Iron Mountain Inc at JPMorgan Ultimate Services Investor Conference Transcript

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

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Great. So I want to start with the growth portfolio or the growth businesses. Back in 2021, those are about 15% of revenues. Now they're tracking towards 28% of full-year revenues. The exit rate might be 29%, 30%, what have you, it will be a little higher. Walk investors through the history of how you found these growth vectors. Those are digital solutions, data center, Asset Lifecycle Management as areas where you thought were the right places for Iron Mountain to be participating?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Great. Yes. So I very fondly remember when the Iron Mountain ALM business was SITAD, and we were shifting the name because you guys had just bought ITRenew and so you have to keep track of all these different names. Now it's just ALM, which is very easy. So on this industry, on ALM, we'll start there. You sized this market, $30 billion. You're clear number one here. I don't think it's close. I don't think -- it's 3 or 4 times larger than the number two perhaps. But it's $600 million out of a $30 billion TAM. How do you size this market?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Yes. We'll have to check in with you in five years when we find out what all these Blackwell and Hopper chips resell for. I think that will be -- if you could answer that now, you can all go home today.

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Yes. So just staying maybe in the data center world, right? And we're going to talk about all the assets you have to energize. But a point that you've made repeatedly over the last years is that Iron Mountain don't build on spec. But you do have right now a notably high percentage of construction in progress that isn't pre-leased. Now maybe not notably high relative to the industry, notably high relative to your history. How should investors think about that unleased construction in progress? Are you building to indications of demand based on the stated needs of your recurring tenants? Like how do you decide, hey, look, we don't have a person yet leasing this facility, but like this is not a spec project?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : But I do want to just step back on this for one second, which is -- you clearly don't build this spec. You clearly build with some sense of tenants in mind, but you're also selective. You work with a very select number of tenants and you build and you develop conservatively. So when investors understand those two facts, the stylistic third factor that falls out is, hey, when we decide to go and start building something before it's pre-leased, we have a reasonable indication of a small handful of tenants that will probably be interested. Is that a fair characterization?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Perfect. I want to turn to the treasury contract that you guys just signed. This is in Global RIM, but it is part of the growth portfolio as well. It's a digital service that you're providing them. As we understand it, you're going to help the treasury reduce their reliance on tax-based paper-based tax filings. There's sort of a long-running digitization revenue stream. It appears based on what's sort of in the public domain that the revenue stream that coincides with tax season. Can you elaborate a bit more on sort of the scope of the contract, like specifically, what are you doing? And what's going to govern volumes in that business and what the revenue mechanism is?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Excellent. Well, that's the growth portfolio. Now we are 24 minutes in, we still haven't talked about box volumes. So my view -- ?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Might be a record for you guys. So just again, let's just go through box volumes. And specifically, you've had an uptick -- I'm not talking sea change, but a modest uptick in retention rates for the core global room storage rental business. And that's been despite continued LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 6:20PM, IRM.N - Iron Mountain Inc at JPMorgan Ultimate Services Investor Conference mid-single-digit price increases. What's driving that increased retention? And what might it suggest about your customers' elasticity of demand going forward?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : That's great. And I appreciate the -- you flagging a positive changes in the wobbles, it's good to be balanced on that side. I want to just touch briefly on capital allocation from here. You've got all these businesses, some of which have -- I'd say most of which actually have very impressive incremental margin profiles. You're not throwing losses after this revenue growth, it all comes with incremental EBITDA dollars, which is lovely. But you have taken on more capital. As you've grown your top line, you've grown your capital base. In a juncture where, let's say, we go into a recession or there's a slowdown or one of your businesses wobbles more significantly for a year, like which of these metrics are you going to allow to downshift first? Would you take down your CapEx? Would you moderate the pace of dividend growth? Just trying to think how -- it's a balancing act. So there's a lot of work that goes into this, right?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : No, that makes a lot of sense. That makes a lot of sense. We've got about 10 seconds left. So maybe a little word association. What's something that's not on investors' radar that you think they should be paying attention to with respect to the Iron Mountain stock?

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Thank you so much for your time today, Barry. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 6:20PM, IRM.N - Iron Mountain Inc at JPMorgan Ultimate Services Investor Conference

Question: Alexander Hess - JPMorgan Chase & Co - Analyst : Really appreciate it.