OVHcloud has published its earnings for the first quarter of 2026, with public cloud doing much of the heavy lifting.

Revenue for the first quarter totaled €275.3 million ($320m), up six percent Year-on-Year (YoY).

This is further broken down into private cloud (€167.2m/$194.41m - up four percent), public cloud (€58.2m/$67.6m - up 15.8 percent), and webcloud (€49.8m/$57.9m - up 2.3 percent.)

CEO Octave Klaba - reinstated in October 2025 - said in a statement that OVH was working towards a “new target of €2 billion ($2.33bn) in revenue,” but the timeline associated with this remains unclear.

During the earnings call, he told analysts: “Today, we have a company that can deliver €1 billion ($1.16bn) plus. I think if we don't change anything, we are able to deliver €1.4-1.5 billion in the next year easily, but we cannot deliver €2 billion. So the first thing that we need to do, is really to set up internally the company so they can deliver €2 billion.”

He added that part of this is understanding what that means: “How many data centers, how many servers, how many products, how many customers, and what is the right organization to reach this €2 billion revenue?” Ultimately, Klaba declined to offer a concrete timeline, but said: “I didn’t come back to deliver that in 10 years, okay?”

Public cloud grew most significantly of all sectors, with OVH stating they saw existing customer spending continuing to grow, and a net revenue retention rate of 105 percent, as well as “new start customers” and cross-selling products. France accounted for most of the company’s revenue, bringing in 48 percent of revenue, while the rest of Europe accounted for the next 29 percent.

Among the notable deals signed in the latest quarter was an agreement with LCH SA, the London Stock Exchange Group’s Paris clearing house, in November. OVH is now hosting some of LCH’s services as part of LSEG’s cloud strategy, and using OVH’s SecNumCloud.

During the earnings call, Klaba noted that the company had also seen success with its on-prem offering, having signed “several contracts” for the solution, though he did not reference specific customers.

The ongoing issue with global memory and disk supply chains was noted during the questions and answers segment of the call, but Klaba told analysts that the company had been preparing for this for more than a year.

“What we have done is that we took a step ahead and successfully changed the supply chain in early 2025 with optimization of component management, which increased the availability of the assembled servers. So, for FY 2026, thanks for this anticipation, we don't have an impact on the cost of capex,” adding that there will likely be some impact to capex in 2027, however, due to this shortage.

Capex for the quarter was not shared, but the company is anticipating that for the year it will be between 30 and 32 percent of the revenue.

OVH also did not provide other metrics, but said that it expects 2026 adjusted EBITDA to surpass 2025.

Additionally addressed was the European Commission’s AI gigafactories initiative. According to Klaba, OVH is a “European cloud provider” and does not have a country-by-country strategy, and was surprised to discover that the AI gigafactories initiative remains country-specific. As a result, Klaba said OVH has been talking to several possible partners based in specific countries, and will continue to follow the initiative to “see what it will mean in the future.”

Other key mentions for OVH for the quarter include the launch of its quantum computing platform. The platform will offer access to eight quantum computers, including the Pasqal Orion Beta QPU, which has a capacity of 100 neural atom qubits. In addition to the Pasqal QPU, OVHcloud has nine quantum emulators available on the platform.