Hello everybody. I'm Octave, Octave Klaba, Chairman and CEO of OVHcloud, and I'm here with Julien Rabette, Interim CFO.

We published just today our results of FY 2026 this morning, and thank you for everybody to be here with us to have more details about what we have done last year and what we will do the next year. So, maybe we can go to the next page.

So, on the delivering of the of the our commitments. So, we we have we are in this world where we have the assets.

OVH is has a industrial background. As we have data centers, 250 MW of the energy roughly.

We we own our data centers, a lot of them, and now we are ready to accelerate based on these data centers. Also, we have network, we have the our supply chain.

Also on the software part of our business, we we we will focus on the cloud, of course, but also on the AI. You need cloud.

You need cloud to operate AI. This is why we we we need them both.

We need in the one side cloud, and the and the another side, you have the AI. On the second point in the FY 2026 and 2027, we have the execution.

What is really interesting that this first year when I came back and to to start delivering the the the the results, we started to fix the different things that didn't work in OVH. We started to have the positive outcome in FY 2026 in the Q3, Q4, and and then we we started to to to have the acceleration as you can see in the FY in Q3 and Q4 on the different different public products that I will go back soon very quickly with the details.

Execution, discipline, having the the the real understanding about what the customer want to really go back to the fundamentals of of the company. Of course, this is the purpose.

It's really to have the growth, the the going back to the to growth and to having this the company that is growing double-digit with positive free cash flow, generating the the value for our investors, and, of course, continuing the the being on the on the debt in the in the right leverage. This is how we executed this this this fiscal year.

Now on the next page, on the key highlights. So, we had a growth that it's it was a little bit more that we had in the guidelines, 7.2%.

We had a 42% of EBITDA. If you made the math, 70% of growth went to to the EBITDA.

It's really exceptional. Don't take that as the guidelines, [laughter] okay, because we we we will see what will happen in the FY 2027.

In this '26, we're really really focused on the right execution, on the OpEx, on the CapEx, and to being to to deliver the the right the right results. CapEx it's a little bit less that that we had in the in the guidelines.

Then on the free cash flow, we generated almost 25 million on the free cash flow net. On the operational milestone, we really focus on the on the acquisition of the customers.

We'll go back to this. We had there were a lot of challenges on the CapEx and we make it.

We up-fronted low-fronted low oh front-loaded some of them, but also managing the the CapEx in the right way. We increased a little bit prices on our customers to to generate additional cash to be able to continue to to invest in FY 2027.

We started to have the the to finish the strategy and starting to the executing of the AI strategy. We'll go back to this.

Then you have, of course, on this strict discipline, financial discipline, on the EBITDA, on the on the CapEx, on the hardware, and the free cash flow and the ROCE. If we go to the next page, we on the let's let's talk a little bit about the assets.

What we have, we have data centers, 250 MW of data centers. You have about 140 that is already connected, and then it's you have about 100 110 that we still have available.

This is what we will use to accelerate our growth. When you take this ratio, about 15, 20 million per megawatt, you have the really good understanding what we can do with this energy in the data centers.

On the servers, of course, you having we we we managed the the really strictly the way the stock of the components. We can you can go deeply in the in this numbers to see what exactly does it mean.

It's really interesting from the cash perspective. We have a very good relationship with our suppliers on the RAM, hard disks, but also CPU, GPUs, etc.

We have the continuity of the supply chain, we don't have the issues to deliver our growth in FY 2027. Also, we increase a little bit prices, it was moderated way and mutualized way.

We have additional cash, and we can continue we can continue to invest in FY 2027 and deliver the servers to our customers. If you go to the next page, let's talk a little bit about execution, what does it mean on our side.

We have different segments of customers that we said last year. We are we are thinking about the digital starters, digital scalers and corporate.

Digital starters is all the customers less than 2K per month, 25K yearly. Digital scalers, it's more than 25K yearly.

Then you have the corporate, that you know it's companies with RFP, with a long timeline to to of selling. We had a different focus on the different go-to-markets, and this is why we created all this go-to-markets.

We focused a lot on the acquisition of the customers in digital starters, and it worked. We had a really increase We we have more than double of the volume on even three times more volume on the domain names.

We have very strong volume on the VPS and even lots lots of increase of the revenue. On the bare metal entry-level, we are really really good.

We have a lot of new customers, and it's really massive, okay? We we we are really happy what we have done on the acquisition last year, and we see the results that all of this H2 on the H2 acceleration, it's higher and it's faster that it was on the H1.

We have 4% growth on the 4% more growth in H2 than H1. On the digital scalers, we are we are more focused on the on the verticals because all the customers they are they're not the same.

Some of them they are in blockchain, some of them in the storage, some of them is AI in the different way to serve them, different products. They are not looking for the exactly the same things.

On the corporate, we we had the this growth on the on the last quarter with the new contract that we we signed. We we we know how to having the strong upsell of the current base of our customers.

Now we have to be better on the acquisition, and we'll see how to how we will do that. On the next page, we have the let's let's talk a little bit about growth and how AI will help us in the growth.

We have on the bottom, you have the all the our fundamentals of OVHcloud. We have Private Cloud, Public Cloud, Web Cloud, everything that it's needed and we call Cloud.

On top of that, we will start to add additional products, additional services that there's more AI. You have four-kind different services.

The first of all, it's GPUs in the data centers, of course. We need the GPUs if you want to have the AI.

The second level is that this is great to have the GPUs, but you have to manage that at a large scale, we need the the the different technologies. The good news that we already have them, but also we acquire some some companies to help us to accelerate in this area.

The third part, it's token-as-a-service. We already have that, but we want to have more token-as-a-service, more services in our AI end point services.

This is why we make the acquisition of Gladia for the STT specific needs, speech-to-text. Then you you you we we started to build what we called the PaaS for AI.

It is really interesting, very exciting area. Maybe we'll have more time to dig inside.

It's really a PaaS for the agentic AI where the the agent has the the freedom, let's say, to take the cloud resources and to solve very complex tasks for the for the users. The last part, it's AI for SaaS, and this is where we started to to develop, and we shared on the VivaTech, and we'll share on the OVH Summit in end of the November, OVH AI Workspace, where we have this platform for AI, and you have the agents that operate the SaaS services.

Whatever the SaaS is, we can we will be able to operate that. We are going in this direction on the AI to have additional growth in the in OVH.

Now I will just pass the hand to to Julien to give you more financial details about what we have done in in the future.

Thank you very much, Octave. Let me start with the shape of the year, because they are the old story.

On the left, our like-for-like growth by quarter. Growth bottomed out in the second quarter at 5.1%.

It then picked up to 6.9% in Q3 and reached 10.5% in Q4. This is our strongest quarter in almost two years, and importantly, already at the pace of our FY 2027 guidance.

This turnaround coincides with Octave's comeback as CEO and action plans launched at the start of the fiscal year. On the right, what matters most to us: the numbers of customers and the clear ramp-up.

Outside the US, our customer base grew by 0.7% month-over-month at the start of the year. By August 2026, it was growing by 2% per month, while price adjustments did not have any churn effect.

The main takeaway is volume: more customers every month compared to the prior one. In short, the engine is back in shape, and the momentum is building up.

Let's move to the quarterly sequential acceleration by go-to-market segment. This slide shows the momentum through our three go-to-market segments.

Our group revenue rose every quarter from €275 million in Q1 to more than €300 million in Q4, reaching two key milestones: €300 million in quarterly revenue, and €100 million in monthly revenue in August and July. Digital Starters, our historical base, grew 5.4% year-on-year, with a clear acceleration in the second half to more than 7% per quarter.

Even in a segment often seen as mature, we added close to €30 million of revenue driven by customer acquisition. Digital Scalers are our first growth engine, that was up 12.4% over the year, with double-digit growth every single quarter, and representing more than half of the group's growth.

Lastly, Corporates grew 2.7% over the year, and Q4 reached plus 7.8%, the segment's highest quarterly revenue in the three years, and the inflection point is behind us. As a first takeaway, I want to say, we enter FY 2027 with all three segments growing, and a revenue base rising every quarter.

Let's now move to the Private Cloud performance. Private Cloud is our largest business with €690 million, that's 60% of group revenue, up 4.5% like-for-like.

The key point here is the trajectory: Q4 grew 7.2%, and the chart shows our monthly recurring revenue ramp-up. After a flat FY 2025, MRR rose significantly over FY 2026.

In August, Private Cloud was thus growing at around 9%, three times the pace of a year earlier. That was underpinned by two drivers.

First, bare metal is rebounding. Repositioning our entry-level and mid-range servers brought in new customers, and this consolidates our European leadership in bare metal.

Second, business stepping up in our key markets, France and our largest market, and Northern Europe. Let's move to Public Cloud.

Public Cloud is clearly the group's growth engine: €255 million, that's 22% of revenue, up 18.9% full-year like-for-like, and back above 20% in Q4 at plus 24.3. That was driven by three factors.

First, the depth of our portfolio. With more than 80 products, customers come for one service and upgrade to the full catalog.

In a nutshell, upselling works. Second, our 3AZ region are winning clients, especially since Paris is ramping up.

Corporate Public Cloud grew then 28%, ahead of Scalers at 21%, and Starters at 17%. Third, new contracts with well-known institutions such as the European Space Agency.

Lastly, growth is broad: France and Benelux leads, Southern Europe, Central Europe, and the US are all accelerating. Let's look at Web Cloud now.

Web Cloud generated €200 million, that's 17% of group revenue, up 3.2% like-for-like, and it accelerated to plus 6% in Q4. Two points to flag about this ongoing improvement in growth.

First, a competitive model with an affordable entry price. We have reviewed our web hosting model to make entry price even more accessible, and we launched new products such as Web Hosting 2027, managed hosting for WordPress, and OVHcloud Video Center.

Second, with domain names, the chart shows monthly volume year-on-year evolution: they rose by almost 60% over the year, and nearly doubled in July and August. Worth noting that AI is a real driver here: with vibe coding, more people creates websites and applications, and every project starts with a domain name.

To conclude about the business line, Web Cloud is also our first door into the group for hundreds of thousands of small customers, and importantly, it keeps a very strong cash conversion. Let's look at the financials now.

Revenue reached €1,145 million, up 5.6% reported, and 7.2 like-for-like, above our 5% to 7% guidance. Second, this slide says one thing: our growth is profitable, but increasingly so.

As highlighted at the right-hand column, the further down the P&L you grow, the faster we grow, with revenue up 5.6, gross margin up 8.6, adjusted EBITDA up 9.7, and EBIT up 12.1. EBITDA margin reached 42%, up 160 basis points, and worth noting that more than 70% of incremental revenue converted into EBITDA this year.

That level is nevertheless exceptional. Working further down the P&L, EBIT rose 12% to €77.8 million, depreciation increased by €24 million, reflecting new capacity.

The financial results improved by €8 million thanks to FX gain, and net income reached €9.4 million, compared with €0.4 million last year. The key takeaway: growth converts into margin.

Let's look at the margin in detail now. This bridge focus on the efficiency shows our 160 basis points of margin improvement.

Every cost line improved, and the price adjustment made this year support all of these ratios. Cost of goods sold improved by 0.4 points thanks to a more favorable product mix with less connectivity and fewer licenses now direct costs.

Operating costs improved by 0.4 points with electricity costs falling thanks to price effect, particularly in France, and workforce productivity. Sales and marketing improved by 0.7 points, our biggest gain, that's underpinned with two drivers: better revenue per FTE and lower bad debt provision, which we book in sales and marketing, thanks to a strengthened cash collection performance.

G&A improved by 0.4 points thanks to workforce productivity. On the other side, FX cost us minus 0.2 points, and profit sharing another minus 0.2 points.

In short, FY 2026 highlights a margin gain built on productivity at every level, while we keep investing in our talent and in AI. Let me show you how the EBITDA improvement translates into cash flow now.

This bridge show our EBITDA converting into cash. We start from €480.5 million of adjusted EBITDA.

Working capital contributed €15 million, and cash taxes were €8.5 million. Other items added €1.6 million.

These other items cover cash-settled share-based compensation and earn-outs, non-recurring items, provisions, realized FX, and other financing activities. CapEx reached €422 million.

It includes the €49.5 million of components we bought in advance for FY 2027 to secure our supply and protect our cost. This specific purchase is financed by dedicated facility, and in line with our definition of levered free cash flow, is neutralized, as you can see on the chart.

After €52 million of financial interest paid and €39 million of lease repayments, our levered free cash flow is now positive at €24.7 million, compared with minus €27 million last year. This is important to mention: it is the first time since our IPO five years ago.

Let's look at the CapEx now. Excluding the FY 2027 components purchase, CapEx reached €373 million, or 32.6% of revenue, below our 33% to 35% guidance, and even below last year at 33%.

When including the anticipation CapEx, reported CapEx are €422 million, or 36.9% of revenue. Hardware accounts for €242 million, 21% of revenue, broadly stable.

Two effects offset each other: first, a volume tailwind, we assembled fewer servers; second, a price headwind, each server costing more because of components inflation. The strict CapEx discipline was possible thanks to our integrated model, maximizing existing assets, and the front-loading of the CapEx.

Now, infrastructure and network with €53 million are stable. Product and software with €72 million are also stable and are reflecting the capitalized development work of our team.

Looking ahead, we intend to keep the same discipline. We do not expect our capital intensity to drift, that is the spirit of our CapEx strategy.

Our balance sheet is strong and our financing is secured. Net debt excluding leases stands at €1,157 million.

The whole debt is hedged at an average cost of 4.4% including margin and fees. If we add €144 million of leases, the net debt with IFRS 16 lease is at €1,301 million.

Liquidity amount to €255 million, that is €55 million of cash and our €200 million multi-purpose facility, which is undrawn. There is no major maturity before FY 2030, and our debt is built on three pillars.

First, the €450 million green term loan maturing in FY 20 in FY 2030; second, the €500 million bond maturing in FY 2031; and third, the EIB facility, which amortizes gradually. The €49.5 million drawn to finance the FY 2027 component is a short-term facility, repaid after year-end close.

We are rated BB- by S&P and Ba3 by Moody's. Lastly, our leverage ratio stands at 2.7x, down from 2.9x in FY 2025.

This is now calculated on an IFRS 16 basis, including lease liabilities. It is one of our North Star ratios.

Let me start my presentation with our ability to create value. Our second North Star ratio is return on capital employed.

ROCE reached 7.7% in FY 2026, up 60 basis points from 7.1 and more than double the 3.3 of FY 2024. Investments are paying off.

The capacity we built is now generating revenue, and our investment discipline keeps capital employed under control. We have room to grow without new heavy investments.

ROCE increasingly frames every decision we take, from gross CapEx and acquisition to how we finance our equipment. Every euro we invest must improve our return on capital.

With that, I hand over to Octave for our FY 2027 outlook.

All right. Thank you, Julien.

Just to give you the the guidelines for the FY 2027. We changed that a little bit.

I think you will have questions about that. We wanted to give give you on the five instead of four components.

The first is growth, like-for-like, it's more than 10%, double digit let's say. We know that it will be a little bit more that 10, but we want to be cautious when we start this fiscal year.

We want to deliver what our '27, not overpromise about the the different numbers that maybe we would we could not deliver. On the growth, it's 10% more, and we'll see how it will grow in the in the year quarter per quarter.

On the adjusted EBITDA, we know that it will be more than last year and we put 42.5. We have good I understanding about how much it could be more, but we want again we very really be cautious about what what kind of margin we can deliver.

To having something that we we don't overpromise. Free cash flow, of course, positive.

There was no question about that. We You saw that we deliver 25 million.

I don't know yet how it will evolve, because we will want accelerate as much as we can. If we see more free cash flow in our our our numbers, we will probably investing more to accelerate even more our growth.

This is the dynamic of how we we are thinking about the the growth. Now, we removed the CapEx, and why we removed CapEx, because it was there was a few few few things that we didn't like about the CapEx.

There was no revolution about the way that we make the CapEx, we we continue the discipline, and we will we will we you know how much here you you have the you have the numbers about this 42.5%. Also last year we realized that in the beginning of the year we started with these guidelines about the 30% 32% and then we change to the 33% 35%, and when we finish the year in with 32.5%.

Honestly it means nothing. It means nothing.

It's not the the It's maybe it means a lot of things, but it's it moved over the year, and we don't like this guidelines just moving over the year trying to to understand how we how we work on the CapEx. Also another thing that we we will start using more IFRS 16 that will also be used in the same time that the CapEx.

There was too complexity to share to share the things about the CapEx. We wanted to add the additional two guidelines just to secure and to saying we we don't do the the the nasty things the about our numbers.

The first ROCE has to grow, and it will be more that a more that a 9%. Okay?

It's it's it's something that it's really important. We need to create the value, and we need to continuously in thinking about how the investments create the value for our investors.

This is the first first. The second, we want to commit on the leverage ratios.

Using usage of the IFRS 16, it's not just the way to just to hide the CapEx. It's We want to be cautious about also this this ratio.

We we make the choice about 2.7x between the EBITDA and the debt net debt of the of the of the company. This is the way that we want to guide guide you and to give you overview of the FY 2027.

If we can just make the key takeaways. On the foundation, we have we we really really working been working on the acquisition of the customers.

We were really work wanted to be sure that we can deliver FY 2027, the full continuously supply continuity. AI strategy, it's clear and we start to to work in more on that.

On the execution, this also the the FY 2026 fully delivered all the guidelines. We have really high flow-through EBITDA, but don't take that as the guidelines, it was really exceptional.

We'll see what we'll deliver in FY 2027. First free cash flow positive since IPO.

I made before 2016 free cash flow positive, this is where I let's say I'm at home. I like this company when it deliver free cash flow because it's it's the freedom that we need to to to go in the right directions for the to make this company even bigger.

Free cash flow, it's really really important for me. On the FY 2027, it's revenue more than 10%, leverage positive free cash flow, and then on the ROCE more that 9% for the FY 2027.

Now we are open to answer all your questions if you have any.

thank you. This is Ines from BNP.

I have two questions. First, earlier this year, the message was that you lacked GPUs, particularly latest gen GPUs.

What has changed exactly? Is it because you actually have secured, thanks to last year's front-loaded CapEx, and that's only for FY 2027 expected demand, or is this enough to actually meet demand in more longer term?

The second question is, 10% organic growth is your floor for next year, how much contribution from the repricing of servers should we expect to be into the growth guidance? Thank you.

If I understand well, it's why we start to investing in the AI now and not before, and what is the fundamentals of that? You have different things.

You have the first thing that we didn't think that there was a lot of demand for the GPUs three four years ago. Because we saw some competitors that invested in the GPUs, and they didn't sell them in Europe.

I was a little bit cautious about the usage of the CapEx in the last years. This is the first.

We think that right now the demand is there, but I want to have the proofs. We are still cautious about the investing in the GPUs, and seeing how it can grow, how many customers, either if there was the pressure on the prices etc.

We are in this period of time that we are testing the market on that. This is the first.

The second is that all GPUs, the H100, they didn't have a lot of performance. When you have this new generation of the GPUs, B300 and R200, we are talking about something different, really magnitude of the performance more.

That made sense for the customers, and also we saw that it's made sense for us for the inference, for the training, because the reduction of the cost, and the productivity, let's say that, of the CapEx, it's huge. You reduce at more than 20 times the cost of the same performance over just three, four years.

When you invested 20 in four years ago, for the same performance today, you can just invest 1. The productivity of the hardware, of the software that you have in the market, it's really huge.

This is why we want to start investing in that and to see how the market reacts. The second question?

On the server repricing effect.

Oh yeah, on the repricing. We will not communicate a lot about this repricing, about the part of the revenue, because there's three parts that you will see in the growth.

The first part is Cloud. We have growth of Cloud as you saw on the Public Cloud.

In the last quarter, we had more that close to 25% of growth, it's really cool. We wanted to continue to having this kind of growth in even maybe even more in Cloud in Public Cloud in FY 2027.

We'll see how it will react. You have the second, you're right, we have the repricing, but it's temporary.

There was one part of that that we don't know yet because of course with the increase of prices, you can have churn. The real increase of prices, we had in the beginning of this month one part, and there will be still in November, still in December, over the two, three months.

We don't know yet how much it will be from the repricing. We are not sure, let's say that, we know how it could be, but we don't have the real numbers right now, and I want to wait before communicate any numbers about that.

The third part that will accelerate our growth, it's AI with the investment in this GPUs, but not only. Keep in the mind that reselling the GPUs, it's really competitive activity, because you buy the same hardware, you deployed that in a little bit different data centers, and then you go on the market.

How different you can be selling the same GPUs over the different data centers worldwide? We need to be cautious about that on saying how much revenue we can make from the GPUs, but also, this is why we want to invest in the software in the AI, and not just GPUs in the hardware.

This is why we are talking about the inference, about the token-as-a-service, about PaaS for AI, and the AI for SaaS. It's not just one product that we want to go on the market.

We want to reduce the risk on the investment in the AI over five different kind of services, and see which one can have the good traction. Then growing on that.

Maybe it will be just two of them, maybe three of them, maybe five of them, that would be great. We don't want to just put every bet on just GPUs in our data center and saying, "That's it."

Okay? This is why also on this revenue about more than 10%, we need this first quarter and maybe even second quarter to see how exactly it's growing, and then go back to you with maybe the adjustment of the guidelines for FY 2027.

Any other question?

Hi, thank you for the presentation. I have two questions.

The first one, how do you expect CapEx to develop next year? The second one, it looks like you drew about €72 million of debt in H2 and repaid about 23.

What is that related to? Thanks a lot.

On the CapEx, we will not give you the soft guidelines or the hard guidelines, because as I said there was something that we control in the right way, and you can see how we were cautious about that in the FY 2026. Also, we changed the percentage in the guidelines last year, it was not really good way to guide you.

Also on top of this CapEx that we could invest directly with our cash, we will use the IFRS 16 that will also generate additional cash directly in the year. It's something that will be faster to transform to the free cash flow.

All in all, how much CapEx we will see because we, as I said, we have a room a little bit about should we accelerate or should we slow down investment in the AI. Because of that, we don't want to really to guide you on the CapEx because it will probably involve in the year if it's going faster and we have a new customers and there's this business we like this business, but we will put more resources, more GPUs in our data centers.

If it's not going in the right direction, there was a lot of pressure on the prices, we will slow down the investment in that. Giving you the CapEx it will be something that we will not be able to really to guide because it will change over the year.

All in all, you have ROCE and you have leverage ratio that we will respect. We will not go on top of that in any case.

It has to generate the value first, and the second, the ratio has not to be more than 2.5 2.7 end of the FY 2027. Because we want to protect also the cash flow and having this free cash flow.

We have the constraints, free cash flow, ROCE, leverage ratio, and with all these constraints, then let's play, and let's see what we can capture as the faster growth, as the higher EBITDA, and respect all these three ratio that we give you on the free cash flow, ROCE, and leverage ratio of debt.

Yes, hi. Could you give us a little more detail on the ROCE improvement expected in '27, and specifically how much of it comes from the better yield on the revenue generation you mentioned earlier, and how much from something else?

Would find it hard to see how the picture is generally positive in an environment of elevated hardware prices with only limited repricing. Thank you.

On maybe Julien?

Sure. We are going to be as Octave said, managing strongly our OpEx and our CapEx discipline, which means that our revenue is going to flow into EBITDA.

We are showing in our guidance that we want to improve the margin, therefore the ROCE is going to be improving naturally as we are having a stable and a strong balance sheet, capital employed.

At least it will be 9%.

Exactly.

Good morning, gentlemen. Three questions on my side.

Coming back on the price increase, I understand that you don't want to comment that much the impact on the top-line growth and the guidance for 2027, but could you help us to understand what's the underlying assumption you have taken in the current guidance? At least 10%, does it take into account an impact from price increase or not at all, and you are waiting one or two quarter more to understand what could be the churn rate or what should be changed compared to the initial scenario you have taken?

I.e., what's today included in the guidance for 2027? I think it's important to understand that.

On ROCE, can you help us to understand what would be the best-case scenario? So 9% is, of course, better than the level we have seen over the past 3 years, but what would be the ideal scenario if you look forward?

Is it 10%? Is it 15%?

What's the, let's say, ideal threshold that you see on this new, let's say, KPI that we should live with now? The last point on the revenue opportunity by type of AI services, the five new AI services you were mentioning in your slide.

Can you help us to understand the revenue opportunity attached to each of them and how fast can materialize into incremental revenue for OVHcloud? Thank you.

Thank you for your question. I understand your question about how much repricing.

We put a little bit inside of this guidelines, but keep in mind that we had a very good growth in the last quarter, and we've been working so much on the volume, we also expect to have a good transformation of this volume on the upselling and to going with the new customers that they will consume more our services specifically in Public Cloud. We put in a little bit of repricing inside, but we are really really cautious because the market, the customers, how they think, what kind of the services they can move from us to another competitor, another service.

There was not so many options for them what we saw because everybody started to increase. You can have just phasing and you can have this sometimes someone can increase the price a little bit later, but we are still even if we to increase our prices, if you check the Public Cloud prices, we are still a half of the price of AWS.

Okay? Even if we were three times less expensive, now we are just two times less expensive from AWS perspective, and we'll see what AWS will do.

As you know probably, Azure announced two three weeks ago that they will increase the prices in Europe by 11%-17% on the compute and also the high percentage of the storage. It's all that involving.

All that is involving, and we are confident, we have the good fundamentals, but look guys, there was so many moving parts right now, and I don't want to give you the guidelines that I won't be able to deliver. I know that 10% we can make so much and we have the plans, we will see.

For the moment, Q1, we just increased the prices and we'll see how all this working. If it's working well, yes, it will be more than 10%.

If it's not working well, we'll have at least 10%, and we'll not deliver you the guidelines that will not be able to deliver. Also on the AI, there is Octave, Octave.

Octave, just pause one minute here. I understand that, but in the at least 10%, what's the scenario included in this guidance?

Is it a price increase impact at equal to what you had in 2025? What's the bear case?

We understand that it's a bear case, but what's is implied in this bear case? Is it 2 percentage point?

Is it 3 percentage point? Is it less than 2026?

It's important to us to understand what's the starting point and what could be the potential upside, even if it's not the guidance. You see my point?

I see your point. I won't be able to give you more details about that.

It's really we need to go through this quarter. I wanted already to tell you that it will be more than 10%, okay?

Because it's not give you the specific percentage of that, that just saying, "Hey guys, it will be more than 10%, for sure." Okay?

This is what I will be able to deliver. We didn't take this 10% double-digit guidelines as what it's inside of that.

We're just saying, "We will make this more than 10% for sure." Now, we'll have through this first quarter just to see where we will land and how it's really, then we'll be able to go back to you.

In this specific 10%, there was no specifically we didn't take this and this and percentage of that. We just saying, "Okay, let's guide that it will be more than 10%."

Okay?

Okay. Understood.

The second on the AI, on the GPUs it's you have different constraints, that is really interesting part. You have the constraints of course of the capacities in the data centers that we don't really have, but we have some of them because we need to, let's say, to add additional UPS, additional generators, etc.

It's very small level of the CapEx, but it takes a little time, a few weeks, a few months to have them in the data centers. You have another thing that in these GPUs you have to you have the wait list of the when you put the orders in the NVIDIA, and you have to just to wait when you will be delivered.

We have the good news of this delivering of this GPUs, I think on this one part of the increase of the prices will come definitely from the GPUs. I cannot tell you how many GPUs we order because again it will involve probably involved in the year.

Then also, we are just in the beginning of journey of the level 2, 3, 4, 5. The feedback that we'll have on our AI Summit with OVH AI Workspace that will go to the GA probably January, February, will be really interesting, because in the beginning it will be the freemium.

Okay? Everybody will be able to create an account and use this product.

We think that it will be a lot of customers that will transform this freemium that will not cost so much money because everything is internal and we manage all these costs in the right way. Then when they transform to the paid subscription, it can generate a lot of money.

We don't know yet, and this is also the way that we started to guide in the beginning of 20 2027. I'm really sorry that it's uncomfortable for you guys, but we have so many movement parts.

It's going well, it's going in the right direction, but I want to see what are the real numbers first, and then go back to you saying, "We see this numbers, this numbers will be confirmed, and then we will deliver this guidelines, this kind of the numbers." Because we are going in this different directions, different investments, and to trying to derisk the investment in AI, I don't have all the answers today in October.

Yeah. The question on ROCE, the return on capital employed, what would be the ideal level for you?

9% is is it just the starting point, or what's the maximum you are targeting here?

Hey Derric, Julien speaking. I think what matters is the trend on ROCE.

As you can see, we've been managing that very carefully over the last few years, we are going to be improving the ROCE, and we are really expecting to improve, so that's that's our goal.

In the it will be more than 9% also, hopefully. Now, keep in the mind that in the way that if, for example, we don't see a lot of businesses in GPUs, and there's the market is closed, and we stop investing in that, of course our ROCE will grow.

If we have the opportunity to invest in the GPUs and to going up to the market, and to going even faster on the revenue in EBITDA, the ROCE will be a little bit less. All in all, it's be more than 9%.

All this, this is why we are not so specific about our numbers in this beginning of the fiscal year because there was a lot of opportunities, and we want to capture that, and still respect all our guidelines. It's also why it's not just we don't know everything, it's also, there was reaction of our customers, reaction of the market, and to see where it's going, who is ordering, how fast we ordering, what is the answer.

For example, you didn't see any announcement from our side about the GPUs for the moment, but we started to sell them. We are doing that in another way to see where the market is and how deep this market is.

All that is also, keep in the mind, that we give you a lot of informations, and we realized the last year that all a lot of this information were used by our competition. That's good.

That's good, we have some kind of the transparency about our business model, about our secret sauce, about the different things. We realized also that we gave too much, and they use our secret sauce to go after us or trying to be even more competitive with us.

We also want to have this ability to go fast on the market without announcing a lot of things, but just capturing the market, and then when the market is captured, we go back and saying, "We did it."

Understood. Can I add just a follow-up on the Corporate segment?

Could you explain why the growth was so weak, while you mention strong upselling, any specific one-off or headwind here that will not repeat in the coming years?

You're right saying that the first quarter first three quarters were weak on the Corporate. This is also why I came back and change the organization of the go-to-market, and specifically on the Corporate.

On the Corporate, you saw our announcement of the hiring of the key people. We hired the head of the Germany for Corporate, we hired the head of the Italy.

We changed the organization of the Corporate in our in France last quarter of the Q4. Now we are going back after the market to accelerate the growth.

Now, we were really focused on the big businesses. ESA, for example, that we announced the signing of the contract, it's not a small contract, it's a really really big contract, okay?

To having the impact from when you generate so much revenue, having the impact, you have to work on the volume, of course, but also being focused on the big deals, and not the small deals that will take time to deliver. For example, the European Commission, it will be something that will grow, it will be nice, but it will be over 12, 24 months.

We were focused on something that it's quicker, faster, that we can see the results over the months, over the quarters, and not the years. This is also how we focused more our sales force on the Corporate to build the relationship and to go after the additional businesses that we can actually realize that we make them, and we see the revenue.

We had some issues Q1, Q3, Q4, but now it's restarted with the new deals, and hopefully it will grow faster in the FY 20 2027. Keep in the mind also that we've been talking about that in FY 2025, even '27, that we lost two big customers.

I think it was '25, but it took four quarters just to clean up that. You could see that in this Q1, Q3, Q2, Q3.

Now it's cleaned up, and again everybody is back to the work, and I hope that we'll restart signing the contract in the Corporate from the Corporate perspective.

Thank you very much, and thank you, Julien.

Good morning. Sorry, I'm back, but this time my mic is on.

I hope you can hear me well now. Three questions for you.

First, Octave, is it correct that you are about to offer an alternative to the Microsoft 365 and Google Workspace office suites? Was this a request from customers context of sovereignty in Europe, and what will be the model behind this offer?

Could it be free to start with? Second question, do you see any risk related to the macroeconomic and geopolitical environment, particularly in France, where you are still doing half of your revenues?

Last question, are you planning to make any further advanced purchases of memory components in fiscal year '27 for use in fiscal year '28 with the financing by dedicated debt? Thank you very much.

Thank you for your question, Emmanuel. On the OVH AI Workspace, you could say that, but I would not say that.

[laughter] Okay? Because if you see the old world, the old way of the productivity, yes, at some point we will have the some SaaS services that you can have the email, the videoconferencing, drive, messaging, editing the documents.

With AI, all the services has no value. It's really easy to develop all this services and then add it to our customers.

I would not tell you that we are building Office 365. I will tell you that we are building the platform AI that will operate SaaS services for the customers.

By the way, you will have Office 365 in the platform. We'll have the digital business, we'll have the custom agents, and it will be a lot of additional software inside because it's so easy to develop additional software and to build that in the platform.

The main thing it's how you operate all the SaaS, and we think that the way to operate that is changed totally. You probably use Claude Code, you probably use ChatGPT, and I think this will be the way to send tomorrow the emails, to explore your drive, to having the summarization of your visio conferencing, to making the business on the web, and also to building your next application, small application for your job if you're in financial, legal, on the HR vertical.

It's something that it's really new, really innovative, and the way that we build that, you don't see that for the moment for the market. I didn't.

Okay? Maybe there was someone that have developed that or is developing, but it's something that will be really new.

On Summit we will show that, because we didn't for the moment exactly for the same reason that I told you just before, because our competition, and I don't want to share the good ideas, the smart ideas, the way to how to grow, and this is why also we were a little bit less transparent about what the OVH AI Workspace is. This is the first answer for the first question.

The second question, you're right. In France, it's tough, okay?

We see that a lot of customers, they wonder what's next. They're waiting for the elections, and there was a lot of questions about what will be what will happen after.

The hope, it's not on the right level, and you feel that on the business. You feel that on the business.

This is why also all our, let's say, acquisition actions are working so well, because we started to do what we know how to do that in the best way. Very competitive offers that doesn't cost us so much to deliver and help our customers to make the business and then we are waiting with them to have this time that they have more money, they have more means, they can grow faster, but at least they are with us.

We acquire a lot of customers. It's the 100,000 customers.

More than it's hundred thousands customers that we acquired the last last month, it's massive. It's not small, it's massive.

We will work with them to help them to grow in the right way in this world that has a lot of uncertainty. Having this brand OVH that can bring this kind of the value, the way of working, to trying to protect the customers, it's something that customers definitely, they like that.

On the last question, it's a good question. I don't have the answer for that, because I don't know the prices for the FY 2028.

I don't know how it will involve, [coughing] and honestly, I don't know. It really will depend of the prices about the strategy of what will be our investment in FY 2028 in the hardware.

There was lot of things that we will work probably if H2 to see what will be the best scenario. Maybe it will be the good scenario, maybe not.

I don't know yet if it's something that we will activate again. Hopefully no.

That would say that we are going back to some, let's say, fundamentals, some normal world, regular world. I don't know today.

I don't have the answer for that.

Okay. Thank you for the time that you spend for the questions that you spend.

As you saw that we close this year as a good year. I'm really happy what we delivered, and I'm really happy how ready we are for the 20 FY 2027.

The company it's really in another shape, a lot of excitement, a lot of people that they're working hard to deliver the performance, and I'm really really happy what we have right now. We will work on this growth on the FY 2027 with the profitability, with the free cash flow target that we have, and of course improvement of our value creation.

It's something that we have that as the North Star, and we are thinking about that every morning, every night about how to invest in the right way the money and to generate the growth and the value. Thank you very much, and see you on the work.