IRM: 1Q26 Update & Company Review

Research evidence excerpt

IRM: 1Q26 Update & Company Review

Iron Mountain Incorporated

Target/Upside/Downside Scenarios Investment summary

Iron Mountain is one of the largest providers of storage andIron Mountain Incorporated

services for record management globally. Its scale allows it to

180 125 Weeks 22DEC23 - 13MAY26 leverage its mostly Fortune 1000 customer base to provide

160 solutions across multiple regions and provides a measure of

TARGETTARGET 147.00147.00 140 pricing power with customers and landlords.

CURRENTCURRENT 126.12126.12

100 Shift to high-growth business opportunities: High-growth

80 business opportunities include Data Center, Fine Arts

60 and Entertainment Services, Consumer Storage and ALM.

40 Management can enhance several of these growth

30m opportunities by leveraging its large real estate footprint.

20m

10m Globally, the company operates ~98M square feet of real

2024 2025 2026

D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M estate worldwide, with its owned real estate footprint

IRM US Rel. S&P 500 COMPOSITE MA 40 weeks spanning ~23M square feet. A majority of the portfolio

Source: Bloomberg and RBC Capital Markets estimates for Target is located in major metropolitan areas in North America,

Valuation Western Europe, and Latin America. Within Data Center,

Our $147 price target is based on our sum-of-the-parts management has over 450MW of leasable capacity, roughly

analysis that assumes a forward EBITDA multiple of ~21x for 202MW of capacity under construction, and 628MW of

the Global RIM business, ~24x for the Global Data Center capacity held for development.

segment, ~15x for the ALM and Other business, less corporate

Recurring, durable revenue streams: The company generatesoverhead expenses that we value at ~$1.10 per share. We