VNET Group, Inc. · NASDAQ:VNET
VNET — Q4 2025 Earnings Presentation
32 slides from VNET's earnings presentation, Mar 16, 2026
Slide 1: VNET Group, Inc. Earnings Presentation for 4Q25 and FY2025
VNET Group, Inc. Earnings Presentation for 4Q25 and FY2025 March 16, 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: Sharon Liu, Rotating President of VNET
Sharon Liu Rotating President of VNET
Slide 4: 4Q25 and FY2025 Earnings Highlights
4Q25 and FY2025 Earnings Highlights • Wholesale IDC Business: by 4Q25 end, capacity in service was 889MW (+107MW QoQ, +404MW YoY), capacity utilized was IDC Business Growth Remained Strong 623MW (+41MW QoQ, +270MW YoY); the utilization rate was 70.1% • Retail IDC Business: remained stable, retail MR
Slide 5: Key IDC Customer Order Wins
Key IDC Customer Order Wins Capacity Contracted/ Region IDC Code Signing Time Customer Sector Project Type under MoU (MW) E-JS Campus 03B (1) 32 4Q25 Internet Wholesale Yangtze River Delta E-JS Campus 03B 12 4Q25 Internet Wholesale N-OR Campus 02A 56 4Q25 Cloud Services Wholesale Greater Beijing Are
Slide 6: Data Centers by Region
Data Centers by Region Wholesale Capacity in Service (889MW) Region % Yangtze River Delta 35.0% Greater Beijing Area 65.0% Total 100.0% Wholesale Capacity under Construction (452MW) Ulanqab Region % BTH Greater Beijing Yangtze River Delta 9.7% Area Greater Beijing Area 90.3% Total 100.0% Xi‘an Whole
Slide 7: 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) 889 72.6% 76.2% 75.9% 74.3% 783 70.1% 674 573 623 486 582 511 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 437 Mature & Ramp-up Capacity Contribution & Utilization Ra
Slide 8: Wholesale Data Centers – Backlog Growth
Wholesale Data Centers – Backlog Growth (MW) 2,181 327 Company’s Expansion Pipeline to Support Long-term Growth +36 Held for Future Development 1,792 1,794 (Long-term) 1,620 -127 291 Robust Infrastructure and Operational Capabilities Enabling +4 418 +99 513 Held for Future Development Rapid Capacity
Slide 9: Retail Data Centers at a Glance - Solid Foundation
Retail Data Centers at a Glance - Solid Foundation Total Capacity in Service (Cabinet) Utilization Rate (2) 52,107 51,960 52,131 52,288 49,863 63.5% 63.7% 63.9% 64.8% 64.0% (1) (1) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 MRR per Retail
Slide 10: Resource Pipeline for the Next 12 Months
Resource Pipeline for the Next 12 Months FY2025 Capacity 1H26E Capacity 2H26E Capacity Next 12M Total Region IDC Code Tenure Status (MW) (MW) (MW) (MW) E-JS Campus 03A Owned In Service 32 - - - Yangtze River Delta E-JS Campus 03B Owned Under Construction - - 44 44 E-JS04 Leased In Service 13 - - - N
Slide 11: Peter Zhang, SVP of Operational Finance of VNET
Peter Zhang SVP of Operational Finance of VNET
Slide 12: 4Q25 & FY2025 Financial Highlights
4Q25 & FY2025 Financial Highlights RMB MM 4Q24 3Q25 4Q25 YoY QoQ FY2024 FY2025 YoY Total net revenues 2,246 2,582 2,687 19.6% 4.1% 8,259 9,949 20.5% Gross profit 505 539 540 7.0% 0.3% 1,832 2,192 19.7% Adjusted cash gross profit (1) 924 1,051 1,138 23.1% 8.3% 3,337 4,218 26.4% Adjusted cash gross ma
Slide 13: Total Net Revenues Breakdown
Total Net Revenues Breakdown (RMB MM) Total Net Revenues YoY +18.3% +18.3% +22.1% +21.7% +19.6% Wholesale IDC Revenues YoY +125.4% +86.5% +112.5% +82.7% +47.1% 2,687 2,582 2,434 2,246 2,246 671 627 621 616 605 999 1,038 959 965 968 854 956 978 665 673 4Q24 1Q25 2Q25 3Q25 4Q25 (1) (1) (2) Wholesale I
Slide 14: Healthy Margins through Efficiency Enhancement
Healthy Margins through Efficiency Enhancement Adjusted Cash Gross Profit & Margin (1) Adjusted EBITDA & Margin (2) (RMB MM) (RMB MM) 41.1% 43.1% 43.6% 40.7% 42.3% 32.1% 30.4% 30.1% 29.4% 30.0% +23.1% YoY +11.6% YoY +8.3% QoQ +6.2% QoQ 1,138 1,062 1,051 805 968 758 721 732 924 682 4Q24 1Q25 2Q25 3Q2
Slide 15: Strong Liquidity Position
Strong Liquidity Position Net Operating Cash Flow Cash Position (1) (RMB MM) (RMB MM) Credit line availability: RMB7,281MM unused 2,150 6,581 231(2) 379 5,456 357 2,440 2,063 2,005 2,989 1,919 6,202 (2) 5,099 2,081 (2) 2,989 2,081 2022 2023 2024 2025 12/31/2022 12/31/2023 12/31/2024 12/31/2025 Full
Slide 16: Well Laddered Debt Profile
Well Laddered Debt Profile Total Debt & Net Debt / Adj. LQA EBITDA (1) Debt Breakdown by Maturity (RMB MM) 9,470 6.2x 5.6x 2,960 3.9x 3.8x 3.9x 4.3x 4,160 4.1x 3,307 3.1x 3.4x 6,511 3.0x 2,179 1,834 1,411 3,307 1,981 1,834 1,411 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 and thereafter Total
Slide 17: Capex Paid by Year
Capex Paid by Year Capital Expenditure (1) Highlights (RMB MM) ◼ The majority of the RMB8.24 billion in capex for the full year 2025 8,240 was allocated to the expansion of our wholesale IDC business. 4,982 3,991 ◼ Driven by the robust growth of our wholesale business, we plan to 3,352 3,578 deliver
Slide 18: First Holding-Type Real Estate Green ABS in China’s IDC Sector
First Holding-Type Real Estate Green ABS in China’s IDC Sector In November 2025, the company successfully issued a holding-type real estate green asset-backed security, the first of its kind in China’s IDC industry, marking a significant breakthrough for VNET in green finance and innovation in asset
Slide 19: 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 20: 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 Received A rating by MSCI, representing the highest ranking to date in China’s Internet Services & Infrastructu
Slide 21: Appendix
URSIELS VNET Appendix
Slide 22: 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 23: 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 24: 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 26 28 91.9% 100.0% E-JS Campus 01 Phase 2 Owned 16 12 16 72.9% 100.0%
Slide 25: 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 0.8% 0.0% N-HB02 Phase 1 Owned 28 27 28 97.2% 100.0% N-HB Campus 01A Owned 35 3 3 9.
Slide 26: 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 (MW) (1) Yangtze River Delta E-JS Campus 03B Owned 44 44 100.0% (1) 2H26 (2) N-HB Camp
Slide 27: Key P&L Items
Key P&L Items Three months ended Twelve months ended Amount in thousands December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 December 31, 2025 RMB RMB RMB US$ RMB RMB US$ Net revenues 2,246,389 2,581,747 2,687,089 384,249 8,259,069 9,949,261 1,422,725 Cost of revenues (1,741,533
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Three months ended Twelve months ended Amount in thousands December 31, 2024 September 30, 2025 December 31, 2025 December 31, 2024 December 31, 2025 RMB RMB RMB US$ RMB RMB US$ Gross profit 504,856 539,029 540,384 77,274 1,832,155 2,192,489 313,521 Plus: depreciatio
Slide 29: Key Balance Sheet Items
Key Balance Sheet Items As of As of Amount in thousands December 31, 2024 December 31, 2025 RMB RMB US$ Cash, cash equivalents and restricted cash 2,081,073 6,201,685 886,829 Short-term investments - 379,198 54,225 Accounts and notes receivable, net 1,655,984 2,222,106 317,757 Property and equipment
Slide 30: Key Cash Flow Items
Key Cash Flow Items Three months ended Amount in thousands December 31, 2024 September 30, 2025 December 31, 2025 RMB RMB RMB US$ Net cash generated from operating activities 572,236 809,817 546,424 78,136 Net cash used in investing activities (1,376,160) (2,289,141) (555,618) (79,452) Net cash gene
Slide 31: 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 32: THANKS!
http://ir.vnet.com THANKS! Email: ir@vnet.com IR Contact: Xinyuan Liu