VNET Group, Inc. · NASDAQ:VNET
VNET — Q2 2026 Earnings Presentation
35 slides from VNET's earnings presentation, Aug 18, 2026
Slide 1: Earnings Presentation for 2Q26
VNET Group, Inc. Earnings Presentation for 2Q26 August 18, 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by VNET Group, Inc. (the “Company”) solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representati
Slide 3: Wen Teng, Rotating President of VNET
Wen Teng Rotating President of VNET
Slide 4: 2Q26 Earnings Highlights
2Q26 Earnings Highlights • Wholesale IDC Business: 345MW of new orders, 862MW of new orders in 2026 YTD Customer Commitments • Retail IDC Business: 2MW of new orders, 4MW of new orders in 2026 YTD • Wholesale IDC Business: • *99MW capacity delivered, capacity in service surpassed 1GW to 1,007MW, +49
Slide 5: Key IDC Customer Order Wins
Key IDC Customer Order Wins Capacity Region IDC Code Contracted/ Signing Time Customer Sector Project Type under MoU (MW) Greater Beijing Area N-OR Campus 03 345 2Q26 Cloud services Wholesale Greater Beijing Area, IT services, local Yangtze River Delta, Multiple Retail IDCs 2 2Q26 services, financia
Slide 6: Wholesale Data Centers – Orders & Reservations and Delivery Plan
Wholesale Data Centers – Orders & Reservations and Delivery Plan Capacity of Orders & Reservations Delivery Plan of Orders （MW） Orders Reservations Total 862 355 1,217 MW MW MW Source: Company data 6
Slide 7: Wholesale Data Centers - Long-term Contracts Drive Revenue Visibility
Wholesale Data Centers - Long-term Contracts Drive Revenue Visibility % Distribution of Remaining Terms for Contracted Capacity 40% > 90% Recurring revenues 18% 14% 9% 10% 7 yrs Weighted avg. 3% 3% 2% 1% 1% remaining lease term 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 and thereafter Source:
Slide 8: Wholesale Data Centers at a Glance - Key Growth Driver
Wholesale Data Centers at a Glance - Key Growth Driver Total Capacity in Service & Capacity Utilized (MW) Utilization Rate (1) 1,007 907 889 75.9% 75.7% 74.3% 70.1% 73.9% 783 674 744 687 623 582 511 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Mature & Ramp-up Capacity Contribution & Utilizati
Slide 9: Wholesale Data Centers – Backlog Growth
Wholesale Data Centers – Backlog Growth (MW) 3,550 Total Resource Secured Capacity Land Bank Secured Land Bank (1) 908 4GW+ ~1.4GW Held For Future 2,480 Development Capacity in Capacity under Capacity Under +1.5GW 1,050 Construction 1,056 Service Construction (+62.4%) Capacity In Service 1GW+ 585MW
Slide 10: Retail Data Centers at a Glance - Solid Foundation
Retail Data Centers at a Glance - Solid Foundation Total Capacity in Service (Cabinet) Utilization Rate (1) 52,131 52,288 49,863 50,170 50,081 63.9% 64.8% 64.0% 64.1% 64.5% 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026 MRR per Retail Cabinet (2
Slide 11: Resource Pipeline for the Next 12 Months
Resource Pipeline for the Next 12 Months 1H26 Capacity 2H26E Capacity 1H27E Capacity Next 12M Total Region IDC Code Tenure (MW) (MW) (MW) (MW) Yangtze River Delta E-JS Campus 03B Owned 32 12 - 12 N-HB Campus 02 Owned - - 29 29 N-HB Campus 03 Owned 22 - - - N-HB04 Leased - 7 - 7 Greater Beijing Area
Slide 12: Green Direct Current
A global leader in zero-carbon A leading carrier- and cloud-neutral internet new energy technology data center services provider in China Have established a strategic partnership to advance compute-energy collaboration Gigawatt-Scale Distributed Zero-Carbon Compute-Energy Compute- Energy Token Facil
Slide 13: Peter Zhang, SVP, Operational Finance of VNET
Peter Zhang SVP, Operational Finance of VNET
Slide 14: 2Q26 Financial Highlights
2Q26 Financial Highlights RMB MM 2Q25 1Q26 2Q26 YoY QoQ Total net revenues 2,434 2,691 2,779 14.2% 3.3% Gross profit 548 616 505 -7.8% -18.0% Adjusted cash gross profit (1) 1,062 1,211 1,162 9.4% -4.1% Adjusted cash gross margin 43.6% 45.0% 41.8% -1.8 pps. -3.2 pps. Adjusted EBITDA (2) 732 892 918 2
Slide 15: Total Net Revenues Breakdown
Total Net Revenues Breakdown (RMB MM) Total Net Revenues YoY +22.1% +21.7% +19.6% +19.8% +14.2% Wholesale IDC Revenues YoY +112.5% +82.7 % +47.1% +58.1% +29.3% 2,687 2,779 2,691 2,582 2,434 607 628 627 671 621 1,020 1,046 999 1,038 959 956 978 1,064 1,105 854 2Q25 3Q25 4Q25 1Q26 2Q26 (1) (1) (2) Who
Slide 16: Healthy Margins through Efficiency Enhancement
Healthy Margins through Efficiency Enhancement Adjusted Cash Gross Profit & Margin (1) Adjusted EBITDA & Margin (2) (RMB MM) (RMB MM) 43.6% 40.7% 42.3% 45.0% 41.8% 30.1% 29.4% 30.0% 33.1% 33.0% +9.4% YoY +25.4% YoY -4.1% QoQ +3.0% QoQ 1,211 892 918 1,138 1,162 1,062 1,051 805 732 758 2Q25 3Q25 4Q25
Slide 17: Strong Liquidity Position
Strong Liquidity Position Net Operating Cash Flow Cash Position (1) (RMB MM) (RMB MM) Credit line availability: RMB8,497MM unused 7,214 6,581 2,063 2,005 1,919 5,456 379 357 1,185 (2) 1,333 1,356 7,214 781 6,202 5,099 2,081 (2) 390 878 673 2,081 562 392 (2) 2023 2024 2025 1H26 12/31/2023 12/31/2024
Slide 18: Well Laddered Debt Profile
Well Laddered Debt Profile Total Debt & Net Debt / Adj. LQA EBITDA (1) Debt Breakdown by Maturity (RMB MM) 12,652 6.2x 6.4x 2,875 5.6x 3.8x 3.9x 4.6x 5,096 4.1x 4.3x 9,777 3.4x 1,962 3.0x 2,326 2,135 1,496 2,326 3,135 2,135 1,496 2022 2023 2024 2025 2Q26 2026 2027 2028 2029 2030 and Total Debt/Adj.
Slide 19: Capex Paid by Year
Capex Paid by Year Capital Expenditure (1) Highlights (RMB MM) FY2026 Guidance: 10,000 – 12,000 ◼ The majority of the RMB3.55 billion in capex for the 1H26 was 8,240 allocated to the expansion of our wholesale IDC business. 4,982 3,578 3,546 ◼ Driven by the robust growth of our wholesale business, w
Slide 20: Guidance
Guidance RMB MM FY2025 Actual FY2026 Guidance Implied YoY Total Net Revenues 9,949 11,500 - 11,800 15.6% - 18.6% Adjusted EBITDA (1) 2,978 3,550 - 3,750 19.2% - 25.9% Capex 8,240 10,000 - 12,000 21.4% - 45.6% Delivery Plan (MW) 404 450 - 500 11.4% - 23.8% Source: Company data Notes: (1) Adjusted EBI
Slide 21: ESG Initiatives – Commitment to Sustainability
ESG Initiatives – Commitment to Sustainability Commitment to achieve both targets of operational carbon neutrality in Scope 1 and Scope 2 emissions, and 100% renewable energy usage by 2030 Scored 73, and ranked top 7% of the IT services industry globally in the 2025 S&P Corporate Sustainability Asse
Slide 22: Appendix
Appendix
Slide 23: N-OR Campus 03 660 MW+ 393 MW
N-OR Campus 03 660MW+ IT Capacity 393MW 202509 202512 Capacity under Construction 100% Pre-commitment Rate ~10 Base Year Term 202604 202607 23 Source: Company data as of June 30, 2026
Slide 24: Differentiated Business Model with Comprehensive Offerings
Differentiated Business Model with Comprehensive Offerings Managed Hosting Services Cloud Services VPN Services (1) (IDC) • Co-location • Multi-Protocol Label Switching (MPLS) & • Interconnectivity Software-Defined Wide Area Network (SD-WAN) • Hybrid IT Services Solutions • Other Value-added Service
Slide 25: Dual-Core Growth Strategy of IDC Business
Dual-Core Growth Strategy of IDC Business Wholesale Retail Hyperscale IDC Interconnectivity Services Retail Colocation Full-Stack Services Targeting hyperscalers which require huge amount of space and power to Covering large and loyalty customer base across verticals including: financial services, s
Slide 26: Data Centers by Region
Data Centers by Region Wholesale Capacity in Service (1,007MW) Region % Greater Beijing Area 65.9% Yangtze River Delta 34.1% Total 100.0% Wholesale Capacity under Construction (585MW) Ulanqab Region % Greater Beijing Greater Beijing Area 97.9% Area Beijing-Tianjin-Hebei Yangtze River Delta 2.1% Tota
Slide 27: Wholesale Capacity in Service – Yangtze River Delta
Wholesale Capacity in Service – Yangtze River Delta Capacity in Service Capacity Utilized Total Capacity Region IDC Code Tenure Utilization Rate (2) Commitment Rate (3) (MW) (MW) Committed (1) (MW) E-JS Campus 01 Phase 1 Owned 28 27 28 94.4% 100.0% E-JS Campus 01 Phase 2 Owned 16 13 16 81.9% 100.0%
Slide 28: Wholesale Capacity in Service – Greater Beijing Area
Wholesale Capacity in Service – Greater Beijing Area Capacity in Service Capacity Utilized Total Capacity Region IDC Code Tenure Utilization Rate (2) Commitment Rate (3) (MW) (MW) Committed (1) (MW) BJ15 Owned 9 0 0 0.0% 0.0% N-HB02 Phase 1 Owned 28 27 28 96.9% 100.0% N-HB Campus 01A Owned 35 7 7 20
Slide 29: Wholesale Capacity Under Construction & Held for Future Development
Wholesale Capacity Under Construction & Held for Future Development Under Construction Capacity under Total Capacity Region IDC Code Tenure Pre-commitment rate (2) Ready for Service Construction (MW) Pre-committed (1) (MW) Yangtze River Delta E-JS Campus 03B Owned 12 12 100.0% 2H26 (1) (2) N-HB Camp
Slide 30: Key P&L Items
Key P&L Items Three months ended Amount in thousands June 30, 2025 March 31, 2026 June 30, 2026 RMB RMB RMB US$ Net revenues 2,434,205 2,691,136 2,778,738 409,535 Cost of revenues (1,886,470) (2,075,269) (2,273,558) (335,081) Gross profit 547,735 615,867 505,180 74,454 Sales and marketing expenses (
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Three months ended Amount in thousands June 30, 2025 March 31, 2026 June 30, 2026 RMB RMB RMB US$ Gross profit 547,735 615,867 505,180 74,454 Plus: depreciation and amortization 513,891 595,092 656,509 96,757 Plus: share-based compensation expenses 196 297 201 30 Adj
Slide 32: Key Balance Sheet Items
Key Balance Sheet Items As of As of Amount in thousands December 31, 2025 June 30, 2026 RMB RMB US$ Cash, cash equivalents and restricted cash 6,201,685 7,214,433 1,063,276 Short-term investments 379,198 - - Accounts and notes receivable, net 2,222,106 2,640,321 389,135 Property and equipment, net 2
Slide 33: Key Cash Flow Items
Key Cash Flow Items Three months ended Amount in thousands June 30, 2025 March 31, 2026 June 30, 2026 RMB RMB RMB US$ Net cash generated from operating activities 366,596 173,676 218,076 32,140 Net cash used in investing activities (3,282,065) (2,218,780) (971,941) (143,246) Net cash generated from
Slide 34: Definitions
Definitions Term Definition IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was IDC Business subdivided into wholesale IDC business and retail IDC business according to the
Slide 35: THANKS!
http://ir.vnet.com THANKS! Email: ir@vnet.com