IRM Investor Presentation

CAPITAL ALLOCATION STRATEGY Investing to Support Growth Capital Return Prudent Leverage IRON MOUNTAINⓇ 1 As of 12/31/22, net debt was ~78% fixed rate and -22% floating rate. • Dividend policy: Target AFFO payout ratio of low to mid-60s With strong operating performance, we increased our dividend in Q4 2023 7533355533 Dividend Payout Ratio 81% 80% 2019 2020 71% 65% 2021 Net Lease Adjusted Leverage 2022 Leverage target: long-term net lease adjusted leverage ratio of 4.5x – 5.5x 5.7x 5.5x 5.3x 5.3x • No significant debt maturities until 2027 5.1x 4.5x Vast majority of debt is fixed rate¹ 2019 2020 2021 2022 IRM INVESTOR PRESENTATION 22

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