GDS Holdings Limited Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Business Highlights

  • Strongest sales momentum driven by AI demand; Q2 2026 new bookings reached 260 MW, bringing H1 2026 total to a record 470 MW (up significantly from prior periods).
  • Raised full-year 2026 sales target to 1 GW (from previous 500 MW target), with all agreements including binding take-or-pay commitments.
  • Secured additional 600 MW of reservations in H1 2026; expect over 1 GW total reservations by year-end, providing visibility for future bookings.
  • Total binding commitments exceed 2 GW plus 600 MW reservations at mid-2026; ~3 GW of uncommitted developable capacity, primarily in new markets.
  • Bookings diversified: ~50% from established markets, 50% from new markets (Ulanqab, Horinger in Inner Mongolia; Shaoguan in Guangdong; progressing at Changshu in Jiangsu).
  • Relationships expanding with 3 largest hyperscale customers and emerging AI leaders; 100% historical conversion rate of reservations to bookings.

Financial and Operating Results

  • Backlog grew from 450 MW at start of 2026 to 757 MW by mid-year (expected >1 GW by year-end); estimated RMB 2.2 million adjusted EBITDA per MW, implying ~RMB 1.6 billion booked but not billed EBITDA.
  • H1 2026 net move-in: 145 MW; full-year 2026 forecast 235 MW (H2: 90 MW), compared to stronger 2027 forecast (>470 MW, more than double 2026 levels, weighted to H2 2027).

Continue Reading

Unlock the full AI-powered summary with key highlights, financial performance, and analyst Q&A.

Upgrade to Professional
Operator: Hello, ladies and gentlemen. Thank you for standing by for GDS Holdings Limited's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. I'll now turn the call over to your host, Ms. Laura Chen, Head of Investor Relations for the company. Please go ahead, Laura. Laura Chen: Thank you. Hello, everyone. Welcome to the Second Quarter 2026 Earnings Conference Call of GDS Holdings Limited. The company's results were issued via Newswire Services earlier today and are posted online. A summary presentation, which we will refer to during this conference call, can be viewed and downloaded from our IR website at investors.gds-services.com. Leading today's call is Mr. William Huang, GDS Founder, Chairman and CEO, who will provide an overview of our business strategy and performance. Mr. Dan Newman, GDS CFO, will then review the financial and operating results. Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the company's prospectus as filed with the U.S. SEC. The company does not assume any obligation to update any forward-looking stat

Continue Reading

Unlock the full earnings call transcript with speaker labels and formatted dialogue.

Upgrade to Professional