Equinix : Q4 2025 Equinix Investor Presentation

About this update from Equinix, Inc.

Investor Presentation Q4 2025 © 2026 Equinix, Inc. 1 Table of Contents Equinix Business Update Equinix Portfolio Key Priorities at Equinix Proven Track Record of Growth and Profitability Strong Bookings Momentum Driving Our Trajectory Everything Works Better With Equinix Future First Sustainability Financial Highlights Why Invest in Equinix Now? Customer Revenue Mix Stabilized Data Center Growth Equinix Property Ownership Credit Highlights Debt Maturities 2025 Financial Guidance FY 2025 Guidance Q4 2025 Guidance FY25 AFFO and AFFO per Share Guidance Dividend Outlook Operating and Supplemental Data Equinix Overview Equinix Data Center at a Glance Non-Financial Metrics Retail IBX Expansions Tracker xScale Expansion Tracker Fixed and Predictable Cost Model Same Store Operating Performance Consolidated Portfolio Operating Performance Data Center Portfolio Composition Adjusted Corporate NOI Adjusted NOI Composition - Organic Components of Net Asset Value Forecasted Shares Capital Expenditures Supplemental Data, Non-GAAP Reconciliations and Definitions 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 History of robust demand and firm pricing in USD Track record of strong demand growth with a rich pipeline of future opportunity A strong pattern of net positive pricing actions Positioned to unlock additional growth through enhanced goto-market strategies 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 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. Data derived from FY 2024 Equinix CSR Report published on April 22, 2025 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) 1 Cloud & IT 2.5% 3 81 2 Cloud & IT 2.3% 3 88 3 Cloud & IT 2.2% 3 56 4 Cloud & IT 1.7% 3 83 5 Cloud & IT 1.6% 3 40 6 Network 1.5% 3 139 7 Cloud & IT 1.1% 3 46 8 Network 1.1% 3 130 9 Cloud & IT 1.0% 3 36 10 Cloud & IT 0.9% 3 87 Top 10 16.1% Top 10 Avg. 79 Top 50 35.9% Top 50 Avg. 50 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 Derived from Q4 25 recurring revenues; excludes Equinix Metal, TIM acquisition and BT Group acquisition Top Customers as of Q4 25; excludes Equinix Metal, TIM acquisition and BT Group acquisition Gross New Global Customers excludes acquisitions and customers added through the channel and is based on the count of unique global parents 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 Last Quarter Reported Stabilized Expansion New 253 IBX Data Centers Q4 25 Revenues, ($M) Stabilized Data Center Profitability ($M) $19,011 $7,023 $4,849 $133 $446 $1,857 19 47 187 $19,001 37% of Investment 69% Cash Gross Profit Margin 2% of Revenues $7,144 $4,998 $136 Stabilized Revenues Growth Drivers: Price increases: Contractual price increases of 2 - 5%+ per year Interconnection: Additional interconnection as data consumption continues to grow Power Density: Customers increase power consumption from existing deployments Stabilized Assets Revenue Growth of 6% YoY on a constant currency basis Stabilized assets are collectively 82% utilized Investment (Q4 25 Gross PP&E) (3) Trailing 4-Qtr Revenues Trailing 4-Qtr Cash Gross Profit Trailing 4-Qtr Cash Maintenance Capital Expenditures 27% annual Cash Gross Profit on Gross PP&E investment, on a constant currency basis (4) driven by price, mix and utilization © 2026 Equinix, Inc. 14 Refer to appendix for data center definitions of Stabilized, Expansion and New Excludes Equinix Metal, Infomart non-IBX tenant income, non-data center assets and xScale JVs Includes real estate acquisition costs, finance leases and all capital expenditures associated with stabilized data centers since opening 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) Long-term control of Recurring Revenues: 83% of our recurring revenue is generated by either owned properties or properties where our lease expirations extend to 2041 and beyond 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 Interest rate noted is tax effected Includes $3.2 billion of cash, cash equivalents, short-term investments and our $4.0 billion undrawn revolver; excludes restricted cash Includes the impact of debt hedging derivatives Excludes leases 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 $B 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2043 2050 2051 2052 Total ($B) $1.3 $1.8 $1.4 $2.2 $2.7 $1.8 $2.2 $1.4 $2.2 $0.3 $0.2 $0.5 $0.5 $0.5 Blended Average 2.1% 2.9% 2.0% 2.9% 2.9% 2.8% 3.5% 2.4% 3.9% 2.0% 2.5% 3.0% 3.0% 3.4% Borrowing rate ‌Financial Guidance Summary (1) ($M except AFFO per Share) FY 2026 Q1 2026 Revenues $10,123 - 10,223 (2) $2,496 - 2,536 (3) Adjusted EBITDA $5,141 - 5,221 (4) $1,283 - 1,323 (5) Adjusted EBITDA Margin % ~51% 51 - 52% Recurring Capital Expenditures $270 - 290 $28 - 48 % of revenues ~3% 1 - 2% Non-recurring Capital Expenditures (excludes xScale) $3,385 - 3,865 AFFO $4,158 - 4,238 (6) AFFO per Share (Diluted) $41.93 - 42.74 (6) Expected Cash Dividends ~$2,036 FY26 Guidance as announced on form 8-K filed February 11 th , 2026. This does not constitute an update or reiteration of such guidance Guidance includes a foreign currency benefit of approximately $36M compared to Q4 25 FX guidance rates, including the net effect from our hedging transactions 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 Guidance includes a foreign currency benefit of approximately $17M compared to Q4 25 FX guidance rates, including the net effect from our hedging transactions Guidance includes a foreign currency benefit of approximately $4M compared to Q4 25 FX guidance rates and a foreign currency benefit of $11M compared to Q4 25 average FX rates, including the net effect from our hedging transactions Guidance excludes any future capital markets activities the Company may undertake in the future As-Reported EBITDA Margin Normalized MRR growth (3 ) Normalized Total Revenue growth (3 ) ‌FY26 Guidance ($M) (1) Revenues Adjusted EBITDA 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) 47% 49% 51% +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 FY26 Guidance as announced on form 8-K filed February 11th, 2026. This does not constitute an update or reiteration of such guidance 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 $161M between February 6th, 2026 spot rates and FY25 average FX rates Normalized for constant currency and excludes net power pass-through and Equinix Metal ‌Q1 2026 Guidance ($M) (1) Revenues Adjusted EBITDA 49% 51 - 52% (4) +$104 (+9%) $1,283 - 1,323 $1,186 $1,198 $12 Q4 25 As-reported Normalizing (2 ) (3 ) Q4 25 -$21 $54 $58 $5 $2,425 $2,420 $2,496 - 2,536 +$91 (+4%) Normalized Q1 26 Guidance © 2026 Equinix, Inc. 20 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 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 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 Benefited from higher expected NRR fees and shifting seasonal costs © 2026 Equinix , Inc. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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