Dear Shareholders,

Equinix was founded on a belief that was simple in its expression but bold in its ambition: that the world's networks were stronger connected than apart, and that a single, neutral point of convergence could make that possible. It's a belief that has underpinned every leap forward in computing ever since, and 2025 gave rise to the most significant and consequential moment of technological transformation we've ever seen.

Artificial intelligence and accelerated computing are ushering in an unprecedented era of innovation, and every enterprise in the world is racing toward the same goals: to deploy and leverage AI, cloud and networking infrastructure in ways that unlock real business value; to move data across the globe without sacrificing speed, security or sovereignty; and to simplify the complex task of connecting an increasingly distributed technology ecosystem.

Equinix was built for this moment. The idea on which our company was founded has never been more relevant or important than it is today. And 2025 was the year our strategic moves to Serve Better, Solve Smarter and Build Bolder took hold to deliver record-setting results for our business.

A year of accelerating momentum

Demand for our solutions is stronger than ever. You see this reflected in last year's performance.

We grew revenue to $9.2 billion. We achieved record annualized gross bookings of $1.6 billion, up 27 percent year over year. Monthly recurring revenue grew 8 percent year over year,†† with growth accelerating each quarter throughout the year. And we executed with purpose and discipline across our business to deliver adjusted EBITDA margins of 49 percent. All of this contributed to 12 percent AFFO growth over 2024.††

Our momentum extended beyond our financials. We reached an extraordinary milestone last year, surpassing 500,000 interconnections globally. That's more than double our nearest competitor, a true testament to our differentiation in the marketplace and the trust we have built with customers around the world.

We also delivered record capacity to meet growing demand. This included adding 23,250 cabinets in our retail footprint whilst continuing to expand our xScale investments.

At the heart of all these results is an exceptional team. I'm so proud of the way our employees show up for our customers and partners every single day. Because of their efforts, Equinix is connecting the fastest-growing segments of technology infrastructure, and the value of our platform is increasing with every connection.

The essential layer of connectivity

We are in the early chapters of a multiyear infrastructure investment cycle. Just like the internet three decades ago, AI is a catalyst for a fundamentally new approach.

Enterprises must now connect and orchestrate technology workloads that are spread across more service providers, applications and geographies than ever before. And they need to do it whilst keeping their data secure, their systems reliable and their business agile.

That kind of infrastructure cannot be improvised. It takes decades of patient investment—at a global scale alongside trusted partners—to build. And Equinix has a 27-year head start.

We offer something no other company can match: a large global footprint across the most critical markets; the most on-ramps to the world's cloud providers; and an ecosystem of more than 10,500 customers who rely on Equinix to run their business. These are structural advantages that truly set us apart, and they will only grow more important as AI proliferates and scales across industries.

AI inferencing demands network diversity, cloud proximity, AI-ready interconnection and low latency. Our solutions don't need to be retrofitted to meet these requirements. We are built for them. As the neutral ground where the world's AI, cloud and networking infrastructure converges, we are the essential layer of connectivity that makes it all work to create lasting business value for every customer we serve.

We are equally committed to serving the communities our employees call home. This has long been part of the Equinix culture, and it remains a source of strength that fuels our success.

Last year, we made significant investments in the energy infrastructure needed to power the digital economy without passing costs on to local communities. We also advanced our sustainability strategy to drive new levels of energy efficiency and environmental stewardship whilst expanding our workforce development programs to give more people access to the skills and opportunities they need to thrive.

Our commitment to you

As I look ahead, I do so with genuine confidence in our company and our team.

Equinix is connecting the digital infrastructure that's powering the economies of today and tomorrow. Our ability to do so stems from the strong foundation on which our company was built and has long powered our success. That combination—new growth opportunities layered on top of enduring strength—is what makes our business model so durable over the long term.

As we invest in the opportunities ahead, we will maintain the financial discipline and operational rigor that you rightfully expect from us.

Above all, we will place a premium on execution. Not as an internal mantra, but as an unwavering commitment to serve our customers better and to deliver structurally higher returns and AFFO per share growth for our shareholders.

That's what we did in 2025—and it's what you should continue to expect from us. Thank you for the trust you have placed in Equinix with your investment.

Sincerely,

Adaire Fox-Martin
Chief Executive Officer and President
Equinix, Inc.