Company: GDHLF
Filing Date: 2025-05-29
Form Type: 424B5
Source: 0001104659-25-053912
Chunk: 47

Company: GDS Holdings Ltd
Filing Date: 2025-05-29
Form: 424B5
Chunk 47
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876,436 | ​ | ​ | ​ | ​   | ​ |  671,991 | ​ | ​ | ​ | ​               | ​ |  47.2 | ​ | ​ | ​ | ​                            | ​ | 1,140,716 | ​ | ​ | ​ | ​               | ​ |  46.9 | ​ | ​ | ​ | ​    | ​ |  1,323,847 | ​ | ​ | ​ | ​   | ​ |  182,430 | ​ | ​ | ​ | ​               | ​ |  48.6 | ​ | ​ |

S-16

TABLE OF CONTENTS

The following table reconciles our adjusted gross profit in the periods presented to the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP, which is gross profit:

| ​                                                       
 ​                                                       | ​ 
 ​ | ​ 
 ​ | Year Ended December 31,              
 2022                                 |   |           |   |   |   |                 |   |      |   | ​ | ​ | 2023 |   |           |   |   |   |                 |   |      |   | ​ | ​ | 2024 |   |           |   |   |   |     |   |         |   |   |   |                 |   |      |   | ​ 
 ​ | ​ 
 ​ | Three Months Ended March 31, 
 2024                         |   |           |   |   |   |                 |   |      |   | ​ | ​ | 2025 |   |           |   |   |   |     |   |         |   |   |   |                 |   |      |   | ​ 
 ​ |
|:--------------------------------------------------------|:--|:--|:-------------------------------------|:--|----------:|:--|:--|:--|:----------------|:--|-----:|:--|:--|:--|:-----|:--|----------:|:--|:--|:--|:----------------|:--|-----:|:--|:--|:--|:-----|:--|----------:|:--|:--|:--|:----|:--|--------:|:--|:--|:--|:----------------|:--|-----:|:--|:--|:--|:-----------------------------|:--|----------