $0.15 46.7 % Diluted $0.22 $0.42 (47.6) % $0.14 57.1 % Weighted Average Common Shares Outstanding - Basic 291,442 291,227 0.1 % 290,328 0.4 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 0.1 % 291,846 0.4 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2023 Supplemental Financial Information 11

Quarterly Reconciliation of Net Income (Loss) to Adjusted EBITDA Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Net Income $65,535 $125,654 (47.8) % $41,707 57.1 % Add / (Deduct): Interest Expense, Net 137,169 136,748 0.3 % 114,442 19.9 % Provision (Benefit) for Income Taxes 16,758 17,392 (3.6) % 10,080 66.2 % Depreciation and Amortization 182,094 190,649 (4.5) % 183,615 (0.8) % Acquisition and Integration Costs 1,595 9,653 (83.5) % 15,661 (89.8) % Restructuring and Other Transformation 36,913 38,551 (4.2) % — — (Gain) Loss on Disposal/Write-Down of PP&E, Net (Including Real Estate) (13,061) (27,144) (51.9) % (705) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 17,491 (34,455) (150.8) % 53,515 (67.3) % Stock-Based Compensation Expense 12,509 10,938 14.4 % 11,341 10.3 % Our Share of Adjusted EBITDA Reconciling Items from our Unconsolidated Joint Ventures 3,805 3,937 (3.3) % 1,338 184.5 % Adjusted EBITDA $460,808 $471,923 (2.4) % $430,994 6.9 % Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2023 Supplemental Financial Information 12

Quarterly Reconciliation of Reported Earnings per Share to Adjusted Earnings per Share Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Reported EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.22 $0.42 (47.6) % $0.14 57.1 % Add / (Deduct): Acquisition and Integration Costs 0.01 0.03 (83.5) % 0.05 (89.9) % Restructuring and Other Transformation 0.13 0.13 (4.3) % — — Amortization Related to the Write-Off of Certain Customer Relationship Intangible Assets — — — 0.02 (100.0) % (Gain) Loss on Disposal/Write-Down of PP&E, Net (0.04) (0.09) (51.9) % — — Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 0.06 (0.12) (150.7) % 0.18 (67.4) % Stock-Based Compensation Expense 0.04 0.04 14.3 % 0.04 9.8 % Non-Cash amortization related to derivative instruments 0.02 0.03 (35.9) % — — Tax Impact of Reconciling Items and Discrete Tax Items (1) (0.02) (0.02) (7.2) % (0.05) (67.9) % Net Income Attributable to Noncontrolling Interests — 0.01 (70.8) % — — Adjusted EPS - Fully Diluted from Net Income (Loss) Attributable to Iron Mountain Incorporated $0.42 $0.43 (4.3) % $0.38 8.2 % (1) The difference between our effective tax rates and our structural tax rate (or adjusted effective tax rates) for the three months ended March 31, 2023 and 2022 is primarily due to (i) the reconciling items above, which impact our reported net income (loss) before provision (benefit) for income taxes but have an insignificant impact on our reported provision (benefit) for income taxes and (ii) other discrete tax items. Our structural tax rate for purposes of the calculation of Adjusted EPS for the quarters ended March 31, 2023 and 2022 was 15.2% and 18.6%, respectively, and quarter ended December 31, 2022 was 15.2%. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2023 Supplemental Financial Information 13

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Net Income $65,535 $125,654 (47.8) % $41,707 57.1 % Add / (Deduct): Real Estate Depreciation (1) 76,129 78,902 (3.5) % 79,333 (4.0) % (Gain) Loss on Sale of Real Estate, Net of Tax (15,746) (29,629) (46.9) % 214 n/a Data Center Lease-Based Intangible Assets Amortization (2) 6,129 5,106 20.0 % 4,123 48.7 % Our Share of FFO (Nareit) Reconciling Items from our Unconsolidated Joint Ventures 132 — — — — FFO (Nareit) $132,179 $180,033 (26.6) % $125,377 5.4 % Add / (Deduct): Acquisition and Integration Costs 1,595 9,653 (83.5) % 15,661 (89.8) % Restructuring and Other Transformation 36,913 38,551 (4.2) % — — Loss (Gain) on Disposal/Write-Down of PP&E, Net (Excluding Real Estate) 4,550 2,138 112.9 % (919) n/a Other Expense (Income), Net, Excluding our Share of Losses (Gains) from our Unconsolidated Joint Ventures 17,491 (34,455) (150.8) % 53,515 (67.3) % Stock-Based Compensation Expense 12,509 10,938 14.4 % 11,341 10.3 % Non-Cash amortization related to derivative instruments 5,834 9,100 (35.9) % — — Real Estate Financing Lease Depreciation 2,988 2,970 0.6 % 3,780 (20.9) % Tax Impact of Reconciling Items and Discrete Tax Items (3) (6,893) (5,043) 36.7 % (15,632) (55.9) % Our Share of FFO (Normalized) Reconciling Items from our Unconsolidated Joint Ventures 226 2,297 (90.2) % (20) n/a FFO (Normalized) $207,392 $216,182 (4.1) % $193,103 7.4 % Per Share Amounts (Fully Diluted Shares): FFO (Nareit) $0.45 $0.61 (26.2) % $0.43 4.7 % FFO (Normalized) $0.71 $0.74 (4.1) % $0.66 7.6 % Weighted Average Common Shares Outstanding - Basic 291,442 291,227 0.1 % 290,328 0.4 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 0.1 % 291,846 0.4 % (1) Includes depreciation expense related to owned real estate assets (land improvements, buildings, building improvements, leasehold improvements and racking), excluding depreciation related to real estate financing leases. (2) Includes amortization expense for Data Center In-Place Lease Intangible Assets and Data Center Tenant Relationship Intangible Assets. (3) Represents the tax impact of (i) the reconciling items above, which impacts our reported net income (loss) before provision (benefit) for income taxes and (ii) other discrete tax items. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2023 Supplemental Financial Information 14

Quarterly Reconciliation of Net Income (Loss) to FFO and AFFO (Continued) Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change FFO (Normalized) $207,392 $216,182 (4.1) % $193,103 7.4 % Add / (Deduct): Non-Real Estate Depreciation 40,948 46,486 (11.9) % 37,280 9.8 % Amortization Expense (1) 44,657 45,453 (1.8) % 50,494 (11.6) % Amortization of Deferred Financing Costs 4,332 4,508 (3.9) % 5,610 (22.8) % Revenue Reduction Associated with Amortization of Customer Inducements and Above- and Below-Market Leases 1,760 2,587 (32.0) % 1,860 (5.4) % Non-Cash Rent Expense (Income) 7,436 6,024 23.5 % 3,126 137.9 % Reconciliation to Normalized Cash Taxes 3,157 916 n/a 6,435 (50.9) % Our Share of AFFO Reconciling Items from our Unconsolidated Joint Ventures 1,981 974 103.3 % 1,110 78.5 % Less: Recurring Capital Expenditures 27,663 36,340 (23.9) % 34,785 (20.5) % AFFO $284,000 $286,791 (1.0) % $264,234 7.5 % Per Share Amounts (Fully Diluted Shares): AFFO Per Share $0.97 $0.98 (1.0) % $0.91 7.0 % Weighted Average Common Shares Outstanding - Basic 291,442 291,227 0.1 % 290,328 0.4 % Weighted Average Common Shares Outstanding - Diluted 293,049 292,892 0.1 % 291,846 0.4 % (1) Includes Customer and Supplier Relationship Value, intake costs, acquisition of customer relationships and other intangibles. Excludes amortization of capitalized commissions. Section IV - Balance Sheets, Statements of Operations and Reconciliations investors.ironmountain.com Q1 2023 Supplemental Financial Information 15

Quarterly Storage Rental and Service Business Detail Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Storage Rental Business Detail Total Storage Rental Revenue $810,089 $769,457 5.3 % $751,070 7.9 % Plus: Terminations/Permanent Withdrawal Fees 7,640 8,614 (11.3) % 8,363 (8.6) % Total Revenue from Adjusted Storage Rental Activities $817,728 $778,071 5.1 % $759,433 7.7 % Less: Storage Rental Expenses Storage Rent 116,150 111,699 4.0 % 104,291 11.4 % Storage Rental Labor 7,839 6,847 14.5 % 6,740 16.3 % All Other Storage Costs 114,308 103,933 10.0 % 112,934 1.2 % Storage Rental Cost of Sales $238,297 $222,479 7.1 % $223,964 6.4 % Storage Rental Gross Profit $579,431 $555,591 4.3 % $535,469 8.2 % Storage Rental Gross Margin 70.9 % 71.4 % -50 bps 70.5 % 40 bps Service Business Detail Total Service Revenue $504,260 $509,592 (1.0) % $496,976 1.5 % Less: Terminations/Permanent Withdrawal Fees 7,640 8,614 (11.3) % 8,363 (8.6) % Total Revenue from Adjusted Service Activities $496,621 $500,978 (0.9) % $488,613 1.6 % Less: Service Expenses Service Rent 4,986 2,866 74.0 % 3,869 28.9 % Service Labor 211,690 195,678 8.2 % 194,761 8.7 % All Other Service Costs 116,653 118,959 (1.9) % 124,027 (5.9) % Service Cost of Sales $333,329 $317,502 5.0 % $322,657 3.3 % Service Gross Profit $163,291 $183,476 (11.0) % $165,956 (1.6) % Service Gross Margin 32.9 % 36.6 % -370 bps 34.0 % -110 bps Section V - Storage and Service Reconciliation investors.ironmountain.com Q1 2023 Supplemental Financial Information 16

Global Real Estate Portfolio and Lease Obligations Global Real Estate Portfolio (1) Owned Facilities Leased Facilities Total Buildings Sq. Ft. Buildings Sq. Ft. Buildings Sq. Ft. Total as of 12/31/2022 (2) 237 23,568 1,143 73,203 1,380 96,771 Additions & Expansions 1 434 21 1,296 22 1,731 Dispositions & Move Outs (1) (158) (29) (1,324) (30) (1,482) Total as of 3/31/2023 (3) 237 23,845 1,135 73,175 1,372 97,019 Total % 17.3 % 24.6 % 82.7 % 75.4 % Top Five Markets Owned, United States (in Sq. Ft.) Top Five Markets Owned, International (in Sq. Ft.) Northern New Jersey 1,947 Paris, France 807 Chicago 1,282 Montreal, Canada 552 Boston 1,258 Mexico City, Mexico 452 Dallas 966 Toronto, Canada 434 Houston 917 Lima, Peru 434 Facility Lease Expirations (4) (% of total square feet subject to lease) 5.1% 4.8% 4.6% 3.7% 2.8% 4.0% 4.9% 4.5% 5.1% 60.5% 2023 2024 2025 2026 2027 2028 2029 2030 2031 Thereafter Weighted-Average Remaining Operating Lease Obligation: 11.4 Years (1) Includes real estate held in consolidated joint ventures. (2) Reflects adjustments to previous periods due to refinements to real estate basis. (3) Includes 12 owned data center facilities and 5 leased data center facilities with 2.6M Sq. Ft. and 0.8M Sq. Ft., respectively. (4) Includes financing and operating lease obligations. Section VI - Real Estate Metrics investors.ironmountain.com Q1 2023 Supplemental Financial Information 17

Data Center Customer Lease Expiration Year Number of Leases Expiring Total MW Expiring Percentage of Total MW Annualized GAAP TCV Rent Expiring Percentage of TCV Annualized Rent 2023 408 18.6 5.1% 52,004 11.0% 2024 437 19.1 5.2% 56,412 11.9% 2025 269 30.5 8.3% 69,237 14.6% 2026 129 17.7 4.8% 33,630 7.1% 2027 33 8.4 2.3% 18,259 3.9% 2028 40 55.4 15.1% 69,252 14.6% 2029 6 22.3 6.1% 19,605 4.1% Thereafter 21 193.8 53.0% 155,795 32.9% Total 1,343 365.7 100.0% $474,194 100.0% WALE: 5.9 years Data Center Leasing Activity Summary Q1 2023 Transaction Count GAAP MRR kW $ / kW / Month New/expansion leases signed 49 $4,922 51,770 $95 New Built to Suit leases signed — — — — Commenced leases 62 1,410 14,182 99 Renewed leases 147 1,601 6,273 255 Churn 1.5% Cash Mark to Market 3.5% GAAP Mark to Market 5.1% VA-3 Rendering Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q1 2023 Supplemental Financial Information 18

Data Center Operating Portfolio Stabilized Pre-Stabilized Total Leaseable MW Leased % by MW Leaseable MW Leased % by MW Leaseable MW Leased % by MW Boyers and Other WPA-1 and Other 14.2 75.8% — — 14.2 75.8% Phoenix AZP-1 41.0 100.0% — — 41.0 100.0% AZP-2 34.5 100.0% — — 34.5 100.0% Scottsdale AZS-1 5.7 100.0% — — 5.7 100.0% Denver DEN-1 11.3 54.3% — — 11.3 54.3% New Jersey NJE-1 15.6 100.0% 1.2 8.3% 16.8 93.5% Northern Virginia VA-1 12.4 100.0% — — 12.4 100.0% VA-2 22.0 100.0% — — 22.0 100.0% Amsterdam AMS-1 13.1 91.7% — — 13.1 91.7% London LON-1 8.7 96.7% — — 8.7 96.7% Frankfurt FRA-1 9.0 100.0% — — 9.0 100.0% FRA-2 4.6 100.0% — — 4.6 100.0% Singapore SIN-1 6.8 100.0% — — 6.8 100.0% Madrid MAD-1 1.0 45.0% — — 1.0 45.0% India Web Werks JV 1.5 44.1% 4.3 16.1% 5.8 23.4% Total Data Center Properties 201.4 94.3% 5.5 14.4% 206.9 92.2% Total Potential Capacity - Megawatts Q1 2023 Q1 2022 Leasable 206.9 176.8 Under Construction 208.3 87.4 Held for Development 332.0 349.2 Total Data Center Portfolio 747.1 613.3 Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q1 2023 Supplemental Financial Information 19

Data Center Expansion and Development Activity Project / Facilities MW Under Construction MW Pre- leased % Pre- Leased Investment in Q1 2023 ($M) Cumulative Investment ($M) Total Expected Investment ($M) Expected Completion Expected Stabilization MW Held for Development Data Center Expansion Amsterdam AMS-1 Phase 4 5.0 — — $2.1 $16.6 $45.0 Q4 2024 Q4 2025 4.6 Phoenix AZP-2 Phase 5 6.0 6.0 100.0% $3.2 $77.7 $95.6 Q4 2023 Q4 2023 — AZP-2 Phase 8 6.0 6.0 100.0% $3.2 $10.5 $39.2 Q1 2024 Q1 2024 1.5 Northern Virginia VA-2 Phase 4 14.0 11.3 80.4% $32.4 $94.0 $107.0 Q2 2023 Q2 2024 — New Jersey NJE-1 Phase 5 4.0 2.5 62.5% $5.5 $17.5 $34.0 Q2 2023 Q2 2024 4.8 Frankfurt FRA-2 Phase 2 5.2 2.6 50.0% $11.5 $28.0 $70.5 Q4 2023 Q4 2024 0.8 India Web Werks JV — — — — — — — — 1.6 All Other Facilities 14.3 Total Expansion 40.2 28.35 70.5% $57.9 $244.2 $391.3 — — 27.6 New Development Phoenix AZP-3 — — — — — — 36.0 Amsterdam AMS-2 — — — — — — 10.6 Chicago CHI-2 — — — — — — 36.0 Frankfurt (1) FRA-1 Phase 2 9.0 9.0 100.0% — — — Q4 2023 Q4 2024 — FRA-1 Phase 3 9.0 9.0 100.0% — — — Q4 2023 Q2 2027 — London LON-2 Phase 1 9.0 9.0 100.0% $27.1 $120.9 $144.1 Q3 2023 Q4 2023 — LON-2 Phase 2 9.0 9.0 100.0% $13.5 $32.7 $59.3 Q1 2024 Q4 2024 — LON-2 Phase 3 9.0 9.0 100.0% $10.3 $12.6 $61.4 Q4 2024 Q4 2028 — Madrid Madrid future phases — — — — — — — — 78.0 Northern Virginia (2) VA-3 Phase 1 10.0 10.0 100.0% $33.0 $69.9 $201.0 Q4 2023 Q4 2023 — VA-3 Phase 2 34.0 34.0 100.0% $1.1 $1.1 $204.1 Q4 2024 Q4 2024 — VA-4 32.0 32.0 100.0% $0.2 $2.0 $96.2 Q3 2025 Q3 2025 — VA-5 40.0 40.0 100.0% $0.2 $2.2 $109.5 Q2 2025 Q2 2025 — VA Future Phases — — — — — — — — 106.0 India (3) Web Werks JV 7.1 — — — — — 37.8 Total New Development 168.1 161.0 95.8% $85.2 $241.3 $875.6 304.4 Total Development 208.3 189.4 90.9% $143.1 $485.6 $1,266.9 332.0 (1) FRA-1 is an unconsolidated joint venture; construction costs are funded by the Joint Venture with Iron Mountain managing the construction. (2) VA-4/5 is a consolidated joint venture; construction costs are funded by the Joint Venture with Iron Mountain managing the construction. (3) Represents an unconsolidated joint venture in India; operating three facilities in three markets, and with land parcels in a further two markets. Section VII - Data Center Customer and Portfolio Metrics investors.ironmountain.com Q1 2023 Supplemental Financial Information 20

Capitalization Revolving Credit Facility and Term Loan A Total Market Capitalization as of 03/31/2023 Capacity $2,487,500 # of Shares Outstanding 291,585 Outstanding $1,676,500 Share Price as of 3/31/23 $52.91 Letters of Credit $3,854 Total Market Capitalization $15,427,762 Remaining Capacity $807,146 Net Debt (1) $10,894,524 Interest Rate Spread (Prime) 0.75 % Total Enterprise Value $26,322,287 Interest Rate Spread (SOFR+CSA) 1.85 % Net Debt to Total Enterprise Value 41.4 % Weighted Average Interest Rate 6.60 % Adjusted EBITDA to Interest Expense 3.4x Maturity Date 3/18/2027 Total Enterprise Value to Adjusted EBITDA (2) 14.2x Credit Facility Fixed Charge Coverage Ratio 2.4x Net Total Lease-Adjusted Leverage Ratio 5.1x Fixed vs. Floating Rate Debt 75% 25% Fixed Rate Debt Floating Rate Debt Credit Rating S&P Moody's Corporate BB- Ba3 Senior Credit Facility BB Ba3 Outlook Stable Stable Latest Update 12/14/2022 12/13/2022 Total Long Term Debt Weighted Average Rates Weighted Average Interest 5.3 % Weighted Average Maturity 5.7 Years USD denominated 87 % Debt Maturity Profile ($ in Millions) (3) $27 $224 $844 $894 $2,630 $1,325 $1,000 $1,300 $1,100 $1,350 Revolving Credit Facility and Term Loan A Bi-Lateral Loans AUD Term Loan B A/R Securitization USD Term Loan B Mortgage Securitization Senior Unsecured Notes 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 (1) Net debt is calculated as current portion of long-term debt of $101.6M plus long-term debt net of current portion of $10,862.2M plus deferred financing costs of $77.2M less cash and cash equivalents of $146.4M. (2) Total Enterprise Value to Adjusted EBITDA is calculated on a trailing twelve-month basis. (3) Excludes Deferred Financing Costs, Financing Leases, Notes Payable and Other. Section VIII - Capitalization and Debt Maturity Profile investors.ironmountain.com Q1 2023 Supplemental Financial Information 21

Quarterly Capital Expenditures Q1 2023 Q4 2022 Q/Q % Change Q1 2022 Y/Y % Change Growth: Data Center $202,406 $196,860 2.8 % $82,159 146.4 % Real Estate 55,903 66,911 (16.5) % 27,290 104.8 % Innovation and Other 15,536 14,563 6.7 % 6,020 158.1 % Total Growth Capital Expenditures $273,845 $278,335 (1.6) % $115,469 137.2 % Recurring: Real Estate $5,369 $16,060 (66.6) % $7,541 (28.8) % Non-Real Estate 19,801 12,692 56.0 % 24,776 (20.1) % Data Center 2,493 7,588 (67.1) % 2,468 1.0 % Total Recurring Capital Expenditures $27,663 $36,340 (23.9) % $34,785 (20.5) % Total Growth and Recurring Capital Expenditures $301,508 $314,675 (4.2) % $150,254 100.7 % Net Change in Prepaid and Accrued Capital Expenditures (35,602) (36,098) (1.4) % 10,796 n/a Total Cash Paid for Growth and Recurring Capital Expenditures $265,906 $278,577 (4.5) % $161,050 65.1 % TTM Recurring Capex as a % of Revenue (excl. Data Center) 3.2% 3.0% 3.0% 2.7% 2.6% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 TTM Data Center Recurring CapEx as a % of Data Center Revenue 4.2% 4.3% 4.1% 4.2% 4.0% Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Section IX - Capital Expenditures investors.ironmountain.com Q1 2023 Supplemental Financial Information 22

Non-GAAP Measures and Definitions Non-GAAP measures are supplemental metrics designed to enhance our disclosures and to provide additional information that we believe to be important for investors to consider when evaluating our financial performance. These non-GAAP measures should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”), such as operating income, income (loss) from continuing operations, net income (loss) or cash flows from operating activities from continuing operations (as determined in accordance with GAAP). SRP FLS Statement: We have made statements in this Supplemental Financial Information that constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements concern our current expectations regarding our future results from operations, economic performance, financial condition, goals, strategies, investment objectives, plans and achievements. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors, and you should not rely upon them except as statements of our present intentions and of our present expectations, which may or may not occur. When we use words such as “believes”, “expects”, “anticipates”, “estimates”, “plans”, “intends”, “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), incorporate alternative technologies into our offerings, achieve satisfactory returns on new product offerings, continue our revenue management, expand and manage our global operations, complete acquisitions on satisfactory terms, integrate acquired companies efficiently and transition to more sustainable sources of energy; (ii) changes in customer preferences and demand for our storage and information management services, including as a result of the shift from paper and tape storage to alternative technologies that require less physical space; (iii) the impact of our distribution requirements on our ability to execute our business plan; (iv) 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; (v) 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; (vi) our ability to fund capital expenditures; (vii) our ability to remain qualified for taxation as a real estate investment trust for United States federal income tax purposes (“REIT”); (viii) changes in the political and economic environments in the countries in which we operate and changes in the global political climate; (ix) our ability to raise debt or equity capital and changes in the cost of our debt; (x) our ability to comply with our existing debt obligations and restrictions in our debt instruments; (xi) the impact of service interruptions or equipment damage and the cost of power on our data center operations; (xii) the cost or potential liabilities associated with real estate necessary for our business; (xiii) unexpected events, including those resulting from climate change or geopolitical events, could disrupt our operations and adversely affect our reputation and results of operations; (xiv) failures to implement and manage new IT systems; (xv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xvi) the other risks described in our periodic reports filed with the SEC, including under the caption “Risk Factors” in Part I, Item 1A of our Annual Report. Except as required by law, we undertake no obligation to update any forward-looking statements appearing in this Supplemental Financial Information. Acquisition and Integration Costs: We define Acquisition and Integration Costs as operating expenditures directly associated with the closing and integration activities of our business acquisitions that have closed, or are highly probable of closing, and include (i) advisory, legal and professional fees to complete business acquisitions and (ii) costs to integrate acquired businesses into our existing operations, including move, severance, and system integration costs. Adjusted Earnings Per Share, or Adjusted EPS: We define Adjusted EPS as reported earnings per share fully diluted from net income (loss) attributable to Iron Mountain Incorporated (inclusive of our share of adjusted losses (gains) from our unconsolidated joint ventures) and excluding certain items, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) Amortization related to the write-off of certain customer relationship intangible assets; (iv) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (v) Other expense (income), net; (vi) Stock-based compensation expense; (vii) Non-cash amortization related to derivative instruments; and (viii) Tax impact of reconciling items and discrete tax items. We do not believe these excluded items to be indicative of our ongoing operating results, and they are not considered when we are forecasting our future results. We believe Adjusted EPS is of value to our current and potential investors when comparing our results from past, present and future periods. Non-Cash Amortization of Derivative Instruments: Includes amortization on instruments such as cross-currency swap agreements designated as a hedge of net investment. Adjusted EBITDA and Adjusted EBITDA Margin: We define Adjusted EBITDA as net income (loss) before interest expense, net, provision (benefit) for income taxes, depreciation and amortization (inclusive of our share of Adjusted EBITDA from our unconsolidated joint ventures), and excluding certain items we do not believe to be indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (including real estate); (iv) Other expense (income), net; and (v) Stock-based compensation expense. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by total revenues. We use multiples of current or projected Adjusted EBITDA in conjunction with our discounted cash flow models to determine our estimated overall enterprise valuation and to evaluate acquisition targets. We believe Adjusted EBITDA and Adjusted EBITDA Margin provide our current and potential investors with relevant and useful information regarding our ability to generate cash flows to support business investment. These measures are an integral part of the internal reporting system we use to assess and evaluate the operating performance of our business. Adjusted Funds From Operations, or AFFO: We define adjusted funds from operations or AFFO as FFO (Normalized) (1) excluding (i) non-cash rent expense (income), (ii) depreciation on non-real estate assets, (iii) amortization expense associated with customer and supplier relationship value, intake costs, acquisitions of customer relationships and other intangibles (other than capitalized internal commissions), (iv) amortization of deferred financing costs and debt discount/ premium, (v) revenue reduction associated with amortization of customer inducements and above- and below-market data center leases, and (vi) the impact of reconciling to normalized cash taxes, and (2) including recurring capital expenditures. We also adjust for these items to the extent Section X - Appendix and Definitions investors.ironmountain.com Q1 2023 Supplemental Financial Information 23

attributable to our portion of unconsolidated ventures. We believe that AFFO, as a widely recognized measure of operations of REITs, is helpful to investors as a meaningful supplemental comparative performance measure to other REITs, including on a per share basis. AFFO should be considered in addition to, but not as a substitute for, other measures of financial performance reported in accordance with GAAP, such as operating income, net income (loss) or cash flows from operating activities (as determined in accordance with GAAP). AFFO per share: Calculated as AFFO divided by weighted-average fully-diluted shares outstanding. Funds From Operations, FFO (Nareit), and FFO (Normalized): Funds from operations ("FFO") is defined by the National Association of Real Estate Investment Trusts as net income (loss) excluding depreciation on real estate assets, losses and gains on sale of real estate, net of tax, and amortization of data center leased-based intangibles (“FFO (Nareit)”). We calculate our FFO measures, including FFO (Nareit), adjusting for our share of reconciling items from our unconsolidated joint ventures. FFO (Nareit) does not give effect to real estate depreciation because these amounts are computed, under GAAP, to allocate the cost of a property over its useful life. Because values for well-maintained real estate assets have historically increased or decreased based upon prevailing market conditions, we believe that FFO (Nareit) provides investors with a clearer view of our operating performance. Our most directly comparable GAAP measure to FFO (Nareit) is net income (loss). We modify FFO (Nareit), as is common among REITs seeking to provide financial measures that most meaningfully reflect their particular business ("FFO (Normalized)"). Our definition of FFO (Normalized) excludes certain items included in FFO (Nareit) that we believe are not indicative of our core operating results, specifically: (i) Acquisition and Integration Costs; (ii) Restructuring and other transformation; (iii) (Gain) loss on disposal/write-down of property, plant and equipment, net (excluding real estate); (iv) Other expense (income), net; (v) Stock-based compensation expense; (vi) Non-cash amortization related to derivative instruments; (vii) Real estate financing lease depreciation; and (viii) Tax impact of reconciling items and discrete tax items. FFO (Normalized) per share: FFO (Normalized) divided by weighted-average fully-diluted shares outstanding. Terminations/Permanent Withdrawal Fees: Revenue from the preparation, documentation, and permanent withdrawal of records. Business Segments: Global Record and Information Management ("Global RIM") Business: Provides (i) storage of physical records and healthcare information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents (“Records Management”) for customers in 60 countries around the globe, (ii) 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”), (iii) Global Digital Solutions, which 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, (iv) secure shredding services through a combination of shredding facilities and mobile shredding units consisting of custom-built trucks, which is a natural extension of our hardcopy records management operations, completing the lifecycle of a record, and includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide; (v) entertainment and media services which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute, and archive key media assets (“Entertainment Services”) and (vi) on-demand, valet storage for consumers through a strategic partnership that utilizes data analytics and machine learning to provide effective customer acquisition and a convenient and seamless consumer storage experience. Global Data Center Business: Provides enterprise-class data center facilities and hyperscale-ready capacity to protect mission-critical assets and ensure the continued operation of our customers’ IT infrastructure, with secure, reliable and flexible data center options. Corporate and Other: Consists primarily of our Fine Arts and asset lifecycle management ("ALM") businesses and other corporate items. Our Fine Arts business provides technical expertise in the handling, installation and storing of art (“Fine Arts”). Our ALM business provides hyperscale and corporate IT infrastructure managers with services and solutions that enable the decommissioning, data erasure processing, and disposition or sale of IT hardware and component assets. ALM services are enabled by: secure logistics, chain of custody and complete asset traceability practices, environmentally-responsible asset processing and recycling, and data sanitization and asset refurbishment services that enable value recovery through asset remarketing. Our ALM service focuses on protecting and eradicating customer data while maintaining strong, auditable, and transparent chain of custody practices. 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. Capital Expenditures and Investments: Our business requires capital expenditures to support our expected storage rental revenue and service revenue growth and ongoing operations, new products and services and increased profitability. The majority of our capital goes to support business line growth and our ongoing operations. Additionally, we invest capital to acquire or construct real estate. We also expend capital to support the development and improvement of products and services and projects designed to increase our profitability. These expenditures are generally discretionary in nature. We categorize our capital expenditures as follows: Growth Investment: Data Center - Expenditures primarily related to investments in the construction of data center facilities (including the acquisition of land), as well as investments to drive revenue growth, expand capacity or achieve operational or cost efficiencies. Real Estate - Expenditures primarily related to investments in land, buildings, building improvements, leasehold improvements and racking structures to grow our revenues, extend the useful life of an asset or achieve operational or cost efficiencies. Section X - Appendix and Definitions investors.ironmountain.com Q1 2023 Supplemental Financial Information 24

Innovation and Other - Discretionary capital expenditures for significant new products and services as well as computer hardware and software to support new products and services or to achieve operational or cost efficiencies. Restructuring and other transformation costs, including Project Matterhorn and Project Summit, and integration costs of acquisitions are also included. Recurring: Real Estate - Expenditures primarily related to the replacement of components of real estate assets such as buildings, building improvements, leasehold improvements and racking structures. Non-Real Estate - Expenditures primarily related to the replacement of containers and shred bins, warehouse equipment, fixtures, computer hardware, or third-party or internally-developed software assets that support the maintenance of existing revenues or avoidance of an increase in costs. Data Center - Expenditures related to the replacement of equivalent components and overall maintenance of existing data center assets. Constant Currency: Adjusts results to normalize FX impacts across comparable periods. Data Center Business Definitions Leaseable MW - Represents the amount of critical power capacity available for customer use, measured in megawatts (MW). Leased % Calculation - Calculated as the megawatts under contract divided by the leasable megawatts. Monthly Recurring Revenue (MRR) - Defined as recurring contractual revenue under existing commenced customer leases, including rent, power, and other recurring data center services. Pre-leased - A lease on data center capacity that is signed before construction has completed. Pre-Stabilized - A building recently placed in service which has not yet reached 85% leased or 24 months in service. Rental Churn Rate - Represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the MRR terminated in the period, compared with total MRR at the beginning of the period. TCV - “Total Contract Value” represents total revenue contracted for active contracts through the contract term, not including renewals or extensions, but including fixed power charges. Total potential MW - Total amount of existing and planned critical power capacity at full build-out, measured in megawatts. WALE - “Weighted Average Lease Expiry” (in years) is calculated on a revenue basis, using annual GAAP revenue of all in-place contracts, excluding utility reimbursements. Credit Facility Fixed Charge Coverage Ratio: Calculated as last twelve months EBITDAR divided by scheduled amortization, interest expense related to outstanding debt and preferred equity, if any, and rent expenses. Net Lease-Adjusted Leverage Ratio: Calculated as net debt, including the capitalized value of lease obligations, plus six times rent expenses divided by EBITDAR. EBITDAR: Calculated as the last 12 months' earnings before interest, taxes, depreciation and amortization and rent expense (“EBITDAR”) of our consolidated subsidiaries, other than those we have designated as “Unrestricted Subsidiaries” as defined in our Credit Agreement, subject to certain adjustments and exclusions, which make the calculation of financial performance for purposes of EBITDAR calculations not directly comparable to our presentation of Adjusted EBITDA. Organic Revenue Growth: Our organic revenue growth rate, represents the year-over-year growth rate of our revenues excluding the impact of business acquisitions, divestitures and foreign currency exchange rate fluctuations. Our organic revenue growth rates includes the impact of acquisitions of customer relationships. Records Management Retention Rate: Calculated as one minus the result of dividing the total number of cubic feet of records removed from inventory due to customer terminations and destructions in a one-year period by the total number of cubic feet of records in storage at the beginning of the period. Storage Rev/NOI per Sq. Ft.: Calculated as storage revenue (or storage net operating income (NOI)) divided by the quarterly building square foot average for storage products. Service Profit and Margin: The Gross Profit and Margin attributable to the global service business. Calculated as follows: Total Revenues from Adjusted Service Activities - Service Cost of Sales = Service Gross Profit ($) / Total Revenues from Adjusted Service Activities = Service Gross Margin (%) Storage Net Operating Income, or Storage NOI: Storage NOI is defined as revenue from rental activities (storage rental revenue, termination fees and permanent withdrawal fees) less storage rental costs. Storage rental costs include facility costs (excluding rent), storage rental labor, other storage costs and allocated overhead. Storage NOI is commonly used in the REIT industry and enables investors to understand and value the income generated from the company’s real estate. Storage Profit and Margin: Gross Profit and Margin attributable to the global storage business. Calculated as follows: Total Revenue from Adjusted Storage Rental Activities Section X - Appendix and Definitions investors.ironmountain.com Q1 2023 Supplemental Financial Information 25

- Storage Rental Cost of Sales = Storage Rental Gross Profit ($) / Total Revenue from Adjusted Storage Rental Activities = Storage Rental Gross Margin (%) Tax Rates: Effective Tax Rate - GAAP tax rate for the period calculated as tax expense or benefit for the quarter (total of current and deferred tax provisions), including discrete items, and divided by profit before tax for the period. Structural Tax Rate - Estimated tax rate for the full fiscal year calculated based on forecasted ordinary income and forecasted tax expense/benefit excluding any significant unusual or infrequently occurring items (i.e., discrete items) and items recognized net of tax on the financials (i.e., discontinued operations). Total Storage Volume: Iron Mountain’s comprehensive portfolio of physical storage, including Global RIM and Corporate and Other calculated on an absolute basis in cubic feet. Section X - Appendix and Definitions investors.ironmountain.com Q1 2023 Supplemental Financial Information 26

XML

Cover Document	May 04, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	May 04, 2023
Entity Registrant Name	IRON MOUNTAIN INC
Entity Incorporation, State or Country Code	DE
Entity File Number	1-13045
Entity Tax Identification Number	23-2588479
Entity Address, Address Line One	85 New Hampshire Avenue
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Portsmouth
Entity Address, State or Province	NH
Entity Address, Postal Zip Code	03801
City Area Code	617
Local Phone Number	535-4766
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	IRM
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Entity Central Index Key	0001020569
Amendment Flag	false