VNET Group Powers Ahead with Record-Breaking Q2 2026 Results
Chinese cloud and data center company VNET Group reported impressive second-quarter 2026 results, solidifying its position as a leading player in the industry. The company's Rotating President, Mr. Wen Teng, highlighted major accomplishments during the quarter, including delivering robust performance amidst surging AI-driven demand.
In a conference call on August 18th, Mr. Teng stated that VNET secured 347 megawatts of new order wins in Q2 2026, primarily driven by growth in its wholesale IDC business, which contributed 345 megawatts. This brings the total orders for the wholesale IDC business to 862 megawatts year-to-date in 2026.
The company's wholesale capacity surpassed one gigawatt for the first time as of June 30th, with a 49.4% increase year-over-year to 1,007 megawatts. Wholesale capacity utilized by customers also grew by 45.5% year-over-year to 744 megawatts, resulting in a utilization rate of 73.9%. VNET's retail IDC business continued to progress smoothly, supported by growing AI-driven demand.
On the financial side, total net revenues increased by 14.2% year-over-year to RMB 2.78 billion for the second quarter, with wholesale revenues reaching RMB 1.10 billion and a year-over-year increase of 29.3%. Adjusted EBITDA also increased by 25.4% year-over-year to RMB 918.3 million.
VNET made meaningful progress on two strategic initiatives during the quarter: advancing its collaboration with CATL, a global leader in zero-carbon new energy technology; and strengthening its strategic resource reserves across key regions. The company's total capacity exceeded 3.5 gigawatts in the Chinese mainland by the end of Q2 2026, with approximately 500 megawatts secured overseas.
VNET's proactive investments in critical resources provide the flexibility for future capacity expansion and enable the company to capture rising demand. As a leading player in the industry, VNET continues to demonstrate its ability to capitalize on market opportunities and drive growth through strategic collaborations and resource management.
