OVH Groupe (OVH) H2 2024 earnings summary

Executive summary

• FY 2024 revenue reached EUR 1,993 million, up 10.3% like-for-like, with adjusted EBITDA margin of 38.4% and unlevered free cash flow of EUR 25 million, all in line with guidance.

• Entered a new phase under new CEO Benjamin Revcolevschi, focusing on predictable, cash-generative growth and margin improvement.

• Announced a EUR 350 million share buyback offer at EUR 9 per share, representing a 14.6% premium and increasing Klaba family ownership.

Financial highlights

• FY 2024 revenue grew 10.3% like-for-like to EUR 1,993 million, with Q4 revenue at EUR 256 million (+10.6% LFL).

• Adjusted EBITDA reached EUR 381 million, margin 38.4%, above the 37% target.

• Unlevered free cash flow improved to EUR 25 million, up from -EUR 28 million in FY 2023.

• Net income was -EUR 10.3 million, a significant improvement from -EUR 40.3 million in FY 2023.

• Recurring CapEx at 13% of revenue; growth CapEx at 22%.

Outlook and guidance

• FY 2025 guidance: like-for-like revenue growth of 9%-11%, adjusted EBITDA margin around 40%, recurring CapEx 11%-13%, growth CapEx 19%-21%.

• Unlevered free cash flow expected to grow in FY 2025; positive levered free cash flow targeted for FY 2026.

• Long-term: predictable growth around 10%, EBITDA margin structurally above 40%.