OVH Groupe S.A. Q2 2026 Earnings Recap

OVHcloud delivered solid H1 2026 results with 5.5% like-for-like revenue growth, record EBITDA, and tailored strategic initiatives including expansion into defense and AI labs.

Key Takeaways

• Revenue reached EUR 555 million with EBITDA at EUR 227 million, reflecting a 40.9% margin and over 100% net recurring revenue rate.
• Strategic focus on vertical defense markets, AI development through Dragon LLM acquisition, and ramped-up private and public cloud offerings.
• Customer acquisition improved notably in bare metal (+12%) and entry-level cloud services, supported by aggressive pricing and new product initiatives.
• Operating cash flow remained healthy at EUR 32.3 million, owing to front-loaded CapEx to secure future growth.
• Continued emphasis on security, enterprise deals, and geographic expansion positions OVHcloud for sustainable growth into 2027.