Ladies and gentlemen, welcome to OVHcloud Q3 FY 2025 Revenue Conference Call. Today's speakers will be Benjamin Revcolevschi, CEO, and Stéphanie Besnier, CFO. I will now hand over to OVHcloud Management to begin today's conference. Thank you. Hello, everyone. I am Benjamin Revcolevschi, CEO of OVHcloud, and I'm very glad to be with you today for our Q3 FY 2025 Revenue Conference Call. Let's start with slide three for the key highlights of this quarter. Our performance in Q3 was resilient. We generated EUR 271.9 million in revenue and the like-for-like growth of 9.3%, meaning that on a nine-month basis, we generated EUR 807.9 million and grew by 9.9% like-for-like. We have demonstrated quarter after quarter the stickiness of our customers, and even in this context, we had a net revenue retention rate of 104% in Q3, which was underpinned by solid customer acquisition and also a well-performing FY 2025 quarter of recently acquired customers. Also, during this quarter, we had the strong confirmation that demand for sovereign alternatives has never been more vivid, with an acceleration of inquiries for sovereign solutions from customers. We have an unchanged discipline on costs, a sustained focus on profitability, and cash levers. Finally, we confirm all our FY 2025 guidance. Let's move now to slide four and our strategic pillars. Indeed, in this rapidly evolving geopolitical environment where we see that public entities and private companies are looking to preserve their strategic autonomy, I would like to remind you of our vision at OVHcloud and how we answer to our customer needs. Indeed, OVHcloud has succeeded in building up strong core business fundamentals, and we will continue to leverage them to deliver our two priorities. First, we are focusing on operational efficiency of our fundamentals to grow our revenue and leverage productivity. This will help us to deliver more predictable and profitable growth. Our second focus is to improve structurally our cash generation, and this is truly critical to our long-term success as it ensures our capacity to continue to invest, but also to innovate. On the right of this slide, you can see that we are also strengthening two of our future revenue growth upsides. First, we'll continue to reinforce our position as a leader in data sovereignty solutions. Strategic autonomy in key sectors such as cloud is becoming critical in Europe, and our customers are looking for alternatives, and we are committed to provide them with trusted cloud solutions. Our second upside is about enhancing our public cloud product offering to answer customers' growing needs. As an example, we continue to strengthen our artificial intelligence solution and also to roll out new products in our three AZ regions. These two core business fundamentals on the left and these two growth upsides on the right are the pillars of our vision for OVHcloud to deliver our ambition and our financial targets. Let's move now to the next slide to highlight the business achievements of Q3. First, you see on the product side that we keep rolling out new products, especially in AI. We launched Data Platform, which is a powerful unified solution to manage data and to facilitate our customers' data projects. We also released AI Endpoints, which is a unique API to connect our customers' apps to the best-in-class generative AI models. We have more than 40 LLMs, large language models, that are available today to be directly and easily connected and consumed by our customers. In the middle, you can see that this quarter was also highly dynamic in signing new deals that will ramp up progressively in the coming quarters. For instance, Arcus in the defense sector is a strong illustration of the dynamism in the public sector defense vertical, particularly for sovereign offers. Looking at Visma, which is a leading provider of mission-critical business software, is also a good highlight of our capacity to serve larger customers and software editors on our public cloud offerings. Finally, on the right, you can see that we continue to work on adding new data centers, and we will officially launch our first Italian data center in Milan, with offerings available for our customers in the very next weeks after a year of work in the building. We have rolled out our public cloud offerings also in our Paris 3AZ region, which was long awaited by our customers. Let's now have a look at our performance by segment, starting on slide six with private cloud. When we look at private cloud, which includes, as you know, Bare Metal Cloud and Hosted Private Cloud, in Q3, we delivered EUR 169.3 million in revenue, which represents 62.3% of the group's total revenue, and we achieved a like-for-like growth of 8.6%. On a nine-month basis, we generated EUR 503.5 million in revenue and grew by +9.8% like-for-like. During the quarter in Bare Metal, our customers responded to overall macroeconomic deterioration and uncertainty by looking for more entry-range servers. Thanks to the strategic repositioning that we have done on these types of servers, we have had a very successful customer acquisition dynamic, up by +25% compared to Q3 last year. When we look at Hosted Private Cloud, which represents circa 20% of the private cloud segment, we had a continued strong demand for sovereign offerings and for our most advanced certification, the SecNum Cloud certification, and we reached an ARR, annual recurring revenue, of EUR 20 million in Q3, growing by more than 50% year on year. As you know, we successfully passed through price increases to our customers with a limited churn from large accounts. In revenue terms, this was, however, partly offset by the ongoing optimization on the entry-range servers. We have acted. We have launched a new offering, VCF as a Service, to help our customers who are looking for entry-range options on VMware solutions. All our action plans will bear fruit, and we target an improvement for this segment in the midterm. Let's move now to the next slide about public cloud. In Q3 FY 2025, the public cloud segment reached EUR 53.6 million in revenue, representing 19.7% of the group's total revenue, and achieved a like-for-like growth of 17.2%. On a nine-month basis, we delivered EUR 157.4 million in revenue, and we achieved a like-for-like growth of +17.3%. As you know, in recent years, we have been investing in our product offering, and there is a strong demand for our existing public cloud products driven by artificial intelligence in particular, such as compute, but also storage and containers, databases. We continue to grow strongly. Thanks to an improved customer experience and simplified billing, increased availability of these products in all our data centers, we have been able to accelerate customer acquisition by +12% versus Q3 last year. This growth will continue as we continue to work on new features and new regions. We just released Data Platform and AI Endpoints, and we just launched our Paris 3AZ region that will be replicated in other cities, with Milan, Italy, to be the first next open. Now moving to the Web Cloud segment on slide eight. In Q3 FY 2025, the Web Cloud segment reached EUR 49 million in revenue, representing 18% of the group's revenue, and grew by +3.8% like-for-like. On a first nine-month basis, the segment reached EUR 147 million and grew by +3.2% like-for-like. In Q3, if we take just our web presence offers, meaning excluding our telephony and connectivity legacy subsegment, the growth trend is almost twice as much, up +6.8%. The growth is mostly driven by strong performance in domain names, driven by market share gains in several European countries. Our action plans and other subsegments are being implemented to boost demand. I will now hand over to Stéphanie Besnier for a deep dive on the financials. Thank you, Benjamin. Hello, everyone. I am Stéphanie Besnier, CFO of OVHcloud. Thanks for being with us this morning. As Benjamin said at the beginning, during the third quarter, we managed to deliver a sound and resilient growth of 9.3% like-for-like. This was driven by, first, for the private cloud, 8.6% like-for-like growth, and this was supported until April by a positive pricing effect following Broadcom's new licensing model for VMware. Second, we had a dynamic public cloud segment, up 17.2% like-for-like, almost equivalent to our first nine-month growth. Third, a solid web cloud and others performance, up 3.8% like-for-like, showing an improved growth rate of 250 basis points compared to Q2. Now, moving to the next slide, we look at the business dynamics by regions. In France, revenue grew by 7.2% like-for-like in Q3. We had a public cloud that delivered a strong like-for-like growth of 16.9%, driven by a good customer acquisition in Q3. Private cloud increased by 6.6% like-for-like, impacted by macroeconomic uncertainties waiting on non-tech customers. Representing 29% of the region's business, web cloud and others delivered a slight growth driven by good domain name dynamics. Let's now look at our international sales, which account for 52% of our revenue. In the rest of Europe, Europe excluding France, growth reached 8.1% like-for-like in Q3. In this region, Central and Northern Europe are the most dynamic regions, as shown by the recent signing of a contract with the Nordic company Visma, a leading specialist in accounting, payroll, invoicing, and human resources software. Southern Europe, on the other side, faced a slowdown, but the momentum should be sustained by the opening of our new data center in Italy, in Milan. In the rest of the world, the growth kept being strong, with Q3 like-for-like growth of 15.6%. We witnessed accelerating traction in public cloud, fueled by the recent rollout of products in the region. In private cloud, we continued to deliver strong double-digit growth in the United States and in APAC, thanks to our development strategy focused on tech companies. I will now hand over to Benjamin to look about our outlook. Thank you, Stéphanie. Now, before we move to the Q&A, let me reconfirm our guidance for the full year 2025. After a solid performance in the first nine months of the year, we fully reconfirm our FY 2025 guidance. We expect FY 2025 like-for-like revenue growth between 9%-11%. We expect, on a full-year basis, an adjusted EBITDA of circa 40%, thanks to an unchanged operating discipline. In line with the efforts to improve the profitability that we have demonstrated in H1, the group continued its custody discipline effort, focusing especially on controlling G&A expenses. On CapEx for fiscal year 2025, we anticipate a total CapEx to be between 30%-34% of our revenue, with a split between recurring CapEx expected between 11%-13% and gross CapEx expected between 19%-21% of our revenue. Finally, we expect an unlevered free cash flow to be above EUR 25 million on a full-year basis, improving compared to FY 2024. We can now open the floor to your questions. Thank you. Ladies and gentlemen, if you wish to ask a question at this time, please signal by pressing star one. Please make sure that the mute function on your phone is switched off to allow your signal to reach our equipment. If you find that your question has already been answered, you may remove yourself from the queue by pressing star two. Again, it is star one to ask a question. Our first question is from George Webb from Morgan Stanley. Please go ahead. Hi, Benjamin and Stéphanie. We've got a few questions, please. Firstly, touching on the strategic repositioning on some of the Bare Metal Cloud offerings, could you talk a little bit about whether that's implementation of a newer, lower-priced entry range of servers? Is it a price reduction of the existing range, or is it something else? Secondly, as we think about the growth factors into the fourth quarter, the base comparables are a bit tougher year over year. Should we be expecting growth to remain around Q3 or potentially decelerate slightly? Therefore, should we really be thinking about the full-year outcome on growth maybe being towards the lower half of the 9%-11% range in your view? Just lastly, bigger picture, on the sovereign demand inquiries that you called out, could you talk a little bit about the breadth at which you're seeing that across Europe? Is it mostly France, or is it quite pan-Europe? Thank you. Okay, thank you. I'll let Stéphanie answer on the bare metal, and I'll take the two others. Maybe Stéphanie on the bare metal. Yes, thank you, George, for your question. Indeed, what we did on bare metal, we actually did both. We launched a new offer, which is basically in the middle of our second-live servers and our existing entry range, so-called Rise, with the servers at this position around EUR 55-EUR 60. It is a very competitive offer. That is for the part on the new offer. We actually also lowered a little bit our prices for the entry-range server, the advanced range. That is what we usually do. I mean, you are familiar with the model. You know that we manage a life cycle of our servers. Where we come close to the upgrade of one range, we tend to be a bit more aggressive on the prices. At the end of the day, the ambition is clearly to accelerate and increase the customer acquisition. You saw the number. I mean, compared to Q3 2024, we grew the number of new customers on our Bare Metal by 25%. That is precisely the objective of this strategy. We are also preparing for the upgrade of this entry range, the existing servers, on which we have made some adjustments on the pricing. At the end of the day, the focus remains the same. We are very focused and determined to deliver the objective in terms of profitability. These measures do not come with a cost on our profitability. Thanks, Stéphanie. Yes, so on your question on Q3, Q4, as you've seen, we pointed out, I think, during our presentation that indeed we experienced kind of a slight sequential deceleration in our private cloud growth at the end of the quarter. This was linked to, at first, the infrastructure optimization from some of our tech customers in Europe who have faced this macroeconomic uncertainty. It is also this mechanical end-of-price contribution from VMware Broadcom, which was expected. I said that firstly, we had sooner in this quarter, we had anticipated this macro headwind landscape, even if it was not yet visible on the top line in March or April. This is the reason why we have proactively launched action plans to reposition, as Stéphanie just commented, our entry-range prices in our bare metal segment. That was meant to match these changing needs of our customers in this new macro context and also to boost new customer acquisitions. I would say that secondly, also in response to this deceleration trend, we also took actions by launching new private cloud offering, which we call Public VCF as a Service. This is meant to answer and match our customer needs for private cloud. It is very important that you understand that you feel that these action plans have been implemented with a clear focus to maintain our profitability trajectory. Indeed, in this, I would say, uncertain macro, we delivered a 9.9% like-for-like growth in the first nine months of the year. June showed a stable trend versus May, which is still, yes, one week to go. All in all, we will be within our revenue guidance range of 9%-11%. That is why we indeed do reconfirm all of our FY 2025 financial guidance. To your third question on France, Europe, and sovereignty, as you know, we have at OVHcloud a clear positioning strategically on sovereignty for many years. We are, I would say, sovereign by design. We are the cloud champion for sovereignty and sustainability. Indeed, in the past two months, we have seen and created engagement at C-level with companies or institutions, private and public, that we did not meet before. What is interesting is that now these discussions are happening, are ongoing at not only C-level, but now they are moving to sales and tech levels so that we push on what we can do together. I can tell you that two-thirds of the top, for example, French integrators have approached us, and we discussed in the past week at C-level to engage and to accelerate the dynamics with sponsoring at both levels. Another example, I was two months ago in Strasbourg with the top 100 CIOs of the biggest large French companies. For two days, it was all on top of sovereignty and how we move forward to have two European champions that respond to that. Of course, it is still early to give you a precise figure, right, for Q4, but I think the demand has significantly strengthened. The revenues are expected to materialize in the outer quarters, right? Given this is linked to the typical cycle of these projects and customers taking decisions and then migrating to the cloud or switching providers this next time. It is going to take a few more months. We see the ramp-up of certain contracts. We just mentioned also in this presentation that Arcus, for example, in the defense sector, that we negotiated a few months ago. This illustrates that there is a fundamental dynamic, and it shows that it clearly positions ourselves as a solid and credible choice for sovereign cloud in Europe. I hope it answers your questions. Yeah, that's great. I appreciate the detail. Good luck for the final quarter. Thank you. Thank you. Thank you. We will now take our next question from Inés now from BNP Paribas. Please go ahead. Hello, Benjamin and Stéphanie. This is Inés from BNP. I just have two questions. It looks like there was good demand momentum in APAC, particularly in the public cloud solutions. Are new colocation data centers on the potential roadmap in this region or elsewhere, actually? My second question is, I see that the growth in the rest of the world, which includes the U.S., is slightly decelerating in Q3 and that bare metal demand, especially for the higher-range solutions, was kind of impacted in the U.S. Is the deceleration in the rest of the world reflecting the slowdown in the U.S., or is demand momentum sustaining there? Thank you. Okay, I'll take the first, and Stéphanie will answer the second. On the new colocation, in APAC, indeed, there is a high growth there. You know that we have the data centers in Mumbai, Singapore, and Sydney, Australia. We do not intend to open new geographies. The two things that we do there are that, first, as we have done in Paris with the three AZ region, right, with the super resilience, we create that. You know that the next one is Italy. We plan to expand this three AZ model in the rest of the world, including APAC. The second dynamic is indeed our local zones. As you know, we expand our local zones all across the world, also in the largest cities of the world. We have deployed more than 30 of them, and we continue to deploy them also in APAC. Thank you, Inés, for your question. On the rest of the world, the growth, yes, indeed, it's marginally lower than Q2, but what we can say is that, first, you have different base effects for Q2 and Q3. I mean, Q2 in 2024 was quite low for our rest of the world region at 6.9%. You have the strong base effect difference. Also, what we can say in the U.S., I mean, the growth comes a little bit lower than Q2. This being said, it remains very high, and it's our fastest geography within the group. It's still a very dynamic region. Thank you. Thank you. We will now move to our next question from Emmanuel Mathon from ODDO BHF. Please go ahead. Good morning, Benjamin. Good morning, Stéphanie. Three questions for me, please. First, you mentioned a contract with Arcus for your second cloud offer. Was this a contract that required many months of negotiations, or was it done quickly, given the new geopolitical context? Are you the only supplier also of this company for its cloud needs? Second, we are hearing a lot about hyperscalers promoting new sovereign cloud solutions. Are they really secure for European customers, or is it just marketing, in your opinion? My last question, could you remind us your M&A strategy? Because a French newspaper mentioned last week that OVHcloud is well-positioned to buy some assets from Worldline that are not traditional cloud services. Thank you very much. Yes. On your first question, indeed, with Arcus, so indeed, it is defense armored vehicles. These projects indeed take some months to discuss with the customers. As you know, these are section cloud, very secured solutions. This requires indeed discussions with the customer to evaluate every time that you truly answer to the constraints of the customers. Indeed, we see that healthcare, defense, public sector are truly sectors, verticals that we currently see the dynamics. As for the other suppliers, usually, I mean, you know our customers have different options. They still have sometimes some on-prem infrastructure, and they usually also use several suppliers to deliver their services. On your second question on the hyperscalers, indeed, you know that we see that there is a change mindset, right, since the very beginning of the year, I would say, linked to the geopolitical tensions. Indeed, we see some examples recently, even Denmark a few days ago, right, decided to gradually replace hyperscaler solutions with European alternatives. At OVHcloud, we have always embraced that. Our motto is innovation for freedom, so giving the freedom of choice. We commit to support open, responsible, reversible access to technologies for cloud, for AI. That is how we got also the SecNum Cloud qualification, this very high qualification in France, with new offerings that we definitely issued. I think that this is truly, I think, our difference on the market. There is always a question whether the hyperscalers can guarantee indeed or not the fact to be immune to extraterritorial laws, to extra European laws. We always call for transparency of all communication by the competitors on that so that customers understand truly what they are confronted to when they choose their supplier for sovereign offerings. Third, for the M&A strategy, indeed, you know that we have a very clear strategy, which is that we, and we proved it in the past years, we do M&A to accelerate our product roadmaps, very targeted. We acquired five companies in the past years to accelerate our product roadmaps. Also, our strategy is also when we want to open new data centers faster, as you saw in Italy recently with an acquisition. It can be also to expand our portfolio of customers to leverage the cross-sell opportunities. I would say that the main focus is indeed the acceleration of our product roadmaps. Thank you very much. Our next question is from John Valentin Paul from Stifel. Please go ahead. Hi everyone. Do you hear me well? Sorry? Do you hear me well? Sorry. Yes. Yes. Perfect. Thank you. Thank you for taking my question. On the growth territory, bearing in mind that you perceive a profound bargaining shift in 2024, and you have a growing number of discussions with French public entities and public entities at C-level, and finally, bearing in mind that you explicitly mentioned a marked acceleration in your customer acquisition dynamic, should we conclude from this that growth is going to accelerate sharply in the coming quarters? Can we consider the 10% growth target for 2026 to be outdated and too cautious from now on? Do you think this growth target for 2026 is still relevant? If it is still relevant, why, given your narrative? Thank you. Yeah, I think, as I mentioned in my first answer, indeed, there is a dynamic. There is a dynamic indeed of more inquiries, as I mentioned, C-level. I could tell you that also I had in the past weeks many meetings also at the ministry's level in Europe. I mentioned the integrators. We truly see this momentum. Despite that, I think that, as I mentioned, it's going to take some months to come from discussions to projects, qualifications with the teams, and to see it at the strong revenue level. I think to your question on the long-term growth, I think that this is, for us, a long-term growth guideline. This Q3 publication for us, it's not the appropriate time for us to provide the guidance for next year. As you may have understood during already this presentation, I think we are implementing specific action plans that will be approved and mitigate this macroeconomic uncertain environment. Truly today, I mean, we are very much focusing on Q4 execution. Especially, by the way, we have a rigorous budget process that is ongoing for next year. Thank you. We will now move to our next question from Danielle Chaffey from Citi Group. Please go ahead. Hi. Good morning. Thank you for taking the question. I just wanted to come back to the U.S. growth. How I understand U.S. growth is mainly driven by diversification efforts of companies to not only rely on U.S. data center players, especially after events like Liberation Day. Can we expect that U.S. growth will decelerate again into 2026 to some more normalized rate after kind of this fear of those events passes? I think it's very early to say today what would be the outlook for 2026 as for U.S. growth. I think that we have been for many years in the U.S. now, more than 10 years. We have data centers East Coast, West Coast. We have 10 local zones that we also opened in 10 big cities in the U.S. I think we continue to enrich the suite of solutions that's delivered in our data centers in the U.S. Yeah, it's mostly private cloud as of today in the U.S., and we're making some specific efforts to make the public cloud product also available. As of today, it's only a minimum part of our business in the U.S. That is also an area where we should see some acceleration of the growth. Clearly, I mean, our U.S. customers choose OVHcloud for pricing, positioning reasons in most cases. This remains very much valid. I mean, we are very confident on our U.S. business. Okay. Perfect. Just to follow up on this, can I, obviously, it's a bit too early to mention 2026, but just to understand the growth dynamics. In addition to kind of Europe hopefully coming back a little bit more in 2026, there is also a point that US will continue to be resilient, right? This is fair to assume. Yeah. I mean, you know when you look at what is communicated in terms of macro, in terms of IT directors making decisions, it's still very difficult to have a good visibility. So we remain, as of today, very cautious. We're working on 2026 right now, so we're not guiding for 2026 in our Q3 publication, but we're taking all these factors into consideration, and we'll come back in October with our full year guidance. I think we are very action-oriented today, truly executing our delivering the offering, targeting the right project customers. I think that we stick to our momentum and to growth and also cash flow generation. Perfect. Thanks. Thank you. As a reminder, to ask a question, please signal by pressing star one. Now, our next question is from Derric Marcon from Bernstein. Please go ahead. Yeah. Good morning, Benjamin, Stéphanie. I've got four questions. The first one, and it's often about top-line growth. The first one, can you share with us any data point or KPI that you are tracking to measure customer appetite for your solutions? So qualified pipeline, non-qualified pipeline, anything that can help us to understand if customer demand is stable month after month, quarter after quarter, or you see, let's say, an increasing appetite for your customer on existing solutions or the new solutions that you? Second question is about Q4. Sorry to come back on that, but you are talking about predictable growth. If I take your guidance full year, I think you had already the question during the call, but keeping 9-11% organic growth target for the year when you have already closed three quarters means that your guidance for Q4 implies a range of 6-6% at the low end of the range, 14% at the upper end of the range. I was wondering here if you can help us to narrow this range, which seems to me for next quarter a bit very wide, let's say. Third question is on the ramp-up of existing contracts. You mentioned some of them. Can you quantify that? And conversely, can you also quantify the headwind you face at the end of Q3? On your private cloud business, was it meaningful in terms of revenue loss versus your budget? Should we interpret the fact that June is in line with May as something saying that if nothing changes in Q4 versus the end of Q3, this miss will remain versus your budget? My last question is about the level of net retention rate, sorry, so 104%. I was wondering if this number, which is quite low compared to historical level, comes from the fact that existing customers are not yet adopting new products or the churn rate is higher than what we have seen on average in recent years. Thank you. Okay. I'll start with the data points, the NOR. Stéphanie will answer to Q4, and I'll give a flavor also on the ramp-up of contracts. First on the top line. On the top line, you mentioned data points. If I pick one for private cloud, indeed, as you saw, we have implemented the strategic repositioning, as we mentioned, of our entry-range Bare Metal servers. Indeed, we can already see the results because in terms of customer acquisition, it's up 25% year on year, right? We see indeed this impact in terms of customer acquisition. If I look at the retention rate, the NOR, indeed, it's 104% Q3, right? It was 107% H1. We don't guide, as you know, on NOR. In 2020 and 2021, I think we were around 103%, and we have been around 110% in the last year. The evolution of NOR, I think, is mostly linked to what we have seen, what we've been seeing for the last months in our private cloud segment in Europe, especially in those private cloud, meaning that existing customers are optimizing, I think, their cloud infrastructure. This is, to our understanding, connected to this uncertain macro environment. As you see, we take action, right? We take action. We launch specific action plans to boost the acquisition of customers that are looking for these entry-range servers. We are indeed launching VCF as a service offering. We do not see a change in the churn, right? I think we stick to our action plan, and we are not worried by this 104% NOR. On the ramp-up of the contracts, I think that, of course, there are different dynamics. We see some customers, like I mentioned, like Arcus in the defense sector, right, where you have indeed different phases into the project. This is a SecNum Cloud project. We see kind of two, three phases where indeed these contracts, month after month, while enriching, not only consuming more, but also including more with disaster recovery, with SAP offering, etc., these are bringing a true ramp-up into the contract. You have some new contracts, right, for also sovereign cloud. If I can take you an example, Derek, we have a public cloud, or I would say parapublic body that is currently calling for RFP. We are talking typically of EUR 1.5 million per year revenue over eight years, right? This is typically, but this is new. This is the way customers also today are pitching for growing their sovereign offering. This is typically directed as a sovereign offering deal. Maybe Stéphanie on the Q4? Yes. Hi, Derek. Again, just to share with you what we do see as of today, I mean, we have some very strong drivers. I mean, you see that on public cloud, we have strong growth. US remains also very dynamic, also with some optimization, but all in a very dynamic sector. We have also good trends on the sovereign. We have a good acceleration and growth of our SMC offer. Plus, like we said, I mean, we have a good pipeline in terms of requests, RFPs. It does take a bit of time, but I mean, the trends are very good. Private cloud, it's a bit different. I mean, we have some sequential deceleration that we have observed in this Q3. We have the macro uncertainty, and our customers are asking for infrastructure optimization, like Benjamin says. We have also the end of the pricing effect at the end of April from Broadcom. We are losing this driver starting in May. As a result, I mean, we've made those adjustments to the offer, and we've launched a new offer to be very competitive. We've revised slightly the pricing also to accelerate the customer acquisition and to offer also some competitive offer to our customers that are suffering, particularly in Europe. All in, we are making a strong effort to answer to our customers. We have also the new offer in the private cloud. At the end of the day, that's on that basis that we confer on full year guidance. What we do see in June as well, we're still one week to go, but we do a stabilization of the trend compared to May. That's also a good element. Yes, we confirm the full year guidance for our top line, 9%-11%. That is what we can say. We are also, very important for us, confirming our guidance for EBITDA margin around 40% in this context. We also confirm our cash guidance with an unlevered free cash flow that we expect to be above EUR 25 million, so an improvement compared to FY2024. Yeah. Very important that you understand that we continue our cost discipline that we have launched since October. As you know, the focus is mostly on cost and gross margin, but also on G&A. Definitely, we have profitability measures, especially focused on G&A, to ensure that we deliver on profit, on cash, and that is how we maintain the guidance for the full year. I mentioned 25%, EUR 25 million for the base of 2024 base for unlevered free cash flow. Sorry. Thank you. Thank you. It appears there are currently no further questions at this time, but they would like to hand the call back over to OVHcloud management team to conclude today's call. Thank you. Okay. Yes, thank you for these questions, and thank you for attending our Q3 2025 call. I'll wrap up this call to tell you what. First, that our performance in Q3 was indeed resilient. We reached EUR 272 million, EUR 272 million revenue, which is up +9.3% like-for-like growth compared to Q3 last year. In this uncertainty of the macroeconomic environment, we have successfully adapted our positioning in private cloud to meet our customer needs. For example, as we have mentioned, we repositioned our prices for entry-range servers to boost customer acquisition. In parallel, in public cloud, we continue to deliver solid growth by new products and customer acquisition. From a business perspective, we benefited from a strengthening of inquiries for sovereign solutions with new deals that will ramp up in the coming quarters, as for example, as mentioned, Arcus in the defense vertical. In parallel, we have continued to roll out new products across public cloud, especially in artificial intelligence with Data Platform and also with AI Endpoints. We also continued our geographical expansion based on the 3AZ model for high resilience and availability with our new data center opening in Milan. Finally, as planned, we continued our effort to discipline costs. We sustained focus on profitability and cash levers. Based on this trajectory, we confirm our FY2025 targets, like-for-like growth between 9%-11%, an adjusted EBITDA margin of circa 40%, CapEx between 30%-34% of our revenue, and an unlevered free cash flow above EUR 25 million, improving compared to last year. Thank you very much again, and have a great day. Thank you. This concludes today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.