Slides
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Q1 FY26 Revenue J a n u a r y 8th , 2 0 2 6
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Q1 FY26 – Key highlights Q1 FY26 Revenue 2 Total Revenue LFL1 revenue growth Net RRR2 105%€275.3m +6.0%Key figures Business highlights ✔ Additional Mission Critical deals signed ✔ Continued European expansion answering strong underlying demand for sovereignty ✔ Providing high-performance AI workloads for best-in-class inference Operational initiatives 1. Like-for-like. 2. Net LFL Revenue Retention Rate. ✔ Optimized supply chain securing costs and server availability ✔ Implementation of AI usage to improve productivity and customer experience ✔ Cost discipline with fixed costs base driving operating leverage Confirmed FY26 guidance
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Q1 FY26 Financials 3
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Q1 FY25 (3.8) LFL adjustments (Forex and Public Cloud Adjustments) Q1 FY25 LFL 6.5 Private cloud LFL growth 7.9 Public cloud LFL growth 1.1 Webcloud & Others LFL growth Q1 FY26 263.5 259.7 275.3 Revenue growth driven by Public cloud momentum Q1 FY26 Revenue 4 +6.0% +4.5% +4.0% +15.8% +2.3% Q1 FY26 LFL growth Q1 FY26 reported growth Reported LFL In € million
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Bare Metal Starters: customer acquisition strategy delivers first results Scalers: solid farming performance across existing base Corporate: 2 churns following changes in customers’ product strategy Hosted Private Cloud Starters: new offers showing early adoption; focus on refining the proposal Scalers: ongoing infrastructure optimization Corporate: good acquisition, driven by Mission Critical and SecNumCloud Private Cloud – Strategic repositioning of entry-level offerings to support customer acquisition Q1 FY26 Revenue 5 Key highlightsRevenue €167.2m Q1 FY26 revenue 60.7% % of Q1 FY26 Group revenue +4.0% Q1 FY26 LFL growth
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Public Cloud (IaaS & PaaS) Starters: growth fueled by new customer acquisition Scalers: strong farming thanks to a large product portfolio Corporate: good performance; some features needed to unlock full potential Entry-range offerings (VPS and SaaS) Starters: high VPS demand, requiring additional supply capacities Public Cloud – Double-digit LFL growth driven by customer acquisition and farming Q1 FY26 Revenue 6 Key highlightsRevenue €58.2m Q1 FY26 revenue 21.2% % of Q1 FY26 Group revenue +15.8% Q1 FY26 LFL growth
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Webcloud Starters: competitive price positioning shows first results Scalers: dedicated partner program, especially for web agencies Webcloud Q1 LFL revenue growth (excl. Telephony and Connectivity): +5.5% Webcloud – Single digit growth and ongoing improvements Q1 FY26 Revenue 7 Key highlightsRevenue €49.8m Q1 FY26 revenue 18.1% % of Q1 FY26 Group revenue +2.3% Q1 FY26 LFL growth
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Double digit growth in the Rest of the World 8Q1 FY26 Revenue France Europe (excl. France) Rest of World48% 29% 23% X% % of Q1 FY26 Group revenue Public cloud: satisfactory early start of Milan 3AZ Private cloud: churn following changes in customer’ product strategy Public cloud: encouraging roll-out of Public cloud products in the US Private cloud: resilient underlying growth Public cloud: growth fueled by new customer acquisition Private cloud: signing of Mission Critical and OPCP deals Webcloud: new positioning shows first results €133.9m Q1 FY26 revenue +5.1% Q1 FY26 LFL growth €79.3m Q1 FY26 revenue +4.1% Q1 FY26 LFL growth €62.1m Q1 FY26 revenue +10.5% Q1 FY26 LFL growth
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Outlook 9
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FY2026 Guidance Q1 FY26 Revenue 10 LFL Revenue growth +5-7% Adjusted EBITDA margin Above FY25 Capex (as a % of revenue) 30-32% Levered Free Cash Flow Positive Cash generative and profitable growth with disciplined capex policy FY2026 Guidance1 1. Based on a EUR/USD exchange rate assumption of 1.18.
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Q&A 11
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Key takeaways Q1 FY26 Revenue 12 Q1 FY26 Highlights Operational initiatives for cash generative growth Confirmed FY26 Guidance ✔ €275m revenue, +6.0% LFL revenue growth ✔ Additional Mission Critical deals signed ✔ Continued European expansion answering strong underlying demand for sovereignty ✔ Optimized supply chain securing cost and server availability ✔ Implementation of AI usage to improve productivity and customer experience ✔ Disciplined fixed cost structure, driving operating leverage ✔ LFL revenue growth +5-7% ✔ Adj. EBITDA margin above FY25 ✔ Capex between 30-32% as a % of revenue ✔ Positive Levered FCF
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Appendices 13
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Forward looking statement Important notice The following applies to this document, the oral presentation of the information contained in this document made by OVHcloud (the “Company”) or any person on behalf of the Company and any question-and-answer session that follows the oral presentation. This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviors. Any forward-looking statements made in this document are statements about OVHcloud’s beliefs and expectations as of the date of this presentation and should be evaluated as such. Forward-looking statements include statements that may relate to OVHcloud’s plans, objectives, strategies, goals, future events,future revenue or performance, and other information that is not historical information. Actual events or results may differ from those presented in this document due to a number of risks and uncertainties, including those described in the 2025 Universal Registration Document, filed with the French Financial Markets Authority (Autorité des marchés financiers - AMF) on November 7, 2025 under the number D.25-0717 and/or in any future updates, amendments thereof or future Universal Registration Document. All amounts are presented in € million. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables. OVHcloud does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law. This document is disseminated for information purposes only and does not constitute an offer to purchase or sell, or a solicitation of an offer to sell or to purchase, any securities in any jurisdiction. Q1 FY26 Revenue 14
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Glossary Q1 FY26 Revenue 15 Like-for-like is calculated at constant exchange rates, constant scope and excluding Strasbourg (SBG) direct impacts. Scope adjustments correspond to M&A. ROCE (return on capital employed) is calculated by dividing adjusted EBITDA after depreciation, amortisation and impairment and tax for the current financial year by capital employed for the previous year. Capital employed corresponds to goodwill, other intangible assets and property, plant and equipment minus net working capital after taxes. The net revenue retention rate for any period is equal to the percentage calculated by dividing (i) the revenue generated in such period with customers that were present during the same period of the previous year, by (ii) the revenue generated with all customers in that previous year. When the revenue retention rate exceeds 100%, it means that revenue with the relevant customers increased from the relevant period in the previous year to the same period in the current year, in excess of the revenue lost due to churn. ARPAC (average revenue per active customer) represents the revenue recorded in a given period from a given customer group, divided by the average number of customers from that group in that period (the average number of customers is determined on the same basis as in determining net customer acquisitions). ARPAC increases as customers in a given group spend more on OVHcloud services. It can also increase due to a change in mix, as an increase (or decrease) in the proportion of high-spending customers would increase (or decrease) ARPAC, irrespective of whether total revenue with the relevant customer group increases. Recurring EBITDA is equal to revenue less the sum of personnel costs and other operating expenses (and excluding depreciation and amortisation charges, as well as items that are classified as “other non-current operating income and expenses”). Adjusted EBITDA is equal to recurring EBITDA excluding share-based compensation and expenses resulting from the payment of earn-outs from from adjusted EBITDA. Recurring Capital Expenditure (Capex) reflects the capital expenditure needed to maintain the revenue generated during a given period for the following period. Growth Capital Expenditure (Capex) represents all capital expenditure other than recurring capital expenditure. Return on Growth Capital Expenditure (Capex) is calculated by dividing the difference between operating free cash flow less recurring capital expenditure for the current year and the previous year, by growth capital expenditure of the previous year. Unlevered free cash-flow represents cash flows from operating activities minus capital expenditure. Starters: customers with a digital channel and less than €25,000 in ARR (annual recurring revenue). Scalers: customers with a digital channel and more than €25,000 in ARR (annual recurring revenue). Corporate: customers with either a direct sales strategy, via calls for tender or the OVHcloud sales team, or an indirect sales strategy, via specialised partners.
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In € million – by geography Q1 FY2025 Reported Q1 FY2026 Reported France 127.1 133.9 Europe (excl. France) 76.7 79.3 Rest of the World 59.7 62.1 Total Revenue 263.5 275.3 Growth in % – by geography Q1 FY2026 LFL Q1 FY2026 Reported France +5.1% +5.3% Europe (excl. France) +4.1% +3.3% Rest of the World +10.5% +4.0% Total Revenue +6.0% +4.5% Revenue by segment and geography In € million – by segment Q1 FY2025 Reported Q1 FY2026 Reported Private cloud 164.5 167.2 Public cloud 50.3 58.2 Webcloud 48.8 49.8 Total Revenue 263.5 275.3 Growth in % – by segment Q1 FY2026 LFL Q1 FY2026 Reported Private cloud +4.0% +1.7% Public cloud +15.8% +15.7% Webcloud +2.3% +2.2% Total Revenue +6.0% +4.5% By segment By geography Q1 FY26 Revenue
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Reconciliation reported & like-for-like Q1 FY26 Revenue 17 In € million Q1 FY25 Reported FX impacts Scope impacts Public Cloud Adjustments Q1 FY25 LFL Private Cloud 164.5 (3.7) 0.0 0.0 160.7 Public Cloud 50.3 (0.6) 0.0 0.6 50.3 Webcloud 48.8 (0.0) 0.0 0.0 48.8 Total revenue 263.5 (4.4) 0.0 0.6 259.7 By segment By geography In € million Q1 FY25 Reported FX impacts Scope impacts Public Cloud Adjustments Q1 FY25 LFL France 127.1 0.0 0.0 0.3 127.3 Europe (excl. France) 76.7 (0.7) 0.0 0.1 76.2 Rest of the World 59.7 (3.7) 0.0 0.2 56.2 Total revenue 263.5 (4.4) 0.0 0.6 259.7