from sustained hyperscale adiacent demand, competive energy Overall the revenue outlook reflects the sector's dual transformation. Demand for classcal enterprise colocation continues, bu its share is long-term contract stability. Meanwhile, the FLAP-D markets continue progressvely overshadowed by Al-driven,high-density and highly modular scale deployments. As a result, Europe's colocation revenue to represent the largest share of total revenue, but their growth is moderated by grid congestion and permitting delays that push some base is becoming larger, more diversified across regions, and more directl tied to cloud and Alinfrastructure cycles than in previous years. In the Nordics, energy availability and renewable sourcing The region reaches over 4.4 GW by 2031, underpinned by London, Amsterdam, Paris, Dublin) continues to dominate absolute volumes, but growth rates are markedly higher outside the traditional but grows at a steady pace, with demand increasingly linked to hubs. For example, Southern Europe shows a strong forward sovereign cloud, regional reslience strategies and low-latency trajectory, driven by Portugal, Spain and Italy, which together move from 682 MW in 2024 to nearly 5.9 GW by 2031, representing a