GDS Holdings Limited Q3 2025 Earnings Recap

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.