Slides
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October 20th, 2026 1 FY26 Annual Results
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FY26 Results 2 Octave KLABA Founder, Chairman and CEO
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FY26 Results 3 Delivered on our commitments Growth accelerating ExecutionAssets Growth
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4 2026 Key Highlights – Strong delivery, focus on value creation Operational milestones ✓ Re-targeted customer approach ✓ Successful frontloaded CAPEX strategy ✓ Pricing passthrough ✓ Enhanced AI strategy, bolt-on acquisitions FY26 guidance delivered +7.2% LFL revenue growth Adj. EBITDA margin Capex (as a % of revenue) Levered FCF 42% 32.6% excl. frontloaded 2027 capex €24.7m Strict financial discipline ✓ Strong adj. EBITDA growth ✓ Capex and OPEX productivity ✓ Secured Hardware components’ supply ✓ FCF generation and higher ROCE FY26 Results
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Assets - Ready for growth 5 Datacenters 250 MW Capacity 140 MW Contracted Supply continuity Mutualised pass-through Inventory optimization Servers 1 2 3 110 MW Available Assets FY26 Results
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Execution - Sales reorganization driving H2 rebound +4% growth (H2 vs H1 2026)Digital starters Growing customer acquisition Digital scalers Focus on specialized verticals +8% growth (H2 vs H1 2026) Corporates Strong upselling +7% growth (H2 vs H1 2026) Segment reorganization... ...delivering achievements 6 Next steps Support · User eXperience · Tools · Brand Execution FY26 Results
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Token aaS Train & Finetune GPU in Datacenters AI for SaaS OVHai Workspace Gladia acquisition Dragon LLM acquisition 7 OVHcloud Private Cloud Public Cloud Web Cloud Seald acquisition Next-gen GPUs Growth GPU secured OVH AI Summit November 19th, 2026 Opportunistic M&A PaaS for AI Growth - AI vision: a journey under way FY26 Results
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FY26 Results 8 Julien Rabette Interim CFO
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FY26 Business highlights 9
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Back in shape, building momentum 0.7% 0.8% 0.8% 0.7% 1.2% 0.9% 1.1% 0,9% 1.0% 1.4% 1.6% 2.0% 10 13% 10% 6% 10% 10% 5% 9% 9% 7% 11% 8% 11% 2024 FY 2025 FY 2026 Q1 2026 Q2 2026 (Like-for-Like) (Monthly sequential evolution in FY261) Q3 2026 Q4 2026Q1 Q2 Q3 Q4 Group Revenue Customers volume FY26 Results 1. Excluding US customers
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Accelerating sequential growth over the period 11 Year-on-year quarterly Digital Starters Digital Scalers Corporates up +5.4% FY2026 up +12.4% FY2026 up +2.6% FY 2026 127 129 130 129 132 134 134 135 137 139 143 145 Q1 Q2 Q3 Q4 FY2024 FY2025 FY2026 62 65 68 7275 78 81 8685 88 91 96 Q1 Q2 Q3 Q4 FY2024 FY2025 FY2026 46 48 49 51 ~53 54 54 55 53 ~54 55 60 Q1 Q2 Q3 Q4 FY2024 FY2025 FY2026 €m €m €m FY26 Results
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Private Cloud – Repositioned entry-level range to boost acquisition 12 Q4 FY26 +7.1% LfL FY26 up +4.5% LfL % FY26 Group Revenue Revenue €179.8m €690.4m 60.3% Key highlights Consolidated European Leadership Sound rebound in Bare Metal growth Business stepping-up in France & Northern Europe FY26 Results MRR – Private Cloud€m FY25 FY26
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Public Cloud – the group’s growth engine 13 Q4 FY26 +24.3% LfL FY26 +18.9% LfL % FY26 Group Revenue Revenue €70.9m €255.1m 22.3% Key highlights Product portfolio depth 3AZ regions catching corporates traction Corporates powered by new contracts like ESA in Europe FY26 Results FY25 FY26 €m FY25 FY26 MRR – Public Cloud
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Webcloud – Sound growth, ongoing improvements FY26 Results 14 Q4 FY26 +6.0% LfL FY26 +3.2% LfL % FY26 Group Revenue Revenue €49.7m €199.7m 17.4% Key highlights Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug FY25 FY26 Competitive model and affordable entry price Accelerated Customer Acquisition Domain name boosted by AI demand Domain Names - Volume
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FY26 Financials 15
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16FY26 Results Top-line growth above guidance, strongly accelerating down the P&L Revenue 1,145.11,084.6 +5.6% +7.2% LfL In € million FY26FY25 Var. FY26 vs FY25 reported EBIT In % of revenue 77.8 6.8% 69.4 6.4% +12.1% Gross margin In % of revenue 770.2 67.3% 709.0 65.4% +8.6% Adj. EBITDA In % of revenue 480.5 42.0% 437.8 40.4% +9.7% Net income 9.40.4 n/s Improving profitability Operational excellence
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EBITDA Margin FY 2025 COGS Operating cost Sales & Marketing cost G&A cost FX effect Others EBITDA Margin FY 2026 Productivity at all levels, EBITDA margin up +160bps… 17 0.4% 0.7% 0.4% (0.2%) 42.0% 0.4% FY26 Results (0.2%) 40,4%
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480.5 15.1 (8.5) 1.6 (422.4) (39.3) Adjusted EBITDA Change in WCR Cash taxes Others items¹ Capex FY27 capex brought fwd² Interest paid Lease repayments Levered FCF (51.8) 24.7 …driving positive levered FCF… FY26 Results 18 2027 prefinanced capex 49.5 (49.5) First-ever positive Levered Free Cash Flow since IPO 1. Cash-settled share-based compensation and earn-outs, non-recurring items, provisions, realised FX and other financing activities 2. €49.5m of FY27 component purchases paid in FY26, financed by dedicated debt and neutralised in FCF per OVHcloud definition
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…although significant growth in capex after tactical 2027 anticipation 191. Excl. c.€50m of FY27 component purchases 2. 36.9% - €422.4m including €49.5m anticipated 2027 components purchases FY26In % of revenue FY25 Others €7m €6m Hardware (servers) 21% €231m 21.1%1 €242m Infrastructure and Network 5% €51m 4.6% €53m Product and Software 7% €72m 6.3% €72m Total €361.4m €372.9m 33% 32.6%² FY26 Results More network projects Lower infrastructure Strict discipline on CAPEX
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Strong balance sheet No major event before FY2030 Financing secured until FY30, available liquidity 20 Bond Green loan EIB credit facility Undrawn multi-purpose facility Main debt : 17 33 33 33 33 33 17 450 500 200 0 250 500 750 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 1. Cash and cash equivalents for €55m and undrawn multi-purpose facility for €200m. 2. Leverage ratio definition has been updated to take IFRS16 lease into account. Would have been 2,6x at previous definition. €1,157m BB- (S&P) Ba3 (Moody’s) €255m1 Net debt FY26 Liquidity 4.4% Cost of debt FY26 Results Ratings 2,7x Leverage ratio²
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Indisputable improvement in Return on Capital 21 Capacity to grow New North Star : ROCE Investments paying off 0.6% FY23 3.3% FY24 7.1% FY25 7.7% FY26 4.2% FY21 3.7% FY22 +60bps FY26 Results
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FY26 Results 22 Octave KLABA Founder, Chairman and CEO
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Outlook 23
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Accelerating growth and value 24 Revenue Growth LfL Above 10% Adjusted EBITDA margin Above 42.5% Levered Free Cash Flow Positive ROCE Above 9% Leverage ratio1 Below 2.7x FY2027 Guidance At Forex rates as of 30/09/2026 1. Leverage ratio definition has been updated to take IFRS16 lease into account FY26 Results
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FY26 Results ✔ Revenue growth >10% LfL ✔ Positive levered FCF ✔ ROCE 2027 above 9% ✔ FY26 guidance fully delivered ✔ Sound incremental top- line flow-through EBITDA ✔ First-ever positive levered FCF since IPO at €25m ✔ Retargeted customer approach ✔ Full supply continuity ✔ Enhance AI strategy Key takeaways 25 Foundations rebuilt 1. At Forex rates as of 30/09/2026 Momentum restored cash breakthrough FY27 Scaling up for cash and value1
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Q&A 26
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Appendix 27
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A 70%+ of incremental revenue flowing through EBITDA… €1,145m Sales FY 2026 €1,085m Sales FY 2025 Sales increase • +7.2% LfL • +5.6% reported €481m EBITDA FY 2026 €437.8m EBITDA FY 2025 Adj. EBITDA increase • +10% reported • >70% of Incremental revenue flowing through EBITDA 28 + €60.5m + €43.4m ✓ Sales up +7.2% LFL in 2026 ✓ Double-digit revenue growth expected in FY27 ✓ EBITDA Growth in 2026 outpaced revenue, reflecting the value creation ✓ Regular level Incremental revenue flowing through EBITDA is expecting to be c.50% 71% of margin for new sales FY26 Results
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FY26 Results Public Cloud: growth above +20%, and US traction Private Cloud: early gains from entry-range repositioning → Public Cloud: strong momentum, notably in Southern Europe → Bare Metal: acceleration on both sub-clusters — Southern Europe +10.0%, Northern Europe +12.5% → Public Cloud: accelerating strongly led by the Paris 3-AZ ramp-up → Bare Metal: steady, mature growth on the historical core market Stronger Q4: +10.5% like-for-like 29 France 1. At Forex rates as of 30/09/2026 Europe (excl. France) Rest of World48% €142.0m +8.3% LfL €550.6m +6.0% LfL Q4 FY26 Revenue FY26 Revenue €87.7m +11.0% LfL €333m +6.4% LfL Q4 FY26 Revenue FY26 Revenue 29% 23% €70.6m +14.7% LfL €261.6m +10.7% LfL Q4 FY26 Revenue FY26 Revenue