Information Technology
OVHcloud - FY25 Results
Revenue breaks through the billion euro mark
Adjusted EBITDA margin above 40%, net income and doubling of Unlevered Free Cash Flow
All FY2025 guidance achieved
Appointment of Octave Klaba, founder of OVHcloud, as Chairman and Chief Executive Officer to align vision, strategy, and execution
, Chairman and CEO of OVHcloud, said:
OVHcloud’s Board of Directors reviewed and approved the Group’s consolidated financial statements for the year ended 31 August 2025 at its meeting on 20 October 2025. The audit procedures are in the process of finalisation. The annual consolidated financial statements are available on the website in the Investor Relations section corporate.ovhcloud.com/en-gb/investor-relations/financial-results/.
OVHcloud’s revenue for FY2025 came in at €1,084.6 million, up 9.3% like for like. OVHcloud achieved several key milestones in 2025, with revenue from the Corporate segment exceeding €200 million, Public Cloud (IaaS and PaaS) revenue exceeding €100 million and revenue in the United States also surpassing the €100 million mark.
OVHcloud now has almost 1,200 customers, each generating more than €100,000 in Annual Recurring Revenue (ARR). Moreover, OVHcloud is the leader in the SecNumCloud market, with 24 million in ARR, up 63% year-on-year. Finally, in FY2025, existing customers continued to grow, as reflected in the net revenue retention rate of 105% (on a like-for-like basis).
OVHcloud publishes its revenue by go-to-market segment (the different categories are described in the appendices to this press release). Over the coming quarters, OVHcloud aims to:
In 2025, the (62% of revenue) accounted for €671.6 million, up 8.5% on a like-for-like basis.
In 2025, (20.0% of revenue) accounted for €219.2 million, up 17.5% on a like-for-like basis.
The (18% of revenue) segment posted revenue of €193.8 million in FY2025, up 3.7% like for like.
accounted for 48% of total Group revenue and was up 7.3% on a like-for-like basis. Private Cloud and Public Cloud activities in France grew by 6.5% and 17.1% respectively on a like-for-like basis.
The accounted for 29% of total Group revenue and was up 8.8% on a like-for-like basis. Growth was driven by the momentum in Central and Northern Europe.
The accounted for 23% of total Group revenue and was up 14.3% on a like-for-like basis. Business in the region was lifted by very good momentum in the United States, where CAGR has exceeded 20% between FY2023 and FY2025.
The Group has maintained its operating discipline during FY2025, particularly through controlling general and administrative expenses.
This significant increase in the adjusted EBITDA margin reflects a limited rise in direct costs, and improved operating leverage fuelled by a volume effect.
Operating income includes depreciation, amortisation and impairment expenses of €354.4 million, a decrease as a percentage of revenue compared to FY2024.
This includes a net financial income of - €65.1 million due to the costs associated with setting up the new debt and the increase in interest rates and net debt over the period.
After factoring in a €3.9 million income tax expense, OVHcloud ended FY2025 with net income of €0.4 million, an improvement compared to the €10.3 million net loss recorded for FY2024.
In line with the sharp increase in the Group’s profitability, gross cash flow from operating activities improved to €421.9 million in FY2025.
The change in working capital was slightly positive over FY2025, representing a net cash inflow of €1.0 million.
Capex excluding acquisitions amounted to €361.4 million in FY2025 compared to €343.1 million in FY2024. OVHcloud continued to improve the capital intensity of its infrastructure capex during FY2025 and significantly optimised the management of its components inventory, increasing the availability of assembled servers. With a view to achieving positive levered free cash flow as of FY2026, OVHcloud is continuing its efforts to optimise inventory management.
Capex accounted for 33.3% of revenue in FY2025, and included:
These various factors will generate unlevered free cash flow of €57.6 million in FY2025, up €32.5 million on FY2024.
Improved profitability and capital intensity have led to a significant increase in return on capital employed (ROCE). As set out in the diagram below, ROCE rose by 2.9 points between FY2021 and FY2025. By further optimising its productivity and capital intensity, OVHcloud will continue to increase its ROCE in the coming years.
Consolidated net debt (excluding lease liabilities) at 31 August 2025 was €1,103 million compared to €667 million at 31 August 2024.
At the end of August 2025, all of the Group’s debt was hedged and had an average interest rate of 4.3%, including margins and commission. Debt leverage at 31 August 2025 was 2.7x, in line with the Group’s debt policy.
The Group’s solid financial structure will enable OVHcloud to implement its development plan. The Group's needs are amply covered until 2030, with €242 million in available cash and a levered free cash flow generation trajectory from FY2026.
OVHcloud has the following targets for FY2026:
Octave Klaba has been appointed Chairman and Chief Executive Officer. The Board of Directors, meeting on October 20, decided to adapt its governance structure. It has ended the separation of the roles of Chairman and Chief Executive Officer, which means that Benjamin Revcolevschi's term of office has come to an end. The Board of Directors would like to thank Benjamin Revcolevschi for his commitment and the actions he has taken during this period. On the recommendation of the Nominating Committee, the Board of Directors appointed unanimously Octave Klaba as Chairman and CEO of OVH Group, effective October 20.
With Kubernetes becoming the base of Cloud Native infrastructures, OVHcloud launched Managed Kubernetes Service (MKS) Standard, a managed platform designed to meet the requirements of mission-critical applications in multi-cloud environments. This new Public Cloud offering is now available in the 3-AZ Paris region, and will be rolled out in the 3-AZ Milan region this fall.
Designed to help small and medium-sized businesses, the Public VCF as-a-Service solution makes it easy to modernise VMware deployments so that SMEs can continue to benefit from their VMware investments.
OVHcloud deepens its partnership with Nutanix with NC2. With this solution, customers can now deploy, migrate and operate Nutanix Clusters on OVHcloud’s sovereign infrastructure solutions directly from the Nutanix customer portal, and benefit from unified billing.
On Tuesday 21 October 2025 at 10 a.m. (CEST – Paris), OVHcloud’s management will hold a conference call in English.
Connection links:
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-gb/investor-relations/financial-results/
: Q1 FY2026 Results
: Combined Annual General Meeting
OVHcloud is a global player and the leading European cloud provider operating over 500,000 servers within 44 datacenters across 4 continents to reach 1.6 million customers in over 140 countries. Spearheading a trusted cloud and pioneering a sustainable cloud with the best price-performance ratio, the Group has been leveraging for over 20 years an integrated model that guarantees total control of its value chain: from the design of its servers to the construction and management of its datacenters, including the orchestration of its fiber-optic network. This unique approach enables OVHcloud to independently cover all the uses of its customers so they can seize the benefits of an environmentally conscious model with a frugal use of resources and a carbon footprint reaching the best ratios in the industry. OVHcloud now offers customers the latest-generation solutions combining performance, predictable pricing, and complete data sovereignty to support their unfettered growth.
Appendices
The different segments are determined according to the following criteria:
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.
corresponds to Goodwill, tangible and intangible fixed assets less net working capital requirements after tax.
is calculated at constant exchange rates and constant scope. Scope adjustments correspond to M&A.
The for any period is equal to the percentage calculated by dividing (i) the revenue generated in such period from customers that were present during the same period of the previous year, by (ii) the revenue generated from all customers in that previous year period. When the revenue retention rate exceeds 100%, it means that revenue from 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.
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 from the relevant customer group increases.
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-recurring operating income and expenses").
is equal to recurring EBITDA excluding share-based compensation and expenses resulting from the payment of earn-outs.
(Capex) reflects the capital expenditure needed to maintain the revenue generated during a given period for the following period.
(Capex) represents all capital expenditure other than recurring capital expenditure.
represents cash flows from operating activities minus capital expenditure.
(1) As part of its ongoing process improvement efforts, the Group has refined its analysis of revenue relating to certain public cloud activities.
(2) The recurring EBITDA indicator corresponds to operating income before depreciation, amortisation and other non-recurring operating income and expenses.
1 Compound annual growth rate.
2Recurring capex corresponds to the capital expenditure needed to maintain the revenue generated during a given period for the following period.
3Growth capex represents all capital expenditure other than recurring capex.
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