Michael Elias

Power noted customers increasingly foregoing renewal caps due to design changes; Sharp detailed HD colo supporting 150kW racks and AI additive to cloud demand.

Power views 5-15MW enterprise AI blocks as DLR's sweet spot, differentiating from private competitors who prefer single-customer single-building deals.

Power confirmed exploring power solutions across numerous markets, not just one site; Wright noted M&A strategy unchanged, looking at land, buildings, and companies.

Wright confirmed Charlotte on track; McLean noted enterprise pipeline is the largest on record with capacity bands seemingly creeping up.

Wright confirmed Teraco put/call window starts mid-2026, noting the business performs exceptionally well; Ascenty partnership with Brookfield is going well with strong enterprise progress.

Power expects DLR to maintain 200bp+ higher returns than competitors by picking spots and not chasing volume at the expense of returns.

CEO described power contracting confidence, equipment pre purchasing and contractor relationships but never gave the specific percentage of capacity backed by a signed utility agreement.

Adaire described best-fit line as up and to the right with Q1 already at 45% of target plus largest presales quarter ever. Keith emphasized demand-shaping across markets and continued investment in capacity.

Adaire confirmed mega-campus mixed-use approach and willingness to serve large bank footprints via xScale capacity if needed, with DORA regulation driving European financial services demand.

Keith noted pre-buy timing effects are marginal vs the scale of 5-year investment plan. Adaire detailed AI demand signals: distributed workloads, data sovereignty, secure interconnection, and neutrality.

Adaire confirmed presale activity occurring for further-out capacity without disclosing specific pre-leasing percentages for Q4 deliveries.

Capacity utilization satisfactory with maintained 20-25% wiggle room by design. Some lead time expansion in certain product lines but generally aligned with end-market expectations. Capacity increments driven by CapEx reflecting growth needs.

Capacity timeline ranges from 3-5 months for line reconfiguration to 9-15 months for building from scratch. Existing site expansions are fastest as systems and teams are already in place.

Confirmed higher voltage DC power distribution is in road maps. Leverages decades-long DC power technology. System complexity increasing as data centers become more self-sufficient in power generation.

Terrence noted wins span the full product set but not necessarily all products with each customer. Compete individually on each product set per customer architecture. Bigger growth driver is hyperscalers with custom TPUs and GPUs rather than semi players.