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PRESS RELEASE Paris, 14th November 2025 COMBINED GENERAL MEETING OF DECEMBER 11, 2025 Conditions of availability and consultation of the preparatory documents for the Ramsay Générale de Santé General Meeting of December 11, 2025 The shareholders of Ramsay Générale de Santé are invited to participate in the Combined General Meeting on Thursday, December 11, 2025, which will take place at 10 a.m. at the Apostrophe 83 avenue Marceau 75116 Paris. The preliminary meeting notice was published in the French BALO ...

PRESS RELEASE Paris, 13th November 2025 Interim results at the end of September 2025 Revenue growth of 2.6% and Group EBITDA up 6.5% despite reduction in public funding; resilient operating performance Activity growth and cost control compensate constrained funding Unaudited group revenue for the quarter ending 30 September 2025 increased by 2.6% to 1.21bn€ supported by activity volume growth, price indexation in Sweden and favourable foreign exchange movements. Revenue growth of 1.9% on a like-for-like ba ...

Core Viewpoint - Morgan Stanley reports that DayOne, a global data center operator under GDS Holdings, is set to build Thailand's first 1GW data center park, indicating strong growth potential for the company [1] Group 1: Expansion Plans - DayOne plans to expand its Chonburi Phase 1 park and adjacent land, increasing the power supply capacity to 300MW [1] - A memorandum of understanding has been signed with Amata Group for the Chonburi Phase 2 park [1] Group 2: Renewable Energy Initiatives - DayOne has signed a renewable energy agreement to incorporate solar power into its operations [1] Group 3: Market Outlook - Morgan Stanley maintains a positive outlook on DayOne's expansion plans, expecting the related contracts to provide additional momentum [1] - The firm retains an "Overweight" rating on GDS Holdings with a target price of $54 [1]

Summary of GDS Holdings Ltd Conference Call Company and Industry Overview - **Company**: GDS Holdings Ltd (GDS.O) - **Industry**: Greater China Telecoms Key Points and Arguments 1. **Revenue Estimates Adjustment**: Revenue estimates for GDS Holdings have been reduced by 3.1-3.3% for 2026-27E due to lower-than-expected new orders in 2025E and decreased contract pricing from renewals [1][2] 2. **EBITDA and EPS Revisions**: Adjusted EBITDA is lowered by 2.6% for 2026E and 2.4% for 2027E. Normalized EPS revisions are -0.3% for 2026E, -6.8% for 2027E, and -10.1% for 2028E, partially offset by a disposal gain [1] 3. **Price Target**: The price target remains unchanged at US$54 per share, with bull and bear case values also unchanged at US$73 and US$19 per share, respectively [2] 4. **Market Conditions**: The lower EBITDA in China is counterbalanced by a new forex assumption of 7.05 Rmb/US$ (previously 7.15) and lower net debt [2] 5. **Investment Thesis**: The demand in China is expected to recover mildly, driven by hyperscalers' cloud and AI capital expenditures. GDS's public REITs have received approvals, with an anticipated valuation of ~15x EV/EBITDA [11] 6. **International Expansion**: GDS's DayOne initiative is seeing successful overseas progress with strong order momentum [11] 7. **Utilization Rates**: Projected utilization rates are expected to increase from 73.8% in 2024 to 81.0% by 2027 [16] 8. **New Booking Projections**: New bookings are projected at 80,000 sqm for 2025-2027 [16] 9. **Market Share Recovery**: The market share recovery (MSR) growth is projected to be -2.0% in 2025, improving to 1% by 2027 [11] Additional Important Information 1. **Ownership Positioning**: Institutional ownership stands at 86.8%, with a long/short ratio of 2x and net exposure of 26.3% in the hedge fund sector [19] 2. **Risks to Price Target**: Upside risks include accelerated sales in overseas markets and further interest rate cuts, while downside risks involve increased competition and potential reductions in hyperscaler capex [20] 3. **Stock Performance Metrics**: The stock closed at US$35.70 on October 31, 2025, with a 52-week range of US$52.50-16.93 [4] This summary encapsulates the critical insights from the conference call regarding GDS Holdings Ltd, highlighting the adjustments in financial estimates, market conditions, and strategic initiatives.

Core Viewpoint - The company, GDS Holdings Limited, will hold a board meeting on November 17, 2025, to approve its unaudited financial results for the third quarter ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for November 17, 2025, Hong Kong time [1] - The company will announce its financial performance on November 19, 2025, after the Hong Kong market trading hours and before the U.S. market opens [1] - The financial results will be published on the Hong Kong Stock Exchange website [1]

Core Viewpoint - GDS Holdings Limited, a leading developer and operator of high-performance data centers in China, is set to report its third quarter 2025 unaudited financial results on November 19, 2025, after the Hong Kong market closes and before the U.S. market opens [1]. Company Overview - GDS Holdings Limited operates high-performance data centers strategically located in primary economic hubs in China, catering to the growing demand for data center services [4]. - The company offers a range of services including co-location, managed hybrid cloud services, and managed network services, while being carrier and cloud-neutral [4]. - GDS has a 24-year track record of service delivery, serving a diverse customer base that includes hyperscale cloud service providers, large internet companies, financial institutions, and multinational corporations [4]. - The company holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited, which operates data centers in international markets [4]. Earnings Conference Call - The management of GDS Holdings will host an earnings conference call on November 19, 2025, at 8:00 AM U.S. Eastern Time, with registration required at least 15 minutes prior to the call [2]. - A live and archived webcast of the conference call will be available on the company's investor relations website [3].

香港交易及結算所有限公司、香港聯合交易所有限公司（「香港聯交所」）及香港中央結算有限公 司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因 本公告全部或任何部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 （股份代號：9698） 董事會會議召開日期 本公司董事會將於2025年11月17日（香港時間）召開董事會會議，其中包括將於 會上批准本公司截至2025年9月30日止第三季度的未經審計財務業績（「業績」）。 本公司將於2025年11月19日（香港時間）香港市場交易時段後，於2025年11月19 日（美國東部時間）美國市場開市前，於香港聯交所網站 www.hkexnews.hk 公佈本 公司業績。 萬國數據控股有限公司*（「本公司」）以不同投票權控制。股東及有意投資者務請留意投資不同 投票權架構公司的潛在風險，特別是不同投票權受益人的利益未必總與股東整體利益一致，而 不論其他股東如何投票，不同投票權受益人會對股東決議案的結果有重大影響。我們的美國存 託股（每股美國存託股代表八股A類普通股）於美國納斯達克全球市場上市，股份代號為GDS。 GDS Holdings Lim ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Stock Rating**: Overweight - **Price Target**: US$54.00 - **Current Price**: US$35.70 (as of October 31, 2025) - **Market Cap**: Rmb50,238 million Key Financial Metrics - **3Q25E Revenue**: Rmb2,884 million, representing a 10.1% YoY growth - **3Q25E EBITDA**: Rmb1,231 million - **Adjusted EBITDA Margin**: 46.2% for 3Q25E - **2025 Revenue Forecast**: Rmb11,514 million - **2026 Revenue Forecast**: Rmb12,964 million Core Insights - **Revenue and EBITDA Growth**: GDS Holdings is expected to achieve 10-11% YoY growth in revenue and EBITDA for 3Q25E, despite a slight QoQ decline in revenue due to the de-consolidation of mature assets into REITs [1][10] - **Chipset Supply Dynamics**: The focus is on new NV chipset supply for China, with ongoing negotiations affecting Nvidia's shipments. This situation is expected to drive stock performance, as domestic GPU productivity is anticipated to meet future demand [3][4] - **Domestic Market Outlook**: New data center bookings in China have been muted since April 2025, with expectations for limited new orders in 3Q25. However, optimism remains for 2026 due to domestic GPU capacity expansion [4][9] - **DayOne Performance**: DayOne is projected to deliver strong order intake, particularly from global hyperscalers, which is expected to offset domestic market challenges [4][10] Market Positioning - **Valuation Metrics**: GDS China is trading at 10.6x 2025 EV/EBITDA, compared to 22x for its REITs assets, indicating a distressed valuation situation [4] - **Future Order Intake**: The market is forward-looking, with hyperscalers' tenders expected to be a significant driver for future growth. There is an upside risk to the forecast of 900MW bookings by the end of 2025, with expectations for continued growth into 2026 [4][10] Risks and Considerations - **Potential Risks**: Risks include reduced capex from hyperscalers, intensified competition, and potential reversals in interest rate trends in China and the US [12] - **Market Sentiment**: The overall sentiment remains cautious due to ongoing geopolitical tensions and supply chain constraints affecting the semiconductor industry [3][4] Additional Insights - **Analyst Ratings**: GDS Holdings is rated as a top pick within the Greater China Telecoms sector, reflecting a positive outlook despite current challenges [7][66] - **Earnings Impact**: The likely impact on consensus EPS for the next 12 months is expected to remain largely unchanged, with potential upside surprises from DayOne orders [10] This summary encapsulates the key points from the conference call, highlighting GDS Holdings' financial performance, market dynamics, and future outlook.

Group 1 - The Asia's Power Businesswomen list features 20 influential leaders driving growth in various sectors across the region [1][2] - Many of these leaders are involved in the AI and advanced technology sectors, including data centers, semiconductors, and rare earths [2] - Over half of the featured women are high-performing managers with strong backgrounds in banking, consumer goods, and transportation [3] Group 2 - Mybelle V. Aragon-Gobio, the first woman CEO of Robinsons Land, has initiated a five-year expansion plan worth 125 billion pesos ($2.2 billion) [5][6] - Sarena Cheah, executive deputy chairman of Sunway, is leading the company's overseas expansion, with a significant acquisition of MCL Land for nearly S$740 million ($573 million) [8][9] - Chung Yoo-Kyung, chairman of Shinsegae Inc., is focusing on reviving growth amid a 40% drop in net income, with a strategic shift towards K-beauty products [10][11] Group 3 - Lani Darmawan, CEO of Bank CIMB Niaga, has achieved record net profits for four consecutive years, with a focus on small and midsized businesses [13][14] - Emily Hong, chair of Wiwynn, has driven a 166% revenue increase to NT$391.4 billion ($12.9 billion) in the first half of 2025, capitalizing on the AI server market [16][17] - Kattiya Indaravijaya, CEO of Kasikornbank, has led the bank to a market cap increase of over 100% since her appointment, despite a slight dip in net profit [19][20] Group 4 - Ruchi Kalra, CFO of Oxyzo Financial Services, has overseen the company's profitability and unicorn status, reporting after-tax profits of 3.4 billion rupees ($38.5 million) [22][23] - Margaret Kao, CEO of Marketech International, has seen sales rise 8% to NT$60.7 billion ($2 billion) amid strong demand for semiconductor manufacturing equipment [25][26] - Jamie Khoo, CEO of DayOne Data Centers, is expanding the company's capacity to over 800MW by early 2027, with significant funding raised for growth [27][28] Group 5 - Manasi Kirloskar Tata, vice chairperson of Toyota Kirloskar Motor, has led the company to record sales of 649 billion rupees ($7.4 billion), a 28% increase [30][31] - Kuok Hui Kwong, CEO of Shangri-La Asia, is expanding the hotel group's portfolio despite challenges in the Chinese market, which contributed nearly a third of its $2.2 billion revenue [33][34] - Amanda Lacaze, CEO of Lynas Rare Earths, is navigating opportunities in the rare earth industry, with shares tripling this year amid a 20% sales increase to A$556.5 million ($368 million) [36][38] Group 6 - Priya Nair, the first woman CEO of Hindustan Unilever, is driving a digital transformation strategy to boost sales growth in a slowing market [40][41] - Maggie Ng, CEO of HSBC Hong Kong, has led digital initiatives that contributed to a 6% revenue increase to $21 billion [42][43] - Png Chin Yee, incoming president of Temasek Singapore, will oversee a portfolio with a combined revenue of S$200 billion ($154 billion) [44][45] Group 7 - Jane Sun, CEO of Trip.com Group, has successfully navigated the company through the pandemic, achieving a market cap of over $45 billion [48][49] - Jeny Yeung, incoming CEO of MTR, will manage significant projects worth HK$140 billion ($18 billion) as the company continues to grow [51][53] - Alyssa Yoneyama, CEO of Yonex, has driven a 20% increase in revenue to ¥138.3 billion ($922 million) through strategic marketing and athlete endorsements [54][55] Group 8 - Zhou Chaonan, founder of Range Intelligent Computing Technology Group, has seen a 15% revenue increase to 2.5 billion yuan ($351 million) amid the AI boom [56][57] - Mariana Zobel de Ayala, managing director of Ayala Corp., is leading a $1.5 billion program to refresh the company's property portfolio [58][59]