GDS Holdings Limited Earnings Recaps
Q3 2025
Nov 20, 2025
GDS Holdings Limited reported robust growth in Q3 2025, with revenue up 10.2% and adjusted EBITDA increasing 11.4%, signaling a continued recovery and strong demand in the data center sector.
Key takeaways
- Achieved approximately 23,000 square meters in additional space utilized during the quarter, on track for record annual move-ins.
- 65% of new bookings in 2025 are driven by AI-related demand, reflecting a pivotal investment shift in the domestic tech industry.
- Successfully completed the first IPO of a data center REIT in China, providing a competitive edge in capital access.
- Adjusted EBITDA for the first nine months grew 15.4% on a pro forma basis, despite deconsolidating certain project companies.
- Positioned to inject RMB 4-6 billion in new assets into the C-REIT in mid-2026, enhancing capital recycling capabilities.
Q2 2025
Aug 20, 2025
GDS Holdings Limited reported a solid second quarter with a 12.4% increase in revenue and a successful IPO of its C-REIT, enhancing its capital structure and positioning for growth.
Key takeaways
- Revenue rose by 12.4% year-on-year, driven by increased utilization, which reached 77.5%.
- Adjusted EBITDA increased 11.2%, with a margin of 47.3%, despite a slight decrease in MSR per square meter.
- Successfully raised $676 million through convertible bonds and equity, strengthening the balance sheet.
- Significant operational milestones include 20,000 square meters of gross move-ins and strong commitments in AI-driven capacity development.
- GDS achieved a notable cap rate of below 5% on its C-REIT IPO, establishing a benchmark for asset value in Tier 1 markets.