Gds Holdings Ltd. · HKEX:9698

Gds — Q3 2025 Earnings Presentation

37 slides from Gds's earnings presentation, Nov 19, 2025

  1. Slide 1: 3Q25 Earnings Call

    3Q25 Earnings Call 19 November 2025 NASDAQ: GDS HKEX: 9698 © GDS 2016 0

  2. Slide 2: Disclaimer

    DISCLAIMER This presentation contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such a

  3. Slide 3: Business Strategy & Performance Highlights

    Business Strategy & Performance Highlights William Huang, Chairman & CEO © GDS 2016

  4. Slide 4: GDS 3Q25 Highlights

    GDS 3Q25 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +7,950 sqm (2) • Total area committed increased by 4.8% y/y to 656,729 sqm Customer Move-In • Additional area utilized (net) of +22,037 sqm (2) • Total area utilized of 486,607 sqm, +10.9% y/y, and utilization rate of 7

  5. Slide 5: Gross Additional Area Utilized (Organic Only)

    Gross Additional Area Utilized (Organic Only) (1) By Quarter (Sqm) By Year (Sqm) 25,647 78,968 23,122 20,732 19,916 63,770 60,284 16,225 48,739 33,860 3Q24 4Q24 1Q25 2Q25 3Q25 FY21 FY22 FY23 FY24 9M25 Notes: 1. Excludes B-O-T, acquisitions and impact of asset monetisation. © GDS 2016 4

  6. Slide 6: Net Additional Area Utilized

    Net Additional Area Utilized By Quarter (Sqm) By Year (Sqm) 3Q24 4Q24 1Q25 2Q25 3Q25 FY21 FY22 FY23 FY24 9M25 Organic (Gross) 25,647 16,225 20,732 19,916 23,122 Organic (Gross) 60,284 33,860 48,739 78,968 63,770 Churn (7,264) (1,950) (4,287) (5,685) (1,254) Churn (2,185) (4,864) (20,684) (19,089) (1

  7. Slide 7: Backlog Delivery

    Backlog Delivery Total Backlog Backlog Delivery Schedule Backlog For Area In Service Backlog For Area Under Construction 170,121 ~15% 234,185 228,787 213,640 ~45% 176,904 170,121 95,821 106,613 111,834 65,858 53,104 ~40% 138,364 122,174 117,017 111,045 101,806 YE21 YE22 YE23 YE24 3Q25 Backlog At 3Q2

  8. Slide 8: Gross Additional Area Committed (Organic Only)

    Gross Additional Area Committed (Organic Only) (1) By Quarter (Sqm) By Year (Sqm) 41,256 91,277 75,101 52,175 49,452 22,741 48,802 20,913 11,104 9,387 3Q24 4Q24 1Q25 2Q25 3Q25 FY21 FY22 FY23 FY24 9M25 Notes: 1. Excludes B-O-T, acquisitions and impact of asset monetisation. © GDS 2016 7

  9. Slide 9: Net Additional Area Committed

    Net Additional Area Committed By Quarter (Sqm) By Year (Sqm) 3Q24 4Q24 1Q25 2Q25 3Q25 FY21 FY22 FY23 FY24 9M25 Organic (Gross) 20,913 9,387 41,256 22,741 11,104 Organic (Gross) 91,277 52,175 48,802 49,452 75,101 Churn (8,224) (6,173) (11,378) (8,343) (3,154) Churn (2,944) (6,612) (28,160) (25,209) (

  10. Slide 10: 3Q25 Hyperscale New Orders

    3Q25 Hyperscale New Orders Hyperscale New Orders Data Centers Data Center IT Area (Sqm) IT Power (MW) Project Type BJ5 1,573 2.6 Inventory BJ15 1,974 4.3 Inventory BJ5 BJ15 CS5 Phase 1 3,040 10.0 New Build UL4 Phase 1 3,231 13.4 New Build CS Site UL Site © GDS 2016 9

  11. Slide 11: Capacity Expansion

    Capacity Expansion Increase In Capacity In Service (Sqm) Capacity Overview At 3Q25 Additional Capacity In Service Additional Capacity To Deliver (1) Capacity In Sqm In MW 153,107 In Service 653,762 1,484 Under Construction (1) 72,764 182 84,405 78,419 Total Capacity 726,526 1,666 16,643 (2) 27,682 H

  12. Slide 12: Financial & Operating Review

    Financial & Operating Review Dan Newman, CFO © GDS 2016

  13. Slide 13: 3Q25 P&L Analysis

    3Q25 P&L Analysis Quarterly Financial Review Rmb‘000 (Unless Indicated) 3Q24 2Q25 3Q25 Y/Y Q/Q Total Net Revenue 2,619,578 2,900,288 2,887,126 10.2% (0.5%) Cost of Revenue (2,061,995) (2,211,362) (2,247,889) 9.0% 1.7% Add Back Non-Cash Items (1) 765,445 820,576 833,318 8.9% 1.6% Adjusted GP (2) 1,32

  14. Slide 14: Move-In & MSR By Quarter

    Move-In & MSR By Quarter Net Additional Area Utilized (Sqm) MSR (Rmb / Sqm / Month) 18,678 16,763 2,034 2,052 2,011 1,983 1,992 14,440 (1) 9,330 7,421 (1) 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 Notes: 1. After deduction of 5,071 sqm in 1Q25 and 14,616 sqm in 3Q25 relating to data centers

  15. Slide 15: Revenue & Adjusted EBITDA By Quarter

    Revenue & Adjusted EBITDA By Quarter Revenue (Rmb Mn) Adjusted EBITDA & Margin (Rmb Mn) 46.0% 48.2% 48.6% 47.3% 46.5% 2,900.3 2,887.1 2,690.7 2,723.2 1,371.8 1,342.2 2,619.6 1,297.7 1,323.8 1,204.9 3Q24 4Q24 1Q25 2Q25 3Q25 3Q24 4Q24 1Q25 2Q25 3Q25 © GDS 2016 14

  16. Slide 16: Financial Effects Of Asset Monetisation

    Financial Effects Of Asset Monetisation Effect On Adjusted EBITDA (Rmb Mn) Effect On Enterprise Value (Rmb Mn) Cash Consideration Received (2) 3,145 9M24 9M25 Net Debt & Liabilities Deconsolidated (3) 1,165 Reported Adjusted EBITDA 3,578.8 4,037.8 EV To Date 4,310 Cash Consideration Deferred (4) 883

  17. Slide 17: C-REIT Update

    C-REIT Update Current Trading Multiples Unit Price Performance Since IPO At IPO As of 18 Nov Unit Price (Rmb) 3.00 4.375 Enterprise Value (EV) (Rmb Mn) 2,400 3,500 EBITDA (Rmb Mn) (1) 142 142 Implied EV / EBITDA (x) 16.9x 24.6x Cash Available For Distribution (Rmb Mn) (2) 125 125 Implied Dividend Yi

  18. Slide 18: Capex

    Capex (1) Organic Capex (Rmb Mn) Capex Guidance Breakdown (Rmb Mn) 12,695.2 FY25 9M25 Guidance Total Organic Capex 3,791.7 4,800 9,294.1 Less: Cash Consideration From ABS (897.0) (800) Add: Reinvestment In ABS 313.8 300 Less: Cash Consideration From C-REIT (2) (2,247.9) (2,100) 3,497.8 3,791.7 3,009

  19. Slide 19: Cash Flow

    Cash Flow Quarterly Cash Flow Annual Cash Flow 3Q24 4Q24 1Q25 2Q25 3Q25 Operating Cash Flow 639.9 1,079.9 780.1 865.1 736.5 Rmb Mn FY24 9M25 FY25 (1) Capex (788.1) (354.4) (1,055.6) (1,261.5) (1,474.6) Operating Cash Flow 2,219.7 2,381.7 2,500 Cash Consideration From ABS & C-REIT - - - 897.0 2,247.9

  20. Slide 20: Financing Obligation & Liquidity

    Financing Obligation & Liquidity Net Debt & Leverage (Rmb Mn Unless Indicated) 3Q24 4Q24 1Q25 2Q25 3Q25 Total Loan 26,683.2 26,247.6 25,835.1 26,141.0 25,551.8 Convertible Bond 8,357.0 8,577.2 8,569.1 12,344.7 12,265.4 Finance Lease 8,321.4 8,237.8 8,087.4 7,949.6 7,819.9 Total Gross Debt 43,361.6 4

  21. Slide 21: Deleveraging Progress

    Deleveraging Progress Reduction In Net Debt (Rmb Bn) Net Debt / Net Debt / 4Q24 Annualized EBITDA: 3Q25 Annualized EBITDA: 6.8x 6.0x 35.2 2.4 ~3.4 32.2 3.8 ~1.0 Net Debt at YE24 Operating Cashflow for 9M25 Net Cash Proceeds & Net Cash Proceeds from Equity Capex before ABS & C-REIT Net Debt at 9M25 D

  22. Slide 22: Loan Maturity Schedule

    Loan Maturity Schedule At 3Q25 (Rmb Mn) (1) Working Capital Project Loan Convertible Bond (2) 7,476 7,346 6,057 5,751 4,406 4,121 3,185 3,908 2,750 2,543 2,099 2,590 3,070 3,225 837 1,843 587 250 160 2025 2026 2027 2028 2029 2030 2031 2032 2033 & Beyond Notes: 1. Exchange rate of 7.1055:1 (RMB:USD).

  23. Slide 23: Business Outlook

    Business Outlook FY25 Guidance Rmb Mn FY24 Actual FY25 Guidance Implied Y/Y Total Revenue 10,322.1 11,290 – 11,590 9.4% – 12.3% Adjusted EBITDA 4,876.4 5,190 – 5,390 6.4% – 10.5% Capex (After ABS & C-REIT) 3,009.2 (1) ~2,700 (10.3%) Notes: 1. Refers to net cash used in investing activities, excludin

  24. Slide 24: Questions & Answers

    Questions & Answers www.gds-services.com ir@gds-services.com © GDS 2016

  25. Slide 25: Appendix

    Appendix © GDS 2016

  26. Slide 26: KPIs

    KPIs As At 3Q24 4Q24 1Q25 2Q25 3Q25 Area In Service (Sqm) 595,606 613,583 610,685 618,060 653,762 Area Under Construction (Sqm) 120,422 102,691 132,208 132,235 72,764 Total Capacity (Sqm) 716,028 716,274 742,893 750,295 726,526 Area Committed (Sqm) 548,372 564,139 554,924 565,224 603,624 Area Pre-Co

  27. Slide 27: Data Center Summary By Market

    Data Center Summary By Market At 30/09/25 (Sqm, Unless Indicated) (1) Pre- Area In Area Under Area Area Pre- Total Area Commitment Utilization # of Self- Total Capacity Area Utilized Commitment Service Construction Committed Committed Committed Rate Rate Market Developed Rate Data Centers (1) (2) (1

  28. Slide 28: Data Center Capacity By Tenure

    Data Center Capacity By Tenure At 30/09/25 (Sqm, Unless Indicated) Area In Service Area Under Construction Total Capacity Lease 307,261 23,732 330,993 Own 287,149 45,592 332,742 B-O-T 55,722 3,440 59,162 3 rd Party 3,629 - 3,629 Total 653,762 72,764 726,526 % Lease 47.0% 32.6% 45.6% % Own 43.9% 62.7

  29. Slide 29: Top Customer & Contract Renewal

    Top 5 Customer & Contract Renewal Top 5 Customer (1) Contract Renewal % of Total Area % of 3Q25 Total Area % of 3Q25 Total Net Period Sqm # Committed Committed Revenue 4Q25 50,749 7.7% 1 38.2% 29.2% FY26 93,875 14.3% 2 12.0% 10.8% FY27 140,919 21.5% 3 9.0% 8.4% FY28 101,164 15.4% 4 7.7% 6.5% Thereaf

  30. Slide 30: Principal Shareholders

    Principal Shareholders At 30/09/25 Pro Forma Ordinary Shares (1) Equivalent ADS Equivalent ADS % of Total ADS Change (3) William Huang (2) 46,139,704 5,767,463 - 5,767,463 2.9% STT 429,288,484 53,661,060 - 53,661,060 26.9% Ping An - +4,213,483 4,213,483 2.1% Others / Free Float 1,084,113,979 135,514

  31. Slide 31: Historical Financial Results: Statements Of Operations

    Historical Financial Results Condensed Consolidated Statements Of Operations Amounts in thousands Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 (1) RMB RMB RMB RMB RMB USD Net revenue Service revenue 2,619,578 2,690,482 2,722,908 2,898,398 2,886,480 405,461 Equi

  32. Slide 32: Historical Financial Results: Balance Sheets

    Historical Financial Results Condensed Consolidated Balance Sheets Amount in thousands. As of Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 RMB RMB RMB RMB RMB USD ( 1 ) Cash 7,757,903 7,867,659 7,575,709 13,123,751 13,443,679 1,888,422 Accounts receivable, net of allowance for cr

  33. Slide 33: Historical Financial Results: Statements Of Cash Flows

    Historical Financial Results Condensed Consolidated Statements Of Cash Flows Amounts in thousands Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 (1) RMB RMB RMB RMB RMB USD Net cash provided by operating activities from continuing operations 639,878 1,079,860 780

  34. Slide 34: Reconciliation From Gross Profit To Adjusted Gross Profit

    Reconciliation From Gross Profit To Adjusted Gross Profit Adjusted Gross Profit Amounts in thousands Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 RMB RMB RMB RMB RMB USD (1) Gross profit 557,583 578,117 644,825 688,926 639,237 89,793 Depreciation and amortizati

  35. Slide 35: Reconciliation From Net Loss To Adjusted EBITDA

    Reconciliation From Net Loss To Adjusted EBITDA Adjusted EBITDA Amounts in thousands Three Months Ended Sep 30, 2024 Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 RMB RMB RMB RMB RMB USD (1) Net (loss) income (231,109) 4,111,639 764,074 (70,584) 728,632 102,351 Loss (income) from discontinued

  36. Slide 36: Analyst Coverage

    Analyst Coverage Broker Analyst Contact BofA Daley Li daley.li2@bofa.com CICC Shuyun Che shuyun.che@cicc.com.cn Citi Louis Tsang louis.cp.tsang@citi.com Citic Securities Junyun Chen chenjunyun@citics.com Cowen Michael Elias michael.elias@cowen.com Daiwa Robin Leung robin.leung@hk.daiwacm.com Deutsch

  37. Slide 37: DayOne Updates

    DayOne Updates Selected Financial & Operating Results For DayOne (1) GDS has a non-controlling equity interest in DayOne Data Centers Limited (“DayOne”), an independent data center developer and operator headquartered in Singapore. The following disclosures are provided for informational purposes. $

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