GDS released a transcript of its fourth-quarter and full-year 2025 earnings conference call attended by CEO William Huang, CFO Daniel Newman and IR head Laura Chen, along with analysts from Morgan Stanley, RBC, UBS, JPMorgan, Raymond James, Goldman Sachs, Macquarie and Bank of America Securities. Management said 2025 revenue and adjusted EBITDA each rose 11% and the company ended the period with more than USD 2.8 billion of cash. William Huang said new bookings in 2025 exceeded 96,000 square meters, and the company is targeting more than 500 megawatts of gross new bookings in 2026 with 60% to 70% expected to come from AI-related demand. Daniel Newman said GDS expects 2026 revenue of RMB 12.4 billion to RMB 12.9 billion and adjusted EBITDA of RMB 5.75 billion to RMB 6 billion, and guided to organic capex of about RMB 9 billion. In Q&A, management said MOUs are expected to convert to contracts within about two quarters, and delivery for newly secured 200-megawatt orders should average four quarters with 10-year contracts becoming common.

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