Iron Mountain Incorporated (IRM) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

SA Transcripts158.8K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Iron Mountain Incorporated (IRM) Morgan Stanley Technology, Media & Telecom Conference 2026 March 4, 2026 11:30 AM EST Company Participants Barry Hytinen - Executive VP & CFO Conference Call Participants Calvin Lam Presentation Calvin Lam All right. Good morning, everybody. Let's start. My name is Calvin Lam. I'm a Managing Director in the Investment Banking division at Morgan Stanley, amongst 1 of my responsibilities is running the digital infrastructure banking practice. I'm joined this morning by Barry Hytinen, the CFO of Iron Mountain. Welcome back to San Francisco, Barry. Barry HytinenExecutive VP & CFO Thanks, Calvin. It's always good to be here.

Calvin Lam Great. So let me read this very quickly. So for important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com research disclosures. If you have any questions, please reach out to your sales rep. Question-and-Answer Session Calvin Lam All right. So maybe to begin, I'd like to start with an observation. I think Iron Mountain has definitely evolved past being a physical storage company into a technology-enabled infrastructure company. And I want to help investors better understand that evolution because I think a lot of the trends and demand drivers that you're capitalizing on should be very familiar to investors at this conference, namely AI, data center infrastructure. And so Barry, for investors who still think of Iron Mountain as a boxes and paper storage company. Maybe you could describe what is Iron Mountain today? Barry HytinenExecutive VP & CFO Yes. Thanks for that. That certainly is still our heritage in our core, the box storage, and that represents about 70% of the revenue of the company. But to put that in perspective, about 5 years ago, it was 90% of the revenue, and it's a lot bigger than it was at that time. So that part of the business continues