Ladies and gentlemen, welcome to the OVHcloud H1 full-year 2025 results conference call. Today's speakers will be Benjamin Revcolevschi, CEO, and Stéphanie Besnier, CFO. I will hand over to the OVHcloud team to begin today's conference. Thank you.
Thank you. Hello, everyone. I'm Benjamin Revcolevschi, CEO of OVHcloud. We published our H1 FY25 results this morning, and we thank you for being with us on this call. Let's start with slide three for the key highlights of our solid set of results. As you can see, H1 FY25 was a solid semester. We generated EUR 536 million in revenue and grew by 10.2%, like for like, compared to the same period last year. This growth was fueled by continued demand for Public Cloud and also data sovereignty offers. We also saw a high revenue retention rate of 107% of our customers and also solid international growth, as we will highlight in the next slide.
Looking at our profitability, our discipline was unchanged, and we have demonstrated in this semester a strong operating leverage with our adjusted EBITDA reaching EUR 214.6 million, which is corresponding to a 40% margin. This operating leverage also led to a strong improvement of our cash generation with an unlevered free cash flow that reached EUR 36.8 million. H1 FY25 was also marked by the success of our refinancing with an inaugural bond of EUR 500 million maturing in FY 2031 and also the setting up of a EUR 450 million green loan maturing in FY 2030. Looking ahead, we are confident to deliver our guidance for the full year. We expect indeed demand for data sovereignty, Public Cloud, and artificial intelligence to continue to drive growth, and we will also maintain our cost discipline for the rest of the year. Let's move now to slide four and our strategic pillars.
In this rapidly evolving geopolitical environment where we see public entities and private companies that are looking to preserve their strategic autonomy, I would like to remind that our vision for OVHcloud has remained the same, and I want to also show you how we answer to our customer needs. OVHcloud has succeeded indeed in building up strong core business fundamentals, and we'll continue to leverage them to deliver our two priorities on the left of this slide. First, we are focusing on operational efficiency of our fundamentals to grow up our revenue and also leverage productivity. This will help us to deliver a more predictable and more profitable growth. Our second focus is to improve structurally our cash generation. It's critical to our long-term success as it ensures our capacity to continue to invest and to innovate.
As you see on the right of this slide, we are strengthening two of our future revenue growth upsides. First, we will continue to reinforce our position as leaders in data sovereignty solutions. Indeed, strategic autonomy in key sectors such as cloud is becoming critical, and our customers are looking for alternatives, and we are committed to provide them with trusted cloud solutions. Our second upside is about enhancing our Public Cloud product offering to answer customers' growing needs. As an example, we will continue to strengthen our artificial intelligence solutions and to roll out new products in our Availability Zones, 3-AZ regions. These two core business fundamentals and these two growth upsides are the pillars of our vision for OVHcloud to deliver our ambition and financial targets. Let's move now to the next slide to highlight the business achievements of the period.
I wanted to share some business highlights for each one. First, we worked on delivering new products, and we were able to get the SecNumCloud qualification for our ultra-secure Private Cloud solution called Bare Metal Cloud, which is now the second product being qualified with SecNumCloud. We are now working to get the qualification for our Public Cloud in the next months to come. We also released a new cloud offering which can be delivered on our customers' premises called On-Prem Cloud Platform or OPCP. Plus, we made available new important Public Cloud products for our customers. They can now use compute, network, block storage, object storage in our 3-AZ, Availability Zone regions in Paris, which provide higher resilience and availability.
Regarding customers in the middle of this slide, you can see that we signed several high-profile contracts such as our first On-Prem Cloud Platform with DEEP, which is part of the POST Group, which is the leading provider of telecoms, ICT, postal, and postal financial services in Luxembourg, who will leverage this product to build a sovereign cloud for the Luxembourg market. We also signed with Commerzbank in Germany for a migration project from their on-premises infrastructure. In Public Cloud, we also won a contract with Serco and the European Space Agency to improve Earth climate change monitoring as part of a European initiative. When looking at our data centers on the right, you can see that, as we have said, we are currently focused on improving the occupation rate of our data centers that reached circa 65% in H1.
We also have been active in opening Local Zones with now 23 large cities available around the globe at the end of H1. Additionally, in Italy, the infrastructure works in our future data center in Milan are on track with an opening plan before the end of calendar 2025. Finally, we are very proud to have significantly improved our corporate sustainability assessment by Standard and Poor's Global to 51%, which is a 10-point improvement compared to last year and which ranks us in the top 16% of the industry. Let's now have a look at our performance by segment, starting on slide six with Private Cloud. Looking at Private Cloud, which includes, as you know, Bare Metal Cloud and Hosted Private Cloud. In H1, we delivered EUR 334.2 million in revenue, representing 62.4% of the group's total revenue, and achieved a like-for-like growth of +10.4%.
In Q2, we delivered EUR 169.8 million in revenue, representing 62.3% of the group total revenue, and achieved a like-for-like growth of 10.5%. As highlighted on the right-hand side of the slide, in Bare Metal Cloud, our average revenue per active customer, which is called ARPAC, increased thanks to a positive mix effect from the ramp-up of our recently launched mid-range servers with last-generation hardware. We also benefited from continued strong demand in the United States and Asia-Pacific. Now looking at Hosted Private Cloud, demand for sovereign offerings such as SecNumCloud certified solutions remained strong. Since May last year, we have also benefited from a positive price effect following Broadcom's new licensing model for VMware. This contributed to around 1.7 percentage points of the Private Cloud segment growth. Let's move now to the next slide about Public Cloud.
In H1 FY 2025, the Public Cloud segment reached EUR 103.8 million in revenue, representing 19.4% of the group's total revenue. We also achieved a life-for-like growth of +17.3%. In Q2, we delivered EUR 53.5 million in revenue, representing 19.6% of the group's total revenue. We achieved a life-for-like growth of +18.7%. As you know, in recent years, we have been investing in our product offerings for Public Cloud, and there is a strong demand for these newly launched Public Cloud products. You can see on the right-hand side of this slide that we are seeing an acceleration growth across all geographies. This is fueled by the increased availability of our products across these geographies, notably compute and object storage. This is strengthened by the recent launch of Public Cloud in our 3-AZ region in Paris.
We are also benefiting from growing demand for AI, for artificial intelligence, which contributed for around two points of the Public Cloud growth in H1 with hardware GPUs from NVIDIA and also AI software solutions. Thanks to our broad range of AI offerings, we are able to address an ever-increasing number of customer use cases in the inference market. Finally, we're seeing continued success with our Savings Plan offers, which encourage customers to commit to longer-term engagement and which have also contributed to the increase in our ARPAC. Now moving to the Webcloud segment on slide eight. In H1 2025, you can see that the Webcloud segment reached EUR 98 million in revenue, representing 18.3% of the group's revenue, and grew by +2.8% life-for-like. In Q2, the Webcloud segment reached EUR 49.2 million in revenue, representing 18% of the group's total revenue.
The segment grew by + 1.3% like-for-like, knowing that it faced a complicated comparison basis with a strong performance in Q2 FY 2024. In H1, if we exclude our telephony and connectivity legacy subsegment, growth reached + 6.3%. Growth is mostly driven by strong performance in domain names thanks to the successful rollout of new features such as multi-year renewal in several of our geographies and also an improved customer experience. We are currently working on repositioning for our legacy subsegment in the coming months to streamline the operations and launch selected new offers with limited investment. I now hand over to Stéphanie Besnier for a deep dive on the financials.
Thank you, Benjamin. Hello everyone. I am Stéphanie Besnier, CFO of OVHcloud. Thanks for being with us this morning. Let's begin this financial section with our key financial figures of H1 2025.
In line with our new development phases, we delivered a profitable and cash-generative growth this semester with a solid revenue growth of 10.2% like-for-like, an adjusted EBITDA margin of 40%, up 220 bps compared with H1 2024, CapEx reaching 36% of our revenues, and an unlevered free cash flow of EUR 36.8 million, up sharply compared with the same period in 2024. The increase in our CapEx is linked to seasonal investments and a proactive push on components to the supply so as to prevent shortage. We expect our CapEx to decrease in H2 and to be in line with our guidance for the full year 2025. Moving to the next slide. Regarding top line, as Benjamin said earlier, we delivered a solid growth of 10.2% like-for-like and 10.3%, as reported, during this first semester of FY 2025, in line with our annual guidance.
This was driven by a resilient Private Cloud performance of 10.4% life-for-like and an accelerating Public Cloud growth in Q2 2025, which was 290 bps higher than in Q1 2025. Moving to the next slide now, we look at the business dynamics by geography. First, in France, revenue grew by 8.1%. Knowing that Webcloud represents 30% of our business, France delivered robust growth on the cloud segments. Public Cloud delivered an accelerating life-for-like growth of 18.6%, fueled by the new products, and Private Cloud increased by 8.7% with a steady demand for data sovereignty, tempered by some customers optimizing their workloads after Broadcom-related price increases. Now let's look at our international sales, which account for 52% of our revenues. First, in the rest of Europe, growth reached 9.7% life-for-like in H1.
In this region, Central Europe remained the most dynamic region, as shown by the recent signing of a contract with the German bank Commerzbank Group. In the rest of the world, the growth kept accelerating with H1 like-for-like growth of 15.4%. In Private Cloud, we continue to experience a strong momentum in the United States thanks to our development strategy focused on technology companies. In addition, we witnessed encouraging traction in Public Cloud following recent rollout of some product availability in Asia-Pacific and in the Middle East. Moving to the next slide, we will look at how we managed to increase our profitability. As you can see, in H1 2025, our profitability significantly increased with an adjusted EBITDA of EUR 214.6 million, representing a margin of 40%.
The significant 220 bp s improvement in our EBITDA margin is coming from, first, a reduced electricity cost as a percentage of revenue compared to FY 2024 at less than 6% of our revenue in this semester, a strong operating leverage thanks to the high volume of service produced with contained operating costs in our data centers, and a better absorption of our administrative sales and marketing team costs. This cost discipline led to a strong improvement in EBIT, which increased to EUR 42.4 million, representing a margin of 7.9%, up 670 basis points compared to the same period last year. Our EBIT includes G&A expenses of EUR 170.5 million, down compared with H1 2024, which included last year an exceptional one-off linked to legacy COVID stocks. It also includes some non-recurring expenses or income, such as the sale of a legacy data center in Paris, which was mostly used for internal workloads.
Below EBIT, our financial results reached EUR 29.4 million and include an acceleration of amortized fees of previous term loan for EUR 7.5 million, an increase in interest rates over the period, and a higher net debt. After including a tax expense of EUR 5.8 million, we recorded a net profit of EUR 7.2 million for H1 2025, a significant improvement compared with a net loss of EUR 17.2 million for H1 2024. Let's now look at how this increase in profitability translates into cash generation. This strong growth in our profitability is reflected in our gross cash flow from operating activities, which rose to EUR 211 million in H1 2025 from EUR 180 million one year earlier. Change in operating working capital requirements was higher than usual and amounted to EUR 21.3 million in H1 2025, compared with EUR 4 million in H1 2024.
It includes phasing effects due to late orders in February and some delayed supplier payments. Our CapEx, now excluding M&A, amounted to EUR 193 million in H1 2025, representing 36% of our revenue. We invested 24.6% of our revenue in growth CapEx, some of them in anticipation of H2, and we invested 11.4% of our revenue in recurring CapEx. All in all, thanks to our increase in profitability, we are generating an unlevered free cash flow of EUR 36.8 million in this H1 2025, improving strongly our cash generation. Let me give you on the next slide a reminder of how flexible our model is with the split of our CapEx. During this semester, we reduced our infrastructure CapEx, and we decided to do a seasonal push on hardware CapEx. Indeed, as you can see, hardware CapEx represented 24% of our revenue, 10 points higher than H1 2024.
This increase is linked to a proactive push on supply to prevent shortage. We expect then lower hardware CapEx in H2. For infrastructure and network CapEx now, they are four points below last year, and we reduced it as planned. In early 2025, we almost finished our significant data centers opening program, and this semester, we just continued with some usual infrastructure and network work to prepare for the next phases of growth. Product and software development CapEx slightly decreased in absolute value, representing more than 6% of our revenue. We continued to develop and enhance our products, notably our Public Cloud offerings and new sovereign offers. Finally, other CapEx declined in H1 2025 compared to last year.
It includes mainly the cost to open Local Zones, and on the other hand, the proceeds of the sale of a legacy data center in Paris, which was mostly used for internal workload as I said. On the next slide, let's see in detail our new financial structure. As you know, H1 2025 was marked by the success of our refinancing with a first bond issuance and the implementation of the first EU Taxonomy-aligned Green Loan by a European cloud provider. We have a solid debt profile with a net debt of just over EUR 1 billion, available liquidity of EUR 307 million, and a controlled leverage of 2.7 x, in line with our group debt policy. At the end of February 2025, all of the group's debt was hedged and had an average interest rate of 4.4%, including margins and commission.
This successful refinancing was also marked by a diversification of funding sources with no major debt repayment before FY 2030. Our main sources of financing now are a EUR 500 million senior unsecured bond at a fixed rate of 4.75%, maturing in 2030. This inaugural bond has refinanced part of the group's existing debt. It has been rated B B- by S&P Global Ratings and Ba3 by Moody's. Second, a EUR 450 million green bank loan maturing at the end of 2029. Third, a multipurpose drawable credit facility for EUR 200 million, not yet drawn, maturing at the end of 2029. Last, a loan of EUR 200 million from the European Investment Bank. I will now hand over to Benjamin to talk about our outlook.
Thank you, Stéphanie. Before we move to the Q&A session, let me reconfirm our guidance for FY 2025.
After a solid H1, which was in line with our expectations, we reconfirm our FY 2025 guidance. We expect FY 2025 like-for-like revenue growth between 9%-11%. We expect on a full year basis an adjusted EBITDA of circa 40%. On CapEx for fiscal year 2025, we anticipate total CapEx to be between 30%-34% of our revenue, with a split between recurring CapEx expected between 11%-13% and growth CapEx expected between 19%-21% of our revenue. Finally, we expect an unlevered free cash flow to be above EUR 25 million on a full year basis, improving compared to FY 2024. We can now open the floor to your questions.
Thank you very much, sir. Ladies and gentlemen, if you'd like to ask an audio question, please press star one on your touchtone keypad.
Please make sure that your line is not muted while you're sitting on reach equipment. Once again, star one for questions. Our first question this morning will be from George Webb calling from Morgan Stanley. Please go ahead. Your line is open.
Morning, Benjamin and Stéphanie. I've got three questions, please. Firstly, it looks like a good second quarter. Can you talk a bit about how you're thinking about the second half and what you've seen so far in March and early April? I guess when we look more broadly, any signs of emerging weakness? We've seen some parts of software and IT services complex start to talk about that. I guess within that question, the context of your reiterated 9%-11% guidance, the low end of that guidance could mean that you could still get away with an 8 percent-ish number in the second half.
Is there anything you've seen in March and April, and how you think that second half will be useful? Second question, just with regards to tariffs and supply chains at present, how are you managing the manufacture of servers out of Canada into your U.S. operations? Lastly, with regards to the topic of generative AI workloads, how big or small are your ambitions in that space? We've seen over the years an increasing number of NeoClouds out there that are rapidly investing into GPUs to create pure-play data centers. Are you interested in doing anything at larger scale on that GenAI side, and how do you think about the potential ROI from some of those GPU workloads and the useful life of those chipsets? Thank you.
Okay. Thank you for these three questions.
I'll take the first question on the March and April and on GenAI, and then let Stéphanie answer on the tariffs. The momentum that we see for H2, as you saw, we confirm our guidance. Indeed, we see that the trends you're asking for March and April are in line with our expectations. We don't see in the latest number a change to our annual trajectory. We see that all our growth engines are working well, meaning Public Cloud, meaning AI, meaning sovereignty. Of course, even if there is always some uncertainties due to the current macro situation. That's why we maintain the guidance for the full year. For the question on GenAI, indeed, we have, as you know, different offerings. We have hardware offerings with GPUs. We have also the inference software tools.
You saw that the contribution to Public Cloud growth in H1 is around 2% so far coming from AI. As we are positioned in the inference market rather than the training market, we are able to respond to an ever-increasing number of customer use cases in these very specific inference markets. Thanks to that, we have indeed an exciting range. We will continue, as part of our CapEx plan, to add on the hardware side the new GPUs on a regular basis to tackle this inference market. Also developing our software toolbox, which we call AI Endpoints, and this is coming to general availability in the next weeks. It was in beta, now it is coming to GA. This will continue to fuel the growth of AI and so of Public Cloud in the coming quarters. That is about it. Stéphanie, on the tariffs.
Yes. Hi, George. To answer your question on the tariffs, I'll start with the revenue, then I get back to the CapEx. First, one thing very important to mention is that we're a multilocal company. What it means is that basically we sell through our U.S. subsidiary, the U.S. customers, and we deliver service for our U.S. customers in our U.S. data centers. So far, we've done the assessment on the revenue, and our revenue are not impacted by the tariffs. Obviously, we monitor very closely the situation, but what we can tell you is that we don't see an impact so far. Now, turning to the CapEx, which was your question, I mean, yes, we are manufacturing our servers in Canada. From what we have analyzed so far, I mean, the servers are not impacted by the tariffs.
In total, the impact on our CapEx would be marginal. Yes, again, here, I mean, this is a moving situation, so we keep monitoring the evolutions. No impact on revenue so far and minimal expected on the CapEx.
Okay. Thanks.
Thank you very much, sir. Our next question will be coming from Toby Ogg calling from JPMorgan. Please go ahead.
Yeah. Hi, morning, and thanks for the question. You mentioned there at the beginning a shift in some of the concerns of private and public organizations in Europe in the context of the geopolitical environment. Could you talk about whether you're seeing that dynamic being reflected in any notable increases in the pipeline or whether you're seeing this actually translating into growth across any of your product lines?
If you're not currently seeing this, could you talk about the pathway from here and when you would expect to start seeing that dynamic translate into pipeline growth or revenue growth? Thank you.
Yeah. Very good question. Indeed, the geopolitical context has truly evolved in the past months. That said, we have been positioned in this data sovereignty market since our creation. It has been 25 years that we are positioned on this segment, meaning that we provide every day our customers with an open, responsible, and trusted staff. It is not for us a shift into our positioning. Indeed, we provide immunity to extraterritorial laws, the data possibility. This commitment that we have for data privacy to open source has always given an edge and also served us for these H1 results. Short term, what we see?
We see that indeed, in our customer discussions, we see more and more that this has come from a tech debate to more a strategic debate. This is, in our customer discussions, more on the CEO agenda today. We definitely are the natural partner. Thanks to our strategic positioning, we are the natural partner as a European cloud leader to answer to these growing needs. That said, the project, the contract migration, the migration project, it takes time for customers. Our strategy is to remain focused on enhancing our product offerings and continue to build our long-term relationship with the public organization you mentioned, the private. They know we are ready to answer their needs. Of course, midterm, we are perfectly positioned to answer customer needs when this increase will come.
Thank you.
Thank you very much for your questions, sir.
Ladies and gentlemen, as a reminder, if you have any questions or follow-up questions, please press star one at this time. We'll now move to Ines Mao calling from BNP Paribas. Please go ahead.
Hello. Can you hear me?
Your line is open.
Hello. Can you hear me?
Yes. We do.
Perfect. Good morning. Congrats for the great results. I just have two questions. I see the rest of the world revenue growth accelerated to the height in Q2. Any sense as to how much U.S. contributed to it? In general, U.S. is growing more than this, I suspect. Do you see this as sustainable for the rest of 2025? My second question is on the seasonal push you made on hardware CapEx. Are you expecting some uptick in demand? If yes.
For which specific products, or is it more to avoid any potential headwind from tariffs playing on servers?
Okay. I suggest, Stéphanie, you take the first one on the CapEx, and I'll answer the second on the U.S. contribution.
Yes. Thank you for your question. As we said, I mean, indeed, we have some seasonality on our CapEx. We decided to do some proactive acquisition and purchase of components to anticipate first the supply shortage, also to be ready to provide the to answer to the demand. As of today, like we said, I mean, we are confirming our guidance. We are ready in any case for H2, and we anticipate the CapEx to reduce in H2.
As for the revenue, like we explained, I mean, we do see a surge in the concerns in the discussions that we have with the customers, but it's too soon to factor any specific impact on the top line.
Thanks, Stéphanie. Indeed, on the growth of the U.S. business, we do not disclose the U.S. growth specifically. It is included in the rest of the world growth. As you saw, we had very, very strong growth during the last quarters, and we have confidence about the perspective for the next quarters. In the U.S., most of our business is coming from Private Cloud universe, as I mentioned, coming from the tech segments thanks to our very good performance-price ratio. It is also to do some big companies. As you mentioned, like Five Guys, the hamburger company in the U.S. that uses OVHcloud.
Yes, we see it sustainable considering the performance of the last quarters.
Thank you. We'll now move to Derric Marcon of Bernstein. Please go ahead.
Yeah. Good morning. I hope you can hear me well. I'm from [audio distortion]. I've got four questions, if I may. The first one is on Availability Zone and the Local Zone. Can you give us or share with us some metrics that will help us to understand the dynamics of these new offerings, so the 3-AZ and Local Zones? my second question is about telephony and connectivity. Can you let us on what's the weight of this business today and the outlook for this business, and what can you do to mitigate the revenue decline there? My third question is on recurring CapEx.
11.4% of sales in H1 2025, and you guide for 11%-13% for the full year. Should we expect you to be at the upper end of this range or any possibility for you to beat that guidance? My fourth question, last question, is about the recent announcement of large contracts in France around the data hub for healthcare sector. Microsoft, I think, won a second tranche of this contract. The message from the customer was that there was no or there were no other player capable to beat Microsoft or to compete with Microsoft on this type of RFP. Have you participated to this RFP, and what was missing for the edge cloud to get this deal? Thank you.
Thank you for the question, [Derric]. I'll take the first on the AZ Local Zones and on the large contract.
Microsoft and Stéphanie will answer the telephony and the CapEx H1 and guidance. On Availability Zones and Local Zones. first, maybe on Local Zones. indeed, we have 23 Local Zones so far, and we are on track to open more than 15 Local Zones in FY 2025. That should make close to 40 Local Zones, as you know, allow us to grow in new geos with lower capital intensity with our colocation model to offer Public Cloud products. We do not disclose our revenue so far for Local Zones. we are currently focusing on rolling out, on opening the new zones in line with our deployment plan to accelerate both the geography deployment and the product deployment. It is a phase of testing the market, testing the customers on the product, as usually when we launch, I would say, data centers.
We are typically for Local Zones in this phase. As for Availability Zone, so the AZ, indeed, this is contributing to our Public Cloud growth, which is strong, as you saw in H1. Again, it's about also technology deployments. We have deployed it in Paris, as you know. It's about enriching the products for Availability Zones. we had object storage launch. Now we are launching, we have been launching also compute, network, and block storage, and we'll continue to enrich the rhythm of product availability into Availability Zone sections of our product cloud. The main data, I'd say, today is truly the momentum of delivering the product, and this fits into the Public Cloud growth and the ARPAC growth of our Public Cloud segment.
Is there any metric on the number of customers that you can share with us or the ramp-up of customers?
This is other data that we disclose. St éphanie.
Hi, Derric. This is Stéphanie. I take the next question. On telephony and connectivity, I mean, you're right, it's still a challenge for us. It's decreasing activities, even if they are smaller and smaller over time. It impacts mostly our French business. This being said, it remains for us an opportunity to do cross-sell and to offer to our customers some opportunities to move within the Webcloud, but also to Public and Private Cloud. What we are doing is that we are doing some tactical investment on these segments to renew the offers, to strengthen the support, and to keep the benefits of having this pool of customers for the rest of the activities.
I saw the last question was on the CapEx. I mean, like we said, we have, I mean, you know well the business, you know that we have also some seasonality on the CapEx. Traditionally, it's also linked to the innovation cycle of our suppliers. This year, it's accentuated and increased by this push that we've decided to do. What we can tell you as of today is that we see a sort of reversal in H2 so as to remain in the guidance and be in a position as of today to confirm the guidance. As a reminder, for the maintenance, it's going to be between 11% and 13%, and for the gross CapEx, we estimate it to be between 19% and 21%. That's how we see it as of today for the full year.
Thank you. Regarding the Health Data Hub in France, the contract related to the Health Data Hub?
Yes, you're right. On your last question on Health Data Hub, indeed, the government has just announced, again in France on Monday, that they will reissue the Health Data Hub call for tender. It has not happened yet. We will closely monitor that and see what's in the request. As always, we have enriched our offerings, and as we did last time, we'll study carefully what's requested and how to answer to that. This has not been issued yet.
Thank you very much. Perfect .
Thank you very much, sir. Ladies and gentlemen, as a final reminder, please press star one if you have any questions. We do not appear to have any further questions at this time.
I'll return the call back over to the speakers for any additional or closing remarks. Thank you.
Thank you for these questions and attending for this call. I'd like to wrap up to this strong semester. We delivered, indeed, solid like-for-like revenue growth combined with strong operating leverage, driving an improvement in the adjusted EBITDA margin and the cash flow generation. We remain focused on executing our cash generation trajectory. From a business perspective, we indeed benefited from a continued strong demand for our data sovereignty offerings, and we continued to roll out new products across both Public and Private Cloud. We also demonstrated our best-in-class positioning in sustainability with a strong ESG score. Finally, we successfully completed our refinancing with the implementation of the first EU Taxonomy-aligned Green Loan by a European cloud player and the issuance of an inaugural bond.
With this solid semester, we confirm our FY 2025 target, like-for-like growth between 9%-11%, an adjusted EBITDA margin of circa 40%, CapEx between 30%-34% of our revenue, and a non-leveraged free cash flow above EUR 25 million, improved compared to last year. Thank you very much again, and we wish you a great day. Bye.
Thank you very much. Ladies and gentlemen, that will conclude today's presentation. We thank you for your attendance. You may now disconnect. Have a good day and goodbye.