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.

中國上海，2026年5月20日（全球新聞稿）—— GDS Holdings Limited（GDS），中國領先的高性能數據中心開發和運營商，今天公佈了截至2026年3月31日的第一季度未經審計的財務業績。

F irst Quarter 202 6 Financial Highlights

202 6 年第一季度財務亮點

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%.

第一季度淨收入同比增長 23.6% 至人民幣 33.67 億元（4.881 億美元）（2025 年第一季度：人民幣 27.23 億元）。剔除一些一次性項目後的淨收入為人民幣 29.38 億元（4.259 億美元），同比增長 7.9%。
第一季度淨利潤同比增長 247.1% 至人民幣 26.52 億元（3.845 億美元）（2025 年第一季度：人民幣 7.64 億元）。
第一季度淨利潤率為 78.8%（2025 年第一季度：28.1%）。
第一季度調整後 EBITDA（非 GAAP）同比增長 47.2% 至人民幣 19.49 億元（2.825 億美元）（2025 年第一季度：人民幣 13.24 億元）。剔除一些一次性項目後的調整後 EBITDA（非 GAAP）為人民幣 14.30 億元（2.073 億美元），同比增長 8.0%。請參見本財報中的 “非 GAAP 披露” 和 “GAAP 與非 GAAP 結果的調節”。
第一季度調整後 EBITDA margin（非 GAAP）為 57.9%（2025 年第一季度：48.6%）。剔除一些一次性項目後的調整後 EBITDA margin（非 GAAP）為 48.7%。

F irst Quarter 202 6 Operating Highlights

202 6 年第一季度運營亮點

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，已承諾和預承諾的總面積同比增長 11.7% 至 725,485 平方米（2025年3月31日：649,561 平方米）。
使用面積截至2026年3月31日同比增長 12.7% 至 520,929 平方米（2025年3月31日：462,423 平方米）。
投入服務的面積截至2026年3月31日同比增長 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（使用面積與投入服務面積之比）為 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.”

“我們以非常強勁的銷售開始了 2026 年，” GDS 董事長兼首席執行官 William Huang 表示。“在第一季度，我們記錄了約 200MW 的淨新預訂，這是單季度的最高水平。隨着人工智能基礎設施需求的加劇，我們相信 GDS 在捕捉下一個增長階段方面具有獨特的優勢。”

“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，我們的收入同比增長 7.9%，調整後 EBITDA（剔除一些一次性項目）增長了 8.0%。” 首席財務官 Dan Newman 補充道。“在這一季度，我們通過出售 DayOne 股份和私募可轉換優先股進一步增強了我們的財務靈活性。這些舉措將支持我們的核心業務擴展，併為我們的利益相關者創造可持續的長期價值。”

F irst Quarter 202 6 Financial Results

202 6 年第一季度財務結果

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 年第一季度的淨收入為人民幣 33.67 億元（4.881 億美元），較去年同期的人民幣 27.23 億元增長 23.6%。剔除一些一次性項目後的淨收入為人民幣 29.38 億元（4.259 億美元），較去年同期增長 7.9%。正常化的同比增長主要是由於我們數據中心的持續擴張。

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為人民幣 22.36 億元（3.241 億美元），較去年同期的人民幣 20.78 億元增長 7.6%。同比增長與我們數據中心的持續擴張相一致。

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 年第一季度的毛利潤為人民幣 11.32 億元（1.640 億美元），較去年同期的人民幣 6.448 億元增長 75.5%。剔除一些一次性項目後的毛利潤為人民幣 7.024 億元（1.018 億美元），同比增長 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為 33.6%，剔除一些一次性項目後的毛利率為 23.9%，而去年同期為 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.

調整後的毛利潤（“調整後毛利”）（非 GAAP）定義為剔除折舊和攤銷、與預付土地使用權相關的經營租賃成本、資產退休成本的增值費用和分配到收入成本的股權激勵費用後的毛利潤。2026 年第一季度的調整後毛利為人民幣 19.52 億元（2.830 億美元），較去年同期的人民幣 14.554 億元增長 34.1%。剔除一些一次性項目後的調整後毛利為人民幣 15.229 億元（2.208 億美元），較去年同期增長 4.6%。請參見本財報中的 “非 GAAP 披露” 和 “GAAP 與非 GAAP 結果的調節”。

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 年第一季度的調整後毛利率（非 GAAP）為 58.0%，剔除一些一次性項目後的調整後毛利率為 51.8%，而去年同期為 53.4%。正常化的同比下降主要是由於公用事業成本佔淨收入的比例較高。

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.

銷售和營銷費用（剔除人民幣 1160 萬元（170 萬美元）的股權激勵費用）在 2026 年第一季度為人民幣 2490 萬元（360 萬美元），較去年同期的人民幣 2620 萬元（剔除人民幣 660 萬元的股權激勵費用）下降 4.8%。同比下降主要是由於儘管新預訂創下紀錄水平，但銷售和營銷活動的水平較低。

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.

一般和行政費用（剔除人民幣 4480 萬元（650 萬美元）的股權激勵費用、人民幣 5010 萬元（730 萬美元）的折舊和攤銷費用以及人民幣 1410 萬元（200 萬美元）的與預付土地使用權相關的經營租賃成本）在 2026 年第一季度為人民幣 6840 萬元（990 萬美元），較去年同期的人民幣 1.11 億元（剔除人民幣 4760 萬元的股權激勵費用、人民幣 6480 萬元的折舊和攤銷費用以及人民幣 1560 萬元的與預付土地使用權相關的經營租賃成本）下降 38.3%。同比下降主要是由於 2026 年第一季度公司層面的成本節約。

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 年第一季度的研發費用為 960 萬元人民幣（140 萬美元），相比去年同期的 790 萬元人民幣有所增加。

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 年第一季度的淨利息支出為 3.798 億元人民幣（5510 萬美元），較去年同期的 4.415 億元人民幣下降了 14.0%。同比下降主要是由於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 年第一季度的外匯損失為 140 萬元人民幣（20 萬美元），相比去年同期的外匯收益 100 萬元人民幣有所變化。

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 年第一季度的其他淨收入為 9760 萬元人民幣（1420 萬美元），相比去年同期的 970 萬元人民幣大幅增加。增加主要是由於 2026 年第一季度記錄了一些一次性項目。

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併收益為零，而去年同期為 10.57 億元人民幣。同比下降主要是由於 2025 年第一季度 ABS 交易的基礎項目去合併收益。

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費用為 1.087 億元人民幣（1580 萬美元），相比去年同期的 1.997 億元人民幣有所下降。同比下降主要是由於 2025 年第一季度因子公司內部轉讓權益而產生的所得税。

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 年第一季度的權益法投資收益為 21.365 億元人民幣（3.097 億美元），主要來源於我們在 DayOne Data Centers Limited（“DayOne”）投資的稀釋收益，因其完成了部分 C 輪可轉換優先股發行以及在 2026 年第一季度部分出售 DayOne 普通股，而去年同期則虧損 277 萬元人民幣。

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 年第一季度的淨收入為 26.521 億元人民幣（3.845 億美元），相比去年同期的 7.641 億元人民幣大幅增加。

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為 1.67 元人民幣（0.24 美元），相比去年同期的 0.49 元人民幣有所增加。

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 年第一季度的每股攤薄收益為 1.32 元人民幣（0.19 美元），相比去年同期的 0.43 元人民幣有所增加。

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 年第一季度的每個美國存托股份（“ADS”）的基本收益為 13.33 元人民幣（1.93 美元），相比去年同期的 3.91 元人民幣大幅增加。

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 年第一季度的每個美國存托股份（“ADS”）的攤薄收益為 10.58 元人民幣（1.53 美元），相比去年同期的 3.47 元人民幣有所增加。

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.

調整後的 EBITDA（非 GAAP）定義為淨收入（損失）減去淨利息支出、所得税費用（收益）、折舊和攤銷、與預付土地使用權相關的經營租賃成本、資產退休成本的增值費用、基於股份的補償費用、長期資產的減值損失、權益法投資收益和子公司去合併收益。2026 年第一季度的調整後 EBITDA 為 19.487 億元人民幣（2.825 億美元），較去年同期的 13.238 億元人民幣增長了 47.2%。不包括一些一次性項目的調整後 EBITDA 為 14.303 億元人民幣（2.073 億美元），同比增長 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 年第一季度的調整後 EBITDA 利潤率（非 GAAP）為 57.9%，不包括一些一次性項目的利潤率為 48.7%，相比去年同期的 48.6% 有所上升。同比的正常化增長主要得益於公司層面的成本節約。

Liquidity

流動性

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，現金及現金等價物為 148.225 億元人民幣（21.488 億美元）。

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).

短期債務總額為 93.689 億元人民幣（13.582 億美元），包括短期借款和長期借款的當前部分 32.228 億元人民幣（4.672 億美元）、可轉換債券應付的當前部分 42.849 億元人民幣（6.212 億美元）以及融資租賃和其他融資義務的當前部分 18.613 億元人民幣（2.698 億美元）。長期債務總額為 365.277 億元人民幣（52.954 億美元），包括長期借款（不包括當前部分）232.002 億元人民幣（33.633 億美元）、可轉換債券應付的非當前部分 76.831 億元人民幣（11.138 億美元）以及融資租賃和其他融資義務的非當前部分 56.444 億元人民幣（8.183 億美元）。

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，公司獲得了新的債務融資和再融資額度為 4.6 億元人民幣（6670 萬美元）。

First Quarter 2026 Operating Results

2026 年第一季度運營結果

Sales

銷售

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，已承諾和預承諾的總面積為 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，分別增長了 11.7% 和 8.3%。在 2026 年第一季度，新增承諾總面積為 59,342 平方米。淨新增承諾總面積為 55,379 平方米。

Data Center Resources

數據中心資源

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，投入使用的面積為 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，分別增長了 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，正在建設中的面積為 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，分別下降了 10.4% 和增長了 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，服務區域的承諾率為 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，建設中的區域預承諾率為 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，使用面積為 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，分別增長了 12.7% 和 3.2%。在 2026 年第一季度，新增使用面積為 19,405 平方米。淨新增使用面積為 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，服務區域的利用率為 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，公司完成了對 DayOne 的普通股部分出售，金額為 3.85 億美元。DayOne 是一家總部位於新加坡的獨立超大規模數據中心平台，公司持有其少數股權投資。普通股由 DayOne 以其 C 輪可轉換優先股新發行價格回購。

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%.

隨後在 2026 年 4 月，隨着 DayOne C 輪新發行的擴大，我們在 DayOne 的剩餘股權的市場價值超過 22 億美元，基於 DayOne 的 C 輪新發行價格。截至2026年4月29日，當我們提交 2025 年年報時，我們在 DayOne 的股權約為 19.9%。

Private Placement of US$300 million Convertible Preferred Shares

3 億美元可轉換優先股的私募配售

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，公司完成了對華泰資本投資有限公司的 3 億美元 B 輪可轉換優先股的私募配售，該公司為一家中國機構投資者，發行日期前六年最低年息為 3.75%，轉換價格約為每個 GDS ADS 54.43 美元，受某些調整的限制。

Business Outlook

業務展望

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.

公司確認之前提供的 2026 年總收入指導為 124 億人民幣至 129 億人民幣，調整後 EBITDA 為 57.5 億人民幣至 60 億人民幣，資本支出約為 90 億人民幣，保持不變。

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

該預測反映了公司對當前商業狀況和市場條件的初步看法，可能會有所變化。

Conference Call

電話會議

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.

管理層將於2026年5月20日美國東部時間上午 8:00（2026年5月20日北京時間晚上 8:00）召開電話會議，討論財務業績並回答投資者和分析師的問題。

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.

參與者應在預定開始時間前至少 15 分鐘完成在線註冊，使用下面提供的鏈接。註冊後，參與者將收到電話會議的接入信息，包括撥入號碼、個人 PIN 碼和詳細的加入電話會議的電子郵件説明。

Participant Online Registration:

參與者在線註冊：

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.

電話會議的直播和存檔網絡廣播將在公司的投資者關係網站上提供，網址為 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.

我們的管理層和董事會使用調整後 EBITDA、調整後 EBITDA 利潤率、調整後毛利和調整後毛利率，這些是非 GAAP 財務指標，用於評估我們的運營表現、制定預算和設定管理業務的運營目標。我們認為，排除在計算調整後 EBITDA 和調整後毛利時消除的收入和費用，可以提供我們核心運營表現的有用和補充的衡量標準。特別是，我們認為使用調整後 EBITDA 作為補充績效指標，通過排除資本結構（主要是利息費用）、資產基礎費用（主要是折舊和攤銷、與預付土地使用權相關的運營租賃成本、資產退休成本的增值費用和長期資產的減值損失）以及其他非現金費用（主要是基於股份的補償費用）和我們認為不反映運營表現的其他收入和費用（主要是子公司的去合併損益和權益法投資者的收益）來捕捉我們的運營表現趨勢，而使用調整後毛利作為補充績效指標則通過排除資產基礎費用（主要是折舊和攤銷、與預付土地使用權相關的運營租賃成本和資產退休成本的增值費用）和包含在收入成本中的其他非現金費用（主要是基於股份的補償費用）來捕捉我們服務中數據中心的毛利表現趨勢。此外，我們從調整後 EBITDA 和調整後 EBITDA 利潤率中排除來自終止運營的收入（損失），以衡量我們持續運營的財務表現，這將與我們未來的財務表現披露保持一致。

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.

我們注意到，折舊和攤銷是一項固定成本，一旦每個數據中心投入服務就會開始。然而，通常需要數年時間，新數據中心才能達到高水平的利用率和盈利能力。公司在早期階段的數據中心資產上承擔了顯著的折舊和攤銷成本。因此，毛利作為在考慮折舊和攤銷後的盈利能力的衡量標準，並不能準確反映公司的核心運營表現。

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.

我們還提供這些非公認會計原則（non-GAAP）指標，因為我們認為這些非 GAAP 指標常被證券分析師、投資者和其他相關方用作我們行業公司財務表現的衡量標準。

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.

這些非 GAAP 財務指標並未根據美國公認會計原則（U.S. GAAP）進行定義，也未按照 U.S. GAAP 進行呈現。這些非 GAAP 財務指標作為分析工具存在侷限性，在評估我們的運營表現、現金流或流動性時，投資者不應單獨考慮這些指標，也不應將其視為毛利潤、淨收入（虧損）、經營活動提供的（使用的）現金流或其他根據 U.S. GAAP 編制的合併運營和現金流數據的替代品。使用這些非 GAAP 財務指標而非其最接近的 GAAP 等價物存在多種侷限性。首先，調整後的 EBITDA、調整後的 EBITDA 利潤率、調整後的毛利潤和調整後的毛利潤率並不能替代毛利潤、淨收入（虧損）、經營活動提供的（使用的）現金流或其他根據 U.S. GAAP 編制的合併運營和現金流數據。其次，其他公司可能以不同方式計算這些非 GAAP 財務指標，或可能使用其他指標來評估其表現，這都可能降低這些非 GAAP 財務指標作為比較工具的有效性。最後，這些非 GAAP 財務指標未反映來自終止運營的收入（虧損）、淨利息費用、所得税收益（費用）、折舊和攤銷、與預付土地使用權相關的經營租賃成本、資產退休成本的增值費用、基於股份的補償費用、長期資產的減值損失、子公司的去合併收益以及權益法投資者的結果份額的影響，這些費用在我們的業務中已經發生並可能繼續發生。

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.

我們通過將非 GAAP 財務指標與最可比的 U.S. GAAP 績效指標進行調節來減輕這些侷限性，所有這些在評估我們的表現時都應予以考慮。我們不提供某些財務數據的前瞻性指導，例如折舊、攤銷、增值、基於股份的補償、權益法投資者的結果份額和淨收入（虧損）；這些數據及相關調整的影響可能是顯著的。因此，我們無法在沒有不合理努力的情況下提供前瞻性 U.S. GAAP 與前瞻性非 GAAP 財務指標的調節。這些前瞻性非 GAAP 財務指標包括在本新聞稿 “業務展望” 部分中列出的調整後 EBITDA 的預測。

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.

有關這些非 GAAP 財務指標的更多信息，請參見本新聞稿末尾的 “GAAP 與非 GAAP 結果的調節” 表格。

Exchange Rate

匯率

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.

本公告包含將某些人民幣金額轉換為美元（“USD”）的翻譯，僅為讀者的方便。除非另有説明，所有人民幣到美元的轉換均按2026年3月31日美聯儲 H.10 統計發佈時的中午買入匯率人民幣 6.8980 兑換 1.00 美元進行。公司不對人民幣或美元金額的轉換是否能夠以任何特定匯率或根本無法轉換作出任何聲明。

Statement Regarding Preliminary Unaudited Financial Information

關於初步未經審計的財務信息的聲明

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.

本財報發佈中列出的未經審計的財務信息是初步的，可能會進行調整。在公司年終審計工作完成時，可能會識別出對合並財務報表的調整，這可能導致與本初步未經審計的財務信息存在顯著差異。

About GDS Holdings Limited ( GDS )

關於 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）是中國領先的高性能數據中心開發和運營商。公司的設施戰略性地位於對高性能數據中心服務需求集中的關鍵樞紐。公司的數據中心具有較大的淨建築面積、高功率容量、密度和效率，並在所有關鍵系統中具備多重冗餘。公司是運營商和雲中立的，這使得客户能夠訪問主要的電信網絡，以及在其許多設施中託管的中國和全球最大的公共雲。公司在服務交付方面擁有 26 年的成功記錄，成功滿足了中國一些最大和最苛刻的外包數據中心服務客户的需求。公司的客户羣主要由超大規模雲服務提供商、大型互聯網公司、金融機構、電信運營商、IT 服務提供商以及大型國內私營部門和跨國公司組成。公司還持有新加坡獨立超大規模數據中心平台 DayOne Data Centers Limited 的少數股權。

Safe Harbor Statement

安全港聲明

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.

本公告包含前瞻性聲明。這些聲明是在 1995 年美國私人證券訴訟改革法案的 “安全港” 條款下作出的。這些前瞻性聲明可以通過諸如 “目標”、“預期”、“相信”、“繼續”、“估計”、“期待”、“未來”、“指引”、“打算”、“可能”、“正在進行”、“計劃”、“潛在”、“目標”、“將會” 等術語來識別。除其他事項外，不是歷史事實的聲明，包括關於 GDS Holdings 對其業務增長及其全財年收入的信念和預期、商業前景以及管理層在本公告中的引用，以及 GDS Holdings 的戰略和運營計劃，均為或包含前瞻性聲明。GDS Holdings（GDS）還可能在其定期報告中向美國證券交易委員會（“SEC”）以書面或口頭形式作出前瞻性聲明，包括在 20-F 和 6-K 表格中，在其當前、臨時和年度股東報告中，在香港聯合交易所（“香港交易所”）網站上發佈的公告、通函或其他出版物中，在新聞稿和其他書面材料中，以及其高管、董事或員工向第三方作出的口頭聲明。前瞻性聲明涉及固有的風險和不確定性。多種因素可能導致 GDS Holdings 的實際結果或財務表現與任何前瞻性聲明中包含的內容存在重大差異，包括但不限於以下因素：GDS Holdings 的目標和戰略；GDS Holdings 未來的業務發展、財務狀況和運營結果；中國及 GDS Holdings 主要股權投資者運營的地區（如東南亞）高性能數據中心、數據中心解決方案及相關服務市場的預期增長；GDS Holdings 對其高性能數據中心、數據中心解決方案及相關服務的需求和市場接受度的預期；GDS Holdings 對與新客户和現有客户建立、鞏固和維持關係的預期；與 GDS Holdings 主要股權投資者 DayOne 的業務和運營相關的運營結果、增長前景、財務狀況、監管環境、競爭格局及其他不確定性；雲計算和雲服務提供商在中國及其他主要市場的持續採用可能影響我們股權投資者的結果，如東南亞；與 GDS Holdings 業務和新數據中心計劃的投資增加相關的風險和不確定性；與戰略收購和投資相關的風險和不確定性；GDS Holdings 維持或增長其收入或業務的能力；GDS Holdings 運營結果的波動；影響 GDS Holdings 及其主要股權投資者業務運營的法律、法規及監管環境的變化；GDS Holdings 在中國及影響其主要股權投資者業務運營的市場中的行業競爭；GDS Holdings 通過公開 REIT、ABS 計劃、數據中心基金、合資企業、售後回租安排和私人資產銷售等交易實現現有數據中心資產變現的能力；安全漏洞；停電；以及中國及全球經濟和商業條件的波動，以及與上述任何事項相關的假設。有關這些及其他風險、不確定性或因素的進一步信息包含在 GDS Holdings 向 SEC 提交的文件中，包括其 20-F 表格的年度報告，以及向香港交易所提交的文件。本新聞稿中提供的所有信息均截至本新聞稿的日期，並基於 GDS Holdings（GDS）認為在該日期合理的假設，GDS Holdings（GDS）不承擔更新任何前瞻性聲明的義務，除非適用法律要求。

For investor and media inquiries, please contact:

如需投資者和媒體諮詢，請聯繫：

GDS Holdings Limited ( GDS )

GDS Holdings Limited (GDS)

Laura Chen

Phone: +86 (21) 2029-2203

電話：+86 (21) 2029-2203

Email: ir@gds-services.com

電子郵件：ir@gds-services.com

Piacente Financial Communications

Ross Warner

Phone: +86 (10) 6508-0677

電話：+86 (10) 6508-0677

Email: GDS@tpg-ir.com

電子郵件：GDS@tpg-ir.com

Brandi Piacente

Phone: +1 (212) 481-2050

電話：+1 (212) 481-2050

Email: GDS@tpg-ir.com

電子郵件：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 )
未經審計的簡明合併資產負債表
（金額以人民幣（"RMB"）和美元（"US$"）計）

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

	資產
流動資產
	現金及現金等價物	14,305,958		14,822,493		2,148,810
	應收賬款，扣除信用損失準備	2,467,358		2,957,449		428,740
	可抵扣增值税（“VAT”）	284,967		290,929		42,176
	預付費用及其他流動資產	1,489,174		5,512,007		799,073
	流動資產總計	18,547,457		23,582,878		3,418,799
非流動資產
	對股權投資者的長期投資	10,052,348		9,337,471		1,353,649
	淨物業和設備	38,053,824		37,874,775		5,490,689
	淨預付土地使用權	16,119		16,000		2,320
	租賃使用權資產	4,831,624		4,810,838		697,425
	商譽及無形資產，淨額	5,461,058		5,422,296		786,068
	其他非流動資產	3,036,068		3,090,494		448,027
	非流動資產總計	61,451,041		60,551,874		8,778,178
	資產總計	79,998,498		84,134,752		12,196,977
	負債、夾層股權及股東權益
流動負債
	短期借款及長期借款的流動部分	2,951,734		3,222,777		467,205
	可轉換債券應付，流動	0		4,284,871		621,176
	應付賬款	1,932,177		1,911,943		277,174
	應計費用及其他應付款	1,437,173		1,248,513		180,996
	租賃負債，流動	110,133		106,538		15,445
	融資租賃及其他融資義務，流動	697,142		1,861,268		269,827
	流動負債總計	7,128,359		12,635,910		1,831,823
非流動負債
	長期借款，不包括流動部分	23,363,213		23,200,181		3,363,320
	可轉換債券應付，非流動	12,144,371		7,683,099		1,113,815
	租賃負債，非流動	1,203,487		1,183,205		171,529
	融資租賃及其他融資義務，非流動	7,053,979		5,644,402		818,266
	其他長期負債	1,368,028		1,346,196		195,157
	非流動負債總計	45,133,078		39,057,083		5,662,087
	負債總計	52,261,437		51,692,993		7,493,910
夾層股權
	可贖回優先股	1,056,663		3,119,496		452,232
	夾層股權總計	1,056,663		3,119,496		452,232
GDS Holdings Limited ( GDS ) 股東權益
	普通股	562		562		81
	額外實收資本	31,706,498		31,736,579		4,600,838
	累計其他綜合損失	(829,319	)	(869,439	)	(126,042	)
	累計虧損	(5,094,729	)	(2,446,027	)	(354,600	)
	GDS Holdings Limited ( GDS ) 股東權益總計	25,783,012		28,421,675		4,120,277
非控制性權益	897,386		900,588		130,558
	股東權益總計	26,680,398		29,322,263		4,250,835
	負債、夾層股權及股東權益總計	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 )
未經審計的合併損益表
（金額以千人民幣（"RMB"）和美元（"US$"）計）
（除股份數量和每股數據外）

		截至三個月
		2025年3月31日	2025年12月31日	2026年3月31日
		人民幣	人民幣	人民幣	美元

淨收入
服務收入	2,722,908		2,920,291		3,366,680		488,066
設備銷售	250		1,411		419		61
總淨收入	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	)
毛利潤	644,825		612,427		1,131,519		164,036
營業費用
	銷售和營銷費用	(32,764	)	(42,390	)	(36,560	)	(5,300	)
	一般和行政費用	(238,936	)	(199,038	)	(177,438	)	(25,723	)
	研發費用	(7,889	)	(7,732	)	(9,562	)	(1,386	)
	長期資產減值損失	0		(1,561,235	)	0		0
營業收入（損失）	365,236		(1,197,968	)	907,959		131,627
其他收入（費用）：
	淨利息費用	(441,477	)	(412,919	)	(379,847	)	(55,066	)
	外匯匯兑收益（損失），淨額	1,018		(261	)	(1,396	)	(202	)
	其他，淨額	9,685		3,167		97,614		14,151
	子公司去合併損失（收益）	1,057,045		(62,245	)	0		0
税前收入（損失）及權益法投資收益	991,507		(1,670,226	)	624,330		90,510
所得税費用	(199,701	)	(23,283	)	(108,706	)	(15,759	)
權益法投資收益	(27,732	)	1,230,749		2,136,513		309,729
淨收入（損失）	764,074		(462,760	)	2,652,137		384,480
歸屬於非控股權益的淨收入	(1,053	)	(4,293	)	(3,435	)	(498	)
歸屬於 GDS Holdings Limited ( GDS ) 股東的淨收入（損失）	763,021		(467,053	)	2,648,702		383,982
可贖回優先股的累計股息	(13,455	)	(13,566	)	(24,521	)	(3,555	)
可供 GDS Holdings Limited ( GDS ) 普通股東的淨收入（損失）	749,566		(480,619	)	2,624,181		380,427
每普通股收益（損失）
	基本	0.49		(0.31	)	1.67		0.24
	稀釋	0.43		(0.31	)	1.32		0.19

加權平均普通股流通股數
基本		1,484,257,047		1,554,302,551		1,554,302,551		1,554,302,551
稀釋	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 )
未經審計的合併綜合收益（損失）表
（金額以千人民幣（"RMB"）和美元（"US$"）計）

	截至三個月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民幣	人民幣	人民幣	美元

淨收入（損失）	764,074		(462,760	)	2,652,137		384,480
外匯翻譯調整，税後為零	16,434		103,487		130,646		18,940
從累計其他綜合損失中重分類的金額	0		(21,175	)	(17,334	)	(2,513	)
來自權益法投資收益的其他綜合（損失）收益	(3,394	)	16,424		(153,665	)	(22,277	)
綜合收益（損失）	777,114		(364,024	)	2,611,784		378,630
歸屬於非控股權益的綜合收益	(1,161	)	(4,180	)	(3,202	)	(464	)
歸屬於 GDS Holdings Limited ( GDS ) 股東的綜合收益（損失）	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 )
未經審計的合併現金流量表
（金額以千人民幣（"RMB"）和美元（"US$"）計）

	截至三個月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民幣	人民幣	人民幣	美元

淨收入（虧損）	764,074		(462,760	)	2,652,137		384,480
折舊和攤銷	856,519		885,229		831,815		120,588
債務發行成本和債務折扣的攤銷	31,804		26,454		20,116		2,916
基於股份的補償費用	61,977		85,494		83,821		12,151
權益法投資收益	27,732		(1,230,749	)	(2,136,513	)	(309,729	)
子公司解散的（收益）損失	(1,057,045	)	62,245		0		0
長期資產減值損失	0		1,561,235		0		0
其他	8,172		(12,801	)	16,709		2,422
經營資產和負債的變動	86,839		69,210		(1,020,394	)	(147,927	)
經營活動提供的（使用的）淨現金	780,072		983,557		447,691		64,901
購置物業和設備及土地使用權	(1,009,328	)	(914,640	)	(770,045	)	(111,633	)
與收購和投資相關的（支付）收款	(360,085	)	(9,828	)	2,694,346		390,598
定期存款購買	0		(674,910	)	(4,414,802	)	(640,012	)
定期存款到期	0		0		657,343		95,295
投資活動使用的淨現金	(1,369,413	)	(1,599,378	)	(1,833,158	)	(265,752	)
融資活動提供的淨現金	275,032		1,508,285		1,881,331		272,737
匯率變動對現金及現金等價物和受限現金的影響	(242	)	(38,135	)	(79,342	)	(11,503	)
現金及現金等價物和受限現金的淨（減少）增加	(314,551	)	854,329		416,522		60,383
期初現金及現金等價物和受限現金	8,093,530		13,586,698		14,441,027		2,093,509
期末現金及現金等價物和受限現金	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 與非 GAAP 結果的調節
（金額以千人民幣（"RMB"）和美元（"US$"）計）
（除百分比數據外）

	截至三個月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民幣	淨收入的%
人民幣	淨收入的%
人民幣	美元	淨收入的%


毛利潤	644,825	23.7	612,427	21.0	1,131,519	164,036	33.6
折舊和攤銷	790,737	29.0	827,079	28.2	781,191	113,249	23.2
與預付土地使用權相關的經營租賃成本	12,016	0.4	11,564	0.4	12,921	1,873	0.4
資產退休成本的增值費用	1,828	0.1	1,776	0.1	1,855	269	0.1
基於股份的補償費用	6,016	0.2	25,045	0.9	24,552	3,559	0.7
調整後的毛利潤	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 與非 GAAP 結果的調節
（金額以千人民幣（"RMB"）和美元（"US$"）計）
（除百分比數據外）

	截至三個月
	2025年3月31日	2025年12月31日	2026年3月31日
	人民幣	淨收入的%	人民幣	淨收入的%	人民幣	美元	淨收入的%

淨收入（虧損）	764,074		28.1		(462,760	)	(15.8	)	2,652,137		384,480		78.8
淨利息費用	441,477		16.2		412,919		14.1		379,847		55,066		11.3
所得税費用	199,701		7.3		23,283		0.8		108,706		15,759		3.2
權益法投資收益	27,732		1.0		(1,230,749	)	(42.1	)	(2,136,513	)	(309,729	)	(63.5	)
子公司解散的（收益）損失	(1,057,045	)	(38.8	)	62,245		2.1		0		0		0.0
折舊和攤銷	856,519		31.4		885,229		30.3		831,815		120,588		24.7
與預付土地使用權相關的經營租賃成本	27,584		1.0		26,951		0.9		27,018		3,917		0.8
資產退休成本的增值費用	1,828		0.1		1,776		0.1		1,855		269		0.1
基於股份的補償費用	61,977		2.3		85,494		2.9		83,821		12,151		2.5
長期資產減值損失	0		0.0		1,561,235		53.4		0		0		0.0
調整後的 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=

圖片: 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 )

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

萬國數據有限公司發佈 2026 年第一季度財報