Slide 1: Q2 2025 Earnings Conference Call
Q2 2025 Earnings Conference Call NASDAQ: EQIX Presented on July 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: Table of Contents
Table of Contents Highlights and Financial Results Operating and Supplemental Data 4 Q2 2025 Performance Highlights 19 Equinix Overview 5 Translating our Strategy into Results 20 Portfolio Overview 6 Analyst Day Capital Investment Follow Up 21 Customer Revenue Mix 7 Q2 2025 Financial Highlights 22 N
Slide 4: Q2 2025 Performance Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q2 2025 Performance Highlights Key Highlights for the quarter: • Deepened customer engagement, with 4,100 deals closed across more than 3,300 Delivered Strong customers and $345 million in annualized gross bookings Bo
Slide 5: Translating our Strategy into Results
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Translating our Strategy into Results Serve Successful Results Delivered Accelerating Bookings Better by our Strategy Since Last Earnings Call: Solve Improving Yields • Industry-leading interconnection Smarter franchi
Slide 6: Increased Strategic Capital Investments to Support Growth
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Increased Strategic Capital Investments to Support Growth Planned ~$3 – 4B per Year of Capital Expenditures to Expand Planned ~$1B per Year of Strategic our Capacity and Support our Portfolio Capital Investments $4 –
Slide 7: Q2 2025 Financial Highlights ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q2 2025 Financial Highlights ($M) Strong MRR Growth and Operating Leverage Revenues Adjusted EBITDA AFFO and AFFO per Share Recurring Revenues Non-recurring Revenues Adjusted EBITDA Adjusted EBITDA Margin AFFO per Sha
Slide 8: Regional Revenues Performance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Revenues Performance ($M) Steady Demand and MRR Step-Up Across The Regions AMER EMEA APAC 29 metros, 108 data centers 30 metros, 101 data centers 17 metros, 63 data centers Recurring Revenues Non-recurring Re
Slide 9: Regional Adjusted EBITDA Performance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Adjusted EBITDA Performance ($M) Strong Margin From Operating Performance Across The Regions AMER EMEA APAC Adjusted EBITDA Adjusted EBITDA Margin $466 $451 $443 $427 $422 $399 $372 $365 $354 $264 46.7% 46.4%
Slide 10: Credit Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Credit Highlights Debt by Currency(3)(4) Recent Capital Markets Activity 12% • Issued €750M of 3.25% Green Notes due 2029 and €750M of 4.00% Green Notes due 2034 • Repaid $500M of Senior Notes on July 15, 2025 • $
Slide 11: Capital Expenditures
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Capital Expenditures • Recurring capital expenditures have ($M) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 historically trended between 2% and 5% of annual revenues Recurring IBX Maintenance 30 47 83 8 32 • Maintenance c
Slide 12: Stabilized Data Center Growth
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Stabilized Data Center Growth Diverse Interconnected Ecosystems Continue to Drive Industry-Leading Returns Stabilized, Expansion and New IBX Data Centers Stabilized Data Center Profitability ($M) Stabilized Exp
Slide 13: 2025 Financial Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data 2025 Financial Guidance ($M except AFFO per Share) FY 2025 Q3 2025 Revenues $9,233 - 9,333(1) $2,314 - 2,334(2) Adjusted EBITDA $4,517 - 4,597(3) $1,139 - 1,159(4) Adjusted EBITDA Margin % ~49% 49 - 50% Recurring Capi
Slide 14: FY 2025 Guidance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data FY 2025 Guidance ($M) Revenues Adjusted EBITDA Raise revenues guidance by $58M Raise adjusted EBITDA guidance by $46M Normalized constant 7 - 8% (1) currency growth +10 - 12% +6 - 7% $4,517 - 4,597 $9,233 - 9,333 $46
Slide 15: Q3 2025 Guidance ($M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q3 2025 Guidance ($M) Revenues Adjusted EBITDA Expected strong underlying recurring Reflects higher expected power costs revenue step up of $51M and timing of spend +$41 (+2%) Reported Margin 49.4% 50.0% $2,314 - 2,33
Slide 16: FY25 AFFO and AFFO per Share Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data FY25 AFFO and AFFO per Share Guidance (1)(2) ($M, except per share) Raise AFFO guidance by $28M and AFFO per share growth of 7 - 10% Share Count (Diluted) AFFO per Share (Diluted) Normalized AFFO Constant Currency YoY
Slide 17: Dividend Outlook
1. Highlights and Financial Results 2. Guidance 3. Supplemental and Operating Data Dividend Outlook Annual Cash Dividend per Share Annual Cash Dividend ($M) 2025 Cash Dividend of ~$1,836M • Third quarter dividend of $4.69 to be $1,030 $1,137 $1,359 $1,624 ~$1,836 paid on September 17th, 2025 +10% +1
Slide 18: Operating and Supplemental Data
Operating and Supplemental Data © 2025 Equinix, Inc. 18
Slide 19: Equinix Overview
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Equinix Overview Platform Scale and Strategic Positioning • Global footprint: 272 data centers in 76 metros • Interconnected ecosystems: 492,000+ Total Interconnections across 2,000+ networks, ~3,000 Cloud & IT se
Slide 20: Equinix Portfolio
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Portfolio 272 76 36 492,000+ 33.9M 96% (1) Data centers Markets Countries Interconnections Gross Square Feet Renewable Energy Coverage (1) (1) Includes xScale facilities and renewable energy coverage on Decemb
Slide 21: Customer Revenue Mix
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Customer Revenue Mix Top 10 Customers (2) Customer Region Rank % of MRR IBX Count Type Count (1) Customers in Multiple Locations 1 Cloud & IT 2.6% 3 82 2 Cloud & IT 2.4% 3 88 3 Cloud & IT 2.2% 3 61 64% Three-Region Cu
Slide 22: Non-Financial Metrics
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Non-Financial Metrics FY2024 FY2025 Q2 Q3 Q4 Q1 Q2 QoQ Interconnection Interconnections • Interconnection revenues grew 8% YoY on a AMER 208,600 211,000 213,900 215,900 220,900 5,000 normalized and constant curren
Slide 23: Debt Maturities
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Debt Maturities 2.6% blended borrowing rate with 6.7 year weighted average maturity USD Senior Notes EUR Senior Notes GBP TLA Green Notes CHF Senior Notes SGD Senior Notes JPY Senior Notes $3B Managing our Maturit
Slide 24: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions • 59 major projects underway in 34 markets, across 25 countries including 12 xScale projects representing ~28,000 cabinets of retail and 135 MW of xScale capacity through 2026 •
Slide 25: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions EMEA / APAC © 2025 Equinix, Inc. 25 (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to lon
Slide 26: xScale
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data xScale Region Project Phase Cost Phase Capacity Phase Leasing Opening ($M) (MW) (MW) Recent Activity: Americas Silicon Valley 12x-2 Q2 2026 $ 151 14 0 • More than 85%+ leased or pre-leased across EMEA Madrid 4x-1 Q3 2
Slide 27: Real Estate Portfolio and Ownership
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Real Estate Portfolio and Ownership Recurring Revenues by Ownership (2) Own 167 of 272 Own 24.4M of 33.9M total gross Lease (1) Data Centers square feet >=2040 Lease 15% <2040 16% 84% of our retail recurring revenue i
Slide 28: Same Store Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data 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 conn
Slide 29: Adjusted Corporate NOI
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Adjusted Corporate NOI(1) ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 # of Data Centers (1) 251 249 248 248 244 (2) Recurring Revenues $2,098 $2,038 $2,043 $
Slide 30: Consolidated Portfolio Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Consolidated Portfolio Operating Performance(1)(2) Cabinets Billed Q2 25 Revenues ($M) Total Owned % of # of Data Cabinet Cabinets Cabinet Total Total Category Centers Capacity Billed Utilization % Recurring Recurring
Slide 31: Adjusted NOI Composition – Organic
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Adjusted NOI Composition – Organic(1)(2) Q2 2025 # of Total Cabinet Q2 2025 Quarterly % of Data Cabinet Cabinets Utilization Recurring Adjusted NOI Total Category Centers Capacity Billed % Revenues ($M) ($M) NOI Stabi
Slide 32: Components of Net Asset Value
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Components of Net Asset Value Q2 25 Quarterly Adjusted Ownership Reference NOI ($M) Stabilized Owned Adjusted NOI Segments $763 Stabilized Leased Adjusted NOI Segments $359 Expansion Owned Adjusted NOI Segments $182 E
Slide 33: Forecasted Shares (M)
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Forecasted Shares (M) Fully Diluted Weighted Average Shares Common Stock Outstanding 97.8 97.9 0.4 -0.3 ~98.3 ~98.2 97.3 0.1 96.5 0.8 94.9 97.3 1.8 1.7 1.6 1.5 1.4 Shares Est. Employee ATM Offering Est. Shares Est. We
Slide 34: Equinix Leadership and Investor Relations
Equinix Leadership and Investor Relations Leadership Team Equinix Investor Relations Contacts Raouf Abdel - EVP, Global Operations Adam Berlew - Chief Marketing Officer Katrina Rymill Adaire Fox-Martin Chief Executive Officer and Mike Campbell - Chief Sales Officer SVP, Corporate Finance President N
Slide 35: Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions
Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions
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 Closed IBX Chicago 5 CH1, CH2, CH3, CH4, CH7 CH3, CH7 CH1, CH2, C
Slide 37: Data Center Portfolio Composition - EMEA
Data Center Portfolio Composition - EMEA Metro Count Stabilized Expansion New Acquisition xScale Owned Leased 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, AM7* AM8, AM11 Barcelona 2 BA1 BA2 BA2 BA1 Bo
Slide 38: Data Center Portfolio Composition - APAC
Data Center Portfolio Composition - APAC Metro Count Stabilized Expansion New Acquisition xScale Owned Leased Change Summary (1)(2) Adelaide 1 AE1 AE1 Brisbane 1 BR1 BR1 Canberra 1 CA1 CA1* Hong Kong 5 HK2, HK3, HK4, HK5 HK1 HK1, HK2, HK3, HK4, HK5 TIM Acquisition Jakarta 1 JK1 JK1 MN1 Johor 1 JH1 J
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 38% EUR to USD 1.18 1.11 1.13 71% 20% GBP to USD 1.37 1.27 1.29 81% 10% USD to SGD 1.27 9% USD to JPY 144 5% USD to AUD 1.52 3% USD to
Slide 40: Q2 2025 FX Disclosure
Q2 2025 FX Disclosure As-Reported Normalized As Reported Normalized Underlying FX As-Reported Growth % Growth % Q2'25 YoY Q2'24 Q2'25 Impact (1) Hedge (1) Normalizing (2)(3) Q2'25 Q2'25 Q2'25 Revenues AMER 966 1,019 (8) - (8) 1,004 4% 6% EMEA 721 765 29 (20) (7) 767 6% 7% APAC 472 480 9 1 (5) 485 3%
Slide 41: Fixed and Predictable Cost Model
Fixed and Predictable Cost Model Q2 25 Cash Operating Expenses (1) Utilities Cost as a % of Revenues 7% 19% 5% 37% 7% 16% 16% 16% 15% 14% 14% 15% 14% 13% 12% 25% Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Labor Utilities Consumables and Other (2) Outside Services Rent IBX Repairs & Maintenanc
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION Three Months Ended (unaudited and in millions) June 30, 2025 March 31, 2025 June 30, 2024 We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-based co
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations CALCULATION OF ADJUSTED EBITDA AND AFFO BY QUARTER Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 (unaudited and in millions) Net income (loss) $ 367 $ 343 $ (14) $ 296 $ 301 Adjustments: Income tax expense 38 49 14 54 47 Interest income (52) (47) (49) (35) (29) Interest expense 13
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Net income (loss) $ 367 $ 343 $ (14) $ 296 $ 301 Net (income) loss attributable to non-controlling interests 1 — — 1 — Net loss attributable to common stockholders 368 343 (14) 297 301 Adjustments: Real esta
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in thousands, except per share amounts) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 FFO per share: Basic $ 7.04 $ 6.63 $ 3.12 $ 6.38 $ 6.29 Diluted $ 7.03 $ 6.61 $ 3.11 $ 6.36 $ 6.27 AFFO per share: Basic $ 9.94 $ 9.71 $ 7.95 $ 9.08 $ 9.24 Diluted $ 9.91 $ 9.67 $
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 (unaudited and in millions) Revenues 2,256 2,225 2,261 2,201 2,159 Non-Recurring Revenues (NRR)(1) 102 97 100 83 85 (2) Other Revenues 57 90 118 109 101 Recurring Revenues(1) 2,098 2,038 2,043 2,009 1,973 C
Slide 47: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Income from Operations 494 458 103 425 436 Adjustments: Depreciation, Amortization and Accretion Expense 502 480 502 494 490 Stock-based Compensation Expense 127 113 114 122 125 Restructuring Charges 2 10 31
Slide 48: Definitions
Definitions NAREIT Funds From Operations (FFO) - FFO: We calculate Funds from Operations in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss), excluding gain (loss) from the disposition of real estate a
Slide 49: Definitions - Continued
Definitions - Continued Annualized Gross Bookings: Represents the annualized revenue impact of stated Monthly Recurring Revenue (MRR) on newly executed contracts with a term of 12 months or more, net of any MRR decreases from cancellations or terminations associated with the new contracts and adjust
Slide 50: Definitions - Continued
Definitions - Continued Monthly Recurring Revenue per Cabinet (MRR per cab): (current quarter recurring revenues / 3) divided by ((quarter end cabinets billing prior quarter + quarter end cabinets billing current quarter) / 2). Excludes xScale JV recurring revenues (Global), Infomart non-IBX tenant
Slide 51: 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 52: Equinix
mT EQUINIX