VNET Group reports Q2 2026 revenue growth driven by AI demand

VNET Group reported its second-quarter 2026 financial results, showing a 14.2% year-over-year increase in total net revenue to RMB 2.78 billion. The company achieved an adjusted net income of RMB 7.4 million, a turnaround from an adjusted net loss in the same quarter of the previous year. Adjusted EBITDA rose 25.4% to RMB 918.3 million.

Growth was primarily driven by the wholesale internet data center (IDC) business, which saw revenue increase by 29.3% year-over-year to RMB 1.10 billion. Management attributed the performance to sustained demand for AI computing infrastructure, which supported new orders and capacity expansion.

Operational metrics showed that wholesale capacity in service reached 1,007 megawatts, a 49.4% increase compared to the previous year. During the quarter, VNET secured 347 megawatts of new orders, including 345 megawatts from its wholesale IDC business, largely from a leading cloud service provider in the Beijing area.