EQIX Q1 2025 Earnings Presentation

Page 1

Page 2

© 2025 Equinix, Inc. 2 Public Disclosure Statement Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements which include words such as “believe,” “anticipate,” and “expect.” These forward-looking statements involve risks and uncertainties that may cause Equinix’s actual results to differ materially from the expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, risks to our business and operating results related to the uncertain global economy; current inflationary environment; foreign currency exchange rate fluctuations; stock price fluctuations; availability of power, increased costs to procure power and the general volatility in the global energy market; the challenges of acquiring, operating and constructing IBX and xScale data centers, including relating to any supply chain constraints or increased costs of supplies; the challenges of developing, deploying and delivering Equinix products and solutions; delays related to the closing of any planned acquisitions subject to closing conditions; unanticipated costs or difficulties relating to the integration of companies we have acquired or will acquire into Equinix; a failure to receive significant revenues from customers in recently built out or acquired data centers; failure to complete any financing arrangements contemplated from time to time; competition from existing and new competitors; the ability to generate sufficient cash flow or otherwise obtain funds to repay new or outstanding indebtedness; the loss or decline in business from our key customers; risks related to our taxation as a REIT; risks related to regulatory inquiries or litigation; and other risks described from time to time in Equinix's filings with the Securities and Exchange Commission. Refer to our annual report on Form 10-K filed with the SEC on February 12, 2025 and our most recent quarterly report on Form 10-Q. In addition, Equinix does not assume any obligation to update the forward-looking information contained in this presentation. Non-GAAP Information This presentation contains references to certain non-GAAP financial measures. For definitions of terms including, but not limited to, “Cash Gross Profit,” “Cash Gross Margins,” “Cash SG&A,” “Adjusted EBITDA,” “Funds From Operations,” “Adjusted Funds From Operations,” and “Adjusted Net Operating Income,” and a detailed reconciliation between the non-GAAP financial results presented in this presentation and the corresponding GAAP measures, please refer to the supplemental data and the appendix of this presentation.

Page 3

© 2025 Equinix, Inc. 3 (1) Revenues and adjusted EBITDA normalized for acquisitions, integration costs, Equinix Metal and other adjustments. Normalized MRR excludes non-recurring revenues. AFFO normalized for the incremental net interest expense related to acquisition financing and other gains and losses. Constant currency assumes average FX rates used in our financial results remain the same over the comparative periods and removes the impact of gains or losses related to balance sheet remeasurement (2) MRR grew 7% YoY on a normalized and constant currency basis excluding the impact of the net power pass-through (3) Q4 24 NRR benefited from xScale activity Q1 2025 Financial Highlights Strong 2025 Start, Exceeding Expectations with Projected Steady MRR Growth and Margin Expansion Adjusted EBITDA & AFFO ($M) Revenues ($M) AFFO per Share (Diluted)$9.05$8.86 $9.22 $7.92 $9.67 $2,010 Q1 24 $2,024 Q2 24 $2,059 Q3 24 $2,091 Q4 24 $2,087 Q1 25 $2,127 $2,159 $2,201 $2,261 $2,225 Recurring Revenues Non-recurring Revenues $843 $877 $866 $770 $947 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 $992 $1,036 $1,048 $1,021 $1,067 Adjusted EBITDA AFFO AFFO Growth Q1 25 QoQ YoY As-reported ▲23% ▲12% Normalized and Constant Currency(1) ▲23% ▲13% Revenues Growth Q1 25 QoQ(3) YoY As-reported ▼2% ▲5% Normalized and Constant Currency(1) ■■■ 0% ▲7% Normalized MRR(1)(2) ▲1% ▲6% Adjusted EBITDA Growth Q1 25 QoQ YoY As-reported ▲5% ▲8% Normalized and Constant Currency(1) ▲6% ▲9% Normalized revenue up 8% YoY excluding the impact of the net power pass-through

Page 4

© 2025 Equinix, Inc. 4 Guidance Underlying vs. Mid-Pt. FX Actual QoQ YoY Revenues $2,191 - 2,231 +$10 +$4 $2,225 -2% 5% Cash Gross Profit $1,498 4% 6% Cash Gross Margin % 67.3% Cash SG&A $431 3% 2% Cash SG&A % 0 0 19.4% Adjusted EBITDA $1,011 - 1,051 0 +$34 +$2 $1,067 5% 0 8% Adjusted EBITDA Margin % 46 - 47% 0 0 48.0% Net Income Attributable to Common Stockholders 0 0 $343 25% 0 48% Net Income Margin % 0 0 15.4% Adjusted Funds from Operations (AFFO) 0 0 $947 23% 0 12% AFFO per Share (Diluted) $9.67 22% 9% Recurring Capital Expenditures $27 - 47 -$11 +$0 $26 -77% 24% Cabs Billing 291,300 0% 2% MRR per Cab $2,308 -1% 2% Total Interconnections 486,100 1% 4% $M except for AFFO per Share and Non-Financial Metrics Q1 25 Q1 2025 Consolidated Results (1) Q1 25 Actual includes a negative foreign currency impact of approximately $36 million when compared to Q4 24 average FX rates, a foreign currency benefit of approximately $4 million when compared to our prior FX guidance rates, including the net effect from our hedging transactions (2) Q1 25 Actual includes a negative foreign currency impact of approximately $17 million when compared to Q4 24 average FX rates, a foreign currency benefit of approximately $2 million when compared to our prior FX guidance rates, including the net effect from our hedging transactions (3) Normalized for non-recurring charges in the previous quarter related to asset impairments, restructuring and transaction costs (4) All non-financial metrics exclude Equinix Metal and assets acquired from MainOne (5) MRR per Cab excludes xScale JVs, Equinix Metal, Infomart non-IBX tenant income and MainOne acquisition. MRR per Cab down $17 QoQ and up $50 YoY on an as-reported basis and up $28 QoQ and $113 YoY on a normalized constant currency basis excluding the impact of net power pass-through in EMEA and APAC. Constant currency basis assumes average FX rates used in our financial results remain the same over the comparative periods (1) (2) (4)(5) (4) (4) (3)

Page 5

© 2025 Equinix, Inc. 5 Revenues Growth Q1 25 QoQ(3) YoY As-reported ■■■ 0% ▲7% Normalized and Constant Currency(1) ▲1% ▲9% Normalized and Constant Currency MRR(1)(2) ▲2% ▲7% Adjusted EBITDA Growth Q1 25 QoQ YoY As-reported ▲5% ▲8% Normalized and Constant Currency(1) ▲6% ▲10% MRR per Cab (4) $2,540 Normalized and Constant Currency QoQ ▲$3 As-reported QoQ ▼$10 Cabs Billing 118,600 ▲2% QoQ Interconnections 215,900 ▲1% QoQ Utilization 82% ▲1% QoQ Americas Performance Record Gross and Net Bookings Performance Driven by Strong Demand from Financial Services and AI Sectors (1) Constant currency assumes average FX rates used in our financial results remain the same over the comparative periods. Normalized for integration costs and Equinix Metal (2) Excludes non-recurring revenues (3) Q4 24 NRR benefited from xScale activity (4) MRR per Cab excludes Infomart non-IBX tenant income, Equinix Metal and xScale JV fee income $894 Q1 24 $916 Q2 24 $914 Q3 24 $923 Q4 24 $931 Q1 25 $939 $966 $958 $999 $1,001 43.6% Q1 24 46.7% Q2 24 44.5% Q3 24 42.2% Q4 24 44.3% Q1 25 $409 $451 $427 $422 $443 ($M) Recurring Revenues Non-recurring Revenues Adjusted EBITDA Revenues ($M) Adjusted EBITDA Adjusted EBITDA Margin

Page 6

© 2025 Equinix, Inc. 6 Revenues Growth Q1 25 QoQ(4) YoY As-reported ▼4% ▲2% Normalized and Constant Currency(1)(2) ▼2% ▲3% Normalized and Constant Currency MRR(1)(3) ▲1% ▲5% Adjusted EBITDA Growth Q1 25 QoQ YoY As-reported ▲3% ▲11% Normalized and Constant Currency(1) ▲5% ▲12% MRR per Cab (5) $2,136 Normalized and Constant Currency QoQ ▲$38 As-reported QoQ ▼$16 Cabs Billing 105,700 ▼2% QoQ Interconnections 164,600 ▲1% QoQ Utilization 76% ▼2% QoQ EMEA Performance Solid Gross Bookings Amid Strong Retail Volume and Firm Pricing (1) Constant currency assumes average FX rates used in our financial results remain the same over the comparative periods. Normalized for integration costs (2) Revenue grew 5% YoY on a normalized and constant currency basis excluding the impact of the net power pass- through (3) Excludes non-recurring revenues (4) Q4 24 NRR benefitted from xScale activity (5) MRR per Cab excludes MainOne acquisition and xScale JV fee income Normalized MRR grew 7% YoY excluding the impact of the net power pass-through$691 Q1 24 $685 Q2 24 $713 Q3 24 $723 Q4 24 $716 Q1 25 $727 $721 $743 $776 $743 45.1% Q1 24 45.0% Q2 24 50.1% Q3 24 45.6% Q4 24 49.1% Q1 25 $328 $324 $372 $354 $365 ($M) Recurring Revenues Non-recurring Revenues Adjusted EBITDA Revenues ($M) Adjusted EBITDA Adjusted EBITDA Margin

Page 7

© 2025 Equinix, Inc. 7 Revenues Growth Q1 25 QoQ YoY As-reported ▼1% ▲4% Normalized and Constant Currency(1)(2) ▲3% ▲7% Normalized and Constant Currency MRR(1)(3) ▲2% ▲7% Adjusted EBITDA Growth Q1 25 QoQ YoY As-reported ▲6% ▲2% Normalized and Constant Currency(1) ▲9% ▲5% MRR per Cab (4) $2,176 Normalized and Constant Currency QoQ ▲$42 As-reported QoQ ▼$41 Cabs Billing 67,000 ▲1% QoQ Interconnections 105,600 ▲1% QoQ Utilization 75% ■■■ 0% QoQ Asia-Pacific Performance Solid performance with Momentum in Malaysia and India and Robust Net Pricing (1) Constant currency assumes average FX rates used in our financial results remain the same over the comparative periods. Normalized for integration costs (2) Revenue grew 9% YoY on a normalized and constant currency basis excluding the impact of the net power pass- through (3) Excludes non-recurring revenues (4) MRR per Cab excludes xScale JV fee income Normalized MRR grew 8% YoY excluding the impact of the net power pass-through 55.3% Q1 24 55.2% Q2 24 49.7% Q3 24 50.4% Q4 24 53.8% Q1 25 $255 $261 $249 $245 $259 ($M) Adjusted EBITDA Revenues ($M) Adjusted EBITDA Adjusted EBITDA Margin $425 Q1 24 $423 Q2 24 $432 Q3 24 $445 Q4 24 $440 Q1 25 $461 $472 $500 $486 $481 Recurring Revenues Non-recurring Revenues

Page 8

© 2025 Equinix, Inc. 8 $1,200 $1,300 $1,686 $1,389 $1,313 $1,472 $1,703 $1,200 $1,298 $1,291 $349 $164 $500 $500 $500 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2043 2050 2051 2052 USD Senior Notes Green Senior Notes GBP TLA JPY Senior Notes CHF Senior Notes €$ $ $ £ $ € ₣ € € ₣ Capital Structure Continuing to take opportunistic approach to access lower cost capital markets Available Liquidity(3) $7.6B Ratings Baa2 / BBB / BBB+ Net Leverage Ratio(7) 3.4x Total Gross Debt(4)(7) $15.7B Green Notes(6) $7.3B Blended Borrowing Rate(4)(7) 2.5% Weighted Average Maturity(4) 7.0 years Fixed Rate Debt(4)(7) 96% ($M) Debt Maturity Profile (4)(5) (1) Based on balances as of March 31, 2025 (2) $370M USD equivalent (3) Includes cash, cash equivalents, short-term investments and our undrawn revolver; excludes restricted cash (4) Excludes leases (5) Excludes mortgages payable and other loans payable (6) Value of EUR Green Notes, CHF Green Notes and SGD Green notes based on EUR-USD, CHF-USD and SGD-USD exchange rates at time of debt issuance (7) Includes the impact of debt hedging derivatives (1) S$ Debt and Equity Issuance in Q1 2025 • Issued inaugural S$500M(2) of 3.50% Green Notes due 2030 making Equinix the first U.S. corporate issuer in Singapore in 5+ years • Raised approximately $100 million under our ATM program in late-February and early March at an average price of $927 per share

Page 9

© 2025 Equinix, Inc. 9 • Major retail projects opened include Kuala Lumpur, Lagos, Manchester, Salalah, Santiago, and São Paulo since last earnings call • 70%+ of retail expansion capital is supporting capacity in major metros, where we have strong visibility to pipeline and fill-rates • 85%+ of retail expansion project spend is on owned land or owned buildings with long-term ground leases Capital Expenditures Investing behind continued strength of business and the secular demand in digital infrastructure • Recurring capital expenditures have historically trended between 2% and 5% of revenues, annually • Maintenance capital expenditures can vary by quarter based on maintenance schedules and payment terms Non-recurring Capital Expenditures ($M) 1.0% 2.1% 3.1% 5.1% 1.2% 48% 8%44% Q1 24 23% 10% 67% Q2 24 20% 12% 68% Q3 24 15% 12% 73% Q4 24 49% 20%31% Q1 25 $21 $45 $69 $115 $26 Recurring Capital Expenditures ($M) Maintenance Sustaining IT & Network Installation % of Revenues 13% 26% 61% Q1 24 18% 22% 60% Q2 24 15% 27% 58% Q3 24 10% 26% 64% Q4 24 11% 22% 67% Q1 25 $686 $603 $655 $872 $724 AMER EMEA APAC

Page 10

© 2025 Equinix, Inc. 10 Stabilized Data Center Growth(1)(2) Delivering strong returns with cash yield expected to trend higher due to 2025 Cohort growth profile (1) Refer to appendix for data center definitions of Stabilized, Expansion and New (2) Excludes Equinix Metal, Infomart non-IBX tenant income, non-data center assets and xScale JVs (3) YoY growth on a constant currency basis assumes average FX rates used in our financial results remain the same over comparative periods (4) Includes real estate acquisition costs, finance leases and all capital expenditures associated with stabilized data centers since opening (5) Cash generated on gross investment calculated as trailing four quarters as-reported cash gross profit divided by Gross PP&E as of Q1 25 Stabilized, Expansion & New Data Centers Stabilized Data Center Profitability ($M) $15,801 $6,386 $4,297 $123Last Quarter Reported Stabilized: 82% Utilized Stabilized: 3%(3) Growth YoY Expansion: 19%(3) Growth YoY # of Data Centers Q1 FY25 Revenues ($M) 190 47 12 249 Expansion Stabilized New $1,720 $393 $18,254 $6,885 $4,668 $127 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 Investment (Q1 25 Gross PP&E)(4) Trailing 4-Qtr Revenues Trailing 4-Qtr Cash Gross Profit Trailing 4-Qtr Cash Maintenance Capital Expenditures 26% annual Cash Gross Profit on Gross PP&E investment(5) 68% Cash Gross Profit Margin 38% of Investment 2% of Revenues

Page 11

© 2025 Equinix, Inc. 11 ($M except AFFO per Share) FY 2025 Q2 2025 Revenues $9,175 - 9,275 $2,244 - 2,264 Adjusted EBITDA Adjusted EBITDA Margin % $4,471 - 4,551 ~49% $1,095 - 1,115 ~49% Recurring Capital Expenditures % of revenues $258 - 278 ~3% $49 - 69 2 - 3% Non-recurring Capital Expenditures (includes xScale) $3,168 - 3,398 AFFO $3,675 - 3,755 AFFO per Share (Diluted) $37.36 - 38.17 Expected Cash Dividends ~$1,836 (1) Guidance includes a foreign currency benefit of approximately $135M compared to Q1 25 FX guidance rates, including the net effect from our hedging transactions (2) Guidance includes a foreign currency benefit of approximately $41M compared to Q1 25 FX guidance rates and a foreign currency benefit of approximately $38M compared to Q1 25 average FX rates, including the net effect from our hedging transactions (3) Guidance includes a foreign currency benefit of approximately $78M compared to Q1 25 FX guidance rates, including the net effect from our hedging transactions (4) Guidance includes a foreign currency benefit of approximately $24M compared to Q1 25 FX guidance rates and a foreign currency benefit of $23M compared to Q1 25 average FX rates, including the net effect from our hedging transactions (5) Includes xScale non-recurring capital expenditures guidance of ~$180M which we expect will be reimbursed from the xScale JVs (6) Guidance excludes any future capital markets activities the Company may undertake in the future 2025 Financial Guidance Raising our guidance to reflect strong underlying performance and weaker U.S. dollar (1) (2) (3) (4) (6) (6) (5)

Page 12

© 2025 Equinix, Inc. 12 $85 FY24 Reported Prior Guidance Guidance Adjustment FY25 Guidance(2) $4,097 $4,386 - 4,466 $4,471 - 4,551 +9 - 11% 2025 Guidance Outlook implies continued step-up of underlying MRR with second half margins at or near 50% Revenues ($M) Adjusted EBITDA ($M) $142 FY24 Reported Prior Guidance Guidance Adjustment FY25 Guidance $8,748 $9,033 - 9,133 $9,175 - 9,275 +5 - 6% As-reported Margin Raise full year underlying revenues guidance Prior Full Year Guidance $9,033 - 9,133M Foreign Exchange +135M Underlying +7M Current Guidance $9,175 - 9,275M 1 Raise full year underlying adjusted EBITDA guidance Prior Full Year Guidance $4,386 - 4,466M Foreign Exchange +78M Underlying +7M Current Guidance $4,471 - 4,551M 2 1 (1) Normalized for net power price decreases of $50M in FY25 and a $12M annualized impact in FY24, Equinix Metal decrease of $45M, and a negative foreign currency impact of approximately $12M compared to FY24 average FX rates (2) Includes integration costs of $5M related to prior acquisitions 7 - 8% (1) 46.8% 2 48.9% Normalized and Constant Currency growth ex. net power pass-through

Page 13

© 2025 Equinix, Inc. 13 (1) Q1 25 revenues normalized for a foreign currency benefit of $38M between Q2 25 FX guidance rates and Q1 25 average FX rates, $5M QoQ net power price decreases and $4M of Equinix Metal revenue reduction (2) Q1 25 adjusted EBITDA normalized for a foreign currency benefit of $23M between Q2 25 FX guidance rates and Q1 25 average FX rates Q2 25 Guidance Expected underlying recurring revenue step up of $37M with continued expanding EBITDA margins Revenues ($M) Adjusted EBITDA ($M) (1) $23 Q1 25 Reported Normalizing Q1 25 Normalized Q2 25 Guidance $1,067 $1,090 $1,095 - 1,115 +$15 (+1%) 48.0% 49.0% (2) $30 Q1 25 Reported Normalizing Q1 25 Normalized Q2 25 Guidance $2,225 $2,255 $2,244 - 2,264 -$1 (0%) Reported Margin (1) Includes $37M recurring revenue step-up, offset by $38M lower NRR primarily related to xScale activities in Q1 25

Page 14

© 2025 Equinix, Inc. 14 Raise AFFO guidance Prior Full Year Guidance $3,606 - 3,686M Adjusted EBITDA +7M Foreign Exchange +52M Underlying Adjustment +10M Current Guidance $3,675 - 3,755M FY25 AFFO and AFFO per Share Guidance (1)(2) AFFO per Share (Diluted) Share Count (Diluted) 98.4M98.3M FY24 As Reported Prior Guidance $69 Guidance Adjustment FY25 Guidance $3,356 $3,606 - 3,686 $3,675 - 3,755 $37.36 - 38.17 1 2 Normalized Constant Currency YoY Growth AFFO 9 - 12% (1) AFFO and AFFO per share guidance excludes any future capital market activities the Company may undertake including any forward ATM sale settlements (2) In $M except AFFO per share. Growth rates normalized for integration costs related to acquisitions, foreign exchange impact and other adjustments $35.02 95.8M $36.69 - 37.51 1 FY25 Adjusted EBITDA to AFFO Guidance FY25 Adjusted EBITDA Guidance $4,471 - 4,551M Net Interest Expense (335M) Recurring Capital Expenditures (268M) Tax Expense (183M) Other (10M) Current Guidance $3,675 - 3,755M 2 Raise AFFO guidance by $69M; AFFO per share growth of 7 - 9%

Page 15

© 2025 Equinix, Inc. 15 Dividend Outlook 2025G Cash Dividend of ~$1,836M • Second quarter dividend of $4.69 to be paid on June 18th, 2025 • 2025G cash dividend payout of ~$1,836M (▲13% YoY) and $18.76 per share (▲10% YoY) • 10 consecutive years of dividend per share growth since REIT conversion • Ten years of continued cash dividend growth since REIT conversion in 2015 totaling $9B Annual Cash Dividend ($M) (1) Excludes future financing activity 2021 2022 2023 2024 2025 G $11.48 $12.40 $14.49 $17.04 $18.76 +18% +10% $1,030 $1,137 $1,359 $1,624 2021 2022 2023 2024 2025 G ~$1,836+20% ~13% Annual Cash Dividend per Share 45% Payout Ratio 42% Payout Ratio 42% Payout Ratio 48% Payout Ratio 42% Payout Ratio (1) ~50% Payout Ratio

Page 16

© 2025 Equinix, Inc. 16 Supplemental Financial and Operating Data All the Right PLACES Place Infrastructure Wherever You Need It Global Footprint 270 data centers across 75 metros in 35 countries on 6 continents Resilient Platform 99.999%+ uptime and 5-layer physical security Sustainability Leader First data center company to commit to supply 100% clean and renewable energy coverage All the Right PARTNERS Connect to Everything You Need to Succeed Diverse Global Ecosystem The most dynamic global ecosystem of 10,000+ companies including 60%+ of Fortune 500 Enterprises and Service Providers Select from 2,000+ networks, 4,800+ enterprises and ~3,000 cloud and IT service providers Interconnection Opportunities Discover and transact with customers, suppliers and partners to create and consume new value with more than 486,000 interconnections globally All the Right POSSIBILITIES Seize Opportunity with Agility, Speed and Confidence Experience 25+ years of deep expertise designing and implementing customer architectures Scalable infrastructure with software-like navigation Infrastructure with physical and virtual options, consumed as easily as software Insight We can help customers benchmark their progress and accelerate it through proven best practices and insights derived from industry and customer trends

Page 17

© 2025 Equinix, Inc. 17 Equinix Overview (1) All statistics are as of Q1 25 (2) Please see slide 12 for details on our FY2025 revenue guidance and normalizations (3) YoY same store revenues growth on a constant currency basis assumes average FX rates used in our financial results remain the same over the comparative periods (4) Same store trailing four quarter cash gross profit (5) Excludes xScale JVs Unique Portfolio of Data Center Assets Attractive Growth Profile • Global footprint: 270 data centers in 75 metros • Network dense: 2,000+ networks; 100% of Tier 1 Network Routes • Cloud dense: ~3,000 Cloud & IT service providers • Interconnected ecosystems: 486,000+ Total Interconnections across 4,800+ enterprises • 2025 expected YoY revenues growth of 7-8% on a normalized and constant currency basis(2) • 3%(3) same store revenues growth, 68% cash gross margin(4) Proven Track Record • Industry-leading development yields • ~26% yield on gross PP&E invested on stabilized assets • 10-year annualized equity return including reinvested dividends as of YE 2024 was ~18% vs. ~13% for S&P500 Long-term Control of Assets • Own 167 of 270 Data Centers, 24.4M of 33.8M gross sq. ft. • Owned assets generate 68% of recurring revenues(5) • Average remaining lease term of >18 years including extensions Development Pipeline • Long history of development success through expansions, campuses and known demand pipeline • Expect typical new build to be >80% utilized in 2-5 years • Expect typical new build to be cash flow breakeven within 6-12 months Balance Sheet Flexibility • Investment grade corporate credit ratings by S&P (BBB), Fitch (BBB+) and Moody’s (Baa2) • Significant operational and strategic flexibility to invest behind growth opportunity • Leverage of 3.4x (net debt to LQA adjusted EBITDA) Stable Yield • Strong yield (MRR per cabinet) across all regions and expect yields to remain firm • Traditional levers on yield: 2-5%+ pricing escalators on existing contracts, interconnection and power density (1)

Page 18

© 2025 Equinix, Inc. 18 Pressing Our Advantage in All Markets Equinix global reach expands to 75 metro areas and 35 countries Continents Countries Metro areas Data centers6 35 75 270 Platform Equinix • Geographic footprint is unmatched and remains a unique differentiator • Multi-region deployments outpace single-region deployments Expansion strategy • Capture first-mover advantage in future global hubs • Use unique market intelligence for prudent capital allocation (1) Derived from Q1 25 recurring revenues; excludes Equinix Metal and MainOne acquisition (2) Includes xScale JVs (1) % of Customers in Multiple Locations Multi-Metro Customers 90% Multi-Region Customers 75% All Region Customers 64%Approved Expansions Approved Expansions Approved Expansions AMERICAS EMEA ASIA – PACIFIC (2) (2) (2) 29 Metros 109 Data Centers 30 Metros 101 Data Centers 16 Metros 60 Data Centers 18 22 22 Opened Newly Approved Previously Announced 21 61 28 13 21 16

Page 19

© 2025 Equinix, Inc. 19 Overview • In October, we announced our plans to nearly triple the investment capital of our xScale program with the formation of a greater than $15 billion joint venture with the Canada Pension Plan Investment Board and Singapore’s Government Investment Corporation. • When fully built out, Equinix’s global xScale program is now expected to represent more than $23 billion of total investment or ~2GW of power capacity for hyperscale customers • Our current xScale portfolio spans 21 operational facilities across all three regions (1) Totals may not sum due to rounding. (2) Includes all previously opened xScale facilities and announced projects. xScale: Amplifying Our Balance Sheet to Extend Cloud Leadership Benefits • JV structures enable pursuit of strategic hyperscale deployments to minimize dilution of Equinix returns and limits consumption of balance sheet and investment capacity JV Status Phase Opening Cost ($M) Phase Capacity (MW) Phase Leasing (MW) AMER Silicon Valley 12x-2 JV Q2 2026 $151 14 0 Frankfurt 10x-1 JV Open $202 14 14 Madrid 3x-2 JV Open $50 5 5 Madrid 3x-3 JV Open $9 2 0 Frankfurt 16x-1 JV Q3 2025 $192 14 14 Madrid 4x-1 JV Q3 2025 $119 10 10 Milan 7x-3 JV Q3 2025 $67 10 10 Paris 13x-2 JV Q3 2025 $105 14 9 Warsaw 4x-3 JV Q3 2025 $74 10 10 Paris 12x-1 JV Q1 2026 $277 14 14 Paris 12x-2 JV Q4 2026 $145 14 14 Tokyo 13x-3 JV Open $59 8 0 Seoul 2x-2 JV Q2 2026 $70 10 10 Sydney 9x-2 JV Q2 2026 $137 14 0 Tokyo 13x-4 JV Q3 2026 $46 10 0 Osaka 5x-1 JV Q1 2027 $177 19 19 Capacity Under Development (1) $1,882 184 130 Previously Opened Data Centers JV Open $3,391 296 286 Total Portfolio(1) (2) $5,273 480 416 Total Portfolio EMEAAPAC Recent Leasing Activity • Leased 2MW in EMEA in Q1 • More than 85%+ leased or pre-leased across operational and under development xScale capacity

Page 20

© 2025 Equinix, Inc. 20 By Industry Classification Customers come from a diverse set of Industries… Customer Diversity Diversified revenues across business size geography and industry can reduce exposure to macro volatility (1) Excludes Equinix Metal and MainOne (2) Company size based on annual sales from FactSet; those with unknown sales volume, including government entities, bucketed under “<$50M” Other CIT CDM FIN GOV HealthcareMFG NWK Prof. Svcs Consumer Svcs Retail, Wholesale Ind. Svcs Energy Bubble Size: 1Q25 MRR1 with Equinix By IBX Count Majority of revenue comes from customers deployed in >3+ IBXs… More than 30 11 - 30 3 - 10 1 or 2 By Company Size2 (Sales Volume) Large, established businesses constitute majority of revenue… $1B+ $100M-$1B $50M-$100M <$50M % of Total: 68% 13% 4% 15% % of Total: 41% 26% 24% 9%

Page 21

© 2025 Equinix, Inc. 21 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Gross New Global Customers 240 250 290 240 300 MRR Churn 2.1% 2.3% 2.0% 2.5% 2.4% Global New Customer Count & Churn % Rank Type of Customer %MRR Region Count IBX Count 1 Cloud & IT 2.8% 3 88 2 Cloud & IT 2.6% 3 81 3 Cloud & IT 2.4% 3 60 4 Cloud & IT 1.8% 3 81 5 Network 1.6% 3 144 6 Cloud & IT 1.3% 3 38 7 Network 1.2% 3 132 8 Cloud & IT 1.2% 3 46 9 Cloud & IT 1.0% 3 36 10 Cloud & IT 1.0% 3 89 Top 10 16.7% Top 50 36.7% Top 10 Customers 37.5% 17.1% (2) Recurring Revenues $2,087M Recurring Revenues by Vertical Customer Revenues Mix Diversified Revenues across Customer, Region and Industry segments (1) Top Customers as of Q1 25; excludes Equinix Metal and MainOne acquisition (2) Top Customers as of Q1 24 (3) Gross New Global Customers excludes acquisitions and customers added through the channel and is based on the count of unique global parents (4) 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 and MainOne acquisition Customers and Churn Q1 25 Revenues Mix Total Revenues by Geography (3) (4) (1)

Page 22

© 2025 Equinix, Inc. 22 FY2025 Q1 Q2 Q3 Q4 Q1 QoQ QoQ % Interconnections Americas 207,000 208,600 211,000 213,900 215,900 2,000 1% EMEA 161,300 162,400 164,100 163,600 164,600 1,000 1% Asia-Pacific 100,100 101,300 102,900 104,700 105,600 900 1% Total Interconnections 468,400 472,300 478,000 482,200 486,100 3,900 1% Worldwide Cross Connections 412,000 414,100 418,100 419,900 422,100 2,200 1% Worldwide Virtual Connections 56,400 58,200 59,900 62,300 64,000 1,700 3% Cabinet Equivalent Capacity Americas 145,600 146,100 144,300 144,100 144,100 - 0% EMEA 136,300 136,500 136,900 138,200 138,300 100 0% Asia-Pacific 82,100 86,100 88,200 89,100 89,400 300 0% Worldwide 364,000 368,700 369,400 371,400 371,800 400 0% Cabinet Billing Americas 114,000 113,900 114,900 116,700 118,600 1,900 2% EMEA 107,800 106,700 108,300 107,700 105,700 (2,000) -2% Asia-Pacific 64,800 65,100 65,600 66,600 67,000 400 1% Worldwide 286,600 285,700 288,800 291,000 291,300 300 0% MRR per Cab As-reported AR Norm CC Americas $2,514 $2,557 $2,551 $2,550 $2,540 ($10) $3 EMEA $2,050 $2,077 $2,126 $2,152 $2,136 ($16) $38 Asia-Pacific $2,159 $2,161 $2,185 $2,218 $2,176 ($41) $42 Worldwide $2,258 $2,287 $2,309 $2,326 $2,308 ($17) $28 Quarter End Utilization Americas 78% 78% 80% 81% 82% 1% EMEA 79% 78% 79% 78% 76% -2% Asia-Pacific 79% 76% 74% 75% 75% 0% Worldwide 79% 77% 78% 78% 78% 0% FY2024 Non-Financial Metrics Continue to trend favorably with solid pricing and increasing densities (2) (1) (1) All non-financial metrics exclude assets sold to the xScale Joint Ventures (“JVs”), Equinix Metal and assets acquired from MainOne (2) MRR per Cab excludes xScale JVs, Equinix Metal, Infomart non-IBX tenant income and MainOne acquisition Interconnection • Interconnection revenues grew 9% YoY on a normalized and constant currency basis • We had strong seasonal gross interconnection adds resulting in a healthy net 3,900 total interconnections added • Equinix Fabric continues to over-index with strong adoption of Fabric Cloud Router in the quarter Cabinets Billing • The Americas experienced solid cabinet billing, backed by record gross and net bookings and positive pricing trends • EMEA saw a decline in cabinet billing due to expected MRR churn, including a major customer migrating their service platform to a next-generation service offering with Equinix • Solid APAC cabinets billing muted by expected customer churn in Singapore MRR per cabinet • Global MRR per cabinet increased $28 QoQ and $113 YoY on a normalized and constant currency basis excluding the impact of power pass-through. Increase driven by firm pricing and higher power densities

Page 23

© 2025 Equinix, Inc. 23 Equinix Announced Retail IBX Expansions (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to long-term ground lease Expansion Highlights • We have 56 major builds underway in 33 markets across 24 countries including 12 xScale builds • We had 10 project openings across xScale and retail in 9 metros including Frankfurt, Kuala Lumpur, Lagos, Madrid, Manchester, Salalah, Santiago, São Paulo and Tokyo • Estimated FY25 ending cabinet equivalent capacity of ~389,000 AMER

Page 24

© 2025 Equinix, Inc. 24 Equinix Announced Retail IBX Expansions (1) Sellable cabinet equivalents and capital expenditures are approximate and may change based on final construction details * Subject to long-term ground lease EMEA / APAC

Page 25

© 2025 Equinix, Inc. 25 Lease >=2040 15% Lease <2040 17% Owned 68% Real Estate Ownership and Long-Term Leases • Weighted average lease maturity greater than 18 years including extensions • Only 0.9M square feet up for renewal prior to 2030 Global Lease Portfolio Expiration Waterfall (3) 83% of our recurring revenue (2) is generated by either owned properties or properties where our lease expirations extend to 2040 and beyond + (1) Owned assets defined as fee-simple ownership or owned building on long-term ground lease (2) Excludes xScale JV sites (3) Lease expiration waterfall represents when leased square footage, including xScale, expires assuming all available renewal options are exercised. Square footage represents area in operation based on customer ready date Own 167 of 270 Data Centers, totaling 24.4M of 33.8M total gross square feet (1) Recurring Revenues by Ownership (2) 25 0% 1% 0% 5% 4% 3% 0% 2% 3% 0% 5% 1% 11% 15% 5% 46% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 % Leases Renewing by Square Footage Last Possible Expiration Date

Page 26

© 2025 Equinix, Inc. 26 Colocation Inter- connection Services/ Other Total Recurring Non- Recurring Total Revenues Cash Cost of Revenues Cash Gross Profit Cash Gross Margin % Gross PP&E Trailing 4-Qtr Cash Return on Gross PP&E % Q1 2025 Stabilized $1,230 $329 $91 $1,650 $70 $1,720 $519 $1,200 70% $18,254 26% Q1 2024 Stabilized $1,228 $308 $94 $1,630 $67 $1,696 $549 $1,147 68% $17,837 25% 0% 7% -3% 1% 4% 1% -5% 5% 2% 2% 1% 1% 9% 4% 3% 7% 3% -4% 6% 2% 4% 1% Q1 2025 Expansion $293 $62 $13 $368 $24 $393 $122 $271 69% $7,364 13% Q1 2024 Expansion $248 $57 $13 $318 $19 $338 $121 $216 64% $6,402 13% 18% 9% 3% 16% 25% 16% 0% 25% 5% 15% 1% Q1 2025 Total $1,523 $391 $104 $2,018 $94 $2,112 $641 $1,471 70% $25,619 22% Q1 2024 Total $1,476 $365 $107 $1,948 $86 $2,034 $671 $1,363 67% $24,239 22% 3% 7% -2% 4% 9% 4% -4% 8% 3% 6% 1%Total YoY % Expansion YoY % Stabilized @ CC YoY %(2) Cash Cost, Gross Profit and PP&E ($M) Category Stabilized YoY % Revenues ($M) Same Store Operating Performance(1) (1) Excludes Equinix Metal, Infomart non-IBX tenant income and xScale JVs (2) YoY growth on a constant currency basis assumes average FX rates used in our financial results remain the same over comparative periods

Page 27

© 2025 Equinix, Inc. 27 Cabinets Billed Category # of Data Centers Total Cabinet Capacity Cabinets Billed Cabinet Utilization % Total Recurring Owned % of Total Recurring Americas Owned 70 113,400 92,900 82% $695 Leased 37 30,700 25,700 84% $203 Americas Total 107 144,100 118,600 82% $897 77% EMEA Owned(3) 56 108,400 82,900 76% $538 Leased 32 29,900 22,800 76% $164 EMEA Total 88 138,300 105,700 76% $702 77% Asia-Pacific Owned 22 38,700 28,200 73% $154 Leased 32 50,700 38,800 77% $276 Asia-Pacific Total 54 89,400 67,000 75% $431 36% EQIX Total 249 371,800 291,300 78% $2,030 68% Other Real Estate Owned(4) - - - - $9 Other Real Estate Total - - - - $9 100% Combined Total 249 371,800 291,300 78% $2,038 68% Q1 25 Revenues ($M) Consolidated Portfolio Operating Performance(1)(2) (1) Excludes Equinix Metal, non-data center assets and xScale JVs. Data center acquisition-level financials are based on allocations which will be refined as integration activities continue (2) Owned assets include those subject to long-term ground leases (3) Includes MainOne in data center count; cabinet counts are excluded (4) Includes non-IBX tenant income

Page 28

© 2025 Equinix, Inc. 28 Metro Count Stabilized Expansion New xScale Owned Leased Atlanta 2 AT1, AT4 AT4 AT1 Bogota 2 BG1 BG2 BG1, BG2 Boston 1 BO2 BO2 Calgary 3 CL1, CL2 CL3 CL3 CL1, CL2 Chicago 5 CH1, CH2, CH3, CH4, CH7 CH3, CH7 CH1, CH2, CH4 Culpeper 4 CU1,CU2, CU3 CU4 CU1, CU2, CU3, CU4 Dallas 8 DA1, DA2, DA3, DA4, DA6, DA7, DA9 DA11 DA1, DA2, DA3, DA6, DA9, DA11 DA4, DA7 Washington DC/Ashburn 16 DC1, DC3, DC4, DC5, DC6, DC7, DC10, DC11, DC12, DC13, DC14, DC15, DC21, DC97 DC2, DC16 DC1, DC2, DC4, DC5, DC6, DC11, DC12, DC13, DC14, DC15, DC16, DC21 DC3, DC7, DC10, DC97 Denver 2 DE1 DE2 DE2 DE1 Houston 1 HO1 HO1 Kamloops 1 KA1 KA1 Lima 1 LM1 LM1 Los Angeles 5 LA1, LA2, LA3, LA7 LA4 LA4, LA7 LA1, LA2, LA3 Mexico City 2 MX1 MX2 MX1, MX2 Miami 4 MI2, MI3, MI6 MI1 MI1, MI6 MI2, MI3 Monterrey 1 MO1 MO1 Montreal 2 MT1, MT2 MT1, MT2 New York 10 NY1, NY2, NY4, NY5, NY6, NY7, NY9, NY13 NY11 NY3 NY2, NY3*, NY4*, NY5*, NY6*, NY11 NY1, NY7, NY9, NY13 Ottawa 1 OT1 OT1 Philadelphia 1 PH1 PH1 Rio de Janiero 3 RJ1, RJ2 RJ3 RJ2*, RJ3 RJ1 Santiago 4 ST1, ST3, ST4 ST2 ST1, ST2, ST3, ST4 Sao Paulo 5 SP1, SP2, SP3 SP4 SP5x SP1, SP2, SP3, SP4, SP5x Seattle 3 SE2, SE3 SE4 SE4 SE2, SE3 Silicon Valley 13 SV1, SV2, SV3, SV4, SV5, SV8, SV10, SV11, SV14, SV15, SV16, SV17 SV12x SV1, SV5, SV10, SV11, SV12x, SV14, SV15, SV16 SV2, SV3, SV4, SV8, SV17 St. John 1 SJ1 SJ1 Toronto 6 TR1, TR2, TR4, TR5 TR6, TR7 TR2, TR6, TR7 TR1, TR4, TR5 Vancouver 1 VA1 VA1 Winnipeg 1 WI1 WI1 Americas 109 84 21 2 2 72 37 Data Center Portfolio Composition Status Change Subject to long-term ground lease (1) Stabilized/Expansion/New data center categorization are reset annually in Q1 * Change Summary (1) Expansion to Stabilized AT1 DC21 KA1 SV11 New to Expansion BG2 DC16 MT2

Page 29

© 2025 Equinix, Inc. 29 Metro Count Stabilized Expansion New xScale Owned Leased Abidjan 1 AB1 AB1 Abu Dhabi 1 AD1 AD1 Accra 1 AC1 AC1 Amsterdam 9 AM1, AM2, AM3, AM4, AM5, AM6, AM7, AM8, AM11 AM1*, AM2*, AM3*, AM4*, AM5, AM6, AM7* AM8, AM11 Barcelona 2 BA1 BA2 BA2 BA1 Bordeaux 1 BX1 BX1 Dubai 3 DX1, DX2 DX3 DX3* DX1, DX2 Dublin 6 DB1, DB2, DB3, DB4 DB5x, DB6x DB1, DB2, DB3, DB4, DB5x*, DB6x Dusseldorf 1 DU1 DU1 East Netherlands 2 EN1, ZW1 EN1, ZW1 Frankfurt 10 FR2, FR4, FR6, FR7 FR5, FR8, FR13 FR9x, FR10x, FR11x FR2, FR4, FR5, FR6, FR8, FR9x, FR10x, FR11x, FR13 FR7 Geneva 2 GV1, GV2 GV2 GV1 Genoa 1 GN1 GN1 Hamburg 1 HH1 HH1 Helsinki 5 HE3, HE4, HE5, HE6 HE7 HE5, HE6, HE7 HE3, HE4 Istanbul 2 IL2 IL4 IL2, IL4 Johannesburg 1 JN1 JN1 Lagos 2 LG1 LG2 LG1, LG2 Lisbon 1 LS1 LS1 London 10 LD3, LD4, LD5, LD6, LD7, LD8 LD9, LD10 LD11x, LD13x LD4*, LD5*, LD6*, LD7*, LD8 LD3, LD9, LD10, LD11x, LD13x Madrid 4 MD1, MD2, MD6 MD3x MD2, MD3x MD1, MD6 Manchester 4 MA1, MA3, MA4 MA5 MA5 MA1, MA3, MA4 Milan 4 ML2, ML3 ML5 ML7x ML3, ML5, ML7x ML2 Munich 3 MU1, MU3 MU4 MU4 MU1, MU3 Muscat 1 MC1 MC1 Paris 10 PA2, PA3, PA4, PA5, PA6, PA7 PA10 PA8x, PA9x, PA13x PA2, PA3, PA4, PA8x, PA9x*, PA10, PA13x PA5, PA6, PA7 Salalah 1 SN1 SN1 Sofia 2 SO1, SO2 SO1, SO2 Stockholm 3 SK1, SK2, SK3 SK2, SK3 SK1 Warsaw 4 WA1, WA2 WA3 WA4x WA3, WA4x WA1, WA2 Zurich 3 ZH2 ZH4, ZH5 ZH5 ZH2, ZH4 EMEA 101 66 18 4 13 67 34 Adelaide 1 AE1 AE1 Brisbane 1 BR1 BR1 Canberra 1 CA1 CA1* Hong Kong 5 HK2, HK3, HK4, HK5 HK1 HK1, HK2, HK3, HK4, HK5 Jakarta 1 JK1 JK1 Johor 1 JH1 JH1 Kuala Lumpur 1 KL1 KL1 Melbourne 4 ME1, ME4, ME5 ME2 ME1, ME2, ME4, ME5 Mumbai 3 MB1, MB2 MB4 MB2 MB1, MB4 Osaka 4 OS1 OS3 OS2x, OS4x OS2x, OS4x OS1, OS3 Perth 3 PE1, PE2 PE3 PE1, PE2*, PE3* Seoul 3 SL1 SL4 SL2x SL2x SL1, SL4 Singapore 5 SG1, SG2, SG3, SG5 SG4 SG3, SG5 SG1, SG2, SG4 Shanghai 5 SH1, SH2, SH3, SH5 SH6 SH3 SH1, SH2, SH5, SH6 Sydney 8 SY1, SY2, SY3, SY4, SY7 SY5, SY6 SY9x SY1, SY2, SY4*, SY5, SY6, SY7, SY9x SY3 Tokyo 14 TY1, TY2, TY3, TY4, TY5, TY6, TY7, TY8, TY9, TY10, TY11 TY15 TY12x, TY13x TY10*, TY12x, TY13x TY1, TY2, TY3, TY4, TY5, TY6, TY7, TY8, TY9, TY11, TY15 APAC 60 40 8 6 6 28 32 Total 270 190 47 12 21 167 103 Change Summary (1) New IBX SN1 New xScale FR10x Expansion to Stabilized AB1 GV1 GN1 LS1 LD8 SG5 SO1 TY11 New to Stabilized MD6 New to Expansion DX3 FR13 New Metro Salalah Status Change Subject to long-term ground lease (1) Stabilized/Expansion/New data center categorization are reset annually in Q1 * Data Center Portfolio Composition

Page 30

© 2025 Equinix, Inc. 30 Calculation Of Adjusted Corp NOI Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 # of Data Centers (1) 249 248 248 244 243 Recurring Revenues (2) $2,038 $2,043 $2,009 $1,973 $1,960 Recurring Cash Cost of Revenues Allocation (587) (674) (626) (616) (619) Cash Net Operating Income 1,451 1,369 1,383 1,357 1,341 Operating Lease Rent Expense Add-back (3) 53 54 51 50 49 Regional Cash SG&A Allocated to Properties (193) (202) (208) (197) (194) Adjusted Cash Net Operating Income (3) $1,311 $1,221 $1,226 $1,210 $1,196 Adjusted Cash NOI Margin 64.3% 59.8% 61.0% 61.3% 61.0% Reconciliation of NOI Cost Allocations Non-Recurring Revenues (NRR) (2) $97 $100 $83 $85 $86 Non-Recurring Cash Cost of Revenues Allocation (69) (67) (56) (58) (59) Net NRR Operating Income $28 $32 $27 $27 $27 Total Cash Cost of Revenues (2) $656 $741 $682 $674 $678 Non-Recurring Cash Cost of Revenues Allocation (69) (67) (56) (58) (59) Recurring Cash Cost of Revenues Allocation $587 $674 $626 $616 $619 Regional Cash SG&A Allocated to Stabilized & Expansion Properties $189 $195 $201 $193 $189 Regional Cash SG&A Allocated to New Properties 4 8 7 4 4 Total Regional Cash SG&A 193 202 208 197 194 Corporate Cash SG&A in HQ Functions Not Allocated to Regions NOI (4) 219 198 197 193 214 Total Cash SG&A (5) $413 $401 $405 $390 $407 Corporate HQ SG&A as a % of Total Revenues 9.9% 8.8% 9.0% 8.9% 10.0% Adjusted Corporate NOI(1) (1) Excludes xScale JVs (2) Excludes revenues and cash cost of revenues from Equinix Metal, non-data center assets and xScale JVs (3) Adjusted NOI excludes operating lease expenses (4) SG&A costs not directly supporting a regional portfolio (5) Excludes SG&A related to Equinix Metal, non-data center assets, xScale JVs and integration costs ($M, except # of Data Centers)

Page 31

© 2025 Equinix, Inc. 31 Stabilized Owned 102 188,900 156,600 83% $1,103 $723 55% Leased 88 91,500 73,500 80% $547 $357 27% Stabilized Total 190 280,400 230,100 82% $1,650 $1,079 82% Expansion Owned 40 67,600 45,900 68% $275 $171 13% Leased 7 15,800 13,200 84% $93 $54 4% Expansion Total 47 83,400 59,100 71% $368 $225 17% New Owned 6 4,000 1,500 38% $9 $4 0% Leased 6 4,000 600 15% $3 -$2 0% New Total 12 8,000 2,100 26% $11 $1 0% Other Real Estate Owned - - - - $9 $5 0% Other Real Estate Total - - - - $9 $5 0% Combined Owned 148 260,500 204,000 78% $1,396 $902 69% Leased 101 111,300 87,300 78% $643 $409 31% Combined Total 249 371,800 291,300 78% $2,038 $1,311 100% Category # of Data Centers % of Total NOI Q1 2025 Quarterly Adjusted NOI ($M) Q1 2025 Recurring Revenues ($M) Cabinet Utilization % Cabinets Billed Total Cabinet Capacity Adjusted NOI Composition – Organic(1)(2) (1) Excludes Equinix Metal, non-data center assets and xScale JVs. MainOne cabinet counts are excluded (2) Owned assets include those subject to long-term ground leases (3) Includes non-IBX tenant income (3)

Page 32

© 2025 Equinix, Inc. 32 Stabilized Owned Adjusted NOI Segments $723 Stabilized Leased Adjusted NOI Segments $357 Expansion Owned Adjusted NOI Segments $171 Expansion Leased Adjusted NOI Segments $54 Other Real Estate Owned Adjusted NOI Segments $5 Quarterly Adjusted NOI (Stabilized, Expansion & Other Real Estate Only) $1,310 Other Operating Income Quarterly Non-Recurring Operating Income $28 Unstabilized Properties New IBX at Cost $1,106 Development CIP $2,622 Other Assets Cash, Cash Equivalents and Short-Term Investments Balance Sheet $3,673 Restricted Cash (1) Balance Sheet $12 Accounts Receivable, Net Balance Sheet $1,089 Prepaid Expenses and Other Assets (2) Balance Sheet $2,337 Total Other Assets $7,111 Liabilities Book Value of Debt (3) Balance Sheet $15,764 Accounts Payable and Accrued Liabilities (4) Balance Sheet $1,527 Dividends Payable Balance Sheet $17 Deferred Tax Liabilities and Other Liabilities (5) Balance Sheet $572 Total Liabilities $17,879 Other Operating Expenses (6) Annualized Cash Tax Expense $176 Annualized Cash Rent Expense (7) $424 Diluted Shares Outstanding (millions) Estimated 2025 Fully Diluted Shares 99.6 Q1 25 Quarterly Adjusted NOI ($M) Ownership Reference (1) Restricted cash is included in other current assets and other assets in the balance sheet (2) Consists of other current assets and other noncurrent assets, less restricted cash, debt issuance costs, and contract costs (3) Excludes finance lease and operating lease liabilities (4) Consists of accounts payable and accrued expenses and accrued property, plant and equipment (5) Consists of other current liabilities and other noncurrent liabilities, less deferred installation revenue, asset retirement obligations and dividends payable (6) Forward-looking annualized amounts (7) Includes operating lease rent payments and finance lease principal and interest payments; excludes equipment and office leases Components of Net Asset Value

Page 33

© 2025 Equinix, Inc. 33 Forecasted Weighted-Average Weighted-Average Actual/Forecasted Shares - Fully Diluted Shares - Shares - Shares (For NAV) Basic Fully Diluted Shares outstanding at the beginning of the year 97.29 97.29 97.29 97.29 ATM Program 0.11 0.11 0.09 0.09 RSUs vesting 0.68 0.68 0.43 0.43 ESPP purchases 0.14 0.14 0.09 0.09 Dilutive impact of unvested employee equity awards - 1.37 - 0.47 0.93 2.30 0.61 1.09 Shares outstanding - Forecast 98.22 99.59 97.90 98.37 Forecasted Shares (M) Common Stock OutstandingFully Diluted Weighted Average Shares 0.8 0.5 Shares Outstanding @ 12/31/24 - Actual Est. Employee Equity Awards 0.1 ATM Offering Est. Shares Outstanding @ 12/31/25 Est. Weighted Dilutive Unvested Shares -0.3 Est. Weighting of All Share Activities Est. Fully Diluted Weighted Avg Shares O/S @ 12/31/25 97.3 ~98.2 ~98.4 For Diluted AFFO/Share (1) Represents forecasted shares expected to be issued for employee equity awards or via the employee stock purchase plan (2) Represents the dilutive impact of employee equity awards that were granted, but unvested as of year end (3) Represents the dilutive impact of employee equity awards that were granted, but unvested as of year end and any employee equity awards to be issued in 2025. The weighted-average shares are calculated on the same basis as diluted EPS for U.S. GAAP purposes (4) Excludes outstanding forwards, any potential sales under ATM program or any additional financings the Company may undertake in the future (1) (1) (2) (3) 1.8 1.8 1.5 1.4 1.7 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 94.9 94.9 96.5 97.3 97.8 Common Stock Outstanding (As-reported) Unissued Shares Associated with Employee Equity Awards (4)

Page 34

© 2025 Equinix, Inc. 34 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Recurring IBX Maintenance 8 83 47 30 9 Sustaining IT & Network 5 14 8 5 2 Re-configuration Installation 13 18 14 11 10 Subtotal - Recurring 26$ 115$ 69$ 45$ 21$ Non-Recurring IBX Expansion 617 678 516 477 532 IBX Redevelopment 4 11 7 7 16 Transform IT, Network & Offices 73 133 96 86 108 Initial / Custom Installation 29 50 36 33 30 Subtotal - Non-Recurring 724$ 872$ 655$ 603$ 686$ Total 750$ 987$ 724$ 648$ 707$ Recurring Capital Expenditures as a % of Revenues 1.2% 5.1% 3.1% 2.1% 1.0% Capital Expenditures Summary ($M) (1) Redevelopment capex for select IBXs where Equinix has determined to invest to further extend facility life beyond original use case and enhance capacity, efficiency and operating standards of the IBXs to be able to drive incremental revenues in the facility. Q1 24 through Q1 25 spend relates to DC2 Redevelopment (1)

Page 35

© 2025 Equinix, Inc. 35 Currency Guidance Rate Hedge Rate Blended Guidance Rate Blended Hedge % % of Revenues USD 1.00 39% EUR to USD 1.13 1.10 1.11 69% 19% GBP to USD 1.32 1.27 1.28 76% 10% USD to SGD 1.32 8% USD to JPY 143 5% USD to AUD 1.58 4% USD to HKD 7.76 3% USD to BRL 5.89 2% USD to CAD 1.40 2% AED to USD 0.27 1% USD to CHF 0.82 1% USD to SEK 9.88 1% USD to CLP 972 0% Other - 3% Revenue FX Rates FX Rates, Hedging and Currencies (3)(1) (5) (2) (1) Guidance rate as of close of market on 4/15/2025 (2) Hedge rate and blended guidance rate for Q2 25 (3) Blended hedge percent for combined Equinix business for Q2 25 (4) Currency % of revenues based on combined Q1 25 revenues (5) Other includes BGN, CNY, COP, GHS, INR, KRW, MXN, NGN, OMR, PEN, PLN, TRY and XOF currencies (4)(2)

Page 36

© 2025 Equinix, Inc. 36 Q1 25 YoY As-Reported Q1 24 Normalized Q1 25 Underlying FX Impact (1) Hedge (1) Normalizing (2) As-Reported Q1 25 As-Reported Growth % Q1 25 Normalized Growth % Q1 25 Revenue AMER 939 1,022 (17) - (4) 1,001 7% 9% EMEA 727 751 (30) 21 - 743 2% 3% APAC 461 496 (15) (0) - 481 4% 7% Global 2,127$ 2,270$ (61)$ 21$ (4)$ 2,225$ 5% 7% Adjusted EBITDA AMER 409 450 (7) - (0) 443 8% 10% EMEA 328 369 (14) 11 (1) 365 11% 12% APAC 255 267 (7) (0) 0 259 2% 5% Global 992$ 1,086$ (28)$ 10$ (1)$ 1,067$ 8% 9% Q1’25 FX Disclosure ($M) (1) FX Impact compared to Q1 24 average FX rates (2) Normalized for Equinix Metal revenues and integration costs

Page 37

© 2025 Equinix, Inc. 37 Future First Sustainability • Achieved 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 Coverage globally against our 100% Renewable Energy Goal and over 90% every year since 2018 • Equinix was named to CDP’s A List for third consecutive year • Partnered with 63 organizations in digital inclusion funded by Equinix Foundation • 40 WeAreEquinix teams established in our markets around the world-localizing our belonging efforts • 51 training hours average per employee, a 28% increase YoY • Connecting Our Communities with $4.1M of Donations and Grants and a 49% increase in employee volunteering hours YoY • Leveraging Green Finance to align our investments. Since 2020, issued $7B+ in Green Bonds(2) • Global Ethics and Responsibility, 100% completion of Anti-bribery and Corruption Training • Public Policy & Advocacy, leader including 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 We received recognition for our sustainable operations, innovations and commitments: Awards and recognition Grow our digital infrastructure sustainably Drive social progress Lead with integrity We deliver digital infrastructure that fosters positive change through secure, efficient solutions (1) Data derived from FY 2024 Equinix CSR Report published on April 22, 2025 (2) Reflects Green Bonds issued as of March 2025 (1)

Page 38

© 2025 Equinix, Inc. 38 Equinix Leadership and Investor Relations Adaire Fox-Martin Chief Executive Officer and President Keith Taylor Chief Financial Officer Raouf Abdel - EVP, Global Operations Adam Berlew - Chief Marketing Officer Mike Campbell - Chief Sales Officer Nicole Collins - EVP, Business Operations Justin Dustzadeh - Chief Technology Officer Jon Lin - Chief Business Officer Harmeen Mehta - Chief Digital and Innovation Officer Simon Miller - Chief Accounting Officer Brandi Galvin Morandi - Chief People Officer Kurt Pletcher - Chief Legal Officer Board of Directors Charles Meyers - Executive Chairman, Equinix Adaire Fox-Martin - Chief Executive Officer and President, Equinix Nanci Caldwell - Former CMO, PeopleSoft Gary Hromadko - Private Investor Thomas Olinger - Former CFO, Prologis Christopher Paisley - Dean’s Executive Professor, Leavey School of Business at Santa Clara University Jeetu Patel - EVP and Chief Product Officer, Cisco Sandra Rivera - Chief Executive Officer, Altera, an Intel Company Fidelma Russo - EVP and GM, Hybrid Cloud and CTO, Hewlett Packard Enterprise Peter Van Camp - Special Advisor to the Board Katrina Rymill SVP, Corporate Finance and Sustainability 650-598-6583 krymill@equinix.com David Fonkalsrud Director, Public Relations 650-598-6240 press@equinix.com Chip Newcom Senior Director, Investor Relations 650-598-6262 cnewcom@equinix.com Leadership Team Equinix Investor Relations Contacts Equinix Media Contacts Equity Research Analysts Bank of America Alexander Waters Barclays Brendan Lynch BMO Capital Markets Ari Klein BNP Paribas Exane Nate Crossett Citigroup Mike Rollins Deutsche Bank Matthew Niknam Edward Jones Kyle Sanders Evercore Irvin Liu Goldman Sachs Jim Schneider Green Street Advisors David Guarino HSBC Phani Kanumuri Jefferies Jonathan Petersen JMP Securities Greg Miller JP Morgan Richard Choe KeyBanc Capital Markets Brandon Nispel Mizuho Vikram Malhotra MoffettNathanson Nick Del Deo Oppenheimer Tim Horan Raymond James Frank Louthan RBC Capital Markets Jonathan Atkin Scotiabank Maher Yaghi Stifel Erik Rasmussen TD Cowen Michael Elias Truist Securities Anthony Hau UBS John Hodulik Wells Fargo Eric Leubchow Wolfe Research Andrew Rosivach Katie Morgan Senior Manager, Investor Relations and Sustainability 650-701-7879 kamorgan@equinix.com

Page 39

Page 40

Page 41

Page 42

Page 43

Page 44

Page 45

Page 46

© 2025 Equinix, Inc. 46 Consolidated NOI calculation Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 (unaudited and in millions) Revenues 2,225 2,261 2,201 2,159 2,127 Non-Recurring Revenues (NRR)(1) 97 100 83 85 86 Other Revenues(2) 90 118 109 101 81 Recurring Revenues(1) 2,038 2,043 2,009 1,973 1,960 Cost of Revenues (1,084) (1,196) (1,098) (1,082) (1,091) Depreciation, Amortization and Accretion Expense 343 360 351 351 364 Stock-Based Compensation Expense 14 15 15 15 13 Total Cash Cost of Revenues(1) (727) (821) (732) (716) (714) Non-Recurring Cash Cost of Revenues Allocation(1) (69) (67) (56) (58) (59) Other Cash Cost of Revenues(2) (71) (80) (50) (42) (36) Recurring Cash Cost of Revenues Allocation (587) (674) (626) (616) (619) Operating Lease Rent Expense Add-back(3) 53 54 51 50 49 Recurring Cash Cost excluding Operating Lease Rent (534) (620) (575) (566) (570) Selling, General, and Administrative Expenses (667) (660) (671) (656) (670) Depreciation and Amortization Expense 137 142 143 139 161 Stock-based Compensation Expense 99 99 107 110 88 Total Cash SG&A (431) (419) (421) (407) (421) Corporate Cash SG&A in HQ Functions Not Allocated to Regions NOI(4) (219) (198) (197) (193) (214) Other Cash SG&A(5) (19) (19) (16) (17) (13) Regional Cash SG&A Allocated to Properties (193) (202) (208) (197) (194) (1) Excludes revenues and cash cost of revenues from Equinix Metal and non-data center assets (2) Includes revenues and cash costs of revenues from Equinix Metal, non-data center assets and xScale JVs (3) Adjusted NOI excludes operating lease expenses (4) SG&A costs not directly supporting a regional portfolio (5) SG&A related to non-data center assets, xScale JVs and integration costs Non-GAAP Reconciliations

Page 47

© 2025 Equinix, Inc. 47 (unaudited and in millions) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Income from Operations 458 103 425 436 364 Adjustments: Depreciation, Amortization and Accretion Expense 480 502 494 490 525 Stock-based Compensation Expense 113 114 122 125 101 Restructuring Charges 10 31 - - - Transaction Costs 6 38 7 3 2 Impairment Charges(1) - 233 - - - (Gain) on Asset Sales - - - (18) - Adjusted EBITDA 1,067 1,021 1,048 1,036 992 Adjustments: Non-Recurring Revenues (NRR)(2) (97) (100) (83) (85) (86) Other Revenues(3) (90) (118) (109) (101) (81) Non-Recurring Cash Cost of Revenues Allocation(2) 69 67 56 58 59 Other Cash Cost of Revenues(3) 71 80 50 42 36 Corporate Cash SG&A in HQ Functions Not Allocated to Regions NOI(4) 219 198 197 193 214 Other Cash SG&A(5) 19 19 16 17 13 Operating Lease Rent Expense Add-back(6) 53 54 51 50 49 Adjusted Cash Net Operating Income 1,311 1,221 1,226 1,210 1,196 (1) Impairment charges in FY 2024 relate to the Equinix Metal Wind Down and an IBX asset in the Asia-Pacific region (2) Excludes revenues and cash cost of revenues from Equinix Metal, non-data center assets and xScale JVs (3) Includes revenues and cash costs of revenues from Equinix Metal, non-data center assets and xScale JVs (4) SG&A costs not directly supporting a regional portfolio (5) SG&A related to Equinix Metal, non-data center assets, xScale JVs and integration costs (6) Adjusted NOI excludes operating lease expenses Non-GAAP Reconciliations

Page 48

© 2025 Equinix, Inc. 48 Non-GAAP Reconciliations NAREIT Funds From Operations (NAREIT FFO) - FFO: We calculate Funds from Operations in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT FFO represents net income (loss), excluding gain (loss) from the disposition of real estate assets, depreciation and amortization on real estate assets and adjustments for unconsolidated joint ventures’ and non-controlling interests’ share of these items. Adjusted Funds from Operations (AFFO) - We calculate AFFO by adding to or subtracting from NAREIT FFO: 1. Less/Plus: Installation revenue adjustment 2. Less/Plus: Straight-line rent expense adjustment 3. Less/Plus: Contract cost adjustment 4. Plus: Amortization of deferred financing costs and debt discounts and premiums 5. Plus: Stock-based compensation expense 6. Plus: Stock-based charitable contributions 7. Plus: Depreciation and amortization expense on non-real estate assets 8. Plus: Accretion 9. Less: Recurring capital expenditures 10. Less/Plus: Gain/(loss) on debt extinguishment 11. Plus: Restructuring charges, transaction costs and impairment charges 12. Less/Plus: Income tax expense adjustment 13. Less/Plus: Adjustments from FFO to AFFO for unconsolidated joint ventures’ and non-controlling interests’ share of these items 14. Less/Plus: Gain/(loss) from the disposition of non-real estate assets 15. Less/Plus: Net income (loss) from discontinued operations, net of tax

Page 49

© 2025 Equinix, Inc. 49 Definitions: Non-financial Metrics, Data Center growth, REIT Disclosures and Capital Expenditures Data Center Growth New Data Centers: Phase 1 began operating after January 1, 2024 Expansion Data Centers: Phase 1 began operating before January 1, 2024, and there is an expected expansion of one or more additional phases leveragin g the existing capital infrastructure, or a redevelopment of a previous phase. This also includes data centers where a new phase or redevelopment has opened for a previously stabilized data center after January 1, 2024 Stabilized Data Centers: The final expansion or redevelopment phase began operating before January 1, 2024 Unconsolidated Data Centers: Excludes non-data center assets REIT Disclosures Adjusted NOI Composition: Adjusted NOI is calculated by taking recurring revenues, deducting recurring cash costs, adding back operating lease rent expense and deducting cash SG&A allocated to the properties. The impact of operating lease rent expense is removed to reflect an owned income stream. Total cash rent is provided in the components of NAV. Regional SG&A expense is allocated to the properties to reflect the full sales, marketing and operating costs of owning a portfolio of retail colocation properties. In addition, Corporate SG&A is provided to show centralized organization costs that are not property-related and, therefore, excluded from adjusted NOI. Components of NAV: A detailed disclosure of applicable cash flows, assets and liabilities to support a Net Asset Value (NAV). Net asset valuation involves a market-based valuation of assets and liabilities to derive an intrinsic value of equity. Operating cash flows are separated into real estate income (adjusted NOI), non-recurring income and other operating income in order to facilitate discrete composition valuations. New properties and CIP generating unstabilized cash flows are reflected based on gross asset value. Other assets and liabilities include only tangible items with realizable economic value. Balance sheet assets and liabilities without tangible economic value (i.e. goodwill) are excluded. Other ongoing expenses including cash rent and cash tax expenses are disclosed to facilitate a market valuation of those liabilities. Share count is provided on a fully-dilutive basis including equity awards. Capital Expenditures Recurring Capital Expenditures: To extend useful life of IBXs or other Equinix assets that are required to support current revenues ▪ Sustaining IT & Network: Capital spending necessary to extend useful life of IT & Network infrastructure assets required to support existing products and business & operations services. This includes hardware & network gear as well as development enhancements that extend useful life to Equinix portal and other system assets ▪ IBX Maintenance: Capital spending that extends useful life of existing IBX data center infrastructure; required to support existing operations ▪ Re-Configuration Installation: Capital spending to support second generation configuration of customer installations; these expenditures extend useful life of existing assets or add new fixed assets. This includes changes to cage build-outs, cabinets, power, network gear and security component installations Non-Recurring Capital Expenditures: Primarily for development and build-out of new IBX capacity (does not include acquisition costs) as well as redevelopment of select IBXs that are near the end of their useful lives. Also includes discretionary expenditures for expansions, transformations, incremental improvements to the operating portfolio (e.g. electrical, mechanical and building upgrades), IT systems, network gear or corporate offices which may expand the revenues base and increase efficiency ▪ IBX Expansion: Capital spending to build-out new IBX data centers construction, data center expansion phases or increased capacity enhancements ▪ IBX Redevelopment: Capital spending in select IBXs to enhance the revenue capacity, efficiency and/or operating standards of IBXs data centers t hat are near the end of their useful life ▪ Transform IT, Network & Offices: Capital spending related to discretionary IT, Network and Office transformation projects that primarily expand revenues or increase margins. This also includes Equinix office space remodeling expenditures ▪ Initial / Custom Installation: Capital spending to support first generation build-out for customer installations; this includes cage configuration, cabinet, power, network gear and security enhancements. This also includes custom installations and flex space installations Non-Financial Metrics MRR per Cab: Monthly recurring revenues per billed cabinet: (current quarter recurring revenues / 3) divided by ((quarter end cabinets billing prior quarter + quarter end cabinets billing current quarter) / 2). xScale JV fee income is excluded. Americas MRR per Cab excludes Infomart non-IBX tenant income and Equinix Metal. EMEA MRR per Cab excludes MainOne Virtual connections: The number of private connections between customers over the Equinix Fabric platform Internet Exchange Provisioned Capacity: The sum of all ports provisioned to customers multiplied by the gigabit bandwidth capacity of each port

Slides