Gds Holdings Ltd. · HKEX:9698
Gds — Q1 2026 Earnings Presentation
41 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 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
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 Notes: 1. Excludes B-O-T and impact of asset monetisation. © 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 11,253 48 New Build Langfan Changshu g Taicang, Jiangsu 5,652 20 New Build Horinger, Inner 15,977 45 New Build Mongolia Ta
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 Notes: 1. Excludes B-O-T and impact of asset monetisation. © GDS 2016 7
Slide 9: Net Additional Area Committed
Net Additional Area Committed By Quarter (Sqm) By Year (Sqm) 1Q25 2Q25 3Q25 4Q25 1Q26 FY22 FY23 FY24 FY25 1Q26 Organic (Gross) 41,256 22,741 11,104 21,665 59,342 Organic (Gross) 52,175 48,802 49,452 96,766 59,342 Churn (11,378) (8,343) (3,154) (4,848) (3,963) Churn (6,612) (28,160) (25,209) (27,723)
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 FY27 Delivery Thereafter Area Utilized 31/03/26 2Q-4Q26 Notes: 1. “Effective Back
Slide 12: Financial & Operating Review
Financial & Operating Review Dan Newman, CFO © GDS 2016
Slide 13: 1Q26 P&L
1Q26 P&L Quarterly Financial Review Rmb‘000 (Unless 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 Items (1 ) 810,597 865,464 820,519 1.2% (5.2%) Adjusted GP (2 ) 1,455,42
Slide 14: Adjusted Gross Profit Yield
Adjusted Gross Profit Yield Y/E23 Y/E24 Y/E25 4Q Annuali ze d Adjusted Gross Profit 4,997 5,587 5,912 Net PPE 40,098 40,204 38,054 Add: Accumulate d Depreciation 12,034 14,690 17,147 Add: Impairment 2,816 2,815 4,049 Less: Construction In Progress (8,658) (6,564) (5,640) Gross PPE 46,290 51,144 53,6
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 Notes: 1. Excludes B-O-T, acquisitions and impact of asset monetisation. © 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) (16,063) (
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 Area 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 Notes: 1. Excluding the
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 Notes: 1. On
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 M n (Unless Indicated) 1Q25 4Q25 1Q26 (2 ) Y/Y Q/Q Reported Total Revenue 2,723 2,922 3,367 23.6% 15.2% Total Revenue Excluding One -Time Items 2,723 2,922 2,938 7
Slide 20: Capex
Capex (1) Organic Capex (Rmb Mn) Capex Breakdown (Rmb Mn) 9,294.1 FY25 FY26 Actual Guidance Total Organic Capex 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 After Asset Monetization (3) 2,
Slide 21: Cash Flow
Cash Flow Quarterly Cash Flow Annual Cash Flow Rmb Mn 1Q25 2Q25 3Q25 4Q25 1Q26 Operating Cash Flow 780.1 865.1 736.5 983.6 447.7 Rmb Mn FY24 FY25 1Q26 Capex (1,055.6) (1,261.5) (1,474.6) (914.6) (770.0) Cash Consideration From ABS & C -REIT ( 1) - 897.0 2,247.9 (9.9) - Operating Cash Flow 2,219.7 3,
Slide 22: US$685 Mn Capital Recycling / Raising In 1Q26
US$685 Mn Capital Recycling / Raising In 1Q26 D ayOn e Part i al Sel l D o w n C o n v ert ib le Pref erred Sh are ( C PS) ◼ Sale of 15% of our equity interest in DayOne ◼ Raised US$300 mn through private placement of CPS to Huatai Capital Investment ◼ DayOne bought back at Series C price ◼ 3.75% di
Slide 23: Financing Obligation & Liquidity
Financing Obligation & Liquidity Net Debt & Leverage (Rmb M n Unless Indicated) 1Q25 2Q25 3Q25 4Q25 1Q26 Total 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 42,491.
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) Net Debt at Y E 24 Operat ing Cas hflow Net Cas h P roc eeds & Net Ca
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 Notes: 1. Exchange rate of 6.9194:1 (RMB:USD) and 0.88
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% Notes: 1. FY26 guidance includes some one-time items in
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 Adjusted EBITDA 5,571 6,020 – 6,270 +8.1% – 12.5% Notes: 1. Pro Forma Total Revenue and Adjusted EBITDA refers to Reported Total
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 Capacity 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 Dev elopable Capacity - ~5,600 Notes: 1.Comprises land for which we have secured power quota and land reserved exclusivel
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 Construction (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-Com
Slide 32: Data Center Summary By Market
Data Center Summary By Market At 31/03/26 (Sqm, Unless Indicated) (1) Pre- Area In Area Under Area Area Pre- Total Area Commitment Utiliz ation # of Self- Total Capacity Area Utiliz ed Commitment Service Construction Committed Committed Committed Rate Rate Market Developed Rate Data Centers (1) (2)
Slide 33: Data Center Capacity By Tenure
Data Center Capacity By Tenure At 31/03/26 (Sqm, Unless Indicated) Area In Serv ice Area Under Construction Total Capacity Lease 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% 93.0% 5
Slide 34: Top Customer & Contract Renewal
Top 5 Customer & Contract Renewal Top 5 Customer (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: Statements of Operations
Historical Financial Results Condensed Consolidated Statements Of Operations Amounts in thousands T hre e Months Ende d Mar 31, 2025 Jun 30, 2025 Se p 30, 2025 De c 31, 2025 Mar 31, 2026 RMB RMB RMB RMB RMB USD (1 ) Ne t re v e nue Service revenue 2,722,908 2,898,398 2,886,480 2,920,291 3,366,680 48
Slide 37: Historical Financial Results: Balance Sheets
Historical Financial Results Condensed Consolidated Balance Sheets Am ount i n thousa nds. As of Ma r 31, 2025 Jun 30, 2025 S e p 30, 2025 De c 31, 2025 Ma r 31, 2026 RMB RMB RMB RMB RMB US D ( 1 ) Cas h 7, 575, 709 13, 123, 751 13, 443, 679 14, 305, 958 14, 822, 493 2, 148, 810 A c c ount s rec eiv
Slide 38: Historical Financial Results: Statements of Cash Flows
Historical Financial Results Condensed Consolidated Statements Of Cash Flows Amounts in thousands Three Months Ended Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 RMB RMB RMB RMB RMB USD ( 1) Net cash provided by operating activities 780,072 865,123 736,502 983,557 447,691 64,901
Slide 39: 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 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 RMB RMB RMB RMB RMB USD ( 1) Gross profit 644,825 688,926 639,237 612,427 1,131,519 164,036 Depreciation and amorti
Slide 40: Reconciliation From Net Loss To Adjusted EBITDA
Reconciliation From Net Loss To Adjusted EBITDA Adjusted EBITDA Amounts in thousands Three Months Ended Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 RMB RMB RMB RMB RMB USD ( 1) Net income (loss) 764,074 (70,584) 728,632 (462,760) 2,652,137 384,480 Net interest expenses 441,477 4
Slide 41: Analyst Coverage
Analyst Coverage Broker Analyst Contact BofA Daley Li daley.li2@bofa.com CCBI Elena Chen elenachen@ccbi ntl.co m CICC Shuyun Che shuyun.c he@cicc .com .c n Citi Kyna Wong kyna.wong@citi.co m Citic Securities Junyun Chen chenjunyun@citics.co m Cowen Michael Elias michael.elias@cowe n.co m Deutsche Ba