Iron Mountain Inc at Barclays Global Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Maybe just to kick things off, you're coming up on the end of the Matterhorn strategy that has contributed to the double-digit growth that Iron Mountain has been generating over the past couple of years. Maybe just give us a review of what that strategy accomplished and how we should think about your longer-term growth algorithm going forward?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Matterhorn was the second of two restructuring programs. We're coming up on the end of it now, should we anticipate any additional restructuring going forward? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 11, 2025 / 6:25PM, IRM.N - Iron Mountain Inc at Barclays Global Technology Conference

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Maybe just one more on the restructuring charges. That had been discussed in a recent report, I just want to give you the opportunity to discuss that consideration and maybe any other accounting policies that were -- have been topical recently.

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Very clear. Let's dig in on some of those growth drivers going forward. Maybe first on data centers. It's been an interesting year with -- we see emergence of neocloud players, still some ongoing power constraints, large training sites versus cloud and inferencing demand. Where do you -- where does Iron Mountain's position in the data center realm sit? And how should we anticipate growth going forward?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Terrific. That's -- I think it's underappreciated by a lot of investors just how volatile leasing can be quarter to quarter. But if you look back over Iron Mountain's history over the past couple of years, clearly has had a very significant ramp in bringing megawatts online and getting them leased.

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. How should we think about delays in accessing power? Is that getting any better? Is it getting any worse?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. How should we think about your exposure to hyperscalers, which you've had contracts with a number of the largest operators in the world versus maybe some of the neoclouds that have come up, maybe a little bit lower credit quality. How should we think about your mix and your approach to that?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Okay. Great. Let's pivot to the ALM business, asset life cycle management for those who aren't as familiar with the company. This is a business that you've gotten into over the past couple of years. It's ramping very significantly. Just walk through your rationale for getting into this business and the growth that you see.

Question: Brendan Lynch - Barclays Services Corp - Analyst : In terms of the acquisition opportunities going forward, you've already organically grown and combine that with some tuck-in acquisitions to become one of the largest players or the largest player in the world. Are there still a lot of opportunities out there to acquire either on a geographic basis or for additional capabilities in the realm?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Maybe one of those secular megatrends would just be the absolute growth in data centers. All of those data centers have services in them that need to be recycled, where do you sit today in terms of recycling some of the GPUs that are getting so much attention versus maybe that opportunity over the longer term?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Maybe we could just -- one more question on ALM, thinking about the margin profile of the enterprise business versus the hyperscale and how that fits in with the greater Iron Mountain margin profile?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Let's go there next. In terms of the global RIM business, there is a perception that volume is in decline. Maybe you could just address that.

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. On the pricing front, you've been able to push mid-single-digit price increases over the last several years. How sustainable should we think about that going forward?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Maybe let's talk a little bit about the digital business that falls within RIM. Maybe just a high level, what are you doing for customers? I think there's a scanning component, but is a software component. Maybe just walk you some of those new ones?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. Maybe just one last question in regards to capital allocation. How should we think about capital investments, leverage, and the dividend going forward?

Question: Brendan Lynch - Barclays Services Corp - Analyst : Great. We're just about out of time. Barry, thank you very much for doing this with us.