Iron Mountain (IRM) investor relations material

Data center growth and pipeline outlook

• Leasing momentum remains strong, with over 50 MW leased in Mumbai and a current energization pipeline of 325 MW for the next 18-24 months.

• Additional 300+ MW of permitted land is committed for energization beyond the current pipeline, including 200 MW in Manassas, supporting growth for the next 36-48 months.

• Utility delivery timelines for power are lengthening in both North America and Europe, prompting proactive land and power acquisition strategies.

• India offers robust government support for data center expansion, while Europe faces complexity balancing renewables.

Customer demand and leasing strategy

• Over 90% of leasing activity is with major hyperscalers and cloud providers, typically on 10-15 year leases.

• Business with smaller clients and AI startups remains limited, as focus stays on long-duration, high-credit tenants.

• Repeat business with top-tier clients is expected to continue dominating the pipeline.

Market expansion and capital allocation

• Expansion into new markets is guided by customer demand for tier 1 or near-tier 1 locations, with successful early moves into Manassas and Richmond.

• International growth includes joint ventures in India and partnerships in the Middle East, tailored to local market dynamics.

• Capital allocation prioritizes high-return, long-term digital and data center investments, while leveraging strong cash flow from core storage operations.