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。 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 Limited 萬國數據控股有限公司* 萬國數據控股有限公司* * 僅供識別 （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698） 2025年第四季度及全年業績公告 我們謹此宣佈截至2025 年12 月31 日止第四季度及全年的未經審計財務業績 （「業績公告 ...

Financial Data and Key Metrics Changes - In FY 2025, revenue and adjusted EBITDA increased by 10.8% year-on-year, with pro forma growth rates of 13.2% for revenue and 14.2% for adjusted EBITDA when including deconsolidated figures [10][16] - The company achieved positive cash flow pre-financing of RMB 1 billion, with operating cash flow around RMB 3.4 billion for the full year [12][13] - The net debt to last quarter annualized adjusted EBITDA decreased from 6.8x at the end of 2024 to 5.8x at the end of 2025 [14][15] Business Line Data and Key Metrics Changes - The gross additional area utilization in 4Q 2025 was approximately 23,000 square meters, with a full-year gross move-in of over 86,000 square meters, the highest ever [7][8] - New bookings for the full year exceeded 96,000 square meters, three times the level of the past three years, with a target of over 500 MW of gross new bookings for 2026 [8][9] Market Data and Key Metrics Changes - The company is focusing on three new growth markets: Horinger in Inner Mongolia, Zhongwei in Ningxia Province, and Shaoguan in Guangdong Province, with over 400 MW of new orders and MOUs secured in these locations [9][40] - The demand for data centers is primarily driven by AI, with expectations that 60%-70% of new business will come from AI-related projects [8][9] Company Strategy and Development Direction - The company is building a 3 GW pipeline in new growth markets to complement its existing resources, with a focus on hyperscale computing infrastructure to support AI adoption [6][9] - The management emphasized the importance of maintaining a disciplined approach to capital expenditures, particularly in light of improved chip supply certainty [39][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in converting MOUs to contracts within two quarters, indicating a high certainty of order conversion [20] - The company anticipates that the demand trajectory in China will mirror that of the U.S., particularly as chip supply improves [70][71] Other Important Information - The company has increased its cash reserves to over $2.8 billion, positioning itself well for future growth [7][13] - The expected organic CapEx for 2026 is around RMB 9 billion, aligned with the company's sales targets [12][66] Q&A Session Summary Question: Conversion from MOU to contract and competition in new markets - Management indicated a high certainty of converting MOUs to contracts within two quarters and acknowledged existing competition in new markets but expressed confidence in maintaining a leading position due to high entry barriers set by the government [19][20][22] Question: Demand trends for non-AI workloads - Management noted that while AI demand drives most growth, traditional cloud services are still growing, albeit more associated with AI demand [26][27][31] Question: Supply chain and project delivery factors - Management confirmed that chip supply has improved, allowing for more aggressive order taking and project delivery timelines [39][40] Question: Customer concentration in new locations - Management acknowledged that customer concentration is increasing, particularly among the top three AI players in China, which is a trend seen across the industry [51][57] Question: CapEx guidance and financing - Management stated that the current CapEx guidance of RMB 9 billion is adequate and that financing will be manageable given strong cash reserves and potential asset monetization [80]

Financial Data and Key Metrics Changes - In FY 2025, revenue and adjusted EBITDA increased by 10.8% year-on-year, with pro forma growth rates of 13.2% for revenue and 14.2% for adjusted EBITDA when including deconsolidated revenue and EBITDA [9][15] - The company achieved positive cash flow pre-financing of RMB 1 billion, with operating cash flow for the full year around RMB 3.4 billion, significantly improved from previous year [11][12] - The net debt to last quarter annualized adjusted EBITDA decreased from 6.8x at the end of 2024 to 5.8x at the end of 2025, with a further adjusted ratio of 4.8x when accounting for capital recycling [13][14] Business Line Data and Key Metrics Changes - The company recorded gross additional area utilization of around 23,000 square meters in 4Q 2025, with full-year gross move-in exceeding 86,000 square meters, the highest ever [6][7] - New bookings for the full year reached over 96,000 square meters, or over 300 MW, three times the level of the past three years, with a target of over 500 MW for 2026 [7][8] Market Data and Key Metrics Changes - The company is focusing on three new growth markets: Horinger in Inner Mongolia, Zhongwei in Ningxia Province, and Shaoguan in Guangdong Province, with over 400 megawatts of new orders and MOUs secured in these locations [8][41] - The demand for data centers is primarily driven by AI, with expectations that 60%-70% of new business will come from AI-related projects [7][8] Company Strategy and Development Direction - The company is building a 3-gigawatt pipeline in new growth markets to complement its existing powered land of 700 megawatts [5][6] - The strategy includes increasing cash reserves to over $2.8 billion to prepare for a new growth phase, supported by successful asset monetization [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in converting MOUs to contracts within two quarters, indicating a high certainty of order conversion [19] - The competitive landscape in new markets is characterized by high barriers to entry set by the government, which favors companies with strong track records and customer commitments [20][21] - The company anticipates that the demand trajectory in China will mirror that of the U.S., particularly as chip supply improves [70] Other Important Information - The company aims to complete an asset injection into its C-REIT in the second half of 2026, with selected assets larger than the seed asset for the IPO [12] - The company has raised $385 million through a partial sell-down of its stake in DayOne, with remaining stake valued at $2.2 billion [12] Q&A Session Summary Question: What is the timetable for converting MOUs to contracts and the associated risks? - Management indicated a high certainty of conversion within two quarters, emphasizing confidence in the process [19] Question: How is competition in new focus areas like Inner Mongolia and Shaoguan? - Management noted existing operators in these markets but emphasized high barriers set by the government, which positions the company favorably [20][21] Question: What are the trends in non-AI workloads? - Management stated that traditional cloud demand continues to grow but is increasingly associated with AI demand [26] Question: What is the customer concentration in new locations? - Management acknowledged a trend towards higher customer concentration among top players in the industry [56] Question: What is the expected delivery timeline for the 200 MW order? - Management expects an average delivery time of four quarters for the new orders [51] Question: How does the company view CapEx guidance in light of strong sales momentum? - Management believes the current CapEx guidance of RMB 9 billion is adequate and does not expect to revise it upward [66]

Financial Data and Key Metrics Changes - In FY 2025, revenue and adjusted EBITDA increased by 10.8% year-on-year, with pro forma growth rates of 13.2% for revenue and 14.2% for adjusted EBITDA when including deconsolidated figures [8][12] - The company achieved positive cash flow pre-financing of RMB 1 billion, with operating cash flow around RMB 3.4 billion, significantly improved from previous year [10][12] - The net debt to last quarter annualized adjusted EBITDA decreased from 6.8x at the end of 2024 to 5.8x at the end of 2025, primarily due to positive cash flow and asset monetization [12][13] Business Line Data and Key Metrics Changes - The company recorded over 96,000 square meters of new bookings in FY 2025, three times the level of the past three years, with a target of over 500 MW of gross new bookings for 2026 [6][8] - The gross additional area committed in 4Q 2025 was over 21,000 square meters, indicating strong demand for data center space [6][8] Market Data and Key Metrics Changes - The company is focusing on three new growth markets: Horinger in Inner Mongolia, Zhongwei in Ningxia Province, and Shaoguan in Guangdong Province, with over 400 megawatts of new orders and MOUs secured in these locations [7][36] - The demand for data centers is primarily driven by AI workloads, with expectations that 60%-70% of new business will come from AI [6][8] Company Strategy and Development Direction - The company is building a 3-gigawatt pipeline in new growth markets to complement its existing powered land holdings [5][6] - The management emphasized the importance of asset monetization and maintaining a strong cash reserve of over $2.8 billion to support future growth [5][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery in data center demand, particularly due to the increasing investment in hyperscale computing infrastructure to support AI adoption [4][6] - The company expects total revenues for 2026 to be between RMB 12.4 billion and RMB 12.9 billion, implying a year-on-year increase of approximately 8.5%-12.8% [13][14] Other Important Information - The company has increased its cash reserves significantly, with nearly RMB 20 billion or $2.8 billion available for future investments [11][12] - The management noted that the MSR per square meter has been declining, but the yield on new investments remains steady at around 10%-11% [9][12] Q&A Session Summary Question: Conversion from MOU to Contract - Management indicated a high certainty of converting MOUs to contracts within two quarters, with confidence in the process [16][17] Question: Competition in New Markets - Management acknowledged existing competition in new markets but emphasized their strong position due to high barriers set by the government for new partners [16][19] Question: Demand Trends for Non-AI Workloads - Management noted that traditional cloud demand is still growing but is increasingly associated with AI demand [21][22] Question: Supply Chain and Chip Availability - Management confirmed that chip supply has improved, allowing for more aggressive order taking compared to the previous year [33][35] Question: Project Returns in New Areas - Management stated that project returns in new markets are expected to be similar to established markets, with yields of 10%-11% [41][42] Question: CapEx Guidance - Management indicated that the current CapEx guidance of RMB 9 billion is adequate and does not expect to revise it upward despite strong sales momentum [58][61]

4Q25 & FY25 Earnings Call 17 March 2026 R163 G123 B31 R0 G101 B77 Secondary colours R238 G238 B238 R205 G207 B208 R31 G37 B47 NASDAQ: GDS HKEX: 9698 R189 G27 B33 R88 G89 B91 Primary colours R188 G190 B192 Background colours © GDS 2016 0 DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identif ...

Core Viewpoint - GDS Holdings Limited reported strong financial and operational results for 2025, highlighting a commitment to disciplined growth and the belief that demand will accelerate in the AI era [3]. Financial Highlights - In Q4 2025, net revenue was RMB2,921.7 million (US$417.8 million), an 8.6% increase year-over-year from RMB2,690.7 million [4]. - For the full year 2025, net revenue reached RMB11,432.3 million (US$1,634.8 million), a 10.8% increase from RMB10,322.1 million in 2024 [20]. - Adjusted EBITDA for Q4 2025 was RMB1,365.6 million (US$195.3 million), a 5.2% increase year-over-year [18]. - Adjusted EBITDA for the full year 2025 was RMB5,403.5 million (US$772.7 million), a 10.8% increase from RMB4,876.4 million in 2024 [26]. Operational Highlights - Total area committed and pre-committed increased by 6.4% year-over-year to 670,106 sqm as of December 31, 2025 [30]. - Area utilized increased by 11.4% year-over-year to 504,843 sqm as of December 31, 2025 [34]. - The utilization rate for area in service was 75.5% at the end of Q4 2025, compared to 73.8% at the end of Q4 2024 [35]. Recent Developments - The company completed a share repurchase agreement with DayOne for US$385 million, reallocating proceeds to invest in new business opportunities [37]. - A private placement of US$300 million in Series B convertible preferred shares was announced to fund data center capacity expansion [38]. Business Outlook - For 2026, GDS expects total revenues between RMB12,400 million to RMB12,900 million, indicating a year-on-year increase of approximately 8.5% to 12.8% [39]. - Adjusted EBITDA is projected to be between RMB5,750 million to RMB6,000 million, reflecting a year-on-year increase of approximately 6.4% to 11.0% [39].

公司資料冊 香港交易及結算所有限公司及香港聯合交易所有限公司對本資料冊內容概不負 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資料冊全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 公司名稱（股份代號）：GDS Holdings Limited萬國數據控股有限公司(9698) 股份簡稱：GDS-SW╱萬國數據-SW 本資料冊旨在向公眾提供有關GDS Holdings Limited萬國數據控股有限公司（「本 公司」）於指定日期的資料，概無意作為本公司及 ╱ 或其證券的相關資料完備概 要。 除文義另有所指外，本資料冊所用詞彙與於2020年10月21日刊發的本公司招股章 程（「招股章程」）所界定的詞彙具有相同涵義，而招股章程各節的提述須作相應解 釋。 責任聲明 於本資料冊日期的本公司董事，願共同及個別對本資料冊所載資料的準確性承擔 全部責任，並經作出一切合理查詢後確認，據彼等所深知及確信，本資料冊所載 資料在所有重大方面均屬準確完整，且無誤導或欺騙成份，亦無遺漏其他資料， 致使本資料冊的任何資料不準確或有所誤導。 本公司董事亦共同及個別承諾，當資料自上次刊發以來發生變動時， ...

公司法（經修訂） 獲豁免股份有限公司 GDS Holdings Limited 萬國數據控股有限公司* 的 經修訂及重列組織章程細則 （根據2026年3月10日通過的特別決議案採納， 並自2026年3月10日起生效） * 僅供識別 索引 | 簽署 | 162 | | --- | --- | | 清盤 | 163-164 | | 彌償保證 | 165 | | 修改組織章程大綱及細則及公司名稱 | 166 | | 資料 | 167 | | 財政年度 | 168 | 詮釋 表A 1. 公司法（經修訂）附表的表A所載條例不適用於本公司。 詮釋 2. (1) 在本細則中，除文義另有所指外，下表第一欄所列詞彙各自具有第二欄 內旁邊所載涵義。 詞彙 涵義 「公司法」 開曼群島《公司法》第22章（1961年第3號法例（經 合併及修訂））及當時生效之任何修訂或再頒佈條 文，並包括當中納入或替代之其他各項法律。 「本細則」 現有形式的、或不時經補充或修訂或取代的本細 則。 「關聯人士」 就細則第58(2)條而言，應具有1933年美國證券法 （經修訂）第405條及據之頒佈的規則及規例所賦 予的涵義。 「按轉換基準」 如B類普通股持 ...

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。 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 Limited 萬國數據控股有限公司* （於開曼群島以GDS Holdings Limited的名稱註冊成立及以不同投票權控制的有限公司， 並以GDS WanGuo Holdings Limited於香港經營業務） （股份代號：9698) 特別股東大會及其他股東會議結果 我們的董事會（「董事會」）宣佈，本公司已於2026年3月10日舉行經延期特別股東 大會（「2026年特別股東大會」）。本公司亦於202 ...

SHANGHAI, China, March 10, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced that the adjourned extraordinary general meeting of shareholders of the Company (the “2026 EGM”) was held on March 10, 2026. The Company also held adjourned meetings of each of the holders of the class A ordinary shares (the “Class A Shareholders Meeting”), the holders of the Se ...