Good morning, everybody. I'm Octave Klaba, Chairman and CEO of OVHcloud.

Thank you very much to be with us today for our Q1 FY 2026 revenue conference call, and we would like to wish you a very happy new year 2026. Let's start with slide 2 for our key highlights of the Q1 2026.

As we announced, we generated €275 million in revenue. We made 6% of growth like-for-like, and we have a solid retention rate of about 105%.

With these Q1 FY 2026 figures, we unchanged financial discipline. We can confirm our FY 2026 guidance, including free cash flow positive generation.

Regarding to our business highlights, first is, we signed additional mission-critical deals. We announced the LCH, but also we signed several contracts on our offer OPCP, on-prem cloud platform.

We continue to expand our presence to meet sovereign demand. After Paris and Milano, we announced deployment in Berlin that will be open early in 2027.

We been working on providing high-performance AI workload. We partner with SambaNova to provide high-performance AI workload dedicated for large-scale inference.

If we talk about operational initiatives, of course, we redesigned early in 2025 our supply chain that allows us today to deliver our services to our customers and, at the same time, respect our investment envelope budgets. The second, we started to implement and we accelerate implementation of AI usage internally to boost our productivity in the different areas, different departments.

We focus a lot on the user experience, on the website, on the support, on the billing improvement specifically for the digital starters. The last one, it's that we didn't change any discipline on cost.

We really focus on the cost. We really have this model of the fixed cost that will allow us to really have this protection on our margins.

I will let Stéphanie to talk about more details about financial results.

Thank you, Octave, and hello, everyone. This is Stéphanie speaking.

Thanks for being with us and, of course, Happy New Year to everyone. As Octave said at the beginning, during this Q1 2026, we delivered a like-for-like growth of 6%.

This was driven by, first, Private Cloud up 4% like-for-like; second, our Public Cloud segment, very dynamic, up 15.8% like-for-like and which is the first contributor to our growth; and third, Web Cloud up 2.3% like-for-like. Let me now turn to slide 5.

We'll do a deep dive on each of our business segments. First, in the Private Cloud, which includes Bare Metal Cloud and Hosted Private Cloud, we delivered €167 million in revenue in Q1, which represents 61% of the group's revenue.

As highlighted on the right-hand side of the slide, in Bare Metal Cloud, for starters, our customer acquisition strategy is delivering its first results with an increase in number of customers. For scalers, now we delivered a solid growth from existing customers, which demonstrate our capacity to upsell and cross-sell our customer base.

For Corporate, we are impacted by the churn of two customers that decided to re-internalize their infrastructure. On Hosted Private Cloud business now, we are seeing early adoption of our new offers from starters.

We are now focusing on finding the right price positioning to further accelerate. Scalers continue to optimize their infrastructure, and Corporate kept on delivering a good performance driven by the demand for sovereign offerings in Europe.

Now we move to the next slide. We'll talk about Public Cloud.

In Q1 2026, our Public Cloud segment reached €58 million in revenue. It represents 21% of total revenue, and it grew by 15.8% like-for-like.

In our Public Cloud core business, which means IaaS and PaaS solutions, we benefited from a solid starters customer acquisition supported by the ongoing upgrade of our website, our manager, our customer onboarding process, and support. Scalers also grew significantly, driven by a strong farming thanks to our product cross-sell capacity.

For Corporate, we had a decent start to the year, even if we still need some additional features to fully unlock the segment potential. In addition, the rollout of Public Cloud in our 3AZ regions is boosting cross-sell opportunities.

It attracts new customer that are seduced by our mission-critical offerings. Finally, regarding our entry-range offers, VPS, it's back to high single-digit growth this quarter and supported by the launch of a new range requiring additional supply capacities.

We move to the Web Cloud segment now on slide 7. The Web Cloud segment reached close to €50 million in revenue, 18% of total group revenue, and it grew by 2.3% like-for-like.

If we exclude our legacy subsegment, Telephony and Connectivity, growth reached 5.5%. The performance is driven by the first results of our new competitive positioning for starters, and again, we are working on improving the customer experience to improve the growth of the segment.

Regarding scalers, we are implementing a dedicated partner program tailored for web agencies to make sure they have a seamless experience and can grow at OVHcloud. Looking at our geographical split now on slide 8.

In France, revenue grew by 5.1%. Public Cloud delivered a strong double-digit like-for-like growth driven by good customer acquisition.

In Private Cloud, we signed mission-critical and OPCP contracts, and in Web Cloud, the new positioning is starting to show first results. Let's now look at our international sales, which account for 52% of our revenue.

First, in the rest of Europe, growth reached 4.1% like-for-like. We recorded a satisfactory early start for Public Cloud of the Milan 3AZ region, and Private Cloud performance was impacted, on the other side, by the departure of a corporate customer.

In the rest of the world, Q1 like-for-like growth is 10.5%. The growth was driven by the encouraging rollout of Public Cloud in the United States, while Private Cloud growth in the region remained resilient in the first quarter.

I will now hand over to Octave for the final slide on the outlook.

Thank you, Stéphanie. Let me confirm our guidelines for FY 2026.

We expect to have this like-for-like revenue between 5% and 7%, adjusted EBITDA margin above FY 2025, CapEx part of the revenue 30% to 32%, and, of course, unleveraged free cash flow positive. Now we are open to the questions that you probably have.

Yes.

Yes. Hey.

Sorry, morning, Octave, morning, Stéphanie. Happy New Year.

I've got a couple of big picture questions if I can. Firstly, I guess we've seen increases in memory and other component pricing in recent months.

Can you talk a little bit about that strategy you have to mitigate those factors as you go through the rest of FY 2026, both in terms of procurement and maybe in terms of eventually passing on some of that through to pricing? Then secondly, through last year, there was increasing discussions around the EU's early-stage plans to help fund the creation of AI gigafactories across Europe.

I'm not sure we've discussed this topic previously, it's a pretty simple question. I guess, how do you think about that topic, and is that an opportunity you have any interest in potentially participating in should maybe France or some other adjacent country be granted one?

Thank you.

On the first question about the CapEx. As there was a global memory and the disk supply chain is under pressure.

One year ago, we knew that it would happen. We started our anticipation one year ago.

What we have done, it's that we took a step ahead and successfully changed the supply chain early 2025 with optimization of component management, which increase the availability of the assembling servers. For FY 2026, thanks for this anticipation, we don't have a impact on the cost of CapEx.

Why? Because we have build in the inventory of FY 2025, and early in FY 2026, we make the support to our growth trajectory in all our FY 2026.

That means that we pull in the CapEx in between September and December that will protect our prices for all FY 2026. That's why we control all the costs for FY 2026.

In FY 2027, we anticipate the increase of the cost of CapEx linked to this shortage. That as I said, OVH will be in this step ahead mindset, if there is any decisions to make, we'll be first to make that on the market.

On the AI gigafactories, we've been talking about this initiative with European Commission, and what we were very surprised about the fact that all the initiative, they are per country. Even if we talk about the European Commission, we don't talk about Europe.

As a European cloud provider, we don't have just a country-by-country strategy. We have a global European strategy.

This is why, because of this initiative, we started to talk with different partners, maybe future partners, in Europe, different countries, to build something across different countries and not just France, Germany, Poland, Spain, etc. We would like to build something that is more by six, seven countries, and of course, it doesn't mean that it will be one big data center, but with a lot of GPUs, but it will be more per country, smaller, but more per country with more sovereignty and approach that what we see for the moment on the market.

We continue to follow this initiative and to see what it will mean in the future, but for the moment, we prefer to build that with the future partners that we are talking with because also, what is really important, it's that we want to talk about the revenue, not just talking about the CapEx and not about the OpEx, about the data center, but also who will pay for that at the end of the day. For the moment, it's just the initiative to create the assets, but nobody talks really about how it will be used, and who will be used, and who will pay for that.

Our approach, it's more pragmatic, talking with the go-to-market partners in every country that will help us to deliver the revenue, to find the customers, to find the needs and deliver the products more that capacities, CapEx, and etc. We are more in this mindset for this kind of initiatives.

That's very interesting. Thank you, Octave.

Yep.

Good morning, everyone. Happy New Year on my side as well.

Two questions if I may. The first one, Octave, can you give a timeframe for the €2 billion revenue target you set this morning in the press release?

Is it a 5-year, 7-year story, or less than 5 years? Would be interesting to understand your mindset on this target.

The second question, on the initiative you took since you returned CEO of the company, what was the payback or the early payback you are seeing already materializing in the figures, or let's say the performance of the company since the start of fiscal year 2026, and what remain left on the table for the coming quarters? Thank you.

Perfect, thank you. Maybe I will start on the second question.

We'll be talking about the digital starters. Yes, we see the results of some initiatives that we already took, but we need to continue to work.

The initiative for starters, it's really launching the entry-level offering. It's really price repositioning for the Bare Metal, Hosted Private Cloud, and VPS, and it started to work.

We see on the VPS, we have more demand that we can deliver. Now we are working on the supply to reach the targets of the CapEx that we want to spend for this range of product.

On the Hosted Private Cloud, Public VCF started to have the first customers. We are still in this process to improve the product and to deliver additional features, but we see that the product started to have the customers and to be used with the new kind of customers.

In all the Bare Metal, it's something that we started a few months ago, and we see that we are back in this, let's say, T1. It's really an entry-level Bare Metal.

Now we are in this process on both sides. This first, we continue to improve some products.

For example, right now, we are working on the VoIP. We are working on Web Cloud.

We are working on the VOD, additional products, and it's still ongoing. On the second hand, once we have this entry level successful, now we need to farm these customers and to help them to grow in OVH.

We see the additional opportunities that we didn't see three months ago or six months ago that we will start right now to really allow OVH to grow faster thanks to this additional customers and this successful that we already have in few of her product. This is for this question.

About €2 billion. It's really a question of the mindset and organization internally.

Today, we have a company that can deliver €1 billion plus, okay? I think if we don't change anything, we are able to deliver €1.4, €1.5 billion in the next years easily.

We cannot deliver €2 billion. The first things that we need to do, it's really to set up internally the company so they can deliver €2 billion.

It's really understand what does it mean to deliver €2 billion revenue in just one year. How many data center, how many servers, how many products, how many customers, and what is the right organization to reach this €2 billion revenue.

This is the mindset that I try to push and I push in the company, and the reflections about do we have right people? Do we have right organization?

Do we have the right processes inside of the company to deliver to this €2 billion? My goal, it's really to prepare this company to make this €2 billion, to have the right people, to change the things that doesn't work today, but has to work tomorrow to deliver €2 billion.

Once we have this overview and we know what does it mean and we started to implement that, I believe that we will have the first results and we will be able to give you the date when we will reach that. For the moment, it's really the mindset inside of the company that I want that everybody has in the head, to saying we have to deliver this goal.

What we need to change internally to deliver this goal? What does it mean?

Yeah. If you want to reach this goal 10 years from now, 20 years from now, it's a different story.

So,

Of course. Of course.

I didn't come back to deliver that in 10 years, okay? Believe me, I want to reach that as soon as possible because again, €2 billion, it will be a step.

This company, it's amazing. We have so many talented people, we have the products.

We have built the last years additional products. We have this amazing market and a lot of opportunities on the sovereign market in Europe.

Now you have just to bring that all together to deliver €2 billion will be first step of this expansion of OVH in the next years. Believe me, I want to deliver it as soon as possible.

Once I'm sure about that, I don't want to bullshit, okay? I want to give you the right date that I will reach.

For the moment, I try to set up the company that everybody thinks about that. We are aware what does it mean, we know how to deliver that.

Once we have this confidence about the delivering and we see that in the first results, I will be back to you

and to announce the date. Octave, one more question on on that target.

At, at, at €2 billion, at €2 billion, what would be the proportion of the revenue coming from US, from the US, in your mind, roughly?

Yes. It's part of the right questions is also what part is in Europe, Asia, but also about the products, and also about the go-to-market.

We are in this three dimensions way of thinking about all this geographies, all this universe of products, and all this go-to-market. We need to make work all of them in the same time.

This is the challenge. This is how this company can be successful, when you work on all the universes of products, you don't forget one, where you work on all geographies, and you go after all kind of customers.

Again, if I go back to the fundamentals of company, we have a lot of them except one: we are not good in the acquisition of new customers today. We have the right products, but we are shy on the commercial part.

We need to upgrade this part of OVH, and my initiatives is really about the acquisition of the new customers. Believe me, what is really important, it's to build the right strategy and right tools so we are able to acquire a lot of customers.

We have today discussions in board, but also internally about how we can accelerate acquisition of the new customers. One of the question that is really fundamental is how in 2030, okay, it's just 5 years, everybody in Europe can know that OVH exists, is deliver the digital products, is deliver the Public Cloud, is deliver the digital experience, digital environment to build the products and to be in the all economy.

Okay? My goal right now is thinking about how we can reach this target to be known by every European citizen.

Because once we are in this mindset that everybody in Europe knows that we exist, we deliver this kind of product, they can test us very easily, they can use our products, then we will be able to farm them and to help them to grow in OVH. We need to solve this issue about the acquisition and the awareness, really advertising, the creating the brand not just in France, but also in Europe.

This is the way that we are thinking about that, and my goal is really in 2030, every European citizen knows us. Okay?

This is my target, that everybody knows that we exist and we deliver what we deliver.

It's clear. Thank you.

Thank you very much for your questions and for this call. The first range of takeaway, it's that we made this €275 million revenue and 6% of like-for-like revenue growth.

We have the additional mission-critical deals and we continue European expansion in Italy, in Germany right now. The second is operational initiative on the cash flow generation.

We optimized supply chain to secured our costs and server availability. We are working on the usage and on the AI internally to improve our productivity.

We keep being disciplined on the fixed cost on OpEx in the company. The last one, that we confirm our FY 2026 guidelines with this like-for-like growth between 5% and 7%, adjusted EBITDA above FY 2025, CapEx 30% to 32%, and the positive free cash flow, included free cash flow.

Thank you very much, again, and have a good day.