#1Cyxtera Q1 2023 Earnings Supplemental Data May 5, 2023 Cyxtera#2Disclaimer This presentation includes "forward-looking statements" within the meaning of the federal securities laws. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Cyxtera's control. Actual results and conditions (financial or otherwise) may differ materially from those indicated in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and conditions to differ materially from those indicated in the forward-looking statements, including, but not limited to, risks related to Cyxtera's material indebtedness with near term maturities; Cyxtera's ability to implement the balance sheet restructuring and other transactions contemplated in our recently signed Restructuring Support Agreement; Cyxtera's ability to refinance or renew its existing indebtedness on favorable terms or at all; Cyxtera's ability to access external sources of capital on favorable terms or at all, which could limit Cyxtera's ability to execute its business and growth strategies; Cyxtera's ability to maintain its credit ratings; increases in interest rates; fluctuations in energy prices; fluctuations in foreign currency exchange rates in the markets in which Cyxtera operates internationally; inflation; prolonged power outages, shortages or capacity constraints; physical and electronic security breaches and cyber-attacks, which could disrupt Cyxtera's operations; any failure of Cyxtera's physical infrastructure or negative impact on its ability to provide its services, or damage to customer infrastructure within its data centers; inadequate or inaccurate external and internal information, including budget and planning data, which could lead to inaccurate financial forecasts and inappropriate financial decisions; Cyxtera's fluctuating operating results; Cyxtera's government contracts, which are subject to early termination, audits, investigations, sanctions and penalties; Cyxtera's reliance on third parties to provide internet connectivity to its data centers; the incurrence of goodwill and other intangible asset impairment charges, such as Cyxtera's recent impairment of goodwill, or impairment charges to Cyxtera's property and equipment, which could result in a significant reduction to its earnings; the requirements of being a public company, including maintaining adequate internal controls over financial and management systems; Cyxtera's ability to manage its growth; volatility of the market price of Cyxtera's Class A common stock; future sales, or the perception of future sales, of Cyxtera Class A common stock by Cyxtera or its existing securityholders in the public market, which could cause the market price for Cyxtera's Class A common stock to decline; Cyxtera's ability to use its United States federal and state net operating losses to offset future United States federal and applicable state taxable income may be subject to certain limitations that could accelerate or permanently increase taxes owed; Cyxtera's ability to address the significant implementation and operational complexities required to complete a conversion to a REIT, including, without limitation, completing internal reorganizations and modifying accounting and information technology systems, and receiving any necessary stakeholder and other approvals; and risks related to the effects of the COVID-19 pandemic on Cyxtera's business or future results, including supply chain disruptions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the "Risk Factors" disclosed in Cyxtera's filings with the Securities and Exchange Commission ("SEC") from time to time. There may be additional risks that Cyxtera does not presently know or that it currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Cyxtera's expectations, plans or forecasts of future events and views as of the date of this presentation. Accordingly, you should not place undue reliance upon any such forward-looking statements in this presentation. Neither Cyxtera nor any of its affiliates assume any obligation to update this presentation, except as required by law. Statement Regarding Non-GAAP Financial Measures This presentation contains Transaction Adjusted EBITDA, which is a supplemental measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States ("GAAP”). Transaction Adjusted EBITDA represents the measure of EBITDA disclosed to Starboard Value Acquisition Corp. ("SVAC") in connection with its consideration of the business combination transaction between SVAC and Cyxtera. Cyxtera defines Transaction Adjusted EBITDA as net income (loss) before the following items: depreciation and amortization, interest and other expenses, net, income tax expense (benefit), equity-based compensation, stand-up separation & other, goodwill impairment, restructuring costs & other, straight- line rent adjustment, amortization of favorable / unfavorable leasehold interest & asset retirement obligation accretion, and change in fair value of warrant liabilities. As a Non-GAAP financial measure, Transaction Adjusted EBITDA excludes items that are significant in understanding and assessing Cyxtera's financial results or position. Therefore, this measure should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Cyxtera's presentation of this measure may not be comparable to similarly-titled measures used by other companies. You should review the reconciliation of the non-GAAP financial measures included in the appendix to this presentation to the most directly comparable GAAP financial measures as well as Cyxtera's unaudited financial statements included in its Quarterly Report on Form 10-Q filed with the SEC and not rely on any single financial measure to evaluate Cyxtera's business. Cyxtera 2#3Q1 2023 Financial and Business Summary Cyxtera ● Total revenue increased by $14.3 million, or 7.8%, to $196.7 million in the first quarter. Core revenue increased by $18.1 million, or 10.9%, to $184.0 million in the first quarter. Interconnection revenue accounted for 11.7% of total revenue for Q1 2023 and grew 9.3% year over year. ● ● Core Churn performance in Q1 of 0.8%, 20bps lower year over year. Q1 stabilized occupancy increased 260 bps year over year to 73.1%. Transaction Adjusted EBITDA increased by $4.7 million, or 8.0%, to $63.3 million in the first quarter. MRR per cabinet increased 4.3% sequentially and 14.9% year over year to $1,630 3#4Q1 2023 Financial Performance Revenue ($ in Millions) Cyxtera $182.4 $173.7 Q1'22 $184.1 $174.2 Q2'22 $186.6 Non-Recurring $178.1 Q3'22 Consecutive quarters of total revenue growth $192.9 $184.6 Q4'22 10 Recurring $196.7 $188.4 Q1'23 Transaction Adjusted EBITDA ($ in Millions) $58.6 Q1'22 $60.0 Q2'22 $58.5 Q3'22 YOY change in Transaction Adjusted EBITDA $61.8 Q4'22 8.0% $63.3 Q1'23#5Core Revenue & Churn Core Revenue ($ in Millions) Cyxtera $165.9 Q1'22 $168.8 Q2'22 +10.9% YoY $172.8 Q3'22 $179.6 Q4'22 Note: Figures exclude Revenue and Churn associated with Lumen as a customer $184.0 Q1'23 Monthly Core Churn (Core Churn % of Average Core MRR) 1.0% Q1'22 0.7% Q2'22 0.8% Q3'22 0.6% Q4'22 0.8% Q1'23 5#6Q1 2023 Occupancy 2023 YTD Stabilized Market Occupancy Bridge 74.9% Q4'22 Cyxtera -1.5% Stabilized (1) Markets -0.3% Lumen 73.1% Q1'23 (2) Stabilized Market Occupancy Trend 70.5% Q1'22 74.2% Q2'22 (1) Stabilized Markets are markets that have been in operation for more than 3 years or have an occupancy rate greater than 50%. Stabilized Markets excludes partner sites (2) Q1'23 Includes Amsterdam. Excluding Amsterdam, occupancy would be 74.0%, compared to Q4'22 of 74.9% All quarters prior to Q1'23 exclude Amsterdam as a stabilized market +2.6% YoY 73.7% Q3'22 74.9% Q4'22 73.1% Q1'23 6#7Q1 2023 Results Cyxtera ($ in Millions) Recurring Revenue Non-Recurring Revenue Total Revenue Cost of Revenue As a % of Revenue Gross Profit % Margin Total SG & A As a % of Revenue Other (1) EBITDA % Margin Transaction Adjustments Transaction Adjusted EBITDA (2) % Margin Rent (net of adjustments) Transaction Adjusted EBITDAR (³) % Margin Capital Expenditures As a % of Revenue Q1 '23 $188.4 8.3 $196.7 $103.8 52.8% $92.9 47.2% $42.1 21.4% $282.7 ($231.9) (117.9%) $295.2 $63.3 32.2% $15.4 $78.7 40.0% $26.4 13.4% Q1 '22 $173.7 8.7 $182.4 $98.0 53.7% $84.4 46.3% $31.3 17.1% ($10.5) $63.6 34.9% ($5.0) $58.6 32.1% $15.7 $74.3 40.7% $34.0 18.6% (1) Q1 23 includes $278.2M Goodwill Impairment and $4.5 in restructuring, impairment, site closures and related cost. Q1 22 includes $11.8M benefit related to change in fair value of derivative liabilities, offset by $1.3M in restructuring, impairment, site closures and related cost. (2) Earnings Before Interest, Taxes, Depreciation & Amortization (3) Earnings Before Interest, Taxes, Depreciation, Amortization & Rent YoY Change 8.5% -5.4% 7.8% 5.9% (97 bps) 10.1% 97 bps 34.8% 428 bps ΝΑ -464.8% (15,277 bps) 8.0% 5 bps 5.9% (73 bps) -22.2% (519 bps) 7#8Revenue Bridge: Q1 2022 to Q1 2023 ($ in Millions) 210 205 200 195 190 185 180 175 170 165 160 Cyxtera $182.4 Q1'22 +$20.4 Core Net Revenue -$2.4 FIX -$3.8 Lumen Net Revenue $196.7 Q1'23 8#9Exit MRR Bridge: YE 2022 to YTD 2023 ($ in Millions) 66 64 60 58 56 54 52 50 Cyxtera $58.7 Q4'22 Core MRR Increase +$1.4MM +$2.8 Core Installations -$1.4 Core Disconnects $0.0 Lumen Installs -$0.2 Lumen Net Disconnects $0.1 FX $60.1 Q1'23 9#10Cost of Revenue Bridge: Q1 2022 to Q1 2023 ($ in Millions) Cyxtera $98.0 Q1'22 $3.7 Utilities -$0.9 Rent -$1.7 Installation Costs $4.6 Other $103.8 Q1'23 10#11Transaction Adjusted EBITDA Bridge: Q1 2022 to Q1 2023 ($ in Millions) Cyxtera $58.6 Q1'22 +$14.3 Change in Revenue -$5.8 Change in Cost of Revenue -$10.9 Change in SG&A + $7.0 Change in Adjustments (1)(2) $63.3 Q1'23 (1) Includes pro forma EBITDA adjustments related to one-time stand-up costs, recurring expenses, restructuring & cost-savings initiatives, as well as product development & start-up costs (2) Excludes $278.2M Goodwill Impairment and $4.5 in restructuring, impairment, site closures and related cost in Q1'23 and excludes $11.8M benefit related to change in fair value of derivative liabilities, offset by $1.4M in restructuring, impairment, site closures and related cost. 11#12Capital Expenditures. Q1 2023 CapEx (1) ($ in Millions) 12.7% $24.9 Expansion Cyxtera 0.6% $1.1 Maintenance $-Amount % of Revenue 0.2% $0.4 Corporate (1) Cash CapEx was $33.5MM and $32.4MM in Q1'23 and Q1'22, respectively 13.4% $26.4 Total Q1 2022 CapEx (1) 15.2% $27.8 Expansion 3.2% $5.8 Maintenance ■$-Amount 0.2% $0.4 Corporate % of Revenue 18.6% $34.0 Total 12#13Appendix Cyxtera#14Reconciliation of GAAP to Non-GAAP Results CYXTERA TECHNOLOGIES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS For Three Months Ended March 31, 2023, and 2022 (unaudited, in millions) Cyxtera Net Loss to EBITDA Reconciliation: Net loss Depreciation and amortization Interest and other expenses, net Income tax expense (benefit) EBITDA Adjustments Equity-based compensation Stand-up separation & other Goodwill Impairment Restructuring costs & other Total Adjustments Adjusted EBITDA Straight-line rent adjustment Amortization of Favorable / Unfavorable Leasehold Interest & ARO accretion Change in fair value of warrant liabilities Total Adjustments Transaction Adjusted EBITDA Note: Numbers may not foot or cross-foot due to rounding $ For Three Months Ended March 31, 2023 2022 (325.4) 60.0 46.6 (13.1) (231.9) 3.1 8.2 278.2 4.5 294.0 62.1 0.3 0.9 1.2 63.3 (40.9) 62.3 38.1 4.1 63.6 3.4 0.6 1.3 5.3 68.9 0.6 0.9 (11.8) (10.3) 58.6 14#15Capitalization ($ in Millions) Cash and Cash Equivalents Revolver (Maturing 4/2024) 1st Lien Debt (Maturing 5/2024) Capital Leases Total Debt Net Debt (1) Less: Optional renewal portion of Capital Leases Contractual Net Debt (Excl. Optional Capital Leases) Less: Contractually obligated Capital Leases Less: Equipment Leases Financial Net Debt (Excl. All Capital Leases) Key Credit Metrics TTM Transaction Adj. EBITDA/Net Leverage (4) TTM Transaction Adj. EBITDA/ Contractual Net Leverage (5) TTM Transaction Adj. EBITDAR/Lease Adjusted Leverage (6) TTM Transaction Adj. EBITDA/Financial Net Leverage (7) Total Liquidity Cyxtera Rate L + 300 bps L+300 bps Metric 244 244 304 244 (2) 3/31/2023 $62 82 861 (3) 1,111 $2,055 1,993 (219) 1,774 (852) (41) 881 8.2x 7.3 6.1 3.6 $77 Rate L + 300 bps L+300 bps Metric 239 239 299 239 (2) 12/31/2022 $65 42 865 (3) 1,122 $2,029 1,964 (214) 1,749 (861) (46) 842 8.2x 7.3 6.1 3.5 $138 (1) Net Debt is equal to total debt minus cash and cash equivalents; (2) Incremental $100m First Lien Term Loan Interest rate of L + 400 bps; (3) Debt balances are based on GAAP reporting and are shown gross of unamortized issuance costs; (4) Net leverage is calculated by dividing net debt by LTM Q1 2023A Transaction Adj.EBITDA; (5) Contractual Net Leverage is calculated by dividing Contractual Net Debt (which includes the GAAP calculation of Capital Lease obligations, adjusted to exclude obligations attributable to the term of any future lease extension option exercisable at the Company's discretion) by LTM Q1 2023A Transaction Adj. EBITDA; (6) Lease Adjusted Leverage is calculated by dividing financial net debt and secured capital leases + 5x real estate lease payments (5x methodology based on Moody's Communications Infrastructure sector lease capitalization multiple) by LTM Q1 2023A Transaction Adj. EBITDAR; (7) Financial Net Leverage is calculated by dividing Financial Net Debt (Net Debt, adjusted to exclude all Capital Lease obligations) by LTM Q1 2023A Transaction Adj.EBITDA. 15#16Cyxtera ©2023 Cyxtera Technologies, Inc. All Rights Reserved. The Cyxtera logo and certain product names are the property of Cyxtera. All other marks are the property of their respective owners.