OVHcloud
ConvictionContext
Recurring subscription/usage cloud infrastructure; vertically integrated (designs and assembles own servers, owns ~40 datacenters, custom water-cooling) to undercut hyperscaler unit costs; three segments: Private Cloud, Public Cloud, Web Cloud & Other
Revenue
EUR 1,084.6m FY2025year ended 31 Aug 2025), first year above the billion-euro markRev growth
+9.3% like-for-like FY2025+9.2% reported vs EUR 993.1m FY2024); FY2026 guided to +5-7% LFL (deceleratingGross margin
not disclosedin conventional form (vertically integrated); adjusted EBITDA margin 40.4% is the reported profitability metricOp margin
thin — net income only EUR 0.4m FY2025~0% net margin), a return to profit from a EUR 10.3m net loss in FY2024; operating profit low-single-digit after heavy D&A and finance costs (all debt hedged, ~4.3% average rateCapex intensity
33.3% of revenue FY2025capex ex-acquisitions EUR 361.4m: 11.9% recurring + 21.4% growth); FY2026 guided 30-32%Market cap
~$2.8bnEuronext Paris: OVH; ~EUR 2.4bn, ~150.4m shares outstanding, early Jul 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence