• VNET discussed 1Q26 results on its May 26 earnings call, attended by Rotating President Sharon Liu, SVP of Operational Finance Peter Zhang, IR head Xinyuan Liu.
• Revenue rose 19.8% to RMB 2.69 billion; adjusted EBITDA increased 30.6% to RMB 891.5 million, driven by wholesale growth.
• Wholesale revenue jumped 58.1% to RMB 1.06 billion, surpassing retail revenue of RMB 1.02 billion for the first time.
• Management cited 519 megawatts of year-to-date order wins; first deliveries start in 2H26, with full rollout planned through 2028.
• Full-year guidance unchanged: revenue RMB 11.5 billion-RMB 11.8 billion, adjusted EBITDA RMB 3.55 billion-RMB 3.75 billion; CapEx kept at RMB 10 billion-RMB 12 billion.

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