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Hello and welcome to OVHcloud Q1 fiscal year 2023 revenue conference call. Please note this call is being recorded and for the duration of the call, your lines will be on listen only. However, you will have the opportunity to ask questions at the end of the call. This can be done by pressing star 1 on your telephone keypad. If you require assistance at any point, please press star 0 and you will be connected to an operator. I now hand over to you, OVHcloud, to begin today's conference. Thank you.

Thank you. So, hello everyone. This is Benjamin speaking. I'm head of financial communication at OVHcloud. Thank you for being with us today on this call for Q1 revenue publication. I am with Michel Pauin, our CEO, who will start on the strategy and the business update. And then we will have Edouard Ferrand, our deputy CFO, for the financial performance. And then Michel again for the outlook and completing the math. No, I hand over to Michel. Hello, everyone. Good morning.

This is Michel Polin. I'm the CEO of the OVH Club. Thank you for being with us today. And before, of course, we start, let me wish you all the best for this new year. I'm very pleased to share with you our Q1 fiscal year 2023 revenue. Another strong quarter, thanks to the high engagement and commitment of our employees, will keep delivering and executing our growth strategy. This third quarter has been a strong start to the year, and we are confirming our targets for 2023. IQ1 revenue reached €216 million, up by 15.4% as reported. and 11.7% like-for-like. The net revenue retention rate reached 110%, which is for us a good indicator of the loyalty of our customers and the stickiness of our model. As I said, we are confirming our targets for 2023. First, a like-for-like revenue growth between 14% to 16%, with a progressive growth acceleration throughout the year. as price increases will flow through. Second, an adjusted EBITDA margin in line with 2022 around 39%. Third, a recurring capex between 16% and 20% of our revenues. And last, a gross capex between 20% and 32% of our revenues. After this quick introduction, let me give you some highlights of the quarter. In Q1, as previous quarters, we have been focusing on delivering gross acceleration. During the quarter, in a fast-growing cloud market, the demand for trusted and sovereign solutions remains very dynamic. We idolize this trend with a very strong performance of one of our sovereign solutions, the SecNumCloud offering. SecNumCloud is the most secure product of a large sovereign offering, and its revenues was multiplied by four in the last six months. Also, our leadership in sustainable cloud is more and more appealing for our partners and customers. And we are very proud to have recently published in December a high eligibility on green taxonomy, close to 90%. Our customer dynamic remains very strong with new clients win and additional workloads for existing clients. Our enterprise segment, which large corporates, is the fastest-growing one with, as you can see on the third box on the right, large new deals signed with Ambition, the innovation lab of Mercedes-Benz, and with a French national expert on nuclear energy, the IRSM, for example. Last but not least, we keep developing additional path solutions to fit customer needs. We have released a new cold archive Storage offering a new AI solution and also another container solutions based on Tanzu capabilities. All the feedbacks and commercial performance give us confidence for the success of our past solutions and move-through-pair strategy. As I said before, OVHCard operates in a fast-growing market with an expanded five-year CAGR of more than 20%. The cloud market is driven by cloud adoption for all customer segments as it is mission critical to their operations. Everyone is moving to the cloud. Data usage is booming, and we keep seeing new usage, new habits, new use cases, such as multi and hybrid clouds, which are driving global cloud adoption while the cloud offers financial flexibility to convert CapEx IT costs to OpEx IT costs. One of the significant milestones in Q1 was the recognition of OVHcloud as one of the top tier cloud player by the market analysts of IDC. We were named as a major player in the latest market scape of November 22, which is significant progress compared to the last study two years ago where we were challengers. We are very proud to be the only European player featured in the study and see our trusted and sustainable cloud positioning recognized as a core competitive advantage by analysts. All the work we do and have been doing is recognized and valued with this improved ranking. This is showing business momentum as all our customers, partners, prospects carefully read and rely on these studies. And being recognized as a major player reinforces customer confidence and improves our credibility. As underlined by market analysts, data sovereignty is one of our key competitive advantages and clearly a strong market momentum. And today, OVHcloud is the partner of choice in European data sovereignty, which we see an increasing in terms of interest and demand by customers. We see it month after month with the success of our sovereign offerings. On these charts, on the left-hand side of the slide, you highlight the impressive growth of one of the sovereign solutions, the most sophisticated one, the most secure one, sold with a markup, our Signum card solution, which revenue has been multiplied by four in the last six months. This solution is one among others, such as AGS, Trusted Zone, and, of course, all OVH card offerings, which are sovereign by definition. Technicloud is for customers. We have the highest expectation on data security and data sovereignty. Today, the certification is only for one of our products, and we plan to extend it to all our public and biomethane solutions. And we are absolutely convinced this extension will be driving business momentum. On the next slide, I want to give you a quick update on other key competitors for sustainability. Since the beginning, we have placed sustainability at the heart of our model. We are the leading pioneer in sustainability in clouds. And as you can see on the left hand side on the slide, we are proud to have recently published a very high eligibility on green taxonomy regulation and revenue, CAPEX and OPEX. This eligibility is a confirmation of our positioning. In addition to be already best in class, we want to lead the way in the industry and that's why we are committed to ambitious mid-term targets, detailed on the right-hand side of the slide, including global net zero on Scope 1 and 2 by 2025 and on the full Scope 1, 2, and 3 by 2030. This positioning of offering a sustainable cloud is fostering customer demand, especially for large organizations. Sustainable cloud is a key competitive advantage for our customers and partners. Our sustainability is on the top priority and critical to their performance. For example, IGEO, a customer specialized on green IT expertise, underlines our capacity to recycle and reuse old components of our servers as a competitive strength of our integrated industrial model. Elgin Faith, an American company in machine learning, highlights the significant improvement they made in terms of carbon footprint when they migrated to OVHcloud. As you know, we have a successful go-to-market strategy. Enterprise Channel now represents 54% of our revenue, and it is the fastest-growing segment for OVHcloud. We have built dedicated programs around these enterprise and digital go-to-markets, These programs are driving growth acceleration, and they are more and more successful. For instance, the partner program is now more than 1,150 partners, of which 300 are called advanced, the highest level of partnership, meaning they have dedicated training, certifications, and also commitments. The startup program is also very impressive. In Q1, we had more than 210 new startups joining the program for more than 40 different countries. These startups are coming from a wide range of industries, such as logistics, manufacturing, healthcare, and agriculture. We give them dedicated mentoring, and we help them building cloud-native offerings on our OVH code, Ecosystem, PaaS, and Yes Solutions. All these successes are driving a strong customer dynamic, and the startup program will fool future growth. We are pleased to share that we still enjoy strong customer dynamics. As you know, we announced a price increase in August last fiscal year, and we started to increase our prices in December 2022, which is in Q2 for us. So we don't have any price effect contribution in Q1. and we expect this progressive price increase to be fully implemented in the coming month. We will fully benefit of it in the second half of the year. On a full year basis, we expect the price increases to contribute between two to three points of revenue growth. We're also pleased to report that so far we do not see any negative impact flowing the announcement in Q4 2022 and the increase started in December 2022. Moving to the top right corner, we are proud to reach a 110 like-for-like net revenue retention rate. This highlights the stickiness of our customers. Having such a good level is a confirmation of our customer loyalty, and again, without any effect price here. Our pricing power is strong and intact. Our customers see the value of our solution and see the reason why they stay with us in an inflation context. Moreover, We have the best price-performance ratio to hyperscalers, and this is what we see on the bottom right. As a reminder, the price increase we have announced will allow us to maintain our fiscal year 2022 adjusted EBITDA margin around 39% in line with last year. And this is a good transition to the financial section. Our deputy CFO, Edouard Ferrand, currently acting as interim CFO, will present the financial section. Edouard has been a key performing member of a finance team for more than three years. And we've been working closely with our new CFO, Stéphanie Beignet, who will join OVHcloud beginning of March. Stéphanie is currently Deputy CEO of the Agence des Participations de l'Etat, the entity managing the strategy chairholding of the French state, with a portfolio of over 120 billion of assets In this capacity, she served on the board of large global corporates, including Safran, Engie, Orange, and Air France-KLM. With more than 20 years of experience in management positions, finance, and investment, Stephanie will bring significant expertise to help drive the group's development and a growth acceleration strategy. We are really, really happy to have her on board in the team. On this first introduction, I'm sure you have all the opportunity to meet her soon, and I propose we now let's move to the financial side.