GDS-SW (09698) saw its shares rise more than 12% during trading. At the time of writing, the stock was up 11.18%, trading at HKD 44.36 with a turnover of HKD 204 million.

The company released its unaudited financial results for the fourth quarter and full year ended December 31, 2025, last evening. Full-year net revenue reached RMB 11.4323 billion (USD 1.6348 billion), representing a year-on-year increase of 10.8%. Adjusted EBITDA amounted to RMB 5.4035 billion (USD 772.7 million), also growing by 10.8% compared to the previous year.

In terms of operational data, the total additional net area commissioned in the fourth quarter of 2025 was 23,073 square meters. For the full year of 2025, the total additional net area commissioned exceeded 87,000 square meters, setting a new historical record.

Looking ahead, the company expects total revenue for the full year of 2026 to be in the range of RMB 12.4 billion to RMB 12.9 billion, representing an increase of approximately 8.5% to 12.8% year-on-year. Adjusted EBITDA for 2026 is projected to be between approximately RMB 5.75 billion and RMB 6.0 billion, an increase of about 6.4% to 11.0% compared to 2025. Furthermore, the company anticipates capital expenditure for the full year 2026 to be approximately RMB 9.0 billion, excluding any potential asset monetization.