OVHcloud (EPA: OVH) Confirms FY Outlook as Q3 Revenue Rises 6.9% to €289.6M

OVHcloud (EPA: OVH) delivered a clean sequential acceleration on June 25, 2026. Revenue for Q3 FY2026 came in at €289.6 million, up 6.9% like-for-like, driven mainly by Public Cloud, which returned to growth above 20%. The European cloud leader reaffirmed its full-year targets, signaling confidence in the second half. The quarter also marks OVHcloud’s first data point since completing major strategic moves, including a defense vertical launch, the Gladia voice AI acquisition, and a reorganized European Corporate sales structure.

Q3 FY2026 Revenue Breakdown by Segment

The three business segments tell distinct stories this quarter.

Private Cloud (60.1% of revenue) generated €174.0 million, up 4.0% like-for-like. Web Cloud (17.3% of revenue) contributed €50.0 million, up 2.0% like-for-like. Public Cloud led growth sharply above 20%, continuing the momentum established in H1 FY2026.

Segment Revenue at a Glance – Q3 FY2026

• Total Revenue: €289.6 million (+6.9% LFL)
• Private Cloud: €174.0 million (+4.0% LFL) 60.1% of revenue
• Public Cloud: Above 20% growth, 22.6% of revenue
• Web Cloud: €50.0 million (+2.0% LFL) 17.3% of revenue
• Net Revenue Retention Rate: 102% like-for-like

Geography: Europe Accelerates, France Holds Steady

The geographic split in Q3 FY2026 shows Europe gaining momentum. France accounted for 48% of total Group revenue and was up 5.8% like-for-like, a slight sequential improvement versus H1 FY2026. The rest of Europe contributed 29% of revenue, up 7.4% like-for-like growth that more than doubled compared to H1 FY2026, driven by stronger Public Cloud momentum.

The European growth acceleration is particularly important for OVHcloud’s sovereign cloud positioning. Gartner forecasts European sovereign cloud IaaS spending will reach $12.6 billion in 2026, up 83% from $6.9 billion in 2025. OVHcloud sits directly in that growth lane.

FY2026 Guidance Confirmed All Targets Reaffirmed

OVHcloud’s management held its full-year stance firmly on June 25. In line with H1 FY2026, the Group maintained strict financial discipline, combining rigorous cost management with a focus on cash generation. OVHcloud confirms all FY2026 targets, including adjusted Capex representing 33%–35% of revenue and positive levered free cash flow. 

For context, FY2026 guidance calls for 5%–7% revenue growth, a higher EBITDA margin, and positive levered free cash flow. Q3’s 6.9% LFL growth sits comfortably within that range.

Strategic Moves Shaping Q3 and Beyond

OVHcloud didn’t just report numbers on June 25; it backed them with structural action. The company entered exclusive negotiations to acquire Gladia, the expert in voice AI. OVHcloud and OVHai will use Gladia’s Speech-to-Text technology to launch new voice AI services.

OVHcloud also previewed OVHai Workspace, an open, collaborative agentic AI platform, and won selection by the European Commission to provide sovereign cloud for EU institutions. These wins validate the company’s sovereign cloud strategy ahead of FY2027.

Related Stocks to Watch Alongside OVHcloud

OVHcloud operates in a fast-moving European cloud and sovereign infrastructure market. Relevant peers and related stocks include:

• Scaleway (private), French sovereign cloud competitor, Cloud III framework winner
• Deutsche Telekom (XETRA: DTE), parent of T-Systems, European cloud player
• Capgemini (EPA: CAP) French IT services firm with cloud infrastructure exposure
• Aost (EPA: ATO), European cloud and sovereign services operator

OVHcloud’s Q3 FY2026 result of €289.6 million in revenue, 6.9% LFL growth, and confirmed full-year guidance shows that sequential momentum is building steadily into the second half of FY2026.

Disclaimer

The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.