VNET Group, Inc. · NASDAQ:VNET
VNET — Q3 2025 Earnings Presentation
31 slides from VNET's earnings presentation, Nov 20, 2025
Slide 1: Earnings Presentation for 3Q25
VNET Group, Inc. Earnings Presentation for 3Q25 November 20, 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by VNET Group, Inc. (the “Company”) solely for informational purposes and has not been independently verified. No representations, warranties or undertakings, express or implied, are made by the Company or any of its affiliates, advisers or representati
Slide 3: Ju Ma, Rotating President of VNET
Ju Ma Rotating President of VNET
Slide 4: 3Q25 Earnings Highlights
3Q25 Earnings Highlights • Wholesale IDC Business: capacity in service increased to 783MW (+109MW, +16.1% QoQ); capacity utilized increased to IDC Business Growth 582MW (+70MW, +13.8% QoQ); the utilization rate was 74.3% Remained Strong • Retail IDC Business: remained stable, retail MRR per cabinet
Slide 5: Key IDC Customer Order Wins
Key IDC Customer Order Wins Capacity Contracted/ Region IDC Code Signing Time Customer Sector Project Type under MoU (MW) JV Project (1) 20 3Q25 Cloud Services Wholesale Greater Beijing Area N-HB Campus 01 A 3 3Q25 Intelligent Driving Wholesale N-HB Campus 03 40 3Q25 Internet Wholesale Yangtze River
Slide 6: Data Centers by Region
Data Centers by Region Wholesale Capacity in Service (783MW) Region % Yangtze River Delta 39.7% Greater Beijing Area 60.3% Total 100.0% Wholesale Capacity under Construction (306MW) Ulanqab Region % BTH Greater Beijing Yangtze River Delta 21.6% Area Greater Beijing Area 78.4% Total 100.0% Xi‘an Whol
Slide 7: Wholesale Data Centers at a Glance - Key Growth Driver
Wholesale Data Centers at a Glance - Key Growth Driver Total Capacity in Service & Capacity Utilized (MW) Utilization Rate (1) 783 78.0% 76.2% 75.9% 74.3% 72.6% 674 573 486 582 511 358 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 437 353 Mature & Ramp-up Capacity Contribution & Utilization Rat
Slide 8: Wholesale Data Centers – Backlog Growth
Wholesale Data Centers – Backlog Growth 1,792 1,794 (MW) 1,620 -127 291 Company’s Expansion Pipeline to Support Long-term Growth 1,500 +4 418 Held for Future Development (Long-term) +73 414 341 Robust Infrastructure and Operational Capabilities Enabling +40 414 Held for Future Development Rapid Capa
Slide 9: Retail Data Centers at a Glance - Solid Foundation
Retail Data Centers at a Glance - Solid Foundation Total Capacity in Service (Cabinet) Utilization Rate (1) 52,250 52,107 51,960 52,131 52,288 63.1% 63.5% 63.7% 63.9% 64.8% 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 MRR per Retail Cabinet (2
Slide 10: Resource Pipeline for the Next 12 Months
Resource Pipeline for the Next 12 Months 9M25 Capacity 4Q25E-1Q26E Capacity 2Q26E-3Q26E Capacity Next 12M Total Region IDC Code Tenure Status (MW) (MW) (MW) (MW) E-JS Campus 03 Owned Under Construction 32 - 66 66 Yangtze River Delta E-JS04 Leased In Service 13 - - - N-HB Campus 01 A Owned In Service
Slide 11: Qiyu Wang, Chief Financial Officer of VNET
Qiyu Wang Chief Financial Officer of VNET
Slide 12: 3Q25 Financial Highlights
3Q25 Financial Highlights RMB MM 3Q24 2Q25 3Q25 YoY QoQ Total net revenues 2,121 2,434 2,582 21.7% 6.1% Gross profit 492 548 539 9.6% -1.6% Adjusted cash gross profit (1) 861 1,062 1,051 22.1% -1.0% Adjusted cash gross margin 40.6% 43.6% 40.7% 0.1 pps. -2.9 pps. Adjusted EBITDA (2) 595 732 758 27.5%
Slide 13: Total Net Revenues Breakdown
Total Net Revenues Breakdown (RMB MM) Total Net Revenues YoY +12.4% +18.3% +18.3% +22.1% +21.7% Wholesale IDC Revenues YoY +86.4% +125.4% +86.5% +112.5% +82.7% 2,582 2,434 2,246 2,246 2,121 627 621 616 605 622 999 959 965 968 975 956 673 854 665 523 3Q24 4Q24 1Q25 2Q25 3Q25 (1) (1) (2) Wholesale IDC
Slide 14: Healthy Margins through Efficiency Enhancement
Healthy Margins through Efficiency Enhancement Adjusted Cash Gross Profit & Margin (1) Adjusted EBITDA & Margin (2) (RMB MM) (RMB MM) 40.6% 41.1% 43.1% 43.6% 40.7% 28.0% 32.1% 30.4% 30.1% 29.4% +22.1% YoY +27.5% YoY -1.0% QoQ +3.5% QoQ 1,062 1,051 758 721 732 682 968 595 924 861 3Q24 4Q24 1Q25 2Q25
Slide 15: Strong Liquidity Position
Strong Liquidity Position Net Operating Cash Flow Cash Position (1) (RMB MM) (RMB MM) Credit line availability: RMB7,876 MM unused 2,440 407 2,063 2,005 5,456 5,327 357 1,246 731 572 1,476 (2) 104 2,989 5,099 2,033 (2) 2,081 1,433 4,081 1,333 1,372 2,989 (2) 2,081 2022 2023 2024 9M25 12/31/2022 12/3
Slide 16: Well Laddered Debt Profile
Well Laddered Debt Profile Total Debt & Net Debt / TTM Adj. EBITDA (1) Debt Breakdown by Maturity (RMB MM) 10,006 6.7x 5.8x 2,989 5.3x 4.8x 3.9x 5.5x 4.7x 4,352 4.2x 3.8x 2,963 7,018 3.1x 2,501 1,696 746 2,963 1,851 1,696 746 2021 2022 2023 2024 3Q25 2025 2026 2027 2028 2029 and thereafter Total Deb
Slide 17: Capex Paid by Year
Capex Paid by Year Capital Expenditure (1) Highlights (RMB MM) FY2025 Guidance: 10,000 – 12,000 ◼ The majority of the RMB6.24 billion in capex for the first nine months of 2025 was allocated to the expansion of our wholesale IDC business. 6,236 4,982 3,991 ◼ To support our strong delivery plan for 2
Slide 18: Guidance
Guidance FY2025 Original FY2025 Revised RMB MM FY2024 Actual Implied YoY Implied YoY Guidance Guidance (3) Total Net Revenues 8,259 9,150 - 9,350 11% - 13% 9,550 - 9,867 16% - 19% Adjusted EBITDA (1) 2,342 (2) 2,760 - 2,820 18% - 20% 2,910 - 2,945 24% - 26% Capex 4,982 10,000 - 12,000 101% - 141% Un
Slide 19: ESG Initiatives – Commitment to Sustainability
ESG Initiatives – Commitment to Sustainability Commitment to achieve both targets of operational carbon neutrality in Scope 1 and Scope 2 emissions, and 100% renewable energy usage by 2030 Received A rating by MSCI, representing the highest ranking to date in China’s Internet Services & Infrastructu
Slide 20: Appendix
URSIELS VNET Appendix
Slide 21: Differentiated Business Model with Comprehensive Offerings
Differentiated Business Model with Comprehensive Offerings Managed Hosting Services Cloud Services VPN Services (1) (IDC) • Co-location • Multi-Protocol Label Switching (MPLS) & • Interconnectivity Software-Defined Wide Area Network (SD-WAN) • Hybrid IT Services Solutions • Other Value-added Service
Slide 22: Dual-Core Growth Strategy of IDC Business
Dual-Core Growth Strategy of IDC Business Wholesale Retail Hyperscale IDC Interconnectivity Services Retail Colocation Full-Stack Services Targeting hyperscalers which require huge amount of space and power to Covering large and loyalty customer base across verticals including: financial services, s
Slide 23: Wholesale Capacity in Service – Yangtze River Delta
Wholesale Capacity in Service – Yangtze River Delta Capacity in Service Capacity Utilized Total Capacity Region IDC Code Tenure Utilization Rate (2) Commitment Rate (3) (MW) (MW) Committed (1) (MW) E-JS Campus 01 Phase 1 Owned 28 26 28 93.0% 100.0% E-JS Campus 01 Phase 2 Owned 16 9 16 55.3% 100.0% E
Slide 24: Wholesale Capacity in Service – Greater Beijing Area
Wholesale Capacity in Service – Greater Beijing Area Capacity in Service Capacity Utilized Total Capacity Region IDC Code Tenure Utilization Rate (2) Commitment Rate (3) (MW) (MW) Committed (1) (MW) BJ15 Owned 9 0 0 0.9% 0.9% N-HB02 Phase 1 Owned 28 27 28 97.1% 100.0% N-HB Campus 01 A Owned 35 2 3 5
Slide 25: Wholesale Capacity Under Construction & Held for Future Development
Wholesale Capacity Under Construction & Held for Future Development Under Construction Capacity under Total Capacity Region IDC Code Tenure Pre-commitment rate (2) Ready for Service Construction (MW) Pre-committed (MW) (1) Yangtze River Delta E-JS Campus 03 Owned 66 0 0.0% 2H26 (1) (2) N-HB Campus 0
Slide 26: Key P&L Items
Key P&L Items Three months ended Amount in thousands September 30, 2024 June 30, 2025 September 30, 2025 RMB RMB RMB US$ Net revenues 2,120,794 2,434,205 2,581,747 362,656 Cost of revenues (1,629,111) (1,886,470) (2,042,718) (286,939) Gross profit 491,683 547,735 539,029 75,717 Sales and marketing e
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations Three months ended Amount in thousands September 30, 2024 June 30, 2025 September 30, 2025 RMB RMB RMB US$ Gross profit 491,683 547,735 539,029 75,717 Plus: depreciation and amortization 368,764 513,891 511,334 71,827 Plus: share-based compensation expenses 234 196 3
Slide 28: Key Balance Sheet Items
Key Balance Sheet Items As of As of Amount in thousands December 31, 2024 September 30, 2025 RMB RMB US$ Cash, cash equivalents and restricted cash 2,081,073 4,081,235 573,287 Short-term investments - 1,245,995 175,024 Accounts and notes receivable, net 1,655,984 2,197,982 308,749 Property and equip
Slide 29: Key Cash Flow Items
Key Cash Flow Items Three months ended Amount in thousands September 30, 2024 June 30, 2025 September 30, 2025 RMB RMB RMB US$ Net cash generated from operating activities 760,366 366,596 809,817 113,753 Net cash used in investing activities (1,336,510) (3,282,065) (2,289,141) (321,554) Net cash gen
Slide 30: Definitions
Definitions Term Definition IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was IDC Business subdivided into wholesale IDC business and retail IDC business according to the
Slide 31: THANKS!
http://ir.vnet.com THANKS! Email: [email protected] IR Contact: Xinyuan Liu