SHANGHAI, China, May 20, 2026 (GLOBE NEWSWIRE) -- GDS Holdings Limited ( GDS ) , a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the first quarter ended March 31, 2026.

中国上海，2026年5月20日（全球新闻稿）—— GDS Holdings Limited（GDS），中国领先的高性能数据中心开发和运营商，今天公布了截至2026年3月31日的第一季度未经审计的财务业绩。

F irst Quarter 202 6 Financial Highlights

202 6 年第一季度财务亮点

Net revenue increased by 23.6% year-over-year (“Y-o-Y”) to RMB3,367.1 million (US$488.1 million) in the first quarter of 2026 (1Q2025: RMB2,723.2 million). Net revenue excluding some one-time items was RMB2,938.0 million (US$425.9 million), an increase of 7.9% Y-o-Y.
Net income increased by 247.1% Y-o-Y to RMB2,652.1 million (US$384.5 million) in the first quarter of 2026 (1Q2025: RMB764.1 million).
Net income margin was 78.8% in the first quarter of 2026 (1Q2025: 28.1%).
Adjusted EBITDA (non-GAAP) increased by 47.2% Y-o-Y to RMB1,948.7 million (US$282.5 million) in the first quarter of 2026 (1Q2025: RMB1,323.8 million). Adjusted EBITDA (non-GAAP) excluding some one-time items was RMB1,430.3 million (US$207.3 million), an increase of 8.0% Y-o-Y. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.
Adjusted EBITDA margin (non-GAAP) was 57.9% in the first quarter of 2026 (1Q2025: 48.6%). Adjusted EBITDA margin (non-GAAP) excluding some one-time items was 48.7%.

第一季度净收入同比增长 23.6% 至人民币 33.67 亿元（4.881 亿美元）（2025 年第一季度：人民币 27.23 亿元）。剔除一些一次性项目后的净收入为人民币 29.38 亿元（4.259 亿美元），同比增长 7.9%。
第一季度净利润同比增长 247.1% 至人民币 26.52 亿元（3.845 亿美元）（2025 年第一季度：人民币 7.64 亿元）。
第一季度净利润率为 78.8%（2025 年第一季度：28.1%）。
第一季度调整后 EBITDA（非 GAAP）同比增长 47.2% 至人民币 19.49 亿元（2.825 亿美元）（2025 年第一季度：人民币 13.24 亿元）。剔除一些一次性项目后的调整后 EBITDA（非 GAAP）为人民币 14.30 亿元（2.073 亿美元），同比增长 8.0%。请参见本财报中的 “非 GAAP 披露” 和 “GAAP 与非 GAAP 结果的调节”。
第一季度调整后 EBITDA margin（非 GAAP）为 57.9%（2025 年第一季度：48.6%）。剔除一些一次性项目后的调整后 EBITDA margin（非 GAAP）为 48.7%。

F irst Quarter 202 6 Operating Highlights

202 6 年第一季度运营亮点

Total area committed and pre-committed increased by 11.7% Y-o-Y to 725,485 sqm as of March 31, 2026 (March 31, 2025: 649,561 sqm).
Area utilized increased by 12.7% Y-o-Y to 520,929 sqm as of March 31, 2026 (March 31, 2025: 462,423 sqm).
Area in service increased by 10.4% Y-o-Y to 674,269 sqm as of March 31, 2026 (March 31, 2025: 610,685 sqm)
Utilization rate (area utilized divided by area in service) was 77.3% as of March 31, 2026 (March 31, 2025: 75.7%).

截至2026年3月31日，已承诺和预承诺的总面积同比增长 11.7% 至 725,485 平方米（2025年3月31日：649,561 平方米）。
使用面积截至2026年3月31日同比增长 12.7% 至 520,929 平方米（2025年3月31日：462,423 平方米）。
投入服务的面积截至2026年3月31日同比增长 10.4% 至 674,269 平方米（2025年3月31日：610,685 平方米）。
截至2026年3月31日的利用率（使用面积与投入服务面积之比）为 77.3%（2025年3月31日：75.7%）。

“We started 2026 with very strong sales,” said Mr. William Huang, Chairman and Chief Executive Officer of GDS. “During the first quarter, we recorded net new bookings of around 200MW, the highest level ever for a single quarter. With AI infrastructure demand intensifying, we believe GDS is uniquely positioned to capture the next phase of growth.”

“我们以非常强劲的销售开始了 2026 年，” GDS 董事长兼首席执行官 William Huang 表示。“在第一季度，我们记录了约 200MW 的净新预订，这是单季度的最高水平。随着人工智能基础设施需求的加剧，我们相信 GDS 在捕捉下一个增长阶段方面具有独特的优势。”

“In the first quarter, our revenue increased by 7.9% and adjusted EBITDA grew by 8.0% year-over-year (excluding some one-time items),” added Mr. Dan Newman, Chief Financial Officer. “During the quarter, we further enhanced our financial flexibility through the sale of DayOne shares and a private placement of convertible preferred shares. These initiatives will support our core business expansion and create sustainable, long-term value for our stakeholders.”

“在第一季度，我们的收入同比增长 7.9%，调整后 EBITDA（剔除一些一次性项目）增长了 8.0%。” 首席财务官 Dan Newman 补充道。“在这一季度，我们通过出售 DayOne 股份和私募可转换优先股进一步增强了我们的财务灵活性。这些举措将支持我们的核心业务扩展，并为我们的利益相关者创造可持续的长期价值。”

F irst Quarter 202 6 Financial Results

202 6 年第一季度财务结果

Net revenue in the first quarter of 2026 was RMB3,367.1 million (US$488.1 million), a 23.6% increase over the same period last year of RMB2,723.2 million. Net revenue excluding some one-time items was RMB2,938.0 million (US$425.9 million), an increase of 7.9% over the same period last year. The normalized Y-o-Y increase was mainly due to continued ramp-up of our data centers.

2026 年第一季度的净收入为人民币 33.67 亿元（4.881 亿美元），较去年同期的人民币 27.23 亿元增长 23.6%。剔除一些一次性项目后的净收入为人民币 29.38 亿元（4.259 亿美元），较去年同期增长 7.9%。正常化的同比增长主要是由于我们数据中心的持续扩张。

Cost of revenue in the first quarter of 2026 was RMB2,235.6 million (US$324.1 million), a 7.6% increase over the same period last year of RMB2,078.3 million. The Y-o-Y increase was in line with the continued ramp-up of our data centers.

2026 年第一季度的收入成本为人民币 22.36 亿元（3.241 亿美元），较去年同期的人民币 20.78 亿元增长 7.6%。同比增长与我们数据中心的持续扩张相一致。

Gross profit was RMB1,131.5 million (US$164.0 million) in the first quarter of 2026, a 75.5% increase over the same period last year of RMB644.8 million. Gross profit excluding some one-time items was RMB702.4 million (US$101.8 million), an increase of 8.9% Y-o-Y.

2026 年第一季度的毛利润为人民币 11.32 亿元（1.640 亿美元），较去年同期的人民币 6.448 亿元增长 75.5%。剔除一些一次性项目后的毛利润为人民币 7.024 亿元（1.018 亿美元），同比增长 8.9%。

Gross profit margin was 33.6% in the first quarter of 2026, or 23.9% excluding some one-time items, compared with 23.7% in the same period last year.

2026 年第一季度的毛利率为 33.6%，剔除一些一次性项目后的毛利率为 23.9%，而去年同期为 23.7%。

Adjusted Gross Profit (“Adjusted GP”) (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,952.0 million (US$283.0 million) in the first quarter of 2026, a 34.1% increase over the same period last year of RMB1,455.4 million. Adjusted GP excluding some one-time items was RMB1,522.9 million (US$220.8 million), an increase of 4.6% over the same period last year. See “Non-GAAP Disclosure” and “Reconciliations of GAAP and non-GAAP results” elsewhere in this earnings release.

调整后的毛利润（“调整后毛利”）（非 GAAP）定义为剔除折旧和摊销、与预付土地使用权相关的经营租赁成本、资产退休成本的增值费用和分配到收入成本的股权激励费用后的毛利润。2026 年第一季度的调整后毛利为人民币 19.52 亿元（2.830 亿美元），较去年同期的人民币 14.554 亿元增长 34.1%。剔除一些一次性项目后的调整后毛利为人民币 15.229 亿元（2.208 亿美元），较去年同期增长 4.6%。请参见本财报中的 “非 GAAP 披露” 和 “GAAP 与非 GAAP 结果的调节”。

Adjusted GP margin (non-GAAP) was 58.0% in the first quarter of 2026, or 51.8% excluding some one-time items, compared with 53.4% in the same period last year. The normalized Y-o-Y decrease was mainly due to a higher level of utility costs as a percentage of net revenue.

2026 年第一季度的调整后毛利率（非 GAAP）为 58.0%，剔除一些一次性项目后的调整后毛利率为 51.8%，而去年同期为 53.4%。正常化的同比下降主要是由于公用事业成本占净收入的比例较高。

Selling and marketing expenses, excluding share-based compensation expenses of RMB11.6 million (US$1.7 million), were RMB24.9 million (US$3.6 million) in the first quarter of 2026, a 4.8% decrease over the same period last year of RMB26.2 million (excluding share-based compensation of RMB6.6 million). The Y-o-Y decrease was mainly due to lower level of sales and marketing activities despite the record level of new bookings.

销售和营销费用（剔除人民币 1160 万元（170 万美元）的股权激励费用）在 2026 年第一季度为人民币 2490 万元（360 万美元），较去年同期的人民币 2620 万元（剔除人民币 660 万元的股权激励费用）下降 4.8%。同比下降主要是由于尽管新预订创下纪录水平，但销售和营销活动的水平较低。

General and administrative expenses, excluding share-based compensation expenses of RMB44.8 million (US$6.5 million), depreciation and amortization expenses of RMB50.1 million (US$7.3 million) and operating lease cost relating to prepaid land use rights of RMB14.1 million (US$2.0 million), were RMB68.4 million (US$9.9 million) in the first quarter of 2026, a 38.3% decrease over the same period last year of RMB111.0 million (excluding share-based compensation expenses of RMB47.6 million, depreciation and amortization expenses of RMB64.8 million and operating lease cost relating to prepaid land use rights of RMB15.6 million). The Y-o-Y decrease was mainly due to cost savings at the corporate level during the first quarter of 2026.

一般和行政费用（剔除人民币 4480 万元（650 万美元）的股权激励费用、人民币 5010 万元（730 万美元）的折旧和摊销费用以及人民币 1410 万元（200 万美元）的与预付土地使用权相关的经营租赁成本）在 2026 年第一季度为人民币 6840 万元（990 万美元），较去年同期的人民币 1.11 亿元（剔除人民币 4760 万元的股权激励费用、人民币 6480 万元的折旧和摊销费用以及人民币 1560 万元的与预付土地使用权相关的经营租赁成本）下降 38.3%。同比下降主要是由于 2026 年第一季度公司层面的成本节约。

Research and development costs were RMB9.6 million (US$1.4 million) in the first quarter of 2026, compared with RMB7.9 million in the same period last year.

2026 年第一季度的研发费用为 960 万元人民币（140 万美元），相比去年同期的 790 万元人民币有所增加。

Net interest expenses for the first quarter of 2026 were RMB379.8 million (US$55.1 million), a 14.0% decrease over the same period last year of RMB441.5 million. The Y-o-Y decrease was mainly due to lower interest rates as well as higher interest income.

2026 年第一季度的净利息支出为 3.798 亿元人民币（5510 万美元），较去年同期的 4.415 亿元人民币下降了 14.0%。同比下降主要是由于利率降低以及利息收入增加。

Foreign currency exchange loss for the first quarter of 2026 was RMB1.4 million (US$0.2 million), compared with foreign currency exchange gain of RMB1.0 million in the same period last year.

2026 年第一季度的外汇损失为 140 万元人民币（20 万美元），相比去年同期的外汇收益 100 万元人民币有所变化。

Others, net for the first quarter of 2026 was RMB97.6 million (US$14.2 million), compared with RMB9.7 million in the same period last year. The increase was mainly due to some one-time items recorded in the first quarter of 2026.

2026 年第一季度的其他净收入为 9760 万元人民币（1420 万美元），相比去年同期的 970 万元人民币大幅增加。增加主要是由于 2026 年第一季度记录了一些一次性项目。

Gain on deconsolidation of subsidiaries for the first quarter of 2026 was nil, compared with RMB1,057.0 million in the same period last year. The Y-o-Y decrease was mainly due to the gain on the deconsolidation of the underlying projects for the ABS transaction during the first quarter of 2025.

2026 年第一季度的子公司去合并收益为零，而去年同期为 10.57 亿元人民币。同比下降主要是由于 2025 年第一季度 ABS 交易的基础项目去合并收益。

Income tax expenses for the first quarter of 2026 were RMB108.7 million (US$15.8 million), compared with RMB199.7 million in the same period last year. The Y-o-Y decrease was mainly due to the income tax incurred as a result of intra-group transfer of interests in subsidiaries in preparation for the C-REIT IPO in the first quarter of 2025.

2026 年第一季度的所得税费用为 1.087 亿元人民币（1580 万美元），相比去年同期的 1.997 亿元人民币有所下降。同比下降主要是由于 2025 年第一季度因子公司内部转让权益而产生的所得税。

Share of results of equity method investees for the first quarter of 2026 was an income of RMB2,136.5 million (US$309.7 million), mainly arising from the dilution gain on our investment in DayOne Data Centers Limited (“DayOne”) following the completion of part of DayOne’s Series C Convertible Preferred Share issue as well as the partial sale of DayOne ordinary shares during the first quarter of 2026, compared with a loss of RMB27.7 million in the same period last year.

2026 年第一季度的权益法投资收益为 21.365 亿元人民币（3.097 亿美元），主要来源于我们在 DayOne Data Centers Limited（“DayOne”）投资的稀释收益，因其完成了部分 C 轮可转换优先股发行以及在 2026 年第一季度部分出售 DayOne 普通股，而去年同期则亏损 277 万元人民币。

Net income in the first quarter of 2026 was RMB2,652.1 million (US$384.5 million), compared with RMB764.1 million in the same period last year.

2026 年第一季度的净收入为 26.521 亿元人民币（3.845 亿美元），相比去年同期的 7.641 亿元人民币大幅增加。

Basic income per ordinary share in the first quarter of 2026 was RMB1.67 (US$0.24), compared with RMB0.49 in the same period last year.

2026 年第一季度的每股基本收益为 1.67 元人民币（0.24 美元），相比去年同期的 0.49 元人民币有所增加。

Diluted income per ordinary share in the first quarter of 2026 was RMB1.32 (US$0.19), compared with RMB0.43 in the same period last year.

2026 年第一季度的每股摊薄收益为 1.32 元人民币（0.19 美元），相比去年同期的 0.43 元人民币有所增加。

Basic income per American Depositary Share (“ADS”) in the first quarter of 2026 was RMB13.33 (US$1.93), compared with RMB3.91 in the same period last year.

2026 年第一季度的每个美国存托股份（“ADS”）的基本收益为 13.33 元人民币（1.93 美元），相比去年同期的 3.91 元人民币大幅增加。

Diluted income per American Depositary Share (“ADS”) in the first quarter of 2026 was RMB10.58 (US$1.53), compared with RMB3.47 in the same period last year.

2026 年第一季度的每个美国存托股份（“ADS”）的摊薄收益为 10.58 元人民币（1.53 美元），相比去年同期的 3.47 元人民币有所增加。

Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, impairment losses of long-lived assets, share of results of equity method investees and gain on deconsolidation of subsidiaries. Adjusted EBITDA was RMB1,948.7 million (US$282.5 million) in the first quarter of 2026, a 47.2% increase over the same period last year of RMB1,323.8 million. Adjusted EBITDA excluding some one-time items was RMB1,430.3 million (US$207.3 million), an increase of 8.0% over the same period last year.

调整后的 EBITDA（非 GAAP）定义为净收入（损失）减去净利息支出、所得税费用（收益）、折旧和摊销、与预付土地使用权相关的经营租赁成本、资产退休成本的增值费用、基于股份的补偿费用、长期资产的减值损失、权益法投资收益和子公司去合并收益。2026 年第一季度的调整后 EBITDA 为 19.487 亿元人民币（2.825 亿美元），较去年同期的 13.238 亿元人民币增长了 47.2%。不包括一些一次性项目的调整后 EBITDA 为 14.303 亿元人民币（2.073 亿美元），同比增长 8.0%。

Adjusted EBITDA margin (non-GAAP) was 57.9% in the first quarter of 2026, or 48.7% excluding some one-time items, compared with 48.6% in the same period last year. The normalized Y-o-Y increase was mainly due to cost savings at the corporate level.

2026 年第一季度的调整后 EBITDA 利润率（非 GAAP）为 57.9%，不包括一些一次性项目的利润率为 48.7%，相比去年同期的 48.6% 有所上升。同比的正常化增长主要得益于公司层面的成本节约。

Liquidity

流动性

As of March 31, 2026, cash and cash equivalents were RMB14,822.5 million (US$2,148.8 million).

截至2026年3月31日，现金及现金等价物为 148.225 亿元人民币（21.488 亿美元）。

Total short-term debt was RMB9,368.9 million (US$1,358.2 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB3,222.8 million (US$467.2 million), current portion of convertible bonds payable of RMB4,284.9 million (US$621.2 million) and the current portion of finance lease and other financing obligations of RMB1,861.3 million (US$269.8 million). Total long-term debt was RMB36,527.7 million (US$5,295.4 million), comprised of long-term borrowings (excluding current portion) of RMB23,200.2 million (US$3,363.3 million), non-current portion of convertible bonds payable of RMB7,683.1 million (US$1,113.8 million) and the non-current portion of finance lease and other financing obligations of RMB5,644.4 million (US$818.3 million).

短期债务总额为 93.689 亿元人民币（13.582 亿美元），包括短期借款和长期借款的当前部分 32.228 亿元人民币（4.672 亿美元）、可转换债券应付的当前部分 42.849 亿元人民币（6.212 亿美元）以及融资租赁和其他融资义务的当前部分 18.613 亿元人民币（2.698 亿美元）。长期债务总额为 365.277 亿元人民币（52.954 亿美元），包括长期借款（不包括当前部分）232.002 亿元人民币（33.633 亿美元）、可转换债券应付的非当前部分 76.831 亿元人民币（11.138 亿美元）以及融资租赁和其他融资义务的非当前部分 56.444 亿元人民币（8.183 亿美元）。

During the first quarter of 2026, the Company obtained new debt financing and refinancing facilities of RMB460.0 million (US$66.7 million).

在 2026 年第一季度，公司获得了新的债务融资和再融资额度为 4.6 亿元人民币（6670 万美元）。

First Quarter 2026 Operating Results

2026 年第一季度运营结果

Sales

销售

Total area committed and pre-committed at the end of the first quarter of 2026 was 725,485 sqm, compared with 649,561 sqm at the end of the first quarter of 2025 and 670,106 sqm at the end of the fourth quarter of 2025, an increase of 11.7% Y-o-Y and an increase of 8.3% quarter-over-quarter (“Q-o-Q”), respectively. In the first quarter of 2026, gross additional total area committed was 59,342 sqm. Net additional total area committed was 55,379 sqm.

截至 2026 年第一季度末，已承诺和预承诺的总面积为 725,485 平方米，相比 2025 年第一季度末的 649,561 平方米和 2025 年第四季度末的 670,106 平方米，分别增长了 11.7% 和 8.3%。在 2026 年第一季度，新增承诺总面积为 59,342 平方米。净新增承诺总面积为 55,379 平方米。

Data Center Resources

数据中心资源

Area in service at the end of the first quarter of 2026 was 674,269 sqm, compared with 610,685 sqm at the end of the first quarter of 2025 and 668,283 sqm at the end of the fourth quarter of 2025, an increase of 10.4% Y-o-Y and an increase of 0.9% Q-o-Q, respectively.

截至 2026 年第一季度末，投入使用的面积为 674,269 平方米，相比 2025 年第一季度末的 610,685 平方米和 2025 年第四季度末的 668,283 平方米，分别增长了 10.4% 和 0.9%。

Area under construction at the end of the first quarter of 2026 was 118,411 sqm, compared with 132,208 sqm at the end of the first quarter of 2025 and 73,994 sqm at the end of the fourth quarter of 2025, a decrease of 10.4% Y-o-Y and an increase of 60.0% Q-o-Q, respectively.

截至 2026 年第一季度末，正在建设中的面积为 118,411 平方米，相比 2025 年第一季度末的 132,208 平方米和 2025 年第四季度末的 73,994 平方米，分别下降了 10.4% 和增长了 60.0%。

Commitment rate for area in service was 92.8% at the end of the first quarter of 2026, compared with 90.9% at the end of the first quarter of 2025 and 93.0% at the end of the fourth quarter of 2025. Pre-commitment rate for area under construction was 84.4% at the end of the first quarter of 2026, compared with 71.6% at the end of the first quarter of 2025 and 66.1% at the end of the fourth quarter of 2025.

截至 2026 年第一季度末，服务区域的承诺率为 92.8%，相比 2025 年第一季度末的 90.9% 和 2025 年第四季度末的 93.0%。截至 2026 年第一季度末，建设中的区域预承诺率为 84.4%，相比 2025 年第一季度末的 71.6% 和 2025 年第四季度末的 66.1%。

Move-In

入住

Area utilized at the end of the first quarter of 2026 was 520,929 sqm, compared with 462,423 sqm at the end of the first quarter of 2025 and 504,843 sqm at the end of the fourth quarter of 2025, an increase of 12.7% Y-o-Y and an increase of 3.2% Q-o-Q, respectively. In the first quarter of 2026, gross additional area utilized was 19,405 sqm. Net additional area utilized was 16,086 sqm.

截至 2026 年第一季度末，使用面积为 520,929 平方米，相比 2025 年第一季度末的 462,423 平方米和 2025 年第四季度末的 504,843 平方米，分别增长了 12.7% 和 3.2%。在 2026 年第一季度，新增使用面积为 19,405 平方米。净新增使用面积为 16,086 平方米。

Utilization rate for area in service was 77.3% at the end of the first quarter of 2026, compared with 75.7% at the end of the first quarter of 2025 and 75.5% at the end of the fourth quarter of 2025.

截至 2026 年第一季度末，服务区域的利用率为 77.3%，相比 2025 年第一季度末的 75.7% 和 2025 年第四季度末的 75.5%。

Partial Sale of DayOne Ordinary Shares

部分出售 DayOne 普通股

During the first quarter of 2026, the Company completed the US$385 million partial sale of ordinary shares of DayOne, an independent Singapore-headquartered hyperscale data center platform in which the Company holds a minority equity investment. The ordinary shares were repurchased by DayOne at DayOne’s Series C convertible preferred share new issue price.

在 2026 年第一季度，公司完成了对 DayOne 的普通股部分出售，金额为 3.85 亿美元。DayOne 是一家总部位于新加坡的独立超大规模数据中心平台，公司持有其少数股权投资。普通股由 DayOne 以其 C 轮可转换优先股新发行价格回购。

Subsequently in April 2026, following the closing of an upsizing of DayOne’s Series C new issue, the market value of our remaining equity interest in DayOne is over US$2.2 billion based on DayOne’s Series C new issue price. As of April 29, 2026, when we filed our 2025 annual report, we owned an equity interest in DayOne of approximately 19.9%.

随后在 2026 年 4 月，随着 DayOne C 轮新发行的扩大，我们在 DayOne 的剩余股权的市场价值超过 22 亿美元，基于 DayOne 的 C 轮新发行价格。截至2026年4月29日，当我们提交 2025 年年报时，我们在 DayOne 的股权约为 19.9%。

Private Placement of US$300 million Convertible Preferred Shares

3 亿美元可转换优先股的私募配售

During the first quarter of 2026, the Company completed a private placement of US$300 million of Series B convertible preferred shares to Huatai Capital Investment Limited, a Chinese institutional investor, with a minimum 3.75% p.a. dividend during the first six years from the issuance date, and a conversion price of approximately US$54.43 per GDS ADS, subject to certain adjustments.

在 2026 年第一季度，公司完成了对华泰资本投资有限公司的 3 亿美元 B 轮可转换优先股的私募配售，该公司为一家中国机构投资者，发行日期前六年最低年息为 3.75%，转换价格约为每个 GDS ADS 54.43 美元，受某些调整的限制。

Business Outlook

业务展望

The Company confirms that the previously provided guidance of total revenues for the year of 2026 of RMB12,400 million – RMB12,900 million, Adjusted EBITDA of RMB5,750 million – RMB6,000 million and capex of around RMB9,000 million remain unchanged.

公司确认之前提供的 2026 年总收入指导为 124 亿人民币至 129 亿人民币，调整后 EBITDA 为 57.5 亿人民币至 60 亿人民币，资本支出约为 90 亿人民币，保持不变。

This forecast reflects the Company’s preliminary view on the current business situation and market conditions, which are subject to change.

该预测反映了公司对当前商业状况和市场条件的初步看法，可能会有所变化。

Conference Call

电话会议

Management will hold a conference call at 8:00 a.m. U.S. Eastern Time on May 20, 2026 (8:00 p.m. Beijing Time on May 20, 2026) to discuss financial results and answer questions from investors and analysts.

管理层将于2026年5月20日美国东部时间上午 8:00（2026年5月20日北京时间晚上 8:00）召开电话会议，讨论财务业绩并回答投资者和分析师的问题。

Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call.

参与者应在预定开始时间前至少 15 分钟完成在线注册，使用下面提供的链接。注册后，参与者将收到电话会议的接入信息，包括拨入号码、个人 PIN 码和详细的加入电话会议的电子邮件说明。

Participant Online Registration:

参与者在线注册：

https://register-conf.media-server.com/register/BIdae3e37d5e2a42a7b9679deaf921ff79

A live and archived webcast of the conference call will be available on the Company's investor relations website at https://investors.gds-services.com.

电话会议的直播和存档网络广播将在公司的投资者关系网站上提供，网址为 https://investors.gds-services.com。

Non-GAAP Disclosure

非 GAAP 披露

Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance (primarily gain or loss on deconsolidation of subsidiaries and share of results of equity method investees), whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operations from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure.

我们的管理层和董事会使用调整后 EBITDA、调整后 EBITDA 利润率、调整后毛利和调整后毛利率，这些是非 GAAP 财务指标，用于评估我们的运营表现、制定预算和设定管理业务的运营目标。我们认为，排除在计算调整后 EBITDA 和调整后毛利时消除的收入和费用，可以提供我们核心运营表现的有用和补充的衡量标准。特别是，我们认为使用调整后 EBITDA 作为补充绩效指标，通过排除资本结构（主要是利息费用）、资产基础费用（主要是折旧和摊销、与预付土地使用权相关的运营租赁成本、资产退休成本的增值费用和长期资产的减值损失）以及其他非现金费用（主要是基于股份的补偿费用）和我们认为不反映运营表现的其他收入和费用（主要是子公司的去合并损益和权益法投资者的收益）来捕捉我们的运营表现趋势，而使用调整后毛利作为补充绩效指标则通过排除资产基础费用（主要是折旧和摊销、与预付土地使用权相关的运营租赁成本和资产退休成本的增值费用）和包含在收入成本中的其他非现金费用（主要是基于股份的补偿费用）来捕捉我们服务中数据中心的毛利表现趋势。此外，我们从调整后 EBITDA 和调整后 EBITDA 利润率中排除来自终止运营的收入（损失），以衡量我们持续运营的财务表现，这将与我们未来的财务表现披露保持一致。

We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company’s core operating performance.

我们注意到，折旧和摊销是一项固定成本，一旦每个数据中心投入服务就会开始。然而，通常需要数年时间，新数据中心才能达到高水平的利用率和盈利能力。公司在早期阶段的数据中心资产上承担了显著的折旧和摊销成本。因此，毛利作为在考虑折旧和摊销后的盈利能力的衡量标准，并不能准确反映公司的核心运营表现。

We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry.

我们还提供这些非公认会计原则（non-GAAP）指标，因为我们认为这些非 GAAP 指标常被证券分析师、投资者和其他相关方用作我们行业公司财务表现的衡量标准。

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, impairment losses of long-lived assets, gain on deconsolidation of subsidiaries and share of results of equity method investees, each of which have been and may continue to be incurred in our business.

这些非 GAAP 财务指标并未根据美国公认会计原则（U.S. GAAP）进行定义，也未按照 U.S. GAAP 进行呈现。这些非 GAAP 财务指标作为分析工具存在局限性，在评估我们的运营表现、现金流或流动性时，投资者不应单独考虑这些指标，也不应将其视为毛利润、净收入（亏损）、经营活动提供的（使用的）现金流或其他根据 U.S. GAAP 编制的合并运营和现金流数据的替代品。使用这些非 GAAP 财务指标而非其最接近的 GAAP 等价物存在多种局限性。首先，调整后的 EBITDA、调整后的 EBITDA 利润率、调整后的毛利润和调整后的毛利润率并不能替代毛利润、净收入（亏损）、经营活动提供的（使用的）现金流或其他根据 U.S. GAAP 编制的合并运营和现金流数据。其次，其他公司可能以不同方式计算这些非 GAAP 财务指标，或可能使用其他指标来评估其表现，这都可能降低这些非 GAAP 财务指标作为比较工具的有效性。最后，这些非 GAAP 财务指标未反映来自终止运营的收入（亏损）、净利息费用、所得税收益（费用）、折旧和摊销、与预付土地使用权相关的经营租赁成本、资产退休成本的增值费用、基于股份的补偿费用、长期资产的减值损失、子公司的去合并收益以及权益法投资者的结果份额的影响，这些费用在我们的业务中已经发生并可能继续发生。

We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation, share of results of equity method investees and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned “Business Outlook” set forth in this press release.

我们通过将非 GAAP 财务指标与最可比的 U.S. GAAP 绩效指标进行调节来减轻这些局限性，所有这些在评估我们的表现时都应予以考虑。我们不提供某些财务数据的前瞻性指导，例如折旧、摊销、增值、基于股份的补偿、权益法投资者的结果份额和净收入（亏损）；这些数据及相关调整的影响可能是显著的。因此，我们无法在没有不合理努力的情况下提供前瞻性 U.S. GAAP 与前瞻性非 GAAP 财务指标的调节。这些前瞻性非 GAAP 财务指标包括在本新闻稿 “业务展望” 部分中列出的调整后 EBITDA 的预测。

For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of GAAP and non-GAAP results” set forth at the end of this press release.

有关这些非 GAAP 财务指标的更多信息，请参见本新闻稿末尾的 “GAAP 与非 GAAP 结果的调节” 表格。

Exchange Rate

汇率

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.8980 to US$1.00, the noon buying rate in effect on March 31, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all.

本公告包含将某些人民币金额转换为美元（“USD”）的翻译，仅为读者的方便。除非另有说明，所有人民币到美元的转换均按2026年3月31日美联储 H.10 统计发布时的中午买入汇率人民币 6.8980 兑换 1.00 美元进行。公司不对人民币或美元金额的转换是否能够以任何特定汇率或根本无法转换作出任何声明。

Statement Regarding Preliminary Unaudited Financial Information

关于初步未经审计的财务信息的声明

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

本财报发布中列出的未经审计的财务信息是初步的，可能会进行调整。在公司年终审计工作完成时，可能会识别出对合并财务报表的调整，这可能导致与本初步未经审计的财务信息存在显著差异。

About GDS Holdings Limited ( GDS )

关于 GDS Holdings Limited（GDS）

GDS Holdings Limited ( GDS ) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located across the key hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. The Company is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company has a 26-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a minority equity interest in DayOne Data Centers Limited, an independent Singapore-headquartered hyperscale data center platform.

GDS Holdings Limited（GDS）是中国领先的高性能数据中心开发和运营商。公司的设施战略性地位于对高性能数据中心服务需求集中的关键枢纽。公司的数据中心具有较大的净建筑面积、高功率容量、密度和效率，并在所有关键系统中具备多重冗余。公司是运营商和云中立的，这使得客户能够访问主要的电信网络，以及在其许多设施中托管的中国和全球最大的公共云。公司在服务交付方面拥有 26 年的成功记录，成功满足了中国一些最大和最苛刻的外包数据中心服务客户的需求。公司的客户群主要由超大规模云服务提供商、大型互联网公司、金融机构、电信运营商、IT 服务提供商以及大型国内私营部门和跨国公司组成。公司还持有新加坡独立超大规模数据中心平台 DayOne Data Centers Limited 的少数股权。

Safe Harbor Statement

安全港声明

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings ( GDS ) may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”) on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS Holdings’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of GDS Holdings’ major equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business operations of its major equity investees, such as South East Asia; GDS Holdings’ ability to monetize its existing data center assets through transactions such as public REITs, ABS Schemes, data center funds, joint ventures, sale and lease-back arrangements and private asset sales; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings ( GDS ) believes to be reasonable as of such date, and GDS Holdings ( GDS ) does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

本公告包含前瞻性声明。这些声明是在 1995 年美国私人证券诉讼改革法案的 “安全港” 条款下作出的。这些前瞻性声明可以通过诸如 “目标”、“预期”、“相信”、“继续”、“估计”、“期待”、“未来”、“指引”、“打算”、“可能”、“正在进行”、“计划”、“潜在”、“目标”、“将会” 等术语来识别。除其他事项外，不是历史事实的声明，包括关于 GDS Holdings 对其业务增长及其全财年收入的信念和预期、商业前景以及管理层在本公告中的引用，以及 GDS Holdings 的战略和运营计划，均为或包含前瞻性声明。GDS Holdings（GDS）还可能在其定期报告中向美国证券交易委员会（“SEC”）以书面或口头形式作出前瞻性声明，包括在 20-F 和 6-K 表格中，在其当前、临时和年度股东报告中，在香港联合交易所（“香港交易所”）网站上发布的公告、通函或其他出版物中，在新闻稿和其他书面材料中，以及其高管、董事或员工向第三方作出的口头声明。前瞻性声明涉及固有的风险和不确定性。多种因素可能导致 GDS Holdings 的实际结果或财务表现与任何前瞻性声明中包含的内容存在重大差异，包括但不限于以下因素：GDS Holdings 的目标和战略；GDS Holdings 未来的业务发展、财务状况和运营结果；中国及 GDS Holdings 主要股权投资者运营的地区（如东南亚）高性能数据中心、数据中心解决方案及相关服务市场的预期增长；GDS Holdings 对其高性能数据中心、数据中心解决方案及相关服务的需求和市场接受度的预期；GDS Holdings 对与新客户和现有客户建立、巩固和维持关系的预期；与 GDS Holdings 主要股权投资者 DayOne 的业务和运营相关的运营结果、增长前景、财务状况、监管环境、竞争格局及其他不确定性；云计算和云服务提供商在中国及其他主要市场的持续采用可能影响我们股权投资者的结果，如东南亚；与 GDS Holdings 业务和新数据中心计划的投资增加相关的风险和不确定性；与战略收购和投资相关的风险和不确定性；GDS Holdings 维持或增长其收入或业务的能力；GDS Holdings 运营结果的波动；影响 GDS Holdings 及其主要股权投资者业务运营的法律、法规及监管环境的变化；GDS Holdings 在中国及影响其主要股权投资者业务运营的市场中的行业竞争；GDS Holdings 通过公开 REIT、ABS 计划、数据中心基金、合资企业、售后回租安排和私人资产销售等交易实现现有数据中心资产变现的能力；安全漏洞；停电；以及中国及全球经济和商业条件的波动，以及与上述任何事项相关的假设。有关这些及其他风险、不确定性或因素的进一步信息包含在 GDS Holdings 向 SEC 提交的文件中，包括其 20-F 表格的年度报告，以及向香港交易所提交的文件。本新闻稿中提供的所有信息均截至本新闻稿的日期，并基于 GDS Holdings（GDS）认为在该日期合理的假设，GDS Holdings（GDS）不承担更新任何前瞻性声明的义务，除非适用法律要求。

For investor and media inquiries, please contact:

如需投资者和媒体咨询，请联系：

GDS Holdings Limited ( GDS )

GDS Holdings Limited (GDS)

Laura Chen

Phone: +86 (21) 2029-2203

电话：+86 (21) 2029-2203

Email: ir@gds-services.com

电子邮件：ir@gds-services.com

Piacente Financial Communications

Ross Warner

Phone: +86 (10) 6508-0677

电话：+86 (10) 6508-0677

Email: GDS@tpg-ir.com

电子邮件：GDS@tpg-ir.com

Brandi Piacente

Phone: +1 (212) 481-2050

电话：+1 (212) 481-2050

Email: GDS@tpg-ir.com

电子邮件：GDS@tpg-ir.com

GDS Holdings Limited ( GDS )

GDS Holdings Limited (GDS)


	GDS HOLDINGS LIMITED ( GDS ) UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))

		As of December 31, 2025	As of March 31, 2026
		RMB	RMB	US$

	Assets
Current assets
	Cash and cash equivalents	14,305,958		14,822,493		2,148,810
	Accounts receivable, net of allowance for credit losses	2,467,358		2,957,449		428,740
	Value-added-tax (“VAT”) recoverable	284,967		290,929		42,176
	Prepaid expenses and other current assets	1,489,174		5,512,007		799,073
	Total current assets	18,547,457		23,582,878		3,418,799
Non-current assets
	Long-term investments in equity investees	10,052,348		9,337,471		1,353,649
	Property and equipment, net	38,053,824		37,874,775		5,490,689
	Prepaid land use rights, net	16,119		16,000		2,320
	Operating lease right-of-use assets	4,831,624		4,810,838		697,425
	Goodwill and intangible assets, net	5,461,058		5,422,296		786,068
	Other non-current assets	3,036,068		3,090,494		448,027
	Total non-current assets	61,451,041		60,551,874		8,778,178
	Total assets	79,998,498		84,134,752		12,196,977
	Liabilities, Mezzanine Equity and Equity
Current liabilities
	Short-term borrowings and current portion of long-term borrowings	2,951,734		3,222,777		467,205
	Convertible bonds payable, current	0		4,284,871		621,176
	Accounts payable	1,932,177		1,911,943		277,174
	Accrued expenses and other payables	1,437,173		1,248,513		180,996
	Operating lease liabilities, current	110,133		106,538		15,445
	Finance lease and other financing obligations, current	697,142		1,861,268		269,827
	Total current liabilities	7,128,359		12,635,910		1,831,823
Non-current liabilities
	Long-term borrowings, excluding current portion	23,363,213		23,200,181		3,363,320
	Convertible bonds payable, non-current	12,144,371		7,683,099		1,113,815
	Operating lease liabilities, non-current	1,203,487		1,183,205		171,529
	Finance lease and other financing obligations, non-current	7,053,979		5,644,402		818,266
	Other long-term liabilities	1,368,028		1,346,196		195,157
	Total non-current liabilities	45,133,078		39,057,083		5,662,087
	Total liabilities	52,261,437		51,692,993		7,493,910
Mezzanine equity
	Redeemable preferred shares	1,056,663		3,119,496		452,232
	Total mezzanine equity	1,056,663		3,119,496		452,232
GDS Holdings Limited ( GDS ) shareholders' equity
	Ordinary shares	562		562		81
	Additional paid-in capital	31,706,498		31,736,579		4,600,838
	Accumulated other comprehensive loss	(829,319	)	(869,439	)	(126,042	)
	Accumulated deficit	(5,094,729	)	(2,446,027	)	(354,600	)
	Total GDS Holdings Limited ( GDS ) shareholders' equity	25,783,012		28,421,675		4,120,277
Non-controlling interests	897,386		900,588		130,558
	Total equity	26,680,398		29,322,263		4,250,835
	Total liabilities, mezzanine equity and equity	79,998,498		84,134,752		12,196,977


	GDS HOLDINGS LIMITED ( GDS )
未经审计的简明合并资产负债表
（金额以人民币（"RMB"）和美元（"US$"）计）

		截至2025年12月31日	截至2026年3月31日
		人民币	人民币	美元

	资产
流动资产
	现金及现金等价物	14,305,958		14,822,493		2,148,810
	应收账款，扣除信用损失准备	2,467,358		2,957,449		428,740
	可抵扣增值税（“VAT”）	284,967		290,929		42,176
	预付费用及其他流动资产	1,489,174		5,512,007		799,073
	流动资产总计	18,547,457		23,582,878		3,418,799
非流动资产
	对股权投资者的长期投资	10,052,348		9,337,471		1,353,649
	净物业和设备	38,053,824		37,874,775		5,490,689
	净预付土地使用权	16,119		16,000		2,320
	租赁使用权资产	4,831,624		4,810,838		697,425
	商誉及无形资产，净额	5,461,058		5,422,296		786,068
	其他非流动资产	3,036,068		3,090,494		448,027
	非流动资产总计	61,451,041		60,551,874		8,778,178
	资产总计	79,998,498		84,134,752		12,196,977
	负债、夹层股权及股东权益
流动负债
	短期借款及长期借款的流动部分	2,951,734		3,222,777		467,205
	可转换债券应付，流动	0		4,284,871		621,176
	应付账款	1,932,177		1,911,943		277,174
	应计费用及其他应付款	1,437,173		1,248,513		180,996
	租赁负债，流动	110,133		106,538		15,445
	融资租赁及其他融资义务，流动	697,142		1,861,268		269,827
	流动负债总计	7,128,359		12,635,910		1,831,823
非流动负债
	长期借款，不包括流动部分	23,363,213		23,200,181		3,363,320
	可转换债券应付，非流动	12,144,371		7,683,099		1,113,815
	租赁负债，非流动	1,203,487		1,183,205		171,529
	融资租赁及其他融资义务，非流动	7,053,979		5,644,402		818,266
	其他长期负债	1,368,028		1,346,196		195,157
	非流动负债总计	45,133,078		39,057,083		5,662,087
	负债总计	52,261,437		51,692,993		7,493,910
夹层股权
	可赎回优先股	1,056,663		3,119,496		452,232
	夹层股权总计	1,056,663		3,119,496		452,232
GDS Holdings Limited ( GDS ) 股东权益
	普通股	562		562		81
	额外实收资本	31,706,498		31,736,579		4,600,838
	累计其他综合损失	(829,319	)	(869,439	)	(126,042	)
	累计亏损	(5,094,729	)	(2,446,027	)	(354,600	)
	GDS Holdings Limited ( GDS ) 股东权益总计	25,783,012		28,421,675		4,120,277
非控制性权益	897,386		900,588		130,558
	股东权益总计	26,680,398		29,322,263		4,250,835
	负债、夹层股权及股东权益总计	79,998,498		84,134,752		12,196,977


GDS HOLDINGS LIMITED ( GDS ) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for number of shares and per share data)

		Three months ended
		March 31, 2025	December 31, 2025	March 31, 2026
		RMB	RMB	RMB	US$

Net revenue
Service revenue	2,722,908		2,920,291		3,366,680		488,066
Equipment sales	250		1,411		419		61
Total net revenue	2,723,158		2,921,702		3,367,099		488,127
Cost of revenue	(2,078,333	)	(2,309,275	)	(2,235,580	)	(324,091	)
Gross profit	644,825		612,427		1,131,519		164,036
Operating expenses
	Selling and marketing expenses	(32,764	)	(42,390	)	(36,560	)	(5,300	)
	General and administrative expenses	(238,936	)	(199,038	)	(177,438	)	(25,723	)
	Research and development expenses	(7,889	)	(7,732	)	(9,562	)	(1,386	)
	Impairment losses of long-lived assets	0		(1,561,235	)	0		0
Income (loss) from operations	365,236		(1,197,968	)	907,959		131,627
Other income (expenses):
	Net interest expenses	(441,477	)	(412,919	)	(379,847	)	(55,066	)
	Foreign currency exchange gain (loss), net	1,018		(261	)	(1,396	)	(202	)
	Others, net	9,685		3,167		97,614		14,151
	Gain (loss) on deconsolidation of subsidiaries	1,057,045		(62,245	)	0		0
Income (loss) before income taxes and share of results of equity method investees	991,507		(1,670,226	)	624,330		90,510
Income tax expenses	(199,701	)	(23,283	)	(108,706	)	(15,759	)
Share of results of equity method investees	(27,732	)	1,230,749		2,136,513		309,729
Net income (loss)	764,074		(462,760	)	2,652,137		384,480
Net income attributable to non-controlling interests	(1,053	)	(4,293	)	(3,435	)	(498	)
Net income (loss) attributable to GDS Holdings Limited ( GDS ) shareholders	763,021		(467,053	)	2,648,702		383,982
Cumulative dividend on redeemable preferred shares	(13,455	)	(13,566	)	(24,521	)	(3,555	)
Net income (loss) available to GDS Holdings Limited ( GDS ) ordinary shareholders	749,566		(480,619	)	2,624,181		380,427
Income (loss) per ordinary share
	Basic	0.49		(0.31	)	1.67		0.24
	Diluted	0.43		(0.31	)	1.32		0.19

Weighted average number of ordinary share outstanding
Basic		1,484,257,047		1,554,302,551		1,554,302,551		1,554,302,551
Diluted	1,797,675,770		1,554,302,551		2,031,672,616		2,031,672,616


GDS HOLDINGS LIMITED ( GDS )
未经审计的合并损益表
（金额以千人民币（"RMB"）和美元（"US$"）计）
（除股份数量和每股数据外）

		截至三个月
		2025年3月31日	2025年12月31日	2026年3月31日
		人民币	人民币	人民币	美元

净收入
服务收入	2,722,908		2,920,291		3,366,680		488,066
设备销售	250		1,411		419		61
总净收入	2,723,158		2,921,702		3,367,099		488,127
收入成本	(2,078,333	)	(2,309,275	)	(2,235,580	)	(324,091	)
毛利润	644,825		612,427		1,131,519		164,036
营业费用
	销售和营销费用	(32,764	)	(42,390	)	(36,560	)	(5,300	)
	一般和行政费用	(238,936	)	(199,038	)	(177,438	)	(25,723	)
	研发费用	(7,889	)	(7,732	)	(9,562	)	(1,386	)
	长期资产减值损失	0		(1,561,235	)	0		0
营业收入（损失）	365,236		(1,197,968	)	907,959		131,627
其他收入（费用）：
	净利息费用	(441,477	)	(412,919	)	(379,847	)	(55,066	)
	外汇汇兑收益（损失），净额	1,018		(261	)	(1,396	)	(202	)
	其他，净额	9,685		3,167		97,614		14,151
	子公司去合并损失（收益）	1,057,045		(62,245	)	0		0
税前收入（损失）及权益法投资收益	991,507		(1,670,226	)	624,330		90,510
所得税费用	(199,701	)	(23,283	)	(108,706	)	(15,759	)
权益法投资收益	(27,732	)	1,230,749		2,136,513		309,729
净收入（损失）	764,074		(462,760	)	2,652,137		384,480
归属于非控股权益的净收入	(1,053	)	(4,293	)	(3,435	)	(498	)
归属于 GDS Holdings Limited ( GDS ) 股东的净收入（损失）	763,021		(467,053	)	2,648,702		383,982
可赎回优先股的累计股息	(13,455	)	(13,566	)	(24,521	)	(3,555	)
可供 GDS Holdings Limited ( GDS ) 普通股东的净收入（损失）	749,566		(480,619	)	2,624,181		380,427
每普通股收益（损失）
	基本	0.49		(0.31	)	1.67		0.24
	稀释	0.43		(0.31	)	1.32		0.19

加权平均普通股流通股数
基本		1,484,257,047		1,554,302,551		1,554,302,551		1,554,302,551
稀释	1,797,675,770		1,554,302,551		2,031,672,616		2,031,672,616


GDS HOLDINGS LIMITED ( GDS ) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	RMB	RMB	US$

Net income (loss)	764,074		(462,760	)	2,652,137		384,480
Foreign currency translation adjustments, net of nil tax	16,434		103,487		130,646		18,940
Amounts reclassified from accumulated other comprehensive loss	0		(21,175	)	(17,334	)	(2,513	)
Other comprehensive (loss) income from share of results of equity method investees	(3,394	)	16,424		(153,665	)	(22,277	)
Comprehensive income (loss)	777,114		(364,024	)	2,611,784		378,630
Comprehensive income attributable to non-controlling interests	(1,161	)	(4,180	)	(3,202	)	(464	)
Comprehensive income (loss) attributable to GDS Holdings Limited ( GDS ) shareholders	775,953		(368,204	)	2,608,582		378,166


GDS HOLDINGS LIMITED ( GDS )
未经审计的合并综合收益（损失）表
（金额以千人民币（"RMB"）和美元（"US$"）计）

	截至三个月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民币	人民币	人民币	美元

净收入（损失）	764,074		(462,760	)	2,652,137		384,480
外汇翻译调整，税后为零	16,434		103,487		130,646		18,940
从累计其他综合损失中重分类的金额	0		(21,175	)	(17,334	)	(2,513	)
来自权益法投资收益的其他综合（损失）收益	(3,394	)	16,424		(153,665	)	(22,277	)
综合收益（损失）	777,114		(364,024	)	2,611,784		378,630
归属于非控股权益的综合收益	(1,161	)	(4,180	)	(3,202	)	(464	)
归属于 GDS Holdings Limited ( GDS ) 股东的综合收益（损失）	775,953		(368,204	)	2,608,582		378,166


GDS HOLDINGS LIMITED ( GDS ) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	RMB	RMB	US$

Net income (loss)	764,074		(462,760	)	2,652,137		384,480
Depreciation and amortization	856,519		885,229		831,815		120,588
Amortization of debt issuance cost and debt discount	31,804		26,454		20,116		2,916
Share-based compensation expense	61,977		85,494		83,821		12,151
Share of results of equity method investees	27,732		(1,230,749	)	(2,136,513	)	(309,729	)
(Gain) loss on deconsolidation of subsidiaries	(1,057,045	)	62,245		0		0
Impairment losses of long-lived assets	0		1,561,235		0		0
Others	8,172		(12,801	)	16,709		2,422
Changes in operating assets and liabilities	86,839		69,210		(1,020,394	)	(147,927	)
Net cash provided by (used in) operating activities	780,072		983,557		447,691		64,901
Purchase of property and equipment and land use rights	(1,009,328	)	(914,640	)	(770,045	)	(111,633	)
(Payments) receipts related to acquisitions and investments	(360,085	)	(9,828	)	2,694,346		390,598
Purchases of time deposits	0		(674,910	)	(4,414,802	)	(640,012	)
Maturities of time deposits	0		0		657,343		95,295
Net cash used in investing activities	(1,369,413	)	(1,599,378	)	(1,833,158	)	(265,752	)
Net cash provided by financing activities	275,032		1,508,285		1,881,331		272,737
Effect of exchange rate changes on cash and cash equivalents and restricted cash	(242	)	(38,135	)	(79,342	)	(11,503	)
Net (decrease) increase of cash and cash equivalents and restricted cash	(314,551	)	854,329		416,522		60,383
Cash and cash equivalents and restricted cash at beginning of period	8,093,530		13,586,698		14,441,027		2,093,509
Cash and cash equivalents and restricted cash at end of period	7,778,979		14,441,027		14,857,549		2,153,892


GDS HOLDINGS LIMITED ( GDS )
未经审计的合并现金流量表
（金额以千人民币（"RMB"）和美元（"US$"）计）

	截至三个月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民币	人民币	人民币	美元

净收入（亏损）	764,074		(462,760	)	2,652,137		384,480
折旧和摊销	856,519		885,229		831,815		120,588
债务发行成本和债务折扣的摊销	31,804		26,454		20,116		2,916
基于股份的补偿费用	61,977		85,494		83,821		12,151
权益法投资收益	27,732		(1,230,749	)	(2,136,513	)	(309,729	)
子公司解散的（收益）损失	(1,057,045	)	62,245		0		0
长期资产减值损失	0		1,561,235		0		0
其他	8,172		(12,801	)	16,709		2,422
经营资产和负债的变动	86,839		69,210		(1,020,394	)	(147,927	)
经营活动提供的（使用的）净现金	780,072		983,557		447,691		64,901
购置物业和设备及土地使用权	(1,009,328	)	(914,640	)	(770,045	)	(111,633	)
与收购和投资相关的（支付）收款	(360,085	)	(9,828	)	2,694,346		390,598
定期存款购买	0		(674,910	)	(4,414,802	)	(640,012	)
定期存款到期	0		0		657,343		95,295
投资活动使用的净现金	(1,369,413	)	(1,599,378	)	(1,833,158	)	(265,752	)
融资活动提供的净现金	275,032		1,508,285		1,881,331		272,737
汇率变动对现金及现金等价物和受限现金的影响	(242	)	(38,135	)	(79,342	)	(11,503	)
现金及现金等价物和受限现金的净（减少）增加	(314,551	)	854,329		416,522		60,383
期初现金及现金等价物和受限现金	8,093,530		13,586,698		14,441,027		2,093,509
期末现金及现金等价物和受限现金	7,778,979		14,441,027		14,857,549		2,153,892


GDS HOLDINGS LIMITED ( GDS ) RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data)

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	% of net revenue	RMB	% of net revenue	RMB	US$	% of net revenue

Gross profit	644,825	23.7	612,427	21.0	1,131,519	164,036	33.6
Depreciation and amortization	790,737	29.0	827,079	28.2	781,191	113,249	23.2
Operating lease cost relating to prepaid land use rights	12,016	0.4	11,564	0.4	12,921	1,873	0.4
Accretion expenses for asset retirement costs	1,828	0.1	1,776	0.1	1,855	269	0.1
Share-based compensation expenses	6,016	0.2	25,045	0.9	24,552	3,559	0.7
Adjusted GP	1,455,422	53.4	1,477,891	50.6	1,952,038	282,986	58.0


GDS HOLDINGS LIMITED ( GDS )
GAAP 与非 GAAP 结果的调节
（金额以千人民币（"RMB"）和美元（"US$"）计）
（除百分比数据外）

	截至三个月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民币	净收入的%
人民币	净收入的%
人民币	美元	净收入的%


毛利润	644,825	23.7	612,427	21.0	1,131,519	164,036	33.6
折旧和摊销	790,737	29.0	827,079	28.2	781,191	113,249	23.2
与预付土地使用权相关的经营租赁成本	12,016	0.4	11,564	0.4	12,921	1,873	0.4
资产退休成本的增值费用	1,828	0.1	1,776	0.1	1,855	269	0.1
基于股份的补偿费用	6,016	0.2	25,045	0.9	24,552	3,559	0.7
调整后的毛利润	1,455,422	53.4	1,477,891	50.6	1,952,038	282,986	58.0


GDS HOLDINGS LIMITED ( GDS ) RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amount in thousands of Renminbi ("RMB") and US dollars ("US$") except for percentage data)

	Three months ended
	March 31, 2025	December 31, 2025	March 31, 2026
	RMB	% of net revenue	RMB	% of net revenue	RMB	US$	% of net revenue

Net income (loss)	764,074		28.1		(462,760	)	(15.8	)	2,652,137		384,480		78.8
Net interest expenses	441,477		16.2		412,919		14.1		379,847		55,066		11.3
Income tax expenses	199,701		7.3		23,283		0.8		108,706		15,759		3.2
Share of results of equity method investees	27,732		1.0		(1,230,749	)	(42.1	)	(2,136,513	)	(309,729	)	(63.5	)
(Gain) loss on deconsolidation of subsidiaries	(1,057,045	)	(38.8	)	62,245		2.1		0		0		0.0
Depreciation and amortization	856,519		31.4		885,229		30.3		831,815		120,588		24.7
Operating lease cost relating to prepaid land use rights	27,584		1.0		26,951		0.9		27,018		3,917		0.8
Accretion expenses for asset retirement costs	1,828		0.1		1,776		0.1		1,855		269		0.1
Share-based compensation expenses	61,977		2.3		85,494		2.9		83,821		12,151		2.5
Impairment losses of long-lived assets	0		0.0		1,561,235		53.4		0		0		0.0
Adjusted EBITDA	1,323,847		48.6		1,365,623		46.7		1,948,686		282,501		57.9


GDS HOLDINGS LIMITED ( GDS )
GAAP 与非 GAAP 结果的调节
（金额以千人民币（"RMB"）和美元（"US$"）计）
（除百分比数据外）

	截至三个月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民币	净收入的%	人民币	净收入的%	人民币	美元	净收入的%

净收入（亏损）	764,074		28.1		(462,760	)	(15.8	)	2,652,137		384,480		78.8
净利息费用	441,477		16.2		412,919		14.1		379,847		55,066		11.3
所得税费用	199,701		7.3		23,283		0.8		108,706		15,759		3.2
权益法投资收益	27,732		1.0		(1,230,749	)	(42.1	)	(2,136,513	)	(309,729	)	(63.5	)
子公司解散的（收益）损失	(1,057,045	)	(38.8	)	62,245		2.1		0		0		0.0
折旧和摊销	856,519		31.4		885,229		30.3		831,815		120,588		24.7
与预付土地使用权相关的经营租赁成本	27,584		1.0		26,951		0.9		27,018		3,917		0.8
资产退休成本的增值费用	1,828		0.1		1,776		0.1		1,855		269		0.1
基于股份的补偿费用	61,977		2.3		85,494		2.9		83,821		12,151		2.5
长期资产减值损失	0		0.0		1,561,235		53.4		0		0		0.0
调整后的 EBITDA	1,323,847		48.6		1,365,623		46.7		1,948,686		282,501		57.9

Image: https://www.globenewswire.com/newsroom/ti?nf=OTcyMzgyNSM3NjEyODQ3IzIwODEzMzE=

图片: https://www.globenewswire.com/newsroom/ti?nf=OTcyMzgyNSM3NjEyODQ3IzIwODEzMzE=

Image: https://ml.globenewswire.com/media/YjFhMDY3Y2UtMTMzYy00MTQ3LTkyODktZTMzMzUxZTYzMzAzLTEwOTI5MDItMjAyNi0wNS0yMC1lbg==/tiny/GDS-Holdings-Limited.png Source: GDS Holdings Limited ( GDS )

图片: https://ml.globenewswire.com/media/YjFhMDY3Y2UtMTMzYy00MTQ3LTkyODktZTMzMzUxZTYzMzAzLTEwOTI5MDItMjAyNi0wNS0yMC1lbg==/tiny/GDS-Holdings-Limited.png 来源: GDS Holdings Limited ( GDS )

万国数据有限公司发布 2026 年第一季度财报