Equinix, Inc.

- Equinix plans to fund its growth ambitions primarily through debt, leveraging its current net leverage of 3.8x adjusted EBITDA. - The company issued $1.5 billion of senior notes during the quarter at a blended effective rate of 3.1%, capitalizing on lower cost debt globally. - Equity will be used opportunistically but is not the main financing tool. - The balance sheet and diversified capital program provide competitive advantages in varying macroeconomic environments. - Retained cash flow and access to lower-cost capital will support the robust growth opportunity. - No explicit plans for immediate equity issuance were mentioned; focus is on debt to finance the buildout and growth initiatives.

- Current Q1 2026 CapEx was about $1.3 billion, with ~90% allocated to growth and value-accretive capacity expansion. - Full-year 2026 CapEx guidance raised to approximately $4.1 billion, including $280-$300 million recurring spend and ~$3.8 billion nonrecurring spend. - Over 46 major projects underway across 32 markets, including 6 xScale projects. - More than 70% of retail expansion CapEx is focused on major metros; remainder on critical expansion markets, especially in Asia. - Approximately 25% of 2026 retail capacity expansion already presold. - Pipeline for new powered land and capacity expansion continues to grow to support long-term growth and attractive returns. - Evaluating opportunities to accelerate capacity building to deliver increased growth and value. - Investment in sustainability market via joint agreement to purchase atNorth, adding ~800 MW of capacity over 5 years; expected to be immediately accretive to AFFO per share upon closing.

- Q1 was the largest quarter of total sales activity on record, up 35% year-over-year, indicating strong momentum. - Annualized gross bookings in Q1 grew 9% year-over-year, with $140 million in preselling activity, reflecting robust demand. - Total revenue guidance for the full year has been raised by $21 million, improving the expected growth range to 10%-11%. - Monthly Recurring Revenue (MRR) growth for Q2 is anticipated at 10%-11% year-over-year. - Adjusted EBITDA guidance also raised, with margins improving to approximately 51%, up 200 basis points year-over-year. - Adjusted Funds From Operations (AFFO) growth range improved to 10%-12%, with AFFO per share growth of 9%-11%. - Continued expansion shows over 46 major projects underway across 32 markets, including six xScale projects. - Over 70% of retail expansion CapEx is focused on major metros, with 25% of 2026 retail capacity expansion already presold. - Interconnection revenue rose 9% year-over-year; fabric bookings up 70%, signaling growth in network services.

- Q1 recurring revenue grew 10% YoY, with total revenue up 8% YoY and adjusted EBITDA up 13% YoY, reflecting strong execution and market demand. - Full-year revenue guidance raised by $21 million; expected total revenue growth improved by 100 basis points to 10%-11%. - Adjusted EBITDA guidance increased by $24 million; margin approximately 51%, up 200 basis points YoY. - AFFO guidance raised by ~$40 million; AFFO growth range improved to 10%-12% and AFFO per share growth range to 9%-11%. - Mid 20% unlevered cash-on-cash returns on new capital investments targeted and consistently achieved. - MRR per cabinet increased 7% YoY to $2,524, reflecting pricing discipline and densification. - The company is confident in sustaining strong margins, disciplined investments, and attractive AFFO growth driven by AI and cloud adoption.

- Q1 annualized gross bookings were $378 million, up 9% year-over-year. - Approximately $140 million of preselling activity was included on top of that figure. - Largest Q1 ever in terms of bookings, driving the largest backlog ever. - Backlog of cabinets sold but not yet installed is at a record level. - Approximately 25% of 2026 retail capacity expansion has already been sold. - Strong pipeline growth for new powered land and capacity expansion opportunities. - 7 liquid cooling orders in Q1 across all regions, up 50% quarter-on-quarter. - Total liquid cooling deployments currently stand at 36 across the footprint. - The xScale pipeline is robust; Hampton xScale lease near execution but timing shifted.