GDS Q4 Earnings Call Highlights

• 3 Investments to Consider arsenic China’s Market Heats Up

GDS (NASDAQ:GDS) executives said 2025 delivered double-digit maturation and a crisp rebound successful request tied to artificial quality infrastructure successful China, arsenic the institution pointed to improving visibility connected home spot proviso and rising hyperscale lawsuit enactment heading into 2026.

Founder, Chairman and CEO William Huang told investors that 2025 was “a large year” for the company, citing 11% maturation successful some gross and adjusted EBITDA and results that exceeded the apical extremity of adjusted EBITDA guidance. He added that, with contributions from plus monetization, GDS was escaped currency travel positive.

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Management repeatedly emphasized that AI-related deployments are present the ascendant request driver. Huang said “AI successful China has truly taken off,” pointing to expanding availability of home high-performance chips arsenic a cardinal enabler and noting that each large customers are investing successful hyperscale computing infrastructure to enactment AI adoption.

In operational terms, Huang said gross further country utilization successful the 4th fourth was astir 23,000 quadrate meters, and full-year gross move-in exceeded 86,000 quadrate meters, a institution record. For 2026, management’s move-in people is “similar to past year,” portion indicating that higher bookings successful 2026 would apt construe into higher move-in successful the pursuing year.

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Bookings were a focal constituent of the call:

• Gross further country committed successful 4Q 2025 was implicit 21,000 quadrate meters.

• Full-year 2025 caller bookings were implicit 96,000 quadrate meters, oregon implicit 300 MW, which absorption said was astir 3 times the level of the anterior 3 years.

• For 2026, the institution is aiming for much than 500 MW of gross caller bookings, with an anticipation that 60% to 70% of caller concern volition travel from AI.

Huang said the institution had already secured 200 MW of caller orders truthful acold successful 2026, on with much than 500 MW of memorandums of knowing (MOUs). He described the MOUs arsenic a “strong indicator of aboriginal commitment” and said the full 700 MW of request was chiefly from 3 of GDS’s largest customers.

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To code demand, Huang said GDS is gathering a “3 GW pipeline” focused connected ample clusters successful caller maturation markets, which would complement 700 MW of powered onshore held for aboriginal improvement successful established low-latency markets.