VNET publishes transcript of 2Q 2026 earnings call

• Transcript covered VNET’s 2Q 2026 earnings call; attendees included rotating president Wen Teng, SVP Peter Zhang, EVPs Sharon Liu, Ju Ma.
• Booked 347 MW of new orders, including 345 MW wholesale from a leading cloud provider; wholesale orders totaled 862 MW year-to-date.
• Wholesale capacity in service reached 1,007 MW; utilized capacity rose to 744 MW; utilization rate 73.9%.
• Reservations totaled 355 MW; delivery schedule: 287 MW in 2026, 345 MW in 2027, 230 MW from 2028 onward.
• 2Q revenue rose 14.2% to RMB 2.78 billion; wholesale revenue climbed 29.3% to RMB 1.1 billion; adjusted EBITDA increased 25.4% to RMB 918.3 million.
• Reiterated 2026 guidance: revenue RMB 11.5-11.8 billion; adjusted EBITDA RMB 3.55-3.75 billion; full-year CapEx RMB 10-12 billion.
• CATL partnership targets a three-layer compute-energy ecosystem, spanning gigawatt-scale facilities, distributed networks, zero-carbon token system.
• Overseas plan centers on about 500 MW reserved resources; initial focus Southeast Asia; evaluating Middle East, Europe; buildouts tied to firm contracts.
• Management expects faster wholesale customer move-ins in 2H 2026 as domestic chip supply ramps; tight effective supply seen persisting until around 2028.

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