VNET Q1 Revenues Rise 19.8% to RMB2.69 Billion; EBITDA Up 30.6%
VNET•VNET's Q1 net revenues jumped 19.8% year-on-year to RMB2.69 billion, driven by a 58.1% gain in wholesale IDC revenues to RMB1.06 billion and a 30.6% rise in adjusted EBITDA to RMB891.5 million. Wholesale capacity utilization reached 75.7% on 517MW of new orders and CATL affiliate investment fueling AI-driven growth.
1. Q1 Financial Performance
VNET delivered net revenues of RMB2.69 billion in the first quarter of 2026, a 19.8% increase year-over-year. Wholesale IDC revenues rose 58.1% to RMB1.06 billion, while adjusted EBITDA climbed 30.6% to RMB891.5 million, yielding a 33.1% margin.
2. Operational Metrics
Wholesale capacity in service reached 907MW with utilization at 75.7%, up from 70.1% at year-end 2025. Capacity under construction stood at 516MW, supported by 517MW of new orders, and retail cabinet utilization held steady at 64.1%.
3. Strategic Investments and Outlook
VNET strengthened its shareholder base by welcoming CATL affiliates as strategic investors and listed two REIT projects to fund capital recycling. Management highlighted dual-core strategy alignment and AI-driven opportunities to support next-generation AIDC growth.
