VNET : 3Q25 IR Presentation EN

VNET Group, Inc.

Earnings Presentation for 3Q25

November 20, 2025

Ju Ma

Rotating President of VNET

3Q25 Earnings Highlights

IDC Business Growth Remained Strong

Solid Growth in Revenue & Adj. EBITDA

• Wholesale IDC Business: capacity in service increased to 783MW (+109MW, +16.1% QoQ); capacity utilized increased to

  582MW (+70MW, +13.8% QoQ); the utilization rate was 74.3%

• Retail IDC Business: remained stable, retail MRR per cabinet has increased for six consecutive quarters, reaching RMB8,948 in 3Q25; the utilization rate was 64.8%

• Total Net Revenues: RMB2,582 MM (+21.7% YoY, +6.1% QoQ)

• Wholesale IDC Revenues: RMB956 MM (+82.7% YoY, +11.9% QoQ)

• Adj. EBITDA: RMB758 MM (+27.5% YoY , +3.5% QoQ)

  Further Increasing Our Full-Year Guidance (1)

  • Total Net Revenues Guidance: raised to RMB9,550 - 9,867 MM from RMB9,150 - 9,350 MM (+16% - 19% YoY)

  • Adj. EBITDA Guidance: raised to RMB2,910 - 2,945 MM from RMB2,760 - 2,820 MM (+24% - 26% YoY (2))

    Secured High-Quality Orders by Executing Dual-Core Strategy

    • Wholesale IDC Business: secured three wholesale orders totaling 63MW in 3Q25: a 20MW order from a leading cloud services provider via our JV project, a 40MW order from an internet company, and a 3MW order from an intelligent driving company. In 4Q25, we secured a 32MW order from an internet company

    • Retail IDC Business: secured a combined capacity of around 2MW in multiple retail data centers from customers in various industries

Source: Company data as of September 30, 2025 Notes:

(1) The updated FY2025 guidance has considered the impact of the private REIT transactions we issued in November 2025 4

(2) The year-over-year calculation of Adj. EBITDA guidance excludes the RMB87.7 million one-off impact of asset disposals in 4Q24

Key IDC Customer Order Wins

Region	IDC Code	Capacity Contracted/ under MoU (MW)	Signing Time	Customer Sector	Project Type
	JV Project (1)	20	3Q25	Cloud Services	Wholesale
Greater Beijing Area	N-HB Campus 01 A	3	3Q25	Intelligent Driving	Wholesale
	N-HB Campus 03	40	3Q25	Internet	Wholesale
Yangtze River Delta	E-JS Campus 03	32	4Q25	Internet	Wholesale

Greater Beijing Area, Yangtze River Delta, Greater Bay Area, and Other Regions

Multiple Retail IDCs 2 3Q25

Cloud Services, Local Services and

Financial Services, etc.

Retail

Total 97

Source: Company data Notes:

(1) The order of the JV project was disclosed in the 2Q25 Earnings Presentation 5

Wholesale Capacity in Service (783MW)

Data Centers by Region

Region %

Yangtze River Delta 39.7%

Greater Beijing Area 60.3%

Total 100.0%

Ulanqab

BTH

Wholesale Capacity under Construction (306MW)

Greater Beijing

Region	%
Yangtze River Delta	21.6%
Greater Beijing Area	78.4%
Total	100.0%

Area

Chengdu

Xi'an

Yangtze River Delta

Wholesale Capacity Held for Future Development (706MW)

Region %

Yangtze River Delta 2.1%

Greater Beijing Area 97.9%

Total 100.0%

Retail Capacity in Service (52,288R)

Source: Company data as of September 30, 2025

Greater Bay Area

Region %

Yangtze River Delta 19.2%

Greater Beijing Area 56.6%

Greater Bay Area 14.6%

Total 100.0%

Other Regions 9.6%

6

Wholesale Data Centers at a Glance - Key Growth Driver

Total Capacity in Service & Capacity Utilized (MW) Utilization Rate (1)

486

573

674

783

78.0%

72.6%

76.2% 75.9%

74.3%

358

9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025

Mature & Ramp-up Capacity Contribution & Utilization Rate

9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025

Capacity in Service Capacity Utilized

UR 37.6%

Ramp-up Capacity, 35.6%

279

353

437

511

582

Mature Capacity, 64.4%

UR 94.7%

Source: Company data as of September 30, 2025 Notes:

1. The utilization rate ("UR") is calculated by dividing utilized capacity by the capacity in service

2. Mature wholesale capacity refers to wholesale data centers in which utilization rate is at or above 80%

3. Ramp-up capacity for wholesale data centers refers to the wholesale data centers with a utilization rate below 80%

Mature Capacity (2)

Ramp-up Capacity (3)

7

Wholesale Data Centers - Backlog Growth

(MW)

1,620

1,792 1,794

Held for Future Development (Long-term)

Held for Future Development (Short-term)

Capacity under Construction

Capacity in Service

Capacity Utilized

1,500

341

267

406

133

353

+73

-11

-30

+4

+84

414

256

377

136

437

+4

+119

-51

+26

+74

418

374

326

163

511

-127

+40

291

414

Company's Expansion Pipeline to Support Long-term Growth

-20	306	306MW of Data Center Capacity under Construction
+38	201	Further Headroom to Utilize In-service Capacity
+70	582	Current Wholesale Utilization Rate at 74.3%

Robust Infrastructure and Operational Capabilities Enabling Rapid Capacity Expansion to Support Near-term Growth

4Q24 1Q25 2Q25 3Q25

Source: Company data as of September 30, 2025

8

Retail Data Centers at a Glance - Solid Foundation

Total Capacity in Service (Cabinet) Utilization Rate (1)

52,250 52,107 51,960 52,131 52,288

9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025

63.1% 63.5% 63.7% 63.9% 64.8%

9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025

MRR per Retail Cabinet (2)

Mature & Ramp-up Capacity Contribution & Utilization Rate

8,788 8,794

8,898 8,915 8,948

UR 30.6%

Ramp-up Capacity, 11.3%

3Q24 4Q24 1Q25 2Q25 3Q25

Mature Capacity, 88.7%

UR 69.2%

Source: Company data as of September 30, 2025 Notes:

1. Utilization rate is calculated by dividing utilized capacity by customers by the capacity in service

2. MRR per retail cabinet refers to monthly recurring revenues per cabinet for the retail IDC business

3. Mature capacity for retail data centers refers to the retail data centers that came into service prior to the past 24 months

   Mature Capacity (3)
   
   Ramp-up Capacity (4)
   
   

   9

4. Ramp-up retail capacity refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months

Resource Pipeline for the Next 12 Months

Region	IDC Code	Tenure	Status	9M25 Capacity (MW)	4Q25E-1Q26E Capacity (MW)	2Q26E-3Q26E Capacity (MW)	Next 12M Total (MW)
Yangtze River Delta	E-JS Campus 03 E-JS04	Owned Leased	Under Construction In Service	32 13	- -	66 -	66 -
	N-HB Campus 01 A	Owned	In Service	35	-	-	-
	N-HB Campus 03	Owned	Under Construction	-	29	-	29
	N-HB04	Leased	Under Construction	14	21	-	21
	N-OR Campus 01	Owned	Under Construction	119	9	9	17
Greater Beijing Area
	N-OR Campus 02	Owned	Under Construction	57	64	45	109
	N-OR Campus 03	Owned	Under Construction	-	-	54	54
	N-OR07 A	Leased	In Service	19	-	-	-
	N-OR08 A	Leased	Under Construction	9	9	-	9
Total				297	132	174	306

Source: Company data as of September 30, 2025

10

Qiyu Wang

Chief Financial Officer of VNET

3Q25 Financial Highlights

RMB MM 3Q24 2Q25

3Q25

YoY QoQ

Total net revenues	2,121	2,434	2,582	21.7%	6.1%
Gross profit	492	548	539	9.6%	-1.6%
Adjusted cash gross profit (1)	861	1,062	1,051	22.1%	-1.0%
Adjusted cash gross margin	40.6%	43.6%	40.7%	0.1 pps.	-2.9 pps.
Adjusted EBITDA (2)	595	732	758	27.5%	3.5%
Adjusted EBITDA margin	28.0%	30.1%	29.4%	1.3 pps.	-0.7 pps.
Net income (loss)	332	17	-275	-	-

Source: Company data as of September 30, 2025 Notes:

12

1. Adjusted cash gross profit defined as gross profit excluding depreciation, amortization, and share-based compensation expense

2. Adjusted EBITDA is calculated as operating profit excluding depreciation, amortization, and share-based compensation expenses

Total Net Revenues Breakdown

(RMB MM)

Total Net Revenues YoY

+12.4% +18.3% +18.3% +22.1% +21.7%

Wholesale IDC Revenues YoY

+86.4% +125.4% +86.5% +112.5% +82.7%

2,246 2,246

2,121

2,434

621

2,582

627

622

975

616

965

605

968

959

999

523

665

673

854

956

3Q24 4Q24 1Q25 2Q25 3Q25

Source: Company data as of September 30, 2025 Notes:

Wholesale IDC Business (1)

Retail IDC Business (1)

Non-IDC Business (2)

1. IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was subdivided into wholesale IDC

   business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types 13

2. Non-IDC business consists of cloud services and VPN services

Healthy Margins through Efficiency Enhancement

Adjusted Cash Gross Profit & Margin (1)

Adjusted EBITDA & Margin (2)

(RMB MM) (RMB MM)

40.6%

41.1%

43.1%

43.6%

40.7%

28.0% 32.1% 30.4% 30.1% 29.4%

+22.1% YoY

+27.5% YoY

861

968

924

-1.0% QoQ

1,062 1,051

595

721

682

+3.5% QoQ

732 758

3Q24 4Q24 1Q25 2Q25 3Q25

Adjusted Cash Gross Profit

3Q24 4Q24 1Q25 2Q25 3Q25

Adjusted EBITDA

Source: Company data as of September 30, 2025 Notes:

1. Adjusted cash gross profit defined as gross profit excluding depreciation, amortization, and share-based compensation expenses

2. Adjusted EBITDA is calculated as operating profit excluding depreciation, amortization, and share-based compensation expenses 14

Strong Liquidity Position

Net Operating Cash Flow

Cash Position (1)

(RMB MM) (RMB MM)

2,440

2,033

407

Credit line availability: RMB7,876 MM unused

2,063 2,005

5,456

5,099

357

5,327

1,433

572

731

1,476

104

(2)

4,081

1,246

2,989

1,333

2,989

2,081

2,081

1,372

2022 2023 2024 9M25

1-3Q 4Q

12/31/2022 12/31/2023 12/31/2024 9/30/2025

Cash, Cash Equivalents and Restricted Cash Short-term Investments

Source: Company data as of September 30, 2025 Notes:

1. Cash position refers to cash, cash equivalents, restricted cash, and short-term investments 15

2. 1Q25 paid RMB 104 million income tax on one-off disposals gains

Well Laddered Debt Profile

Total Debt & Net Debt / TTM Adj. EBITDA (1)Debt Breakdown by Maturity

(RMB MM)

10,006

4.2x

3.9x

5.3x

5.8x

4.7x

4.8x

6.7x

746

2,963

2,963

4,352

1,851

2,501

7,018

2,989

1,696

1,696

746

3.1x

3.8x

5.5x

2021 2022 2023 2024 3Q25

Total Debt/TTM Adj. EBITDA Net Debt/TTM Adj. EBITDA

2025 2026 2027 2028 2029 and thereafter Borrowings Convertible Bonds

TTM Adjusted EBITDA Interest Coverage (2)

Debt Structure

5.8x

7.7x 7.5x

6.5x 6.5x

Convertible Notes, 28.2%

Total Debt:

RMB19,481 MM

2021 2022 2023 2024 3Q25

Borrowings,

71.8%

Source: Company data as of September 30, 2025

Notes:

1. Total Debt = Short-term and long-term borrowings + Convertible Notes; Net Debt = Total Debt - Cash and Cash Equivalent; TTM Adj. EBITDA is calculated by the sum of the Adjusted EBITDA over the last 12 months; Adjusted EBITDA is calculated as operating profit excluding depreciation and amortization, share-based compensation expenses, compensation for postcombination employment in an acquisition, allowance of loan receivables, impairment of long-lived

   assets, and impairment of goodwill 16

2. TTM Adjusted EBITDA Interest Coverage = TTM Adjusted EBITDA/Net Interest Expense (interest expense - interest income)

Capex Paid by Year

Capital Expenditure (1)

Highlights

(RMB MM)

• The majority of the RMB6.24 billion in capex for the first nine months

  of 2025 was allocated to the expansion of our wholesale IDC business.

• To support our strong delivery plan for 2025, which is expected to be three times greater than that of 2024, surpassing the total delivery capacity of the past three years combined, we expect our FY2025 capex to be RMB10.0 billion - 12.0 billion.

FY2025 Guidance: 10,000 - 12,000

4,982 3,991 3,352 3,578	6,236

2021 2022 2023 2024 9M25

Source: Company data as of September 30, 2025 Notes:

(1) Capital expenditure refers to the overall outflow of funds for acquiring property and equipment, intangible assets, land use rights, engaging in mergers and acquisitions as well as long-term investments 17

Guidance

RMB MM	FY2024 Actual	FY2025 Original Guidance	Implied YoY	FY2025 Revised Guidance (3)	Implied YoY
Total Net Revenues	8,259	9,150 - 9,350	11% - 13%	9,550 - 9,867	16% - 19%
Adjusted EBITDA (1)	2,342 (2)	2,760 - 2,820	18% - 20%	2,910 - 2,945	24% - 26%
Capex	4,982	10,000 - 12,000	101% - 141%	Unchanged	-
Delivery Plan (MW)	153	400 - 450	161% - 194%	Unchanged	-

Source: Company data Notes:

1. Adjusted EBITDA is calculated as operating profit excluding depreciation, amortization, and share-based compensation expenses

2. Excluding the RMB87.7 million one-off impact of asset disposals in 4Q24 18

3. The updated FY2025 guidance has considered the impact of the private REIT transactions we issued in November 2025

ESG Initiatives - Commitment to Sustainability

Commitment to achieve both targets of operational carbon neutrality in Scope 1 and Scope 2 emissions, and 100% renewable energy usage by 2030

Received A rating by MSCI, representing the highest ranking to date in China's Internet Services & Infrastructure industry for the

third consecutive year

Scored 73, and ranked top 8% of the IT services industry globally in the 2025 S&P Corporate Sustainability Assessment. Earning inclusion in the S&P Global Sustainability Yearbook 2025. Ranked first among Chinese enterprises in the IT services industry in the S&P Global Sustainability Yearbook (China) from 2023 to 2025, winning the "Top 1%" and "Industry Mover" awards in 2025

Achieved B rating from CDP's climate change questionnaire, with 8 out of 16 categories achieving A-grade recognition. Received A rating, which is the highest rating in CDP's 2024 Supplier Engagement Assessment, and has been recognized as a "Supplier Engagement Leader"

The average annual power usage effectiveness (PUE) of data centers with stabilized operations in 2024 was 1.27

Source: Company data and public information

19

Appendix

Differentiated Business Model with Comprehensive Offerings

Managed Hosting Services

(IDC)

Cloud Services VPN Services (1)

Services

• Co-location

• Interconnectivity

• Hybrid IT Services

• Other Value-added Services

• Customized, High-power Density Solutions

• Multi-Protocol Label Switching (MPLS) & Software-Defined Wide Area Network (SD-WAN) Solutions

• Internet Access & Network Security Solutions

• Cloud & SaaS Solutions

Strengths

• Multi-carrier &

  multi-cloud connectivity

• High-performing facility & network

• Turn-key solutions tailored to customer needs

• Long track record of outstanding operation performance

  • Long-term strategic partnership with Microsoft in mainland China for public and hybrid cloud services

  • IaaS, PaaS, and SaaS to enterprise and individual end customers

  • Best-in-class, enterprise-grade network services

  • 220+ POPs (2)across the world

  • Customized VPN solutions for enterprise customers across various verticals

    Broad-based and high quality solution suite to meet customers' mission critical needs

Source: Company information

Notes:

1. VPN refers to virtual private network 21

2. POP refers to point of presence as of September 30, 2025

Dual-Core Growth Strategy of IDC Business Wholesale

Hyperscale IDC Interconnectivity Services

Retail

Retail Colocation Full-Stack Services

Targeting hyperscalers which require huge amount of space and power to support massive scaling needs

Covering large and loyalty customer base across verticals including: financial services, IT service, enterprise digitalization, mobility, virtual reality and local service

• >7,000 enterprise customers, of which ~1,500 customers are using our managed hosting services

• Around 90% of total net revenues have been recurring revenues since IPO

• Low churn rate for core IDC business, constantly below 1% demonstrating our high customer retention

• Maintain high level of customer diversification with top 20 customers contributing 57.4% of total revenues in 3Q25

Source: Company data as of September 30, 2025 22

Region IDC Code Tenure Capacity in Service				Capacity Utilized	Total Capacity Utilization Rate (2)Commitment Rate (3)
			(MW)	(MW)	Committed (1)(MW)
	E-JS Campus 01 Phase 1	Owned	28	26	28	93.0%	100.0%
	E-JS Campus 01 Phase 2	Owned	16	9	16	55.3%	100.0%
	E-JS Campus 02 A	Owned	25	24	25	96.0%	100.0%
	E-JS Campus 02 B	Owned	24	24	24	99.8%	100.0%
	E-JS Campus 02 C	Owned	26	25	26	97.3%	100.0%
	E-JS Campus 02 D	Owned	26	26	26	99.8%	100.0%
Yangtze River Delta	E-JS Campus 02 E	Owned	64	61	64	94.1%	100.0%
	E-JS Campus 03	Owned	32	26	32	80.0%	100.0%
	E-JS02 A	Leased	13	12	13	95.0%	100.0%
	E-JS02 B	Leased	13	12	13	96.2%	100.0%
	E-JS02 C	Leased	13	12	13	95.0%	100.0%
	E-JS03	Leased	15	10	15	64.6%	100.0%
	E-JS04	Leased	15	1	15	4.1%	100.0%
Subtotal			311	268	311	86.3%	100.0%

Wholesale Capacity in Service - Yangtze River Delta

Source: Company data as of September 30, 2025 Notes:

1. Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect

   23

2. Utilization rate is calculated by dividing utilized capacity by customers by the capacity in service

3. Commitment rate is calculated by total capacity committed divided by total capacity in service

Region IDC Code Tenure Capacity in Service				Capacity Utilized	Total Capacity Utilization Rate (2)Commitment Rate (3)
			(MW)	(MW)	Committed (1)(MW)
	BJ15	Owned	9	0	0	0.9%	0.9%
	N-HB02 Phase 1	Owned	28	27	28	97.1%	100.0%
	N-HB Campus 01 A	Owned	35	2	3	5.0%	8.6%
	N-HB Campus 01 B	Owned	36	32	36	89.1%	100.0%
	N-OR Campus 01	Owned	143	119	143	83.5%	100.0%
	N-OR Campus 02	Owned	57	0	57	0.0%	100.0%
	N-HB02 Phase 2	Leased	19	18	19	98.1%	100.0%
Greater Beijing Area	N-HB03	Leased	12	10	12	88.8%	100.0%
	N-HB04	Leased	14	2	14	11.6%	100.0%
	N-OR02	Leased	29	28	29	97.2%	100.0%
	N-OR04	Leased	14	14	14	95.2%	100.0%
	N-OR05	Leased	16	15	16	93.5%	100.0%
	N-OR06	Leased	32	31	32	95.6%	100.0%
	N-OR07 A	Leased	19	7	19	37.3%	100.0%
	N-OR08 A	Leased	9	8	9	86.4%	100.0%

Subtotal	472	313	430	66.5%	91.3%
Total	783	582	741	74.3%	94.7%

Wholesale Capacity in Service - Greater Beijing Area

Source: Company data as of September 30, 2025 Notes:

1. Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect 24

2. Utilization rate is calculated by dividing utilized capacity by customers by the capacity in service

3. Commitment rate is calculated by total capacity committed divided by total capacity in service

Region IDC Code Tenure Capacity under				Total Capacity Pre-commitment rate (2)Ready for Service
			Construction (MW)	Pre-committed (MW) (1)
Yangtze River Delta	E-JS Campus 03	Owned	66	0	0.0%	2H26
	N-HB Campus 03	Owned	29	29	100.0%	2H25
	N-HB04	Leased	21	21	100.0%	1H26
Greater Beijing Area	N-OR Campus 01 N-OR Campus 02	Owned Owned	17 109	17 64	100.0% 58.6%	2H26 2H26
	N-OR Campus 03	Owned	54	0	0.0%	2H26
	N-OR08 A	Leased	9	9	100.0%	2H25
Total			306	141	46.0%

Wholesale Capacity Under Construction & Held for Future Development

Under Construction

Held for Future Development

Region	Capacity Held for Future (MW)
Greater Beijing Area	691
Yangtze River Delta	15
Total	706

Source: Company data as of September 30, 2025 Notes:

1. Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect 25

2. Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction

Key P&L Items

Three months ended
Amount in thousands	September 30, 2024	June 30, 2025	September 30, 2025
	RMB	RMB	RMB	US$
Net revenues	2,120,794	2,434,205	2,581,747	362,656
Cost of revenues	(1,629,111)	(1,886,470)	(2,042,718)	(286,939)
Gross profit	491,683	547,735	539,029	75,717
Sales and marketing expenses	(60,700)	(69,963)	(71,328)	(10,019)
Research and development expenses	(53,127)	(67,570)	(71,295)	(10,015)
General and administrative expenses	(132,482)	(212,473)	(185,765)	(26,094)
Operating profit	191,410	173,018	205,744	28,901
Net Interest expense	(89,778)	(140,639)	(142,293)	(19,988)
Others, net	6,801	(265)	1,830	257
Changes in the fair value of financial instruments	(7,107)	70,404	(337,216)	(47,368)
Gain on debt extinguishment	246,175	-	-	-
Foreign exchange gain	14,833	9,258	16,174	2,272
Income (loss) before income taxes and gain from equity method investments	362,334	111,776	(255,761)	(35,926)
Income tax expenses	(31,149)	(95,048)	(21,467)	(3,015)
Gain from equity method investments	965	41	1,919	270
Net income (loss)	332,150	16,769	(275,309)	(38,671)
Source: Company data

26

Three months ended
Amount in thousands	September 30, 2024	June 30, 2025	September 30,	2025
	RMB	RMB	RMB	US$
Gross profit	491,683	547,735	539,029	75,717
Plus: depreciation and amortization	368,764	513,891	511,334	71,827
Plus: share-based compensation expenses	234	196	384	54
Adjusted cash gross profit	860,681	1,061,822	1,050,747	147,598
Adjusted cash gross margin	40.6%	43.6%	40.7%	40.7%
Operating profit	191,410	173,018	205,744	28,901
Plus: depreciation and amortization	396,428	550,087	550,248	77,293
Plus: share-based compensation expenses	6,943	9,359	2,283	321
Adjusted EBITDA	594,781	732,464	758,275	106,515
Adjusted EBITDA margin	28.0%	30.1%	29.4%	29.4%

GAAP to Non-GAAP Reconciliations

Source: Company data

27

Key Balance Sheet Items
Amount in thousands	As of December 31, 2024		As of September 30, 2025
	RMB	RMB		US$
Cash, cash equivalents and restricted cash	2,081,073	4,081,235		573,287
Short-term investments	-	1,245,995		175,024
Accounts and notes receivable, net	1,655,984	2,197,982		308,749
Property and equipment, net	17,216,635	22,263,071		3,127,275
Intangible assets, net	1,403,787	1,934,143		271,687
Land use rights, net	766,213	910,107		127,842
Operating lease right-of-use assets, net	4,618,212	5,014,020		704,315
Total assets	32,357,042	43,354,811		6,090,015
Accounts and notes payable	709,260	750,806		105,465
Borrowings	9,776,580	13,991,199		1,965,333
Finance lease liabilities	1,740,608	2,087,562		293,238
Operating lease liabilities	4,679,111	5,093,092		715,422
Convertible notes	1,897,738	5,489,924		771,165
Total liabilities	25,436,223	35,764,993 (1)		5,023,879 (1)
Total mezzanine equity	-	1,248,101 (1)		175,320 (1)
Total VNET Group, Inc. shareholders' equity	6,365,900	5,745,313		807,040
Noncontrolling interest	554,919	596,404		83,776
Total shareholders' equity	6,920,819	6,341,717		890,816
Total liabilities, mezzanine equity and shareholders' equity	32,357,042	43,354,811		6,090,015

28

Source: Company data Notes:

(1) Approximately RMB100 million of redeemable non-controlling interest was redeemed in November 2025, with the associated RMB202 million loan and accrued interest fully repaid

Key Cash Flow Items

Amount in thousands

September 30, 2024

Three months ended

June 30, 2025

September 30, 2025

RMB RMB RMB US$

Net cash generated from operating activities	760,366	366,596	809,817	113,753
Net cash used in investing activities	(1,336,510)	(3,282,065)	(2,289,141)	(321,554)
Net cash generated from financing activities	528,327	582,658	2,141,285	300,785
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(6,049)	(14,764)	(808)	(113)
Net (decrease) increase in cash, cash equivalents and restricted cash	(53,866)	(2,347,575)	661,152	92,871
Cash, cash equivalents and restricted cash at beginning of period	2,135,833	5,767,658	3,420,083	480,416
Cash, cash equivalents and restricted cash at end of period	2,081,967	3,420,083	4,081,235	573,287

Source: Company data

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Definitions

Term Definition

Non-IDC Business Non-IDC business consists of cloud services and VPN services

Cloud Services Microsoft's cloud services, including Azure, Microsoft 365, Dynamics 365 and Power Platform, operated by VNET as strategic partner to customers in mainland China

Capacity in Service Data centers which are ready for service

Capacity under Construction Data centers which are actively under construction and have not yet reached the stage of being ready for service

Capacity Held for Future Development Refers to the secured IDC resources that have been reserved for future development purposes and are not currently active for construction

Mature Capacity for Wholesale Data Centers Refers to wholesale data centers in which utilization rate is at or above 80%

Ramp-up Capacity for Wholesale Data Centers Refers to wholesale data centers in which utilization rate is below 80%

Mature Capacity for Retail Data Centers Refers to retail data centers that came into service prior to the past 24 months

Ramp-up Capacity for Retail Data Centers Refers to retail data centers that came into service within the past 24 months, or mature retail data centers that have undergone improvements within the past 24 months

Utilized Capacity Capacity in service that is committed to customers and revenue generating pursuant to the terms of customer agreements remaining in effect

Utilization Rate The utilization rate ("UR") is calculated by dividing utilized capacity by customers by the capacity in service

Total Capacity Committed Total capacity committed is the capacity committed to customers pursuant to customer agreements remaining in effect

Total Capacity Pre-committed Total capacity pre-committed is the capacity under construction which is pre-committed to customers pursuant to customer agreements remaining in effect

Commitment Rate Commitment rate is calculated by total capacity committed divided by total capacity in service

Pre-commitment Rate Pre-commitment rate is calculated by total capacity pre-committed divided by total capacity under construction

MRR per Retail Cabinet MRR per retail cabinet refers to monthly recurring revenues per cabinet for the retail IDC business

MW Megawatt

BTH Beijing-Tianjin-Hebei Region

PUE Power usage effectiveness, a ratio of the total power usage of a data center to the power usage of the IT equipment inside a data center

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IDC Business

IDC business refers to managed hosting services, consisting of the wholesale IDC business and the retail IDC business. Beginning in the first quarter of 2024, our IDC business was

subdivided into wholesale IDC business and retail IDC business according to the nature and scale of our data center projects. Prior to 2024, the subdivision was based on customer contract types

VPN Services

Virtual private network provided by VNET, including Multiprotocol Label Switching ("MPLS"), software-defined wide area network ("SD-WAN"), internet access and network

security solutions, and fully managed network enabling connectivity to enterprises across various industries