Equinix — Jul 30, 2025 release

We believe we continue to stand apart with a powerful combination of differentiators: Our diverse and carrier-neutral ecosystems, rich interconnection capability, and unparalleled global presence in key metros position us exceptionally well to deliver continued value to our customers, growth to our business, and returns for our shareholders.” 1 Second-Quarter 2025 Results Summary • Revenues ◦ $2.256 billion, a 4% increase over the same quarter of the previous year on an as-reported basis, or a 5% increase on a normalized and constant currency basis • Operating Income ◦ $494 million, an operating margin of 22%, a 13% increase over the same quarter of the previous year, primarily from strong underlying operating performance • Net Income Attributable to Common Stockholders and Net Income per Share Attributable to Common Stockholders ◦ $368 million, a 22% increase over the same quarter of the previous year, primarily from higher income from operations ◦ $3.75 per share, a 19% increase over the same quarter of the previous year • Adjusted EBITDA ◦ $1.129 billion, an adjusted EBITDA margin of 50%, a 9% increase over the same quarter of the previous year on an as-reported basis, or an 8% increase on a normalized and constant currency basis, and above the top end of our guidance range from strong operating performance • AFFO and AFFO per Share ◦ $972 million, an 11% increase over the same quarter of the previous year on both an as-reported and a normalized and constant currency basis from strong operating performance ◦ $9.91 per share, a 7% increase over the same quarter of the previous year on both an as-reported and a normalized and constant currency basis 2025 Annual Guidance Summary Raising guidance across all key financial metrics: • Revenues ◦ Raise of $58 million to $9.233 - $9.333 billion, a 6 - 7% as-reported increase over the previous year, or 7 - 8% on a normalized and constant currency basis • Adjusted EBITDA ◦ Raise of $46 million to $4.517 - $4.597 billion, an adjusted EBITDA margin of 49% • AFFO and AFFO per Share ◦ Raise of $28 million to $3.703 - $3.783 billion, a 10 - 13% as-reported increase over the previous year, or 10 - 12% on a normalized and constant currency basis ◦ Raise of $0.31 to $37.67 - $38.48 per share, an 8 - 10% as-reported increase over the previous year, or 7 - 10% on a normalized and constant currency basis GAAP and Non-GAAP Disclosure Equinix uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measures after the presentation of our GAAP financial statements. Equinix is not reasonably able to provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, stock-based compensation, net income (loss) from operations, cash generated from operating activities and cash used in investing activities, and as a result, is not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort. The impact of such adjustments could be significant. All per-share results are presented on a fully diluted basis. 2 Business Highlights • Equinix continues to build for the future to mee