GDS Holdings Limited Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Business & Market Overview

  • Revenue increased 10.2% year‑on‑year, continuing the recovery trend that began in 2024.
  • Adjusted EBITDA grew 11.4% year‑on‑year; on a pro forma basis (excluding deconsolidated project companies), adjusted EBITDA for the first nine months rose 15.4% year‑on‑year.
  • Gross additional area utilized reached 23,000 sqm in the quarter, supporting expectations for a record year of customer move‑ins.
  • AI demand is now a major driver: 65% of 2025 bookings are AI‑related. Management expects multi‑year acceleration driven by domestic chip improvements and large‑scale tech investments.
  • Total new bookings for the first nine months were 75,000 sqm / 240 MW. Management expects full‑year bookings close to 300 MW, materially above recent years.
  • Backlog visibility remains strong with over 70,000 sqm of move‑in expected in 2026.

Strategic Developments

  • GDS has secured roughly 900 MW of powered land in Tier‑1 markets, considered critical for AI inferencing workloads.
  • Additional powered land acquisitions are underway; management stated that 900 MW “will not be enough” given expected AI‑driven demand.
  • China’s first data center C‑REIT IPO—completed by GDS—was labeled a major strategic milestone. The unit price closed 45.8% above IPO as of the prior day.

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Operator: Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. I will now turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the company. Please go ahead, Laura. Laura Chen: Thank you. Hello, everyone. Welcome to the third quarter 2025 Earnings Conference Call of GDS Holdings Limited. The company's results were issued via Newswire services earlier today and are posted online. A summary presentation, which we'll refer to during this conference call, can be viewed and downloaded from our IR website at investors.gdsservices.com. Leading today's call is Mr. William Huang, GDS Founder, Chairman and CEO, who will provide an overview of our business strategy and performance. Mr. Dan Newman, GDS CFO, will then review the financial and operating results. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's prospectus as filed with the U.S. SEC. The company does not assume any obligation to update any forward-looking statement

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