November 19, 2025 05:47 PM GMT GDS Holdings Ltd | Asia Pacific M Update 3Q25 Results in Line; Wait for 2026 Orders Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research Management expects 2026 bookings to be strong backed by In line 3Q25 results: GDS reported 3Q25 revenue of Rmb2.9bn, up 10.2% YoY and in line with our estimate. Adjusted EBITDA was up 11.4% YoY to Rmb1.3bn, 1% a ...