Equinix — Jul 30, 2025 release

Adjusted EBITDA is expected to range between $4.517 and $4.597 billion, reflecting an adjusted EBITDA margin of 49%, an approximate 230 basis-point expansion over the previous year. This $46 million increase from previously issued guidance is mainly due to better-than-expected Q2 operating performance and foreign currency benefit when compared to prior guidance. AFFO is expected to range between $3.703 and $3.783 billion, an increase of 10 - 13% over the previous year on an as-reported basis or 10 - 12% on a normalized and constant currency basis. This $28 million 5 increase from previously issued guidance is mainly due to better-than-expected Q2 operating performance and foreign currency benefit when compared to prior guidance rates. AFFO per share is expected to range between $37.67 and $38.48, an 8 - 10% as-reported increase over the previous year, or 7 - 10% on a normalized and constant currency basis. Total capital expenditures are expected to range between $3.792 and $4.292 billion. This includes non-recurring capital expenditures of between $3.520 and $4.000 billion, which now incorporate approximately $450 million of on-balance-sheet xScale-related spend, which we expect to be reimbursed later this year as we transfer assets into our U.S. joint venture. Recurring capital expenditures are expected to range between $272 and $292 million. The U.S. dollar exchange rates used for 2025 guidance, taking into consideration the impact of our current foreign currency hedges, have been updated to $1.13 to the Euro, $1.29 to the British Pound, S$1.27 to the U.S. Dollar, ¥144 to the U.S. Dollar, A$1.52