Gds Holdings Ltd. · HKEX:9698

Gds — Q2 2026 Earnings Presentation

38 slides from Gds's earnings presentation, Aug 13, 2026

  1. Slide 1: 2Q26 Earnings Call

    2Q26 Earnings Call 13 August 2026 NASDAQ: GDS HKEX: 9698 © GDS 2016 0

  2. 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

  3. Slide 3: Business Strategy & Performance Highlights

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

  4. Slide 4: GDS 2Q26 Highlights

    GDS 2Q26 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +59,317 sqm (or 254 MW) • Total area committed increased by 18.2% y/y to 784,802 sqm (or 2,047 MW) Customer Move-In • Additional area utilized (net) of +21,307 sqm (or 92 MW) • Total area utilized of 542,236 sqm (or 1,2

  5. Slide 5: New Bookings

    New Bookings By Quarter (MW) By Year (MW) 263 471 208 317 152 70 119 61 97 99 35 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 FY22 FY23 FY24 FY25 1H26 © GDS 2016 4

  6. Slide 6: Bookings & Reservations

    Bookings & Reservations MW Bookings Reservations (EoP) (1) Bookings + Reservations 1H26 Actual 471 600 1,071 FY26 Target 1,000 1,000 2,000 N otes : 1. R ese rv atio ns r efers to th e c apac ity wh ic h c us tomer s re se rv e fo r c ertai n tim e peri ods s pec ifi ed in s al es agre eme nts for fu

  7. Slide 7: 2Q26 Bookings (Excluding Reservations)

    2Q26 Bookings (Excluding Reservations) Hyperscale New Bookings Data Center Campus Ulanqab Area Power Data Center Location Project Type (Sqm) (MW) Ulanqab, Inner Mongolia 14,217 70 New Build Langfang, Hebei 6,562 25 New Build Changshu, Jiangsu 9,971 41 New Build Taicang, Jiangsu 4,396 16 New Build Sh

  8. Slide 8: 1H26 Bookings Breakdown (471 MW)

    1H26 Bookings Breakdown (471 MW) By Customer By Markets Other Customers Customer 1 New Markets Established Markets 23% 31% 43% 57% ✓ Ulanqab ✓ Langfang ✓ Horinger ✓ Changshu ✓ Shaoguan ✓ Taicang ✓ Chengdu Customer 3 Customer 2 27% 19% © GDS 2016 7

  9. Slide 9: Capacity & Orders Overview

    Capacity & Orders Overview As at 1H26 MW In Service Under Construction Development Pipeline Total Total Power Capacity 1,589 579 3,597 5,766 Total Power Committed 1,507 540 - 2,047 Reservation - - 600 600 Total Power Committed & Reservations 1,507 540 600 2,647 Available For Sale 82 39 2,997 3,119 T

  10. Slide 10: Financial & Operating Review

    Financial & Operating Review Dan Newman, CFO © GDS 2016

  11. Slide 11: Backlog Build-Up

    Backlog Build-Up (MW) 1,400 ~1.2 GW 1,200 1,000 757 800 600 450 400 200 0 Backlog At 31/12/25 1H26 Net Additional 1H26 Net Additional Backlog At 30/06/26 Sales Target for 2H26 Target Delivery for Expected Backlog at Committed Billable 2H26 YE26 © GDS 2016 10

  12. Slide 12: Move-in Schedule

    Move-in Schedule Net Additional Power Billable (MW) 1000 800 600 2H 400 (1 ) ~235 194 200 2H 1H 1H 0 FY25 FY26 E FY27 E FY28 E N otes : 1. Befor e as se t m oneti za tion. © GDS 2016 11

  13. Slide 13: 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 10,000 4,706.3 3,497.8 Asset Monetization, Net (2,341.2) - 3,009.2 2,008.1 Total Capex Aft er Asset Mo netizatio n (2) 2,365.1 - FY22 FY23 FY24 FY25 1H26 N otes : 1. Ex c lu

  14. Slide 14: Cash Flow

    Cash Flow Quarterly Cash Flow Annua l Cash Flow R mb M n 2Q25 3Q25 4Q25 1Q26 2Q26 865 .1 736 .5 983 .6 447 .7 1,41 6.3 Rmb Mn FY24 FY25 1H26 Op er atin g C ash Flo w Oper atin g Cas h F lo w Ex c l One-tim e Ite ms 865 .1 736.5 983.6 447.7 987 .2 Operating Cash Flow 2,219.7 3,365.3 1,864.0 C apex (1

  15. Slide 15: Financing Obligation & Liquidity

    Financing Obligation & Liquidity Net Debt & Leve rage (Rm b Mn Unless I ndicated) 2Q25 3Q25 4Q25 1Q26 2Q26 Tot al Loan 26,141.0 25,551.8 26,315.0 26,422.9 27,351.8 Convertible Bond 12,344.7 12,265.4 12,144.4 11,968. 0 11,793. 0 Finance Lease 7,949.6 7,819.9 7,751.1 7,505.7 6,986.2 Total Gross Debt 4

  16. Slide 16: Loan Maturity Schedule

    Loan Maturity Schedule At 2Q26 (Rmb Mn) (1) Working Capital Project Loan Convertible Bond (2) 8,019 7,398 6,923 5,819 3,950 4,223 3,464 3,465 3,746 2,279 1,885 4,069 3,314 2,700 1,575 2,073 150 310 2026 2027 2028 2029 2030 2031 2032 2033 & Beyond N otes : 1. Ex c hang e rate of 6.810 9:1 (R MB:U SD

  17. Slide 17: Updated Business Outlook

    Updated Business Outlook FY26 Guidance (1) Revised Rmb Mn FY25 Actual FY26 Guidance Implied Y/Y Implied Y/Y FY26 Guidance Total Revenue 11,432.3 12,400 – 12,900 +8.5% - 12.8% 12,700 – 13,000 +11.1% - 13.7% Adjusted EBITDA 5,403.5 5,750 – 6,000 +6.4% - 11.0% 5,900 – 6,100 +9.2% - 12.9% Capex (Before

  18. Slide 18: Pro Forma Financial Performance & Guidance

    Pro Forma Financial Performance & Guidance FY26 Gui dance Rmb Mn 1H25 1H26 Y/Y FY25 Y/Y Mid-point Repor ted Revenue 5,623 6,455 14.8% 11,432 12,850 12.4% Less : O ne-time It ems (1 ) (429) (429) Less : Relat ed Party Rec urring Income (1 ) (41) (12) (101) (12) Less : Revenue of Monet iz ed Asset Bef

  19. Slide 19: Questions & Answers

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

  20. Slide 20: Appendix

    Appendix © GDS 2016

  21. Slide 21: Gross Additional Area Committed

    Gross Additional Area Committed (1) By Quarter (Sqm ) By Year (Sqm) 124,093 64,750 59,342 96,766 52,175 48,802 49,452 22,741 21,665 11,104 2Q25 3Q25 4Q25 1Q26 2Q26 FY22 FY23 FY24 FY25 1H26 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 20

  22. Slide 22: Net Additional Area Committed

    Net Additional Area Committed By Quarter (Sqm ) By Year (Sqm) 2Q25 3Q25 4Q25 1Q26 2Q26 FY2 2 FY2 3 FY2 4 FY2 5 1H 26 Or gan ic (Gr oss) 22,741 11,1 04 21,665 59,342 64,750 Or gan ic (Gr oss) 52,175 48,802 49,452 96,766 124,093 Ch urn (8,343) (3,154) (4,848) (3,963) (5,433) Ch urn (6,612) (28,160) (2

  23. Slide 23: Gross Additional Area Utilized

    Gross Additional Area Utilized (1) By Quarter (Sqm ) By Year (Sqm) 86,840 78,968 24,724 23,122 23,069 19,916 19,384 48,739 44,108 33,860 2Q25 3Q25 4Q25 1Q26 2Q26 FY22 FY23 FY24 FY25 1H26 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 22

  24. Slide 24: Net Additional Area Utilized

    Net Additional Area Utilized By Quarter (Sqm ) By Year (Sqm) 2Q25 3Q25 4Q25 1Q26 2Q26 FY22 FY23 FY24 FY25 1H26 Organic (Gross) 19,916 23,122 23,069 19,384 24,724 Organic (Gross) 33,860 48,739 78,968 86,840 44,108 Churn (5,685) (1,254) (4,837) (3,319) (3,534) Churn (4,864) (20, 684) (19, 089) (16, 06

  25. Slide 25: 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 21,307 2,052 1,992 1,964 18,236 1,909 (1) 1,936 16,763 16,086 14,616 7,421 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 N otes : 1. Ex cl udi ng the on e-

  26. Slide 26: KPIs

    KPIs As At 2Q25 3Q25 4Q25 1Q26 2Q26 Area In Service ( Sqm) 618,060 653,762 668,283 674,269 684,977 Area Under Constr uction ( Sqm) 132,235 72,764 73,994 118,411 170,355 Total Capacity (Sqm) 750,295 726,526 742,277 792,680 855,331 Area Committed (Sqm) 565,224 603,624 621,188 625,526 632,853 Area Pre-

  27. Slide 27: Data Center Summary By Market

    Data Center Summary By Market At 30/06/26 (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

  28. Slide 28: Data Center Capacity By Tenure

    Data Center Capacity By Tenure At 30/06/26 (Sq m, Unless Indicated) Area In Service Area Un der Con st ru ctio n Total Capacity Leas e 320,339 8,336 328,676 Own 306,968 162,018 468,986 B-O-T 55,722 0 55,722 3 rd Party 1,948 0 1,948 Total 684,977 170,355 855,331 % Lease 46.8% 4.9% 38.4% % Own 44.8% 9

  29. Slide 29: Top Customer & Contract Renewal

    Top 5 Customer & Contract Renewal Top 5 Custome r (1) Contract Renewal % of Total Area % of 2Q26 Total Area % of 2Q26 Total Net Period Sqm # Committed Committed Revenue 2H26 83,945 10.7% 1 37.1% 34.9% FY27 163,581 20.8% 2 12.9% 8.8% FY28 90,996 11.6% 3 10.6% 8.6% FY29 67,757 8.6% 4 7.6% 6.8% Thereaf

  30. Slide 30: Principal Shareholders

    Principal Shareholders At 30/06/26 Pro Forma Ordinary Shares (1) Equivalent ADS Equivalent ADS % of Total ADS Change (3) William Huang (2) 47,746,808 5,968,351 5,968,351 2.9% STT 429,288,484 53,661,060 53,661,060 26.1% Ping An - +4,213,483 4,213,483 2.0% Huatai - +5,512,072 5,512,072 2.7% Others / F

  31. Slide 31: 2Q26 P&L Quarterly Financial Review

    2Q26 P&L Quarterly Financial Review 1Q26 Rmb‘000 (Unl ess Indicated) 2Q25 2Q26 Y/Y Q/Q Excl One-time Items (5 ) Total Net Revenue 2,900,288 2,937,991 3,087,950 6.5% 5.1% Cost of Revenue (2,211,362) (2,235,580) (2,423,742) 9.6% 8.4% Add Back Non-Cash It ems (1 ) 820,576 820,519 834,655 1.7% 1.7% Adju

  32. Slide 32: Revenue & Adjusted EBITDA By Quarter

    Revenue & Adjusted EBITDA By Quarter Revenue (Rmb Mn) Adjusted EBITDA & Margin (Rmb Mn) 47.3% 46.5% 46.7% 48.7% (3 ) 45.5% 3,367.1 2,887.1 2,921.7 3,088.0 1,948.7 2,900.3 429.1 (1) (2) 518.4 1,371.8 1,342.2 1,365.6 1,406.0 2,938.0 1,430.3 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 N otes : 1.

  33. Slide 33: Historical Financial Results

    Historical Financial Results Conde ns ed Consolidated Statements Of Operations Amo unts in th ousands Thr ee Mon ths Ended Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Mar 31, 2026 Jun 30, 2026 RMB RMB RMB RMB RMB USD(1) Net reven ue Serv ic e revenue 2,898,398 2,886,480 2,920,291 3,366,680 3,086,667 454,

  34. Slide 34: Historical Financial Results

    Historical Financial Results Conde ns ed Consolidated Balance Sheets A mount in thous ands. As of Jun 30 , 202 5 Se p 30 , 2 02 5 D ec 31 , 2 02 5 Ma r 31 , 20 26 Jun 3 0, 20 26 R MB R MB R MB R MB R MB U SD (1) C ash 13 ,1 23, 75 1 13 ,4 43, 67 9 14 ,3 05, 95 8 14 ,8 22, 49 3 14 ,9 27, 34 8 2, 20 0

  35. Slide 35: 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 Ju n 30 , 2025 Sep 30 , 2025 D ec 31 , 2025 M ar 31 , 2026 Ju ne 3 0, 202 6 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

  36. Slide 36: 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 Ju n 30 , 2 025 Sep 30 , 2025 D ec 31 , 2025 M ar 3 1, 2026 Ju ne 3 0, 2026 R MB R MB R MB R MB R MB U SD (1 ) Gro ss pro fi t 688 ,926 639 ,237 612 ,427 1,13 1,519

  37. Slide 37: 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 Ju n 30 , 2 025 Sep 30, 202 5 D ec 31, 20 25 M ar 3 1, 2026 Ju ne 3 0, 2026 R MB R MB R MB R MB R MB U SD (1 ) N et inc om e ( lo ss ) (7 0,584) 728 ,632 (4 62,760 ) 2,65 2,137 837

  38. Slide 38: 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

GDS Holdings — Q2 2026 Earnings Presentation on 6ix