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VNETBullishEarningsnews
High materiality8/10

VNET Q2 2026 results show wholesale IDC momentum and CATL partnership potential

Aug 18, 2026, 6:03 AM EDT1 sourcesAI-analyzed
Why it may matterVerify against the original reporting

The results confirm a stronger wholesale IDC backbone and operational leverage, while the CATL alliance signals a long-term value inflection through green compute-energy infrastructure. Investors commonly reward mid-teens revenue growth and accretive EBITDA trajectories in data-center names; the CATL tie-up could broaden multiple expansion opportunities if execution stays on plan.

AI summary

What happened, with direct paths to the underlying reporting

VNET reported 2Q26 revenue of RMB2.78B, up 14.2% YoY, led by wholesale IDC growth of 29.3%. Adjusted EBITDA rose 25.4% to RMB918.3M, though gross margin eased to 41.8% non-GAAP. With 2026 guidance for RMB11.5–11.8B revenue and RMB10–12B capex, the CATL strategic cooperation could unlock a multiyear compute-energy growth path for VNET’s data-center platform.

  • Total 2Q26 revenue RMB2.78B, up 14.2% YoY; wholesale IDC +29.3%.
  • Adjusted EBITDA RMB918.3M, margin 33.0%; gross margin non-GAAP 41.8%.
  • Wholesale capacity in service 1,007MW; utilization 744MW; retail MRR RMB9,799.
  • 2026 guidance: RMB11.5–11.8B revenue; capex RMB10–12B; CATL alliance announced.

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