Page 1

IRON MOUNTAIN® FOR IMMEDIATE RELEASE Iron Mountain Reports Third Quarter Results - Net Income increases 77 % ; Achieves record quarterly Revenue , AFFO and Adjusted EBITDA BOSTON November 4 , 2021 Iron Mountain Incorporated ( NYSE : IRM ) , the global leader in innovative storage and information management services , announces financial and operating results for the third quarter of 2021. The conference call / webcast details , earnings call presentation and supplemental financial information , which includes definitions of certain capitalized terms used in this release , are available on Iron Mountain's Investor Relations website . Reconciliations of non GAAP measures to the appropriate GAAP measures are included herein . " Our third quarter performance demonstrates the continued strength of the business throughout the year , driven by our broad offerings , deep customer relationships , resilient business model , and strength of our team , " said William L. Meaney , president and CEO of Iron Mountain . " Our Mountaineers have been executing well despite what continues to be a challenging environment , and we are pleased to continue to drive accelerated growth with continued strong uptake in our digital and SITAD offerings resulting in 19 % year over year growth , strong storage growth of 3.2 % with positive organic volume , and continued momentum in our Data Center business , which is well on track to deliver bookings in excess of 30 megawatts for the year . " Financial Performance Highlights for the Third Quarter and Year - to - Date 2021 ( $ in millions , except per share data ) Storage Rental Revenue Service Revenue Total Revenue Net Income ( Loss ) Adjusted EBITDA Adjusted EBITDA Margin AFFO AFFO per share Three Months Ended 9/30/21 $ 719 $ 412 $ 1,130 $ 68 $ 418 37.0 % $ 263 $ 0.90 9/30/20 $ 696 $ 340 $ 1,037 $ 39 $ 376 36.3 % $ 216 $ 0.75 Y / Y % Change 3 % 21 % 9 % 1 77 % 11 % +70 bps 22 % 21 % Year to Date 9/30/21 $ 2,145 $ 1,187 $ 3,332 $ 391 $ 1,204 36.1 % $ 745 $ 2.56 9/30/20 $ 2,057 $ 1,031 $ 3,088 $ 96 $ 1,101 35.7 % $ 697 $ 2.42 Y / Y % Change 4 % 15 % 8 % 306 % 9 % +40 bps 7 % 6 % Total reported Revenues for the third quarter were $ 1.13 billion , compared with $ 1.04 billion in the third quarter of 2020 , an increase of 9.0 % . Excluding the impact of foreign currency exchange ( FX ) , total reported Revenues increased 7.9 % compared to the prior year , driven by a 19.7 % increase in Service revenue , while Storage rental revenue increased 2.2 % . Year to date , total reported Revenues increased 7.9 % , or 5.7 % , excluding the impact of FX .