Quarterly results and headline figures
OVHcloud reported third-quarter revenue of €289.6 million, up from €271.9 million a year earlier, representing a 6.9% increase on a like-for-like basis. The company said the acceleration in the period was primarily driven by a rebound in its Public Cloud activity.
Business segment performance
Public Cloud, which made up 22.7% of group revenue, delivered the strongest growth. On a like-for-like basis, Public Cloud revenue rose 20.2% to €65.6 million, supported by what the company described as "very strong customer acquisition in Starters, particularly for VPS offerings following the launch of VPS 2027."
Private Cloud remained the largest single segment, accounting for 60.1% of total revenue. Private Cloud sales climbed 4.0% on a like-for-like basis to €174 million. Web Cloud, representing 17.3% of group revenue, rose 2.0% on a like-for-like basis to €50 million.
Regional split
By geography, France contributed 48% of group revenue and grew 5.8% on a like-for-like basis. The other countries of Europe made up 29% of revenue and advanced 7.4%, while the rest of the world represented 23% of revenue and increased 8.6%.
Guidance and financial targets
OVHcloud confirmed all of its objectives for fiscal 2026. Management reiterated a target range for organic revenue growth of 5% to 7%, an adjusted EBITDA margin above the level reported in fiscal 2025, adjusted capital expenditure equivalent to 33% to 35% of revenue, and the delivery of positive levered free cash flow.
Corporate developments flagged by management
Chairman and CEO Octave Klaba highlighted three developments during the quarter. First, the company reorganized its corporate sales force, a change illustrated by its selection by the European Commission. OVHcloud will be part of a consortium with DEEP by POST Luxembourg Group and Clever Cloud to provide a sovereign cloud for European Union institutions. That contract is capped at a maximum value of €180 million over six years.
Second, the company refreshed a suite of offerings for the Starters segment - including VPS 2027, Domain Names 2027 and Web Hosting 2027 - initiatives Klaba said "have all led to a steady increase in new customers." Third, OVHcloud said it is in exclusive negotiations to acquire Gladia, a voice AI company, and that its AI Lab previewed OVHai Workspace, described as an "open, collaborative agentic AI platform," at the VivaTech conference.
Customer metrics
The company reported a net revenue retention rate of 102% on a like-for-like basis, noting this outcome was achieved "despite optimisation measures in Hosted Private Cloud."
Implications and context
The quarterly update shows a return to faster growth in Public Cloud, while Private Cloud continues to represent the bulk of revenue. Management's reaffirmation of fiscal 2026 targets signals confidence in the company's trajectory, alongside targeted commercial and product initiatives and a potentially material EU contract. At the same time, ongoing optimisation in Hosted Private Cloud and the fact that almost half of revenues are concentrated in France are factors to monitor going forward.