OVH Groupe (OVH) H2 2025 earnings summary

Executive summary

• FY2025 revenue surpassed €1.08 billion, growing 9.3% like-for-like, with major milestones in Corporate and Public Cloud segments.

• Adjusted EBITDA margin exceeded 40%, with 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.

• Leadership unified under founder Octave Klaba as CEO/Chairman to drive the FY2026–2030 strategic plan, focusing on restoring growth, boosting cash flow, and improving ROCE.

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% of revenue), up from €25.7 million (2.6%) in FY2024.

• Unlevered free cash flow more than doubled to €57.6 million.

• CapEx was €361.4 million (33.3% of revenue), with hardware CapEx increasing to 21% of revenue.

Outlook and guidance

• FY2026 organic revenue growth expected at 5–7%, with Adjusted EBITDA margin to exceed FY2025.

• CapEx targeted at 30–32% of revenue; levered free cash flow to turn positive.

• H1 2026 expected to be challenging, with improvement anticipated in H2 as new offers and support initiatives take effect.