Equinix: Q4 2025 Equinix Investor Presentation

Investor Presentation Q4 2025

© 2026 Equinix, Inc. 1

Table of Contents

Equinix Business Update

1. Equinix Portfolio

2. Key Priorities at Equinix

3. Proven Track Record of Growth and Profitability

4. Strong Bookings Momentum Driving Our Trajectory

5. Everything Works Better With Equinix

6. Future First Sustainability

Financial Highlights

1. Why Invest in Equinix Now?

2. Customer Revenue Mix

3. Stabilized Data Center Growth

4. Equinix Property Ownership

5. Credit Highlights

6. Debt Maturities

7. 2025 Financial Guidance

8. FY 2025 Guidance

9. Q4 2025 Guidance

10. FY25 AFFO and AFFO per Share Guidance

11. Dividend Outlook

Operating and Supplemental Data

1. Equinix Overview

2. Equinix Data Center at a Glance

3. Non-Financial Metrics

4. Retail IBX Expansions Tracker

1. xScale Expansion Tracker

2. Fixed and Predictable Cost Model

3. Same Store Operating Performance

4. Consolidated Portfolio Operating Performance

5. Data Center Portfolio Composition

1. Adjusted Corporate NOI

2. Adjusted NOI Composition - Organic

3. Components of Net Asset Value

4. Forecasted Shares

5. Capital Expenditures

   Supplemental Data, Non-GAAP Reconciliations and Definitions

6. Supplemental Data, Non-GAAP Reconciliations and Definitions

© 2026 Equinix, Inc. 3

Equinix Business Update

© 2026 Equinix, Inc. 4

‌Equinix Portfolio

280

Data centers (1)

77

Markets

36

Countries

507,000+

Interconnections

35.6M

Gross Square Feet (1)

96%

Renewable Energy Coverage (1)

~3 GW of Developable Capacity Supported by Retail and xScale Land Under Control (2)

(1) Renewable energy coverage at the end of 2024 and includes xScale assets

‌Key Priorities at Equinix

Our Strategy

Serve Better

Accelerating

Bookings

Solve Smarter

Improving

Yields

Build Bolder

Increasing

Capacity

Run Simpler

Reducing

Costs

Grow Together

Fostering Employee and

Customer Satisfaction

Financial Priorities

Investment Grade Ratings

Strong Liquidity Profile

Best in Class Capital Allocation

Strategic Acquisitions

Recent

Significant

Switch and Data Telecity Group

Metronode ALOG

Verizon Data Centers

• Stable, reliable cash flow generation

• Continued cash dividend growth since REIT conversion in 2015. Total cash dividends paid $10B

Balanced with Strategic Capital Allocation

Organic Investments

• Expansion of platform

• Increase ownership

• Invest in technology initiatives

Return of Capital

‌Proven Track Record of Growth and Profitability (1)

Adapting and Thriving: Resilience as Markets Evolved

Revenues Adj. EBITDA

Fabric Cloud Router

Internet Exchange

On-Ramps

Equinix Fabric®

Remote

Work

AI

Hybrid and

Multi-Cloud

IBX®

Mobile, IoT

Cloud, SaaS

Internet Scale

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E

1) FY26 Guidance mid-point as announced on form 8-K filed February 11th, 2026. This does not constitute an update or reiteration of such guidance.

‌Strong Bookings Momentum Driving Our Trajectory

+42%

+20%

$474M

$394M

$334M

$348M

$345M

$302M

$316M

$269M

$260M

$273M

Quarterly Gross Bookings - Annualized

Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

‌Everything Works Better with Equinix (1)

SaaS

Internet

Edge

Services

Digital Supply Chain

IaaS

Network

Services

Colocation

Security Services

225+ Cloud on-ramps 10,500+ Customers ~5,000 Cloud, IT & network providers 507,000+ Interconnections

1. As of Q3 2025.

   ‌Future First Sustainability (1)

   We deliver digital infrastructure that fosters positive change through secure, efficient solutions

   Grow our digital infrastructure sustainably

   Drive social progress

   Lead with integrity

   Awards and recognition

   We received recognition for our efforts in sustainability operations, innovations and commitments.

   • Achieved a 1.39 average annual PUE in 2024, representing a 6% year-over-year improvement.

   • Drove environmental stewardship and operational excellence, with $51M invested in energy efficiency in 2024.

   • 96% renewable energy coverage globally-we have reached over 90% every year since 2018 and set a goal for 100% clean and renewable energy coverage by 2030.

   • Equinix was named on CDP's

     A List for the third consecutive year.

   • Partnered with 63 organizations for digital inclusion funded by the Equinix Foundation.

   • 40 WeAreEquinix teams established in our markets around the world, localizing our belonging efforts.

   • An average of 51 training hours per

     employee-a 28% increase YoY.

   • Connected our communities with

     $4.1M of donations and grants, as well as achieved a 49% increase in employee volunteering hours YoY.

   • Leveraging green finance to align our investments. We have issued ~$9B in green bonds outstanding.2

     
     
     
     
     
     
     
     
     

   • Global ethics and responsibility-100% completion of anti-bribery and corruption training.

     
     
     

   • Leader in public policy and advocacy-with 18 Equinix leaders serving as board members or chairs for data center industry associations.

     
     
     

   • Average Board member tenure of 7.96 years, providing optimum oversight.

     1. Data derived from FY 2024 Equinix CSR Report published on April 22, 2025

     2. Reflects Green Bonds issued as of Q4 2025

Financial Highlights

© 2026 Equinix, Inc. 11

• Long-term track record of durable

  growth across market cycles

• 10,500+ customers, 507,000+ interconnections and 225+ cloud on-ramps

• Diversified revenues mix

• Industry-leading stabilized asset yields of 26%+ across global footprint

• Expanding AI, hybrid and

  multi-cloud market opportunities

• Accelerating retail and xScale

  capacity delivery through 2029

• Integrating AI into systems and processes

• Operational simplification

• Track record of industry-leading

  capital allocation strategy

• Leveraging our balance sheet to

  drive accretive growth

• On track to 100% clean and renewable energy coverage by 2030

• Strong commitment to Environmental, Social and Governance initiatives

Durable market position

Multiple growth levers

Enduring value creation

‌Why Invest in Equinix Now?

‌Customer Revenue Mix

Rank

Customer

Type

% of MRR

Region

Count

IBX Count

Top 10 Customers (2)

Customers in Multiple Locations

(1)

64% Three-Region Customers

76% Multi-Region Customers

90% Multi-Metro Customers

Global New Customer Count and Churn %

Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

Gross New

(3) 240 300 220 250 270

1. Derived from Q4 25 recurring revenues; excludes Equinix Metal, TIM acquisition and BT Group acquisition

2. Top Customers as of Q4 25; excludes Equinix Metal, TIM acquisition and BT Group acquisition

3. Gross New Global Customers excludes acquisitions and customers added through the channel and is based on the count of

   unique global parents

4. MRR Churn is defined as a reduction in term-based contracted MRR attributed to customer terminations divided by MRR billing

at the beginning of the quarter. Excludes usage-based services, TIM acquisition and BT Group acquisition

Global Customers

MRR Churn (4)2.5% 2.4% 2.6% 2.3% 2.2%

‌Stabilized Data Center Growth (1)(2)

Diverse interconnected ecosystems continue to drive industry-leading returns

Stabilized, Expansion and New IBX Data Centers

Stabilized Expansion New

253 IBX Data Centers Q4 25 Revenues, ($M)

Stabilized Data Center Profitability ($M)

$446

$1,857

19

47

187

$19,001

37% of Investment

69% Cash Gross

Profit Margin

2% of

Revenues

$7,144

$4,998

$136

Investment (Q4 25 Gross PP&E)(3)

Trailing 4-Qtr Revenues

Trailing 4-Qtr Cash

Gross Profit

Trailing 4-Qtr Cash Maintenance Capital Expenditures

© 2026 Equinix, Inc. 14

1. Refer to appendix for data center definitions of Stabilized, Expansion and New

2. Excludes Equinix Metal, Infomart non-IBX tenant income, non-data center assets and xScale JVs

3. Includes real estate acquisition costs, finance leases and all capital expenditures associated with stabilized data centers since opening

4. Cash generated on gross PP&E investment calculated as: cash gross profit for the trailing four quarters on a constant currency basis divided by Gross PP&E as of Q4 25

   Ownership Strategy

   • 70% of recurring revenue from owned properties (1)

   • Ensure long-term control over all assets

   • Intend to own more strategic properties over time

   ‌Equinix Property Ownership

   Long-term economic control of assets

   • Weighted Average lease maturity, including extensions, of >18 years(1)

   • 176 of 280 Data Centers are owned

   • Structure leases with renewal and purchase options

   • Manage landlord exposure to minimize economic negotiating leverage (governments, owners with few leasing alternatives)

   • Limited economic impact - cash rents represent ~0.4% of revenue

     Common reasons for leasing

   • Unable or not practical to own certain multi-tenant facilities

   • Foreign country restrictions

   • Minimize capital at risk in new locations

% of Recurring Revenue Owned / Leased

Q4 2025 (1)

1. As of Q4 2025

   ‌Credit Highlights

   Recent Capital Markets Activity

   • Issued $1,250M of 4.60% USD Notes due 2030 swapped to EUR with an effective coupon of ~3.34%

   • Issued inaugural C$700M CAD Notes due 2032 with an effective coupon of ~2.94%(1)

   $7.2B

   Available Liquidity(2)

   Baa2 / BBB+ / BBB+

   Ratings

   ~$19B

   Total Gross Debt(3)(4)

   ~$9B Green Notes Outstanding(5)

   3.8x

   Net Leverage Ratio(3)

   Debt by Currency (3)(4)

   17%

   49%

   34%

   USD

   EUR JPY GBP
   
   SGD CHF CAD Other
   
   

   1. Interest rate noted is tax effected

   2. Includes $3.2 billion of cash, cash equivalents, short-term investments and our $4.0 billion undrawn revolver; excludes

      restricted cash

   3. Includes the impact of debt hedging derivatives

   4. Excludes leases

   5. Value of foreign currency Green Notes are based on exchange rates at time of issuance

‌Debt Maturities(1)

2.9% blended borrowing rate with 6.5 year weighted average maturity

USD Senior Notes EUR Senior Notes GBP TLA CHF Senior Notes

SGD Senior Notes CAD Senior Notes JPY Senior Notes Green Notes

Q4 2025 Capital Markets Activity

• Raised $1,250M of 5Y U.S. dollar debt and $500M USD equivalent of 7Y Canadian dollar-denominated debt

$3B

$2B

$1B

$B

‌Financial Guidance Summary(1)

Non-recurring Capital Expenditures

(excludes xScale)

$3,385 - 3,865

AFFO per Share (Diluted) $41.93 - 42.74(6)

Expected Cash Dividends

~$2,036

1. FY26 Guidance as announced on form 8-K filed February 11th, 2026. This does not constitute an update or reiteration of such guidance

2. Guidance includes a foreign currency benefit of approximately $36M compared to Q4 25 FX guidance rates, including the net effect from our hedging transactions

3. Guidance includes a foreign currency benefit of approximately $8M compared to Q4 25 FX guidance rates and a foreign currency benefit of approximately $20M compared to Q4 25 average FX rates, including the net effect from

   our hedging transactions

4. Guidance includes a foreign currency benefit of approximately $17M compared to Q4 25 FX guidance rates, including the net effect from our hedging transactions

5. Guidance includes a foreign currency benefit of approximately $4M compared to Q4 25 FX guidance rates and a foreign currency benefit of $11M compared to Q4 25 average FX rates, including the net effect from our hedging

   transactions

6. Guidance excludes any future capital markets activities the Company may undertake in the future

As-Reported EBITDA Margin

Normalized MRR growth (3 )

‌FY26 Guidance ($M)(1)

FY26 growth driven by MRR acceleration, positive pricing actions and capacity additions ~200 bps YoY margin expansion from strong MRR growth and operating leverage

7%

8%

8%

6%

8 - 10%

9 - 10% (2)

+10 - 11%

+5%

$10,123 - 10,223

$9,217

$8,748

+13 - 15%

$5,141 - 5,221

+11%

$4,530

$4,097

FY24 As-reported FY25 As-reported FY26 Guidance FY24 As-reported FY25 As-reported FY26 Guidance

© 2026 Equinix, Inc. 19

1. FY26 Guidance as announced on form 8-K filed February 11th, 2026. This does not constitute an update or reiteration of such guidance

2. Normalized for net power price decreases of $23M expected in FY26, $15M annualized impact of FY25 price decreases, Equinix Metal YoY decrease of $64M, and a foreign currency benefit of

   approximately $161M between February 6th, 2026 spot rates and FY25 average FX rates

3. Normalized for constant currency and excludes net power pass-through and Equinix Metal

‌Q1 2026 Guidance ($M)(1)

+$104

(+9%)

$1,283 - 1,323

$1,186

$1,198

Q4 25

As-reported

Normalizing(2 ) (3 )

Q4 25

$5

$2,425

$2,420

$2,496 - 2,536

+$91

(+4%)

Normalized

Q1 26

Guidance

© 2026 Equinix, Inc. 20

1. FY26 Guidance as announced on form 8-K filed February 11th, 2026. This does not constitute an update or reiteration of such guidance

   Q4 25	Underlying	Hampton	Other	Q1 26	Q4 25	Normalizing
   Normalized	MRR	xScale Lease		Guidance	As-reported
   		Timing

2. Q4 25 revenues normalized for a foreign currency benefit of $20M between Q1 26 FX guidance rates and Q4 25 average FX rates, $2M QoQ incremental revenue from BT Group acquisition,

   $11M QoQ net power pass-through reduction and $6M QoQ Equinix Metal revenue roll-off

3. Q4 25 adjusted EBITDA normalized for a foreign currency benefit of $11M between Q1 26 FX guidance rates and Q4 25 average FX rates and $1M incremental EBITDA from BT Group

   acquisition

4. Benefited from higher expected NRR fees and shifting seasonal costs

© 2026 Equinix , Inc.