OVHcloud – FY25 Results

Press release
Roubaix, 21 October 2025

Revenue breaks through the billion euro mark
Adjusted EBITDA margin above 40%, net income and doubling of Unlevered Free Cash Flow
All FY2025 guidance achieved
Appointment of Octave Klaba, founder of OVHcloud, as Chairman and Chief Executive Officer to align vision, strategy, and execution

Octave Klaba, Chairman and CEO of OVHcloud, said:

“In 2025, OVHcloud broke through the symbolic €1 billion revenue mark. We achieved our objectives for the year. I would like to thank Benjamin Revcolevschi for his commitment during this final year of the 2021-2025 strategic plan. Over the past 5 years, among other things, we have successfully built up the Corporate segment, where we now generate over €200 million in revenue. We have developed and rolled out 40 Public Cloud products, which now bring in revenue of over €100 million. We have also successfully established a strong presence in the United States, generating more than €100 million in revenue. These results are testament to the unwavering commitment of our teams, who I would like to congratulate and thank, and the support of our financial partners, who have placed their trust in us since our IPO in 2021.

The geopolitical context and the surge in the cloud and AI markets mean we must increase our rate of development in order to stay one step ahead. That is why the Board of Directors decided to align vision, strategy, and execution by appointing me as Chairman and Chief Executive Officer. In a few months, I will be presenting our 2026-2030 strategic plan, “Step Ahead”, through which we aim to guide our teams and support our customers, while generating value for our shareholders.”   

OVHcloud’s Board of Directors reviewed and approved the Group’s consolidated financial statements for the year ended 31 August 2025 at its meeting on 20 October 2025. The audit procedures are in the process of finalisation. The annual consolidated financial statements are available on the website in the Investor Relations section corporate.ovhcloud.com/en-gb/investor-relations/financial-results/.

Growth in 2025 driven by three main factors

OVHcloud’s revenue for FY2025 came in at €1,084.6 million, up 9.3% like for like. OVHcloud achieved several key milestones in 2025, with revenue from the Corporate segment exceeding €200 million, Public Cloud (IaaS and PaaS) revenue exceeding €100 million and revenue in the United States also surpassing the €100 million mark.

OVHcloud now has almost 1,200 customers, each generating more than €100,000 in Annual Recurring Revenue (ARR). Moreover, OVHcloud is the leader in the SecNumCloud market, with 24 million in ARR, up 63% year-on-year. Finally, in FY2025, existing customers continued to grow, as reflected in the net revenue retention rate of 105% (on a like-for-like basis).

Revenue by product go-to-market segment

OVHcloud publishes its revenue by go-to-market segment (the different categories are described in the appendices to this press release). Over the coming quarters, OVHcloud aims to:

• Revitalise Digital Starters by improving support and performance/price positioning, accelerating innovation cycles and offering AI products;
• Maintain the good momentum in Digital Scalers, by stepping up the acquisition of new large-scale customers and capitalising on proven expertise to facilitate customer growth;
• Strengthen our position with customers in the Corporate segment in France and develop this go-to-market in Italy and Germany.

Revenue by product segment

In 2025, the Private Cloud (62% of revenue) accounted for €671.6 million, up 8.5% on a like-for-like basis.

• Bare Metal Cloud benefits from new inventory management that allows reduced delivery times. The launch of the new Advance 2026 and Game 2026 ranges is aimed at revitalising momentum for the Digital Starters go-to-market strategy.
• Hosted Private Cloud was buoyed by the good momentum of highly secure and sovereign VMware and SAP offerings in Europe. OVhcloud is continuing to work on entry-level offerings, such as Public VCF as-a-Service, to spur growth momentum in this segment.
• Liberation Day and Broadcom’s takeover of VMware have caused a shock among Corporate customers, who are now looking for alternatives. The On-Prem Cloud Platform (OPCP) offerings meet these needs and are generating strong interest among Corporates.

In 2025, Public Cloud (20.0% of revenue) accounted for €219.2 million, up 17.5% on a like-for-like basis.

• Having developed 40 Public Cloud products, the focus is now on rolling them out in the “3-AZ Region” configuration. Roll-out is underway in Paris, followed by the Milan region in early 2026.
• Customers have started to use the 40 Public Cloud products at scale. OVHcloud is now focusing on simplifying the user experience, working in particular in the improvement of application programming interfaces (APIs), on the Web Manager, and on Identity & Access Management (IAM).
• The success of the Corporate segment allows us to upgrade our Professional Services offering, now meeting the strategic needs of larger public and private organizations.

The Web Cloud (18% of revenue) segment posted revenue of €193.8 million in FY2025, up 3.7% like for like.

• Priorities include renewing existing products, SaaS innovation and scaling across our various geographies products already available in France, in order to accelerate our acquisition momentum

Revenue by region        

France accounted for 48% of total Group revenue and was up 7.3% on a like-for-like basis. Private Cloud and Public Cloud activities in France grew by 6.5% and 17.1% respectively on a like-for-like basis.

The other European countries accounted for 29% of total Group revenue and was up 8.8% on a like-for-like basis. Growth was driven by the momentum in Central and Northern Europe.

The Rest of the World accounted for 23% of total Group revenue and was up 14.3% on a like-for-like basis. Business in the region was lifted by very good momentum in the United States, where CAGR has exceeded 20% between FY2023 and FY2025.

Strong improvement in profitability

The Group has maintained its operating discipline during FY2025, particularly through controlling general and administrative expenses.

Adjusted EBITDA was €437.8 million, representing a margin of 40.4%, a sharp 2.0-point rise compared to FY2024.

This significant increase in the adjusted EBITDA margin reflects a limited rise in direct costs, and improved operating leverage fuelled by a volume effect.

Operating income (EBIT) reached €69.4 million, representing a margin of 6.4%, a very sharp 3.8-point increase compared to FY2024.

Operating income includes depreciation, amortisation and impairment expenses of €354.4 million, a decrease as a percentage of revenue compared to FY2024.

Net income for FY2025 was €0.4 million.

This includes a net financial income of – €65.1 million due to the costs associated with setting up the new debt and the increase in interest rates and net debt over the period.

After factoring in a €3.9 million income tax expense, OVHcloud ended FY2025 with net income of €0.4 million, an improvement compared to the €10.3 million net loss recorded for FY2024.

Significantly improved cash generation

Unlevered free cash flow of €57.6 million

In line with the sharp increase in the Group’s profitability, gross cash flow from operating activities improved to €421.9 million in FY2025.

The change in working capital was slightly positive over FY2025, representing a net cash inflow of €1.0 million.
Capex excluding acquisitions amounted to €361.4 million in FY2025 compared to €343.1 million in FY2024. OVHcloud continued to improve the capital intensity of its infrastructure capex during FY2025 and significantly optimised the management of its components inventory, increasing the availability of assembled servers. With a view to achieving positive levered free cash flow as of FY2026, OVHcloud is continuing its efforts to optimise inventory management.

Capex accounted for 33.3% of revenue in FY2025, and included:

• €128.9 million in recurring capex, representing 11.9% of FY2025 revenue, compared to 12.7% in FY2024;
• €232.5 million in growth capex, representing 21.4% of FY2025 revenue, compared to 21.8% in FY2024.

These various factors will generate unlevered free cash flow of €57.6 million in FY2025, up €32.5 million on FY2024.

Strong growth in return on capital employed

Improved profitability and capital intensity have led to a significant increase in return on capital employed (ROCE). As set out in the diagram below, ROCE rose by 2.9 points between FY2021 and FY2025. By further optimising its productivity and capital intensity, OVHcloud will continue to increase its ROCE in the coming years.

Net debt

Net debt of €1,103 million at 31 August 2025

Consolidated net debt (excluding lease liabilities) at 31 August 2025 was €1,103 million compared to €667 million at 31 August 2024.

At the end of August 2025, all of the Group’s debt was hedged and had an average interest rate of 4.3%, including margins and commission. Debt leverage at 31 August 2025 was 2.7x, in line with the Group’s debt policy.

The Group’s solid financial structure will enable OVHcloud to implement its development plan. The Group’s needs are amply covered until 2030, with €242 million in available cash and a levered free cash flow generation trajectory from FY2026.

Outlook – FY2026 targets

OVHcloud has the following targets for FY2026:

• Organic revenue growth of between 5% and 7%;
• Adjusted EBITDA margin above FY2025
• Capex representing between 30% and 32% of revenue
• Positive levered free cash flow

Key recent highlights and events after the reporting date

OVHcloud is changing its governance structure by reuniting the roles of Chairman of the Board of Directors and Chief Executive Officer.
Octave Klaba has been appointed Chairman and Chief Executive Officer. The Board of Directors, meeting on October 20, decided to adapt its governance structure. It has ended the separation of the roles of Chairman and Chief Executive Officer, which means that Benjamin Revcolevschi’s term of office has come to an end. The Board of Directors would like to thank Benjamin Revcolevschi for his commitment and the actions he has taken during this period. On the recommendation of the Nominating Committee, the Board of Directors appointed unanimously Octave Klaba as Chairman and CEO of OVH Group, effective October 20.

Deployment of Managed Kubernetes Service Standard in the 3-AZ region
With Kubernetes becoming the base of Cloud Native infrastructures, OVHcloud launched Managed Kubernetes Service (MKS) Standard, a managed platform designed to meet the requirements of mission-critical applications in multi-cloud environments. This new Public Cloud offering is now available in the 3-AZ Paris region, and will be rolled out in the 3-AZ Milan region this fall.

Launch of Public VCF as-a-Service, a managed VMware solution for SMEs
Designed to help small and medium-sized businesses, the Public VCF as-a-Service solution makes it easy to modernise VMware deployments so that SMEs can continue to benefit from their VMware investments.

Launch of Nutanix Cloud Clusters (NC2) on OVHcloud
OVHcloud deepens its partnership with Nutanix with NC2. With this solution, customers can now deploy, migrate and operate Nutanix Clusters on OVHcloud’s sovereign infrastructure solutions directly from the Nutanix customer portal, and benefit from unified billing.

Conference call
On Tuesday 21 October 2025 at 10 a.m. (CEST – Paris), OVHcloud’s management will hold a conference call in English.

Connection links:

• Webcast
• Conference call

After the conference call, a replay of the webcast will be available in the Investor relations section of the OVHcloud website: https://corporate.ovhcloud.com/en-gb/investor-relations/financial-results/

Calendar

8 January 2026: Q1 FY2026 Results
12 February 2026: Combined Annual General Meeting

About OVHcloud

OVHcloud is a global player and the leading European cloud provider operating over 500,000 servers within 44 datacenters across 4 continents to reach 1.6 million customers in over 140 countries. Spearheading a trusted cloud and pioneering a sustainable cloud with the best price-performance ratio, the Group has been leveraging for over 20 years an integrated model that guarantees total control of its value chain: from the design of its servers to the construction and management of its datacenters, including the orchestration of its fiber-optic network. This unique approach enables OVHcloud to independently cover all the uses of its customers so they can seize the benefits of an environmentally conscious model with a frugal use of resources and a carbon footprint reaching the best ratios in the industry. OVHcloud now offers customers the latest-generation solutions combining performance, predictable pricing, and complete data sovereignty to support their unfettered growth.

Contacts

Appendices

Glossary

The different go-to-market segments are determined according to the following criteria:

• Digital Starters: customers with a digital channel and less than €25,000 in ARR (annual recurring revenue);
• Digital Scalers: customers with a digital channel and more than €25,000 in ARR (annual recurring revenue);
• Corporate: customers with either a direct sales strategy, via calls for tender or the OVHcloud sales team, or an indirect sales strategy, via specialised partners.

ROCE (return on capital employed) is calculated by dividing adjusted EBITDA after depreciation, amortisation and impairment and tax for the current financial year by capital employed for the previous year.

Capital employed corresponds to Goodwill, tangible and intangible fixed assets less net working capital requirements after tax.

Like-for-like is calculated at constant exchange rates and constant scope. Scope adjustments correspond to M&A.

The net revenue retention rate for any period is equal to the percentage calculated by dividing (i) the revenue generated in such period from customers that were present during the same period of the previous year, by (ii) the revenue generated from all customers in that previous year period. When the revenue retention rate exceeds 100%, it means that revenue from the relevant customers increased from the relevant period in the previous year to the same period in the current year, in excess of the revenue lost due to churn.

ARPAC (Average revenue per active customer) represents the revenue recorded in a given period from a given customer group, divided by the average number of customers from that group in that period (the average number of customers is determined on the same basis as in determining net customer acquisitions). ARPAC increases as customers in a given group spend more on OVHcloud services. It can also increase due to a change in mix, as an increase (or decrease) in the proportion of high-spending customers would increase (or decrease) ARPAC, irrespective of whether total revenue from the relevant customer group increases.

Recurring EBITDA is equal to revenue less the sum of personnel costs and other operating expenses (and excluding depreciation and amortisation charges, as well as items that are classified as “Other non-recurring operating income and expenses”).

Adjusted EBITDA is equal to recurring EBITDA excluding share-based compensation and expenses resulting from the payment of earn-outs.

Recurring Capital Expenditure (Capex) reflects the capital expenditure needed to maintain the revenue generated during a given period for the following period.

Growth capital expenditure (Capex) represents all capital expenditure other than recurring capital expenditure.

Unlevered free cash-flow represents cash flows from operating activities minus capital expenditure.

Revenue by segment and geography

Reconciliation of like-for-like and reported growth

Consolidated income statement

(1)   As part of its ongoing process improvement efforts, the Group has refined its analysis of revenue relating to certain public cloud activities.

(2)   The recurring EBITDA indicator corresponds to operating income before depreciation, amortisation and other non-recurring operating income and expenses.

Reconciliation between recurring EBITDA and adjusted EBITDA

Consolidated statement of financial position

^{(1) ) Research tax credit receivables that may be claimed in more than 12 months have been reclassified as other non-current receivables.}
Consolidated statement of cash flows

1 Compound annual growth rate.

2Recurring capex corresponds to the capital expenditure needed to maintain the revenue generated during a given period for the following period.
3Growth capex represents all capital expenditure other than recurring capex.

Attachment

• 2025 10 21 – OVHcloud FY25 CP ENG vdef3