EX-99.2 3 d584254dex992.htm EX-99.2 EX-99.2

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2Q 2018 Earnings Conference Call NYSE: INXN 2 August 2018 Exhibit 99.2 Exhibit 99.2


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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; performance under service level agreements; and delays in remediating the material weakness in internal control over financial reporting and/or making disclosure controls and procedure effective 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, such as Adjusted EBITDA, Recurring revenue, Adjusted net income and Adjusted diluted earnings per share. For definitions of these measures and a reconciliation of these measures to the nearest IFRS measure, please refer to the appendix and the tables attached to our 2Q18 press release. The non-IFRS measure Revenue growth on a constant currency basis is reconciled in the footnotes within this document. 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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Financial Execution Total revenue grew 15% Y/Y 16% Y/Y constant currency(1) Recurring revenue grew 16% Y/Y Adjusted EBITDA grew 17% Y/Y Adjusted EBITDA margin at 45.7% Capital expenditure of €120.5 million including intangibles Refinanced debt to increase financial flexibility Operational Execution Added 3,700 sqm of new equipped space Expanded DUB3, CPH2, STO5, VIE2, MRS2 and PAR7 Installed 2,100 sqm of revenue generating space Utilisation rate at 80% In 2Q 2018, announced capacity expansion: Over 11,000 sqm of new capacity, including AMS10, FRA14 and others Land acquisition in Amsterdam 2Q 2018 Performance Strong Growth Driven by Healthy Demand and Consistent Execution Constant currency revenue growth represents total revenue growth adjusted for +0.9% FX impact.


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2Q Revenue €138.8 million Grew 15% Y/Y and 4% Q/Q 2Q Recurring revenue €131.7 million Grew 16% Y/Y and 4% Q/Q 95% of total revenue 2Q Adjusted EBITDA €63.4 million Grew 17% Y/Y and 4% Q/Q 2Q Adjusted EBITDA margin 45.7% 2Q 2018 Financial Highlights Adjusted EBITDA & Margin (€ millions) 45.1% 45.7% Margin 45.0% Revenue (€ millions) Non- recurring revenue Recurring revenue 16% Recurring Revenue Growth and 17% Adjusted EBITDA Growth Y/Y in 2Q 2018 120.8 124.6 45.5% 129.9 45.5% 133.8 138.8


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Equipped space of 132,600 sqm(1) 3,700 sqm added in the quarter Revenue generating space of 106,200 sqm(1) 2,100 sqm installed in the quarter Utilisation rate of 80% 2Q 2018 Operational Highlights Equipped & Revenue Generating Space (1,000’s sqm) Available Equipped space Revenue generating space 81% 80% 81% Utilisation 82% 117.0 High Utilisation with Sustained Growth in Revenue Generating Space 118.9 81% Totals from January 1, 2018 include 2,300 sqm of equipped space and 1,300 sqm of revenue generating space from Interxion Science Park. Prior quarters exclude the impact of Interxion Science Park. 122.5 128.9 132.6


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Capacity Expansion Across Footprint Capacity additions completed in 2Q 2018: DUB3: ~1,200 sqm CPH2: ~900 sqm PAR7: ~500 sqm VIE2: ~400 sqm MRS2: ~400 sqm STO5: ~300 sqm New data centres announced in 2Q 2018: AMS10: ~6,800 sqm FRA14: ~4,600 sqm Expansions totaling over 38,000 sqm scheduled to open between in 2018 and 2019 Expands capacity by over 30% Solid pre-sales provide revenue visibility Note: Totals may not add due to rounding. As of 2 August 2018. 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. Market Data Centre Project Project CapEx (€ millions) Equipped Space (sqm) Schedule Project Opened(1) Amsterdam AMS8 Phases 3-6 63 5,300 0 4Q18 – 1Q19 Amsterdam AMS9 Phase 2 8 500 0 4Q18 Amsterdam AMS10 Phases 1-2 128 6,800 0 4Q19 – 1Q20 Copenhagen CPH2 Phases 3 – 5 18 1,500 900 2Q18 – 2Q19 Dublin DUB3 Phases 3-4 17 1,200 1,200 2Q18 Frankfurt FRA13 Phases 1-2 New Build 90 4,900 0 4Q18-1Q19 Frankfurt FRA14 Phases 1-2 New Build 76 4,600 0 3Q19-4Q19 London LON3 New Build 35 1,800 0 3Q18 – 4Q18 Madrid MAD3 New Build 44 2,500 0 2Q19 Marseille MRS2 Phases 2 – 3 47 2,600 400 2Q18 – 2Q19 Paris PAR7.2 Phase B (cont.)-C 47 2,500 500 2Q18 - 1Q19 Stockholm STO5 Phases 2 – 3 19 1,200 400 1Q18 – 1Q19 Vienna VIE2 Phases 7 - 9 94 4,300 1,000 4Q17 – 4Q20


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33% 35% 32% Communities of Interest Deliver Significant Customer Value Connectivity Platforms Enterprises


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Financial Highlights Richard Rowson – Interim Chief Financial Officer


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Revenue grew 15% Y/Y and 4% Q/Q Revenue on a constant currency basis grew 16% Y/Y and 4% Q/Q GBP approximately 8% of 2Q 2018 total revenue Recurring ARPU was €418 Gross profit grew 17% Y/Y and 5% Q/Q Gross profit margins were 61.3% Adjusted EBITDA grew 17% Y/Y and 4% Q/Q Adjusted EBITDA margins were 45.7%, up 70 bps Y/Y Net income and EPS (diluted) includes €11.2 million of one-off charges related to refinancing 2Q 2018 Results Recurring revenue, Non-recurring revenue, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and Adjusted earnings per share (diluted) are non-IFRS figures intended to adjust for certain items. Full definitions can be found in the “Definitions” section of this presentation. Reconciliations of net income to Adjusted EBITDA can be found in the financial tables later in the appendix of this presentation. Reconciliations of net income to Adjusted net income can be found in the tables attached to our 2Q18 press release. Net income and EPS figures for 2Q 2017 have been restated. For further details, see Note 2 and Note 29 of our audited consolidated financial statements in the 2017 annual report (Form 20-F) and Note 12 of the Interim Report for the three month and six month periods ended 30 June 2018. € millions (except per share amounts) 2Q 2017 1Q 2018 2Q 2018 2Q 2018 vs. 2Q 2017 2Q 2018 vs. 1Q 2018 Recurring revenue(1) 113.4 127.0 131.7 16% 4% Non-recurring revenue(1) 7.4 6.9 7.1 (4%) 4% Revenue 120.8 133.8 138.8 15% 4% Gross profit 72.9 81.1 85.1 17% 5% Gross profit margin 60.3% 60.6% 61.3% 100 bps 70 bps Adjusted EBITDA(1) 54.3 60.9 63.4 17% 4% Adjusted EBITDA(1) margin 45.0% 45.5% 45.7% 70 bps 20 bps Net income(2) 9.7 11.7 0.6 (94%) (95%) EPS (diluted)(2) €0.13 €0.16 €0.01 (94%) (95%) Adjusted net income(1) 9.4 11.9 8.9 (6%) (26%) Adjusted EPS (diluted)(1) €0.13 €0.17 €0.12 (6%) (26%)


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2Q 2018 Reporting Segment Analysis Revenue grew 13% Y/Y, 3% Q/Q 15% Y/Y and 3% Q/Q constant currency Recurring revenue grew 13% Y/Y, 2% Q/Q Adjusted EBITDA grew 13% Y/Y, down 1% Q/Q Strength in Austria, Ireland and Sweden Note: This analysis excludes “Corporate & Other” segment. Totals may not add due to rounding. Big 4: Constant currency revenue growth Y/Y represents total revenue growth adjusted for + 0.3% FX impact. Constant currency revenue growth Q/Q represents total revenue growth adjusted for (0.1%) FX impact. ROE: Constant currency revenue growth Y/Y represents total revenue growth adjusted for: + 2.1% FX impact. Constant currency revenue growth Q/Q represents total revenue growth adjusted for 0.4% FX impact. Revenue grew 16% Y/Y, 4% Q/Q 16% Y/Y and 4% Q/Q constant currency Recurring revenue grew 18% Y/Y, 5% Q/Q Adjusted EBITDA grew 19% Y/Y, 7% Q/Q Strength in Germany and France Revenue Adjusted EBITDA Adjusted EBITDA margin (€ millions) 54.7% 53.7% 56.2% 57.3% 59.1% 58.8% France, Germany, Netherlands & UK 54.6% 60.0% 56.2% 57.4% Rest of Europe (1) (2) 18% Recurring Revenue and 19% Adjusted EBITDA Y/Y Growth in Big 4


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Disciplined Investments(1) 82% 81% 81% Utilisation 81% Increasing Capital Expenditures in Response to Demand 69% of capex invested in Big 4 91% of capex invested in discretionary expansion projects Maintenance capex was 3% of total revenue Other capex was 3% of total revenue Inclusive of Intangibles. Totals may not add due to rounding. 80%


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5.1% blended cost of debt 2Q 2018 LTM Cash ROGIC 10% Leverage: 4.6x gross leverage(2) 4.0x net leverage(3) Financing during 2Q 2018: Issued €1,000 million of unsecured 4.75% Senior Notes due 2025 Redeemed €625 million of 6.0% Senior Secured Notes Put in place new €200 million unsecured RCF which was undrawn as of 30 June 2018 Repaid €250 million of secured RCFs Strong Balance Sheet Total Borrowings = 4.75% Senior Notes due 2025 (2017: 6.00% Senior Secured Notes due 2020), shown after deducting underwriting discounts and commissions, offering fees and expenses + Mortgages + Financial Leases + Revolving facilities borrowings + Other Borrowings – Revolving facility deferred financing costs. Gross Leverage Ratio =  (4.75% Senior Notes due 2025 (2017: 6.00% Senior Secured Notes due 2020) at face value + Mortgages + Financial Leases + Revolving facilities borrowings + Other Borrowings)  /  LTM Adjusted EBITDA. Net Leverage Ratio = (4.75% Senior Notes due 2025 (2017: 6.00% Senior Secured Notes due 2020) at face value + Mortgages + Financial Leases + Revolving facilities balance + Other Borrowings – Cash & Cash Equivalents)  /  LTM Adjusted EBITDA. € millions 30-Jun-18 31-Dec-17 Cash & Cash Equivalents 133.6 38.5 Total Borrowings(1) 1,079.8 832.6 Shareholders Equity 614.0 596.7 Gross Leverage Ratio(2) 4.6x 3.8x Net Leverage Ratio(3) 4.0x 3.6x Increased Liquidity with Improved Terms and Enhanced Flexibility


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37 fully built-out data centres(1)(2) Space fully equipped Some power upgrades yet to come As of 1 January 2017 91,400 sqm of equipped space 83% utilisation 9% LTM constant currency recurring revenue growth 23% annual cash return Disciplined Investments Drive Strong Returns Q2 2018 LTM Returns (€ millions) Attractive Cash Returns from Fully Built-Out Data Centres(1) Fully Built-Out Data Centre: a data centre for which materially all equippable space is equipped as at 1 January 2017. However, note, future power upgrades can further increase the capacity of a fully built out data centre. 37 Fully Built-Out Data Centres as of 1 January 2017: AMS1, AMS3, AMS4, AMS5, AMS6, AMS7, BRU1, CPH1, DUB1, DUB2, FRA1, FRA2, FRA3, FRA4, FRA5, FRA6, FRA7, FRA8, FRA9, FRA10, DUS1, DUS2, LON1, LON2, MAD1, MAD2, PAR1, PAR2, PAR3, PAR4, PAR5, PAR6, STO1, STO2, STO3, STO4 and VIE1. Represents total cumulative investments in Data Centre Assets, including freehold land and buildings, infrastructure and equipment and Intangible assets including goodwill, as of 30 June 2018.


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Business Commentary Outlook & Concluding Remarks David Ruberg – Chief Executive Officer


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Substantial Opportunity Ahead Adoption Time Enterprises Platforms Connectivity Hybrid Cloud Data Explosion Cloud Migration & Digital Transformation Global Cloud & Content Delivery Data Traffic Growth


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Evolution of Enterprise IT Architecture Old World: Fixed & On Premise → New World: Mobile & Cloud (+ SD-WAN & IoT) Old World: Fixed & On Premise New World: Mobile & Cloud (+ IoT) Secure Perimeter Internet Customers Enterprise Data Centre HQ Office Employees Branch Office Branch Office Branch Office Employees Employees Employees Enterprise Data Centre IoT Interconnection Hub WAN SaaS Platform Customers Employees Mobile Internet PaaS/ IaaS Platform Employees Employees


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Guidance for 2018 Revenue €553m – €569m Adjusted EBITDA(1) €250m – €260m Capital Expenditures €365m – €390m Adjusted EBITDA is a non-IFRS figure intended to adjust for certain items. The definition of Adjusted EBITDA can be found on the “Definitions” section in this slide deck. Interxion does not provide an outlook for an IFRS profitability metric. Consequently, the company is unable to reconcile the outlook for Adjusted EBITDA.


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Questions & Answers


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Appendix


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A leading carrier & cloud neutral data centre operator across Europe Interxion Overview 50 Data Centres in Operation 13 Cities 11 Countries 700 Connectivity Providers 20+ Internet Exchanges 500+ Platform Providers 2,000+ Customers 700+ Employees


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Track Record Of Execution Note: Includes Interxion Science Park as of 24 Feb. 2017. CAGR calculated as 2017 vs 2010. Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Revenue. CAGR(1) = 13% CAGR(1) = 16% 38% 40% 42% 43% 43% 44% 45% 45% 45% 46% 21% 17% 13% 11% 11% 13% 9% 16% 17% 15% 47 Consecutive Quarters of Revenue and Adjusted EBITDA Growth YOY Growth 26% 23% 18% 15% 11% 17% 11% 16% 19% 17% Adjusted EBITDA Margin(2) YOY Growth


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Illustrative ARPU Development ARPU increases over time as IT workloads increase: Customers initially contract for space, connectivity and modest power reservation(1) As workloads increase, larger power reservation fees and cross-connects are required and energy consumption increases Revenue grows from space, cross-connects, 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 Power reservation is the fee for infrastructure power (cooling, power distribution, etc.). Customer ARPU Development Data Centre Recurring Revenue Development Power Reservation & Energy Consumption Cross-Connects Revenue Develops Over Time Driven by Power Reservation and Energy Consumption Space Installed


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Historical Financial Results Note: Figures rounded to nearest net € 0.1 Million. Totals may not add due to rounding. Includes €0.8 million, €0.6 million, €1.6 million, €1.6 million, €1.2 million, €1.0 million and €2.4 million of M&A transaction cost in 1Q17, 2Q17, 3Q17, 4Q17, 1Q18, 2Q18 and full year 2016 respectively. Quarterly and annual net income results for 2016 and 2017 are restated. For further details, see Note 2 and Note 29 of our audited consolidated financial statements in the 2017 annual report (Form 20F) and Note 12 of the Interim Report for the three months and six months period ended 30 June 2018). Includes €11.2 million of one-time charges related to termination of financing arrangements. Includes gain on sale of financial asset. € millions (except as noted) 2017 2018 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q FY FY Recurring revenue 108.3 113.4 117.4 123.4 127.0 131.7 400.0 462.5 Non-recurring revenue 5.7 7.4 7.3 6.5 6.9 7.1 21.8 26.8 Total revenue 113.9 120.8 124.6 129.9 133.8 138.8 421.8 489.3 Gross profit 69.9 72.9 75.0 81.0 81.1 85.1 259.2 298.8 Gross profit margin 61.3% 60.3% 60.2% 62.4% 60.6% 61.3% 61.5% 61.1% Adj EBITDA 51.3 54.3 56.2 59.1 60.9 63.4 190.9 221.0 Adj EBITDA margin 45.1% 45.0% 45.1% 45.5% 45.5% 45.7% 45.3% 45.2% Net income / (loss) 10.3(1) 9.7(1) 9.4(1) 9.7(1) 11.7(1) 0.6(1)(2) 38.3(1)(3) 39.1(1) CapEx paid 54.8 56.4 75.2 69.7 96.2 120.5 250.9 256.0 Expansion / upgrade 49.0 46.0 69.7 60.2 90.1 109.6 228.8 224.8 Maintenance & other 4.0 7.4 4.0 7.0 4.2 7.9 13.2 22.4 Intangibles 1.8 3.0 1.4 2.5 2.0 3.0 8.9 8.8 Cash generated from operations 63.0(1) 40.6(1) 55.2(1) 50.3(1) 58.1(1) 55.1(1) 183.4(1) 209.0(1) Gross PP&E 1.728.5 1,778.3 1,844.6 1,935.1 2,020.8 2,139.5 1,651.1 1,935.1 Gross intangible assets 113.3 114.8 114.9 117.0 119.7 122.5 42.3 117.0 Gross Goodwill 40.2 39.4 38.9 38.9 38.9 38.9 ‒ 38.9 LTM Cash ROGIC 11% 11% 11% 11% 10% 10% 11% 11%


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Historical Reporting Segment Financial Results Note: Figures rounded to nearest net € 0.1 Million. Totals may not add due to rounding. € millions (except as noted) 2017 2018 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q FY FY Big 4 Recurring revenue 70.0 74.2 76.6 81.6 83.5 87.3 256.0 302.3 Non-recurring revenue 3.4 4.7 4.3 3.9 4.5 4.2 13.8 16.3 Total revenue 73.4 78.9 80.8 85.6 87.9 91.5 269.8 318.6 Gross profit margin 61.9% 62.0% 61.0% 64.4% 61.1% 63.2% 62.6% 62.4% Adj EBITDA 40.2 43.1 43.4 48.1 48.0 51.4 148.2 174.8 Adj EBITDA margin 54.7% 54.7% 53.7% 56.2% 54.6% 56.2% 54.9% 54.9% Rest of Europe Recurring revenue 38.3 39.2 40.8 41.8 43.5 44.4 144.0 160.2 Non-recurring revenue 2.3 2.7 3.0 2.5 2.4 2.9 8.1 10.5 Total revenue 40.6 42.0 43.8 44.3 45.9 47.3 152.0 170.7 Gross profit margin 66.8% 65.2% 65.8% 66.7% 67.6% 65.0% 65.9% 66.1% Adj EBITDA 23.7 24.0 25.9 26.1 27.6 27.2 88.2 99.7 Adj EBITDA margin 58.3% 57.3% 59.1% 58.8% 60.0% 57.4% 58.0% 58.4% Corporate & Other Adj EBITDA (12.5) (12.8) (13.1) (15.1) (14.7) (15.1) (45.5) (53.5)


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Historical Operating Metrics(1) Interxion Science Park was acquired in February 2017. One data center added to “Data centres in operation” at 1Q 2017. Totals from 1Q 2018 include 2,300 sqm of equipped space and 1,300 sqm of revenue generating space from Interxion Science Park. 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 of the date of each quarter’s respective report. Utilisation as of the end of the reporting period. Space figures in square metres(2) Recurring ARPU in € Customer Power in MW(2) 2016 2017 2018 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equipped space 101,600 104,200 107,800 110,800 114,100 117,000 118,900 122,500 128,900 132,600 Equipped space added 400 2,600 3,600 3,000 3,300 2,900 1,900 3,600 4,000 3,700 Revenue generating space 80,400 81,600 84,100 87,200 89,800 95,000 97,100 99,800 104,100 106,200 RGS added 1,300 1,200 2,500 3,100 2,600 5,200 2,100 2,700 2,900 2,100 Recurring ARPU 406 409 402 403 405 403 401 411 412 418 Utilisation (%)(3) 79% 78% 78% 79% 79% 81% 82% 81% 81% 80% Equipped customer power 120 123 129 131 136 142 146 160 166 169 Maximum equippable customer power 178 178 187 187 195 203 223 225 241 276 Data centres in operation 41 42 42 44 45 45 48 49 50 50


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Scheduled Equipped Space Additions Figures rounded to nearest net 100 sqm for each country unless otherwise noted. Totals may not add due to rounding. Excludes acquisition of Interxion Science Park, which added approximately 2,300 sqm from 1Q 2017. Future expansion additions based on announced schedule, which is subject to change; additions scheduled for the first half of the year are noted in the second quarter and additions scheduled for the second half of the year are noted in the fourth quarter. AMS2 exited in 1Q 2016. Space figures in square metres(1) 2016 2017(2) 2018E(3) 2019E(3) 2020E 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE 1QE 2QE 3QE 4QE FYE Big 4 France ‒ ‒ 800 500 1,600 1,500 100 ‒ ‒ 900 300 ‒ 2,000 1,900 ‒ ‒ ‒ Germany 1,200 1,800 2,400 ‒ ‒ ‒ 1,100 2,400 2,400 ‒ ‒ 2,300 2,600 ‒ 2,400 2,200 ‒ Netherlands(4) (700) ‒ ‒ 1,500 1,300 ‒ ‒ ‒ ‒ ‒ ‒ 3,100 2,600 ‒ ‒ 2,700 4,100 UK ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 900 900 ‒ ‒ ‒ ‒ ‒ Subtotal 400 1,800 3,200 2,000 3,000 1,500 1,200 2,400 2,400 800 1,200 6,300 7,200 1,900 2,400 4,900 4,100 Rest of Europe Austria ‒ ‒ 300 ‒ ‒ 1,100 ‒ 300 400 400 ‒ 900 ‒ 700 1,000 ‒ 700 Belgium ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 1,100 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Denmark ‒ 500 ‒ ‒ 300 300 ‒ ‒ ‒ 900 ‒ ‒ ‒ 600 ‒ ‒ ‒ Ireland ‒ ‒ ‒ 1,200 ‒ ‒ ‒ ‒ ‒ 1,200 ‒ ‒ ‒ ‒ ‒ ‒ ‒ Spain ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 2,500 ‒ ‒ ‒ Sweden ‒ 200 ‒ ‒ 100 ‒ 300 200 100 300 ‒ ‒ 800 ‒ ‒ ‒ ‒ Switzerland ‒ ‒ ‒ ‒ ‒ ‒ 400 700 100 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Subtotal ‒ 700 300 1,200 400 1,400 700 1,200 1,700 2,800 ‒ 900 800 3,800 1,000 ‒ ‒ Total additional equipped space 400 2,600 3,600 3,000 3,300 2,900 1,900 3,600 4,000 3,700 1,200 7,200 8,000 5,700 3,400 4,900 4,800 16,200 sqm in 2018E 11,700 sqm in 2017 9,600 sqm in 2016 22,000 sqm in 2019E


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Space Analysis by Country Note: Figures rounded to nearest net 100 sqm for each country unless otherwise noted. Totals may not add due to rounding. As of 30 June 2018. Expansions announced after the end of the quarter are excluded. Maximum Equippable Space (incl DC’s under construction) = Equipped Space + Under Construction Space + Unequipped Space. Future expansion additions based on announced schedules only, which is subject to change; excludes expansions announced after the end of the period. Space figures in square metres Data Centres in Operation / under Construction Maximum Equippable Space in Country(1) (incl DC’s under construction) Equipped Space in Country Equipped Space Under Construction in Country(2) Unequipped Space Available for Development Big 4 France 9 33,000 24,300 4,200 4,500 Germany 16 39,600 30,100 9,500 0 Netherlands 9 45,100 25,100 12,500 7,500 UK 3 8,700 6,900 1,800 0 Subtotal 37 126,400 86,300 28,000 12,000 Rest of Europe Austria 2 13,300 10,000 3,300 0 Belgium 2 6,200 6,200 0 0 Denmark 2 6,400 5,800 600 0 Ireland 3 5,800 5,800 0 0 Spain 3 8,200 5,700 2,500 0 Sweden 5 7,300 5,800 800 700 Switzerland 1 7,100 7,000 0 0 Subtotal 18 54,300 46,300 7,200 700 Total 55 180,600 132,600 35,200 12,700


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Pan-European Data Centre Portfolio 18 Location Owned / Leased Build Out Status(1) Maximum Equippable Space (sqm)(2) Location Owned / Leased Build Out Status(1) Maximum Equippable Space (sqm)(2) Big 4 France Netherlands MRS1 Owned Expanding 6,400 AMS1 Leased Fully 600 MRS2 Leased Expanding 4,500 AMS3 Owned Fully 3,000 PAR1 Leased Fully 1,400 AMS4 Leased Fully NM (4) PAR2 Leased Fully 2,900 AMS5 Leased Fully 4,300 PAR3 Owned Fully 1,900 AMS6 Owned Fully 4,400 PAR4 Leased Fully 1,300 AMS7 Finance Lease(3) Fully 7,600 PAR5 Owned Fully 4,000 AMS8 Finance Lease Expanding 7,900 AMS9 Owned Expanding 2,800 AMS10 Owned Under Construction 14,400 PAR6 Leased Fully 1,300 UK PAR7 Finance Lease (3) Expanding 9,300 LON1 Leased Fully 5,400 LON2 Leased Fully 1,500 LON3 Leased Under Construction 1,800 Germany DUS1 Leased Fully 3,300 FRA7 Leased Fully 1,500 DUS2 Leased Fully 1,200 FRA8 Owned Fully 3,700 FRA1 Leased Fully 500 FRA9 Leased Fully 800 FRA2 Leased Fully 1,100 FRA10 Owned Fully 4,800 FRA3 Leased Fully 2,200 FRA11 Owned Expanding 4,800 FRA4 Leased Fully 1,400 FRA12 Leased Expanding 1,100 FRA5 Leased Fully 1,700 FRA13 Owned Under Construction 4,900 FRA6 Leased Fully 2,200 FRA14 Owned Under Construction 4,600 ROE Austria   Spain       VIE1 Owned Fully 4,700 MAD1 Leased Fully 4,000 VIE2 Owned Expanding 8,500 MAD2 Leased Fully 1,700 MAD3 Owned Under Construction 2,500 Belgium     Sweden     BRU1 Owned Fully 5,100 STO1 Leased Fully 1,900 BRU2 Leased Expanding 1,100 STO2 Leased Fully 1,200 Denmark     STO3 Leased Fully 900 CPH1 Leased Fully 3,700 STO4 Leased Fully 1,100 CPH2 Owned Expanding 2,600 STO5 Leased Expanding 2,200 Ireland     Switzerland     DUB1 Leased Fully 1,100 ZUR1 Leased Expanding 7,100 DUB2 Leased Fully 2,300 DUB3 Owned Expanding 2,300 Total 180,600 Note: Totals may not add due to rounding. (1) Built Out Status as of 1 January 2017, consistent with slide 14. (2) As of 30 June 2018. (3) Purchase options have been exercised, though not yet closed. (4) Maximum equippable space for AMS4 is included in the maximum equippable space of AMS1. Totals: # sqm %         Owned 18 85,500 47% Finance Lease 3 24,800 14% Operating Lease 34 70,400 39% Total 55 180,600 100%


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Non-IFRS Reconciliation Note: Figures rounded to nearest net € 0.1 million. Totals may not add due to rounding. Net income and share-based payments for 2014, 2015, 2016 and 2017 are restated. For further details, see Note 2 and Note 29 of our audited consolidated financial statements in the 2017 annual report (Form 20F) and Note 12 of the Interim Report for the three month and six month periods ended 30 June 2018. Includes € 31.0 million in one time charges related to debt refinancing. Includes €11.2 million of one-time charges related to termination of financing arrangements. € millions (except as noted) 2010 2011 2012 2013 2014 2015 2016 2017 2018 1Q 2Q 3Q 4Q 1Q 2Q Net income(1) 14.7 25.5 31.6 6.9(2) 34.4 46.7 38.3 10.3 9.7 9.4 9.7 11.7 0.6(3) Income tax expense / (benefit) 2.5 9.7 15.8 6.1 15.5 17.9 16.4 3.3 3.7 4.1 3.7 3.8 2.8 Profit / (loss) before taxation 17.2 35.2 47.4 13.0 49.9 64.6 54.7 13.6 13.4 13.5 13.4 15.5 3.4 Net finance expense 29.5 22.9 17.8 57.5(2) 27.9 29.0 36.3 10.3 10.9 10.8 12.3 11.4 22.9(3) Operating profit 46.7 58.1 65.2 70.5 77.8 93.6 91.0 23.8 24.3 24.4 25.8 26.9 26.3 Depreciation, amortisation and impairments 31.1 35.6 44.0 57.6 62.2 78.3 89.8 24.2 27.2 27.8 29.1 29.6 32.2 Share-based payments(1) 1.7 2.6 5.4 4.2 7.2 9.0 7.9 2.6 2.2 2.4 2.7 3.3 3.9 Increase/(decrease) in provision for onerous lease contracts 0.2 0.0 0.8 ‒ (0.8) (0.2) ‒ ‒ ‒ ‒ ‒ ‒ ‒ IPO transaction costs ‒ 1.7 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ (20.9) ‒ ‒ ‒ ‒ ‒ ‒ ‒ M&A transaction costs ‒ ‒ ‒ ‒ 0.3 11.9 2.4 0.8 0.6 1.6 1.6 1.2 1.0 Income from sub-leases on unused data centre sites (0.4) (0.4) (0.4) (0.3) (0.4) (0.4) (0.1) (0.0) ‒ ‒ (0.1) (0.1) ‒ Increase/(decrease) in provision for site restoration ‒ ‒ ‒ ‒ ‒ ‒ (0.2) ‒ ‒ ‒ ‒ ‒ ‒ Adjusted EBITDA 79.2 97.6 115.0 131.9 146.4 171.2 190.8 51.3 54.3 56.2 59.1 60.9 63.4


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Reconciliation to Segment Adjusted EBITDA Note: Figures rounded to nearest net € 0.1 million. Totals may not add due to rounding. Operating profit / (loss) and share based payments for 2017 are restated. For further details, see Note 2 and Note 29 of our audited consolidated financial statements in the 2017 annual report (Form 20F) and Note 12 of the Interim Report for the three month and six month periods ended 30 June 2018. € millions 2017 2018 1Q 2Q 3Q 4Q 1Q 2Q BIG 4 Operating profit 24.0 24.8 24.2 28.2 27.6 30.3 Depreciation, amortisation and impairments 15.9 18.1 18.8 19.9 20.1 20.8 Share-based payments 0.3 0.2 0.4 0.1 0.3 0.3 Income from sub-leases on unused data centre sites ‒ ‒ ‒ (0.1) (0.1) ‒ Adjusted EBITDA 40.2 43.1 43.4 48.1 48.0 51.4   ROE Operating profit 16.7 16.4 18.3 18.5 19.6 18.6 Depreciation, amortisation and impairments 7.0 7.4 7.5 7.5 7.7 8.2 Share-based payments (0.0) 0.2 0.1 0.1 0.2 0.3 Adjusted EBITDA 23.7 24.0 25.9 26.1 27.6 27.2   CORPORATE & OTHER Operating profit/(loss)(1) (16.9) (16.9) (18.1) (20.9) (20.4) (22.7) Depreciation, amortisation and impairments 1.3 1.7 1.5 1.6 1.7 3.2 Share-based payments(1) 2.3 1.8 1.9 2.5 2.8 3.4 M&A transaction costs 0.8 0.6 1.6 1.6 1.2 1.0 Adjusted EBITDA (12.5) (12.8) (13.1) (15.1) (14.7) (15.1)


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Adjusted EBITDA: We define Adjusted EBITDA as Operating Income adjusted for depreciation, amortisation and impairments, share-based payments, income or expense related to the evaluation and execution of potential mergers or acquisitions and adjustments related to terminated and unused data centre sites. In certain circumstances, we may also adjust for gains or losses that management believes are not representative of our current ongoing performance. Examples include: adjustments for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses (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: We define adjusted net profit as net profit adjusted to exclude income or expense related to the evaluation and execution of potential mergers or acquisitions, adjustments to provisions which are not reflective of our ongoing performance, and adjustments related to capitalised interest. In certain circumstances, we may also adjust for gains or losses that management believes are not representative of our current ongoing performance. Examples of this would include: adjusting for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses (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 generated from operations: net cash flows from operating activities, excluding interest and corporate income tax payments and receipts. 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)} Constant Currency: Measurements of the given metric that eliminate the effects of foreign currency rate fluctuations. To calculate this information, current and comparative prior period results for entities reporting in currencies other than Euro are converted into Euro using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods.  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 Definitions 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. Churn is calculated as a monthly average over the last 12 months. 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 LTM or Last Twelve Months: Twelve month period ended 30 June 2018, unless otherwise noted MW: Megawatts 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 incurred from colocation and associated power charges, office space, amortised set-up fees, cross-connects and certain recurring managed services (but excluding any ad hoc managed services) provided by us directly or through third parties, excluding rents received for the sublease of unused sites 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 SQM: Square metres 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


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Interxion Leadership David Ruberg, Chief Executive Officer Richard Rowson, Interim Chief Financial Officer Giuliano Di Vitantonio, Chief Marketing & Strategy Officer Jan-Pieter Anten, SVP, Human Resources Jaap Camman, SVP, Legal Adriaan Oosthoek, SVP, IT & Operations Support Sell-Side Analyst Coverage Bank of America Merrill Lynch, Michael Funk Barclays Capital, Amir Rozwadowski Citi, Mike Rollins Cowen, Colby Synesael Guggenheim, Rob Gutman Oppenheimer, Tim Horan Raymond James, Frank Louthan RBC Capital Markets, Jon Atkin Stifel, Erik Rasmussen Sun Trust Robinson Humphrey, Greg Miller Wells Fargo, Jennifer Fritzsche William Blair, Jim Breen Investor Relations Jim Huseby, VP, Investor Relations T: +1 813 644 9399 E: ir@interxion.com


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