VNET(VNET) - 2025 Q2 - Quarterly Report

Exhibit 99.1 Qiyu Wang, Chief Financial Officer of VNET, commented, "We maintained our business's vibrant momentum with strong financial results during the second quarter. Our total net revenues rose 22.1% year over year to RMB2.43 billion, driven by significant wholesale revenue growth of 112.5% year over year. Adjusted EBITDA also increased by 27.7% year over year to RMB732.5 million, with an adjusted EBITDA margin of 30.1%, up 1.3 percentage points year over year. With our effective business strategy and ...