21Vianet Group, Inc. Q1 2026 Earnings Recap

Shares rose 4.0% as VNET delivered better-than-expected revenue growth and strong wholesale IDC execution, supported by accelerating AI-driven demand and higher utilization rates.

Key Takeaways

• Total net revenues increased 19.8% year-over-year to RMB 2.69 billion, led by wholesale IDC revenue growth of 58.1% to RMB 1.06 billion.
• Wholesale capacity in service expanded by 18 MW to 907 MW, while utilized capacity rose 64 MW sequentially, lifting utilization to 75.7%.
• Adjusted EBITDA grew 30.6% year-over-year to RMB 891.5 million, driven primarily by wholesale business momentum.
• Strong order wins totaling 519 MW year-to-date, including a 400 MW internet customer order in Greater Beijing, underscore ongoing demand strength.
• Capacity under construction increased to 516 MW with a precommitment rate of 85.8%, positioning VNET well amid industry supply constraints and AI-related demand tailwinds.