Equinix — Apr 30, 2025 release

Business Outlook 2025 Guidance (in millions, except per share data) Prior FY 2025 Guidance Underlying Foreign Exchange Impact Revised FY 2025 Guidance Q2 2025 Guidance Revenues $9,033 - 9,133 +$7 +$135 $9,175 - 9,275 $2,244 - 2,264 Adjusted EBITDA Adjusted EBITDA Margin % $4,386 - 4,466 ~49% +$7 +$78 $4,471 - 4,551 ~49% $1,095 - 1,115 ~49% AFFO $3,606 - 3,686 +$17 +$52 $3,675 - 3,755 AFFO per Share (Diluted) $36.69 - 37.51 +$0.14 +$0.53 $37.36 - 38.17 Non-recurring Capital Expenditures (includes xScale) $2,985 - 3,215 +$114 +$69 $3,168 - 3,398 Recurring Capital Expenditures % of revenues $237 - 257 ~3% +$14 +$7 $258 - 278 ~3% $49 - 69 2 - 3% Expected Cash Dividends ~$1,835 +$1 - ~$1,836 For the second quarter of 2025, the company expects revenues to range between $2.244 and $2.264 billion, an increase of 1% at the mid-point over the previous quarter or flat on a normalized and constant currency basis, excluding the quarter-over-quarter impact of the power pass-through. This guidance includes a $37 million step-up from recurring revenues and a $38 million foreign currency benefit when compared to the average FX rates in Q1 2025, offset by $38 million of lower sequential non-recurring revenues related to completion of xScale fit-out activity in Q1 2025. Adjusted EBITDA is expected to range between $1.095 and $1.115 billion. This guidance includes a $23 million foreign currency benefit when compared to the average FX rates in Q1 2025. Recurring capital expenditures are expected to range between $49 and $69 million. 5 For the full year of 2025, total revenues are expected to range between $9.175 and $9.275 billion, an as-reported increase of approximately 5 - 6% over the previous year, or a normalized and constant currency increase of approximately 7 - 8%, excluding the year-over-ye