Item 1. Business

Overview: Powering the World’s Digital Leaders

Equinix is the world's digital infrastructure companyTM. Digital leaders harness our trusted platform to bring together and interconnect the foundational infrastructure that powers their success. We enable our customers to access all the right places, partners and possibilities they need to accelerate their advantage. Platform Equinix® combines a global footprint of International Business Exchange™ (IBX®) and xScale® data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, interconnection solutions, digital offerings, unique business and digital ecosystems and expert consulting and support. Equinix was incorporated on June 22, 1998, as a Delaware corporation and operates as a REIT for federal income tax purposes.

Al Avery and Jay Adelson founded Equinix as a network-neutral, multi-tenant data center ("MTDC") provider, where competing networks could connect and share data traffic to help scale the rapid growth of the early internet. The company’s name, Equinix (composed from the words "equality", "neutrality" and "internet exchange"), reflects that vision. The founders also believed they not only had the opportunity but also the responsibility to create a company that would be the steward of some of the most important digital infrastructure assets in the world. Over two and a half decades later, we have expanded upon that vision to build Platform Equinix, which we believe is unmatched in scale and reach.

Our interconnected data centers around the world allow our customers to bring together and interconnect the infrastructure they need to fast-track their digital advantage. With Equinix, they can scale with agility, accelerate the launch of digital offerings, deliver world-class experiences and multiply their value. We enable them to differentiate by distributing infrastructure and removing the distance between clouds, users and applications in order to reduce latency and deliver a superior customer, partner and employee experience. The Equinix global platform, and the quality of our IBX and xScale data centers, interconnection offerings and edge solutions, have enabled us to establish a critical mass of customers. As more customers choose Platform Equinix for bandwidth cost and performance reasons, it benefits their suppliers and business partners to colocate in the same data centers and connect directly with each other. This adjacency creates a network effect that attracts new customers, continuously enhances our existing customers' value and enables them to capture further economic and performance benefits from our offerings.

In 2023, we opened nine new data centers, inclusive of new xScale sites via our joint ventures. Our new data center openings included sites in the following metros: Bogotá, Dubai, Dublin, Frankfurt, Madrid, Milan, Montreal, Tokyo and Washington D.C. When including five additional data centers which opened in January 2024, this results in an increase in our total number of data center facilities to 260. 2023 highlights include:

• In February, we announced plans to build and operate a second IBX data center in Barcelona, Spain. The new site will serve as a strategic connection point for data communications between Europe, Africa and the Middle East, with Barcelona quickly becoming a vital subsea hub.

• In June, we announced our plans for expansion into Malaysia, with an additional investment of more than $100 million to help businesses capitalize on the country’s digital transformation and economic growth. We opened our first data center in Kuala Lumpur in January 2024, which followed our expansion announcement to enter Malaysia with a data center in Johor.

• In August, we announced our plans for expansion of our footprint in Mumbai, India, to address the country’s rising demand for digital infrastructure. The new facility, called MB4, will bring Equinix’s total data centers in the country to four. MB4 will offer expanded connectivity options to major telecommunications networks along with Metro Connect® availability to the highly connected Equinix data center sites of MB1 and MB2. The first phase of MB4 is expected to open in Q1 2024 and will provide an initial capacity of 350 cabinets. When fully built out, the facility is expected to provide 700 cabinets.

• In September, we opened our new IBX data center in Montreal, Quebec ("MT2") to support customer expansions in one of the fastest-growing edge metros in the world. MT2 is our second data center in the metro and brings the full value of our platform and portfolio of solutions to Canadian businesses, including those in the rapidly growing financial services, gaming and aerospace sectors.

• We also announced an expanded relationship with Southern Cross Cables Limited ("Southern Cross") in September, which will provide a key U.S.-based interconnectivity access point for the Southern Cross NEXT ("SX NEXT") submarine cable system. SX NEXT leverages our next-generation cable landing station ("CLS") architecture, enabling rapid provisioning and cost savings.

Industry Trends: Ecosystems unlock digital opportunity

The digital economy is growing and evolving dynamically. There is a constant influx of new digital product and service providers and related digital consumers, resulting in new ecosystems forming across all industries. Leading organizations are using digital infrastructure as a strong foundation for scalability and flexibility. They are scaling into more markets, with greater flexibility, having invested in cutting-edge capabilities. Additionally, their participation in digital marketplaces offers significant advantages. Several trends have emerged as a result of these changing business models. These trends include:

• The digital presence trend** underpins businesses’ prioritization of transformation to engage and deliver value electronically. To compete in the digital economy, organizations are shifting to digital solutions. The majority of global growth in Gross Domestic Product ("GDP") and revenue is coming from digital services. Digital revenue sources will be the primary drivers of economic growth in the next decade. As companies strive to shift from traditional to digital services, only half of companies analyzed, as shown by the Global Interconnection Index 2024 ("GXI"), a market study published by Equinix, are taking advantage of this opportunity. The GXI data shows that many enterprises are expanding from being consumers to providers of digital services, and not all organizations are moving fast enough.

• The digital participation trend** shows that more companies are leveraging digital ecosystems to collaborate and offer services back into the marketplaces faster than ever before. Each industry is growing its own forms of electronic exchange. Data in the GXI shows that companies are tapping into the sharing economy to create new revenue streams, showing a rapid growth curve, while fast followers (companies replicating what digital leaders are doing) are shifting gears to succeed by doubling their ecosystem interactions— doing more with less investment.

• The digital proximity trend** indicates that companies are bringing their capabilities closer to business operations globally for differentiated value and revenue benefits. Additionally, as data grows exponentially, it is being distributed in proximity to where business happens. Companies need to make faster decisions, at greater scale and complexity, with more sources of data. As shown in the GXI, industries are gaining competitive advantage by investing in edge technologies.

• The sustainability trend** reveals market expectations and industry regulations are making organizations prioritize sustainability and hold themselves and their business partners accountable. Sustainable businesses rely on innovation, sustainable technology and efficient digital practices to reduce emissions and achieve net-zero goals. Leaders are involving their supply chain partners, including data centers, to ensure they reduce carbon emissions. Companies also are using more efficient technologies to strengthen a sustainable foundation and scale business.

• Technology adoption trends like composable business--with companies leveraging as-a-Service offerings for commoditized functions and the emergence of artificial intelligence ("AI") ecosystems to improve efficiency and productivity are also strong trends in the market.

These trends are accelerating the need for companies like Equinix that can provide a secure, agile global business platform that leverages digital interconnection—or private data exchange—to deliver real-time interactions around the world.

As part of their digital transformation, businesses in most industries are shifting their centralized IT infrastructures to the edge to bring digital solutions closer to users for better performance, which has become a significant driver of digital business value. To realize the full potential of the edge, IT organizations require greater interconnection bandwidth. Interconnection bandwidth is defined as the total capacity provisioned to privately and directly exchange traffic, with a diverse set of partners and providers, at distributed IT exchange points inside carrier-neutral colocation data centers. Private interconnection capacity between businesses, as reported in GXI 2024, is anticipated to grow at a compound annual growth rate ("CAGR") of 34% by 2026, potentially reaching 33,578 terabits per second of data exchanged annually.

Worldwide Interconnection Bandwidth Capacity CAGR (2022 - 2026) in Terabits per Second (Tbps)

Source: GXI 2024

Equinix Business Proposition: To be the platform where the world comes together, enabling the innovations that enrich our work, life and planet

In 2023, we continued to build new digital offerings and data center offerings to further our vision to power the world’s digital leaders. On Platform Equinix, digital leaders can reach the most strategic global markets with the largest ecosystem of digital partners, with infrastructure that assembles and deploys virtually in minutes. We enable

competitive advantage for our customers and partners by creating the foundational infrastructure capabilities that power worldwide businesses. We offer a comprehensive, integrated suite of data center and digital solutions and products to over 10,000 enterprise and service provider customers worldwide.

The following are the leading revenue-generating products and other offerings that collectively make up Platform Equinix:

Data Center Offerings

Our global, state-of-the-art data centers meet strict standards of security, reliability, certification and sustainability. Offerings in these data centers are typically billed based on the space and power a customer consumes, are delivered under a fixed duration contract and generate monthly recurring revenue ("MRR"). Our footprint consists of 250+ data centers worldwide:

• IBX** Data Centers are our vendor-neutral colocation data centers worldwide, providing our customers with secure, reliable and robust environments (including space and power) that are necessary to aggregate and distribute information and connect digital and business ecosystems globally. IBX data centers provide access to vital ecosystems where enterprises, network, cloud and SaaS providers, and business partners, can directly and securely interconnect to each other.

• xScale Data Centers** are designed to serve the unique core workload deployment needs of a targeted group of hyperscale companies, which include the world's largest cloud service providers. With xScale data centers, hyperscale customers add to their core hyperscale data center deployments and existing customer access points at Equinix, allowing streamlined expansion with a single global vendor.

Equinix colocation offerings include a suite of comprehensive solutions that provide all the components required by a customer to house its IT infrastructure (or equipment). These offerings are designed to speed and streamline digital transformation and data center deployments for our customers.

• Private Cages** are typically designed and built to order for a single customer, with space assigned based on purchased power allocations and planned cabinet quantity. A cage typically includes steel mesh walls with a locking door, interconnection provision such as a demarcation rack with patch panels, and cabling systems such as a ladder rack and fiber raceway. Available security accessories include dedicated cameras, biometric hand scanners and more.

• Secure Cabinets** are steel-framed cabinets sized to industry standards, with lockable, fully ventilated doors, and are typically configured to order. Secure Cabinets provide a private, secure, smaller-footprint alternative to a Private Cage. Each cabinet includes an integrated, interconnection-ready demarcation panel and power circuitry sufficient to support planned utilization requirements. Secure cabinets are typically housed in a shared, secured cage within the data center facility.

• Secure Cabinet Express** are ready-for-service Secure Cabinets that are pre-configured to an Equinix recommended, and most common, cabinet configuration. This configuration fits the majority of modern IT deployment requirements, providing a simplified and globally consistent colocation module for cabinet-sized deployments.

Equinix offers a variety of enabling solutions that support a customer's need to implement, operate and maintain its colocated deployments. These solutions include both on-consumption and subscription services which may generate MRR as well as non-recurring revenue ("NRR").

• Equinix SmartView****®** is a fully integrated monitoring software that provides customers visibility into the operating data relevant to their specific Equinix footprint as if they were in-house. The software provides online access to real-time environmental and operating data through the Equinix Customer Portal or via either REST (application programming interfaces ("APIs") that provide customers the ability to retrieve information about their assets from every IBX location) or streaming API integrations. With real-time alerts and configurable reporting, Equinix SmartView allows customers to maintain their IBX operations and plan for future growth.

• Equinix Smart Hands****®** provides around-the-clock, on-site operational support service for remote management, installation and troubleshooting of customer data center equipment. Using Equinix IBX data center technicians, Smart Hands allows customers to manage their Platform Equinix data center operations from anywhere in the world.

• Equinix Smart Build ("ESB")** provides customers with an easy way to accelerate and simplify world-class data center deployments with expert support. ESBs are repeatable, proven processes that address larger, more complex data center jobs, including installation and implementation of new builds and planned migrations. ESB practices deliver Equinix expertise in colocation design to optimize our customers’ data center needs, including structured cabling, labeling and documentation, procurement recommendations and coordination, and secure de-installation.

Interconnection Offerings

Our interconnection solutions connect businesses directly, securely and dynamically within and between our data centers across our global platform. These solutions are typically billed based on the outbound connections from a customer and generate MRR.

• Equinix Fabric****®** provides secure, on-demand, software-defined interconnection. Built specifically for digital infrastructure, Equinix Fabric enables businesses to connect globally to their choice of thousands of networking, storage, compute and application service providers in the industry’s largest infrastructure ecosystem. As the foundation of Platform Equinix’s interconnection capability, Equinix Fabric also enables customers to quickly and easily connect between the physical and virtual digital infrastructures they have deployed in Equinix data centers globally.

• Equinix Fabric Cloud Router** makes it easy to connect applications and data across different clouds. With high-performance and secure private connections, protecting data from exposure to the public internet, these enterprise-grade connections offer virtually unlimited bandwidth and built-in resiliency. Fabric Cloud Router also reduces networking costs, lowers cloud egress charges and enables elastic bandwidth consumption so customers pay for only what they need.

• Cross Connects** provide a point-to-point cable link between two Equinix customers in the same data center. Cross Connects deliver fast, convenient, affordable and highly reliable connectivity and data exchange with business partners and service providers within the Equinix ecosystem.

• Equinix Internet Exchange****®** enables networks, content providers and large enterprises to exchange internet traffic through the largest global peering solution. Service providers can aggregate traffic to multiple counterparties, called peers, on one physical port and handle multiple small peers while moving high-traffic peers to private interconnections. This reduces latency for end users when accessing content and applications.

• Equinix Internet Access** is an agile, scalable, resilient and high-performing internet access solution. With multiple upstream Tier 1 providers per metro, connections to all Equinix and major third-party internet exchanges, and over 300 private peering relationships, it delivers superior availability and performance. It serves as a one-stop shop for businesses, offering both physical and virtual connection options with Equinix Fabric to deliver primary and secondary internet access solutions. Available in 50+ markets, it allows for scalable bandwidth to meet growing usage needs, empowering businesses in the digital age.

• Fiber Connect** provides dark fiber links between customers and partners between multiple Equinix data centers. Fiber Connect enables fast, convenient and affordable integration with partners, customers and service providers across the global Equinix digital ecosystem. It supports highly reliable, extremely low-latency communication, system integration and data exchange.

Digital Offerings

Our edge solutions help businesses rapidly deploy as a Service networking, security and hardware across our global data center footprint as an alternative to buying, owning and managing the physical infrastructure. Our edge solutions are typically billed based on the number of instances and the capacity used by a customer and generate MRR.

• Network Edge** allows customers to modernize networks within minutes, by deploying network functions virtualization ("NFV") from multiple vendors across Equinix metros. Companies can select, deploy and connect virtual network solutions at the edge quickly, with no additional hardware requirements.

• Equinix Metal****®** allows enterprises, SaaS companies and digital service providers to provision interconnected bare metal resources in minutes instead of months, while reducing the capital expenditures and operational requirements of owning hardware. They can also reduce cloud costs while retaining the flexibility and operational expenditures of cloud solutions via on-demand, reserved or spot market capacity in Equinix’s global data centers using the Equinix Metal portal or DevOps-friendly APIs and integrations. DevOps, a combination of "development" and "operations," aligns collaboration between software development ("Dev") and IT operations ("Ops") skills and experiences to build, test and deploy APIs and other functionalities quickly.

Competition

While a large number of enterprises and service providers, such as hyperscale cloud service providers, own their own data centers, we believe the industry is shifting away from single-tenant solutions to customers outsourcing some or all of their IT housing and interconnection requirements to third-party facilities, such as those operated by Equinix. This shift is being accelerated by the increasing adoption of hybrid multicloud architectures and the adoption of artificial intelligence.

Historically, the outsourcing market was served by large telecommunications carriers that bundled their products and services with their colocation offerings. The data center market landscape has evolved to include private and vendor-neutral MTDC providers, public and private cloud providers, managed infrastructure and application hosting providers, and systems integrators. It is estimated that Equinix is one of more than 2,200 companies that provide MTDC offerings around the world. The global MTDC market is highly fragmented. Each of these data center solutions providers can bundle various colocation, interconnection and network offerings, outsourced IT infrastructure solutions and managed services. We believe that this outsourcing trend has accelerated and is likely to continue to accelerate in the coming years, especially in light of the movement to digital business, the use of multiple cloud service providers, and the adoption of artificial intelligence.

Equinix is differentiated in this market by being able to offer customers a global platform that reaches over 30 countries and contains the industry’s largest and most active ecosystem of partners in our sites, including access to a leading share of cloud on-ramps, and an increasingly diverse ecosystem of networks and cloud and IT service providers. This ecosystem creates a “network effect,” which improves performance and lowers the cost for our customers, enabling them to become digital leaders, and is a significant source of competitive advantage for Equinix. Additionally, our digital solutions portfolio enables customers to bring together physical and programmable technologies like compute, storage, network and applications to build a foundation for their company's digital operations.

Customers

Our customers include telecommunications carriers, mobile and other network services providers, cloud and IT services providers, digital media and content providers, financial services companies, and global enterprise ecosystems in various industries. We provide each company access to a choice of business partners and solutions based on their colocation, interconnection and managed IT service needs, and delivered 99.999%+ operational uptime across our global data centers in 2023. As of December 31, 2023, we had over 10,000 customers worldwide. No one customer made up 10% or more of our total business revenues for the year ended December 31, 2023.

The following companies represent some of our leading customers and partners:

We serve our customers with a direct sales force and channel marketing program. We organize our sales force by customer type, as well as by establishing a sales presence in diverse geographic regions, which enables efficient servicing of the customer base from a network of regional offices. We also support our customers with a global customer care organization.

Human Capital

As of December 31, 2023, we had 13,151 employees worldwide with 5,953 based in the Americas, 4,267 based in EMEA and 2,931 based in Asia-Pacific. Of those employees, 5,617 employees were in engineering and operations, 2,089 employees were in sales and marketing and 5,445 employees were in management, finance and administration. As of December 31, 2023, approximately 72% of our workforce identified as men, approximately 27% identified as women and less than 1% declined to identify. Women's representation in leadership (defined as VP and above) increased year-over-year to 32%.

At Equinix, we strive to build a culture where every employee, every day, can say “I’m Safe, I Belong and I Matter” and where our workforce, at all levels, reflects and represents the communities in which we operate. Our objective is to continue to make our culture a critical competitive advantage, engaging every leader and every employee in the process. To ensure we are upholding our core corporate values and making progress towards our aspirational goals, we monitor employee satisfaction through a quarterly pulse survey, which is one of our listening mechanisms. In 2023, employee satisfaction scores remained steady between 83-84 out of 100 each quarter, resulting in an average score of 83 for Equinix, six points higher than the benchmark score of the top 25th percentile of other companies. Managers use their quarterly pulse survey results to engage in dialogue with their teams about what is top of mind for our employees and how we can do better.

Attracting, developing and retaining talent at all levels is vital to our continued success and we offer industry competitive compensation and benefits, along with development opportunities to help every employee achieve their full potential. We continue to benefit from talent sourcing programs such as our global new-to-career programs as well as pathways programs for veterans and women returning to the workforce. In 2023, we continued to enhance our portfolio of development programs for our employees and continued use of a system-enabled approach to goal setting, development planning and performance assessment to support objectivity and accountability in our talent management process. We offer development tools and opportunities to our employees such as online learning, manager training, including on bias mitigation and cultural humility, professional coaching and 360-degree assessments for eligible employees as well as our leadership program specifically designed for high potential employees at the Director level and above.

We believe in equitable pay and equitable opportunity at every level of the organization. Equinix remains committed to ensuring we have consistent practices in place to recognize, reward and promote all employees, regardless of gender, ethnicity, sexual orientation, or other protected class. Equinix operates a rigorous governance framework to manage pay and other compensation elements to ensure that all reward decisions are made equitably and without discrimination or bias. All roles are mapped and graded to one consistent global organizational framework. Each grade has a specific pay range created by benchmarking against the external market in the country in which the role is located. This global framework is also used to determine target levels for annual

bonuses and long-term incentives. We strive to annually update our market data globally where information is available.

We have continued to work towards integrating diversity, inclusion and belonging ("DIB") into every aspect of how we run our business. In 2020, we embarked on a multi-year DIB strategy with governance through a DIB Council chaired by our CEO and CHRO, and in partnership with our Sustainability Program Office, that oversees our progress on ESG matters. Our DIB strategy focuses on attracting, developing and retaining a diverse, global workforce; building leadership capability and accountability; and empowering our people to bring DIB to life. We have built multiple pathways to reach new talent from diverse communities. In 2023, we continued to forge partnerships and invest in tools and systems to grow and support our inclusive hiring practices and launch inclusive talent marketing efforts to reach a wider candidate pool more effectively. For example, in 2023 our Talent Acquisition Team welcomed our first neurodiverse intern cohort in partnership with Disability:IN and our CEO signed a pledge committing to disability inclusion. The Global Military Pathways program continues to show success with military candidates and hires across all regions and our Recruiting Pathways programs continue to focus on finding talent with skills and experience gained from adjacent industries and experiences to enrich the diversity of thought and experience on our teams. We have also embedded diversity and inclusive behavior competencies in our leadership profiles and added coaching tools as well as manager training on leading inclusive teams to our development program.

Our employee connection networks ("EECNs") are integral to our DIB strategy and play an important role in creating belonging and advocating for the needs and goals of communities with common identities, cultures or backgrounds. Each of our nine EECNs represents an identity/community that is marginalized or shares unique challenges. Collaborating with one another, our EECNs work together to shape, support, and execute plans aligned with our shared vision and values at Equinix. Some of our EECN leaders sit on Equinix EECN and DIB Councils where they represent their communities and share input based on their lived-experiences to influence discussions and decisions around business policies and strategies. In 2023, we strengthened our dedication to our EECN leaders by hosting an inaugural EECN Summit where leaders participated in panels with internal and external speakers, resource fairs and strategy sessions. We also introduced a recognition program that provides acknowledgement, exposure, compensation and developmental opportunities to recognize EECN members who have gone above-and-beyond in leading their respective EECNs. EECNs have continued to be a leading contributor to a positive work environment, employee satisfaction and overall organizational success. We also recognize that creating the best workplace and culture we can requires a global effort with localized awareness and approaches. In 2020, we launched WeAreEquinix employee teams empowered to create, localize and promote purpose, inclusion and belonging for their locations across the world. Through live and virtual events, campaigns, and collaboration with the business and their local communities, these volunteer leaders create opportunities to engage in the following areas: Wellbeing, Green and Sustainability, Community Impact, Fun and Creativity, DIB, and Employee Networks. We currently have WeAreEquinix teams in 38 locations who are working on strengthening belonging and inclusion for our workforce.

In 2023, we hosted Days of Understanding events as part of an initiative of CEO ACT!ON, a pledge Equinix has taken along with hundreds of other companies to embrace differences in our organizations, educate our people and build more inclusive cultures inside and outside of our workplaces. As part of this partnership, Equinix employees who became CEO ACT!ON fellows focused on creating impactful solutions to systemic inequities and bridging the digital divide by launching a pilot program designed to make reliable, affordable internet services available in underserved communities in the states of Michigan, New York and Texas in the United States.

Lastly, Equinix was recognized for our leading social sustainability efforts in 2023 through the following awards:

• 1st in industry and 17th overall by JUST Capital

• Diversity & Inclusion Index by Alliance for Global Inclusion

• Diversity Equity & Inclusion Silver Award by NAREIT

• #3 in Fortune 500 in Religious Equity Diversity Inclusion Award

• 100 out of 100 score for Human Rights Campaign's Corporate Equality Index

• Best Places to Work for IT by Computerworld

Our Community Impact program promotes connection and belonging, and enables employees to give back, with the support of Equinix, to the communities in which we work and live. In 2023, employees volunteered 25,300 service hours and approximately $2 million was donated through employee giving, corporate matching funds and

grants. In 2022, the Equinix Foundation was launched with a $50M contribution and a focus on the advancement of digital inclusion—from access to technology and connectivity to the skills needed to thrive in today's digitally driven world. In 2023, the Equinix Foundation celebrated its one-year anniversary and continues to make strides in co-funding with partners and organizations dedicated in addressing the digital divide such as Big Hope and ClapTech.

We believe our commitment to the highest standards of honesty, integrity and ethical behavior differentiates our business as much as our technology. We promote these high standards through a number of policies including the Equinix Code of Business Conduct. All employees are required to complete trainings on ethics and the company’s anti-bribery and corruption policies. In addition, we maintain a confidential ethics helpline where employees are encouraged to speak up if they have any questions or concerns that our code is being violated. We have a zero-tolerance, non-retaliation policy that protects our employees when they speak up.

We have continued a number of precautionary measures in line with our business continuity and pandemic plans to minimize the risk of operational impacts and to protect the health and safety of employees, customers, partners and our communities. As we look forward to the future of work, and more importantly amplifying Equinix’s vibrant culture, we are providing flexible, hybrid work opportunities in many roles, enhanced collaboration technologies for everyone, and activity-based workspaces at home or onsite. We recognize that the new normal will require changing behaviors. As such, we are providing learning opportunities and best practices to ensure our meetings, events and work sessions are inclusive and equitable for virtual and in-person participation. Employee well-being has been central to these efforts, driven globally through offerings such as health programs, ergonomic support, technology reimbursements, and wellness days.

We believe that all of these programs and initiatives support our human capital goals, align with our company culture, and increase employee satisfaction.

Sustainability

At Equinix, our Future First sustainability strategy rallies our people and partners to envision a better future and then do what it takes to make it happen. As the world’s digital infrastructure leader, we have the responsibility to harness the power of technology to create a more accessible, equitable and sustainable future. The ESG initiatives comprising our Future First strategy focus on the material issues that have the greatest impact on our stakeholders and our business. We continue to progress on our sustainability goals and look to build a business and world that reflects our purpose to bring the world together on our platform to create innovations that will enrich our work, life and planet. We document our ESG progress in our Annual Report and in our annual Corporate Sustainability Report located on our corporate website.

In 2021, we committed to becoming climate neutral across our global operations by 2030 and set a validated near-term science-based target (“SBT”) for emissions reduction across our global operations and supply chain. Our climate commitments are a critical step to ensure that we continue to advance investments and innovations to reduce greenhouse gas ("GHG") emissions and keep global warming to 1.5 degrees Celsius in alignment with the Paris Climate Agreement.

As a part of our Future First sustainability strategy, we published an Environmental Sustainability and Global Climate Change Policy in 2021 to detail our approach and practices related to the environment, climate change,

resource efficiency and reporting. In alignment with our strategy and policy, we are also evaluating our material climate change risks and opportunities based on the recommendations of the Task Force on Climate Related Financial Disclosures (“TCFD”). In 2022, we undertook a qualitative and quantitative climate-related scenario analysis across eight climate scenarios in line with TCFD recommendations. This included scenario analysis modeling for the highest priority physical risks. We are continuing our work to embed climate change risk management into our business where relevant.

Environmental Performance

Our energy usage, specifically electricity consumption, creates our largest environmental impact. Equinix was the first data center company to commit to a long-term goal of 100% renewable energy coverage across our global portfolio. We use local renewable energy sources where possible, seek new or recently built renewable sources and advocate for favorable renewable energy policies. In the U.S., we purchase nearly 2.6 million megawatt-hours ("MWh") of green power annually from a portfolio of renewable energy projects, utility green tariffs and Renewable Energy Certificates ("RECs"), including 225 MW of wind power under long-term power purchase agreements ("PPAs") located in Texas and Oklahoma. As of December 2023, we executed 18 PPAs in Europe which will bring 687 MW of new wind and solar capacity to Finland, France, Portugal, Spain and Sweden when the projects are operational in 2024, 2025 and 2026. In 2022, 96% of our global electricity consumption, and 100% of U.S. electricity consumption, was covered by renewable energy sources.

We are committed to transparently measuring and reporting our global carbon footprint across direct ("Scope 1"), indirect energy ("Scope 2") and indirect value chain ("Scope 3") emissions. Since 2019, we have achieved a 23% absolute reduction in operational GHG emissions from a 2019 baseline year (Scope 1 and Scope 2 market-based metric tons of carbon dioxide-equivalent ("mtCO2e")), even as the company increased its energy consumption by 36% over the same time period. Equinix achieved an 'A' leadership score for climate action and annual disclosures within the 2023 CDP Climate Change Survey. CDP is a global non-governmental organization dedicated to helping investors and companies measure and manage their climate risks, recognized our commitments, actions and progress on climate change.

We are leveraging technology and innovation to encourage commercialization of solutions that will enable the “Data Center of the Future”. To support our ongoing sustainability initiatives and commitment to innovation, since 2020, we issued six traunches of green bonds approximating $4.9 billion. Our Green Finance Framework aligns our sustainability commitments with our long-term financing needs and highlights our pipeline of green projects and data center innovations. As of December 31, 2023, we had fully allocated the net proceeds from the approximate $4.9 billion in issued green bonds to finance or refinance, in whole or in part, ongoing and new projects in categories of green buildings, renewable energy and energy efficiency.

We are committed to advancing environmental progress across other areas of our operations. While we have historically focused our environmental impact via our energy consumption, to address the growing importance of water within our operations, we launched a Sustainable Water Management Program in 2021. This program drove the implementation of tools to aid in the tracking of water used to cool our data centers, helping create a baseline of our Water Usage Effectiveness ("WUE") to inform future actions. We consider the consumption of water in the design and operation of our facilities and are developing a coordinated global approach to water measurement and management. Through our efforts to establish the European Climate-Neutral Data Centre Operator Pact in 2021, Equinix and the EU data center industry have also committed to advancing initiatives beyond renewable energy and energy efficiency, including water efficiency, waste reduction, and circular economy principles.

Sustainability Accounting Standards Board ("SASB") Disclosures

SASB published the Sustainability Accounting Standard for the Real Estate Industry ("Real Estate Standard") in October 2018. We have aligned our SASB disclosures with the Real Estate Standard to enhance corporate disclosure around ESG performance. In our comprehensive disclosures in our annual Corporate Sustainability Report, we also document our progress against metrics as outlined in other frameworks such as the Global Reporting Initiative ("GRI"), UN Sustainable Development Goals ("SDGs") and TCFD. The following tables detail our energy metrics, aligned with the SASB Real Estate Standard. We intend to expand our reporting around the Real Estate Standard in the coming years.

The following metrics represent the performance of our colocation facilities in the calendar years specified. Energy, renewable energy and GHG emissions are independently assured to ISO 14064-3:2019 Standards for the

quantification and reporting of GHG emissions (Scope 1, 2 and 3). Calendar year data for 2023 will become available in Q2 2024 and will be published in our annual Corporate Sustainability Report located on our sustainability website.

Energy Management: Energy Consumption

Year			Energy Consumption Data as a % of Floor Area			Total Energy Consumed by Portfolio Area with Data Coverage (MWh) (1)			Like-for-Like Change in Energy Consumption of Portfolio Area with Data Coverage (MWh) (2)			Grid Electricity Consumption as a % of Energy Consumption			Energy Consumption from Renewable Sources (MWh) (3)			Renewable Energy as a % of Energy Consumption (4)			Like-for-Like Change in Energy Consumption from Renewable Sources of Portfolio Area with Data Coverage (MWh) (2) (3)			Renewable Energy as a % of Electricity Consumption
2021**(5)(6)**			98.0%			7,130,000			23.3%			94.6%			6,689,000			94%			26.1%			95%
2022**(7)(8)**			96.3%			7,820,000			29.1%			94.2%			6,995,000			90%			32.1%			91%

(1)The scope of energy includes: energy used onsite (natural gas and diesel), energy procured (purchased electricity, electric power from fuel cells under power purchase agreements, and chilled water).

(2)Like-for-like computed for stabilized asset list for the overlapping list of sites designated as stabilized in 2021 and 2022.

(3)Excludes renewable energy inherently supplied by the standard utility grid mix. Equinix buys renewable energy for the entire electricity consumption of sites including customer and overhead load. The instruments used include: RECs from PPAs, International RECs ("I-RECs"), Guarantees of Origin ("GOOs") and Renewable Energy Guarantees of Origin ("REGOs") from suppliers, green tariffs and bundled contracts.

(4)Equinix's global renewable energy percentage reported for RE100 and CDP was 96%, which is comprised of 7,434 GWh of renewables out of 7,751 GWh of electric power consumption. The discrepancy in the totals arises from non-IBX data center sites' energy usage and non-electric power energy consumption.

(5)Recently constructed or acquired sites for which no utility data is available are excluded from the 2021 SASB metrics reporting boundary. These include certain data centers in EMEA (FR9x) and APAC (OS2x, OS3, PE3) and Equinix's GPX (India) acquisition sites (MB1, MB2). Reseller sites are also excluded in both the gross floor area and the energy metrics (DA99, OS99, SH1).

(6)2021 portfolio coverage includes xScaleTM sites: LD11x, LD13x, PA8x, PA9x, SP5x, TY12x.

(7)Recently constructed or acquired sites for which no utility data is available are excluded from the 2022 SASB metrics reporting boundary. These include certain data centers in AMER (LM1, ST1, ST2, ST3, ST4) and EMEA (AB1, AC1, LG1, LG2, PA10). Reseller sites are also excluded in the energy metrics (DA99, OS99, SH1).

(8)2022 portfolio coverage excludes xScaleTM sites: DB5x, SY9x.

Energy Management: Green Building Ratings

Our environmental efforts aim to deliver meaningful and measurable progress against sustainability goals that positively impact our customers, partners, investors and employees. Our data centers are designed with high operational standards and energy efficiency in mind. Our data centers are planned holistically to incorporate the needs of our communities and we aim to minimize the use of all resources in our operations. We evaluate cost-efficient opportunities to enhance energy efficiency and buy renewable energy for existing or acquired sites.

We are protecting our planet's resources by pioneering green data center innovations and building and operating energy-efficient data centers around the world. Our Energy Efficiency Center of Excellence is driving a global approach to improving global operational efficiency across our existing IBX locations from lighting and airflow management to efficient cooling innovations. The program also engages customers to manage their implementations more sustainably at our facilities, leading to overall improved site efficiencies.

We certify our data centers to numerous green buildings and energy management certifications and schemes. These include USGBC LEED green buildings certifications, ISO 14001:2015 Environmental Management Standard, ISO 50001:2011 Energy Management Standard, BCA Green Mark, U.S. EPA Energy Star for Data Centers and others. In 2021, Equinix became a U.S. Green Building Council ("USGBC") Gold member, aligning with the developer of the LEED rating system and furthering our commitment to green buildings. To increase the scalability of certification within our portfolio, we developed a global LEED Scorecard that will help us ensure every new build is prioritizing the design and community guidelines developed by USGBC.

Data centers receiving green building ratings in 2023 covered 811,000 gross sq. ft. While we have additional certifications that are pending final submissions, the following new sites received ratings in 2023:

Data Center			Metro Area			Rating Scheme			Level Achieved
DX3			Dubai, UAE			LEED			Silver
FR11x			Frankfurt, Germany			LEED			Certified
LD11x			London, United Kingdom			LEED			Silver
ML5			Milan, Italy			LEED			Gold
MX3x			Mexico City, Mexico			LEED			Certified
PE3			Perth, Australia			LEED			Certified
SE4			Seattle, USA			Green Globes			One

In 2023, we had 24.8 million gross sq. ft., or 83% of our global footprint, in operation with green buildings and energy management certifications. Within the U.S., we had 7.9 million gross sq. ft., or 78% of our footprint, under certification, including 1.5 million gross sq. ft., or 14.6% of U.S. footprint, having achieved U.S. EPA Energy Star for Data Centers. We are currently evaluating enrolling additional sites in the Energy Star program. We disclose these and other site-level details about our data centers on our sustainability website.

Year			Total Gross sq. ft. (million)****(1)			Area of Eligible Portfolio with Green Building Rating (million sq. ft.)****(2)			Eligible Portfolio with Green Building Rating (%)
Global Total through 2023			29.8			24.8			83%
U.S. Total through 2023			10.1			7.9 1.5 (Energy Star)			78% 14.6% (Energy Star)

(1)Ratings included in our totals: ISO 50001 Energy Management, ISO 14001 Environmental Management, LEED green buildings certifications, U.S. Environmental Protection Agency Energy Star for Data Centers, BCA Green Mark, NABERS and Green Globes.

(2)We are currently evaluating our approach to U.S. EPA Energy Star for Data Centers. As of December 2023, eight sites received Energy Star for Data Centers recognition, representing 15% of our U.S. portfolio. In contrast, our U.S. portfolio has 19 LEED-certified data centers or 42% of the U.S. portfolio by gross square footage.

Our Business Segment Financial Information

We currently operate in three reportable segments comprised of our Americas, EMEA and Asia-Pacific geographic regions. Information attributable to each of our reportable segments is set forth in Note 17 within the Consolidated Financial Statements.

Available Information

Equinix owns and maintains intellectual property in the form of trademarks, patents, application programming interfaces, customer portals and a variety of products and other offerings.

We were incorporated in Delaware in June 1998. We are required to file reports under the Securities Exchange Act of 1934, as amended, with the Securities and Exchange Commission ("SEC"). The SEC maintains an internet website at http://www.sec.gov that contains reports, proxy and information statements and other information.

You may also obtain copies of our annual reports on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K, and any amendments to such reports, free of charge by visiting the Investor Relations page on our website, www.equinix.com. These reports are available as soon as reasonably practical after we file them with the SEC. Information contained on or accessible through our website is not part of this Annual Report on Form 10-K.