OVH Groupe (OVH) Q3 24/25 TU earnings summary

Executive summary

• Q3 FY2025 revenue reached EUR 271.9 million, up 9.3% like-for-like year-over-year, with nine-month revenue at EUR 807.9 million, up 9.9% like-for-like.

• Customer stickiness remained high, with a net revenue retention rate of 104% in Q3, reflecting strong customer expansion and acquisition.

• Demand for sovereign cloud solutions accelerated, especially in public sector and defense, with notable new contracts and increased enquiries.

• Strategic focus remains on operational efficiency, cash generation, and reinforcing leadership in data sovereignty and public cloud offerings, particularly AI solutions.

• Full-year FY2025 guidance and annual revenue target of over EUR 1 billion reaffirmed, with emphasis on profitability and cash generation.

Financial highlights

• Private cloud revenue in Q3 was EUR 169.3 million (62.3% of total), up 8.6% like-for-like; nine-month revenue EUR 503.5 million, up 9.8%.

• Public cloud revenue in Q3 was EUR 53.6 million (19.7% of total), up 17.2% like-for-like; nine-month revenue EUR 157.4 million, up 17.3%.

• Web cloud revenue in Q3 was EUR 49 million (18% of total), up 3.8% like-for-like; nine-month revenue EUR 147 million, up 3.2%.

• France grew 7.2% like-for-like in Q3; rest of Europe up 8.1%, with Central and Northern Europe most dynamic; rest of world up 15.6%.

• Q3 FY2025 LFL net revenue retention rate stood at 104%.

Outlook and guidance

• FY2025 like-for-like revenue growth expected between 9%-11%.

• Adjusted EBITDA margin targeted at circa 40% for the full year.

• CapEx anticipated at 30%-34% of revenue, with recurring CapEx 11%-13% and gross CapEx 19%-21%.

• Unlevered free cash flow expected above EUR 25 million, improving over FY2024.