VNET · VNET Group, Inc.

Summary

VNET Group, Inc. announced unaudited fourth quarter and full year 2025 financial results, with Q4 total net revenues of RMB2.69 billion (US$384.2 million, +19.6% YoY) and FY2025 revenues of RMB9.95 billion (US$1.42 billion, +20.5% YoY), exceeding full-year guidance on revenues and adjusted EBITDA amid strong wholesale growth.

Key takeaways

• FY2025 total net revenues RMB9.95 billion (US$1.42 billion), increased 20.5% YoY, exceeded guidance
• FY2025 adjusted EBITDA RMB2.98 billion (US$425.9 million), increased 22.6% YoY, exceeded guidance
• Q4 2025 wholesale revenues RMB978.1 million (US$139.9 million), increased 47.1% YoY
• FY2025 wholesale revenues RMB3.46 billion (US$494.9 million), increased 77.4% YoY
• Record 404MW capacity delivered in 2025
• 135MW new wholesale orders secured in Q4 2025
• Wholesale capacity in service 889MW as of December 31, 2025