Iron Mountain Incorporated

“we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000”

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

“As of December 31, 2025, we operated 31 data centers across 21 global markets, either directly or through unconsolidated joint ventures. In addition, we had leased approximately 97% of the existing 488 megawatt ("MW") capacity of our data centers. With a total potential capacity of 1,340 MW”

“Corporate and Other consists primarily of our ALM and Fine Arts businesses and other corporate items”

“We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations.”

“The world's most heavily regulated organizations have trusted us as a data center operator for over 20 years, with five of the largest global hyperscalers among our customers.”

“Records Management, stores physical records and provides information services, vital records services, courier operations, and the collection, handling and disposal of sensitive documents ("Records Management") for customers in 61 countries around the globe.”

“As of December 31, 2025, we operated 34 facilities across 8 global markets.”

“Data Management, provides storage and rotation of backup computer media as part of corporate disaster recovery plans”

“Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers.”

“In October 2025, we launched version 2.0 of DXP, which offers enhanced content management and smart document processing, an easy-to-use secure platform with workflow tools and AI agents”

“Media and Archive Services, includes entertainment and media services, which help industry clients store, safeguard and deliver physical media of all types”

“Consumer Storage, provides on-demand, valet storage for consumers ("Consumer Storage") utilizing data analytics and machine learning”

“Fine Arts, provides technical expertise in the handling, i”

“SEGMENTREPORTING UNITCARRYING VALUE AS OF DECEMBER 31, 20252024 Global RIM BusinessNorth America RIM$2,686,929”

“Storage Rental$4,052,510 $3,682,259 $370,251 10.1 %9.7 %0.1 %9.6 %”

“British pound sterling6.8 %6.9 %$1.318 $1.278 3.1 %”

“organic storage rental revenue growth driven by revenue management in our Global RIM Business segment and lease commencements and improved pricing in our Global Data Center Business segment.”

“an increase of $87.5 million due to acquisitions in our ALM business.”

“We are a leading global provider of physical records management services and will seek to enhance our position in higher-growth markets such as Central and Eastern Europe, Latin America, Asia, the Middle East and Africa.”

“incorporate alternative technologies (including artificial intelligence ("AI") ) into our business”

“Of these, labor and facility occupancy costs are the most significant.”

“an increase in facilities expenses, primarily driven by higher real estate taxes in our Global Data Center Business segment, and increases in utilities and rent expense”

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

“We incurred approximately $574.4 million in Restructuring and other transformation costs related to Project Matterhorn since its inception.”

“Adjusted EBITDA(1) $2,573,950 $2,236,380 $337,570 15.1 %”

“The gain recognized during the year ended December 31, 2023 is the result of our program to monetize a small portion of our industrial assets through sale and sale-leaseback transactions.”

“We have assets for foreign net operating losses of $146.3 million and foreign disallowed interest expense carryforwards of $46.6 million”

“Our Records Management and Data Management service revenue growth is being negatively impacted by declining activity rates as stored records and tapes are becoming less active and more archival.”

“emerging AI technology, such as AI and generative AI systems, have become subject to regulation under new laws and new applications of prior existing laws which require additional resources and increase compliance risks”

“stockholders' deficit was approximately $981.0 million and we had cash and cash equivalents of approximately $158.5 million.”

“volumes in our Global RIM Business segment were relatively steady in 2025 and we expect them to remain relatively consistent in the near term”

“we are generally required to distribute at least 90% of our REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gain) each year”

“our IT and network infrastructure has in the past been and may in the future be vulnerable to cyberattacks and security incidents, including by state-sponsored organizations”

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