Gds Holdings Ltd. · HKEX:9698
Gds — Q4 2025 Earnings Presentation
45 slides from Gds's earnings presentation, Mar 17, 2026
Slide 1: 4Q25 & FY25 Earnings Call
4Q25 & FY25 Earnings Call 17 March 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 FY25 Highlights
GDS FY25 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +40,109 sqm (2) • Total area committed increased by 6.4% y/y to 670,106 sqm (2) Customer Move-In • Additional area utilized (net) of +51,750 sqm (3) • Total area utilized of 504,843 sqm (3) , +11.4% y/y, and utilization
Slide 5: GDS 4Q25 Highlights
GDS 4Q25 HIGHLIGHTS (1) Customer Commitments • New customer commitments (net) of +13,377 sqm • Total area committed increased by 6.4% y/y to 670,106 sqm (2) Customer Move-In • Additional area utilized (net) of +18,236 sqm • Total area utilized of 504,843 sqm (3) , +11.4% y/y, and utilization rate of
Slide 6: Gross Additional Area Utilized (Organic Only)
Gross Additional Area Utilized (Organic Only) (1) By Quarter (Sqm ) By Year (Sqm) 23,122 23,069 20,732 19,916 86,840 78,968 16,225 60,284 48,739 33,860 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 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 2
Slide 7: Net Additional Area Utilized
Net Additional Area Utilized By Quarter (Sqm ) By Year (Sqm) 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 Organic (Gross) 16,225 20,732 19,916 23,122 23,069 Organic (Gross) 60,284 33,860 48,739 78,968 86,840 Churn (1,950) (4,287) (5,685) (1,254) (4,837) Churn (2,185) (4,864) (20, 684) (19, 089)
Slide 8: Backlog Delivery
Backlog Delivery Total Ba cklog (Sqm) Backlog Delivery Sche dule (Sqm) Backlog For Ar ea In Service Backlog For Ar ea Under Constr uction (1) 131,757 ~55% 234,185 228,787 213,640 95,82 1 176,904 165,263 106 ,6 13 111 ,834 65,85 8 48,91 8 ~25% 138 ,3 64 122 ,1 74 116,345 ~20% 111 ,045 101 ,8 06 YE21
Slide 9: Gross Additional Area Committed (Organic Only)
Gross Additional Area Committed (Organic Only) (1) By Quarter (Sqm ) By Year (Sqm) 41,256 96,766 91,277 22,741 21,665 52,175 49,452 48,802 11,104 9,387 4Q24 1Q25 2Q25 3Q25 4Q25 FY21 FY22 FY23 FY24 FY25 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 2
Slide 10: Net Additional Area Committed
Net Additional Area Committed By Quarter (Sqm ) By Year (Sqm) 4Q24 1Q25 2Q25 3Q25 4Q25 FY2 1 FY2 2 FY2 3 FY2 4 FY2 5 Or gan ic (Gr oss) 9,387 41,256 22,741 11,1 04 21,665 Or gan ic (Gr oss) 91,277 52,175 48,802 49,452 96,766 Ch urn (6,173) (11,3 78) (8,343) (3,154) (4,848) Ch urn (2,944) (6,612) (28
Slide 11: Gross Additional IT Power Committed (Organic Only)
Gross Additional IT Power Committed (Organic Only) By Year (MW) 317 232 200 119 97 99 FY21 FY22 FY23 FY24 FY25 YTD © GDS 2016 10
Slide 12: Hyperscale New Orders In 4Q25
Hyperscale New Orders In 4Q25 4Q25 Orders Won Data Center Campus UL IT Area IT Power Project Data Center Location (Sqm) (MW) Type BJ Ulanqab, Inner Mongolia 3,232 12 New Build Ulanqab, Inner Mongolia 6,873 24 New Build Shaoguan, Guangdong 3,784 14 New Build Beijing 6,440 10 Inventory SG © GDS 2016 1
Slide 13: Sales Momentum In FY26
Sales Momentum In FY26 200 MW Com mitments + 500 MW MoUs In YTD2 6 Data Center Campus IT Power Data Center Location Project Type (MW) Langfang, Hebei 81 Inventory + New Build Changshu, Jiangsu New Build LF CS 46 Taicang, Jiangsu 20 New Build Horinger, Inner Mongolia 45 New Build TC HLG © GDS 2016 12
Slide 14: Capacity Expansion
Capacity Expansion Additional Capacity In Service (Sqm ) Capacity Overview At YE2 5 Additional Capacity In Servic e Additional Capacity To Deliver (1) Cap acity In Sqm In MW 82,283 78,419 ~70,000 In Service 668,283 1,515 Under Construction 73,994 220 33,709 Total Capacity 742,277 1,735 27,682 Powere
Slide 15: Our Integrated Platform
Our Integrated Platform North East Beijing Shanghai Tianjin Kunshan Hebei Changshu Inner Mongolia Taicang Ningxia Nantong West & Other South Chengdu Guangzhou Chongqing Shenzhen Wuhan Shaoguan © GDS 2016 14
Slide 16: Financial & Operating Review
Financial & Operating Review Dan Newman, CFO © GDS 2016
Slide 17: 4Q25 & FY25 P&L Analysis
4Q25 & FY25 P&L Analysis Quarterly Financial Review Rmb‘000 (Unl ess Indicated) 4Q24 3Q25 4Q25 Y/Y Q/Q FY24 FY25 Y/Y Total Net Revenue 2,690,662 2,887,126 2,921,702 8.6% 1.2% 10,322,068 11,432,274 10.8% Cost of Revenue (2,112,545) (2,247,889) (2,309,275) 9.3% 2.7% (8,099,439) (8,846,859) 9.2% Add Ba
Slide 18: 4Q25 & FY25 Pro Forma Revenue & Adjusted EBITDA
4Q25 & FY25 Pro Forma Revenue & Adjusted EBITDA Pro Forma For Effect Of Asse t Monetisation (1) Rmb Mn (Unless Indicated) 4Q24 4Q25 Y/Y FY24 FY25 Y/Y Reported Total Revenue 2,691 2,922 8.6% 10,322 11,432 10.8% Pro Forma Total Revenue 2,691 3,036 12.8% 10,322 11,681 13.2% Reported Adjusted EBITDA 1,2
Slide 19: 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 2,011 1,983 1,992 1,964 18,236 16,763 14,440 14,401 14,616 5,071 9,330 7,421 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 © GDS 2016 18
Slide 20: Move-In & MSR By Year
Move-In & MSR By Year Net Additional Area Utilized (Sqm ) MSR (Rmb / Sqm / Month) Asset Monetization Net Additional Ar ea Utilized 83,821 2,336 71,437 2,186 2,058 2,011 19,687 1,964 50,962 47,792 35,788 51,750 FY21 FY22 FY23 FY24 FY25 4Q21 4Q22 4Q23 4Q24 4Q25 © GDS 2016 19
Slide 21: Adjusted Gross Profit Yield (Cash On Cash)
Adjusted Gross Profit Yield (“Cash On Cash”) MSR (Rmb / Sqm / Month) Adjusted Gross Profit Yield (1) 2,011 11.1% 11.0% 1,964 4Q24 4Q25 4Q24 4Q25 N otes : 1. A nnual is ed Adj us ted Gros s Profi t for th e quar te r di vi ded b y av er age Gro ss PPE (b efore Im pai rme nt Los s es a nd ex c ludi ng
Slide 22: Revenue & Adjusted EBITDA By Quarter
Revenue & Adjusted EBITDA By Quarter Revenue (Rmb Mn) Adjusted EBITDA & Margin (Rmb Mn) 48.2% 48.6% 47.3% 46.5% 46.7% 2,900.3 2,887.1 2,921.7 2,690.7 2,723.2 1,323.8 1,371.8 1,342.2 1,365.6 1,297.7 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 © GDS 2016 21
Slide 23: Revenue & Adjusted EBITDA By Year
Revenue & Adjusted EBITDA By Year Revenue (Rmb Mn) Adjusted EBITDA & Margin (Rmb Mn) 47.9% 46.8% 48.4% 47.2% 47.3% 11,432.3 10,322.1 9,782.4 5,403.5 9,268.1 4,733.0 4,876.4 7,801.3 4,333.7 3,733.1 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 © GDS 2016 22
Slide 24: Capex
Capex (1) Organic Capex (Rmb Mn) Capex Breakdown (Rmb Mn) 12,695.2 FY25 FY26 Act ual Gu id an ce 9,294.1 Total Org an ic Cap ex 4,706.3 9,000 Less: Cash Consideration From ABS & C-REIT (2) (3,135.0) - 4,706.3 3,497.8 Add: Reinvestment In ABS & C-REIT 793.8 - 3,009.2 Total Capex Aft er Asset Mo netiz
Slide 25: Cash Flow
Cash Flow Quarterly Cash Flow Annua l Cash Flow R mb M n 4Q24 1Q25 2Q25 3Q25 4Q25 Op er atin g C ash Flo w 1,07 9.9 780 .1 865 .1 736 .5 983 .6 Rmb Mn FY24 FY25 C apex (3 54.4) (1 ,0 55.6) (1 ,2 61.5) (1 ,4 74.6) (9 14.6) Operating Cash Flow 2,219.7 3,365.3 C as h Co nsi der atio n Fr om ABS & C -R
Slide 26: 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 interest in DayOne ◼ Raised US$300 mn through private placement of CPS to Huatai Capital Investment ◼ DayOne bought back at Series C price ◼ 3.7
Slide 27: Financing Obligation & Liquidity
Financing Obligation & Liquidity Net Debt & Leve rage (Rm b Mn Unless I ndicated) 4Q24 1Q25 2Q25 3Q25 4Q25 Tot al Loan 26,247.6 25,835.1 26,141.0 25,551.8 26,315.0 Convertible Bond 8,577.2 8,569.1 12,344.7 12,265.4 12,144.4 Finance Lease 8,237.8 8,087.4 7,949.6 7,819.9 7,751.1 Total Gross Debt 43,06
Slide 28: Deleveraging Progress
Deleveraging Progress Reduction In Net Debt (Rmb Bn) Net Debt / Net Debt / Pro Forma Net Debt / 4Q24 Annualized EBITDA: 4Q25 Annualized EBITDA: 4Q25 Annualized EBITDA: 6.8x 5.8x 4.8x 35.2 3.4 ~3.3 ~5.4 31.9 ~0.7 ~4.8 ~2.0 26.4 N et D ebt a t YE24 Ope rat ing C ashf low f or N et C ash Proce ed s & N
Slide 29: Loan Maturity Schedule
Loan Maturity Schedule At 4Q25 (Rmb Mn) (1) Working Capital Project Loan Convertible Bond (2) 7,964 6,919 6,307 4,077 5,762 4,358 3,257 3,355 3,866 2,973 2,122 3,888 2,563 2,561 1,897 410 - 2026 2027 2028 2029 2030 2031 2032 2033 & Beyond N otes : 1. Ex c hang e rate of 7.028 8:1 (R MB:U SD ) and 0.
Slide 30: 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 p otenti al on
Slide 31: 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 32: Questions & Answers
Questions & Answers www.gds-services.com ir@gds-services.com © GDS 2016
Slide 33: Appendix
Appendix © GDS 2016
Slide 34: KPIs
KPIs As At 4Q24 1Q25 2Q25 3Q25 4Q25 Area In Service ( Sqm) 613,583 610,685 618,060 653,762 668,283 Area Under Constr uction ( Sqm) 102,691 132,208 132,235 72,764 73,994 Total Capacity (Sqm) 716,274 742,893 750,295 726,526 742,277 Area Committed (Sqm) 564,139 554,924 565,224 603,624 621,188 Area Pre-
Slide 35: Data Center Summary By Market
Data Center Summary By Market At 31/12/25 (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 36: Data Center Capacity By Tenure
Data Center Capacity By Tenure At 31/12/25 (Sq m, Unless Indicated) Area In Service Area Un der Con st ru ctio n Total Capacity Leas e 321,295 9,697 330,993 Own 287,673 64,296 351,969 B-O-T 55,722 - 55,722 3 rd Party 3,593 - 3,593 Total 668,283 73,994 742,277 % Lease 48.1% 13.1% 44.6% % Own 43.1% 86
Slide 37: Top Customer & Contract Renewal
Top 5 Customer & Contract Renewal Top 5 Custome r (1) Contract Renewal % of Total Area % of 4Q25 Total Area % of 4Q25 Total Net Period Sqm # Committed Committed Revenue FY26 130,771 19.5% 1 37.9% 29.5% FY27 145,466 21.7% 2 11.8% 11.1% FY28 94,443 14.1% 3 8.8% 8.5% FY29 77,723 11.6% 4 7.5% 6.2% There
Slide 38: Principal Shareholders
Principal Shareholders At 31/12/25 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 53,661,060 - 53,661,060 26.2% Ping An - - +4,213,483 4,213,483 2.1% Huatai (3) - - +5,512,072 5,512,072 2.7
Slide 39: Historical Financial Results: Statements Of Operations
Historical Financial Results Conde ns ed Consolidated Statements Of Operations Amo unts in th ousands Thr ee Mon ths Ended Year En ded Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 RMB RMB RMB RMB RMB USD(1) RMB RMB USD(1) Net reven ue Serv ic e revenue 2
Slide 40: Historical Financial Results: Balance Sheets
Historical Financial Results Conde ns ed Consolidated Balance Sheets A mount in thous ands. As of D ec 31 , 202 4 Ma r 31 , 202 5 Jun 3 0, 20 25 Se p 30 , 2 02 5 D ec 31 , 2 02 5 R MB R MB R MB R MB R MB U SD (1) C ash 7, 86 7,6 59 7, 57 5,7 09 13 ,1 23, 75 1 13 ,4 43, 67 9 14 ,3 05, 95 8 2, 04 5,7
Slide 41: Historical Financial Results: Statements Of Cash Flows
Historical Financial Results Conde ns ed Consolidated Statements Of Cas h Flows Amo unts in th ousands Thr ee Mon ths Ended Year En ded Dec 31, 2024 Mar 31, 2025 Jun 30, 2025 Sep 30, 2025 Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 RMB RMB RMB RMB RMB USD(1) RMB RMB USD(1) Net cash pro vided by o peratin
Slide 42: 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 Year En ded D ec 31, 20 24 M ar 31, 20 25 Ju n 30 , 2025 Sep 30 , 2025 D ec 31 , 2025 D ec 31, 20 24 D ec 31, 20 25 R MB R MB R MB R MB R MB U SD (1 ) R MB R MB U SD
Slide 43: 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 Year En ded D ec 31, 20 24 M ar 3 1, 2025 Ju n 30 , 2 025 Sep 30, 202 5 D ec 31 , 2025 D ec 31, 20 24 D ec 31, 20 25 (1 ) (1 ) R MB R MB R MB R MB R MB U SD R MB R MB U SD N et inc
Slide 44: 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 45: DayOne Disclosures
DayOne Disclosures 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 purpose