- Reve ue +7.2% like-fo -like, adjusted EBITDA ma gi at 42%
- Leve ed F ee Cash Flow positive fo the fi st time si ce IPO
- FY2027 ta gets: accele ati g value-c eati g g owth
| Key figu es(i millio s of eu os) | FY2025 | FY2026 | YoY Cha ge (%) | YoY Cha ge (%), like fo like (LFL) | Reve ue | 1,084.6 | 1,145.1 | +5.6% | +7.2% | Adjusted EBITDA | 437.8 | 480.5 | +9.7% | As a % of eve ue | 40.4% | 42.0% | +1.6 pt | Capex | (361.4) | (372.9)(1) | +3.2% | As a % of eve ue | (33.3)% | (32.6%)(1) | (0.6) pts | Leve ed F ee Cash Flow(1) | (27.0) | 24.7 | a |
Octave Klaba, Chai ma a d CEO of OVHcloud, said:
“Twelve mo ths afte my etu , we have delive ed o all of the ta gets we a ou ced. Fou th-qua te eve ue g ew 10.5% o a like-fo -like basis, a d mo thly eve ue su passed the €100 millio milesto e by the e d of the fiscal yea .
FY 2026 was a yea of discipli e. We ma aged ou i ve to y a d capex ve y closely while keepi g ope ati g costs u de co t ol. Custome acquisitio a d sales volumes we e ve y st o g ac oss domai ames, VPS a d Ba e Metal. Public Cloud eve ue g ew 20% i the fou th qua te . I espo se to isi g RAM a d sto age p ices, we made measu ed adjustme ts to ou p ici g. Ou ew sales o ga izatio , put i place du i g the yea , will delive its full impact f om 2027.
We have edefi ed ou AI st ategy, a d i 2027 we a e movi g i to the deployme t phase. I AI, ou custome s do ot all have the same eeds: ou solutio s se ve seve al custome p ofiles, which limits the isk o ou i vestme ts. We will co ti ue to become mo e efficie t. Simplifyi g the custome expe ie ce a d egio alizi g ou Public Cloud offe i gs should allow us to accele ate ou g owth eve fu the .The G oup has ow etu ed to its fu dame tals a d is eady to shift i to a highe gea .”
(1) Co ected fo the impact of €49.5 millio of 2027 capex p e-fi a ced i 2026The G oup has completed the ec uitme t of its ew Chief Fi a cial Office , who will take up his positio o Decembe 1, 2026. As he cu e tly holds a positio elsewhe e, he will be i t oduced upo his a ival.
The Boa d of Di ecto s of OVHcloud, which met o Octobe 19, 2026, eviewed a d app oved the G oup’s co solidated fi a cial stateme ts fo the fiscal yea e ded August 31, 2026. The Statuto y Audito s’ epo ts o the a ual co solidated a d compa y fi a cial stateme ts of OVH G oupe SA a e i the p ocess of bei g issued.
FY2026: a yea of executio a ou d st uctu i g p io ities
OVHcloud has efocused its custome app oach
As the fi st step i a jou ey to make OVHcloud a esolutely custome -ce t ic compa y, i all its depa tme ts, the G oup has eo ga ised its sales teams a ou d its th ee go-to-ma ket segme ts, Digital Sta te s, Digital Scale s a d Co po ate, u de e ewed comme cial leade ship.
Reve ue by “go to ma ket” segme t.
| (i millio s of eu os) | FY2026 | YoY Cha ge (%), like-fo -like (LFL)(2) | Digital Sta te s | 564 | +5.4% | Digital Scale s | 359 | +12.4% | Co po ates | 222 | +2.6% | Total | 1,145 | +7.2% |
Custome g owth i the “Digital Sta te s” segme t
The “Digital Sta te s” segme t posted like-fo -like g owth of 5.4% to €563.9 millio (49% of eve ue), accele ati g to +7.4% i Q4, suppo ted by the i c ease i the umbe of custome s. This mome tum eflects the co ti ued att active ess of the offe to i dividuals, small busi esses, develope s a d e t ep e eu s, who fi d i OVHcloud competitive solutio s to lau ch a d develop thei o li e busi ess.
Ta geted ve tical app oach i the “Digital Scale s” segme t
The “Digital Scale s” segme t be efited f om st o g like-fo -like g owth of 12.4% to €359.1 millio (31% of eve ue), tha ks to a st ategy focused o specialised ve ticals. This app oach allows OVHcloud to bette meet the specific eeds of each custome segme t a d to develop additio al sales to its existi g custome base.
St o g H2 sales mome tum i the “Co po ates” segme t
The “Co po ates” segme t which posted g owth of +2.6% to €221.7 millio (19% of eve ue), be efited f om a pa ticula ly dy amic seco d half of the yea boosted by two d ive s: the developme t of additio al sales with the existi g custome base, the success of the 3-AZ offe i g, which meets custome s’ sta da ds.
The eo ga izatio ca ied out du i g fiscal yea 2026 will delive its full effect i 2027. I pa allel, we will also be ewo ki g the suppo t we p ovide to ou custome s. It will be bette segme ted a d AI-assisted to imp ove both quality a d espo se times. We will also cla ify the ma ket positio i g of each of ou b a ds: Kimsufi, SoyouSta t, Gladia, OVH, OVHcloud a d OVHai.
(2) The scope of the Digital Sta te s, Digital Scale s & Co po ate segme ts has bee modified fo FY2025 followi g th eshold cha ges
Assets secu ed fo FY27
I espo se to isi g compo e t p ices, the G oup has secu ed the supply of compo e ts equi ed to suppo t its g owth. Tha ks to ve y p ecise ma ageme t of ou compo e t i ve to y, we ca adapt to custome dema d withi just a few days, which helps limit the cash tied up. Each i vestme t also emai s subject to st ict fi a cial discipli e, with a focus o value c eatio .
With 250 MW of co ected powe capacity, of which 140 MW is i ope atio , the G oup has head oom fo g owth without eedi g to build ew sites. The g oup is also explo i g va ious sce a ios fo cha gi g how its i f ast uctu e is st uctu ed, with a view to pote tial capacity expa sio s a d the amp-up of its GPU busi ess.
I flatio passed o i a immediate a d measu ed ma e
The G oup made ta geted p ici g adjustme ts based o a “mutualised pass-th ough” app oach of the evaluatio of the cost of compo e ts. The i c ease is applied to all ece t a d ewly o de ed se ve s. The aim is to keep suppo ti g ou custome s’ g owi g dema d i a i flatio a y e vi o me t.
Committed edefi itio of the AI st ategy
The G oup made th ee ta geted acquisitio s (bolt-o ): Seald (Ja ua y 2026), a specialist i e d-to-e d e c yptio , D ago LLM (Ma ch 2026), a desig e of specialised AI models fo egulated i dust ies, a d Gladia (July 2026), a specialist i voice AI.
The fi st esult of these me ge s – OVHai Wo kspace, a AI platfo m fo busi esses was u veiled at VivaTech i Ju e 2026. The G oup’s AI st ategy will also be detailed at the “AI Summit” o 19 Novembe 2026.
G owth accele ated ove the yea , d ive by the Public Cloud
OVHcloud’s eve ue fo FY2026 came i at €1,145.1 millio , up +7.2% like-fo -like (+5.6% epo ted), exceedi g the ta get of 5 to 7%.
G owth clea ly accele ated i the seco d half of the yea : +6.0% i the fi st qua te , +5.1% i the seco d, +6.9% i the thi d a d +10.5% i the fou th, like-fo -like.
I the fou th qua te , qua te ly eve ue exceeded €300 millio a d mo thly eve ue exceeded the sig ifica t €100 millio milesto e.
The et eve ue ete tio ate emai s high at 103% (like-fo -like), d ive by low chu .
Reve ue by p oduct segme t.
| (i millio s of eu os) | FY2025 | FY2026 | YoY Cha ge (%) | YoY Cha ge (%), like fo like (LFL) | P ivate Cloud | 671.6 | 690.4 | +2.8% | +4.5% | Public Cloud | 219.2 | 255.1 | +16.4% | +18.9% | Web Cloud & Othe | 193.8 | 199.7 | +3.0% | +3.2% | Total eve ue | 1,084.6 | 1,145.1 | +5.6% | +7.2% |
I FY2026, the P ivate Cloud (60.3% of eve ue) ge e ated eve ue of €690.4 millio , up +4.5% o a like-fo -like basis:
- The mome tum st e gthe ed sig ifica tly at the e d of the yea , with a like-fo -like i c ease of +7.1% i the fou th qua te
- The Ba e Metal Cloud be efited f om the epositio i g of its e t y-level offe s, which suppo ted a st o g acquisitio of Digital Sta te s, a d a sustai ed up-sell with Digital Scale s. OVHcloud thus co solidated its Eu opea leade ship i Ba e Metal.
I FY2026, Public Cloud (22.3% of eve ue) accou ted fo eve ue of €255.1 millio , up +18.9% o a like-fo -like basis.
- It etu ed to a pace above +20% i the fou th qua te , at +24.3% o a like-fo -like basis.
- As the mai co t ibuto to g owth, Public Cloud be efits f om st o g c oss-selli g tha ks to the expa sio of its p oduct po tfolio, the t actio of the 3-AZ egio s, i pa ticula the amp-up of the 3-AZ egio i Pa is, a d sustai ed custome acquisitio .
I FY2026, the Webcloud (17.4% of eve ue) posted eve ue of €199.7 millio , up +3.2% like-fo -like a d +6.0% i like-fo -like i the fou th qua te .
- Domai ame sales a e eachi g eco d daily volumes, d ive i pa ticula by dema d li ked to vibe codi g a d AI.
- Webcloud offe i gs have bee epositio ed to make them accessible to a wide audie ce a d to fu the accele ate g owth.
Reve ue by egio
| (i millio s of eu os) | FY2025 | FY2026 | YoY Cha ge (%) | YoY Cha ge (%), like fo like (LFL) | F a ce | 520.2 | 550.6 | +5.9% | +6.0% | Eu ope (excl. F a ce) | 316.8 | 333.0 | +5.1% | +6.4% | Rest of the Wo ld | 247.6 | 261.6 | +5.7% | +10.7% | Total eve ue | 1,084.6 | 1,145.1 | +5.6% | +7.2% |
F a ce accou ted fo 48% of total G oup eve ue, up +6.0% o a like-fo -like basis, a d +8.3% i the fou th qua te . The Public Cloud accele ated st o gly a d became the leadi g co t ibuto to g owth, tha ks to the ise of the 3-AZ egio of Pa is, while Ba e Metal posted a solid pe fo ma ce.
The othe Eu opea cou t ies accou ted fo 29% of total G oup eve ue, up +6.4% o a like-fo -like basis, a d +11.0% i the fou th qua te . Ba e Metal accele ated i Southe Eu ope (+10.0%) a d No the Eu ope (+12.5%).
The Rest of the Wo ld accou ted fo 23% of total G oup eve ue, up +10.7% o a like-fo -like basis, a d +14.7% i the fou th qua te . G owth is d ive by the Public Cloud, up mo e tha 20%, with solid t actio i the US.
St o g g owth i adjusted EBITDA ma gi
| (i millio s of eu os) | FY2025 | FY2026 | YoY cha ge (i millio s of eu os) | Reve ue | 1,084.6 | 1,145.1 | +60.5 | G oss ma gi | 709.0 | 770.2 | +61.2 | As a % of eve ue | 65.4% | 67.3% | +1.9 pt | Adjusted EBITDA | 437.8 | 480.5 | +42.7 | As a % of eve ue | 40.4% | 42.0% | +1.6 pt | Net ope ati g esults (EBIT) | 69.4 | 77.8 | +8.4 | As a % of eve ue | 6.4% | 6.8% | +0.4 pt | Co solidated et i come | 0.4 | 9.4 | +9.0 |
Adjusted EBITDA eached €480.5 millio , a ma gi of 42%, up sha ply by 1.6 pts
Adjusted EBITDA g ew by +9.7% o a epo ted basis, almost twice as fast as eve ue. The 70% atio of additio al eve ue co ve ted i to EBITDA eve theless emai s exceptio al.
The 1.6-poi t i c ease i EBITDA ma gi demo st ates OVHcloud’s ability to ope ate at scale, d ive by st o g p oductivity ac oss all levels of the compa y.
Ope ati g esults (EBIT) of €77.8 millio , i.e. a ma gi of 6.8%
Ope ati g esults i clude dep eciatio , amo tisatio expe ses of €(378.3) millio , up €23.9 millio , eflecti g the commissio i g of ew capacity.
Positive et i come of €9.4 millio
Afte i cludi g et fi a ce i come (expe se) of €(57.2) millio , a imp oveme t of €7.8 millio due, i pa ticula , to fo eig excha ge gai s, a d a i come tax expe se of €(11.2) millio , OVHcloud eco ded et i come of €9.4 millio i FY2026, compa ed to €0.4 millio i FY2025.
Leve ed F ee Cash Flow, positive fo the fi st time
| (i millio s of eu os) | FY2025 | FY2026 | Adjusted EBITDA | 437.8 | 480.5 | Cha ges i ope ati g wo ki g capital equi eme t | 1.0 | 15.1 | Tax paid | (3.8) | (8.5) | Othe s o -cash items | (18.3) | 1.6 | Capex | (361.4) | (422.4) | A ticipated Capex fo FY2027 | – | 49.5 | Re tal expe ses | (43.2) | (39.3) | Fi a cial i te est paid | (39.1) | (51.8) | Leve ed F ee Cash Flow | (27.0) | 24.7 |
I espo se to isi g compo e t costs, OVHcloud has chose to a ticipate pa t of its ha dwa e i vestme ts. These i clude app oximately €49.5 millio of memo y a d disk compo e ts st ictly i te ded fo use i 2027.
Excludi g this a ticipated capex, adjusted Capex ep ese t 32.6% of eve ue, below the ta get a ge of 33% to 35%, a d ca be b oke dow i to:
- ha dwa e Capex (se ve s) of a ou d €291 millio , stable outside of a ticipated capex
- i f ast uctu e a d etwo k Capex of a ou d €53 millio
- stable p oduct a d softwa e Capex of a ou d €72 millio
Secu e fu di g, available cash
Co solidated et debt (excludi g lease liabilities) at 31 August 2026 was €1,157 millio compa ed to €1,103 millio at 31 August 2025. At the e d of August 2026, almost all of the G oup’s debt was hedged a d had a ave age i te est ate of 4.4%, i cludi g ma gi s a d commissio , without a y sig ifica t epayme t deadli es befo e FY2030.
Debt leve age at 31 August 2026 was 2.7x, dow by 0.2x, i li e with the G oup’s debt ma ageme t policy.
As pa t of its ew guida ce, the G oup has cha ged the way it calculates its “leve age atio”, which is ow defi ed as et fi a cial debt, i cludi g lease liabilities (IFRS 16) a d excludi g capitalized debt issua ce costs, divided by last-twelve-mo th adjusted EBITDA.
Fi ally, the G oup has €255 millio i available liquidity, i cludi g a u d aw c edit li e of €200 millio . The G oup is cu e tly ated BB- by S&P a d Ba3 by Moody’s.
Retu o capital employed (ROCE) eached 7.7% i FY2026, compa ed to 7.1% i FY2025 a d 3.3% i FY2024. It has, the efo e, mo e tha doubled i two yea s, eflecti g the amp-up of i vestme ts made a d the mai te a ce of st ict discipli e i te ms of i vestme t.
FY2027 ta gets – Accele ate g owth a d value c eatio
I FY2026, OVHcloud achieved all of its ta gets, as specified i the publicatio of its half-yea esults.
He e the FY 2027 ta gets:
| KPI | FY 2027 Ta gets | Like-fo -Like g owth | Above 10% | Adjusted EBITDA Ma gi | Above 42.5% | Leve ed F ee Cash-Flow | Positive | ROCE | Above 9% | Leve age | Below 2.7x |
Highlights of the pe iod a d eve ts afte the epo ti g date
New co t acts: I Septembe , OVHcloud a d CGI, o e of the wo ld leade s i ma ageme t a d e d-to-e d IT co sulti g, via its subsidia y CGI F a ce Défe se et Spatial, a ou ced a multi-millio eu o co t act ove 30 mo ths with the Eu opea Space Age cy (ESA) to co t ibute to the co st uctio of “Digital EO”;
Ce tificatio : I Septembe , OVHcloud obtai ed the SecNumCloud qualificatio fo SNC Cloud Platfo m a d exte ded it to Eu ope. With SNC Cloud Platfo m, OVHcloud has obtai ed a thi d SecNumCloud qualificatio , afte Ba e Metal Pod a d VMwa e o OVHcloud.Co fe e ce callOVHcloud’s ma ageme t team is o ga isi g a co fe e ce call i E glish o Tuesday, 20 Octobe 2026 at 8:30 a.m. (CEST – Pa is).
You will fi d the co ectio li ks below:
Afte the co fe e ce, the eplay of the webcast will be available i the I vesto Relatio s sectio of the OVHcloud website at this li k: https://co po ate.ovhcloud.com/f /i vesto – elatio s/fi a cial- esults/
I te active webi a i F e chOVHcloud’s ma ageme t team is o ga isi g a webi a i F e ch o Tuesday, 20 Octobe 2026 at 5:45 p.m. (CEST – Pa is). The Webi a ca be accessed by clicki g o this li k: Webi a Regist atio Li k
Afte the webi a , the eplay will be available i the I vesto Relatio s sectio of the OVHcloud website at this li k: https://co po ate.ovhcloud.com/f /i vesto – elatio s/ etail-sha eholde s-a d-employees/ Cale da
7 Ja ua y 2027: Q1 2027 eve ue11 Feb ua y 2027: Combi ed A ual Ge e al Meeti g
About OVHcloudOVHcloud is a global playe a d the Eu opea leade i the Cloud, ope ati g mo e tha 500,000 se ve s i 46 datace te s o 4 co ti e ts fo 1.7 millio custome s i mo e tha 140 cou t ies. Spea headi g a t usted Cloud a d a pio ee of a sustai able Cloud with the best p ice-pe fo ma ce atio, fo ove 20 yea s, the G oup has elied o a i teg ated model that gives it complete co t ol of its value chai : f om the desig of its se ve s, to the co st uctio a d ma ageme t of its datace te s, to the o ga isatio of its fib e optic etwo k. This u ique app oach allows it to i depe de tly cove all of its custome s’ uses by allowi g them to be efit f om the vi tues of a e vi o me tally easo ed model with a f ugal use of esou ces a d a ca bo footp i t eachi g the best atios i the i dust y. Today, OVHcloud offe s its custome s state-of-the-a t solutio s combi i g high pe fo ma ce, p ice p edictability a d total sove eig ty ove thei data, to suppo t thei g owth i complete f eedom.
OVHcloud Co tacts
| Media Relatio s Team | I vesto Relatio s Team | media.f a ce@ovhcloud.com | i vesto . elatio s@ovhcloud.com |
Appe dices
Glossa y
The diffe e t Go to ma ket catego ies a e dete mi ed acco di g to the followi g c ite ia:
- Sta te s: custome s ta geted by a digital cha el a d ge e ati g less tha €25,000 i ARR (a ual ecu i g eve ue).
- Scale s: custome s ta geted by a digital cha el a d ge e ati g mo e tha €25,000 i ARR (a ual ecu i g eve ue).
- Co po ate: custome s ta geted eithe by a di ect sales st ategy, via calls fo te de o the OVHcloud sales team, o a i di ect sales st ategy, via pa t e s.
ROCE (Retu o Capital Employed) is calculated by dividi g the cu e t yea ‘s adjusted EBITDA afte dep eciatio , amo tisatio a d impai me t a d taxes by the p io yea ‘s capital employed.
Capital employed co espo ds to goodwill, p ope ty, pla t a d equipme t a d i ta gible assets, less wo ki g capital equi eme t et of tax.
Like-fo -like o o ga ic data a e calculated at co sta t scope a d excha ge ates.
The et eve ue ete tio ate fo a pe iod is equal to the pe ce tage calculated by dividi g (i) the eve ue ge e ated du i g that pe iod by custome s who we e p ese t du i g the same pe iod the p evious yea , by (ii) the eve ue ge e ated by all custome s du i g that pe iod of the p evious yea . Whe the eve ue ete tio ate is above 100%, it mea s that the eve ue ge e ated by the eleva t custome s has i c eased betwee the eleva t pe iod of the p evious yea a d the same pe iod of the cu e t yea , beyo d the impact of lost eve ue due to custome chu .
Cu e t EBITDA is equal to eve ue less the sum of pe so el a d othe ope ati g expe ses (a d excludi g dep eciatio a d amo tisatio cha ges, as well as items that a e classified as “othe o -cu e t ope ati g i come a d expe ses”).
Adjusted EBITDA co espo ds to cu e t EBITDA adjusted to exclude sha e-based compe satio a d expe ses esulti g f om the payme t of ea -outs.
Leve ed F ee Cash Flow ep ese ts the et cash flows f om ope ati g activities less Capex, less the epayme t of lease liabilities, less fi a cial i te est paid, a d i cludes dedicated fi a ci g elated to specific t a sactio s (excludi g M&A).
Net fi a cial debt is defi ed as fi a cial debt excludi g lease liabilities, less cash a d cash equivale ts.
The leve age atio is defi ed as co solidated et fi a cial debt, i cludi g lease liabilities (IFRS 16), divided by last-twelve-mo th (LTM) adjusted EBITDA.
Reve ue by p oduct segme t a d egio
| (i millio s of eu os) | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | FY26 | P ivate Cloud | 164.5 | 169.8 | 169.3 | 168.0 | 671.6 | 167.2 | 169.4 | 174.0 | 179.8 | 690.4 | Public Cloud | 50.3 | 53.5 | 53.6 | 61.9 | 219.2 | 58.2 | 60.4 | 65.6 | 70.9 | 255.1 | Web Cloud & Othe | 48.8 | 49.2 | 49.0 | 46.8 | 193.8 | 49.8 | 50.2 | 50.0 | 49.7 | 199.7 | Total Reve ue | 263.5 | 272.5 | 271.9 | 276.7 | 1,084.6 | 275.3 | 280.1 | 289.6 | 300.4 | 1,145.1 | G owth (%) | Q1 FY26 LFL | Q2 FY26 LFL | Q3 FY26 LFL | Q4 FY26 LFL | FY26 LFL | Q1 FY26 epo ted | Q2 FY26 epo ted | Q3 FY26 epo ted | Q4 FY26 epo ted | FY26 epo ted | P ivate Cloud | +4.0% | +2.9% | 4.0% | +7.1% | +4.5% | +1.7% | (0.2)% | +2.8% | +7.1% | +2.8% | Public Cloud | +15.8% | +14.5% | 20.2% | +24.3% | +18.9% | +15.7% | +12.9% | +22.3% | +14.5% | +16.3% | Web Cloud & Othe | +2.3% | +2.4% | 2.0% | +6.0% | +3.2% | +2.7% | +2.2% | +1.9% | +6.0% | +3.0% | Total Reve ue | +6.0% | +5.1% | +6.9% | +10.5% | +7.2% | +4.5% | +2.8% | +6.5% | +8.5% | +5.6% | (i millio s of eu os) | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | FY26 | F a ce | 127.1 | 129.6 | 130.4 | 133.6 | 520.2 | 133.9 | 135.9 | 138.8 | 142.0 | 550.6 | Eu ope (excl. F a ce) | 76.7 | 79.5 | 79.3 | 80.9 | 316.8 | 79.3 | 81.0 | 85.0 | 87.7 | 333.0 | Rest of the Wo ld | 59.7 | 63.4 | 62.2 | 62.2 | 247.6 | 62.1 | 63.1 | 65.8 | 70.6 | 261.6 | Total Reve ue | 263.5 | 272.5 | 271.9 | 276.7 | 1,084.6 | 275.3 | 280.1 | 289.6 | 300.4 | 1,145.1 | G owth (%) | Q1 FY26 LFL | Q2 FY26 LFL | Q3 FY26 LFL | Q4 FY26 LFL | FY26 LFL | Q1 FY26 epo ted | Q2 FY26 epo ted | Q3 FY26 epo ted | Q4 FY26 epo ted | FY26 epo ted | F a ce | +5.2% | +4.8% | 5.8% | +8.3% | +6.0% | +5.3% | +4.9% | +6.4% | +6.3% | +5.9% | Eu ope (excl. F a ce) | +4.1% | +2.9% | 7.4% | +11.0% | +6.4% | +3.3% | +2.0% | +7.3% | +8.4% | +5.1% | Rest of the Wo ld | +10.5% | +8.5% | 8.6% | +14.7% | +10.7% | +4.0% | (0.4%) | +5.8% | +13.5% | +5.7% | Total Reve ue | +6.0% | +5.1% | +6.9% | +10.5% | +7.2% | +4.5% | +2.8% | +6.5% | +8.5% | +5.6% |
Co solidated i come stateme t
| (i millio s of eu os) | FY2025 | FY2026 | Reve ue | 1,084.6 | 1,145.1 | Di ects costs | (375.6) | (374.9) | G oss ma gi (1) | 709.0 | 770.2 | Sales a d ma keti g costs a d ge e al a d admi ist ative expe ses | (287.7) | (309.8) | Cu e t EBITDA (2) | 421.3 | 460.5 | Equity-settled a d cash-settled compe satio pla s a d ea -outs | 16.5 | 20.0 | Adjusted EBITDA (2) | 437.8 | 480.5 | Dep eciatio , amo tisatio a d impai me t expe ses | (354.4) | (378.3) | Othe o -cu e t ope ati g i come & expe ses | 2.6 | (4.4) | Ope ati g esults (EBIT) | 69.4 | 77.8 | Net fi a ce i come (expe se) | (65.1) | (57.2) | I come tax | (3.9) | (11.2) | Co solidated et i come | 0.4 | 9.4 |
- As pa t of the co ti uous imp oveme t of its p ocesses, the G oup efi ed its a alysis of the dist ibutio of pay oll costs betwee di ect costs a d ge e al expe ses. Pay oll costs a e ow allocated by fu ctio acco di g to thei attachme t to the cost ce t e, without usi g a allocatio key. A p o fo ma compa iso is the efo e p ese ted, taki g i to accou t this imp oveme t i mo ito i g p ocesses.
- The cu e t EBITDA i dicato co espo ds to ope ati g esults befo e dep eciatio , amo tisatio a d othe o -cu e t ope ati g i come a d expe ses.
Reco ciliatio betwee cu e t EBITDA a d adjusted EBITDA
| (i millio s of eu os) | FY2025 | FY2026 | Cu e t EBITDA | 421.3 | 460.5 | Equity-settled a d cash-settled compe satio pla s & Ea out compe satio | 16.5 | 20.0 | Adjusted EBITDA | 437.8 | 480.5 |
Co solidated stateme t of fi a cial positio
| (i millio s of eu os) | FY2025 | FY2026 | Goodwill | 59.1 | 89.4 | Othe i ta gible assets | 297.4 | 302.0 | P ope ty, pla t a d equipme t | 993.3 | 1,071.1 | Right-of-use assets i elatio to leases | 134.9 | 129.5 | De ivative fi a cial i st ume ts – o -cu e t assets | 2.5 | 4.4 | Othe o -cu e t eceivables(1) | 22.4 | 19.6 | No -cu e t fi a cial assets | 2.1 | 2.2 | Defe ed tax assets | 19.9 | 15.5 | Total o -cu e t assets | 1,531.6 | 1,633.7 | Custome s | 53.2 | 69.2 | Othe eceivables a d cu e t assets(1) | 74.0 | 84.2 | Cu e t tax assets | 1.7 | 1.3 | De ivative fi a cial i st ume ts – cu e t assets | 0.0 | 0.1 | Cash a d cash equivale ts | 41.9 | 55.3 | Total cu e t assets | 170.7 | 210.1 | TOTAL ASSETS | 1,702.3 | 1,843.8 | (i millio s of eu os) | FY2025 | FY2026 | Sha e capital | 151.7 | 153.5 | Sha e p emiums | 102.6 | 129.1 | Rese ves a d etai ed ea i gs | (226.5) | (217.4) | Net i come | 0.4 | 9.4 | Equity | 28.2 | 74.5 | No -cu e t fi a cial debt | 1,133.3 | 1,137.0 | No -cu e t lease liabilities | 117.5 | 107.3 | De ivative fi a cial i st ume ts – o -cu e t liabilities | 1.2 | 0.1 | Othe o -cu e t fi a cial liabilities | 12.9 | 15.8 | No -cu e t p ovisio s | 15.3 | 16.8 | Defe ed tax liabilities | 8.7 | 9.9 | Othe o -cu e t liabilities | 17.0 | 19.9 | Total o -cu e t liabilities | 1,305.9 | 1,306.7 | Cu e t fi a cial debt | 11.3 | 75.0 | Cu e t lease liabilities | 33.4 | 37.0 | Cu e t p ovisio s | 14.4 | 8.2 | Accou t payables | 116.5 | 118.6 | Cu e t tax liabilities | 13.1 | 10.6 | De ivative fi a cial i st ume ts – liabilities | 0.3 | 0.2 | Othe cu e t liabilities | 179.2 | 213.0 | Total cu e t liabilities | 368.1 | 462.5 | TOTAL LIABILITIES AND EQUITY | 1,702.3 | 1,843.8 |
(1) Resea ch tax c edit eceivables with a matu ity of mo e tha 12 mo ths have bee eclassified as othe o -cu e t eceivables.Co solidated stateme t of cash flows
| (i millio s of eu os) | FY2025 | FY2026 | Net i come | 0.4 | 9.4 | Adjustme ts to et i come items: | Dep eciatio , amo tisatio a d impai me t of o -cu e t assets a d ight-of-use assets | 354.4 | 378.2 | Cha ges i p ovisio s | (1.6) | (6.3) | (Gai s)/losses o asset disposals a d othe w ite-offs a d evaluatio s | (3.4) | 6.1 | Expe se elated to sha e allocatio s (excludi g social cha ges) | 7.5 | 8.8 | (I come)/tax expe se | 3.9 | 11.2 | Net fi a ce i come (expe se) (excludi g fo eig excha ge diffe e ces) | 60.5 | 60.0 | G oss cash flow f om ope ati g activities | A | 421.9 | 467.4 | Cha ges i et ope ati g eceivables a d othe eceivables | (8.8) | (65.4) | Cha ges i ope ati g payables a d othe payables | 9.8 | 80.5 | Cha ges i ope ati g wo ki g capital equi eme t | B | 1.0 | 15.1 | Tax paid | C | (3.8) | (8.5) | Net cash flows f om ope ati g activities | D=A+B+C | 419.0 | 474.0 | Cash outflows elated to acquisitio s of p ope ty, pla t a d equipme t a d i ta gible assets | (368.9) | (422.4) | P oceeds f om disposal of i ta gible assets | 7.5 | 0.0 | Cash i flows/(outflows) elated to busi ess combi atio s, et of cash | (0.0) | (0.3) | Cash i flows/(outflows) elated to loa s a d adva ces g a ted | (0.3) | (5.2) | Net cash flows f om (used i ) i vesti g activities | E | (361.8) | (427.9) | Acquisitio of t easu y sha es | (356.1) | (8.3) | I c ease i debt levels | 1,396.3 | 88.8 | Repayme t of fi a cial debt | (1,014.0) | (23.0) | Repayme t of lease liabilities | (43.2) | (39.3) | Fi a cial i te est paid | (39.1) | (51.8) | Gua a tee deposits eceived | (1.8) | 3.6 | Net cash flows f om (used i ) fi a ci g activities | F | (58.0) | (30.0) | Effect of excha ge ate cha ges o cash a d cash equivale ts | G | (0.6) | (0.3) | Cha ge i cash a d cash equivale ts | D+E+F+G | (1.4) | 15.8 | Cash a d cash equivale ts at begi i g of the pe iod | 40.9 | 39.6 | Cash a d cash equivale ts at e d of the pe iod | 39.6 | 55.3 |
