GDS Holdings Limited Reports Fourth Quarter and Full Year 2025 Results

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].