VNET Group Incorporated Shatters Records in Q4 2025 Earnings Report
The VNET Group Incorporated has announced exceptional results in its fourth quarter and full-year earnings report for 2025. As highlighted by Rotating President, Sharon Xiao Liu, and SVP of Operational Finance, Peter Zhihua Zhang, during the company's conference call, the period saw significant growth across various business segments.
The wholesale IDC business experienced robust demand, with capacity in service growing to 889 megawatts as of December 31, 2025. This represents a quarterly increase of around 107 megawatts and brought total deliveries for the full year of 2025 to a record high of 404 megawatts. The utilized capacity by customers rose to 623 megawatts, driven by strong customer demand and solid execution.
The utilization rate reached 70.1% as customers moved into an additional 270 megawatts over the year. Retail IDC business also made progress, benefiting from growing AI-driven demand. With retail MRR per cabinet reaching RMB 9,420 in Q4, the utilization rate remained stable at 64.0%. This growth trend is expected to continue into 2026.
Financially, VNET saw a significant increase in total net revenues, reaching CNY 2.69 billion for the fourth quarter, representing a 19.6% year-over-year growth. Wholesale revenues were the key driver of this growth, increasing by 47.1% to CNY 978.1 million. Adjusted EBITDA also increased by 11.6% to CNY 805.1 million during Q4.
The company's capital recycling strategy was further advanced in 2025 with notable successes. In November 2025, VNET successfully issued an RMB 860 million holding type real estate green asset-backed security. Additionally, two of its private REITs projects were listed on the Shanghai Stock Exchange with a total offer size of approximately RMB 6.36 billion.
The Q4 and full-year earnings call provided insight into VNET's solid operational execution and financial performance. The company's focus on delivering strong results while advancing strategic initiatives positions it well for continued growth in 2026 and beyond.
