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GDS (GDS) investor relations material
GDS Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary20 Aug, 2025
Executive summary
Net revenue grew 12.4% year-over-year in Q2 2025 to RMB2,900.3 million (US$404.9 million), with adjusted EBITDA up 11.2% to RMB1,371.8 million (US$191.5 million) and margin at 47.3%.
Net loss narrowed to RMB70.6 million (US$9.9 million), down from RMB231.8 million a year ago, with net loss margin improving to 2.4% from 9.0%.
Significant capital raised through $676M in convertible bonds and equity, and a successful C-REIT IPO on the Shanghai Stock Exchange, enhancing financing flexibility.
Utilization rate climbed to 77.5%, with total area committed and pre-committed up 8.1% year-over-year to 663,959 sqm, and area utilized up 14.1% to 479,186 sqm.
DayOne, the international platform, added 246 MW of new commitments, bringing total to over 780 MW, and reported 2Q25 net revenue of $85.5 million.
Financial highlights
Adjusted gross profit for Q2 2025 was RMB1,509.5 million, up 14.0% year-over-year, with a margin of 52.0%.
Adjusted EBITDA margin was 47.3% in Q2 2025, slightly down from 47.8% year-over-year.
Operating cash flow for Q2 2025 reached RMB865.1 million, with annualized net debt/EBITDA improving to 6.1x.
Pro forma net debt after C-REIT and listed securities was RMB30,729 million, with a pro forma net debt/LQA adjusted EBITDA of 5.7x.
CapEx guidance for 2025 reduced from RMB4.3B to RMB2.7B after factoring in asset monetization proceeds.
Outlook and guidance
Full-year 2025 revenue guidance remains at RMB11,290–11,590 million, with adjusted EBITDA at RMB5,190–5,390 million.
CapEx for 2025 is expected to be around RMB2,700 million after asset monetization.
Expect to deliver 35% of current backlog in 2025, with solid moving over the next few quarters.
High single-digit EBITDA growth targeted year-over-year, with growth dependent on new bookings.
MSR expected to decline by low single digits year-over-year for the next couple of years due to contract resets and mix.
Explain the churn of committed area.
Discuss the impact of AI evolution.
Detail the C-REIT's implied dividend yield.
Assess impact of chip supply on AI demand.
Explain DayOne's target for megawatt commitments.
How will C-REIT deconsolidation impact growth?
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Next GDS earnings date
Q3 202518 Nov, 2025
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Frequently asked questions
GDS Holdings Limited, together with its subsidiaries, develops and operates data centers in the People's Republic of China. The company provides design and construction services as well as facility management services for clients who seek to integrate their cutting-edge technology infrastructure in China for business expansion. It designs, constructs and manages new generation facilities such as Tier IV data centers, warm shell sites, data processing warehouses and leased space sites; provides customers with integrated lease solutions to multiple facilities such as office leasing, co-location hosting, cloud computing leasing and audio visual solutions; leases standing and empty commercial properties to companies under flexible configurations; develops, designs and implements various technologies ranging from air conditioning systems to virtualization technologies; and operates a data center powered by coal-fired boilers. The company also offers mainframe computer sites development projects comprising of mainframe cages; mainframe computer rooms; high bandwidth/low latency sites; and video surveillance sites. GDS Holdings Limited is based in Shanghai, the People's Republic of China.
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