VNET Group Reports 20% Revenue Growth in Q1 2026, Driven by Wholesale Data Center Expansion

May 26, 2026
VNET Group reported a 19.8% year-over-year increase in total net revenues to RMB2.69 billion for the first quarter of 2026, with wholesale data center revenues surpassing retail for the first time.

VNET Group announced in a press release its unaudited financial results for the first quarter of 2026, reporting total net revenues of RMB2.69 billion (US$390.1 million), a 19.8% increase from the same period in 2025. The company's wholesale internet data center revenues grew 58.1% year over year to RMB1.06 billion, surpassing retail revenues for the first time.

Adjusted EBITDA rose 30.6% to RMB891.5 million (US$129.2 million), while the company recorded a net loss of RMB531.8 million (US$77.1 million), compared with a loss of RMB237.6 million in the first quarter of 2025. VNET secured 517MW of new orders year to date, including 510MW from a major internet customer for data centers in the Greater Beijing Area.

The company highlighted collaboration with Contemporary Amperex Technology (CATL), which joined as a strategic investor. VNET expects the partnership to create synergies in technology and supply chain operations to support the development of advanced data center clusters.

For the full year of 2026, VNET forecasts total net revenues between RMB11.5 billion and RMB11.8 billion, representing growth of 15.6% to 18.6%.

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