GDS-SW (09698) announced its 2025 financial results, showing a 10.8% year-on-year increase in net revenue to RMB 11.43 billion. Net profit for the period was RMB 959.4 million. Adjusted EBITDA grew by 10.8% to RMB 5.40 billion.

As of December 31, 2025, the total contracted and pre-contracted area was 670,106 square meters, an increase of 6.4% compared to the previous year. The billed area reached 504,843 square meters, up 11.4% year-on-year. The operational area was 668,283 square meters, representing an 8.9% increase. The billing rate, calculated as billed area divided by operational area, stood at 75.5%, compared to 73.8% as of December 31, 2024.

For the full year 2026, the company expects total revenue to be between RMB 12.4 billion and RMB 12.9 billion, indicating growth of approximately 8.5% to 12.8%. Adjusted EBITDA is projected to be in the range of RMB 5.75 billion to RMB 6.00 billion, an increase of about 6.4% to 11.0%. Furthermore, the company anticipates full-year 2026 capital expenditure to be approximately RMB 9.0 billion, excluding any potential asset monetization.

Mr. Huang Wei, Chairman and Chief Executive Officer of GDS, commented, "We concluded 2025 with a strong performance, delivering solid financial and operational results that demonstrate our disciplined execution and strategic focus. In 2025, we achieved record highs for both total new orders and total customer installations over the past five years. We are confident that demand will further accelerate in the era of artificial intelligence. As we move into 2026, we remain committed to disciplined and sustainable growth, viewing AI as a transformative catalyst for long-term success."

Mr. Dan Newman, Chief Financial Officer, stated, "In 2025, our revenue and adjusted EBITDA both grew by 10.8% year-on-year, with an adjusted EBITDA margin of 47.3%. We completed landmark ABS and C-REIT asset monetization transactions in 2025, enabling flexible capital deployment through access to China's equity markets. Recently, we raised $685 million through the sale of DayOne shares and a private placement of convertible preferred stock, further strengthening our financial position. With our fundraising capabilities, we are well-prepared for data center capacity expansion to capture exciting new opportunities in our core business."