VNET Group, Inc. (VNET) Form 6-K — May 26, 2026
VNET Group reported strong first-quarter 2026 financial results, with total net revenues rising 19.8% year-over-year to RMB2.69 billion (US$390.1 million). This growth was primarily driven by a 58.1% surge in wholesale IDC revenues, which surpassed retail revenues for the first time, reflecting the company's successful pivot toward large-scale hyperscale data center contracts. Adjusted EBITDA increased 30.6% year-over-year to RMB891.5 million (US$129.2 million), with margins expanding to 33.1% from 30.4%.
Key figures
- Revenue
- 390100000
- Revenue Yoy
- 19.8
- Cash Position
- 1280000000
- New orders ytd mw
- 517
- Retail revenue usd
- 147900000
- Retail revenue yoy
- 5.4
- Adjusted ebitda usd
- 129200000
- Adjusted ebitda yoy
- 30.6
- Wholesale revenue usd
- 154300000
- Wholesale revenue yoy
- 58.1
- Catl investment shares
- 650424192
- Wholesale utilization rate
- 75.7
- Catl post transaction stake pct
- 38.1
- Annual revenue guidance high usd
- 1710000000
- Wholesale capacity in service mw
- 907
- Catl investment price per share usd
- 1.4486
AI analysis
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