HK Stock Market Move | GDS-SW(09698) rose over 12% last year, with adjusted EBITDA increasing by 10% year-on-year. Operating data performance was strong.

GDS-SW(09698) rose more than 12%, rising to 12.03% at the time of publication, reaching 44.7 Hong Kong dollars with a trading volume of 1.96 billion Hong Kong dollars. In terms of news, GDS Holdings announced last night the unaudited financial performance for the fourth quarter and full year ending December 31, 2025. The company achieved a net income of 114.323 billion RMB (16.348 billion USD) for the full year, a year-on-year increase of 10.8%; adjusted EBITDA reached 54.035 billion RMB (7.727 billion USD), a year-on-year increase of 10.8%. In terms of operating data, in the fourth quarter of 2025, the total new usage area of the data center was 23,073 square meters; in the whole year of 2025, the total new usage area exceeded 87,000 square meters, reaching a historical high. The company expects that for the full year of 2026, total revenue will be between 12.4 billion and 12.9 billion RMB, an increase of about 8.5% to 12.8% year-on-year; its adjusted EBITDA will be about 5.75 billion to 6 billion RMB, an increase of about 6.4% to 11.0% year-on-year. In addition, the company expects that excluding any potential asset monetization, capital expenditures for the full year of 2026 will be approximately 9 billion RMB.