OVHcloud kicked off fiscal year 2026 on solid ground. First quarter revenue hit 275.3 million euros, with organic growth at 6 percent. European cloud buyers are clearly trying to get the performance they need, but they’re also watching their budgets and navigating more rules than ever. Even so, the company stuck to its full-year financial goals. They’re clearly betting on steady demand and solid management, not chasing big, risky growth.
Public Cloud services stood out as the main growth driver during the quarter. Revenue in this segment rose 15.8 percent on a like-for-like basis to 58.2 million euros. This momentum came from a mix of new entry-level customers and higher usage among established clients.
Importantly, OVHcloud reported a net revenue retention rate of 105 percent, which suggests that many customers are gradually increasing their consumption despite ongoing economic caution. As a result, Public Cloud now represents just over one fifth of group revenue and continues to play a larger strategic role.
Private Cloud, which still accounts for the majority of revenue, grew more slowly at 4.0 percent to 167.2 million euros. While demand from corporate customers remained broadly resilient, optimization efforts by large clients reduced short-term growth.
Right now, more people are looking at revamped starter options, and that’s helped steady things at the lower end of the market. But really, the results are all over the place. Older infrastructure services face different challenges than the newer cloud workloads, and it shows.
Web Cloud delivered modest growth of 2.3 percent to 49.8 million euros. However, management pointed to early signs that recent pricing adjustments are beginning to attract new customers, although this segment continues to lag behind infrastructure-focused services.
Revenue aside, this quarter really showed how much OVHcloud cares about security, digital sovereignty, and getting ready for AI. They landed new deals with highly regulated clients, expanded in Europe with more multi-zone regions, and didn’t stop there. Their new partnerships, especially those boosting AI inference, show that more companies want options beyond the big-name cloud giants.
With competition heating up, OVHcloud’s early results for FY2026 make things clear: they’re sticking to predictable prices, keeping up with regulations, and investing carefully. That’s their playbook.
