GDS Holdings - SW net income in 2025 increased by 10.8% year-over-year to 11.4323 billion yuan

GDS-SW(09698) reports 2025 performance. Net revenue increased 10.8% year over year to RMB 11.4323 billion, net profit was RMB 959.4 million, and adjusted EBITDA increased 10.8% year over year to RMB 5.4035 billion.

As of December 31, 2025, total contracted and pre-contracted area was 670,106 sq.m., up 6.4% year over year. Leasable area was 504,843 sq.m., up 11.4% year over year. Operating area was 668,283 sq.m., up 8.9% year over year. Utilization rate (leasable area divided by operating area) was 75.5% (as of December 31, 2024: 73.8%).

The Company expects that for full-year 2026, total revenue will be RMB 12.4 billion to RMB 12.9 billion, representing an increase of approximately 8.5% to 12.8% year over year; its adjusted EBITDA will be approximately RMB 5.75 billion to RMB 6.0 billion, representing an increase of approximately 6.4% to 11.0% year over year. In addition, the Company expects that, excluding any potential asset monetization, full-year 2026 capital expenditures will be approximately RMB 9.0 billion.

Mr. Huang Wei, Chairman and Chief Executive Officer of GDS, said: “We have ended 2025 with strong performance, delivering solid financial and operating results that demonstrate our rigorous execution and strategic focus. In 2025, we set records for the highest total value of new orders and the total move-in volume in the past five years. We firmly believe that, in the age of artificial intelligence, demand will accelerate further. Entering 2026, we remain committed to steady and sustainable growth, viewing artificial intelligence as a transformation catalyst that drives long-term success.”

Mr. Dan Newman, Chief Financial Officer, said: “In 2025, our revenue and adjusted EBITDA grew 10.8% and 10.8% year over year, and our adjusted EBITDA margin was 47.3%. In 2025, we completed milestone ABS and C-REIT asset monetization transactions, which enable us to flexibly allocate capital through access to China’s stock market. Recently, we raised US$685 million by selling DayOne shares and private placement convertible preferred stock, further strengthening our financial position. In terms of funding capability, we have made comprehensive preparations for data center capacity expansion to capture exciting new opportunities in our core business.”