Iron Mountain Inc at Goldman Sachs Communacopia & Technology Conference Transcript

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

Question: George Tong - Goldman Sachs - Analyst : Of course. So Iron Mountain has transformed its business over the years to build out several high-growth businesses, including data centers, asset life cycle management, digital solutions. Can you talk about the strategy more broadly and how these businesses are synergistic with your legacy record information management services?

Question: George Tong - Goldman Sachs - Analyst : That's a great overview. Thank you for that, Barry. If you look at all of those growth businesses, so data centers and digital solutions and asset life cycle management collectively, how big is this growth portfolio and how much -- how fast is it growing altogether?

Question: George Tong - Goldman Sachs - Analyst : Makes sense. You had previously put out medium-term targets, revenue CAGR and EBITDA CAGR of 10% spanning 2021 through 2026. You're now surpassing that target for both revenue and EBITDA. So when you think about the drivers of what caused that outperformance, how much of that upside is coming from the growth portfolio versus the traditional legacy records information management business?

Question: George Tong - Goldman Sachs - Analyst : Makes sense. Let's touch on the legacy RIM business for a moment. Storage volumes have been relatively stable, in fact, growing positively fractionally on an organic basis for years now. What would you say is driving this slight positive organic growth in the legacy storage business?

Question: George Tong - Goldman Sachs - Analyst : So let's talk a little bit more about the revenue management program that you just mentioned. That's been put in place now several years. We've seen mid- to high single-digit growth from pricing increases because of this revenue management program, and almost all of the growth that REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 3:50PM, IRM.N - Iron Mountain Inc at Goldman Sachs Communacopia & Technology Conference we're seeing in legacy storage revenues are coming from pricing because volumes are up 20 bps to 40 bps. So how sustainable would you say mid- to high single-digit growth in pricing is? And what has customer feedback been like to this revenue management program?

Question: George Tong - Goldman Sachs - Analyst : Makes sense. Let's dive more into the data center business. So in 2Q, the data center business grew 26% organically. And you're guiding to nearly 30% organic growth in the second half of the year, you mentioned 25% plus growth in 2026. What gives you that visibility? You mentioned you don't need any more lease signings. It's all based on prior signings, so you can get there with high visibility. So can you talk a little bit more about that? What's already baked? And how long can your backlog run you through if you don't have any more signings?

Question: George Tong - Goldman Sachs - Analyst : Right. So commencements have been very strong. But signings and leases have been a little bit softer, and you reduced the guide for data center signings this year. Can you talk about what's happening? What's causing that pullback? And it sounds like you're expecting a little bit of a turnaround in the second half of the year as demand for data center switches more towards inference compared to model training? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 3:50PM, IRM.N - Iron Mountain Inc at Goldman Sachs Communacopia & Technology Conference

Question: George Tong - Goldman Sachs - Analyst : Right. Makes sense. Let's talk a little bit more about the ALM asset life cycle management business. So in the second quarter, the revenue growth was very significant, up 42% year-over-year organically. Can you talk about how much of that's coming from volumes versus prices? And what you're seeing with semiconductor component prices, do you expect that to be a tailwind and how you expect the volume price/mix to evolve going forward?

Question: George Tong - Goldman Sachs - Analyst : Makes sense. On the digital solutions side, you're waiting to hear back from the U.S. Treasury department on a 5-year contract. Can you give us an update on where that sits?

Question: George Tong - Goldman Sachs - Analyst : Makes sense. And then lastly, you're spending around $2 billion in CapEx this year, and the vast majority of that CapEx is being used to support your data center growth initiatives. How do you expect your CapEx trends to evolve over time? Is it going to continue to scale with data centers? Is it going to stabilize and plateau around current levels? How do you see that playing out?