Slide 1: Q2 2026 Earnings Conference Call
Q2 2026 Earnings Conference Call NASDAQ: EQIX Presented on July 29, 2026 © 2026 Equinix, Inc.
Slide 2: Public Disclosure Statement
Public Disclosure Statement Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements which include words such as “believe,” “anticipate,” and “expect.” These forward-looking statements involve risks and uncertainties that may cause Equinix’s
Slide 3: Contents and Key Themes
Contents and Key Themes 1. Performance Highlights • Strength across the business • Our strategy is driving results • Leading data center performance • Growth-focused balance sheet • Demand-driven capital expenditures 2. Guidance and Long-Term Outlook Summary • 2026 guidance raised • Uniquely positio
Slide 4: Performance Highlights
Performance Highlights © 2026 Equinix, Inc. 4
Slide 5: Translating Our Strategy into Results
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Translating Our Strategy into Results Driving strong performance and an improved outlook • Delivered record Q2 annualized gross bookings, up 23% YoY, Serve Accelerating Bookings with second-stron
Slide 6: Strong Bookings Momentum Driving Our Growth Trajectory
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Strong Bookings Momentum Driving Our Growth Trajectory Customer demand is broad-based and includes momentum from emerging customer AI use cases +23% Quarterly Gross Bookings - Annualized $474 $42
Slide 7: Q2 2026 Financial Highlights ($M)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Q2 2026 Financial Highlights ($M) Delivered double-digit MRR growth and record profitability, driven by strong underlying operating performance and xScale leasing activity Revenues Adjusted EBITD
Slide 8: Regional Revenues Performance ($M)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Regional Revenues Performance ($M) Customer demand is strong across all regions AMER EMEA APAC 29 metros, 111 data centers 30 metros, 106 data centers 18 metros, 65 data centers Recurring Revenue
Slide 9: Regional Adjusted EBITDA Performance ($M)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Regional Adjusted EBITDA Performance ($M) Execution, including xScale leasing activity, drove margin expansion AMER EMEA APAC Adjusted EBITDA Adjusted EBITDA Margin $641 $456 $413 $424 $516 $399
Slide 10: Leading Stabilized Data Center Performance
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data (1)(2) Leading Stabilized Data Center Performance Capital allocation, development and operating advantages drive growth and returns well above industry norms Stabilized, Expansion and New IBX Dat
Slide 11: Capital Expenditures
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Capital Expenditures A demand-driven program delivering capacity into target markets where our value proposition is increasingly differentiated ($M) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 • Recu
Slide 12: A Growth-Focused Balance Sheet
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data A Growth-Focused Balance Sheet (1) Investment grade rated with global capital access Debt by Currency (8) Recent Capital Markets Activity • Issued C$650M of CAD notes due 2030 with an effective c
Slide 13: Guidance Summary
Guidance Summary © 2026 Equinix, Inc. 13
Slide 14: 2026 Financial Guidance
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data 2026 Financial Guidance Raised outlook driven by strong underlying business fundamentals and focused execution ($M except AFFO per Share) FY 2026 Q3 2026 $10,205 - 10,285 (1) $2,525 - 2,575 (2) R
Slide 15: Q3 2026 Guidance ($M)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Q3 2026 Guidance ($M) Revenue increasing 11% YoY at the mid-point of guidance Adjusted EBITDA Margin Revenues Adjusted EBITDA 50% ~51% +10 - 12% $2,525 - 2,575 +11 - 14% $1,275 - 1,315 $2,316 $2,
Slide 16: Full-Year 2026 Guidance ($M)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Full-Year 2026 Guidance ($M) Normalized Total Revenue growth (2) Record underlying revenue and adjusted EBITDA raises, reflecting continued momentum and margin accretion Normalized MRR growth (2)
Slide 17: Full-Year 2026 AFFO Guidance ($M, except per share)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data (1)(2) Full-Year 2026 AFFO Guidance ($M, except per share) Record $50M Underlying AFFO raise, increasing per share growth guidance to 10 - 12% (9 - 11% prior) Share Count (Diluted) AFFO per Share
Slide 18: Dividend Outlook
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Dividend Outlook Operating and financial performance drives strong dividend growth Annual Cash Dividend per Share Annual Total Cash Dividends Paid ($M) Expected 2026 Cash Dividend of ~$2,039M • T
Slide 19: A Strong Long-Term Outlook
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data A Strong Long-Term Outlook Improved outlook on better-than-expected demand, accelerating bookings and presales, and continued execution Updated Outlook Strategic Pillars Prior Outlook (1) 2027-20
Slide 20: Company Overview and Supplemental Data
Company Overview and Supplemental Data © 2026 Equinix, Inc. 20
Slide 21: The Most Global and Comprehensive Digital Ecosystem
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data The Most Global and Comprehensive Digital Ecosystem Providing the infrastructure reach needed for today’s distributed, complex and demanding workloads 282 36.3M 77 36 230 10,500+ 522,000+ (1) Dat
Slide 22: Large and Diversified Customer Base
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Large and Diversified Customer Base Top 10 Customers (2) Highly distributed customer base that reflects the critical needs we serve Customer Region Rank % of MRR IBX Count Type Count (1) Customer
Slide 23: Portfolio Ownership Composition
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Portfolio Ownership Composition (2) Owned and leased strategy maximizes market opportunity Recurring Revenues by Ownership Lease >=2041 Lease Own 179 of 282 Own 26.4M of 36.3M total gross 14% (1)
Slide 24: Non-Financial Metrics
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Non-Financial Metrics (1) Correspondingly strong performance across our key non-financial metrics FY2025 FY2026 Interconnection Q2 Q3 Q4 Q1 Q2 Total QoQ • Added a record 9,700 net interconnection
Slide 25: Debt Maturities
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Debt Maturities (1) 3.0% blended borrowing rate with 6.4 year weighted average maturity USD Senior Notes EUR Senior Notes CHF Senior Notes Green Notes SGD Senior Notes CAD Senior Notes JPY Senior
Slide 26: Retail IBX Data Center Expansion
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Retail IBX Data Center Expansion Expanding to meet robust global demand in a target market where we our value proposition is differentiated Announced Expansions 2026 2027 2028 2029 Total Capex (1
Slide 27: xScale Data Center Expansion
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data xScale Data Center Expansion xScale broadens our service of high-quality hyperscaler customers Phase Phase Phase Cost 440+ 23 13 Region Project Opening ($M) Capacity (MW) Leasing (MW) 575+ MW Lea
Slide 28: Same Store Operating Performance
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Same Store Operating Performance (1) Underlying fundamentals and execution driving strong performance Revenues ($M) Cash Cost, Gross Profit and PP&E ($M) Trailing 4-Qtr Inter- Services/ Total Non
Slide 29: Adjusted Corporate NOI ($M, except data center count)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Adjusted Corporate NOI ($M, except data center count) (1) Calculation Of Adjusted Corp NOI Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 # of Data Centers 259 258 257 252 251 (2) Recurring Revenues $2,
Slide 30: Portfolio Operating Performance
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Portfolio Operating Performance (1)(2) Q2 26 Revenues ($M) Total Cabinet Owned % of # of Data Cabinet Cabinets Utilization Total Total Category Centers Capacity Billed % Recurring Recurring AMER
Slide 31: Adjusted NOI Composition - Organic
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Adjusted NOI Composition - Organic (1)(2) Q2 2026 # of Total Cabinet Q2 2026 Quarterly Data Cabinet Cabinets Utilization Recurring Adjusted NOI % of Total Category Centers Capacity Billed % Reven
Slide 32: Components of Net Asset Value
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Components of Net Asset Value Q2 26 Quarterly Ownership Reference Adjusted NOI ($M) Stabilized Owned Adjusted NOI Segments $847 Stabilized Leased Adjusted NOI Segments $372 Expansion Owned Adjust
Slide 33: Forecasted Shares (M)
1. Highlights and Financial Results 2. Guidance and Long-Term Outlook 3. Operating and Supplemental Data Forecasted Shares (M) Fully Diluted Weighted Average Shares Common Stock Outstanding 98.6 98.7 -0.3 ~99.3 0.6 98.2 98.2 ~99.0 97.9 0.8 1.8 1.7 98.2 1.6 1.4 1.4 Shares Outstanding Est. Employee Es
Slide 34: Equinix Leadership and Investor Relations
Equinix Leadership and Investor Relations Leadership Team Equinix Investor Relations Contacts Raouf Abdel - EVP, Global Operations Phillip Konieczny Adaire Fox-Martin Chris Audie - Chief Product Officer Senior Vice President, Finance Chief Executive Officer and President Nicole Collins - EVP, Busine
Slide 35: Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions
Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions © 2026 Equinix, Inc. 35
Slide 36: Data Center Portfolio Composition – AMER
Data Center Portfolio Composition – AMER Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1) Atlanta 2 AT1, AT4 AT4 AT1 Bogota 2 BG1 BG2 BG1, BG2 Boston 1 BO2 BO2 Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 New IBX Chicago 6 CH1, CH3, CH4, CH7 CH2 CH5 CH3, CH5 , CH7 CH1,
Slide 37: Data Center Portfolio Composition – EMEA
Data Center Portfolio Composition – EMEA Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1) Abidjan 1 AB1 AB1 Abu Dhabi 1 AD1 AD1 Accra 1 AC1 AC1 Amsterdam 9 AM1, AM2, AM3, AM4, AM5, AM6, AM7, AM8, AM11 AM1*, AM2*, AM3*, AM4*, AM5, AM6, AM8, AM11 New IBX Barcelon
Slide 38: Data Center Portfolio Composition – APAC
Data Center Portfolio Composition – APAC Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1) Adelaide 1 AE1 AE1 Brisbane 1 BR1 BR1 Canberra 1 CA1 CA1* Chennai 1 CN1 CN1 Acquisition to Stabilized Hong Kong 6 HK2, HK3, HK4, HK5 HK1 HK6 HK1, HK2, HK3, HK4, HK5, HK6 M
Slide 39: FX Rates, Hedging and Currencies
FX Rates, Hedging and Currencies Revenue FX Rates (1) (2) Blended (2) (3) (4) Guidance Blended % of Currency Hedge Rate Guidance Rate Hedge % Revenues Rate USD 1.00 41% EUR to USD 1.14 1.13 1.14 74% 19% GBP to USD 1.33 1.30 1.30 82% 9% USD to SGD 1.29 8% USD to JPY 163 5% USD to AUD 1.45 3% USD to B
Slide 40: Q2 2026 FX and Normalization Disclosure
Q2 2026 FX and Normalization Disclosure As-reported Normalized As-reported As-reported Underlying FX Normalized Growth % Growth % Q2'26 YoY Q2'25 Q2'26 Impact (1) Hedge (1) Normalizing (2)(3)(4) Q2'26 Q2'26 Q2'26 Revenues AMER 1,004 1,251 (10) - 20 1,261 25% 26% EMEA 767 845 (28) 6 1 825 10% 8% APAC
Slide 41: A Fixed and Predictable Cost Model
A Fixed and Predictable Cost Model Cash Cost of Revenues and Cash SG&A Utilities Cost as a % of Revenues 5% 20% 37% 15% 14% 15% 14% 13% 14% 13% 13% 12% 12% 6% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 7% 25% Active Power Cost Management Labor Utilities Consumables and Other (1) • E
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations © 2026 Equinix, Inc. 42
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations © 2026 Equinix, Inc. 43
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations © 2026 Equinix, Inc. 44
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations © 2026 Equinix, Inc. 45
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 (unaudited and in millions) Revenues 2,625 2,444 2,420 2,316 2,256 Non-Recurring Revenues (NRR) (1) 115 96 100 98 102 (2) Other Revenues 178 64 71 53 57 (1) Recurring Revenues 2,332 2,285 2,249 2,166 2,098
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 (1) Adjusted EBITDA 1,396 1,245 1,186 1,148 1,129 Adjustments: Non-Recurring Revenues (NRR) (2) (115) (96) (100) (98) (102) (3) Other Revenues (178) (64) (71) (53) (57) (2) Non-Recurring Cash Cost of Revenue
Slide 48: Definitions
Definitions Funds from Operations (FFO): Represents net income attributable to common stockholders excluding: • gain or loss from the disposition of real estate assets • depreciation and amortization expense on real estate assets • adjustments for unconsolidated joint ventures' and non-controlling i
Slide 49: Definitions - Continued
Definitions - Continued Normalized and Constant Currency: Equinix provides normalized and constant currency growth rates for revenues, adjusted EBITDA, AFFO and AFFO per share. These growth rates assume foreign currency rates remain consistent across comparative periods. Revenue growth rates exclude
Slide 50: Definitions - Continued
Definitions - Continued Capital Expenditures Recurring Capital Expenditures: Capital spending incurred to extend useful life of IBXs or other Equinix assets that are required to support current revenues. ▪ Sustaining IT & Network: Capital spending necessary to extend useful life of IT & Network infr
Slide 51: EQUINIX
mT EQUINIX