OVH Groupe (OVH) H1 2025 earnings summary

Executive summary

• H1 FY2025 revenue reached €536 million, up 10.3% year-over-year, driven by strong demand for Public Cloud, data sovereignty, and international markets, with a net revenue retention rate of 107%.

• Adjusted EBITDA was €215 million (40% margin), reflecting strong operating leverage and improved cash generation; unlevered free cash flow was €36.8 million.

• Net income turned positive at €7.2 million, a significant turnaround from a €17.2 million net loss in H1 FY2024.

• Major refinancing included a €500 million bond maturing in 2030/2031 and a €450 million green loan maturing in 2029/2030.

• Share buyback offer of €350 million executed, reducing share capital by 20.41%.

Financial highlights

• Revenue grew 10.3% as reported and 10.2% like-for-like compared to H1 FY2024.

• Adjusted EBITDA margin improved to 40.0% (up 2.1 pts year-over-year).

• EBIT reached €42.4 million (7.9% margin), up 6.7 pts year-over-year.

• Net profit was €7.2 million, a turnaround from a €17.2 million net loss in H1 FY2024.

• CapEx was €193 million (36% of revenue), with growth CapEx at 24.6% and recurring CapEx at 11.4%.

Outlook and guidance

• FY2025 guidance reconfirmed: organic/like-for-like revenue growth of 9%-11%, adjusted EBITDA margin around 40%.

• CapEx expected at 30%-34% of revenue (recurring: 11%-13%, growth: 19%-21%).

• Unlevered free cash flow projected above €25 million for FY2025.

• H2 trends in March and April are in line with expectations; no signs of emerging weakness.