VNET Group Inc., a leading technology and innovation-driven digital infrastructure provider and the first US-listed Chinese IDC company, reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025.

The company demonstrated robust growth in its financial and operational metrics for 2025. Total revenue for the fourth quarter of 2025 was RMB 2.69 billion, representing a year-over-year increase of 19.6%. For the full year 2025, total revenue reached RMB 9.95 billion, up 20.5% compared to the previous year. Notably, revenue from hyperscale IDC business for the full year amounted to RMB 3.46 billion, a significant increase of 77.4% year-over-year.

Mr. Sheng Chen, Founder and Executive Chairman of VNET Group, commented, "We concluded 2025 with outstanding performance, successfully fulfilling our delivery commitments. We achieved a record annual delivery capacity of 404 megawatts, while both total revenue and adjusted EBITDA exceeded our previous guidance. Our hyperscale IDC business maintained strong momentum, driven by robust customer demand and our rapid, efficient delivery capabilities. Order intake remained vigorous, with 135MW of new hyperscale orders secured in the fourth quarter alone. As an industry leader, we will continue to strengthen our core advantages and accelerate the development of large-scale, high-performance data centers to capture the accelerating demand fueled by AI. Looking ahead, we will advance our Hyperscale 2.0 strategic framework to drive sustainable, high-quality growth and create long-term value for all stakeholders."

Mr. Zhihua Zhang, Senior Vice President and Chief Operating and Financial Officer of VNET Group, stated, "Amid persistently strong AI-driven demand, the company continued its trajectory of high-quality growth in the fourth quarter. Quarterly total revenue grew 19.6% year-over-year to RMB 2.69 billion, with hyperscale revenue surging 47.1%. Adjusted EBITDA increased by 11.6% to RMB 810 million. For the full year, total revenue grew 20.5% to RMB 9.95 billion, and adjusted EBITDA rose 22.6% to RMB 2.98 billion, both exceeding expectations. We remain focused on prudent capital allocation and will continue to advance capital recycling and other strategic initiatives to further solidify our financial foundation and support long-term sustainable growth. We are confident in our strategic direction and are well-positioned to create sustainable, long-term value based on our solid operational foundation."

The company's IDC business exhibited strong growth, supported by high-quality and efficient delivery capabilities against a backdrop of soaring market demand driven by artificial intelligence.

As of December 31, 2025, the total operational capacity of the hyperscale IDC business reached 889MW, with a net increase of 107MW in the quarter and a record 404MW delivered for the full year. Utilized capacity reached 623MW, increasing by 41MW during the quarter and by 270MW year-over-year, resulting in a utilization rate of 70.1%. The retail IDC business remained stable, with the monthly recurring revenue per cabinet reaching RMB 9,420 and a utilization rate of 64.0% in the fourth quarter.

The hyperscale business, leveraging standardized, scalable delivery capabilities and a strategic focus on core regions, served as the primary driver for revenue growth.

Both revenue and adjusted EBITDA for the quarter and full year exceeded expectations. After excluding a one-time impact from an asset disposal in the fourth quarter of 2024, the adjusted EBITDA for Q4 2025 showed a year-over-year increase of 39.3%.

The company's "Dual-Engine" strategy continued to deepen, leading to a growing pipeline of high-quality orders. In the fourth quarter, VNET Group secured five new hyperscale orders totaling 135MW. Beyond a previously disclosed 32MW order, these included a 12MW order from an internet customer in the Yangtze River Delta region and multiple orders totaling 91MW from cloud computing, autonomous driving, and internet clients in the Beijing-Tianjin-Hebei region. The retail business also secured new orders totaling approximately 2MW from clients in sectors such as autonomous driving, local services, smart IoT, and financial services.

Looking ahead to 2026, the company anticipates continued strong growth momentum. Customer demand remains robust, and VNET Group is poised to capitalize on these growth opportunities.

The company has raised its full-year 2026 guidance. It now expects total revenue to be between RMB 11.5 billion and RMB 11.8 billion, representing year-over-year growth of 15.6% to 18.6%. Adjusted EBITDA is projected to be in the range of RMB 3.55 billion to RMB 3.75 billion, an increase of 19.2% to 25.9% year-over-year. Capital expenditures for 2026 are forecasted to be between RMB 10.0 billion and RMB 12.0 billion. The company plans to deliver 450MW to 500MW of new capacity during the year, representing growth of 11.4% to 23.8%.