Iron Mountain (IRM) Barclays 23rd Annual Global Technology Conference summary

Review of Matterhorn strategy and growth outlook

• Matterhorn strategy drove sustainable double-digit growth, with 2023 growth over 12% and exiting at 14%+ rate.

• No further restructuring expected; restructuring charges were one-time, leading to higher free cash flow.

• Accounting practices and non-GAAP measures are consistent with industry standards; no investigations ongoing.

• Expectation to guide for another record year of double-digit growth in early 2026.

Data center business and leasing trends

• Operates 450 MW of data centers, 98% leased, with significant capacity to energize in key global markets.

• Under construction on 200 MW, two-thirds pre-leased; 250 MW to energize in next 18 months, another 200 MW in 19-24 months.

• 2023 leasing expected to exceed 60 MW, with 2026 projected to surpass 100 MW.

• Maintains strong relationships with major hyperscalers, no exposure to NeoClouds.

• Energization schedules are on track due to strong local relationships.

Asset Lifecycle Management (ALM) business

• ALM revenue projected at $600M for 2023, growing 30% organically, with additional growth from acquisitions.

• ALM market estimated at $30B TAM, with 60% enterprise and 40% hyperscale mix.

• Largest global player, expanding through small, accretive acquisitions and organic growth.

• Memory prices up 50% YoY, providing a $15M+ revenue tailwind in the quarter.

• ALM margins: enterprise 20-30%, hyperscale low double digits to 20%, both improving.