GDS Holdings Limited Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

GDS Holdings Limited Q1 2026 Earnings Summary

Overall Context: GDS reported strong momentum in AI-driven data center demand, with total bookings reaching 1.8 GW by end of Q1 2026. The company remains on track for its 2026 sales target of at least 500 MW, having already secured over 340 MW year-to-date. Focus remains on high-quality bookings, with new locations added to support gigawatt-scale AI deployments. Full-year guidance unchanged.

Financial Performance (Q1 2026 vs Prior Periods)

  • Revenue grew 7.9% YoY; Adjusted EBITDA grew 8% YoY (excluding one-time items).
  • Pro forma revenue and Adjusted EBITDA (adding back monetized assets from March/July 2025) grew 12-13% YoY after excluding one-time items.
  • Organic CapEx: RMB 770 million in Q1 2026 (modest due to Chinese New Year timing; full-year guidance unchanged).
  • Net debt to last quarter annualized Adjusted EBITDA improved to 4.7x at end-Q1 2026 (vs 6.8x at end-2024).
  • Cash and time deposits: Over RMB 19 billion (USD 2.7 billion) following RMB 2.7B asset monetization proceeds and RMB 2.1B convertible preferred shares issuance.
  • Adjusted gross profit yield: Stable at ~11% across in-service portfolio (utilization ~75%); new assets expected at 10-11% stabilized yield.

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Operator: Hello, ladies and gentlemen, thank you for standing by for GDS Holdings Limited's First Quarter 2026 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: Hello, everyone. Welcome to the First Quarter 2026 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 will refer to during this conference call, can be viewed and downloaded from our IR website at investors.gdservices.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 statements, exce

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