OVH Groupe (OVH) H2 2025 earnings summary

Executive summary

• FY2025 revenue surpassed €1 billion, achieving 9.3% organic growth and marking a significant milestone.

• Adjusted EBITDA margin rose to 40.4%, with adjusted EBITDA over €435 million, and unlevered free cash flow more than doubling year-over-year.

• Net income turned positive at €0.4 million, compared to a €10.3 million loss in FY2024.

• Founder Octave Klaba appointed as Chairman and CEO to align vision, strategy, and execution for the FY2026–2030 plan.

• Focus on restoring growth momentum, boosting free cash flow, and improving ROCE after a decade of heavy investment.

Financial highlights

• Like-for-like revenue grew 9.3% year-over-year to €1,084.6 million.

• Adjusted EBITDA margin improved by 200bps to 40.4%, with adjusted EBITDA at €437.8 million.

• EBIT increased to €69.4 million (6.4% margin, +380bps YoY), net profit: €0.4 million (vs. €10.3 million loss in FY2024).

• CapEx: €361.4 million (33.3% of revenue), down 120bps YoY.

• Unlevered free cash flow: €57.6 million, more than doubling year-over-year.

Outlook and guidance

• FY2026 organic revenue growth guidance: 5–7%.

• Adjusted EBITDA margin expected to exceed FY2025 level; capex targeted at 30–32% of revenue.

• Positive levered free cash flow anticipated, with H1 FY2026 expected to be tougher and improvement in H2.