Vnet Group (NASDAQ:VNET) reported first-quarter net revenue of 2.69 billion yuan on Tuesday, representing a 20% increase from a year earlier and broadly matching analyst expectations of 2.66 billion yuan.
EBITDA and gross profit post strong annual growth
Adjusted EBITDA for the quarter rose 31% year-over-year to 891.5 million yuan, surpassing the analyst consensus estimate of 881 million yuan.
Adjusted gross profit climbed 25% from the prior-year period to 1.21 billion yuan, reflecting continued operational growth.
The company reported a quarterly loss of 8.16 yuan per American depositary receipt.
Full-year guidance maintained in line with market expectations
Vnet Group reiterated its full-year 2026 revenue guidance, forecasting net revenue between 11.5 billion yuan and 11.8 billion yuan.
The projected range implies annual growth of between 15.6% and 18.6%, with the midpoint broadly consistent with analyst estimates of 11.71 billion yuan.
The company also reaffirmed its 2026 adjusted EBITDA outlook of between 3.55 billion yuan and 3.75 billion yuan, representing expected growth of 19.2% to 25.9% compared with 2025.
The midpoint of the EBITDA forecast is aligned with analyst expectations of 3.65 billion yuan.
Capital spending expected to remain elevated
Vnet Group said it expects full-year capital expenditure to range between 10 billion yuan and 12 billion yuan as the company continues investing in infrastructure and expansion initiatives.