VNET Reports Unaudited Second Quarter 2026 Financial Results
VNET reported Q2 revenue of RMB 2.78 billion, up 14.2% year-over-year, driven by a 29.3% surge in wholesale revenues to RMB 1.10 billion. Adjusted EBITDA grew 25.4% to RMB 918.3 million, expanding its margin to 33.0%, while adjusted net income turned positive at RMB 7.4 million compared to a loss last year. Operationally, wholesale capacity in service increased 49.4% to 1,007MW, and the company secured a 345MW order from a leading cloud provider. VNET also signed a strategic cooperation agreement with Contemporary Amperex Technology Co., Limited to jointly develop a three-layer integrated compute-energy ecosystem.
Key figures
- Revenue
- RMB2.78 billion
- Guidance
- FY26 revenue RMB11.5B-11.8B (15.6%-18.6% growth); Adj EBITDA RMB3.55B-3.75B (19.2%-25.9% growth)
- Revenue Yoy
- 14.2%
- Adjusted ebitda
- RMB918.3 million
- Wholesale revenue
- RMB1.10 billion
- Adjusted net income
- RMB7.4 million
- Wholesale capacity mw
- 1007
- Adjusted ebitda margin
- 33.0%
AI analysis
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