2018 InterXion Holding N.V. Annual Report For the year ended December 31, 2018 Carrier and cloud-neutral data centers at the heart of the European economy Carrier and cloud-neutral data center services Interxion is a leading provider of carrier- and Cloud-neutral colocation data center services with 52 state of the art facilities across 13 cities in 11 European countries. Twenty years of experience allows us to deliver operational excellence across our footprint, while consistent designs facilitate our customers’ ability to easily scale their deployments across Europe. Our data center campuses are gateways to global connectivity networks and many submarine cables terminate in our data centers, increasingly from Asia, Africa and the Middle East. Our substantial reach across Europe provides our customers with access to approximately 80% of EU GDP. 02 / www.interxion.com Forward-Looking Statements This annual report contains forward-looking statements within These factors include, among other things: the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act ■ operating expenses cannot be easily reduced in the short of 1934, as amended, with respect to all statements other term; than statements of historical fact regarding our business, ■ inability to utilize the capacity of newly planned or acquired financial condition, results of operations and certain of our data centers and data center expansions; plans, objectives, assumptions, projections, expectations or beliefs with respect to these items and statements regarding ■ significant competition; other future events or prospects. These statements include, ■ cost and supply of electrical power; without limitation, those concerning: our strategy and our ability to achieve it; expectations regarding sales, profitability and ■ overcapacity in the data center industry; and growth; plans for the construction of new data centers; our ability to integrate new acquisitions; our possible or assumed ■ performance under service level agreements. future results of operations; research and development, capital These and other risks described under “Risk Factors” (page expenditure and investment plans; adequacy of capital; and 27), are not exhaustive. Other sections of this annual report financing plans. The words “aim”, “may”, “will”, “expect”, describe additional factors that could adversely affect our “anticipate”, “believe”, “future”, “continue”, “help”, “estimate”, business, financial condition or results of operations including “plan”, “schedule”, “intend”, “should”, “shall” or the negative or delays in remediating the material weakness in internal control other variations thereof, as well as other statements regarding over financial reporting and/or making disclosure controls and matters that are not historical fact, are or may constitute procedures effective. In addition, new risk factors may emerge forward-looking statements. from time to time, and it is not possible for us to predict all such risk factors, nor can we assess the impact of all such risk In addition, this annual report includes forward-looking factors to differ materially from those contained in any forward- statements relating to our potential exposure to various types looking statements. Given these risks and uncertainties, you of market risks, such as foreign exchange rate risk, interest should not place undue reliance on forward-looking statements rate risks and other risks related to financial assets and as a prediction of actual results. liabilities. We have based these forward-looking statements on our management’s current view of future events and financial All forward-looking statements included in this annual report performance. These views reflect the best judgment of our are based on information available to us at the date of this management but involve a number of risks and uncertainties annual report. We undertake no obligation to update publicly which could cause actual results to differ materially from those or revise any forward-looking statement, whether as a result predicted in our forward-looking statements and from past of new information, future events or otherwise, except as may results, performance or achievements. Although we believe be required by applicable law. All subsequent written and oral that the estimates reflected in the forward-looking statements forward-looking statements attributable to us or to persons are reasonable, those estimates may prove to be incorrect. acting on our behalf are expressly qualified in their entirety By their nature, forward-looking statements involve risk and by the cautionary statements contained throughout this uncertainty because they relate to events and depend on annual report. circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from these expressed or implied by these forward-looking statements. www.interxion.com / 03 IN THIS REPORT Operational review Report of the Non-executive Directors 07 Our 2018 performance at a glance 08 Information on the Company 33 Evaluation 10 Innovation and technical excellence 33 Independence Non-executive Directors 10 Our commitment to sustainability 33 Internal control function 10 Organisational structure 33 Board committees 12 Our people Consolidated financial statements Financial review 35 Consolidated income statements 15 Income statement highlights 35 Consolidated statements of comprehensive income 17 Balance sheet highlights 37 Consolidated statements of changes in shareholders’ 18 Cash flow highlights equity 38 Consolidated statements of cash flows Report of the Board of Directors 39 Notes to the 2018 Consolidated financial statements 21 Structure Company financial statements 21 Board of Directors 24 Directors’ Insurance and Indemnification 101 InterXion Holding N.V. Company financial statements 24 Executive Committee 102 Notes to the 2017 Company financial statements 24 General Meetings of Shareholders and voting rights 25 Compensation Other information 26 Shares beneficially owned 110 Independent auditor's report 26 Risk management 120 Appendix 27 Risk factors 29 Controls and procedures Find out more 30 Dutch Corporate Governance Code 31 Outlook for 2019 123 Our locations 123 Contact us 124 Definitions 04 / www.interxion.com www.interxion.com / 05 Operational review 06 / www.interxion.com OPERATIONAL REVIEW Our 2018 performance at a glance Interxion delivered strong financial and strategic progress in 2018. Revenue and Adjusted EBITDA1 each saw a strong uplift over 2017 accompanied by solid bookings growth across market segments. Our extensive expansion plans continued to be driven by customer demand, especially from our existing major cloud and digital media platform customers. Across all our data centers we seek to create vibrant communities of interest where our customers, including core connectivity providers cloud and digital media platforms, and enterprise customers can gain value from being colocated with one another. Alongside these efforts to foster communities, we seek to invest, expand capacity and deliver the highest- quality infrastructure suitable for high-density computing and advanced applications. This strategic and disciplined approach to investment has yielded strong growth rates and returns across the markets where we operate, and we expect these trends to continue. Interxion delivered strong financial and Technology continues to fundamentally change the way we live and work. Our data centers will remain central to the operational results for 2018. We remain digitization trends as locations where data is processed, in expansion mode in response to healthy gathered and transmitted around the world. High density of customer demand across our data connectivity is a key attribute in this context and our highly center footprint." connected data center campuses continue to attract customer deployments from a range of segments and across the David Ruberg spectrum of capacity requirements. Chief Executive Officer Customer focus has always been at the heart of everything we do. By understanding our customers’ requirements and how these are evolving, not only have we been able to differentiate our company and sustain its growth, but we have also been able to gain important customer insights, anticipate future Record of success directions and make the appropriate investments to expand Total Revenue Adjusted EBITDA our footprint. €600m €300m In response to healthy customer demand, we opened two new 561.8 data centers and expanded capacity in 9 of our 11 countries 257.8 €500m 489.3 €250m during the year, with the remaining 2 countries scheduled to 221.0 open new capacity in the first half of 2019. We also announced 421.8 190.9 additions to our equipped space capacity of over 28% €400m 386.6 €200m 171.3 through to the end of 2020. Of this new capacity, over 70% is 340.6 146.4 scheduled to open between mid-2019 and the end of the year. €300m €150m As 2019 gets underway, I would like to thank all our employees for their ongoing contributions and customer focus. Their €200m €100m dedication and commitment are fundamental to Interxion’s continuing success. €100m €50m David Ruberg, Chief Executive Officer May 27, 2019 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 1. Adjusted EBITDA is a non-IFRS measure. Refer to “Definitions” for a detailed explanation of this measure. Note 5 of the Consolidated Financial Statements shows a reconciliation from net income and operating income to Adjusted EBITDA. www.interxion.com / 07 OPERATIONAL REVIEW Selected Financial Data 2018 2017 2016 2015 2014 Recurring revenue 533.1 462.5 400.0 365.2 319.2 Non-recurring revenue 28.7 26.8 21.8 21.4 21.4 Revenue 561.8 489.3 421.8 386.6 340.6 Adjusted EBITDA 257.8 221.0 190.9 171.3 146.4 Adjusted EBITDA margin 45.9% 45.2% 45.3% 44.3% 43.0% Capital expenditures (including intangibles) 451.2 256.0 250.9 192.6 216.3 Cash generated from operations 251.0 209.0 183.4 169.4 135.4 Revenue-generating space 115.0 99.8 87.2 79.1 71.0 Equipped space 144.8 122.5 110.8 101.2 93.5 Utilisation rate 79% 81% 79% 78% 76% Financial figures are expressed as millions of euros; space figures in ‘000 sqm.