Iron Mountain Inc.

Record Q2 results + strong growth mix (good/surprising) - Revenue: $2.03B, +19% YoY (organic +17%). - Adjusted EBITDA: $727M, +16% YoY (record; above prior-call projection). - AFFO: $433M, +17% YoY; $1.44 per share (+16% YoY), also ahead of prior projection. - Growth businesses accelerating: Data Center, ALM, and Digital collectively >50% growth and were 35% of revenue (+750 bps YoY). This supports management’s “double-digit compounding” narrative.

Full-year 2026 guidance raised (forecast/outlook) - Total revenue: $7.94B–$8.01B (~+16% YoY at midpoint). - Adjusted EBITDA: $2.945B–$2.975B (~+15% YoY at midpoint). - AFFO: $1.76B–$1.78B ($5.87–$5.93 per share; ~+14%–15% at midpoint). - Q3 outlook: Revenue ~$1.98B and EBITDA ~$745M (both ~+13% YoY), AFFO ~$440M (+$1.47/share, ~+12% YoY). - FX sensitivity noted: stronger USD vs last guidance assumptions; management provided context that the updated midpoint implies increases even after FX impacts.

Data Center leasing momentum + pipeline visibility (opportunity) - Q2 leasing: 13 MW leased; July: 75 MW leased → 110 MW YTD. - Leasable capacity to be energized over next 24 months: ~325 MW. - Expectations: management reiterated they will meaningfully exceed the prior 100 MW full-year target (already surpassed in-year), though hyperscaler leasing can be lumpy. - Key wins mentioned: 10 MW in Amsterdam, 25 MW lease signed London 3 (fully leased), and 51 MW in Mumbai under a 10-year contract.