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VNET Group Reports Solid Financial Results for 2025

VNET Group, Inc. (Nasdaq: VNET), a prominent carrier- and cloud-neutral internet data center services provider in China, has announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2025, showcasing substantial growth and promising advancements in its operational strategy.

Josh Sheng Chen, the Founder and Executive Chairperson of VNET, expressed his satisfaction with the company’s performance, stating, "We closed 2025 with strong full-year results, successfully achieving our 2025 delivery plan with a record 404 MW delivered and exceeding guidance on both revenues and adjusted EBITDA." He emphasized the company's ability to effectively respond to the rapidly growing demand driven by artificial intelligence technologies.

Financial Performance Highlights

In the fourth quarter of 2025, VNET reported net revenues of RMB 2.69 billion (approximately USD 384.2 million), marking a 19.6% increase compared to RMB 2.25 billion in the corresponding quarter of 2024. The growth was primarily fueled by a remarkable 47.1% rise in wholesale revenues, which reached RMB 978.1 million.

For the entire year of 2025, total net revenues surged by 20.5% to RMB 9.95 billion (USD 1.42 billion), up from RMB 8.26 billion in 2024, with wholesale revenues leading the growth by expanding 77.4% to RMB 3.46 billion. This performance is a testament to VNET's robust position in the market and its strategic focus on scaling capacity to meet customer demands adequately.

Operational Growth Amidst Strong Demand

VNET's wholesale IDC business has been characterized by exceptional momentum, driven by increased customer needs and the company's proven capacity to expand efficiently and rapidly. It secured a total of 135 MW of new wholesale orders in the fourth quarter alone, highlighting ongoing demand and confidence from clients.

Peter Zhihua Zhang, Senior Vice President of Operational Finance at VNET, remarked on the company’s continued high-quality growth. "In Q4 2025, we achieved net revenues from the IDC business of RMB 2.02 billion, representing a 23.7% year-over-year increase. This growth underscores our capability to capitalize on the burgeoning AI-driven demand in the industry."

Adjusted EBITDA for the fourth quarter climbed to RMB 805.1 million, with an increase of 11.6% year-over-year. The adjusted EBITDA margin was reported at 30%, although slightly lower than the preceding year’s 32.1%. This indicates the company's commitment to maintaining financial discipline while investing in future growth initiatives.

Looking Ahead: Business Outlook for 2026

As VNET looks to the future, the company expects its total net revenues for 2026 to be between RMB 11.5 billion and RMB 11.8 billion, representing a year-over-year growth of approximately 15.6% to 18.6%. Additionally, it projects adjusted EBITDA for 2026 in the range of RMB 3.55 billion to RMB 3.75 billion. Management's confidence in achieving these targets is reinforced by the expected robust demand for data center services amid the rise of AI and other technological advancements.

VNET continues to focus on advancing its Hyperscale 2.0 framework, aimed at delivering sustainable, long-term value for its stakeholders through scalable and high-performance data center solutions.

For more detailed insights into VNET Group’s financial performance and strategic direction, the company will host a conference call on March 16, 2026. Investors and interested parties can pre-register for the call via the links provided on VNET’s investor relations website.

In conclusion, VNET Group’s impressive financial results for 2025 highlight its adeptness in navigating the evolving demands within the tech landscape, particularly with the surge in AI technologies, setting a solid foundation for future growth.