Overview

* Iron Mountain Q3 revenue rises 12.6% yr/yr, meeting analyst expectations

* Adjusted EPS for Q3 beats analyst expectations, reflecting strong performance

* Company increases quarterly dividend by 10%, driven by AFFO growth

Outlook

* Iron Mountain reiterates full-year 2025 guidance, with Q4 revenue expected to rise ~14%

* Company expects Q4 2025 adjusted EBITDA to increase ~14%

Result Drivers

* GROWTH BUSINESSES - Data center, digital, and ALM businesses collectively grew over 30% year-over-year, driving revenue growth

* REVENUE INCREASE - Record revenue of $1.8 bln, driven by a 9.5% increase in storage rental revenue and a 15.3% increase in service revenue

* ADJUSTED EBITDA GROWTH - Record Adjusted EBITDA of $660 mln, driven by increased revenue and improved operating leverage

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Meet $1.75 $1.75

Revenue bln bln (8

Analysts

)

Q3 Beat $0.54 $0.53 (6

Adjusted Analysts

EPS )

Q3 EPS $0.28

Q3 Net $86 mln

Income

Q3 Beat $660 mln $639.80

Adjusted mln (7

EBITDA Analysts

)

Q3 37.60%

Adjusted

EBITDA

Margin

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy"

* Wall Street's median 12-month price target for Iron Mountain Inc ( IRM ) is $122.00, about 15.3% above its November 4 closing price of $103.32

* The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 45 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)