21vianet Group Stock Earnings Reports

VNET reported strong Q1 2026 results driven by rapid growth in its wholesale IDC business and increased utilization. Key operational highlights: wholesale capacity in service rose to 907 MW (up 18 MW QoQ) with utilized capacity up 64 MW to 687 MW, lifting utilization to 75.7%; total resource capacity was 2.48 GW with high precommitment on projects under construction. New order momentum included large wholesale wins (notably 110 MW and 400 MW orders in Greater Beijing) and 519 MW of high-quality order wins year-to-date. Retail remained stable with MRR per cabinet up slightly and utilization ~64%. Financial highlights: total net revenue increased 19.8% YoY to RMB 2.69 billion; wholesale revenue grew 58.1% to RMB 1.06 billion (surpassing retail for the first time); adjusted EBITDA rose 30.6% YoY to RMB 891.5 million; adjusted cash gross margin improved to 45% and adjusted EBITDA margin to 33.1%. Liquidity and balance sheet: operating cash inflow (ex one-offs) would be RMB 292.8 million; cash and equivalents and short-term investments totaled RMB 8.8 billion; net-debt/adjusted LQA EBITDA is a healthy 3.8%; CapEx was RMB 1.91 billion in Q1 and 2026 CapEx guidance remains RMB 10–12 billion to support 450–500 MW of deliveries (company reiterated it will not change FY26 CapEx guidance despite large order wins). Capital recycling progress: two private-rate projects listed on the Shanghai Stock Exchange (~RMB 6.36 billion combined), and management expects at least RMB 2 billion cash proceeds from REIT-related initiatives in 2026. Strategic update: CATL affiliates are set to become strategic investors (closing expected Q4), anticipated to create synergies in energy storage, supply chain and green power for AI-focused hyperscale data centers. The company reiterated confidence in capturing AI-driven demand and pursuing further resource acquisitions (targeting ~1 GW of reserves in key regions) and possible overseas expansion, while maintaining a diversified financing strategy and continued focus on sustainability (PUE improved to 1.24; renewable consumption 36% in 2025).