VNET publishes transcript of 2Q 2026 earnings call
VNET•Partnership and expansion plans
CATL partnership targets a three-layer compute-energy ecosystem, spanning gigawatt-scale facilities, distributed networks, and a zero-carbon token system.
Overseas plan centers on about 500 MW reserved resources; initial focus is Southeast Asia; the company is also evaluating the Middle East and Europe; buildouts are tied to firm contracts.
Management expects faster wholesale customer move-ins in 2H 2026 as domestic chip supply ramps; tight effective supply is seen persisting until around 2028.
Order bookings, capacity and utilization
Booked 347 MW of new orders, including 345 MW wholesale from a leading cloud provider; wholesale orders totaled 862 MW year-to-date.
Wholesale capacity in service reached 1,007 MW; utilized capacity rose to 744 MW; utilization rate was 73.9%.
Reservations totaled 355 MW; delivery schedule: 287 MW in 2026, 345 MW in 2027, and 230 MW from 2028 onward.
Second-quarter financial results and 2026 guidance
2Q revenue rose 14.2% to RMB 2.78 billion; wholesale revenue climbed 29.3% to RMB 1.1 billion; adjusted EBITDA increased 25.4% to RMB 918.3 million.
VNET reiterated 2026 guidance: revenue of RMB 11.5-11.8 billion; adjusted EBITDA of RMB 3.55-3.75 billion; full-year CapEx of RMB 10-12 billion.
2Q 2026 earnings call transcript and attendees
VNET publishes transcript of 2Q 2026 earnings call.
Transcript covered VNET’s 2Q 2026 earnings call; attendees included rotating president Wen Teng, SVP Peter Zhang, EVPs Sharon Liu, and Ju Ma.
