OVHcloud reported its financial results for the six months ended February 28. The company’s consolidated revenue reached €382 million in the first half, increased by 14.3% compared to the first half of 2021. Current EBITDA for the first half of FY22 was €128 million, while adjusted EBITDA came to €153 million, up 11.1% like-for-like.
Net loss of €26 million
The Group posted an operating loss of €21 million. The impact of the IPO, recent acquisition earn-outs, and the Strasbourg fire amounted to €41 million. The company recorded a net loss of €26 million.
Private Cloud, which includes Bare Metal and Hosted Private Cloud, achieved revenue of €233 million in the first half-year, representing growth of +15.8% on a reported basis. Public Cloud continued its strong growth throughout the half-year, achieving revenue of €60 million over the period, reflecting growth of +24.4% on a reported basis.
The Group also clarifies that:
- revenue generated in Russia, Belarus and Ukraine represented approximately 1.5% of Group revenue for the six months ended 28 February 2022; the Group has no employees in any of these countries;
- the Group has no service providers (individuals) based in Ukraine;
- it does not have any infrastructures in those three countries;
- it does not at this stage identify any material recovery risk of the receivables due as at 28 February
- its indirect exposure is limited, both on energy costs, which are almost fully hedged at fixed price for calendar year 2022 and partly for 2023, and on the potential supply chain tension, mitigated by OVHcloud’s vertically integrated model.
Michel Paulin, CEO of OVHcloud said,
« The first half-year results demonstrate OVHcloud’s ability to deliver a robust, sustainable and profitable growth acceleration strategy. These results have been achieved thanks to the commitment of all Group employees, contributing to the continued success in each of the growth pillars, particularly internationally where our development has continued at a steady pace.
Building on this performance, we are entering the second half of the year with confidence. The reinforcement of our teams and ecosystem, combined with the rapid enrichment of our portfolio of PaaS solutions and increased demand for sovereign cloud offerings are all strengths that lead us to raise our revenue growth target to a range of 15% to 17% in FY2022. »