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VNET Group
VNET Group (VNET) investor relations material
VNET Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with robust growth in both wholesale and retail IDC businesses, driven by rapid delivery and high customer demand for AI-driven data center services.
Total net revenues reached RMB2.58 billion, up 21.7% year-over-year and 6.1% quarter-over-quarter.
Wholesale IDC capacity in service grew 16.1% quarter over quarter to 783MW, with utilization rate at 74.3%.
Secured three new wholesale orders totaling 63MW in Q3 and a 32MW order in Q4, reflecting continued order momentum.
Retail IDC MRR per cabinet increased for six consecutive quarters to RMB8,948, with utilization rate at 64.8%.
Financial highlights
Adjusted EBITDA increased 27.5% year over year to RMB758 million, with margin at 29.4%.
Adjusted cash gross profit rose 22.1% to RMB1.05 billion; adjusted cash gross margin reached 40.7%.
Wholesale IDC revenues surged 82.7% year over year to RMB956 million; retail IDC revenues grew 2.4% to RMB999.1 million.
Net loss for the quarter was RMB307 million, mainly due to fair value changes and absence of prior year gains.
Cash and equivalents, restricted cash, and short-term investments at RMB5.33 billion as of September 30, 2025.
Outlook and guidance
Full-year 2025 revenue guidance raised to RMB9.55–9.867 billion (up 16–19% year over year); adjusted EBITDA guidance increased to RMB2.91–2.945 billion (up 20–21%; 24–26% excluding one-off gains).
CapEx for 2025 expected at RMB10–12 billion, mainly for wholesale IDC expansion and delivery plan three times greater than 2024.
Guidance reflects impact of recent private REIT transactions.
Confident in sustaining order momentum and growth into 2026, with focus on AI-driven demand and resource planning over a five-year horizon.
Wholesale IDC utilization rate trend explanation
Drivers of Q3 2025 net loss
Impact of private REIT transactions on guidance
Wholesale IDC IRR trends given faster move-ins?
Retail MRR growth sustainability drivers?
CapEx funding strategy beyond private REITs?
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Next VNET Group earnings date
Q4 202511 Mar, 2026
VNET Group
Next VNET Group earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
VNET Group Inc, formerly 21Vianet Group Inc, is a carrier-neutral Internet data center services provider in China. The Company provides hosting and related services, managed network services and cloud services for enterprises, government entities and small-to medium-sized businesses. The Company provides its data center services principally through its approximately 20 self-built or self-operated data centers and approximately 15 network operation centers located in major cities across China, including Beijing, Shanghai and Guangzhou.
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