VNET held its fourth-quarter and full-year 2025 earnings conference call with Rotating President Sharon Liu, SVP of Operational Finance Peter Zhang and Head of Investor Relations Xinyuan Liu, alongside analysts including Tom Tang, Edison Lee, Daley Li, Timothy Zhao, Ethan Zhang, Shuyun Che and Sara Wang. Management reported fourth-quarter net revenue rose 19.6% to RMB2.69 billion, while wholesale revenue increased 47.1% to RMB978.1 million. For 2026, VNET guided to total net revenue of RMB11.5-11.8 billion and adjusted EBITDA of RMB3.55-3.75 billion. Sharon Liu said VNET plans to deliver 450-500 megawatts of capacity over the next 12 months, and noted 156 megawatts had been locked in out of a 452-megawatt plan. In Q&A, management said most new resource reserves added in Q4 were in the Greater Beijing area including Ulanqab, and that 2026 capital expenditure of RMB10-12 billion will be financed mainly via project loans, operating cash flow and private REITs.

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