Iron Mountain IRM · USD

SEGMENT INFORMATIONOur Chief Operating Decision Maker (“CODM”), our President and CEO, uses Adjusted EBITDA as the basis for evaluating the performance of, and allocating resources to, our operating segments. The CODM uses Adjusted EBITDA to ensure that resources, including capital, are allocated strategically to support our strategy.As of December 31, 2025, our two reportable segments are described as follows:(1)Global Records and Information Management ("Global RIM") Business includes several distinct offerings:(i)Records Management, which 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. (ii)Data Management, which provides storage and rotation of backup computer media as part of corporate disaster recovery plans, including service and courier operations, server and computer backup services and related services offerings ("Data Management").(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. In October 2025, we launched version 2.0 of our Digital Experience Platform (also referred to as DXP), which offers enhanced content management and smart document processing, an easy-to-use secure platform with workflow tools and Artificial Intelligence agents, allowing customers to make faster and more insightful decisions as well as eliminate obsolete and duplicative data to save costs.(iv)Secure Shredding, which includes the scheduled pick-up of office records that customers accumulate in specially designed secure containers we provide and is a natural extension of our hardcopy records management operations, completing the lifecycle of a record. Through a combination of shredding facilities and mobile shredding units consisting of custom built trucks, we are able to offer secure shredding services to our customers.(v)Media and Archive Services, which includes entertainment and media services, which help industry clients store, safeguard and deliver physical media of all types, and provides digital content repository systems that house, distribute and archive key media assets.

COMMITMENTS AND CONTINGENCIESA. PURCHASE COMMITMENTSWe have certain contractual obligations related to purchase commitments which require minimum payments as follows:YEARPURCHASE COMMITMENTS(1)2026$80,208 202794,778 202837,333 20299,141 20306,382 Thereafter6,185 $234,027 (1)Purchase commitments (i) include obligations related principally to software maintenance and support services and (ii) exclude our operating and financing lease obligations (see Note 2.j.) and our deferred purchase obligations (see Note 2.p.).In addition to the above, as of December 31, 2025, we have contractual commitments of approximately $1,085,725 for future construction costs associated with the expansion of our Global Data Center Business that are expected to be incurred over the next one to two years.B. SELF-INSURED LIABILITIESWe are self-insured up to certain limits for costs associated with workers’ compensation claims, vehicle accidents, property and general business liabilities and benefits paid under employee healthcare and short-term disability programs. At December 31, 2025 and 2024, there were approximately $44,300 and $45,200, respectively, of self-insurance accruals reflected in Accrued expenses on our Consolidated Balance Sheets. The measurement of these costs requires the consideration of historical cost experience and judgments about the present and expected levels of cost per claim. We account for these costs primarily through actuarial methods, which develop estimates of the undiscounted liability for claims incurred, including those claims incurred but not reported. These methods provide estimates of future claim costs based on claims incurred as of the balance sheet date.C. LITIGATION—GENERALWe are involved in litigation from time to time in the ordinary course of business, including litigation arising from damage to customer assets in our facilities caused by fires and other natural disasters. A portion of the defense and/or settlement costs associated with such litigation is covered by various commercial liability insurance policies purchased by us and, in limited cases, indemnification from third parties. Our policy is to establish reserves for loss contingencies when the losses are both probable and reasonably estimable. We record legal costs associated with loss contingencies as expenses in the period in which they are incurred.

DEBTLong-term debt is as follows: DECEMBER 31, 2025DECEMBER 31, 2024 DEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIRVALUEDEBT (INCLUSIVE OF DISCOUNT)UNAMORTIZED DEFERRED FINANCING COSTSCARRYING AMOUNTFAIRVALUERevolving Credit Facility(1)$751,500 $(8,207)$743,293 $751,500 $121,000 $(9,253)$111,747 $121,000 Term Loan A(1)487,500 — 487,500 487,500 216,016 — 216,016 216,016 Term Loan B(1)(2)2,020,957 (12,465)2,008,492 2,031,495 1,840,181 (14,690)1,825,491 1,850,698 Virginia 3 Term Loans(3)271,079 (1,189)269,890 271,079 271,079 (3,013)268,066 271,079 Virginia 4/5 Term Loans due 2025(3)— — — — 76,535 (2,752)73,783 76,535 Virginia 6 Term Loans(3)210,000 (2,633)207,367 210,000 137,495 (4,605)132,890 137,495 Virginia 7 Term Loans(3)275,314 (4,351)270,963 275,314 32,074 (7,591)24,483 32,074 Virginia 4/5 Term Loans due 2030(5)208,224 (3,529)204,695 208,224 — — — — Australian Dollar Term Loan(3)(4)262,192 (1,965)260,227 263,948 175,813 (265)175,548 176,655 UK Revolving Credit Facility(3)188,385 (2,002)186,383 188,385 175,503 (1,034)174,469 175,503 37/8% GBP Senior Notes due 2025 (the "GBP Notes")(5)(6)(7)— — — — 501,437 (789)500,648 490,155 47/8% Senior Notes due 2027 (the “47/8% Notes due 2027")(5)(6)(8)1,000,000 (2,488)997,512 995,000 1,000,000 (3,910)996,090 972,500 51/4% Senior Notes due 2028 (the “51/4% Notes due 2028")(5)(6)(8)825,000 (2,657)822,343 823,969 825,000 (3,838)821,162 804,375 5% Senior Notes due 2028 (the “5% Notes due 2028")(5)(6)(8)500,000 (1,869)498,131 497,500 500,000 (2,592)497,408 481,250 7% Senior Notes due 2029 (the "7% Notes")(5)(6)(8)1,000,000 (6,559)993,441 1,025,000 1,000,000 (8,686)991,314 1,020,000 47/8% Senior Notes due 2029 (the “47/8% Notes due 2029")(5)(6)(8)1,000,000 (5,425)994,575 983,750 1,000,000 (6,871)993,129 945,000 51/4% Senior Notes due 2030 (the “51/4% Notes due 2030")(5)(6)(8)1,300,000 (6,894)1,293,106 1,280,500 1,300,000 (8,399)1,291,601 1,235,000 41/2% Senior Notes due 2031 (the “41/2% Notes")(5)(6)(8)1,100,000 (6,430)1,093,570 1,042,250 1,100,000 (7,674)1,092,326 1,001,000 5% Senior Notes due 2032 (the “5% Notes due 2032")(5)(6)(9)750,000 (8,595)741,405 710,625 750,000 (9,900)740,100 688,125 55/8% Senior Notes due 2032 (the “55/8% Notes")(5)(6)(8)600,000 (3,823)596,177 586,500 600,000 (4,404)595,596 570,000 61/4% Senior Notes due 2033 (the “61/4% Notes")(5)(6)(8)1,200,000 (12,752)1,187,248 1,206,000 1,200,000 (14,517)1,185,483 1,194,000 43/4% Euro Senior Notes due 2034 (the "Euro Not

INCOME TAXESWe have been organized and have operated as a REIT effective beginning with our taxable year that ended on December 31, 2014. As a REIT, we are generally permitted to deduct from our federal taxable income the dividends we pay to our stockholders. The income represented by such dividends is not subject to federal taxation at the entity level but is taxed, if at all, at the stockholder level. The income of our domestic TRSs, which hold our domestic operations that may not be REIT-compliant as currently operated and structured, is subject, as applicable, to federal and state corporate income tax. In addition, we and our subsidiaries continue to be subject to foreign income taxes in other jurisdictions in which we have business operations or a taxable presence, regardless of whether assets are held or operations are conducted through subsidiaries disregarded for federal income tax purposes or TRSs. We will also be subject to a separate corporate income tax on any gains recognized on the sale or disposition of any asset previously owned by a C corporation during a five-year period after the date we first owned the asset as a REIT asset that are attributable to "built-in gains" with respect to that asset on that date. We will also be subject to a built-in gains tax on our depreciation recapture recognized into income as a result of accounting method changes in connection with our acquisition activities. If we fail to remain qualified for taxation as a REIT, we will be subject to federal income tax at regular corporate income tax rates. Even if we remain qualified for taxation as a REIT, we may be subject to some federal, state, local and foreign taxes on our income and property in addition to taxes owed with respect to our TRS operations. In particular, while state income tax regimes often parallel the federal income tax regime for REITs, many states do not completely follow federal rules and some do not follow them at all.

ACQUISITIONSWe account for acquisitions using the acquisition method of accounting, and, accordingly, the assets and liabilities acquired are recorded at their estimated fair values and the results of operations for each acquisition have been included in our consolidated results from their respective acquisition dates. Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon the finalization of the purchase price allocations. The accounting for business combinations requires estimates and judgments regarding expectations for future cash flows of the acquired business, and the allocations of those cash flows to identifiable tangible and intangible assets, in determining the assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets acquired and liabilities assumed, including contingent consideration, are based on management’s best estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. The estimates and assumptions underlying the initial valuations are subject to the collection of information necessary to complete the valuations within the measurement periods, which are up to one year from the respective acquisition dates.As the valuation of certain assets and liabilities for purposes of purchase price allocations are preliminary in nature, they are subject to adjustment as additional information is obtained about the facts and circumstances regarding these assets and liabilities that existed at the acquisition date. Any adjustments to our estimates of purchase price allocation will be made in the periods in which the adjustments are determined and the cumulative effect of such adjustments will be calculated as if the adjustments had been completed as of the acquisition dates. Purchase price allocation adjustments recorded during the fourth quarter of 2025 and year ended December 31, 2025 were not material to our balance sheet or results from operations.

We maintain a robust information security program that is designed to protect our information and the information of our customers. Our information security program is based on a recognized cybersecurity framework established by the National Institute of Standards and Technology ("NIST") and establishes controls to mitigate critical areas of cybersecurity risk. Our information security program has adopted all elements of the NIST cybersecurity framework, including the six functions of identify, protect, detect, respond, recover and governance. We use the NIST framework as a guide to ensure our information security program is designed to manage cybersecurity risks relevant to our business. Among other things, the cybersecurity controls in our information security program address information access rights, incident monitoring response processes, information technology system configuration, network security, security architecture planning, mobile device security and compliance with information security policy requirements and protocols. These cybersecurity controls are designed to oversee, identify and mitigate risks from cybersecurity threats, including those arising from our use of third-party service providers. Our cybersecurity controls are evaluated regularly by our internal information security team, and we engage a third party examiner to assess the maturity of our information security program against the NIST cybersecurity framework no less frequently than bi-annually. Additionally, our information security program is assessed periodically by a federal regulator in the United States as part of its routine audit of the Company. In addition to our internal assessments, we also assess our third-party service providers on a regular basis using a risk-based approach that assigns a risk calculation to each such service provider. The results of our assessments are tracked and evaluated to ensure these third parties comply with our cybersecurity standards. We require all employees to undertake data protection and cybersecurity training and compliance programs annually.Our reputation for providing secure information storage to customers is critical to the success of our business, and protecting against material cybersecurity risks is an integral part of maintaining that reputation.

INVESTMENTSThe following joint venture is accounted for as an equity method investment and is presented as a component of Other within Other assets, net in our Consolidated Balance Sheets. The carrying value and equity interest in our unconsolidated joint venture at December 31, 2025 and 2024 is as follows:DECEMBER 31, 2025DECEMBER 31, 2024CARRYING VALUEEQUITY INTERESTCARRYING VALUEEQUITY INTERESTJoint venture with AGC Equity Partners (the "Frankfurt JV")$85,156 20.00 %$61,075 20.

NATURE OF BUSINESSThe accompanying financial statements represent the consolidated accounts of Iron Mountain Incorporated, a Delaware corporation ("IMI"), and its subsidiaries ("we" or "us"). IMI was founded in an underground facility near Hudson, New York in 1951 where it stored business records. Today, we are a global leader in information management services, and we are trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds. Our broad range of solutions address their information management, digital transformation, information security, data center and asset lifecycle management (“ALM”) needs. Our longstanding commitment to safety, security, sustainability and innovation in support of our customers underpins everything we do. We currently serve customers across an array of market verticals — commercial, legal, financial, healthcare, technology, insurance, life sciences, energy, business services, entertainment and government organizations. We have been organized and have operated as a real estate investment trust for United States federal income tax purposes ("REIT") beginning with our taxable year ended December 31, 2014.