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

Thanks for being with us this morning. Let me start with the key highlights of H1 2026.

As we announced it, we generated €555 million revenue and EBITDA €227 million, that means that we generated around 5.5% like-for-like growth this H1. Our adjusted EBITDA, it's 40.9%, net revenue recurrent rate, it's more that 100%, and we had this unlevered free cash flow €32.3 million.

As the key initiative, so as I I'm I started, I as the CEO 6 months ago, I I make my lot of interviews internally, and we already started some strategic initiative in in OVH to start this 5-year strategic plan that we we start we started with 2026 to 2030. Inside of that, we we announced that we will create, that we actually started to create a vertical in defense market.

The goal is really to go after the the the customers and the needs that we had a lot of feedback the last quarters and for this very critical environment that some customers, they ask us. Another strategic initiative, it's SaaS, really focusing on the SaaS side, on the startups and scale-ups, on the acquisition.

We can go deeper inside if you if you have any question about that. On the corporate, more focusing on the regular, fast-closing, mid-sized deals.

Again, I have some highlights if you if you have the questions about that. We announce also that we create our AI lab, and it started, it was initiated with this acquisition of DragonLLM.

It's really to address the growing market that we feel that we can we our customers, they want us to to be part, that it's agentic AI. On operational highlights, we we had a few things that we wanted share with you.

We we had this EBITDA that is quite highest record from from the from the IPO 5 years ago, we still continue to improve the EBITDA, and it's going up. The goal is really to to not to be satisfied with the level that we have today.

There was another key operational highlight, it's about the front-loaded capex to secure the our free cash flow in this year and the next year. I I think you will have some questions about that, we will go deeper with your with your questions.

Next page, please. On the So let's go deeper in the different range of products.

First one, it's Private Cloud. We generated €169 million that represent about 60.5% of our group revenue.

The growth, it's about 2.9% from the from the like-for-like growth on the Q2. On the H1, it's 3.4%.

As the high highlights on the on the bare metal, so, we started this initiatives in in the first H1, first quarter and the second quarter. As the results, we have this 12% more customers acquisition.

If we compare H1 2025 and H1 2026, it works better on the acquisition, but we need still to continue and to increase our aggressivity on the on the market and to win more customers. What we put in place works, but it's not enough.

I want more. This is where we want to go in the H2 in the Q3 and Q4 after more customers on the startups.

On the scale-ups, we have this continue growth, and it works nicely what we have internally. There is still some improvement, but what we have, I'm I'm happy what we have.

On the corporate, yes, we had some churn on the on the on the some two customers on the corporate that didn't impact on the on the fundamentals of the on the growth, we still have growth on that, but just we lost two two corporate customers on that. Yes, we announced that we signed a strategic deal, strategic contract with Alchemy that is blockchain platform, and we have a lot of successful in this blockchain platform that help us to really understand how to grow faster in this scale-up go-to-market.

On the Hosted Private Cloud, on the startups and scale-ups, we still see that there was few optimization of our customers. We are working on this new products, and I think the next weeks, where you will see some announcement that we'll we'll make with Broadcom.

On the corporate, it's we really ramp up of this some mission-critical deals that it's really interesting market that we didn't have yesterday, the base on the 3AZ. Maybe we will have a chance to talk about that.

Next page, please. On the Public Cloud, on the Public Cloud, we generated on the Q2 €60 million, that it's €119 million in H1.

There was 26% of Q2 growth and 14.5% of the growth in Q2. That means on the H1, it's 15.1% of growth.

We have a solid new customers acquisition. As I said, we we changed the things, but still, we can make it better.

On the scale-ups, stronger up- upside of the current customers, and we see the opportunities on the additional products, on this 3AZ approach that we have, that customers really like. We see some migrations from the current data centers to this new model of the 3AZ.

On the corporate, we have more traction on the corporate. Still, there was small, this two, three products that is still missed, and it will be delivered in the next quarters that will help definitely to go after this corporate market on the corporate market.

We also been working a lot, and we will secure more our Public Cloud on this end-to-end encryption, on the confidential computing, on the all the securities that it's that we can deliver on this Public Cloud in the product. This is additional value that some customers, they're asking us.

On the entry-level of of the range of the product, this the VPS and the SaaS, we have a good proof that what we've done, it works well because we we had more than 100% of additional customers that we had in H1 2026 versus H1 2025. That means that with double acquisition of number of customers, we started to see that in the revenue, and we'll see how it will involve in the next quarters, but it's this is kind of proof that the strategy of the very aggressive prices, more volume, more customers, and then having this machine to upsell and going with and helping customers to use all our products, it works.

Now we need to scale that and to go after more geographies, more customers, and to be more aggressive, and this is what we will see in the next quarters. Next page, please.

On the Web Cloud, we generated €50 million, that means on the H1, €100 million, growth of the Q2 70.5%, and on the on the that 70 70.5% of our group revenue. When the our growth, it's 2.4% on the Q2 and 2.5% on the H1.

There was still Yeah, I would just go after the the topics, and then I would just add the additional comments on that. On the startups, we we are just didn't really started repricing and to generate new demands.

This is exact what we are what we are doing right now, and it will be delivered in the next next 2 months, 1 or 2 months. It's it's really ongoing.

We we want to be really seen and very competitive on the starters market for the Web Cloud, but we have also the opportunity to go after the more higher market of the customers. They are more pro business that they trust us and they order us more products, we want to go after this two segmentations of the products, and also working on the web AI.

You will see in the next quarters, next months, this transformation of the Web Cloud to the web AI that we will operate over the next months and months quarters to go after this totally new market where AI help helps our customers to build the faster faster delivering website, help them to operate them, to having the marketing, to having the additional products, additional services. This is what we what we what we are doing right now on the Web Cloud.

You don't see really the results of that in the numbers today because this is what we started last quarter, and there was still a lot of things to do, but you will see by the end of this fiscal year, I hope, the first results of this strategy. Next page, please.

If we see on the on the split by countries, France, we have in Q2 a growth of the 4.5%, that means on the H1, 5%. On the Europe excluding France, we have 2.

2.9% and then on the H1, 2.5%. I have to say that it was really complex quarter.

There was a lot of There was something that it's really new, but we have seen that last two, three years, and it seems like on this Q2 period of time, we will see in the next years this customer optimization because it's it is end of the calendar year for them and the beginning of the next year. I think this is what we have seen we started to seen as the for the last year, this year, and 2 years ago, that we have this this kind of the new pattern of the behavior of the customers in December, January, February, where you see optimization of the cost and to having this discussions probably internally on the budget and then starting as lower as they can the new year and then grow over the year until the December.

It's something that it's not confirmed yet. We're still working on the numbers to really understand, but this is also what we see on this Q2 result.

That is we knew that will be it it's it's a tough period. Now we started to know and started to understand why it's it's tough period.

Still, work to do to really understand the behavior of the customers and to confirm that we will have in the future this Q2 pattern on the our revenue. I don't know yet, but it is sounds what what we started to see.

On the rest of the world, we had this Q2 8.7% and the H1 9.5% of still continue to grow on the bare metal and on this Public Cloud product. I will let Stéphanie to go in the financial results, and I will have talk with you on the outlooks.

Thank you very much, Octave. Hello, everyone.

This is Stéphanie speaking. Thank you for being with us this morning.

Let's begin this financial section with our key financial figures for H1. We delivered a profitable growth with a record adjusted EBITDA margin since our IPO and solid unlevered free cash flow despite having significantly front-loaded our capex ahead of H2.

We come to that point. We recorded an organic revenue growth of 5.5%, an adjusted EBITDA margin of 40.9%, we are up 90 basis points compared with H1 2025 thanks to our operational efficiency.

Capex was 42.9% of our revenue, up 6.9 points compared with last year H1 2025, of which 11% were front-loaded for H2. We have decided to make proactive investments to secure our supply chain and mitigate the impact of skyrocketing component costs, which began to materialize in our Q2.

Despite this anticipation of our capex, you see that we generated a solid unlevered free cash flow of €32.3 million on this H1. Going to the next slide regarding our top line, as Octave said at the beginning, we delivered a like-for-like growth of 5.5% during this H1.

This was driven by, first, a Private Cloud performance up 3.4% like-for-like, impacted by a 1.2 point headwind from the churn of the two corporate clients that we mentioned during our Q1 results. We have also a softer Hosted Private Cloud dynamics following Broadcom price increases.

Second, Public Cloud continues to lead our growth trajectory, up 15.1% like-for-like, confirming its position as our primary growth engine. Last, Web Cloud, up 2.4% like-for-like.

Now let's take a closer look at our P&L on the next slide. P&L, as you can see, we achieved another strong step-up in profitability with an adjusted EBITDA of €227 million in H1, and it represents a margin of 40 40.9%, our highest margin since our IPO.

This strong 90 basis points improvement in our EBITDA margin is coming from a positive mix effect on our direct costs, reduced electricity costs as a percentage of revenue compared to H1 at less than 5% of our revenue, and I can tell you that we are hedged in the current context also for the next 18 months, and we have also a strong operating leverage on our fixed cost base. We delivered an EBIT of €35.4 million, representing a margin of 6.4%.

On a like-for-like basis, if we exclude the one-off gain from the disposal of a legacy data center in Paris last year, our EBIT margin remains broadly stable. After including a financial results of -€28.7 million and a tax expense of €0.7 million, we recorded a net profit of €5.9 million for H1, slightly lower than last year.

Now let's look at the increase in profitability, how it translated into cash generation. Our strong profitability enabled us to generate a solid unlevered free cash flow of €32.3 million in H1 2026.

Our capex, if we exclude M&A, amounted to €238 million, €38.5 million exactly in H1, and it represents 43% of our revenue. Our gross capex accounted for 30% of revenue, and again, 11 points of our capex were deliberately front-loaded ahead of H2 to secure component availability and contain hyperinflation.

Recurring capex represented 13% of revenue. Our level of capex is compensated by our profitability and change in operating working capital requirements, which was higher than usual and amounted to €54.7 million in H1, and it includes phasing effect due to late orders in February.

All in all, after leases and financial charges, our levered free cash flow stood at -€14.2 million. Now let me give you a detailed view of our capex on the next slide.

Our capex, again excluding M&A, represented approximately 43% of revenue in H1. Let me explain the key moving parts.

First, on the hardware capex, it represented 33% of revenue, €187 million. It's a step-up compared with 27 in H1.

As I already mentioned, this was a deliberate decision in face of a global supply crisis on memory and disc components to, first, secure our component availability and contain cost hyperinflation. Second, our infrastructure and network capex came down to 2% of revenue, €11 million, with some phasing effect from H1 to H2.

Product and software capex remained stable around €37 million, 7% of our revenue, reflecting our continued investment in expanding the product portfolio, notably with new Public Cloud services and mission-critical offerings, while we control our costs. Other capex remained marginal, around 1% of our revenue.

Now given the exceptional supply environment, we have adjusted our full-year capex guidance, which I will walk you through on the next slide. As I just mentioned, the global component crisis, particularly on memory and disc, has led us to adjust our full-year 2026 capex guidance.

I will take you through the bridge on this slide. You remember our initial guidance was 30% to 32% of capex as a percentage of our revenue.

The exceptional hyperinflation on memory and disc components adds approximately 3 percentage points. However, we've decided to front-load some of those capex, and by doing so, we realize a saving of approximately €10 million in our H1.

We are already partially offsetting the inflation impact through proactive timing, and we are securing our supply. This brings our new FY capex guidance to 33% to 35% of revenue.

This adjustment is cyclical and not structural. It reflects the current component inflation environment.

We have already passed through price increases to part of our customers effective April 1st, and we continue to monitor the situation closely to calibrate further adjustments as needed. On top of this, we are going to build a dedicated stock of approximately €50 million in memory and disc components.

Those are standard components, and there are no obsolescence risk, and it will be strictly earmarked for '27 consumption. This exceptional envelope allows us to secure availability, this is very important, and we lock in pricing ahead of further anticipated cost increases.

Here again, by purchases in H2 rather than at the beginning of '27, we estimate additional savings of approximately €15 million, 1-5. In total, €10 million in H1, €15 million coming up in H2, our front-loading strategy generates €25 million savings that would have been lost had we waited.

To finance this €50 million of locked-in stock for '27, we will use a dedicated exceptional financing facility. Our underlying business generates sufficient cash to cover all our FY 2026 investments and delivering a positive levered free cash flow in FY 2026 that we confirm today, though including exceptional and dedicated financing for those locked-in stock for FY 2027 capex.

Let me now turn to our balance sheet and financial structure that will be my last slide. Our financial structure remained robust and well positioned for the future.

Our net debt stood at €1 billion €125 million at the end of February 2026, and it's broadly stable compared to August '25. Our leverage ratio has continued to decrease, 2.6 times our EBITDA, in line with our debt policy.

The all-in cost of debt remained unchanged year-on-year at 4.4%, demonstrating the quality of our hedging strategy. Available liquidity stands at €236 million, comprising €36 million in cash and our undrawn €200 million multipurpose credit facility.

As you can see at the right-hand side of the slide, we have no major debt repayment before FY 2030, giving us significant financial flexibility. Our funding sources are well diversified.

We have our €500 million inaugural bond at a fixed rate of 4 3/4 maturing in FY 31, rated BB- by S&P and Ba3 by Moody's, our €450 million EU Taxonomy-aligned green loan maturing in FY 2030, it's a first for a European cloud player, our €200 million EIB credit facility, and finally, our undrawn multipurpose facility of €200 million. This credit facility was also converted into a sustainability-linked loan, further reinforcing our commitment to responsible financing.

In summary, we have a strong, well-hedged balance sheet with no near-term refinancing needs, supporting our path to positive free cash flow. Now I will hand over to Octave to discuss our outlook.

Thank you, Stéphanie. For the FY 2026 activity, our guidelines doesn't change.

We anticipate like-for-like revenue growth 5% to 7%, adjusted EBITDA margin more than FY 2025, adjusted capex if we consider really FY 2026 activity, it's really 32% 35% that is a little bit more, but a levered free cash flow will be positive for this 2026 activity. Now we open floor for your questions you have if you have any.

Hi, Octave. Hi, Stéphanie.

Thank you for the presentation. I just have two questions.

The first one is on your capex breakdown, I look at the capex breakdown by components. I see that hardware was up as percentage of revenue, which was voluntarily.

If it was only hardware, why was also recurring capex higher in H1 year-the-year? My second question is can you comment further on potential pass-through price increases to moderate the impact of this price upcycle on capex?

Is it still on the menu, or can you give us more color on this? Thank you.

Yes. Thank you, Ines.

We have a slight increase of our recurring capex to 13% of our revenue. This incorporate also the impact of inflation that started to kick in, particularly in our Q2 numbers.

As for the price increase, we have already started to partially pass through the impact of this inflation. We launched a first initiative around increasing our prices April 1st.

We are doing it tactically. We don't price all our customer bases.

We focus particularly on new configurations, on new customers, and also on products where we have less price elasticity. Obviously, we remain very careful, like we mentioned, and we will continue to monitor the evolution of the prices to be ready to react and to engage into potentially new price increases if needed.

Okay. Thank you.

Yes. Good morning.

Thank you for taking my question. The first one is on price increase.

Can you quantify the impact that it will have in 20- in fiscal year 2026, and what was factored in the unchanged guidance of +5%, +7%? If we look to 2027, what would be the impact of this price increase?

That's my first question. The second question is about the telephony and connectivity.

Do you see the trough coming in the next quarters, or where do you see the trough for this business, because it's still weighting on the performance of Web Cloud in H1? My third question is on AI.

Could you quantify, please, the impact of AI on Public Cloud growth? Thank you.

Thank you, Derric, for your question. First, on the price increase, we've just launched them a few days ago.

Like I said, we've done tactical price increase, and this will have a gradual effect. We have some of our customers that are committing, bear in mind that this will flow through over several quarters.

We will also monitor the impact of this price increase. Far, it's too soon to tell you a clear impact.

In any case, on that basis, we have decided not to change our guidance, and we confirm the 5% to 7% range for this year. Again, for the same reason, we will monitor the impact in our Q3.

We'll have a better view probably at the end of Q3 of this impact, and we will work also on the guidance for '27 in the coming months, and we'll get back to you with indications and guidance for '27 at the end of October during our full-year communication.

On the VoIP and the access, thanks for this question. No, we don't see the change for the moment.

We started to work on the web pages, on the offers, just over last quarter, and it's still a work we are working on. I hope that next quarter, it will be done, and we will start seeing the difference in this decrease of the revenue because it's impacting the perception on our growth on the Web Cloud, it's sad to have this decrease of the revenue while we're doing well on the domain name, on the emails, and etc.

I understand your question. Still, the work will be delivered.

I hope it will be May 1st or June 1st on the new range of the Web Cloud and the new range on the VoIP, and when we will see also what to do exactly. We have different options for the access, for the connectivity.

Your last question, Derric, was on AI contribution. You remember, we always mentioned, and that was true so far, that we remain cautious with regard AI considering the level of return of investment that we've seen so far.

The contribution remained quite small because we invested tactically to answer also some requests from our customers. It's around 1 point, like in the previous quarter.

Now, you may have seen the announcement last week. We've decided to launch our lab, our AI lab.

We've made a small acquisition for DragonLLM. Last point is that we, in the context of this inflation on the standard components, we do see a clear improvement on the GPU return compared to CPU, and now it looks like we could achieve similar return on GPUs and on some of our CPUs.

Basically, what I'm saying is that we are seeing an evolution on the market and on the economics, and we are ready to invest in the coming quarter more significantly in AI.

Yeah. Hello.

Thanks for taking my question. It's regarding your levered free cash flow guidance.

It's guided to be positive for financial year 2026. Could you please elaborate more on this front?

Is the €50 million locked-in stock for '27 included in this guidance? How should we think about the working capital for this year?

Thank you.

Thank you for your question. To be very transparent on the levered free cash flow, like we explained, we are going to acquire components ahead of '27 that will be clearly isolated and stocked for '27 for €50 million.

That will help us secure our supply chain, and also by doing so, it's prudent management because we will generate what we estimate around €15 million of cost savings. We are going to invest €50 million more, exceptional, and in front of it, we are going to set up an exceptional short-term financing of €50 million.

Those two elements will be included in our levered free cash flow and neutralized. Basically, on I would say adjusted for 2026 basis, our levered free cash flow is going to be positive in 2026.

We don't guide for any specific numbers. It will be in any case above zero.

Working capital, we don't guide also specifically. You see that we have some positive impact for this semester because we had some payments that were out of the period.

It will also depend on the timing of the reception of the capex, which will be too soon to comment on our working capital for the full year.

Perfect. Thank you very much for your question.

Just to have the key takeaways, highlights, 5.5% growth like-for-like, adjusted EBITDA that is a record from IPO, and the front-loaded capex for H2 2026, and locked-in stock for capex FY 2027. Last strategic initiative, we wanted to highlight three of them: defense market, we go after this; going after the acquisition of the small customers, digital customers having more pressure of that; and going after this more regular mid-sized deals; and also launching our AI lab with the acquisition of DragonLLM.

FY 2026 guidelines: 5% to 7% of growth like-for-like, adjusted EBITDA more than FY 2025, adjusted capex 33% 35% of the revenue, and positive levered free cash flow. I want to thank you for all your question and the time, and having very good day.

Thank you very much.

Thank you.