Calling .Equals() on a delegate compares by reference equality:

Action action1 = () => Console.WriteLine("Hello delegates");
Action action2 = () => Console.WriteLine("Hello delegates");
Action action1Again = action1;

Console.WriteLine(action1.Equals(action1)) // True
Console.WriteLine(action1.Equals(action2)) // False
Console.WriteLine(action1Again.Equals(action1)) // True

These rules also apply when doing += or -= on a multicast delegate, for example when subscribing and unsubscribing from events.