GDS Holdings Limited Q2 2026 Earnings Recap

GDS shares rose 5.1% following the quarter as bookings and reservations significantly outpaced prior levels, supporting a raised full-year sales target and an upwardly revised revenue and EBITDA outlook.

Key Takeaways

• New bookings reached 260 megawatts in 2Q26, totaling a record 470 megawatts for the first half of the year.
• Full-year sales target was increased to 1 gigawatt, driven by strong demand from hyperscale customers and emerging AI leaders.
• Reservations added 600 megawatts year-to-date, providing visibility well into 2027 and beyond.
• Backlog increased to 757 megawatts mid-year, with booked but not billed adjusted EBITDA estimated at RMB 1.6 billion.
• CapEx guidance was raised from RMB 9 billion to RMB 10 billion for 2026 to support accelerated deployment, with financing strategy maintaining approximately 60% debt and 40% equity at the project level.