Gds Holdings Ltd. · HKEX:9698
Gds — Q1 2026 Earnings Presentation
42 slides from Gds's earnings presentation, May 20, 2026
Slide 1: 1Q26 Earnings Call
1Q26 Earnings Call 20 May 2026 NASDAQ: GDS HKEX: 9698 © GDS 2016 0
Slide 2: Disclaimer
DISCLAIMER This present at ion contains forward-looking statement s within the meaning of Sect ion 21E of the Securities Ex change Ac t of 1934, as amended, and as defined in the U.S. Private Securities Lit igation Reform Ac t of 1995. These forward-looking statement s can be identified by terminolo
Slide 3: Business Strategy & Performance Highlights
Business Strategy & Performance Highlights William Huang, Chairman & CEO © GDS 2016
Slide 4: GDS 1Q26 Highlights
GDS 1Q26 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +55,379 sqm • Total area committed increased by 11.7% y/y to 725,485 sqm Customer Move-In • Additional area utilized (net) of +16,086 sqm • Total area utilized of 520,929 sqm, +12.7% y/y, and utilization rate of 77.3% F
Slide 5: Gross Additional Power Committed
Gross Additional Power Committed By Year (MW) (1) 346 317 119 97 99 FY22 FY23 FY24 FY25 YTD26 N otes : 1. Ex c lud es B -O-T an d im pac t of a ss et m oneti sati on. © GDS 2016 4
Slide 6: Bookings 1Q26
Bookings 1Q26 Hyperscale Orders 1Q26 Data Center Campus Area Power Data Center Location Project Type (Sqm) (MW) Inventory + New Langfang, Hebei 21,441 83 Build Changshu, Jiangsu New Build Langfang Changshu 11,253 48 Taicang, Jiangsu 5,652 20 New Build Horinger, Inner 15,977 45 New Build Mongolia Tai
Slide 7: Bookings Current Quarter
Bookings Current Quarter Hyperscale Orders 2Q26 To Date Data Center Campus Shaoguan Power Data Center Location Project Type (MW) Shaoguan, Guangdong 77 New Build Ulanqab, Inner Mongolia 61 New Build Ulanqab © GDS 2016 6
Slide 8: Gross Additional Area Committed
Gross Additional Area Committed (1) By Quarter (Sqm ) By Year (Sqm) 59,342 96,766 41,256 59,342 52,175 49,452 48,802 22,741 21,665 11,104 1Q25 2Q25 3Q25 4Q25 1Q26 FY22 FY23 FY24 FY25 1Q26 N otes : 1. Ex c lud es B -O-T an d im pac t of a ss et m oneti sati on. © GDS 2016 7
Slide 9: Net Additional Area Committed
Net Additional Area Committed By Quarter (Sqm ) By Year (Sqm) 1Q25 2Q25 3Q25 4Q25 1Q26 FY2 2 FY2 3 FY2 4 FY2 5 1Q26 Or gan ic (Gr oss) 41,256 22,741 11,1 04 21,665 59,342 Or gan ic (Gr oss) 52,175 48,802 49,452 96,766 59,342 Ch urn (11,3 78) (8,343) (3,154) (4,848) (3,963) Ch urn (6,612) (28,160) (2
Slide 10: Resource Build-up
Resource Build-up Secured Land (Sqm) Construction Program (Sqm) & Pre-Commitment Rate 64.1% 84.4% 941,095 103,989 (3,198 MW) 1,226,028 (411 MW) (3,759 MW) 103,989 88,269 118,411 102,691 388,922 (973 MW) 31/12/24 Additional Additional 31/03/26 31/12/24 Additional Additional In 31/03/26 Landbank Const
Slide 11: Backlog Build-Up
Backlog Build-Up Backlog Evolution (Sqm) Backlog Delivery (Sqm) 134,557 106,905 (1) 168,281 ~35% 204,556 ~40% 176,904 ~25% 31/12/24 Additional Backlog Additional Gross 31/03/26 Effective Backlog Delivery In Delivery In F Y27 Delivery Thereafter Area Utilized 31/03/26 2Q-4Q26 N otes : 1. “Effec tiv e
Slide 12: Financial & Operating Review
Financial & Operating Review Dan Newman, CFO © GDS 2016
Slide 13: 1Q26 P&L Quarterly Financial Review
1Q26 P&L Quarterly Financial Review Rmb‘000 (Unl ess Indicated) 1Q25 4Q25 1Q26 Y/Y Q/ Q Total Net Revenue 2,723,158 2,921,702 3,367,099 23.6% 15.2% Cost of Revenue (2,078,333) (2,309,275) (2,235,580) 7.6% (3.2%) Add Back Non-Cash It ems (1 ) 810,597 865,464 820,519 1.2% (5.2%) Adjusted GP (2 ) 1,455
Slide 14: Adjusted Gross Profit Yield
Adjusted Gross Profit Yield Y/E23 Y/E24 Y/E25 4Q Annualized Adjusted Gross Profit 4,997 5,587 5,912 Net PPE 40,098 40,204 38,054 Add: Ac cumulated Depreciation 12,034 14,690 17,147 Add: Impairment 2,816 2,815 4,049 Less: Construction In Pr ogress (8,658) (6,564) (5,640) Gross PPE 46,290 51,144 53,61
Slide 15: Gross Additional Area Utilized
Gross Additional Area Utilized (1) By Quarter (Sqm ) By Year (Sqm) 23,122 23,069 86,840 20,732 78,968 19,916 19,384 48,739 33,860 19,384 1Q25 2Q25 3Q25 4Q25 1Q26 FY22 FY23 FY24 FY25 1Q26 N otes : 1. Ex c lud es B -O-T, a cq uis iti ons and i mpa ct of as s et m one tis ation . © GDS 2016 14
Slide 16: Net Additional Area Utilized
Net Additional Area Utilized By Quarter (Sqm ) By Year (Sqm) 1Q25 2Q25 3Q25 4Q25 1Q26 FY22 FY23 FY24 FY25 1Q26 Organic (Gross) 20,732 19,916 23,122 23,069 19,384 Organic (Gross) 33,860 48,739 78,968 86,840 19,384 Churn (4,287) (5,685) (1,254) (4,837) (3,319) Churn (4,864) (20, 684) (19, 089) (16, 06
Slide 17: Move-In & MSR By Quarter
Move-In & MSR By Quarter Net Additional Area Utilized (Sqm ) MSR (Rmb / Sqm / Month) Asset Monetization Net Additional Ar ea Utilized 22,037 2,052 1,983 1,992 1,964 18,236 1,909 (1) 16,763 16,086 14,401 14,616 5,071 9,330 7,421 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 N otes : 1. Ex cl udi
Slide 18: Revenue & Adjusted EBITDA By Quarter
Revenue & Adjusted EBITDA By Quarter Revenue (Rmb Mn) Adjusted EBITDA & Margin (Rmb Mn) 48.6% 47.3% 46.5% 46.7% 48.7% (3 ) 3,367.1 2,900.3 2,887.1 2,921.7 429.1 (1) 1,948.7 2,723.2 (2) 518.4 1,323.8 1,371.8 1,342.2 1,365.6 2,938.0 1,430.3 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 N otes : 1.
Slide 19: 1Q26 P&L Excluding One-Time Items & On Pro Forma Basis
1Q26 P&L Excluding One-Time Items & On Pro Forma Basis Adjusting for One-Time Items & Pro Forma For Effect Of Asset Monetisation (1) Rmb Mn (Unl ess Indicated) 1Q25 4Q25 1Q26 (2 ) Y/Y Q/ Q Repor ted Total Revenue 2,723 2,922 3,367 23.6% 15.2% Total Revenue Excludi ng One -Ti me Items 2,723 2,922 2,9
Slide 20: Capex
Capex (1) Organic Capex (Rmb Mn) Capex Breakdown (Rmb Mn) 9,294.1 FY25 FY26 Act ual Gu id an ce Total Org an ic Cap ex 4,706.3 9,000 4,706.3 Less: Cash Consideration From ABS & C-REIT (2) (3,135.0) - 3,497.8 3,009.2 Add: Reinvestment In ABS & C-REIT 793.8 - 770.0 Total Capex Aft er Asset Mo netizati
Slide 21: Cash Flow
Cash Flow Quarterly Cash Flow Annua l Cash Flow R mb M n 1Q25 2Q25 3Q25 4Q25 1Q26 Op er atin g C ash Flo w 780 .1 865 .1 736 .5 983 .6 447 .7 Rmb Mn FY24 FY25 1Q26 C apex (1 ,0 55.6) (1 ,2 61.5) (1 ,4 74.6) (9 14.6) (7 70.0) C as h Co nsi der atio n Fr om ABS & C -R EIT (1 ) - 897 .0 2,24 7.9 (9 .9
Slide 22: US$685 Mn Capital Recycling / Raising In 1Q26
US$685 Mn Capital Recycling / Raising In 1Q26 D ay On e Pa r ti al Se l l Do wn C on v e rt ib le Pr e fe rr ed Sh a re (C PS ) ◼ Sale of 15% of our equity interes t in DayOne ◼ Raised US$300 mn through priva te placement of CPS to Huatai Capital Investmen t ◼ DayOne bought back at Series C p rice ◼
Slide 23: Financing Obligation & Liquidity
Financing Obligation & Liquidity Net Debt & Leve rage (Rm b Mn Unless I ndicated) 1Q25 2Q25 3Q25 4Q25 1Q26 Tot al Loan 25,835.1 26,141.0 25,551.8 26,315.0 26,422.9 Convertible Bond 8,569.1 12,344.7 12,265.4 12,144.4 11,968. 0 Finance Lease 8,087.4 7,949.6 7,819.9 7,751.1 7,505.7 Total Gross Debt 42,
Slide 24: Deleveraging Progress
Deleveraging Progress Reduction In Net Debt (Rmb Bn) Net Debt / Net Debt / Net Debt / 4Q24 Annualized EBITDA: 4Q25 Annualized EBITDA: 1Q26 Annualized EBITDA: 6.8x 5.8x 4.7x (2) 35.2 3.4 ~3.3 ~5.4 31.9 0.4 0.7 0.8 4.8 ~2.0 26.7 (2 ) N et D ebt a t YE24 Ope rat ing C ashf low N et C ash Proce ed s & N
Slide 25: Loan Maturity Schedule
Loan Maturity Schedule At 1Q26 (Rmb Mn) (1) Working Capital Project Loan Convertible Bond (2) 7,962 6,882 6,470 5,741 4,013 4,290 3,325 3,382 3,806 2,609 2,163 3,948 2,199 3,275 2,592 1,936 50 410 2026 2027 2028 2029 2030 2031 2032 2033 & Beyond N otes : 1. Ex c hang e rate of 6.919 4:1 (R MB:U SD )
Slide 26: Business Outlook
Business Outlook FY26 Guidance Rmb Mn FY25 Actual FY26 Guidance (1) Implied Y/Y Total Revenue 11,432.3 12,400 – 12,900 +8.5% - 12.8% Adjusted EBITDA 5,403.5 5,750 – 6,000 +6.4% - 11.0% Capex (Before Asset Monetization) (2) 4,706.3 9,000 +91 .2% N otes : 1. FY 26 gui dan ce i nc lud es s om e one -ti
Slide 27: FY26 Pro Forma Guidance
FY26 Pro Forma Guidance FY26 Pro Forma Guidance (1) FY26 Pro Forma Rmb Mn FY25 Implied Y/Y Guidance Pro Forma Total Revenue 11,681 12,860 – 13,360 +10 .1% - 14.4% Pro Forma Adjuste d EBITDA 5,571 6,020 – 6,270 +8.1% – 12.5% N otes : 1. Pro For ma Total R ev enu e and Adj us te d EBITD A r efers to R
Slide 28: Questions & Answers
Questions & Answers www.gds-services.com ir@gds-services.com © GDS 2016
Slide 29: Appendix
Appendix © GDS 2016
Slide 30: Capacity Overview
Capacity Overview At 1Q26 Cap acity In Sqm In MW In Service 674,269 1,538 Under Construction 118,411 377 Total Capacity 792,680 1,915 Powered Land & Reservations (1) - 3,700 Total Developab le Capacity - ~5,600 N otes : 1.C omp ris es la nd for w hi ch w e hav e s ec ur ed pow er q uota and l and r
Slide 31: KPIs
KPIs As At 1Q25 2Q25 3Q25 4Q25 1Q26 Area In Service ( Sqm) 610,685 618,060 653,762 668,283 674,269 Area Under Constr uction ( Sqm) 132,208 132,235 72,764 73,994 118,411 Total Capacity (Sqm) 742,893 750,295 726,526 742,277 792,680 Area Committed (Sqm) 554,924 565,224 603,624 621,188 625,526 Area Pre-
Slide 32: Data Center Summary By Market
Data Center Summary By Market At 31/03/26 (Sqm, Unless Indicated) (1) Pr e- Ar ea In Ar ea U nde r Ar ea Ar ea Pr e- Tota l Ar ea Co m m it me nt Ut ilizat io n # of Self- Tota l Ca pacity Ar ea Ut ilized Co m m it me nt Ser vice Co ns tru ction Co m m it ted Co m m it ted Co m m it ted Ra te Ra te
Slide 33: Data Center Capacity By Tenure
Data Center Capacity By Tenure At 31/03/26 (Sq m, Unless Indicated) Area In Service Area Un der Con st ru ctio n Total Capacity Leas e 321,133 8,336 329,470 Own 293,863 110,075 403,938 B-O-T 55,722 0 55,722 3 rd Party 3,550 0 3,550 Total 674,269 118,411 792,680 % Lease 47.6% 7.0% 41.6% % Own 43.6% 9
Slide 34: Top Customer & Contract Renewal
Top 5 Customer & Contract Renewal Top 5 Custome r (1) Contract Renewal % of Total Area % of 1Q26 Total Area % of 1Q26 Total Net Period Sqm # Committed Committed Revenue (2) 2Q-4Q26 114,297 15.8% 1 39.2% 32.9% FY27 152,232 21.0% 2 11.3% 9.3% FY28 98,603 13.6% 3 9.9% 8.7% FY29 80,388 11.1% 4 8.2% 6.5%
Slide 35: Principal Shareholders
Principal Shareholders At 31/03/26 Pro Forma Ordinary Shares (1) Equivalent ADS Equivalent ADS % of Total ADS Change (4) William Huang (2) 46,139,704 5,767,463 - 5,767,463 2.8% STT 429,288,484 59,661,060 - 59,661,060 26.2% Ping An - - +4,213,483 4,213,483 2.1% Huatai - - +5,512,072 5,512,072 2.7% Ot
Slide 36: Historical Financial Results
Historical Financial Results Conde ns ed Consolidated Statements Of Operations Amo unts in th ousands Thr ee Mon ths Ended Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 RMB RMB RMB RMB RMB USD(1) Net reven ue Serv ic e revenue 2,722,908 2,898,398 2,886,480 2,920,291 3,366,680 488,
Slide 37: Historical Financial Results
Historical Financial Results Conde ns ed Consolidated Balance Sheets A mount in thous ands. As of Ma r 31 , 202 5 Jun 30 , 202 5 Se p 30 , 2 02 5 D ec 31 , 2 02 5 Ma r 3 1, 2 026 R MB R MB R MB R MB R MB U SD (1) C ash 7, 57 5,7 09 13 ,1 23, 75 1 13 ,4 43, 67 9 14 ,3 05, 95 8 14 ,8 22, 49 3 2, 14 8,
Slide 38: Historical Financial Results
Historical Financial Results Conde ns ed Consolidated Statements Of Cas h Flows A m ou nt s in th o usa nd s T hr ee M on th s En de d M ar 3 1, 2025 Ju n 30 , 2025 Sep 30 , 2025 D ec 31 , 2025 M ar 3 1 , 2026 R MB R MB R MB R MB R MB U SD (1 ) N et ca sh p r ovid ed b y o pe ra ting act iv it ies 7
Slide 39: Reconciliation From Gross Profit To Adjusted Gross Profit
Reconciliation From Gross Profit To Adjusted Gross Profit Adjusted Gross Profit A m ou nt s in th o usa nd s T hr ee M on th s En de d M ar 3 1, 2025 Ju n 30 , 2 025 Sep 30, 2025 D ec 31 , 2025 M ar 3 1 , 2026 R MB R MB R MB R MB R MB U SD (1 ) Gro ss pro fi t 644 ,825 688 ,926 639 ,237 612 ,427 1,1
Slide 40: Reconciliation From Net Loss To Adjusted EBITDA
Reconciliation From Net Loss To Adjusted EBITDA Adjusted EBITDA A m ou nt s in th o usa nd s T hr ee M on th s En de d M ar 3 1, 2025 Ju n 30 , 2 025 Sep 30, 202 5 D ec 31, 20 25 M ar 3 1 , 2026 R MB R MB R MB R MB R MB U SD (1 ) N et inc om e ( lo ss ) 764 ,074 (7 0,584) 728 ,632 (4 62,760 ) 2,65 2
Slide 41: Analyst Coverage
Analyst Coverage B ro ke r A naly st C on tac t BofA D ale y Li dal ey.l i2@ b ofa.co m C CBI El ena C hen el enac he n@ c cb intl .c om C IC C Shu yu n C he s huy un.c he@ ci cc .c om.c n C iti Ky na Wo ng k yn a.wo ng@ c iti .c om C itic Sec ur itie s J uny un C hen c henj uny un @ ci tic s .c om
Slide 42: DayOne Disclosures
DayOne Disclosures Selected Financial & Operating Results For DayOne GDS has a minority equity interest in DayOne Data Centers Limited (“DayOne”), an independent data center developer and operat or headquartered in Singapore. The following disclosures are provided for informational purposes. US$ Mn