실적분석 2026년 8월 18일

VNET Group ($VNET) Q2 2026 Earnings Analysis — Revenue Beats, Guidance Maintained, Shares Soft in Extended Trading

Earnings Scorecard

Revenue: RMB 2.78 billion (approximately $409.5 million) (year-over-year +14.2%, consensus $2.735 billion) ✅ Beat

EPS (Earnings Per Share): GAAP loss per ADS of $0.06 (RMB 0.54) — adjusted EPS not disclosed; basis differs from the -$0.38 estimate, making a direct comparison impossible

Guidance: Maintained — 2026 full-year revenue of RMB 11.5 billion to RMB 11.8 billion (+15.6% to +18.6%), adjusted EBITDA of RMB 3.55 billion to RMB 3.75 billion

Stock Reaction: Extended trading -8.46% ($7.25) — as of 08:55 KST, August 18

The Positives

Wholesale Revenue Surge: Wholesale data center revenue of RMB 1.10 billion, +29.3% year-over-year

EBITDA Improvement: Adjusted EBITDA of RMB 918.3 million (+25.4%), margin of 33.0%

Bookings & Capacity Expansion: Year-to-date wholesale bookings of 862 MW, capacity in service of 1,007 MW

VNET Group, a carrier- and cloud-neutral data center operator in China, saw wholesale once again outpace retail, clearly redefining its growth axis. Large cloud-sector bookings and the securing of domestic and overseas sites enhance visibility on medium- to long-term top-line expansion.

The Negatives

Gross Margin Decline: Gross margin of 18.2% (vs. 22.5% prior year), reflecting depreciation pressure from capacity build-out

Widening Attributable Net Loss: Net loss attributable to VNET of RMB 135.6 million (approximately $20 million)

Outlook Frozen: Full-year revenue and EBITDA guidance left unchanged from prior levels

Rapid capacity expansion lifted depreciation and weighed on reported profitability. Combined with fair-value losses on financial instruments, the GAAP loss widened, and with no guidance raise, room remains for the market to recalibrate expectations.

What Management Said

Management explained that wholesale now accounts for 39.8% of total revenue, becoming the primary growth engine. Without changing the full-year outlook, the company stated it would focus on disciplined execution of delivery, capacity expansion, and capital allocation.

Market Reaction and Key Watchpoints

Revenue beat expectations, but the combination of gross margin compression, a wider net loss, and unchanged full-year guidance led the market to prioritize concerns over revenue quality and investment burden rather than growth pace.

Watch whether wholesale utilization recovers in the second half, narrowing the gross margin decline.

Track where full-year revenue and EBITDA land within the reiterated guidance range.

Follow the disclosure of specific orders and timelines from the computing-power and energy partnership with CATL.