Slide 1: Q1 2026 Earnings Conference Call
Q1 2026 Earnings Conference Call NASDAQ: EQIX Presented on April 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: Table of Contents
Table of Contents Highlights and Financial Results Operating and Supplemental Data 4 Q1 2026 Performance Highlights 19 Equinix Overview 5 Translating our Strategy into Results 20 Portfolio Overview 6 Annualized Gross Bookings 21 Customer Revenues Mix 7 Q1 2026 Financial Highlights 22 Non-Financial M
Slide 4: Q1 2026 Performance Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q1 2026 Performance Highlights Key Highlights Since Last Call: • Grew monthly recurring revenue 12% on an as-reported basis and 10% on a normalized and Delivered Record Q1 constant currency basis year over year • Deli
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: • Net cabinet billing increased by 4,100; Solve net interconnection adds
Slide 6: Annualized Gross Bookings
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Annualized Gross Bookings ($M) Broad demand and strong execution resulting in strongest Q1 ever +9% $474 $394 $378 $348 $345 $334 $316 $302 $273 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 © 2026 Equinix, In
Slide 7: Q1 2026 Financial Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q1 2026 Financial Highlights ($M) Strong Q1 execution drove accelerated revenue growth, EBITDA margin expansion to 51% and double-digit AFFO per share growth Revenues Adjusted EBITDA AFFO and AFFO per Share Recurring
Slide 8: Regional Revenues Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Revenues Performance ($M) Durable MRR growth across regions AMER EMEA APAC 29 metros, 111 data centers 30 metros, 105 data centers 18 metros, 65 data centers Recurring Revenues Non-recurring Revenues $1,071 $
Slide 9: Regional Adjusted EBITDA Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Regional Adjusted EBITDA Performance ($M) Cost discipline driving margin expansion across each region AMER EMEA APAC Adjusted EBITDA Adjusted EBITDA Margin $516 $489 $492 $466 $443 $413 $424 $399 $384 $305 $365 $281 $
Slide 10: Credit Highlights
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Credit Highlights (1) Moody’s credit rating upgraded to Baa1 Debt by Currency (3) Recent Capital Markets Activity • Issued $700M of 4.4% USD Notes due 2031, swapped to SGD with an effective coupon of ~2.6% 18% • Issue
Slide 11: Capital Expenditures
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Capital Expenditures ($M) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 • Recurring capital expenditures have Recurring IBX Maintenance $ 8 $ 32 $ 40 $ 106 $ 16 historically trended between 2% and 5% Sustaining IT & Network
Slide 12: Stabilized Data Center Growth
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Stabilized Data Center Growth Stabilized assets continue to generate industry-leading cash returns, reinforcing disciplined capital allocation Stabilized, Expansion and New IBX Data Centers Stabilized Data Cent
Slide 13: 2026 Financial Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data 2026 Financial Guidance ($M except AFFO per Share) FY 2026 Q2 2026 $10,144 - 10,244(1) $2,571 - 2,611(2) Revenues 10 - 11%(3) 9 - 10%(4) (9 - 10% prior) (6) Adjusted EBITDA $5,165 - 5,245(5) $1,349 - 1,389 Adjusted EB
Slide 14: FY26 Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data FY26 Guidance ($M) Normalized Total Revenue growth (2) Normalized MRR growth (2) Sustained MRR momentum with disciplined capital deployment and margin expansion Adjusted EBITDA Margin Revenues Adjusted EBITDA 6% 10 -
Slide 15: Q2 2026 Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Q2 2026 Guidance ($M) Revenues Adjusted EBITDA 51% 52 - 53% +$146 (+6%) $2,571 - 2,611 +$120 (+10%) $80 $1,349 - 1,389 $66 $2,444 $2,445 $1 $1,245 $1,249 $4 Q1 26 Normalizing (1) Q1 26 Underlying Hampton Q2 26 Q1 26 N
Slide 16: FY26 AFFO and AFFO per Share Guidance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) FY26 AFFO and AFFO per Share Guidance ($M, except per share) Durable earnings strength supports a $40M AFFO raise and 9 - 11% per share growth Share Count (Diluted) AFFO per Share (Diluted) Normalized AFFO Cons
Slide 17: Dividend Outlook
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Dividend Outlook Annual Cash Dividend per Share Annual Total Cash Dividends Paid ($M) Expected 2026 Cash Dividend of ~$2,037M • Second quarter cash dividend of $5.16 to be $1,137 $1,359 $1,624 $1,835 ~$2,037 paid on J
Slide 18: Operating and Supplemental Data
Operating and Supplemental Data © 2026 Equinix, Inc. 18
Slide 19: AI is Driving a Multi-Year Data Infrastructure Investment Cycle
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) AI is Driving a Multi-Year Data Infrastructure Investment Cycle Enterprise technology ecosystems are growing more distributed, which plays to Equinix’s strengths Enterprise Customer Requirements Network Cloud AI-R
Slide 20: Equinix Portfolio
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Portfolio 281 77 36 513,000 36.0M 96% (1) Data centers Markets Countries Interconnections Gross Square Feet Renewable Energy Coverage (2) ~3 GW of Developable Capacity Supported by Retail and xScale Land Under
Slide 21: Customer Revenue Mix
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Customer Revenue Mix (2) Top 10 Customers Customer Region Rank % of MRR IBX Count Type Count (1) Customers in Multiple Locations 1 Cloud & IT 2.5% 3 78 2 Cloud & IT 2.2% 3 55 3 Cloud & IT 2.2% 3 87 63% Three-Region Cu
Slide 22: Non-Financial Metrics
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Non-Financial Metrics FY2025 FY2026 Interconnection Q1 Q2 Q3 Q4 Q1 Total QoQ • Interconnection revenue was up 9% YoY on Interconnections a normalized and constant currency basis, AMER 215,900 220,900 225,600 230,2
Slide 23: Debt Maturities
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Debt Maturities 2.9% blended borrowing rate with 6.5 year weighted average maturity USD Senior Notes EUR Senior Notes CHF Senior Notes Green Notes SGD Senior Notes CAD Senior Notes JPY Senior Notes $3B Managing ou
Slide 24: Equinix Announced Retail IBX Expansions
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Equinix Announced Retail IBX Expansions (1) 2026 2027 2028 Total Capex Metro Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $US millions • 3 retail project openings Chicago 700 1,400 261 across Hong Kong, New Dallas 1,675 1,850
Slide 25: xScale
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data xScale Phase Phase Phase Cost Region Project Capacity Leasing Opening ($M) (MW) (MW) EMEA Paris 13x-2 Open $ 113 14 9 Paris 12x-1 Q2 2026 $ 277 14 14 440+ 23 13 Milan 7x-3 Q3 2026 $ 67 10 10 MW Leased Operational Faci
Slide 26: 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) Lease Own 176 of 281 Own 26.1M of 36.0M total gross Lease >=2041 (1) Data Centers square feet <2041 13% 17% (2) 83% of our recurring revenue is g
Slide 27: Same Store Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Same Store Operating Performance 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 con
Slide 28: Adjusted Corporate NOI
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1) Adjusted Corporate NOI ($M, except # of Data Centers) Calculation Of Adjusted Corp NOI Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 # of Data Centers 258 257 252 251 249 Recurring Revenues (2) $2,285 $2,249 $2,166 $2,0
Slide 29: Portfolio Operating Performance
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Portfolio Operating Performance Q1 26 Revenues ($M) Total Owned % of # of Data Cabinet Cabinets Cabinet Total Total Category Centers Capacity Billed Utilization % Recurring Recurring AMER Owned 74 126,500 100,2
Slide 30: Adjusted NOI Composition – Organic
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data (1)(2) Adjusted NOI Composition – Organic Q1 2026 # of Total Cabinet Q1 2026 Quarterly Data Cabinet Cabinets Utilization Recurring Adjusted NOI % of Total Category Centers Capacity Billed % Revenues ($M) ($M) NOI Stab
Slide 31: Components of Net Asset Value
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Components of Net Asset Value Q1 26 Quarterly Adjusted Ownership Reference NOI ($M) Stabilized Owned Adjusted NOI Segments $838 Stabilized Leased Adjusted NOI Segments $371 Expansion Owned Adjusted NOI Segments $229 E
Slide 32: Forecasted Shares
1. Highlights and Financial Results 2. Guidance 3. Operating and Supplemental Data Forecasted Shares (M) Fully Diluted Weighted Average Shares Common Stock Outstanding 98.6 -0.3 ~99.2 0.5 98.2 98.2 ~99.0 97.8 97.9 0.8 1.7 1.8 98.2 1.6 1.4 1.4 Shares Outstanding Est. Employee Est. Shares Est. Weighte
Slide 33: Equinix Leadership and Investor Relations
Equinix Leadership and Investor Relations Leadership Team Equinix Investor Relations Contacts Phillip Konieczny Adaire Fox-Martin Raouf Abdel - EVP, Global Operations Senior Vice President, Finance Chief Executive Officer and Nicole Collins - EVP, Business Operations President pkonieczny@equinix.com
Slide 34: Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions
Appendix: Supplemental Data, Non-GAAP Financial Reconciliations & Definitions © 2026 Equinix, Inc. 34
Slide 35: 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 Stabilized to Expansion Chicago 6 CH1, CH3, CH4, CH7 CH2 CH5 CH3,
Slide 36: 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, AM7* AM8, AM11 Expansion t
Slide 37: 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 Expansion to Stabilized Hong Kong 6 HK2, HK3, HK4, HK5 HK1 HK6 HK1, HK2, HK3, HK4, HK5, HK6 ME2
Slide 38: 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 1.17 1.13 1.14 76% 20% GBP to USD 1.35 1.30 1.31 83% 9% USD to SGD 1.27 9% USD to JPY 159 5% USD to AUD 1.40 3% USD to B
Slide 39: Q1 2026 FX and Normalization Disclosure
Q1 2026 FX and Normalization Disclosure As-reported Normalized As-reported As-reported Underlying FX Normalized Growth % Growth % Q1'26 YoY Q1'25 Q1'26 Impact (1) Hedge (1) Normalizing (2)(3)(4) Q1'26 Q1'26 Q1'26 Revenues AMER 1,001 1,091 (13) - 14 1,092 9% 9% EMEA 743 827 (89) 46 10 794 11% 7% APAC
Slide 40: Fixed and Predictable Cost Model
Fixed and Predictable Cost Model Q1 26 Cash Cost of Revenues and Cash SG&A Utilities Cost as a % of Revenues 7% 17% 4% 7% 16% 38% 15% 14% 15% 14% 13% 14% 13% 13% 12% 27% Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Labor Utilities Consumables and Other (1) Outside Services Rent IBX Repairs & Ma
Slide 41: Non-GAAP Reconciliations
Non-GAAP Reconciliations CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - NON-GAAP PRESENTATION Three Months Ended (unaudited and in millions) March 31, 2026 December 31, 2025 March 31, 2025 We define cash cost of revenues as cost of revenues less depreciation, amortization, accretion and stock-bas
Slide 42: Non-GAAP Reconciliations
Non-GAAP Reconciliations 0 CALCULATION OF ADJUSTED EBITDA AND AFFO BY QUARTER Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 (unaudited and in millions) Adjusted EBITDA(1) $ 1,245 $ 1,186 $ 1,148 $ 1,129 $ 1,067 Revenue $ 2,444 $ 2,420 $ 2,316 $ 2,256 $ 2,225 Adjusted EBITDA as a % of Revenue 51 % 49 % 50
Slide 43: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Net income $ 415 $ 264 $ 374 $ 367 $ 343 Net (income) loss attributable to non-controlling interests — 1 — 1 — Net income (loss) attributable to common stockholders 415 265 374 368 343 Adjustments: Real esta
Slide 44: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions, except per share data; share data in Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 thousands) FFO attributable to common shareholders $ 758 $ 625 $ 707 $ 689 $ 647 AFFO attributable to common shareholders $ 1,065 $ 877 $ 965 $ 972 $ 947 FFO per share: B
Slide 45: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated NOI calculation Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 (unaudited and in millions) Revenues 2,444 2,420 2,316 2,256 2,225 Non-Recurring Revenues (NRR)(1) 96 100 98 102 97 (2) Other Revenues 64 71 53 57 90 Recurring Revenues(1) 2,285 2,249 2,166 2,098 2,038 Cost
Slide 46: Non-GAAP Reconciliations
Non-GAAP Reconciliations (unaudited and in millions) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 (1) Adjusted EBITDA 1,245 1,186 1,148 1,129 1,067 Adjustments: (2) Non-Recurring Revenues (NRR) (96) (100) (98) (102) (97) Other Revenues(3) (64) (71) (53) (57) (90) (2) Non-Recurring Cash Cost of Revenues A
Slide 47: 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 48: 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 49: Definitions - Continued
Definitions - Continued Data Center Growth New Data Centers: Phase 1 began operating on or after January 1, 2025. Expansion Data Centers: Phase 1 began operating before January 1, 2025, and there is an expected expansion of one or more additional phases leveraging the existing capital infrastructure
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