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

Executive summary

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

• Net revenue retention rate was 104% in Q3, reflecting strong customer stickiness and expansion.

• Demand for sovereign cloud solutions accelerated, with increased inquiries and new deals, notably in the defense sector.

• Strategic focus remains on operational efficiency, profitability, and cash generation, with continued investment in AI and data sovereignty offerings.

• All FY2025 guidance and annual revenue target of over €1 billion reaffirmed.

Financial highlights

• Q3 revenue: €271.9 million (+9.3% like-for-like year-over-year); nine-month revenue: €807.9 million (+9.9%).

• Adjusted EBITDA margin guidance for FY2025 is approximately 40%.

• Unlevered free cash flow for FY2025 expected to exceed €25 million, improving over FY2024.

• CapEx for FY2025 anticipated at 30%-34% of revenue.

• France contributed 48% of Q3 revenue, up 7.2% like-for-like; Rest of World up 15.6%.

Outlook and guidance

• FY2025 like-for-like revenue growth guidance reconfirmed at 9%-11%.

• Adjusted EBITDA margin guidance maintained at around 40%.

• CapEx guidance: 30%-34% of revenue, with recurring CapEx at 11%-13% and gross/growth CapEx at 19%-21%.

• Unlevered free cash flow to exceed €25 million.