Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053057
Chunk: 24

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 24
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.3 million) in 2024 and RMB764.1 million (US$105.3 million) for the three months ended March 31, 2025, including gain on deconsolidation of subsidiaries. Our adjusted EBITDA increased from RMB4,333.7 million in 2022 to RMB4,733.0 million in 2023, and increased to RMB4,876.4 million (US$672.0 million) in 2024. Our adjusted EBITDA was RMB1,323.8 million (US$182.4 million) for the three months ended March 31, 2025. As of December 31, 2022, 2023, 2024 and March 31, 2025, our accumulated deficit was RMB5,179.7 million, RMB9,469.8 million, RMB6,044.4 million (US$832.9 million) and RMB5,281.4 million (US$727.8 million), respectively.

### Our Business Model
Our core business operations entail the planning and sourcing of new data centers, developing such facilities, securing customer commitments, providing our colocation and managed services to customers, and maintaining high levels of service and customer satisfaction to develop and maintain long-term relationships with our customers. We focus on developing and operating what we refer to as high-performance data centers. These are data centers that feature large net floor area and power capacity, high power density and efficiency, and multiple redundancy across all critical systems.

#### Sourcing
Our strong customer and industry relationships offer us insight into the size, timing, and location of future demand which is reflected in our data center capacity development plan. Based on this insight, we aim to secure land and buildings with potential customer demand, together with the required power capacity and regulatory approvals, including energy quota under the energy conservation review opinion, for future development commensurate with anticipated demand for our services. Our in-house team begins sourcing potential sites a few years in advance of planned development. We source new data center capacity by: (i) acquiring or leasing property which we develop for use as data center facilities, whether through constructing on greenfield land, redeveloping brownfield sites, converting existing industrial buildings, or fitting out and equipping purpose-built building shells; (ii) leasing existing data center capacity from third-party wholesale providers; and (iii) acquiring high-performance data centers from other companies.

Regardless of the source of