VNET Q2 revenue up 15%, wholesale IDC business grows 101MW.

• VNET Group reports Q2 2025 financial results • Wholesale IDC business grows rapidly • Wholesale data centers' move-in pace increases • Utilized wholesale capacity up 74MW QoQ to 511MW • High-performance data centers attract customers • Retail orders reach 4MW capacity • Wholesale capacity in service increases by 101MW QoQ to 674MW

Beijing, China — VNET Group, Inc. (Nasdaq: VNET), a leading carrier- and cloud-neutral internet data center services provider in China, announced its unaudited financial results for the second quarter ended June 30, 2025. The company reported robust growth across its IDC business, driven by a significant increase in wholesale revenues and strong utilization rates.

Josh Sheng Chen, Founder, Executive Chairperson, and interim Chief Executive Officer of VNET, commented, "We delivered strong second quarter results thanks to continued effective strategic execution. Our wholesale IDC business continued to grow rapidly, driven by our wholesale data centers' fast move-in pace. In the second quarter, our wholesale capacity in service increased by 101MW quarter over quarter to 674MW, with utilized wholesale capacity growing by 74MW quarter over quarter to 511MW."

High-performance data centers and premium IDC services continue to attract customers from various industries. In the second quarter, VNET secured a combined capacity of around 4MW in retail orders. Additionally, the company recently won a 20MW wholesale order through the JV project it operates in Hebei Province.

The company's financial performance was equally impressive. Total net revenues rose 22.1% year over year to RMB2.43 billion, driven by significant wholesale revenue growth of 112.5% year over year. Adjusted EBITDA also increased by 27.7% year over year to RMB732.5 million, with an adjusted EBITDA margin of 30.1%, up 1.3 percentage points year over year [1].

VNET's wholesale IDC business capacity in service was 674MW as of June 30, 2025, compared to 573MW as of March 31, 2025, and 332MW as of June 30, 2024. Capacity utilized by customers reached 511MW as of June 30, 2025, compared to 437MW as of March 31, 2025, and 252MW as of June 30, 2024. The sequential increase during the second quarter of 2025 was 74MW, mainly contributed by the N-OR Campus 01 and E-JS Campus 03 data centers [1].

Qiyu Wang, Chief Financial Officer of VNET, commented, "We maintained our business's vibrant momentum with strong financial results during the second quarter. Our total net revenues rose 22.1% year over year to RMB2.43 billion, driven by significant wholesale revenue growth of 112.5% year over year. Adjusted EBITDA also increased by 27.7% year over year to RMB732.5 million, with an adjusted EBITDA margin of 30.1%, up 1.3 percentage points year over year. With our effective business strategy and healthy balance sheet, we're well-positioned to lead the AIDC transformation and capture surging AI-driven opportunities, delivering sustainable, long-term value for our stakeholders."

VNET's retail IDC business also showed resilience, with capacity in service remaining relatively stable at 52,131 cabinets as of June 30, 2025. Capacity utilized by customers reached 33,292 cabinets, with a utilization rate of 63.9% [1].

In conclusion, VNET Group's Q2 2025 financial results demonstrate strong performance across its IDC business, driven by rapid growth in wholesale revenues and high utilization rates. The company's robust financial health and effective business strategy position it well for future growth and market leadership.

References:
[1] https://www.marketscreener.com/news/vnet-reports-unaudited-second-quarter-2025-financial-results-ce7c51d3dd8cfe24