Data Centers: 2Q26 Earnings Preview

Research evidence excerpt

Data Centers: 2Q26 Earnings Preview

Equity Research

15 July 2026

Data Centers

2Q26 Earnings Preview

Continued strong demand and ongoing supply constraints

create a favorable backdrop for leasing momentum and

guidance raises. Below we outline potential drivers of higher U.S. Communications Infrastructure NEUTRAL

Unchanged2026 earnings by company.

U.S. Communications Infrastructure

Brendan Lynch, CFAIron Mountain (IRM) – Overweight

+1 212 526 9428

IRM is up +48% YTD (vs. the RMZ +17%). IRM likely needs to raise guidance to sustain/accelerate brendan.lynch@barclays.com

this outperformance through year-end. We think the company may raise guidance based on the BCI, US

following levers:

Annabelle Ayer

+1 212 526 73871. Digital solutions – Current guidance calls for $45m of revenue from the IRS contract in 2026,

annabelle.ayer@barclays.com

with the cadence accelerating throughout the year. In 1Q26, IRM generated $9m, slightly BCI, US

ahead of management's anticipated pace. Our sense is some competitors for Treasury

scanning volume have not received the requisite credentials to begin operating, thus leaving Eileen Gao

+1 212 526 7836 more volume for IRM to win.

eileen.gao@barclays.com

2. Data center leasing – IRM guided to 100MW of leasing in 2026, but we see potential for the BCI, US

company to lease more capacity given ~60MW of availability in the development pipeline

and nearly 700MW in the land bank. However, we think it is unlikely IRM would increase DC

leasing guidance, even if/when it approaches its 100MW target. Given leasing is volatile q/q,

management has suggested it may not issue leasing guidance after 2026. Based on this

rationale, it seems unlikely management would want to raise expectations, even if it is on

track to outperform its initial outlook.