Net income of GDS-SW (09698) in 2025 increased by 10.8% year-on-year to 11.4323 billion yuan.

GDS-SW (09698) announced its performance for 2025, with a year-on-year increase in net income of 10.8% to 11.4323 billion yuan, and net profit of 959.4 million yuan. The adjusted EBITDA increased by 10.8% to 5.4035 billion yuan. As of December 31, 2025, the total contracted and pre-contracted area was 670,106 square meters, an increase of 6.4% year-on-year. The billable area was 504,843 square meters, an increase of 11.4% year-on-year. The operating area was 668,283 square meters, an increase of 8.9% year-on-year. The billing ratio (billable area divided by operating area) was 75.5% (as of December 31, 2024: 73.8%). The company expects total revenue for the full year of 2026 to be between 12.4 billion yuan and 12.9 billion yuan, an increase of approximately 8.5% to 12.8% year-on-year; its adjusted EBITDA is expected to be between 5.75 billion yuan and 6 billion yuan, an increase of approximately 6.4% to 11.0% year-on-year. In addition, the company expects capital expenditures for the full year of 2026 to be approximately 9 billion yuan, excluding any potential asset monetization. Mr. Huang Wei, Chairman and CEO of GDS, commented, "We ended 2025 with a strong performance, delivering robust financial and operational results, showcasing our disciplined execution and strategic focus. In 2025, we set new records for total new order value and total move-in volume in the past five years. We believe that demand will further accelerate in the age of artificial intelligence. Moving into 2026, we continue to strive for disciplined and sustainable growth, viewing artificial intelligence as a catalyst for long-term success." Mr. Dan Newman, Chief Financial Officer, said, "In 2025, our revenue and adjusted EBITDA increased by 10.8% each, with an adjusted EBITDA profit margin of 47.3%. In 2025, we completed landmark ABS and C-REIT asset monetization transactions, allowing us to flexibly allocate capital by entering the Chinese stock market. Recently, we raised $685 million through the sale of DayOne shares and private convertible preferred shares, further consolidating our financial strength. In terms of fundraising capabilities, we are well prepared for capacity expansion in data centers to seize exciting new opportunities in our core business."