EX-99.2 3 d93337dex992.htm PRESENTATION MATERIALS Presentation materials

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3Q 2015 EARNINGS
CONFERENCE CALL
NYSE: INXN
4 November 2015


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This document includes forward-looking statements. All statements other than statements of historical fact included in this document regarding our business, financial condition, results of operations and certain of our plans, objectives, assumptions, projections, expectations or beliefs with respect to these items and statements regarding other future events or prospects, are forward-looking statements. These statements include, without limitation, those concerning: our strategy and our ability to achieve it; expectations regarding sales, profitability and growth; plans for the construction of new data centres; our possible or assumed future results of operations; research and development, capital expenditure and investment plans; adequacy of capital; and financing plans. The words “aim,” “may,” “will,” “expect,” “anticipate,” “believe,” “future,” “continue,” “help,” “estimate,” “plan,” “schedule,” “intend,” “should,” “shall” or the negative or other variations thereof as well as other statements regarding matters that are not historical fact, are or may constitute forward-looking statements. In addition, this document includes forward-looking statements relating to our potential exposure to various types of market risks, such as foreign exchange rate risk, interest rate risks and other risks related to financial assets and liabilities. We have based these forward-looking statements on our management’s current view with respect to future events and financial performance. These views reflect the best judgment of our management but involve a number of risks and uncertainties which could cause actual results to differ materially from those predicted in our forward-looking statements and from past results, performance or achievements. Although we believe that the estimates reflected in the forward-looking statements are reasonable, such estimates may prove to be incorrect. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things: operating expenses cannot be easily reduced in the short term; inability to utilise the capacity of newly planned data centres and data centre expansions; significant competition; cost and supply of electrical power; data centre industry over-capacity; and performance under service level agreements. All forward-looking statements included in this document are based on information available to us on the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this document. This document contains references to certain non-IFRS financial measures. For definitions of terms such as “Adjusted EBITDA”, “Adjusted Net Profit”, “Equipped Space”, “LTM”, and “Recurring Revenue” and a detailed reconciliation between the non-IFRS financial results presented in this document and the corresponding IFRS measures, please refer to the appendix. Certain financial and other information presented in this document has not been audited or reviewed by our independent auditors. Certain numerical, financial data, other amounts and percentages in this document may not sum due to rounding. In addition, certain figures in this document have been rounded to the nearest whole number. DISCLAIMER


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STRATEGIC & OPERATIONAL HIGHLIGHTS David Ruberg – Chief Executive Officer


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Consistent Focus on Financial Discipline and Operational Execution Revenue grew 13% Y/Y, 3% Q/Q Adjusted EBITDA grew 17% Y/Y, 4% Q/Q Adjusted EBITDA margin of 44.6%, increased by 150bps Y/Y Capital expenditure of €35.3 million including intangibles Financial Execution Completed expansions in Marseille and Madrid Announcing new data centres in Amsterdam, Copenhagen and Dublin and new phases in Frankfurt Revenue generating space grew 14% Y/Y Utilisation remained at 78% Operational Execution 3Q 2015 PERFORMANCE


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Adjusted EBITDA & Margin (€ millions) Revenue (€ millions) 43.1% 43.0% 43.9% 44.0% Margin Non- recurring revenue Recurring revenue 3Q Revenue €98.0 million Grew 13% Y/Y and 3% Q/Q 3Q Recurring revenue €92.8 million Grew 15% Y/Y and 3% Q/Q 95% of total revenue 3Q Adjusted EBITDA €43.7 million Grew 17% Y/Y and 4% Q/Q 3Q Adjusted EBITDA margin 44.6% Double Digit Revenue Growth and Strong Improvement in Adjusted EBITDA Margin 86.4 80.9 89.9 83.7 92.5 87.1 95.4 90.3 98.0 92.8 44.6% 3Q 2015 FINANCIAL HIGHLIGHTS


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Equipped & Revenue Generating Space (1,000’s sqm) Utilisation 77% 76% 78% 78% Available Equipped space Revenue generating space 88.6 98.3 93.5 94.8 Continued Disciplined Expansion to Meet Customer Demand 100.2 78% Equipped space of 100,200 sqm Grew 13% Y/Y 1,900 sqm added in the quarter Revenue generating space of 78,000 sqm Grew 14% Y/Y 900 sqm installed in the quarter Maintained utilisation rate of 78% 3Q 2015 OPERATIONAL HIGHLIGHTS


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Market Data Centre Project Project CapEx (€ millions) Equipped Space (sqm) Scheduled Opening by Phase Project Opened Amsterdam AMS8 Phases 1 – 2 New Build 50 2,600 0 4Q16 Copenhagen CPH2 Phase 1 New Build 4 500 0 3Q16 Dublin DUB3 Phase 1 – 2 New Build 28 1,200 0 4Q16 Dusseldorf DUS2 Phase 1 New Build 13 600 0 1Q16 Frankfurt FRA10 Phases 1-4 New Build 92 4,800 0 1Q16 – 4Q16 Vienna VIE2 New Build 42 2,800 2,500 4Q14 – 4Q15 Announced Projects With Expansions Scheduled to Open after 1 Oct 2015 (See Appendix for further information) Completed expansions in 3Q 2015: MAD2: opened 800 sqm MRS1: opened 800 sqm Four recently announced expansions: New Amsterdam data centre (AMS8) with 8,000 sqm Maximum Equippable Space in 6 phases New Copenhagen data centre (CPH2) with1,600 sqm Maximum Equippable Space in 3 phases New Dublin data centre (DUB3) 2,300 sqm Maximum Equippable Space in 4 phases Further Frankfurt (FRA10) expansion with 2,400 sqm Announced approximately 9,000 sqm to open in 2016 ~70% to come online in 4Q16 EXPANDING FACILITIES TO SUPPORT CUSTOMER NEEDS Notes: As of 4 November 2015. CapEx and Equipped Space are approximate and may change. CapEx reflects the total spend for the listed project at full power and capacity and the amounts shown in the table above may be invested over the duration of more than one fiscal year.


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Interxion’s Target Segments 58% of Revenues Generated from Strategic Cloud and Connectivity Providers BUILDING COMMUNITIES OF INTEREST DELIVERS SIGNIFICANT CUSTOMER VALUE Selected providers in these segments, plus systems integrators, are deploying cloud platforms. Remaining monthly recurring revenue (10%) allocated to systems integrator, on-line retail, and public customer segments. Digital Media & CDNs` Enterprises Financial Services Managed Service Providers Network Providers Platform Providers(1) 11% % of September 2015 Monthly Recurring Revenue(2) 10% 11% 27% 31%


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FINANCIAL HIGHLIGHTS Josh Joshi – Chief Financial Officer


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€ millions (except per share amounts) 3Q 2014 2Q 2015 3Q 2015 3Q 2015 vs. 3Q 2014 3Q 2015 vs. 2Q 2015 Recurring revenue 80.9 90.3 92.8 15% 3% Non-recurring revenue 5.6 5.2 5.2 -6% 1% Revenue 86.4 95.4 98.0 13% 3% Gross profit 50.9 57.8 59.5 17% 3% Gross profit margin 58.9% 60.5% 60.7% +180bps +20 bps Adjusted EBITDA(1) 37.3 42.0 43.7 17% 4% Adjusted EBITDA margin 43.1% 44.0% 44.6% +150 bps +60 bps Net profit 9.0 21.6 10.4 16% -52% EPS (diluted) €0.13 €0.31 €0.15 15% -52% Adjusted net profit (1) 8.0 8.3 8.7 9% 5% Adjusted EPS (diluted)(1) €0.11 €0.12 €0.12 7% 4% Revenue grew 13% Y/Y and 3% Q/Q 11% Y/Y and 3% Q/Q constant currency Gross profit margin grew to 60.7%, up 180bps Y/Y Adjusted EBITDA grew to 44.6%, up 150 bps Y/Y Net profit includes gain on sale of financial asset 3Q 2015 RESULTS Adjusted EBITDA, Adjusted net profit, and Adjusted earnings per diluted share are non-IFRS figures intended to adjust for unusual items. Full definitions can be found on the “Definitions” section in this slide deck. Reconciliations of Adjusted EBITDA and Adjusted net profit to Net profit can be found in the financial tables later in the appendix of this slide deck.


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53.3 % 51.4 % 53.5 % 55.1 % 55.2% 53.1% 53.9% 56.0% 55.1% 56.9% Revenue grew 10% Y/Y, (1%) Q/Q Recurring revenue grew 11% Y/Y, 1% Q/Q Adjusted EBITDA grew 18% Y/Y, 2% Q/Q Strength in Austria and Sweden. Revenue grew 15% Y/Y, 5% Q/Q Recurring revenue grew 17% Y/Y, 4% Q/Q Adjusted EBITDA grew 19% Y/Y, 5% Q/Q Strength in France, Germany, and the Netherlands Revenue Adjusted EBITDA Adjusted EBITDA margin (€ millions) France, Germany, the Netherlands, and the UK Rest of Europe Revenue Growth With Increased Margins in Both Reporting Segments 3Q 2015 REPORTING SEGMENT ANALYSIS Note: Analysis excludes “Corporate & Other” segment.


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Capital Expenditures, including Intangible Assets By Geography (3Q 2015) By Category (3Q 2015) (€ millions) (€ millions) (€ millions) 67.6 47.8 57.0 47.8 Demand-Driven Capital Allocation 35.3 DISCIPLINED INVESTMENTS FOR PROFITABLE GROWTH


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Cash position supplements solid operating cash flow €100 million RCF remains undrawn Fully funded for announced expansion plans Significant covenant headroom Blended interest rate 6.1% 3Q 2015 LTM Cash ROGIC 12% € millions 30-Sept-15 31-Dec-14 Cash & Cash Equivalents 50.0 99.9 Total Borrowings(1) 541.0 560.6 Shareholders Equity 488.5 436.1 Total Capitalisation 1,029.6 996.7 Total Borrowings / Total Capitalisation 52.5% 56.2% Gross Leverage Ratio(2) 3.3x 3.8x Net Leverage Ratio(3) 3.0x 3.2x STRONG BALANCE SHEET Total Borrowings = 6.00% Senior Secured  Notes due 2020 including premium on additional issue and are shown after deducting underwriting discounts and commissions, offering fees and expenses + Mortgages + Financial Leases + Revolving facility borrowings + Other Borrowings – Revolving facility deferred financing costs. Gross Leverage Ratio =  (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facility borrowings+ Other Borrowings)  /  LTM Adjusted EBITDA. Net Leverage Ratio = (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facility balance + Other Borrowings – Cash & Cash Equivalents)  /  LTM Adjusted EBITDA. Strong Balance Sheet Provides Financial Flexibility


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28 Fully Built-Out Data Centres (1)(2) Space fully equipped Some power upgrades yet to come As of 1 January 2014 66,000 sqm of equipped space 83% utilisation 26% annual cash return Fully Built-Out Data Centre: a data centre for which materially all equippable space is equipped. However, note, future power upgrades and newly acquired space within a data centre can further increase the capacity of a fully built out data centre. 28 Fully Built-Out Data Centres as of 1 January 2014: AMS1, AMS2, AMS3, AMS4, AMS5, AMS6, BRU1, CPH1, DUB1, DUB 2, FRA1, FRA2, FRA3, FRA4, FRA5, FRA6, FRA7, LON1, LON2, MAD1, PAR1, PAR2, PAR3, PAR4, PAR5, PAR6, STO1 and VIE1. Represents total investments in data centre assets, including freehold land and buildings, infrastructure and equipment, Intangible assets, and assets under construction as of 31 December 2014. (€ millions) 26% Q3 2015 LTM Returns Attractive Cash Returns from Fully Built-Out Data Centres (1) DISCIPLINED INVESTMENTS DRIVE STRONG RETURNS


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BUSINESS COMMENTARY OUTLOOK & CONCLUDING REMARKS David Ruberg – Chief Executive Officer


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Interxion Presence Interxion Campus with newly announced expansion Interxion Campus with ongoing or recently completed (2Q/3Q) expansions Interxion Campus Dublin London Madrid Paris Marseille Zurich Vienna Frankfurt Brussels Dusseldorf Stockholm Copenhagen Amsterdam EXPANSIONS SUPPORT CLOUD ROLLOUT PATTERNS Largest GDP coverage in Western Europe Strong footprint in European hubs Strength in strategic gateways to other regions


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Range (in € millions) Revenue Adjusted EBITDA Capital Expenditures €375 – 388 €162 – 172 €180 – 200 GUIDANCE FOR 2015


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APPENDIX


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CAGR(1) = 14% CAGR(1) = 18% Y/Y Growth 18% 19% 25% 23% 21% 19% 13% 16% 14% 13% 14% 13% 13% 13% 11% 7% 8% 9% 11% 15% 15% 14% 13% Big 4 % (2) 60% 60% 60% 58% 60% 60% 59% 62% 61% 62% 62% 62% 63% 63% 62% 63% 63% 62% 63% 63% 63% 63% 65% Adjusted EBITDA Margin (3) 36% 39% 38% 38% 38% 39% 40% 42% 42% 41% 41% 43% 43% 43% 43% 43% 43% 43% 43% 43% 44% 44% 45% TRACK RECORD OF EXCECUTION 36 Consecutive Quarters of Organic Revenue and Adjusted EBITDA Growth CAGR calculated as 3Q15 vs. 1Q10. Big 4 % defined as percentage of total revenue from France, Germany, Netherlands, and UK reporting segment. Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Revenue.


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Data Centre Recurring Revenue Development Space Installed ARPU increases over time as IT workloads increase: Customers initially contract for space and modest power reservation(1) As workloads increase, larger power reservation fees are required and energy consumption increases Power Reservation & Energy Consumption Customer ARPU Development Revenue grows from space, power reservation, and energy consumption over time As data centres fill with customers: Revenue mix initially tilted toward space As space becomes more fully utilised, revenue growth from power reservation and energy consumption can continue ILLUSTRATIVE ARPU DEVELOPMENT Revenue Develops Over Time as Power Reservation and Energy Consumption Increase Power Reservation is the fee for infrastructure power (cooling, power distribution, etc.).


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€ in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY FY                         Recurring revenue 71.0 72.2 73.7 74.4 75.9 78.7 80.9 83.7 87.1 90.3 92.8 291.3 319.2 Non-recurring revenue 3.4 4.3 4.3 3.7 4.7 4.9 5.6 6.2 5.4 5.2 5.2 15.8 21.4 Total revenue 74.4 76.5 78.1 78.2 80.6 83.6 86.4 89.9 92.5 95.4 98.0 307.1 340.6 Gross profit 44.8 45.2 46.2 46.8 48.0 49.6 50.9 53.0 56.2 57.8 59.5 183.0 201.6 Gross profit margin 60.2% 59.1% 59.2% 59.9% 59.6% 59.4% 58.9% 58.9% 60.8% 60.5% 60.7% 59.6% 59.2% Adj EBITDA 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 43.7 131.8 146.4 Adj EBITDA Margin 42.6% 42.8% 43.1% 43.2% 42.9% 42.9% 43.1% 43.0% 43.9% 44.0% 44.6% 42.9% 43.0% Net profit / (loss) 7.0 6.6 (16.5)(1) 9.8 10.4 8.3 9.0 7.4 4.4(2) 21.6(2) 10.4(3) 6.8(1) 35.1 CapEx paid 32.8 28.8 26.5 55.3 57.0 54.4 57.0 47.8 67.6 47.8 35.3 143.4 216.3 Expansion/upgrade 28.8 27.1 25.0 52.8 52.7 51.0 51.2 43.7 64.2 44.3 30.4 133.6 198.7 Maintenance & other 2.1 1.5 1.0 2.0 3.7 2.6 5.0 2.9 1.1 2.6 3.0 6.7 14.3 Intangibles 1.9 0.2 0.5 0.5 0.6 0.8 0.8 1.2 2.3 0.9 1.9 3.1 3.3 Cash generated from operations 23.6 24.1 32.0 23.0 34.3 26.9 33.6 40.5 34.2(2) 54.1(2) 43.7(2) 102.7 135.4 Gross PP&E 870.0 900.0 933.5 987.2 1,045.4 1,105.8 1,183.1 1,235.6 1,308.8 1,350.2 1,375.6 987.2 1,235.6 Gross intangible assets 23.5 23.7 24.3 24.9 25.5 26.5 27.5 28.0 30.5 33.6 35.1 24.9 28.0 LTM Cash ROGIC 13% 13% 14% 13% 13% 12% 12% 11% 12% 12% 12% 13% 11% HISTORICAL FINANCIAL RESULTS The Company’s growth has been 100% organic; hence, gross goodwill is zero for all periods. Includes €31 million in one-time charges related to debt refinancing; see Adjusted Net Profit reconciliation elsewhere in this Appendix. Includes €6.9 million, €3.9 million and, €0.5 million of M&A transaction cost in 1Q15, 2Q15 and 3Q15, respectively; also includes € 20.9 million M&A transaction break fee income in 2Q15. Includes gain on sale of financial asset.


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€ in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY FY                           BIG 4 Recurring revenue 44.4 45.2 46.1 46.5 47.6 49.3 51.0 52.7 55.0 57.3 59.5 182.2 200.6 Non-recurring revenue 2.1 3.1 2.7 2.4 3.1 2.9 3.9 3.7 3.6 3.0 3.8 10.3 13.6 Total revenue 46.6 48.3 48.8 48.9 50.8 52.2 54.9 56.4 58.6 60.3 63.2 192.5 214.2 Gross profit margin 63.2% 62.1% 62.1% 63.1% 61.8% 61.2% 60.5% 60.1% 62.0% 62.6% 62.3% 62.6% 60.9% Adj EBITDA 25.2 26.0 26.6 26.6 27.3 27.9 29.2 29.0 31.4 33.2 34.9 104.4 113.4 Adj EBITDA margin 54.0% 54.0% 54.5% 54.4% 53.8% 53.4% 53.3% 51.4% 53.5% 55.1% 55.2% 54.2% 52.9% REST OF EUROPE Recurring revenue 26.5 27.0 27.7 27.9 28.2 29.4 29.9 31.0 32.1 33.0 33.3 109.1 118.6 Non-recurring revenue 1.3 1.3 1.6 1.4 1.6 2.0 1.7 2.5 1.8 2.2 1.5 5.5 7.8 Total revenue 27.8 28.3 29.3 29.3 29.8 31.4 31.6 33.5 33.9 35.1 34.8 114.7 126.4 Gross profit margin 61.3% 61.4% 60.6% 61.4% 62.2% 62.3% 61.5% 62.3% 64.6% 63.6% 64.3% 61.2% 62.1% Adj EBITDA 14.5 14.7 14.9 15.0 15.8 16.6 16.8 18.1 19.0 19.3 19.8 59.1 67.3 Adj EBITDA margin 52.0% 52.1% 51.0% 51.1% 52.9% 52.9% 53.1% 53.9% 56.0% 55.1% 56.9% 51.5% 53.2% CORPORATE & OTHER Adj EBITDA (8.0) (8.0) (7.8) (7.8) (8.5) (8.7) (8.7) (8.4) (9.7) (10.6) (11.0) (31.6) (34.3) HISTORICAL SEGMENT FINANCIAL RESULTS


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Space figures in square metres(1) Recurring ARPU in € Customer Available Power in MW(1) 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q                     Equipped space 78,100 78,900 79,300 80,100 82,900 86,000 88,600 93,500 94,800 98,300 100,200 Equipped space added 4,100 800 400 800 2,800 3,100 2,600 4,900 1,300 3,500 1,900 Revenue generating space 57,000 58,200 59,100 59,700 61,400 64,300 68,500 71,000 74,000 77,100 78,000 RGS added 800 1,200 900 600 1,700 2,900 4,200 2,500 3,000 3,100 900 Recurring ARPU(2) 418 418 419 418 418 418 406 400 400 398 399 Utilisation (%)(3) 73% 74% 75% 75% 74% 75% 77% 76% 78% 78% 78% Equipped customer power 79 81 81 82 86 90 96 99 109 114 116 Maximum equippable customer power 108 113 114 127 139 139 145 145 153 154 177 Data centres in operation 33 34 34 34 36 37 38 40 39 40 40 HISTORICAL OPERATING METRICS All figures at the end of the period, except as noted. Maximum equippable customer power includes the announced maximum equippable customer power from current and announced data centres as at the date of each quarter’s respective report. Recurring ARPU: Monthly recurring revenue per square metre calculated as {reported recurring revenue in the quarter divided by 3} divided by {sum of prior and current quarter end reported revenue generating space divided by 2}. Utilisation as at the end of the reporting period.


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SCHEDULED EQUIPPED SPACE ADDITIONS Figures rounded to nearest net 100 sqm for each country unless otherwise noted. Future expansion additions based on announced schedule, which is subject to change; additions scheduled for the first half are noted in the second quarter and additions scheduled for the second half are noted in the fourth quarter. HIL1 space reduced in 1Q13 and exited in 1Q15; AMS2 scheduled for exit in 1Q16E. Space figures in square metres(1) 2013 2014 2015E(2) 2016E(2) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QE 1QE 2QE 3QE 4QE BIG 4 France 2,700 ‒ ‒ ‒   ‒ ‒ ‒ 600  ‒ ‒ 900 ‒ ‒ ‒ ‒ ‒ Germany 600  ‒ ‒ ‒    800 1,800  100 1,800  ‒  400 100 ‒ 1800 1,200 ‒ 2,400 Netherlands(3) (200)  ‒ ‒ ‒   1,100 1,000 1,500 1,300  700 1,300 ‒ ‒ (700) ‒ ‒ 2,600 UK 400  ‒ ‒ ‒    ‒  100  100 ‒  ‒ ‒ 100 ‒ ‒ ‒ ‒ ‒ Subtotal 3,500 ‒ ‒ ‒ 1,900 2,900 1,700 3,700 700 1,700 1,100 ‒ 1,100 1,200 ‒ 5,000 REST OF EUROPE Austria  ‒  ‒ 400 300    ‒  ‒  ‒ 1,300  600 600 ‒ 300 ‒ ‒ ‒ ‒ Belgium  ‒  ‒ ‒ ‒    300  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Denmark  ‒ 300 ‒ ‒    ‒  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 500 ‒ Ireland  ‒  ‒ ‒ ‒    ‒  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 1,200 Spain  600  ‒ ‒ ‒     ‒  ‒  ‒ ‒ ‒ ‒ 800 ‒ ‒ ‒ ‒ ‒ Sweden  ‒ 500 ‒ ‒   500  ‒ 900 ‒ ‒ 1,100 ‒ ‒ ‒ ‒ ‒ ‒ Switzerland  ‒  ‒ ‒ 500    ‒ 100  ‒ ‒ ‒ 100 ‒ ‒ ‒ ‒ ‒ ‒ Subtotal 600 800 400 800 800 100 900 1,300 600 1,800 800 300 ‒ ‒ 500 1,200 Total additional equipped space 4,100 800 400 800 2,800 3,100 2,600 4,900 1,300 3,500 1,900 300 1,100 1,200 500 6,200


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Reconciliation to Adjusted Net Profit   € in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q(1) 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY FY   Net profit / (Loss) – as reported 7.0 6.6 (16.5) 9.8 10.4 8.3 9.0 7.4 4.4 21.6 10.4 6.8 35.1 Add back + Refinancing charges  ‒  ‒ 31.0  ‒  ‒ 0.6 ‒  ‒  ‒ ‒ ‒ 31.0 0.6 + M&A transaction costs ‒ ‒ ‒ ‒ ‒ ‒ ‒ 0.3 6.9 3.9 0.5 ‒ 0.3 + Deferred tax asset adjustment  ‒  ‒ 0.6  ‒  ‒  ‒ ‒  ‒  ‒ ‒ ‒ 0.6 ‒ + NL Crisis Wage Tax  ‒  ‒  ‒ 0.4  ‒  ‒  ‒ ‒  ‒ ‒ ‒ 0.4 ‒  ‒  ‒ 31.6 0.4  ‒ 0.6 ‒ 0.3 6.9 3.9 0.5 32.0 0.9 Reverse - M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ ‒ ‒ - Profit on sale of investment ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (2.3) - Adjustment to onerous leases  ‒  ‒ ‒ ‒ ‒ (0.8) ‒ ‒ (0.1) ‒ (0.1) ‒ (0.8) - Interest capitalised (0.7) (0.3) (0.3) (0.4) (0.8) (0.8) (1.3) (0.6) (0.9) (0.7) (0.4) (1.7) (3.6)   (0.7) (0.3) (0.3) (0.4) (0.8) (1.6) (1.3) (0.6) (1.0) (21.6) (2.8) (1.7) (4.4) Tax effect of above add backs & reversals 0.2 0.1 (7.7)  ‒ 0.2 0.3 0.3 0.2 (1.4) 4.4 0.6 (7.6) 0.9 Adjusted net profit   6.5 6.4 7.1 9.8 9.8 7.6 8.0 7.2 8.9 8.3 8.7 29.5 32.5 Reported Basic EPS (€) 0.10 0.10 (0.24) 0.14 0.15 0.12 0.13 0.11 0.06 0.31 0.15 0.10 0.51 Reported Diluted EPS (€) 0.10 0.10 (0.24) 0.14 0.15 0.12 0.13 0.11 0.06 0.31 0.15 0.10 0.50 Adjusted Basic EPS (€) 0.10 0.09 0.10 0.14 0.14 0.11 0.12 0.10 0.13 0.12 0.12 0.43 0.47 Adjusted Diluted EPS (€) 0.09 0.09 0.10 0.14 0.14 0.11 0.11 0.10 0.13 0.12 0.12 0.43 0.46 ADJUSTED NET PROFIT RECONCILIATION With effect from Q4 2013, the company changed the estimated lives of certain data centre assets categories and applied this change on a prospective basis. In Q4 2013, the impact of the change had a €1.3 million after tax positive effect.


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Reconciliation to Adjusted EBITDA                 € in millions (except as noted) 2010 2011 2012 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Q2 3Q 4Q 1Q 2Q 3Q                           Net profit / (loss) (4.7) 4.0 5.9 9.5 2.8 5.2 6.9 10.6 8.7 8.7 8.6 5.6 7.0 6.6 (16.5)(1) 9.8 10.4 8.3 9.0 7.4 4.4 21.6 10.4 Income tax expense / (benefit) 1.2 2.9 1.6 (3.2) 2.3 2.3 3.2 1.9 3.9 4.1 4.3 3.5 3.4 3.1 (4.1) 3.7 4.2 3.9 3.9 3.5 2.4 8.2 4.7 Profit / (loss) before taxation (3.5) 6.9 7.5 6.3 5.1 7.5 10.1 12.6 12.6 12.9 12.8 9.1 10.3 9.7 (20.6) 13.4 14.6 12.2 12.8 10.8 6.8 29.8 15.2 Net finance expense 13.5 4.8 5.1 6.1 6.6 6.0 5.3 5.0 4.4 3.9 3.8 5.7 6.5 7.3 38.1(1) 5.6 5.4 7.5 7.0 8.0 6.6 7.9 6.4 Operating profit 10.0 11.7 12.6 12.4   11.7 13.5 15.3 17.5   17.1 16.7 16.6 14.8 16.8 17.1 17.5 19.0 20.0 19.7 19.8 18.8 13.4 37.7 21.6 Depreciation, amortisation and impairments 7.2 7.5 7.8 8.6 8.5 9.6 9.1 8.4 9.7 10.2 11.0 13.1 14.0 14.9 15.2 13.5 14.0 14.9 16.0 17.3 18.2 19.6 20.3 EBITDA 17.2 19.2 20.4 21.0   20.3 23.1 24.4 25.9   26.7 27.0 27.6 27.8 30.8 32.0 32.7 32.5 34.0 34.6 35.9 36.2 31.6 57.3 41.8 Share-based payments 0.3 0.4 0.4 0.6 0.3 0.3 0.7 1.3 0.7 0.9 1.2 2.6 1.0 0.8 1.1 1.3 0.6 2.1 1.5 2.3 2.2 1.8 1.7 Increase/(decrease) in provision for onerous lease contracts 0.1 0.1 0.1 (0.1) 0.0 ‒ ‒ ‒ ‒ ‒ ‒ 0.8 ‒ ‒ ‒ ‒ ‒ (0.8) ‒ ‒ (0.1) ‒ (0.1) IPO transaction costs ‒ ‒ ‒ ‒ 1.7 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ M&A transaction costs ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 0.3 6.9 3.9 0.5 Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted EBITDA 17.4 19.6 20.8 21.4   22.2 23.3 25.0 27.1   27.3 27.8 28.7 31.2 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 43.7 Includes €31 million in one-time charges related to debt refinancing; see Adjusted Net Profit reconciliation elsewhere in this Appendix. NON-IFRS RECONCILIATIONS


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Reconciliation to Segment Adjusted EBITDA € in millions 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q           BIG 4         Operating profit 15.9 16.3 16.7 17.6 18.3 18.7 18.4 17.6 19.5 20.3 21.7 Depreciation, amortisation and impairments 9.1 9.8 9.8 8.7 8.9 9.5 10.5 11.2 11.7 12.5 13.1 EBITDA 25.0 26.1 26.5 26.3 27.2 28.3 28.9 28.7 31.2 32.9 34.8 Share-based payments 0.3 0.0 0.2 0.3 0.2 0.5 0.3 0.4 0.3 0.5 0.4 Increase/(decrease) in provision for onerous lease contracts ‒ ‒ ‒ ‒ ‒ (0.8) ‒ ‒ (0.1) ‒ (0.1) Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted EBITDA 25.2 26.0 26.6 26.6 27.3 27.9 29.2 29.0 31.4 33.2 34.9   ROE Operating profit 10.2 10.2 10.2 10.8 11.5 11.8 11.9 12.6 13.3 13.2 13.5 Depreciation, amortisation and impairments 4.2 4.4 4.6 4.0 4.3 4.5 4.6 5.1 5.4 5.9 6.1 EBITDA 14.4 14.7 14.8 14.9 15.7 16.3 16.5 17.8 18.8 19.1 19.6 Share-based payments 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 0.2 0.2 0.2 Adjusted EBITDA 14.5 14.7 14.9 15.0 15.8 16.6 16.8 18.1 19.0 19.3 19.8   CORPORATE & OTHER Operating profit/(loss) (9.3) (9.5) (9.5) (9.4) (9.8) (10.9) (10.4) (11.4) (19.4) 4.2 (13.6) Depreciation, amortisation and impairments 0.7 0.7 0.8 0.8 0.8 0.8 0.9 1.0 1.1 1.1 1.1 EBITDA (8.6) (8.8) (8.6) (8.7) (9.0) (10.0) (9.6) (10.4) (18.3) 5.3 (12.5) Share-based payments 0.6 0.7 0.8 0.9 0.4 1.4 0.8 1.7 1.7 1.1 1.1 M&A transaction costs ‒ ‒ ‒ ‒ ‒ ‒ ‒ 0.3 6.9 3.9 0.5 M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ Adjusted EBITDA (8.0) (8.0) (7.8) (7.8) (8.5) (8.7) (8.7) (8.4) (9.7) (10.6) (11.0)           NON-IFRS RECONCILIATIONS


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Adjusted EBITDA: EBITDA is defined as operating profit plus depreciation, amortisation and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based payments, M&A transaction costs, increase/decrease in provision for onerous lease contracts, M&A transaction break fee income, income from sub-leases of unused data centre sites, and other historical adjustments (e.g., Dutch Crisis wage tax, IPO transaction costs). Adjusted diluted earnings per share: Adjusted diluted earnings per share amounts are determined on Adjusted net profit Adjusted net profit: Adjusted net profit is defined as Net profit excluding the impact of refinancing charges, M&A transaction costs, M&A transaction break fee income, profit on sale of financial asset, increase / decrease in the provision for onerous lease contracts, interest capitalised, the related corporate income tax effect with respect to the foregoing items, and other historical adjustments (e.g., Dutch Crisis wage tax, IPO transaction costs). Big 4: France, Germany, the Netherlands, and the UK CAGR: Compound Annual Growth Rate Capital expenditures including intangible assets: represent payments to acquire property, plant & equipment and intangible assets as recorded on our consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets“, respectively. Investments in intangibles assets include power grid rights and software development Cash ROGIC: Cash Return on Gross Invested Capital (Cash ROGIC) defined as (Adjusted EBITDA less maintenance and other capex) divided by {Average of opening and closing (gross PP&E plus gross intangible assets plus gross goodwill)} Corporate and Other: Unallocated items comprised of mainly general and administrative expenses, assets and liabilities associated with our headquarters operations, provisions for onerous contracts (relating to the discounted amount of future losses expected to be incurred in respect of unused data centre sites over the term of the relevant leases) and revenue and expenses related to those onerous contracts, loans and borrowings and related expenses and income tax assets and liabilities CDNs: Content Distribution Networks Churn: contracted Monthly Recurring Revenue which came to an end during the month as a percentage of the total contracted Monthly Recurring Revenue at the beginning of the month Customer Available Power: the current installed electrical customer capacity. Equipped Space: the amount of data centre space that, on the relevant date, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure IAAS: Infrastructure as a Service LTM: Last Twelve Months ended 30 September 2015, unless otherwise noted MW: Megawatts PAAS: Platform as a Service SAAS: Software as a Service SQM: Square metres Recurring ARPU: Monthly recurring revenue per square metre calculated as {reported recurring revenue in the quarter divided by 3} divided by {sum of prior and current quarter end reported revenue generating space divided by 2} Recurring Revenue: revenue that is incurred from colocation and associated power charges, office space, amortised set-up fees and certain recurring managed services (but excluding any ad hoc managed services) provided by us directly or through third parties. Rents received for the sublease of unused sites are excluded Rest of Europe / ROE: Austria, Belgium, Denmark, Ireland, Spain, Sweden, and Switzerland Revenue Generating Space: the amount of Equipped Space that is under contract and billed on the relevant date Utilisation Rate: on the relevant date, Revenue Generating Space as a percentage of Equipped Space. Some Equipped Space is not fully utilised due to customers' specific requirements regarding the layout of their equipment. In practice, therefore, Utilisation Rate does not reach 100% YTM: Yield to maturity Definitions


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Investor Relations Contact Jim Huseby VP - Investor Relations +1-813-644-9399 IR@interxion.com