Organic growth of 6.0% in Q1 FY2026, Annual guidance confirmed

Octave Klaba, Chairman and CEO of OVHcloud, said: 
“In the first quarter, we generated over €275 million in revenue, representing organic growth of 6.0%. Thanks to this growth trajectory and our financial discipline, we can confirm all of our FY2026 guidance, including positive free cash flow generation.

During this quarter, we signed new contracts with clients with high security requirements such as LCH, as well as several OPCP contracts. To meet sovereignty demands in Europe, we are also pursuing the expansion of our cloud 3-AZ regions in Europe: following Paris and Milan, Berlin will open in early 2027. In parallel, our partnership with SambaNova aims to improve the performance of AI inference. 

Our supply chain redesign, initiated in 2025, now enables us to keep delivering all our services to our customers, while respecting our investment envelope. We are also continuing to improve the customer experience and support, as well as adopt AI internally to boost productivity.

These initiatives are consolidating the fundamentals built up over many years, enabling us to lead and structure the company towards the new target of €2 billion in revenue.”  

Public Cloud drives growth in the first quarter of FY2026

OVHcloud’s revenue for the first quarter of FY2026 came in at €275.3 million, up 6.0% like for like. This growth was primarily driven by the success of Public Cloud products. 

Existing customers’ spending continued to increase, with the net revenue retention rate reaching 105% (on a like-for-like basis).

In line with previous quarters, the Group has maintained its operating and financial discipline, particularly in terms of controlling general and administrative expenses.

Revenue by product segment

In the first quarter of FY2026, Private Cloud (60.7% of revenue) accounted for €167.2 million, up 4.0% on a like-for-like basis. 

• Bare Metal Cloud benefited from the strategic repositioning of entry-level offerings, leading to an improvement in Starters customer acquisition momentum. First-quarter performance was impacted by the churn of two Corporate customers, due to the evolution of their own product strategies ;

• Hosted Private Cloud is showing first signs of adoption of the new offerings for Starters but continues to be impacted by infrastructure optimisation of Scalers. Corporate performance remained solid, thanks to the roll-out of the Mission Critical and SecNumCloud offerings.

In the first quarter of FY2026, Public Cloud (21.2% of revenue) accounted for €58.2 million, up 15.8% on a like-for-like basis.

• This growth was underpinned by the acquisition of new Starter customers, as well as the proven capacity to upsell and cross-sell products among Scalers and Corporate customers. 

The Web Cloud segment posted revenue of €49.8 million in the first quarter of FY2026 (18.1% of revenue), up 2.3% like for like.

• The competitive price positioning strategy is starting to drive results from Starters customers.

Revenue by region

France accounts for 48% of the Group total and is up 5.1% on a like-for-like basis.  Public Cloud in France continues to deliver solid growth, driven by customer acquisition. In Private Cloud, OVHcloud signed Mission Critical and OPCP contracts. In Webcloud, the new positioning is starting to show first results.

The other European countries account for 29% of the Group total and is up 4.1% on a like-for-like basis.  OVHcloud recorded a satisfactory early start for Public Cloud of the Milan 3AZ region. Private Cloud performance in the region was impacted by the departure of a Corporate customer.

The Rest of the World accounts for 23% of the Group's total and is up 10.5% on a like-for-like basis.  Growth was driven by the encouraging roll-out of Public Cloud in the United States, while Private Cloud growth in the region remained resilient in the first quarter.

Outlook – Confirmation of all FY2026 targets 

OVHcloud confirms all its FY2026 targets:

• Organic revenue growth of between 5% and 7%
• Adjusted EBITDA margin above FY2025 
• Capex representing between 30% and 32% of revenue
• Positive levered free cash flow

Key recent highlights

Acquisition of Seald
OVHcloud announces the acquisition of Seald, an end-to-end encryption solution designed to protect sensitive data in applications, files, messages and databases. The protection provided lasts throughout the data’s life cycle, including when it is in transit, stored or processed by back-end servers.

Mission-critical contract signed with LCH SA 
OVHcloud has signed a contract with LCH SA, a global clearing house based in Paris, to provide secure and scalable cloud capabilities to strengthen the resilience of LCH SA’s services and accelerate their deployment. Certain services will be migrated to a SecNumCloud environment, in compliance with regulatory requirements, supporting LCH SA’s diversified global growth.

New AI infrastructure powered by SambaNova     
With SambaNova, OVHcloud will deploy new accelerators dedicated to reconfigurable dataflow units (RDUs) that provide enhanced computing capacity. This infrastructure will enable users to run ultra-high-performance AI agents.    

Conference call

On Thursday 8 January 2026 at 10 a.m. (CET – Paris), OVHcloud’s management will hold a conference call in English.

Connection links:

• Webcast
• Conference call

After the conference call, a replay of the webcast will be available in the Investor relations section of the OVHcloud website: https://corporate.ovhcloud.com/en-au/investor-relations/financial-results/ 

Calendar

12 February 2026: Combined Annual General Meeting
9 April 2026: H1 FY2026 Results