Equinix — Apr 30, 2025 release

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-year impact of the power pass-through. This $142 million increase from previously issued guidance is due to a $135 million foreign currency benefit when compared to the prior guidance rates and $7 million better-than-expected Q1 performance. Adjusted EBITDA is expected to range between $4.471 and $4.551 billion, an adjusted EBITDA margin of 49%, an approximate 210 basis-point expansion over the previous year. This $85 million increase from previously issued guidance is due to a $78 million foreign currency benefit when compared to prior guidance rates and $7 million of better-than-expected Q1 operating performance. AFFO is expected to range between $3.675 and $3.755 billion, an increase of 9 - 12% over the previous year on bo