OVH Groupe (OVH) H1 2025 earnings summary

Executive summary

• H1 FY25 revenue reached €536 million, up 10.2% like-for-like 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 €214.6 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 improvement from a €17.2 million loss in H1 FY24.

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

• Strategic focus remains on operational efficiency, cash generation, and reinforcing leadership in data sovereignty, Public Cloud, and sustainability.

Financial highlights

• Revenue grew 10.2% like-for-like and 10.3% as reported compared to H1 2024, reaching €536 million.

• Adjusted EBITDA margin improved to 40% (up 220 bps year-over-year), with adjusted EBITDA at €214.6 million.

• EBIT reached €42.4 million (7.9% margin), up 670 bps year-over-year.

• Net profit was €7.2 million, a turnaround from a €17.2 million net loss in H1 2024.

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

Outlook and guidance

• FY25 guidance reconfirmed: 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 FY25.

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