VNET Group Inc. reported second-quarter 2026 revenue of 2.78 billion yuan, a 14.2% increase from the same period last year but slightly below the 2.80 billion yuan forecast. The company’s shares fell 9.47% in premarket trading following the release.
Adjusted EBITDA rose 25.4% year-over-year to 918.3 million yuan, while the adjusted EBITDA margin expanded to 33.0% from 30.1%. Adjusted net income turned positive at 7.4 million yuan, compared with an adjusted net loss in the prior-year period. Wholesale IDC revenue grew 29.3% to 1.10 billion yuan, while retail IDC revenue increased 9.1% to 1.05 billion yuan. Non-IDC revenue rose 1.1% to 628.4 million yuan.
Wholesale capacity in service surpassed one gigawatt for the first time, reaching 1,007 megawatts, a 49.4% year-over-year increase. Utilized capacity rose 45.5% to 744 megawatts, with a utilization rate of 73.9%. Retail monthly recurring revenue per cabinet increased to 9,799 yuan, while the retail utilization rate held steady at 64.5%. Mature capacity utilization reached 92.5%.
New wholesale orders totaled 345 megawatts in the quarter, including a 347-megawatt order from a leading cloud service provider for a Beijing-area data center. Year-to-date wholesale orders stood at 862 megawatts across four contracts, with total orders and reservations exceeding 1.2 gigawatts. Overseas resources secured reached approximately 500 megawatts, supported by a new land bank of about 1.4 gigawatts.
Full-year 2026 guidance was reaffirmed, with total net revenue projected at 11.5 billion to 11.8 billion yuan, implying growth of 15.6% to 18.6% year-over-year. Adjusted EBITDA guidance was maintained at 3.55 billion to 3.75 billion yuan, reflecting growth of 19.2% to 25.9%. Capital expenditure was guided at 10 billion to 12 billion yuan for the year, primarily to support the delivery of 450 to 500 megawatts.
VNET also highlighted a strategic partnership with CATL to develop an integrated compute-energy ecosystem, combining VNET’s computing infrastructure with CATL’s zero-carbon energy technologies. The collaboration aims to establish a three-layer framework including gigawatt-scale compute-energy facilities, distributed compute-energy networks, and a zero-carbon token ecosystem.
