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- **Triple-digit growth**: 13% revenue, 16% EBITDA, 18% AFFO growth, all records. 
- **$714M Treasury win**: 5-year contract to digitize IRS records, ramping in 2026. 
- **Data center surge**: 33% YoY growth, 36MW lease in Chicago, 25%+ 2026 outlook. 
- **ALM explosion**: 65% YoY, 36% organic growth, cross-sold to 6 data centers. 
- **Dividend boost**: 10% hike to $1.32, 4th straight year of growth. 
- **Pipeline strength**: 450MW to energize, 250MW in next 18 months. 


**【CEO Summary Section】**
- **Record financial performance**: Q3 revenue of $1.8B (+13% YoY), Adjusted EBITDA of $660M (+16% YoY), and AFFO of $393M (+18% YoY). 
- **Growth drivers**: 
  - Physical storage: 5% organic growth, driven by volume and retention. 
  - Digital Solutions: 33% data center revenue growth, 36 megawatts leased in Q3. 
  - ALM: 65% YoY revenue growth, 36% organic growth, fueled by cross-selling and acquisitions (e.g., ACT Logistics). 
- **Strategic wins**: 
  - $714M 5-year Treasury digitization contract (ramps in 2026). 
  - 36MW hyperscale lease in Chicago, transferring from London. 
  - ALM deal with global financial services firm spanning 6 data centers. 
- **Dividend increase**: 10% hike to $1.32 per share, marking 4th consecutive year of growth. 

**【CFO Financial Commentary】**
- **Segment performance**: 
  - RIM: $1.34B revenue (+6% YoY), 44.7% EBITDA margin. 
  - Data Centers: $204M revenue (+33% YoY), 52.6% EBITDA margin. 
  - ALM: $169M revenue (+65% YoY), 36% organic growth. 
- **Key metrics**: 
  - AFFO per share: $1.32 (+17% YoY). 
  - Net lease-adjusted leverage: 5.0x. 
  - Q4 outlook: $1.8B revenue (+14% YoY), $690M EBITDA (+14% YoY). 
- **Capital allocation**: 
  - $472M growth CapEx, $42M recurring CapEx. 
  - EUR 1.2B debt offering at 4.75% coupon. 

**【Q&A Key Highlights】**
- **Treasury contract phasing**: Linear growth over 5 years, with seasonal peaks in 2026 tax season. 
- **ALM growth dynamics**: 36% organic growth driven by volume (enterprise decommissioning), not pricing. 
- **Data center pipeline**: 450MW to energize over 24 months, 250MW in next 18 months. 
- **CapEx strategy**: Build-to-suit for hyperscalers, no speculative mega-projects. 
- **Currency impact**: Q4 guidance includes 1% FX headwind. 
- **Storage mix impact**: Data center power pass-through lowers gross margin but boosts EBITDA. 


Iron Mountain Incorporated (IRM) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

Preferred Stock Dividends

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Other Comprehensive Income

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IRM

IRM fundamentals

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