Data center operator VNET Group Inc. (VNET.US) announced on Monday its revenue rose 20.5% year-on-year to 9.95 billion yuan ($1.42 billion) in 2025, while its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 22.6% to 2.98 billion yuan. The company reported a net loss of 252 million yuan for the year, compared with a net profit of 183 million yuan in 2024.
VNET said its revenue growth was driven by strong demand for its internet data center (IDC) business. IDC revenue rose 28.5% to 7.43 billion yuan last year, with wholesale IDC revenue surging 77.4% to 3.46 billion yuan amid strong demand from cloud and AI customers. The company’s full-year loss was mainly due to 558 million yuan in income tax expenses and 314 million yuan in fair-value losses on financial instruments, partly offset by gains from subsidiary deconsolidation.
In the fourth quarter, VNET’s revenue rose 19.6% year-on-year to 2.69 billion yuan, while its net profit reached 305 million yuan, reversing an 11.1 million yuan loss a year earlier. The growth was driven by its IDC segment, with wholesale IDC revenue up 47.1% to 978 million yuan and retail IDC revenue up 7.6% to 1.04 billion yuan.
Looking ahead, the company said it expects its annual revenue to reach 11.5 billion yuan to 11.8 billion yuan in 2026, up 15.6% to 18.6% year-on-year. It forecast adjusted EBITDA between 3.55 billion yuan and 3.75 billion yuan, while it expects capital expenditure to range between 10 billion yuan and 12 billion yuan.
VNET’s stock fell 9.32% on Monday to close at $9.53, though the shares are still up 12.4% year to date.
By Lee Shih Ta
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