Equinix Inc

Q2 performance strong; momentum accelerating - MRR up 11% YoY (normalized/constant currency), 3rd straight quarter of double-digit MRR growth - Total revenue up 16% YoY; Adjusted EBITDA margin 53% (+300 bps YoY). Even excluding scale leasing fees, margin up ~150 bps - AFFO per share up 18% YoY - Record net interconnections: +9.7k (most ever) and backlog (sold but not yet installed) at record level - Bookings momentum: Annualized gross bookings +23% YoY; total sales activity +30%+ YoY including presales

Guidance materially raised (big “beat/upgrade” signal) - 2026 guidance raised (largest single guidance raise in company history per management) - Revenue growth: 11%–12% (up at least ~$100M revenue guidance, per CFO) - AFFO per share growth: 10%–12% (up ~+$50M AFFO guidance; excludes FX/dollar mechanics per remarks) - Adjusted EBITDA margin ~51% for 3Q; 2026 adjusted EBITDA margin ~51% (up ~+200 bps vs last year; CFO cited +$62M) - Nonrecurring revenue expected ~~5% of total revenue as a “moderate” long-term normal (per CFO)

Capital intensity increased; capacity build is central to the story - CapEx raised / reiterated: 2026 CapEx expected $5B–$6B (excluding Xcel real estate / xScale; per CFO) - Management expects to double the number of cabinets delivered in the 2H - Long-term CapEx plan: $5B–$7B annually (2027–2029), primarily capacity expansion - Return expectation: new capital should deliver mid-20% yield (management’s target for deployed capital returns)