Ladies and gentlemen, welcome to OVHcloud Full Year two thousand twenty-four Results Conference Call. Today's speakers will be Benjamin Revcolevschi, CEO, and Stéphanie Besnier, CFO. My name is Alan, and I'll be your coordinator for today's event. Please note, this call is being recorded, and for the duration, your lines will be on listen only. However, you will have the opportunity to ask questions at the end. This can be done by pressing star one on your telephone keypad. If you require assistance at any time, please press star zero, and you'll be connected to an operator. I will now hand over to OVHcloud team to begin today's conference. Thank you. Hello, everyone. I am Benjamin Revcolevschi, the new CEO of OVHcloud. So thank you very much for being with us today for our FY 2024 annual results conference call. So let's start with slide three for the key highlights. In a nutshell, we delivered solid results in FY 2024, in line with our guidance, and I'm very glad to step in as CEO, taking over from Michel. I'm thrilled to lead OVHcloud while we enter a new phase of development for the company, with more predictable growth and higher cash flow generation. Our FY 2025 guidance focuses on a solid growth and a significant margin improvement, with like-for-like revenue growth between 9% and 11%, and Adjusted EBITDA margin circa 40%, Recurring CapEx between 11% and 13%, and Growth CapEx between 19% and 21%, and growing Unlevered Free Cash Flow in FY 2025 versus FY 2024, and as we enter this new phase for OVHcloud, we wanted to offer our shareholders the opportunity to continue with this new management story, or to cash in part of their investment through a proposed public share buyback offer, OPRA, for a total amount of 350 million EUR at 9 EUR per share, and finally, we confirm our target of generation of positive Levered Free Cash Flow as soon as FY 2026, even after the new debt raised for the share buyback offer. On the next slide, we review more precisely our FY 2024 figures. As said in the introduction, we published solid FY 2024 results in line with our guidance. Indeed, in 2024, our revenue reached EUR 1,993 million, and we delivered a sustainable like-for-like revenue growth of 10.3%, above our 9%-10% target. At the same time, our profitability substantially increased, with an adjusted EBITDA raising to EUR 381 million, or a margin of 38.4%, better than our target of a margin above 37%. We also, as you see, generated a strong unlevered free cash flow at EUR 25 million, a significantly improving compared to last year, which was driven by a reduced capital intensity, with recurring CapEx reaching 13% and growth CapEx 22%, both in the middle of our guidance. Finally, our net revenue retention rate remained at a high level at 107%. Moving to the next page, I'm delighted to step in as new CEO of OVHcloud. I joined the company six months ago as Deputy CEO in May, and I had the opportunity to work very closely with Michel Paulin, who has decided to step down. OVHcloud has grown strongly under Michel's leadership, and I want to thank him for that and for having onboarded smoothly myself to the CEO position in the past months. I look forward to building a clear path towards cash flow generative growth with all the teams, and will present detailed initiatives in the coming months to support this trajectory. As you can see on the right-hand of this slide, I already have identified some levers and initiatives to further improve the overall execution and profitability. Let's move to slide 6 to have a deep dive on these levers. Firstly, regarding top line. We target a like-for-like growth between 9% and 11% in FY 2025, based on solid growth trends that we have factored in for our FY 2025 guidance. First, a stabilized environment in Europe, even if not yet improving. Second, a strong demand in the U.S. market, and third, successfully adapted hosted private cloud offering with limited churn, despite all the price increases that were announced by Broadcom last year. Then, on the right of the slide, when we look beyond 2025, we will consolidate our leadership in private cloud, we'll strengthen our public cloud offering and commercial setup, and we'll also leverage our leading positions in domain and web hosting. Secondly, on the next page, you see looking at the profitability. We target an Adjusted EBITDA margin, circa 40% in FY2025, and this is based on clear levers that we have factored in for our FY2025 guidance. As you see, for FY2025, COGS and G&A optimization, with a continuing decrease in percentages of revenues of direct costs, such as, licenses costs for web cloud, but also in G&A, we'll maintain a strict cost policy while benefiting from operating leverage. Second, gains on electricity costs as, they have been hedged at a better price per megawatt per hour than in FY2024. On the right of the slide, when we look beyond 2025, we are going to first focus on our sales and marketing initiatives by better addressing promising products and customer segments, also improve our efficiency of marketing campaigns, and then we'll further enhance, beyond FY 2025, our COGS, G&A, and improve the efficiency of our industrial operations. So let's now look on the next page, how we translate into cash generation. So thanks to this stronger EBITDA generation that I just talked about, combined with a reduction in capital intensity and stock management improvement, we target to improve our FY 2025 unlevered free cash flow compared with the EUR 25 million that we have generated in FY 2024. In the medium term, beyond FY 2025, we'll increase cash flow generation, thanks to three main levers. First, further, EBITDA improvement, as just explained in the previous slide. Second, working capital initiatives and additional purchasing savings plans. And third, optimization of our infrastructure utilization rates and improved data centers design and densification. Then coming back to FY2025, we'd like to give now more granularity on short-term CapEx investment strategy, so moving to slide 9. For FY2025, we have a selective investment plan, which is focused on the revenue-generating hardware CapEx, while also optimizing our infrastructure. And as you can see on the left-hand side of this slide, we target a reduction in capital intensity, both in growth and in recurring CapEx. So as you can see on the right, this CapEx strategy supports our 9%-11% revenue growth. First, by focusing on servers, which are generating immediate revenue growth. Second, optimization of our infra CapEx, as major data center investments are behind us in the past years, as detailed on the next slide, and also stabilize teams in product development. And fourth, end of non-recurring programs, such as the Hyper-resilience program in our data centers. So moving to slide ten, you can see that over the last few years, we have expanded our global footprint to meet the regional demand of our customers. We now have forty-three data centers in nine countries, and we have a large network with forty-four points of presence. And during FY 2024, as you can see on the top right, we opened seven data centers in France, in Canada, in Singapore, in Australia, and we plan to open one more in FY 2025 in Italy. We continue also to open local zones, which are small data centers in co-location mode, to grow Public Cloud with a lower capital intensity. So as you can see here, the major infrastructure investments are behind us, and what now we are focusing on leveraging them. So moving to slide eleven. Our vision for OVHcloud, after this period of significant investments, is with the midterm lever mentioned previously, that with this new leadership, we will focus on delivering, first, a more predictable growth, so circa 10%. Also, an Adjusted EBITDA margin structurally above 40%, and a positive levered free cash flow in FY2026 and growing afterwards. On next slide, with this new phase of development and the new management, we wanted to offer an option to our shareholders. This share buyback offer, this OPRA, that I mentioned, allows shareholders to stay with us for this new story or to partially monetize. Here I want to reiterate our confidence in the fundamentals of OVHcloud, and that we, as management, will focus on delivering a more profitable, sustainable, and cash generative growth with a confirmed long-term support of the Klaba family. Before moving to the financial section, I would like to share with you our main achievements of the year. Over FY2024, we delivered a sustainable like-for-like revenue growth of 10.3%, with a total revenue that reached EUR 1,993 million. During this FY2024, our customers remained highly loyal, as you see, with a 107% retention rate, and with a limited and stable revenue churn around 2%. Now, let's deep dive in this slide in each segment performance over the year on the right. So firstly, the private cloud segment. We registered the revenue of EUR 624 million in FY 2024, up 11.8% like-for-like. And this performance is the result of substantial growth in private cloud ARPAC, fueled in particular by strong demand for high-end range type of servers. And in terms of growth initiatives, we are pursuing the rollout of our sovereign offerings and also the upgrade of our mid-range servers with the last generation hardware. Second, in the middle of the slide, you can see our performance for public cloud. Our revenue reached EUR 183 million in FY 2024, at 14.2% like-for-like. This segment saw an increase in the number of new customers, resulting from the acquisition strategy we have deployed in FY 2024, and we are focusing on increasing geographical availability and improving the products, while deploying our new three availability zone, 3-AZ, Public Cloud offering, which provides higher resilience and lower latency to our customers. Third, on the right side of the slide, for the Web Cloud and others, we posted a revenue of EUR 187 million for FY 2024, up 2.1% like-for-like, compared to the previous year. This performance is mainly supported by domain names and the launch of our new web hosting offerings. We plan to continue to increase our customer experience in these two segments. Next slide, in Private Cloud, we have successfully managed VMware Broadcom changes, and you are well aware Broadcom bought VMware and decided to increase the price of VMware licenses in May twenty twenty-four, and these price increases were one of the main uncertainties for us in H2 FY 2024, impacting our Hosted Private Cloud business, which mainly uses our VMware licenses. However, the current trends are positively reassuring. As one of Broadcom's few Pinnacle Partners, we are able to provide our customers with, with the best possible support over this new period, thanks to our adapted offerings, and therefore we experienced limited churn after the increase was passed on to customers, and since May twenty twenty-four, and the first price increase, we have had EUR 4 million positive price impact on our FY 2024 revenue. Plus, as you can see on the right of the slide, medium to long term, we are targeting new business opportunities. So we plan to launch new offerings with dedicated resources on a shared cluster, to optimize existing small customer invoices and also to target on-prem VMware customers, which are fully hit by the price increases. Now, the next slide on public cloud. In September, OVHcloud has been recognized again as a major player in the public cloud market by IDC, a leading consultancy firm. Indeed, on the left side of the slide, you can see that in the IDC European Public Cloud Infrastructure as a Service 2024 by IDC, OVHcloud is best ranked company within the major players category. It's an important success for OVHcloud, for our teams, as we showcase consistent improvement in its rankings. Really, I want to praise our teams for these great results. On the right-hand of the slide, you can see that we were named as a major player by IDC, thanks to our key differentiators. First, our price, transparency, and predictability. Second, our digital sovereignty positioning, and third, our sustainability initiatives. These recognitions are not just nice to have. They play a crucial role in attracting business, because our customers or prospects often rely on these reports to make informed decisions when they choose their cloud service provider. On the next slide, finally, I want to show in FY 2024 that we also continue to enhance our data sovereignty and public cloud offerings. First, on the left of the slide, data sovereignty. We are the data sovereignty reference as the only major cloud player being immune to extraterritorial laws. Today, we have three data centers, which are SecNumCloud certified, which is the top level national security certification in France, and we launched our Bare Metal Pod offering in Q4 FY 2024. And this offering is sovereign offer secure solution with a certification that is expected early FY 2025. And Bare Metal Pod has already raised interest with some customers, such as the AIFE, l'Agence pour l'Informatique Financière de l'État, which is attached to the French Ministry of the Economy and Finance. And in FY 2025, we plan to get the SecNumCloud certification for our public cloud products that are eagerly awaited by our customers. Secondly, on the right of the slide, our focus is on rolling out public cloud products. Our offering is already extensive, with more than forty public cloud products available, and with particularly strong traction on compute products such as Kubernetes, storage products such as Object Storage S3 or databases such as IBM. And we are working on increasing the geographical availability of these existing products and also on the rollout of these public cloud products that are not yet in general availability. And by doing so, we aim to facilitate the next wave of customer adoption and drive revenue growth for these public cloud products. So after this update on our FY 2024 achievements, I now hand over to Stephanie for the FY 2024 financials. Thank you, Benjamin, and hello, everyone. I am Stéphanie Besnier, CFO of OVHcloud. Thanks for being with us. Looking at our Q4, we delivered a solid like-for-like growth of 10.6%, improving compared to last quarters, with a total revenue that reached EUR 256 million. In a stabilized environment in Europe, we registered a double-digit growth in both our cloud businesses, thanks to a continued strong growth in the U.S., with a focus on our tech companies and successful price increase of our VMware products with limited churn. Within the public cloud, we keep on benefiting from AI business. The AI business, which includes NVIDIA GPUs and solutions such as AI Notebooks, AI Training, or AI Deploy, contributed by two points to the growth of the public cloud segment again this quarter. We see a strong demand, especially for H100 and A100 GPUs that have a high utilization rate. In Web Cloud and others, we delivered a growth of 1.3%, knowing that excluding telephony and connectivity, the segment is growing at +6% over the Q4. Despite this stabilized environment in Europe, we recently managed to win several new logos. As for example, our Hosted Private Cloud solution is now offered in the portfolio of Bouygues Telecom enterprises, and MaiaSpace, an Ion Group subsidiary, has chosen our SNC solution to host its sensitive data. So now let's have a look to our revenue by geographies on the next slide. So we experienced a continued acceleration in rest of the world, particularly into the U.S. Whereas at the same time, European macro conditions were difficult over the year, and as you know, Europe represents a significant part of our revenues. After a good start of the year, we faced a softening of the momentum in this region, with some contracts renegotiations by our customers and a lower than expected value of our new contracts. However, in France, we managed to maintain a double-digit growth in both our cloud segments, due to a solid momentum in hosted private cloud and public cloud, with an acceleration in Q4 compared to the last Q2. This was offset by the web cloud segment, and in particular, the historical telephony and connectivity sub-segments, which brought the overall Q4 growth rate in France to 9.5% and the FY2024 growth rate to 9.4%. In rest of Europe, Germany, Poland and the United Kingdom were the region's main growth drivers, which stood at 9.7% in the last quarter. In a still complex and challenging environment, private cloud segment showed its resilience, and public cloud performed well in Central and Northern Europe. In rest of the world, we saw like-for-like growth accelerate to 14.2%, whereas it was at 11.4% for FY 2024. Momentum gathered pace in the last Q2, driven by ongoing sustained demand in the United States, particularly in the private cloud segment for bare metal cloud products. So moving to the next slide on our profitability. So as you can see, in FY 2024, our profitability significantly increased with an Adjusted EBITDA of EUR 381 million, and a margin of 38.4%. The significant 210 basis points improvement in our EBITDA margin is coming from a strong operating leverage, with a decrease in percentage of revenues of direct costs, such as license costs from Web Cloud. Second, contained operating costs in our data centers. Third, reduced electricity costs as a percentage of revenue compared to FY2024, at 6% of our revenue. And fourth, increased productivity of our administrative and sales and marketing teams with lower fees. H2 margin stood at 39%, 1.1 points up compared with H1, due in particular to a seasonal effect, with notably lower fees and marketing event costs because of the summer. More savings effect than expected, particularly in electricity, and the final commercial agreement with Broadcom, coupled with a good traction of our products, that turned out to have a slight margin contribution. This cost discipline led to a strong improvement in net operating income, which turned positive in FY 2024, at EUR 25.7 million, EUR 37.7 million above last year. Net operating income includes a contained increase in G&A expenses of EUR 23.9 million, down by more than one point in relation to revenue. In our DNA, we have a ramp-up in capitalized projects and right-off use from lease data centers amortization, combined with one-offs linked to depreciation of internal software and legacy COVID stock. It also includes some non-recurring expenses, such as acquisition costs and temporary insurance premiums. Below EBIT, interest related to loans reached EUR 13 million, due to the increase into debt volume and interest rates over the period. Let's now have a look at how this increase in profitability translates into cash generation. So this strong growth in our profitability is reflected in our growth cash flow from operating activities, which rose to EUR 378 million in FY2024, from EUR 310 million one year earlier. Our CapEx, excluding M&A, amounted to EUR 343 million in FY2024, compared to EUR 358 million last year. It has been significantly optimized and represented 35% of sales in FY2024, versus 40% in FY2023. In line with our guidance, we invested 22% of our revenues in growth CapEx, mostly in new servers and infrastructures, and we invested 13% of our revenue in recurring CapEx. With the optimization of our CapEx linked to a reduced capital intensity and tighter monitoring of other investments, we have generated EUR 25 million of unlevered free cash flow in FY2024. So let me give you, on the next slide, a bigger picture of what we mean by optimization of CapEx, and a reminder of how flexible our model is. So thanks to our integrated industrial model, we have a significant flexibility in our CapEx. For servers CapEx, which amount to 16% of our revenue, two points below FY 2023, we have reduced capital intensity of our newly produced servers. If we look at infrastructure CapEx, which are three points below last year, we have the last phase of our significant data centers opening program, as well as limited new openings, and we continue some usual infrastructure work to prepare for the next phases of growth. Then, looking at product and software development, as announced, we are stable in absolute value and slightly decreasing in percentage of revenue. We continue to develop and enhance our products, notably our Public Cloud, public cloud offerings, and to improve our internal tools. Finally, we had exceptional CapEx on others this year, which are set to decline. For example, EUR 28 million is linked to Hyper-resilience program, which is expected to end early 2025. Now, I'd like to share with you the evolution of our financing structure. So first, as of August 2024, we continued our deleveraging trajectory, and we reached a leverage of 1.8 times. When we look at the pro forma of our financial structure as of August 2024, post refinancing, we land with a refinance bank debt with EUR 450 million of term loan and EUR 200 of undrawn multipurpose credit line, both with five years maturities. A new senior note of EUR 470 million, which will be issued in the coming months. All in, the average interest rate should be between 5% and 5.5%. Finally, as of August 2024 pro forma, we would be at a leverage of 2.8 times as per our current financial documentation, in line with our financial policy of remaining below 3 times. On the next slide, let me give you the details on the share buyback offer. The total amount is EUR 350 million, or a little bit below 39 million shares, representing 20.4% of total outstanding shares. The offer price is EUR 9 per share, representing a 14.6% premium compared to yesterday's share price. The offer period will be between December tenth and December thirtieth. The Klaba family will only partially participate to the buyback offer, and their stake in OVHcloud will increase from 68% to a maximum of 81%. Thank you, and I now hand over to Benjamin for the outlook. Thank you, Stephanie. As a word of conclusion, so let me precise here on this slide, our FY 2025 financial targets, and remind you our new phase of development guidelines. So for FY 2025, we expect revenue growth between 9%-11%. Our Adjusted EBITDA margin of circa 40%, Recurring CapEx between 11%-13%, and our Growth CapEx between 19%-21%, and also improving our Unlevered Free Cash Flow compared to FY 2024. And in the longer term, the company will leverage its leading positioning in Private Cloud and focus on delivering more predictable growth around 10%, and EBITDA margin structurally above 40%, and positive Levered Free Cash Flow in FY 2026 and increasing afterwards. We can now open the floor to your questions. Thank you. If you'd like to ask a question or make a contribution on today's call, please press star one on your telephone keypad. To withdraw your question, please press star two. You'll be advised when to ask your question. We will take our first question from Emmanuel Matet, Oddo BHF. Your line is open. Please go ahead. Yes, good morning. Emmanuel Matet from Oddo. I hope you can hear me well. Yes. Hello. Three questions for me. First, why have you decided to implement a strategy even more focused on margins and cash generation instead of sales goals? Isn't this premature, given your limited size in this ultra-competitive sector? Second, artificial intelligence drove by two points the growth of public cloud in Q4, if I understand well. It's great, but not massive. Do you expect an acceleration in calendar 2025, or it's too early? As you are only positioned on the inference segment and not on the model training segment. Last question, I understand you don't want to open many more data centers in the future. You want to leverage your current infrastructure you have. What is this utilization rate currently of your data centers, and how long will it take to reach, I would say, a great loading according to you? Thank you. Okay, so I'll take the two first questions, and Stephanie will answer the third. So the strategy of margin improvement and free cash flow generation, indeed, we have been, as you said, investing significantly for the past ten years. And what we see is that the macro environment was indeed much more challenging. Today, in the CMD that we had early this year, we already informed that our business strategy was to refocus on cash generation. Today, we reaffirm this trajectory and emphasize this because we want to put the emphasis on the sustainability and the profitability of our integrated model for the long term. And with this new leadership, we want to reinforce this focus on cash flow generation and higher margin. Because we think that we can leverage our leadership positions today, that we have on private cloud, that we have on the domains. And while we remain focused on improving our public cloud offering, we prefer to adopt also a conservative approach. And our plan today is also fully in line with the market. To your question about growth, our growth trajectory is in line with our position in the market. It's also in line with our strengths, our capabilities. So for us, the growth here that we project is solid, is realistic, and we think that it's time for us to, thanks to our positioning, to leverage all the operational levers to improve the margin and the cash flow generation. On your second question on AI, indeed, we are targeting the inference market as you know, because this is where we think that the most potential here is for customers that are looking for already trained models, and be able to upload their data on the offerings that we propose, and develop the use cases that they need to accelerate their business. So indeed, it's correlated to the growth of the public cloud markets. We see that we have implemented in our data centers the GPUs, the graphics cards, that our customers are needing. And we are confident that these dynamics around inference will continue and will generate the growth and profitability that we expect on AI. Now on the question on data centers. Yes. So on the infrastructure utilization rate, we are above 60%, more or less in line with what we announced at the Capital Market Day. Clearly, I mean, we invested quite a lot, and we opened a number of data centers over the last years. We are still opening, selectively, new data centers. For example, we opened Toronto this year. We acquired a new data center in Milan. But we know that we have now capacity in the different regions of the world: in Asia, in Canada, in the U.S., in Europe, also. What we do, basically, is that, when we anticipate that we will reach a total capacity or total utilization rate of around 90%, then 18 or two years in advance, we start to expand or acquire new capacity in the specific regions. So that's how we think in terms of new capacities. But with being slightly above 60%, clearly the focus is on filling in and optimizing the cash generated by our infrastructure. Thank you very much. You're welcome. Thank you. We will take our next question from Inès Mom, BNP, your line is open. Please go ahead. Thank you. Hi, Benjamin. Hi, Stephanie. Thank you for taking my questions. I have two questions. The first one is, are the midterm targets that you disclosed at the Investor Day still valid following the full year twenty-five new guidance? And- Inès, we can't hear you very well. Can you, can you start again? Can you hear me better? Louder, yes. Ah, perfect. So I'm interested whether the midterm targets that you disclosed at your Investor Day in January are still valid following the full year twenty-five new guidance? And notably, if you see the 11%-13% CAGR target at whether the low or the high end. And my second question is on the ARPAC in Public Cloud, which you say has been weaker in full year twenty-four in your press release because of new customer acquisition. Do you have any sense of the timing for an uptick in the ARPAC in full year twenty-five? Thank you. Thank you, Inès, for your questions. So you saw our guidance for twenty-five. We are communicating of a growth between 9%-11%, a very solid adjusted EBITDA margin of around 40%. And we still expect to improve our unlevered free cash flow in twenty-five. For twenty-six, we have reiterated our objective to be free cash flow positive as soon as FY 2026, including the impact of the OPRA, and we are improve our adjusted EBITDA guidance to be close to 40% and as soon as FY 2025, and with further improvement after, so starting in FY 2026. So we are one point better than our former FY 2026 guidance. As we get the further updates to our 2026 guidance, including on the growth, we will make them in due time. As for your second question on the customer acquisition, so on public cloud, indeed, RPAC and customer acquisition, they are both growing, in public cloud. The customer acquisition is growing strongly, thanks to the acquisition strategy that we launched last year in FY 2024. The RPAC growth in public cloud is a bit weaker than expected. That's mostly due to a still challenging macro environment in Europe, where we see our customers have delayed some of their projects, or, some of them have, you know, optimized their workloads, leading to lower consumption. So we are focusing on increasing the geographical availability and also improving the products to fuel cross-sell, up-sell opportunities with these newly acquired customers, and then to increase the RPAC, and plus the deployment of our new 3-AZ Public Cloud offering, which higher resilience and lower latency will help us also grow the RPAC. Thank you. We will take our next question from Adam Meier, Bank of America. Your line is open. Please go ahead. Hey, good morning, and thank you for taking my question. I've got two questions on the refinancing. First, can you give us any more commercial details on what the new facilities and the new notes will look like? I think you mentioned 5%-5.5% interest. Can you just affirm that on the bank facility as well, and whether there are any amortizations scheduled within that five-year time horizon? And the second question would be, if you could give some more details on timing. I mean, it said you signed the new facility, I believe, yesterday. Are you expected to keep the existing capital structure outstanding until the share repurchase, or is this all gonna get drawn down and repaid, refinanced kind of ASAP into the year end? Similarly, on the new notes issue, right, I understand there's sort of a bridge component of the new bank facility. When do you expect to issue those new notes to take that out? Thank you. Okay. Thank you, Adam, for your questions. So basically, as of today, we have one tranche from the EIB of EUR 200 million that is fully drawn, and we will keep this line. It will start amortize in 2027. Then for the rest of the refinancing, so we will have a term loan of EUR 550 million, five-year maturity, bullet. And we have actually, yes, a bridge which is of a maturity of up to two years for EUR 470 million. The plan is to refinance with the bond, and in terms of timing, it could be at the soonest at the end of the year or beginning of next year's. And for the cost of the debt, obviously, it's an estimate. We will have a better view after the launch and the issuance of the bond, but between 5% and 5.5% is a good estimate. Average. Okay. And just one quick follow-up on that. On the five hundred, or sorry, the five-year bullet that you mentioned, so we should think of that as being effectively, kind of effective almost as of today, right? So the interest rate should step up and replace the old facility as of today, effectively. Yes. Actually, we have a new facility of EUR 500 million, so we will have a refinancing of EUR 450 million of term loan, and then the bridge that will make up for the rest of the EUR 450 million and the cost of the operation. Understood. Thank you very much. Yeah. Once again, if you'd like to ask a question, please press star one on your telephone keypad now. We will take our next question from Yann de Kerorguen, Gilbert Dupont. Your line is open. Please go ahead. Yes. Hi, good morning. I have three questions, please. The first one is on utilization rate of data center. Can you give us the number at the end of twenty twenty-four? And then on PaaS, could you give us the amount of ARR that you have now? I guess it was yes, EUR 19 million in Q3. And then maybe on the OPRA, the share buyback, do you have any idea of what KKR and TowerBrook are going to do? Thank you very much. Thank you, Yann. So as for the utilization rate, it's above 60%, and it's in line with the target that we gave at the CMD, around 64%. So I don't have a precise number, but it's really in line with this estimate. For the PaaS, we have an ARR of EUR 23 million for this quarter. And then for the OPRA, I will let Benjamin comment. Oh, okay. So for the fund, the fund will participate to the OPRA, we had their intention yesterday, and they will tender all the shares to the offer. Okay, great. Thank you. And maybe, yes, how did you find the EUR 9 target? Because it's only the price of the beginning of the year. So it's good. Yes. compared to the low we saw in the summer, but. Yes. So, as you see in terms of premium, it's a 14.6% compared to yesterday's share price. It's 32% compared to the VWAP for one month. As you know, it's a very regulated process. We have an independent expert that has been appointed by the board upon the recommendation of another committee. And he delivered a report stating that the OPRA price is fair from a financial standpoint. And our board issued a reasoned opinion ruling also that the offer was in the interest of the company, its shareholders and its employees, all the stakeholders. So yes, as you know, this is a very calibrated process in terms of pricing. Okay, understood. Thank you very much. As a final reminder, if you'd like to ask a question, please press star one on your telephone keypad now. We'll just pause for a quick moment to allow everyone an opportunity to signal for questions. We will take our next question from Inès Mom, BNPP. Your line is open. Please go ahead. Thank you. I hope you can hear me well. Just one follow-up question from me. You do mention the results and increased geographical availability of public cloud products. I'm just curious, are you planning to expand your sovereign cloud offering in new geographies or not? Thank you. Our sovereign cloud offerings today are of interest first when we deliver in France also for customers in different geographies, right? That we see. We have, for example, German customers that are accessing to these offers. By nature, as you know, for many years OVHcloud offerings are sovereign by design. And we have many more certifications in all across Europe in Germany, in Spain, C5 in Germany, in Italy, also in the U.K. So we are definitely leveraging the needs of our customers for sovereign offerings, and we see this demand growing. We see it as a global trend for customers. It's interesting to see, by the way, that it's not just only public customers that are developing and purchasing and growing on these offerings. It's also lots of private sector customers in health, in defense, in cyber, which are currently buying, and we see this offering as the fastest growing offering on our portfolio. Thank you. Thank you. We will take our next question from George Webb, Morgan Stanley. Your line is open. Please go ahead. Hi, morning, and yeah, welcome, Benjamin. Nice to speak to you. Maybe one for you to start with, and then one separate question on financials. So on that side, look, we've talked about, I guess, some of the cost savings you think you can squeeze out of the business model over the next few years. I'm sure within the mix, and you've highlighted some of them, there's gonna be areas to invest in. I'm kind of wondering how you think about OVHcloud as a brand, and whether you think you need to elevate that in your ex-France markets over the midterm to have a kind of stronger market position. and then the second question on financial side, when we think about the margin improvement in FY2025, could you split that up between how much of that, maybe 160 basis points, comes from the electricity side versus operating leverage? Thank you. So on your first question, I think. Well, joining OVHcloud for the past six months, I can see that the brand is strong in many geographies, and the fact that we have doubled the size of the company in the past six years, that we are a global cloud player, doing 61% of our revenue internationally, with half of our data centers internationally. And definitely, we now need to leverage this brand and communicate clearly also our differentiators. Because we are leading in terms of price-performance ratio for our customers. We're leading in the sovereignty area and also on the sustainability. When you say elevate, for me, it's indeed to leverage on these assets, on the scale of the company today, its global reach. As you saw on the IDC, we are a major player in the market, just behind the hyperscalers. Definitely, I think we have the potential to leverage the brand and grow stronger, both geographically and all our segments. On your second question? Yes. So on the margin for FY2025, first comment is, as you see, I mentioned it, we have an H2 margin that is already pretty good at 39%. So, we are starting 25 with this exit margin. Then, indeed, we expect an improvement from the electricity cost that we calibrate between 0.5% and 1% of impact on our margin. Closer to 0.5%, actually. And for the rest, it will come indeed from the operating leverage, also the decrease of the cost given the mix of the evolution of the mix in our portfolio. And then, the efforts that we are doing, and Benjamin has a plan to improve this further, in terms of efficiency of our teams in the data centers, of our sales and marketing, and spend, and also, the savings and the leverage on our fixed cost from the DNA. Very clear. Thank you. Have a good year ahead. There are no further questions on the line, so I'll now hand you back to Benjamin for closing remarks. So thank you for your questions, and thank you for attending our FY 2024 annual results call. As a wrap up, we have delivered FY 2024 results in line with our guidance. We reached EUR 993 million euros revenue and a EBITDA margin of 38.4%, and an unlevered free cash flow of EUR 25 million. For FY 2025, we target revenue growth between 9% to 11% and adjusted EBITDA margin of circa 40%, recurring CapEx between 11% to 13%, growth CapEx between 19% and 21%, and a growing unlevered free cash flow compared to FY 2024. Finally, as you have understood, OVHcloud is entering in a new phase of development with a new leadership, and we are launching a share buyback offer. I really want to thank you a lot for attending our FY 2024 results call, and I look forward to meeting you in the next months. Thank you for joining today's call. You may now disconnect.