Hello, everybody. I'm Octave Klaba, Chairman and CEO of OVHcloud. Thanks for joining us today. Let me start with the key highlights of our Q3 FY 2026 on slide two. This quarter, we generated EUR 290 million in revenue. We had a 9.6% of growth. Net retention, 102%. On the revenue for nine months year- to- date, EUR 845 million, 6% of revenue like- for- like, we confirm all guidelines for FY 2026. Some business highlights. We were selected for the European Commission deal with consortium. Very happy to be part of this journey. Also, we continue to refresh and to upgrade our intro level offers like VPS 2027, Domain Names 2027, Web Hosting 2027, to continue to acquire and to be really aggressive on the acquisition of the new customers. Another point is acquisition of Gladia, AI company speech-to-text, the STT. The goal is to continue to build up our sovereign and multimodal AI for our customers. The last one, we launched the preview of OVHai Workspace during the Data Tech. That is open and collaborative agentic AI platform. On the operational side, we finished organization on the corporate. We have right now the new team in place with Bruno. We have the team in the different countries. Really happy to have done that. We still have the different things to finish on the Digital Cloud and Web Cloud. That will be done in the next weeks. On the Q3, we had, of course, that anticipated increase of the CapEx. It was fully anticipated. We don't have the main impact on the CapEx because we've been working very well last quarters. To avoid the bad news on the CapEx on the Q3. This will be also on the Q4. Of course, strict financial discipline to maintain our cost and focus on the cash generation. Stéphanie will now talk about our financials. Thank you, Octave. Hello, everyone. This is Stéphanie speaking. As Octave said, in Q3, we delivered a like-for-like growth of 6.9%, a clear acceleration compared with our H1. This was driven by first, on Public Cloud, we are up 20.2% like- for- like, back above 20%, the main driver of our growth, adding EUR 11.1 billion to our revenue. Second, on Private Cloud, we are up 4% like- for- like, contributing EUR 6.6 million. Last, with Cloud and others, we are up 2% like- for- like. On a reported basis, our growth stood at 6.5%. Now we turn to slide five for a deep dive on each of our business segments. We start with Private Cloud. We are now slide five. Private Cloud includes, as you remember, Bare Metal Cloud and Hosted Private Cloud. In Q3, Private Cloud reached EUR 174 million in revenue, representing around 60% of group revenue and growing 4% like-for-like. Over nine months now, it stands at EUR 511 million, and we are up 3.6% like-for-like. On Bare Metal, we continue to benefit from the repositioning of our entry range offers. Our customer acquisition on starter keeps accelerating, a direct payoff from the new entry-level positioning we took. On Scalers and Corporate, we keep seeing sustained upselling across our existing customer base. On Hosted Private Cloud now, the Corporate segment is growing, supported by the ramp-up of strategic deals. This momentum is offsetting an infrastructure optimizing movement as some customers right-size an environment or churn impacted by Broadcom's price increases. On product side, we launched our new high-end hardware for Managed VMware. It is designed to support the most critical workloads. We move to the next slide. We are on Public Cloud. Public Cloud clearly is a standout performer this quarter. In Q3, Public Cloud reached EUR 66 million in revenue, around 22% of total group revenue, and grew 22.2% like-for-like. Like I said, we are back above 20% for the first time since Q4 2023. Over nine months, it stands at EUR 184 million, up 16.9% like-for-like. On the solutions now. For starters, we see solid new customer acquisition, and for scales and Corporate, we have strong upsells driven by the breadth of our portfolio of products and the traction of our 3 AZ regions in Paris and Milan. On entry range offerings and notably on VPS. For starters, our customer acquisition remains exceptionally strong, supported by the offer renewal despite supply constraints. Let us now turn to WebCloud. We are on slide seven. In Q3, WebCloud delivered EUR 50 million in revenue, representing around 17% of group revenue and growing 2% like-for-like. Excluding telephony and connectivity, our legacy segments growth reached 5% like-for-like. Over nine months, WebCloud stands at EUR 150 million, up 2.2% like-for-like. This quarter, we took a first step in the redesign of our offering. We launched our new web hosting offers, and we have now migrated our entire customer base on these new plans. We also enriched the range of new high-value offering, namely managed hosting for WordPress and OVHcloud Video Center, as we move the WebCloud business model up the value chain. Finally, in terms of dynamics, customer acquisition accelerated on the back of our offensive sales strategy, led by strong momentum in the domain name segment. I will take you through our geographic performance on slide eight. We start with France on the left. France represents 48% of our revenue and grew 5.8% like-for-like in Q3. It is a slight sequential improvement versus the first half. Public Cloud growth accelerates above 20%. We saw it. It is supported, again, by the ramp-up of the Paris 3 AZ region. Private Cloud shows positive early returns from the Bare Metal entry range repositioning, and WebCloud delivers a resilient performance underpinned by support services and the resilience of the domain names business. Moving to Europe, excluding France in the middle of the slide, it represents 29% of revenue and grew 7.4% like-for-like in Q3. Growth rebounds sharply, more than double the rate of the first half, driven by accelerating Public Cloud momentum, while Private Cloud delivers steady growth on the back of our price-performance repositioning. Finally, rest of world, which represents 23% of revenue and grew 8.6% like-for-like in Q3. Growth is led by the ongoing build-out of Public Cloud and by the resilience of Private Cloud across the region. I will now hand over to Octave for the final slide on the outlook. Sorry. Thank you, Stéphanie. We confirm all the guidelines for FY 2026. Like-for-like growth of revenue between five and seven. It will be closer to seven than five. Adjusted EBITDA, more than FY 2025. Adjusted CapEx, keep in mind, this is adjusted CapEx, 33% and 35%. Then, of course, levered free cash flow will be positive. We are now ready for the questions if you have any. If you wish to ask a question, please dial pound key five on your telephone keypad or press the blue hand icon. The next question comes from Emmanuel Matot from Oddo BHF. Please go ahead. Hello, Octave. Hello, Stéphanie. Emmanuel Matot from Oddo BHF. Thank you for taking my questions. First, you are clearly ramping up your AI thoughts with an ambition to develop LLMs, if I understand well your comments from the VivaTech conference last week. Do you have the resources to become truly competitive in this market, and isn't it too late for you? Do you plan also to maintain a net debt maybe a ratio below 3x? Second question, since you took the role of CEO, Octave, it was in October last year. What remains to be done at OVH to turn the situation around and for you to feel comfortable discussing a roadmap with us during an Investor Day? My last question, maybe for Stéphanie, where do we stand on price increases to offset the surge in memory component costs? Are your main competitor all doing the same? What is the additional contribution of these price increases to your revenue growth this year? Thank you very much. Thank you, Emmanuel. On AI, yes, we announced different things. This is a Q3. Also as for the Q1, we want to just talk about the numbers. It's a good question because we started to talk a little bit more about the AI and our strategy. You will discover in the next month, in the quarters, where we go and what we want to build. We are going in the direction of building up our teams and to be able to deliver in the same time the investment, but it's also profitable growth. The question is, AI, it's too late for us? No, definitely not. Okay, we are in the game because you have the investment that is quite lower right now to invest in the AI, so it's 8x, 10x less expensive. You have more teams available on the market. You have a lot of papers with the researches on the market. You can create scientific data. It's so easier to go in this market four years after. The market is not done in Europe. We are still looking for the sovereignty in this market. The current players, they are not good. We think that we can be good in our, let's say, the vertical that is cloud. Everything that we need, for example, code, we need securities, we need the defense, we need to manage the infrastructure at scale. All these things, our customers, they want that. It's so aligned between what we have, data, internal data, not customer data, but internal data, because we manage so large infrastructure with so many internal data that we can use in the AI. Once we have this, and we have more productivity, of course, internally, we can develop faster, we can have more securities, we can go in the less OpEx. Also all these tools that we will love to use, our customers will love to use also. We want to offer them what we need internally. This is one of the purpose where we go and why it makes totally sense for us to go for that and to making money. Of course, in this AI world, the investment, they are very high. A lot of people talking about the investment, not so many talking about the revenue. This is where we want to show, demonstrate that you can have the revenue, you can generate the revenue, and all the revenue can flow the investment. Not just putting the money on the table and then hoping that you will transform that in the revenue. This is on the AI. On the debt, for me, three, it's a red line. Okay. We don't want to go above more than three. Our goal is to keep that less than three, because it's what I've done for 27 years more, and this is where we will be. The second question, I didn't get. Sorry. What remains to be done at this stage? On our side, for the first year, what still remains, we need to finish on the Web Cloud, Digital Cloud starters, scalers, organization. This is exactly what we do today. Once it's done, there was few things on the communication that we need to upgrade, because as you probably mentioned, there was lot of discussions about sovereignty, and I'm not happy how we are taking part of all the discussions. We are upgrading right now that. Then I think we will be ready to go. There's a lot of things, they are ongoing. We didn't even start talking because we started working on the step-ahead products, step-ahead services, step-ahead features that we will release in the next weeks, months, quarters that I hope that it will make difference. [And on]? Yes. On pricing, Emmanuel first. You know we live an exceptional situation. As of today, we estimate that the cost of the memories have been 6x. We count in the last 12 months. We consider that it will be 9x in September. We have massive price increase on the disk, and now we are hearing inflation potential on the CPUs. What we've done, as you know, first, we have front-loaded our purchasing. We've front-loaded the CapEx for 2026, front-loaded the CapEx for 2027. We disclosed it in H1, we've made some savings. Second, yes, we've increased the prices. We've been very transparent on that topic with our customers. We've decided to increase the prices, and we've implemented these increases in April and May. We're comfortable for now with this level of price increases. The impact on the growth over the nine first months is not significant. It's below 0.5%. Clearly for us, the key question is, yes, the right price and also the supply. We have also, on top of being careful in the purchasing, we've secured the supply, and that's also something that is very important in the sector right now. Now, and Octave, you've communicated on it yesterday night, we are going to prepare September. We are working on additional price increase in the given context. There is no need to accelerate massively right now as the price increase is on the back of what we've done so far. We are preparing and getting ready for September 26th, and we give more detail to our customers first in the next weeks. Yeah, it's really important that we need to focus on the customers because the increases of the prices that we have in mind are very important. We want first to communicate with our customers first, and then with the market. Thank you very much. Thank you. As a reminder, if you wish to ask a question, please dial pound key five on your telephone keypad or press the blue hand icon. No more questions? Thank you for your questions. I hand the conference back to the OVH management for any closing comments. Perfect. Thank you very much for being with us today. Just key takeaways, highlights. We generated EUR 290 million, 9.69% like-for-like. Public Cloud is growing faster, really accelerating faster with 20%. We were selected for the European Commission. Our AI lab that we continue to build up with Gladia, end preview of OVHai Workspace. We finished our corporation organization. No issue on the anticipated CapEx, and we are very strict on the financial discipline. On the guidelines, we confirm all the numbers without any changing. Like- for- like, 9.5%-9.7%. Adjusted EBITDA more than FY 2025. Adjusted CapEx, 33% and 35%, and positive free cash flow this year. Thank you very much and have a good day. Thank you
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