Slide 1: Q1 2025 Earnings Conference Call
Q1 2025 Earnings Conference Call NASDAQ: EQIX Presented on April 30, 2025 © 2025 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: Q1 2025 Financial Highlights
Q1 2025 Financial Highlights Strong 2025 Start, Exceeding Expectations with Projected Steady MRR Growth and Margin Expansion Revenues ($M) Recurring Revenues Non-recurring Revenues Revenues Growth Q1 25 (3) QoQ YoY $2,261 $2,225 Normalized revenue up 8% $2,201 $2,127 $2,159 YoY excluding the impact
Slide 4: Q1 2025 Consolidated Results
Q1 2025 Consolidated Results Q1 25 $M except for AFFO per Share and Non-Financial Metrics Underlying Guidance FX Actual QoQ YoY vs. Mid-Pt. Revenues(1) $2,191 - 2,231 +$10 +$4 $2,225 -2% 5% Cash Gross Profit $1,498 4% 6% Cash Gross Margin % 67.3% Cash SG&A $431 3% 2% Cash SG&A % 0 0 19.4% Adjusted E
Slide 5: Americas Performance
Americas Performance Record Gross and Net Bookings Performance Driven by Strong Demand from Financial Services and AI Sectors Q1 25 Revenues Recurring Revenues Non-recurring Revenues Revenues Growth QoQ(3) YoY ($M) $999 $1,001 $966 As-reported ■■■ 0% ▲7% $958 $939 Normalized and ▲1% ▲9% Constant Cur
Slide 6: EMEA Performance
EMEA Performance Solid Gross Bookings Amid Strong Retail Volume and Firm Pricing Q1 25 Revenues Recurring Revenues Non-recurring Revenues Revenues Growth QoQ(4) YoY ($M) $776 $727 $743 $743 As-reported ▼4% ▲2% $721 Normalized and ▼2% ▲3% Constant Currency(1)(2) Normalized MRR grew 7% YoY excluding t
Slide 7: Asia-Pacific Performance
Asia-Pacific Performance Solid performance with Momentum in Malaysia and India and Robust Net Pricing Q1 25 Revenues Recurring Revenues Non-recurring Revenues Revenues Growth QoQ YoY ($M) $500 $472 $486 $481 As-reported ▼1% ▲4% $461 Normalized and ▲3% ▲7% Constant Currency(1)(2) Normalized MRR grew
Slide 8: Capital Structure
Capital Structure (1) Continuing to take opportunistic approach to access lower cost capital markets Debt and Equity Issuance in Q1 2025 Available Liquidity(3) • Issued inaugural S$500M(2) of 3.50% Green Notes due 2030 making Equinix the first U.S. $7.6B corporate issuer in Singapore in 5+ years Rat
Slide 9: Capital Expenditures
Capital Expenditures Investing behind continued strength of business and the secular demand in digital infrastructure Recurring Capital Expenditures ($M) 5.1% $115 3.1% 15% • Recurring capital expenditures have historically 2.1% 12% trended between 2% and 5% of revenues, $69 annually 1.2% 1.0% 20% $
Slide 10: Stabilized Data Center Growth
Stabilized Data Center Growth(1)(2) Delivering strong returns with cash yield expected to trend higher due to 2025 Cohort growth profile Stabilized, Expansion & New Data Centers Stabilized Data Center Profitability ($M) Last Quarter $15,801 $6,386 $4,297 $123 Reported # of Data Centers Q1 FY25 Reven
Slide 11: 2025 Financial Guidance
2025 Financial Guidance Raising our guidance to reflect strong underlying performance and weaker U.S. dollar ($M except AFFO per Share) FY 2025 Q2 2025 (1) (2) Revenues $9,175 - 9,275 $2,244 - 2,264 (3) (4) Adjusted EBITDA $4,471 - 4,551 $1,095 - 1,115 Adjusted EBITDA Margin % ~49% ~49% Recurring Ca
Slide 12: 2025 Guidance
2025 Guidance Outlook implies continued step-up of underlying MRR with second half margins at or near 50% Revenues ($M) Adjusted EBITDA ($M) Normalized and Constant Currency growth ex. net power As-reported Margin 7 - 8% (1) 46.8% 48.9% pass-through +5 - 6% +9 - 11% $9,175 - 9,275 $4,471 - 4,551 $14
Slide 13: Q2 Guidance
Q2 25 Guidance Expected underlying recurring revenue step up of $37M with continued expanding EBITDA margins Includes $37M recurring revenue step-up, offset by Revenues ($M) $38M lower NRR primarily related to xScale activities Adjusted EBITDA ($M) in Q1 25 48.0% Reported Margin 49.0% -$1 (0%) $2,25
Slide 14: FY25 AFFO and AFFO per Share Guidance
FY25 AFFO and AFFO per Share Guidance (1)(2) Raise AFFO guidance by $69M; AFFO per share growth of 7 - 9% Share Count (Diluted) AFFO per Share (Diluted) Normalized AFFO Constant Currency 9 - 12% YoY Growth 1 Raise AFFO guidance 95.8M 98.3M 98.4M Prior Full Year Guidance $3,606 - 3,686M $35.02 $36.69
Slide 15: Dividend Outlook
Dividend Outlook Annual Cash Dividend ($M) ~13% +20% ~$1,836 $1,624 2025G Cash Dividend of ~$1,836M $1,359 $1,030 $1,137 • Second quarter dividend of $4.69 to be paid on June 18th, 2025 42% 42% 45% 48% ~50% 42% Payout Ratio Payout Ratio Payout Ratio Payout Ratio Payout Ratio • 2025G cash dividend pa
Slide 16: Supplemental Financial and Operating Data
All the Right All the Right All the Right PLACES PARTNERS POSSIBILITIES Place Infrastructure Connect to Everything Seize Opportunity with Supplemental Wherever You Need It You Need to Succeed Agility, Speed and Confidence Global Footprint Diverse Global Experience Financial and 270 data centers acro
Slide 17: Equinix Overview
Equinix Overview (1) • Global footprint: 270 data centers in 75 metros Unique Portfolio of Data • Network dense: 2,000+ networks; 100% of Tier 1 Network Routes Center Assets • Cloud dense: ~3,000 Cloud & IT service providers • Interconnected ecosystems: 486,000+ Total Interconnections across 4,800+
Slide 18: Pressing Our Advantage in All Markets
Pressing Our Advantage in All Markets Equinix global reach expands to 75 metro areas and 35 countries 6 Continents 35 Countries 75 Metro areas 270 Data centers AMERICAS EMEA ASIA – PACIFIC Platform Equinix • Geographic footprint is 29 Metros 30 Metros 16 Metros 109 Data Centers 101 Data Centers 60 D
Slide 19: xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership
xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership Phase Phase Phase Cost JV Status Capacity Leasing Opening ($M) (MW) (MW) Overview AMER Silicon Valley 12x-2 JV Q2 2026 $151 14 0 • In October, we announced our plans to nearly triple the Frankfurt 10x-1 JV Open $202 14 14 investment cap
Slide 20: Customer Diversity
Customer Diversity Diversified revenues across business size geography and industry can reduce exposure to macro volatility Bubble Size: 1Q25 MRR1 with Equinix Large, established businesses Customers come from a diverse Majority of revenue comes from constitute majority of revenue… set of Industries
Slide 21: Customer Revenues Mix
Customer Revenues Mix Diversified Revenues across Customer, Region and Industry segments Customers and Churn Q1 25 Revenues Mix Top 10 Customers (1) Rank Type of Customer %MRR Region Count IBX Count 1 Cloud & IT 2.8% 3 88 2 Cloud & IT 2.6% 3 81 3 Cloud & IT 2.4% 3 60 4 Cloud & IT 1.8% 3 81 5 Network
Slide 22: Non-Financial Metrics
Non-Financial Metrics (1) Continue to trend favorably with solid pricing and increasing densities FY2024 FY2025 Q1 Q2 Q3 Q4 Q1 QoQ QoQ % Interconnection Interconnections Americas 207,000 208,600 211,000 213,900 215,900 2,000 1% • Interconnection revenues grew 9% YoY on a EMEA 161,300 162,400 164,100
Slide 23: Equinix Announced Retail IBX Expansions
Equinix Announced Retail IBX Expansions Expansion Highlights • We have 56 major builds underway in 33 markets across 24 countries including 12 xScale builds • We had 10 project openings across xScale and retail in 9 metros including Frankfurt, Kuala Lumpur, Lagos, Madrid, Manchester, Salalah, Santia
Slide 24: Equinix Announced Retail IBX Expansions
Equinix Announced Retail IBX Expansions EMEA / APAC (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to long-term ground lease © 2025 Equinix, Inc. 24
Slide 25: Real Estate Ownership and Long-Term Leases
Real Estate Ownership and Long-Term Leases (1) Own 167 of 270 Data Centers, totaling 24.4M of 33.8M total gross square feet Recurring Revenues by Global Lease Portfolio Expiration Waterfall (3) (2) Ownership % Leases Renewing by Square Footage Last Possible Expiration Date 46% Lease >=2040 15% Owned
Slide 26: Same Store Operating Performance
Same Store Operating Performance(1) Revenues ($M) Cash Cost, Gross Profit and PP&E ($M) Trailing 4-Qtr Inter- Services/ Total Non- Total Cash Cost of Cash Gross Cash Gross Gross Cash Return on Category Colocation connection Other Recurring Recurring Revenues Revenues Profit Margin % PP&E Gross PP&E
Slide 27: Consolidated Portfolio Operating Performance
Consolidated Portfolio Operating Performance(1)(2) Cabinets Billed Q1 25 Revenues ($M) Total Owned % of # of Data Cabinet Cabinets Cabinet Total Total Category Centers Capacity Billed Utilization % Recurring Recurring Americas Owned 70 113,400 92,900 82% $695 Leased 37 30,700 25,700 84% $203 America
Slide 28: Data Center Portfolio Composition
Data Center Portfolio Composition Metro Count Stabilized Expansion New xScale Owned Leased Change Summary (1) Atlanta 2 AT1, AT4 AT4 AT1 Bogota 2 BG1 BG2 BG1, BG2 Boston 1 BO2 BO2 Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 Expansion to Stabilized Chicago 5 CH1, CH2, CH3, CH4, CH7 CH3, CH7 CH1, CH2, CH4 AT1
Slide 29: Data Center Portfolio Composition
Data Center Portfolio Composition Metro Count Stabilized Expansion New xScale Owned Leased Abidjan 1 AB1 AB1 Change Summary (1) Abu Dhabi 1 AD1 AD1 Accra 1 AC1 AC1 Amsterdam 9 AM1, AM2, AM3, AM4, AM5, AM6, AM7, AM8, AM11 AM1*, AM2*, AM3*, AM4*, AM5, AM6, AM7* AM8, AM11 Barcelona 2 BA1 BA2 BA2 BA1 Ne
Slide 30: Adjusted Corporate NOI
Adjusted Corporate NOI(1) ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 (1) # of Data Centers 249 248 248 244 243 (2) Recurring Revenues $2,038 $2,043 $2,009 $1,973 $1,960 Recurring Cash Cost of Revenues Allocation (587) (674) (626) (616) (61
Slide 31: Adjusted NOI Composition – Organic
Adjusted NOI Composition – Organic(1)(2) Q1 2025 # of Total Cabinet Q1 2025 Quarterly % of Data Cabinet Cabinets Utilization Recurring Adjusted NOI Total Category Centers Capacity Billed % Revenues ($M) ($M) NOI Stabilized Owned 102 188,900 156,600 83% $1,103 $723 55% Leased 88 91,500 73,500 80% $54
Slide 32: Components of Net Asset Value
Components of Net Asset Value Q1 25 Quarterly Adjusted Ownership Reference NOI ($M) Stabilized Owned Adjusted NOI Segments $723 Stabilized Leased Adjusted NOI Segments $357 Expansion Owned Adjusted NOI Segments $171 Expansion Leased Adjusted NOI Segments $54 Other Real Estate Owned Adjusted NOI Segm
Slide 33: Forecasted Shares
Forecasted Shares (M) Fully Diluted Weighted Average Shares Common Stock Outstanding 97.8 0.5 -0.3 ~98.4 ~98.2 97.3 0.1 96.5 0.8 94.9 94.9 97.3 1.8 1.8 1.7 1.5 1.4 Shares Est. Employee ATM Offering Est. Shares Est. Weighted Est. Weighting Est. Fully Diluted Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Outstanding
Slide 34: Capital Expenditures Summary
Capital Expenditures Summary ($M) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Recurring IBX Maintenance 8 83 47 30 9 Sustaining IT & Network 5 14 8 5 2 Re-configuration Installation 13 18 14 11 10 Subtotal - Recurring $ 26 $ 115 $ 69 $ 45 $ 21 Non-Recurring IBX Expansion 617 678 516 477 532 (1) IBX Rede
Slide 35: 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 39% EUR to USD 1.13 1.10 1.11 69% 19% GBP to USD 1.32 1.27 1.28 76% 10% USD to SGD 1.32 8% USD to JPY 143 5% USD to AUD 1.58 4% USD to
Slide 36: Q1'25 FX Disclosure
Q1’25 FX Disclosure ($M) As-Reported Normalized As-Reported Normalized Underlying FX As-Reported Growth % Growth % Q1 25 YoY Q1 24 Q1 25 Impact (1) Hedge (1) Normalizing (2) Q1 25 Q1 25 Q1 25 Revenue AMER 939 1,022 (17) - (4) 1,001 7% 9% EMEA 727 751 (30) 21 - 743 2% 3% APAC 461 496 (15) (0) - 481 4
Slide 37: Future First Sustainability
Future First Sustainability (1) We deliver digital infrastructure that fosters positive change through secure, efficient solutions Awards and recognition Grow our digital We received recognition for our infrastructure Drive social progress Lead with integrity sustainable operations, innovations and
Slide 38: Equinix Leadership and Investor Relations
Equinix Leadership and Investor Relations Leadership Team Equinix Investor Relations Contacts Equity Research Analysts Katrina Rymill Bank of America Alexander Waters SVP, Corporate Finance and Sustainability Barclays Brendan Lynch 650-598-6583 BMO Capital Markets Ari Klein krymill@equinix.com BNP P
Slide 39: Appendix: Non-GAAP Financial Reconciliations & Definitions
Appendix: Non-GAAP Financial Reconciliations & Definitions © 2025 Equinix, Inc. 39
Slide 40: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 40
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to Equinix Metal Wind Down © 2025 Equinix, Inc. 41
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 42
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 43
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region © 2025 Equinix, Inc. 44
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations © 2025 Equinix, Inc. 45
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 (unaudited and in millions) Revenues 2,225 2,261 2,201 2,159 2,127 Non-Recurring Revenues (NRR)(1) 97 100 83 85 86 (2) Other Revenues 90 118 109 101 81 Recurring Revenues(1) 2,038 2,043 2,009 1,973 1,960 Co
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Income from Operations 458 103 425 436 364 Adjustments: Depreciation, Amortization and Accretion Expense 480 502 494 490 525 Stock-based Compensation Expense 113 114 122 125 101 Restructuring Charges 10 31 -
Slide 48: Non-GAAP Reconciliations
Non-GAAP Reconciliations NAREIT Funds From Operations (NAREIT FFO) - FFO: We calculate Funds from Operations in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT FFO represents net income (loss), excluding gain (loss) from the d
Slide 49: Definitions: Non-financial Metrics, Data Center growth, REIT Disclosures and Capital Expenditures
Definitions: Non-financial Metrics, Data Center growth, REIT Disclosures and Capital Expenditures Non-Financial Metrics MRR per Cab: Monthly recurring revenues per billed cabinet: (current quarter recurring revenues / 3) divided by ((quarter end cabinets billing prior quarter + quarter end cabinets
Slide 50: Equinix: Where Opportunity Connects
ull EQUINIX WHERE OPPORTUNITY CONNECTS