Digital Realty Trust, Inc. · NYSE:DLR
Digital Realty Trust — Q4 2025 Earnings Presentation
22 slides from Digital Realty Trust's earnings presentation, Feb 5, 2026
Slide 1: 4Q25 Financial Results
4Q25 FINANCIAL RESULTS February 5, 2026 Global. Connected. Sustainable. The meeting place for companies, technologies and data
Slide 2: Strong Execution Throughout 2025
Strong Execution Throughout 2025 Positioned for Long-Term Sustainable Growth 4Q25 Highlights FY 2025 Highlights 5,500+ 232,500 $400M $1.2B Customers Cross Connects 55+ 300+ Total Bookings at Total Bookings at Metros Data Centers 100% share 100% share Coverage Deploy Where You Capacity Host What You
Slide 3: Offering a Global Data Center Platform
Offering a Global Data Center Platform Capacity in Major Metros to Meet Growing Customer Demand Global Capacity ~3 GW in-place IT capacity 769 MW under construction 135 MW net new starts in 4Q25 90 MW delivered in 4Q25 Note: As of December 31, 2025. 4Q25 Financial Results 3
Slide 4: Development Capacity
Development Capacity For Growing Cloud and AI Workloads >5 GW Future Development Capacity = >100MWs of Buildable Capacity = >25MWs and <100 MWs of Buildable Capacity = <25MWs of Buildable Capacity >5 GW CAPACITY BLOCKS >100 MW < 100 MW and > 25 MW < 25 MW 12% Capacity Future Development 53% 35% Note
Slide 5: Enabling the Meeting Place
Enabling the Meeting Place Record 0-1MW + Interconnection Bookings 4Q25 Results 2025 Full-Year Results 155 569 new logos new logos $96M $339M Record total 4Q bookings from total 2024 bookings from 0-1 MW + Interconnection 0-1 MW + Interconnection 55% 35%+ of total 4Q bookings from Y/Y increase in to
Slide 6: 4Q25 Financial Results
4Q25 Financial Results 4Q25 Financial Results 6
Slide 7: Strong Demand Environment
HISTORICAL BOOKINGS ANNUALIZED GAAP BASE RENT Strong Demand $ in millions Environment 0-1MW Interconnection Partner Share >1 MW Other (1) $1,050 $375 $850 $300 • Record $96M Bookings in 0-1MW + IX Category $225 $650 • $400M Total Bookings at $150 $450 100% Share in 4Q $75 $250 $50 2021 2022 2023 202
Slide 8: Multi-Year Backlog
Multi-Year Backlog BACKLOG ROLL-FORWARD (1) $ in millions COMMENCEMENT TIMING (3) $ in millions Enhances Visibility $175M $209M • Backlog Represents $852M $104M $163M $817M $29M $817M 20% of in-place $152M $19M Annualized Rent $634M $103M • Record Total Backlog of $1.4B $602M $543M $543M $421M (2) 3
Slide 9: Robust Pricing Environment
Robust Pricing Environment 4Q25 RENEWAL SPREADS Attractive Renewal 0-1 MW > 1 MW OTHER (1) TOTAL Spreads RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE RENTAL RATE CHANGE 4.3% 8.1% 33.8% 6.1% • Healthy >1MW Spreads CASH CASH CASH CASH Drives Upside 4.9% 26.4% 52.0% 12.0% GAAP GAAP GAAP GAA
Slide 10: Revenue Exposure by Currency
EXPOSURE BY REVENUE (1) Revenue Exposure 49% USD 23% EURO 6% ZAR 5% GBP 4% SGD 2% JPY 2% BRL 2% CHF 1% CAD <1% OTHER by Currency Currency Tailwinds 1% 5% <1% <1% 2% 23% <1% 49% 2% <1% <1% <1% • Local Operations Funded <1% 4% <1% <1% in Local Currencies Act as 2% a Natural Hedge <1% <1% 6% U.S. DOLLA
Slide 11: Matching the Duration of Assets and Liabilities
Matching the Duration of Assets and Liabilities Modest Near-Term Maturities, Well-Laddered Debt Schedule DEBT MATURITY SCHEDULE AS OF DECEMBER 31, 2025 (1)(2) DEBT PROFILE (U.S. $ in billions) 5.0 YEARS 2.9% Weighted Avg. Weighted Avg. Unsecured Maturity (1)(2) Coupon (1)(3) 96% $3.4 Unsecured Secur
Slide 12: 2026 Financial Guidance
2026 Financial Guidance Improving Core Growth (1) Actual 2025 Full Year 2026 Total Revenue $6,112 $6,600 – $6,700 (1) Adjusted EBITDA $3,339 $3,600 – $3,700 Rental Rates on Renewals Leases (Cash) 6.7% 6.0% – 8.0% (2) Year-End Portfolio Occupancy 84.7% +50 – 100 bps Same-Capital Cash NOI Growth (1) (
Slide 13: Consistent Execution on Strategic Vision
Consistent Execution on Strategic Vision Delivering Current Results, Seeding Future Growth Strengthening Innovating Diversifying Customer and and Bolstering Value Integrating Capital Proposition Sources Full Year 2025 Accomplishments • >$1B in Bookings, at 100% share • ServiceFabric® Expansion to 70
Slide 14: Appendix
Appendix 4Q25 Financial Results 14
Slide 15: Management Statements on Non-GAAP Measures
Appendix Management Statements on Non-GAAP Measures The information included in this presentation contains certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures
Slide 16: Forward-Looking Statements
Appendix Forward-Looking Statements This information in this presentation contains forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes an
Slide 17: Reconciliation of Non-GAAP Items
Reconciliation of Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO) Non-GAAP Items (in thousands, except per share and unit data) (unaudited) To Their Closest GAAP Three Months Ended Twelve Months Ended December 3
Slide 18: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO) to Core Funds From Operations (CFFO) (in thousands, except per share and unit data) (unaudited) Three Months Ended Twelve Months Ended December
Slide 19: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items To Their Closest GAAP Equivalent Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Net Income Available to Common Stockholders to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA (in thousands) (unaudited) Three
Slide 20: Reconciliation of Non-GAAP Items
Reconciliation of Non-GAAP Items Digital Realty Trust, Inc. and Subsidiaries Reconciliation of Same Capital Cash Net Operating Income To Their Closest GAAP (in thousands) (unaudited) Equivalent Three Months Ended December 31, 2025 December 31, 2024 Twelve Months Ended December 31, 2025 December 31,
Slide 21: Reconciliation of Non-GAAP Items
Total Debt/Total Enterprise Value QE 12/31/25 Debt Service Ratio (LQA Adjusted EBITDA/GAAP interest expense plus capitalized interest and less bridge facility Market value of common equity(i) $ 54,109,204 fees) Liquidation value of preferred equity(ii) 755,000 Total GAAP interest expense (including
Slide 22: Thank you
r Thank you FN DIGITAL Lv REALTY.