GDS holdings reports strong Q3 2025 growth, returns to net income

GDS Holdings Limited reported a 10.2% year-over-year increase in net revenue to 2,887.1 million yuan for the third quarter ended September 30, 2025. The company achieved a net income of 728.6 million yuan, a substantial improvement from a net loss of 231.1 million yuan in the same period last year, resulting in a net income margin of 25.2%. Adjusted EBITDA also grew by 11.4% year-over-year to 1,342.2 million yuan, with an adjusted EBITDA margin of 46.5%.

Operationally, GDS Holdings saw its total area committed and pre-committed rise by 4.8% year-over-year to 656,729 sqm as of September 30, 2025. Area utilized increased by 10.9% year-over-year to 486,607 sqm, and area in service expanded by 9.8% year-over-year to 653,762 sqm. The utilization rate for area in service stood at 74.4%.

During the quarter, the company completed its China REIT IPO, which began trading on the Shanghai Stock Exchange on August 8, 2025. GDS received cash consideration of 2,247.9 million yuan from this transaction, partially offset by a 480.0 million yuan subscription for 20% of the C-REIT. The company reaffirms its full-year 2025 guidance for total revenues and Adjusted EBITDA.