VNET Group, Inc. Reports First Quarter 2026 Financial Results

VNET Group, Inc. announced its unaudited financial results for the first quarter ended March 31, 2026. The company reported a strong performance with total net revenues increasing by 19.8% year-over-year to RMB2.69 billion, primarily driven by a 58.1% growth in wholesale IDC revenues, which surpassed retail revenues for the first time. Adjusted EBITDA increased by 30.6% year-over-year to RMB891.5 million. The company also advanced its asset monetization strategy with the listing of two REIT projects. In a significant development, VNET announced a strategic investment from affiliates of Contemporary Amperex Technology Co., Limited (CATL), expected to close in Q4 2026, which will result in CATL affiliates holding up to approximately 38.1% of VNET's shares. The company maintains its full-year 2026 outlook, expecting total net revenues between RMB11.5 billion and RMB11.8 billion and adjusted EBITDA between RMB3,550 million and RMB3,750 million.