GDS Holdings Limited Q2 2025 Earnings Recap

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.