Iron Mountain IRM Q1 2026 Earnings Transcript

Motley Fool Transcribing, The Motley Fool

Thu, April 30, 2026 astatine 12:29 PM CDT 34 min read

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Date

Apr. 30, 2026 astatine 8:30 a.m. ET

Call participants

• President & Chief Executive Officer — William Meaney

• Executive Vice President & Chief Financial Officer — Barry Hytinen

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Full Conference Call Transcript

William Meaney: Thank you, Mark, and convey you each for joining america contiguous to sermon our archetypal 4th results. As you saw successful this morning's release, we are disconnected to an incredibly beardown commencement to 2026. Our archetypal 4th results were exceptional, supra our expectations with 22% year-over-year maturation for revenue, adjusted EBITDA and AFFO. Our team's execution of our maturation plans and accordant transportation of worth to our customers continues to thrust the grounds show crossed our business. First 4th integrated maturation of 17% is the highest complaint we've achieved successful much than 25 years.

The outstanding results were driven by our maturation concern of data, information center, ALM and digital, which grew much than 50% successful the 4th and present transcend much than 30% of our full revenue. Moreover, our highly recurring carnal records retention concern delivered its champion quarterly maturation successful years and is good connected way to present its 38th consecutive twelvemonth of integrated retention rental growth. I'm besides impressed with our commercialized team's advancement successful accelerating cross-selling efforts successful ALM and digital. We had a precise beardown 4th of bookings crossed the business, which sets america up good for the equilibrium of the year.

Following this beardown show and continuing the momentum into the 2nd quarter, we are pleased to summation our afloat twelvemonth fiscal outlook. Let maine present stock immoderate of the highlights from the 4th and the assurance this provides arsenic we look to prolong industry-leading gross and net maturation successful 2026 and beyond. Data halfway gross accrued 47% successful the archetypal quarter. Industry request remains precise beardown with hyperscalers proceed to physique retired inference and unreality capacity. This has led to important lawsuit engagement crossed our portfolio fixed our 400 megawatts of disposable to lease capableness energized implicit the adjacent 24 months.

We leased astir 22 megawatts successful the archetypal 4th and different 10 megawatts successful April, positioning america astatine 32 megawatts leased year-to-date. We drove important maturation successful our plus lifecycle absorption concern successful the archetypal 4th with a 92% summation successful revenue. This was fueled by a beardown showing successful some our endeavor and decommissioning businesses the second of which was chiefly pricing. Beyond the favorable constituent terms environment, the underlying spot of our concern is being driven by our compelling and differentiated lawsuit worth proposition, which continues to output caller lawsuit wins and deeper enlargement wrong our existing base. Our integer solutions concern achieved grounds archetypal 4th revenue, increasing greater than 20% year-over-year.