GDS Holdings (GDS) Company Report

GDS reported Q3 2025 total net revenue of Rmb 2,887.1 million ($405.6 million), an increase of 10.2% year-over-year, and Adjusted EBITDA of Rmb 1,342.2 million ($188.5 million), up 11.4% year-over-year with a 46.5% margin.
The company achieved +7,950 sqm in new net customer commitments and +22,037 sqm in additional net area utilized during Q3 2025, bringing total area utilized to 486,607 sqm with a 74.4% utilization rate.
In Q3 2025, GDS secured Rmb 5,054 million ($710 million) in new debt financing/refinancing facilities and completed a C-REIT IPO at an enterprise value of Rmb 2,400 million ($337 million).
GDS provided FY25 guidance for Total Revenue between Rmb 11,290 million and Rmb 11,590 million and Adjusted EBITDA between Rmb 5,190 million and Rmb 5,390 million. The company also reduced its Net Debt / Annualized EBITDA from 6.8x at 4Q24 to 6.0x at 3Q25.

Nov 19, 2025, 1:00 PM

GDS Holdings Reports Q3 2025 Results and Strategic Progress

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings reported Q3 2025 revenue growth of 10.2% and adjusted EBITDA growth of 11.4% year-on-year, with pro forma adjusted EBITDA for the first nine months of 2025 growing by 15.4%.
The company achieved 75,000 sq m (240 megawatts) in new bookings for the first nine months of 2025, expecting to reach nearly 300 megawatts for the full year, with approximately 65% of 2025 bookings being AI-related.
GDS successfully completed the first IPO of a data center REIT (CREET) in China, which began trading on August 8th, providing a significant competitive advantage for accessing capital and monetizing assets. The company plans a first post-IPO asset injection of RMB 4 billion-RMB 6 billion in Q2 2026.
Organic CapEx for the first nine months of 2025 was RMB 3.8 billion, with a full-year projection of RMB 4.8 billion (or RMB 2.7 billion net of asset monetization proceeds). The net debt to last quarter annualized adjusted EBITDA improved to 6.0 times at the end of Q3 2025 from 6.8 times at the end of 2024.
GDS is on track to achieve the midpoint of its revenue guidance and at or above the top end of its EBITDA guidance for the full year 2025.

Nov 19, 2025, 1:00 PM

GDS Holdings Limited Reports Q3 2025 Financial Results and Strategic Progress

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings Limited reported a 10.2% year-on-year revenue increase and an 11.4% year-on-year adjusted EBITDA increase for Q3 2025.
New bookings for the first nine months of 2025 totaled 75,000 sq m, or 240 megawatts, with approximately 65% being AI-related, and full-year bookings are expected to reach nearly 300 megawatts. The company has secured around 900 megawatts of powered land suitable for AI demand.
The company completed the first IPO of a data center REIT in China, with the CREET units trading 45.8% up from the IPO price as of November 18, 2025, providing a significant competitive advantage for accessing capital.
Organic CapEx for the first nine months of 2025 was RMB 3.8 billion, with a full-year expectation of RMB 4.8 billion, and the net debt to last quarter annualized adjusted EBITDA multiple decreased to 6.0 times at the end of Q3 2025.

Nov 19, 2025, 1:00 PM

GDS Holdings Limited Reports Q3 2025 Financial Results and Strategic Progress

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings Limited reported a 10.2% year-on-year revenue increase and an 11.4% year-on-year adjusted EBITDA increase for Q3 2025. For the first nine months of 2025, pro forma adjusted EBITDA grew by 15.4%.
The company's total new bookings for the first nine months of 2025 reached 75,000 sq m or 240 megawatts, with expectations to achieve nearly 300 megawatts for the full year, of which approximately 65% are AI-related.
GDS successfully completed the first IPO of a data center REIT (CREET) in China, which is trading 45.8% above its IPO price, and plans for a post-IPO asset injection of RMB 4 billion-RMB 6 billion in Q2 2026.
The net debt to last quarter annualized adjusted EBITDA multiple improved from 6.8 times at the end of 2024 to 6.0 times at the end of Q3 2025, with the China business becoming almost self-funding after asset monetization.
The company is on track to achieve the midpoint of its revenue guidance and at or above the top end of its EBITDA guidance for the full year 2025, while anticipating higher bookings in 2026.

Nov 19, 2025, 1:00 PM

GDS Holdings Reports Q3 2025 Results

GDS

Earnings

Guidance Update

New Projects/Investments

GDS Holdings Limited reported a 10.2% year-over-year increase in net revenue, reaching RMB2,887.1 million (US$405.6 million) for the third quarter ended September 30, 2025.
The company achieved a net income of RMB728.6 million (US$102.4 million) in Q3 2025, compared to a net loss of RMB231.1 million in the prior year, primarily driven by a RMB1,369.3 million gain on deconsolidation of subsidiaries related to the C-REIT transaction.
Adjusted EBITDA for Q3 2025 increased by 11.4% year-over-year to RMB1,342.2 million (US$188.5 million), with an Adjusted EBITDA margin of 46.5%.
As of September 30, 2025, the area utilized grew by 10.9% year-over-year to 486,607 sqm, and the utilization rate for area in service was 74.4%.
GDS confirmed its full-year 2025 guidance, projecting total revenues between RMB11,290 million and RMB11,590 million, Adjusted EBITDA between RMB5,190 million and RMB5,390 million, and capital expenditures of approximately RMB2,700 million.

Nov 19, 2025, 11:42 AM

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