Company: GDHLF
Filing Date: 2025-05-27
Form Type: 424B5
Source: 0001104659-25-053058
Chunk: 42

Company: GDS Holdings Ltd
Filing Date: 2025-05-27
Form: 424B5
Chunk 42
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 | ​ | ​ | ​ | ​    | ​ | ​     | ​ | ​ | ​ | ​                           | ​ | ​       | ​ | ​ | ​ | ​    | ​ | ​     | ​ | ​ |
| Gross margin(1)                    | ​ | ​ | ​                       | ​ | 21.1%   | ​ | ​ | ​ | ​    | ​ | 19.9%   | ​ | ​ | ​ | ​    | ​ | 21.5% | ​ | ​ | ​ | ​                           | ​ | 21.4%   | ​ | ​ | ​ | ​    | ​ | 23.7% | ​ | ​ |
| Operating margin(2)                | ​ | ​ | ​                       | ​ | 7.7%    | ​ | ​ | ​ | ​    | ​ | (22.6)% | ​ | ​ | ​ | ​    | ​ | 11.1% | ​ | ​ | ​ | ​                           | ​ | 9.8%    | ​ | ​ | ​ | ​    | ​ | 13.4% | ​ | ​ |
| Net margin(3)                      | ​ | ​ | ​                       | ​ | (13.7)% | ​ | ​ | ​ | ​    | ​ | (43.8)% | ​ | ​ | ​ | ​    | ​ | 32.0% | ​ | ​ | ​ | ​                           | ​ | (14.2)% | ​ | ​ | ​ | ​    | ​ | 28.1% | ​ | ​ |

S-12

TABLE OF CONTENTS

(1) Gross profit as a percentage of net revenue. (2) Income (loss) from continuing operations as a percentage of net revenue. (3) Net (loss) income as a percentage of net revenue. Non-GAAP Measures In evaluating our business, we consider and use the following non-GAAP measures as supplemental measures to review and assess our operating performance:

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