Overview

• OVH Groupe's shares fell sharply, experiencing their largest daily drop after the company reduced its 2024 sales and profit forecasts.
• The revised forecasts reflect a challenging economic environment, particularly in France and Germany, impacting customer demand.
• Despite the downward revision in sales and profit forecasts, OVH reported a higher-than-expected core profit for the first half of the year, with a 18.3% increase in EBITDA.
• The company's overall strategy includes cost-cutting measures and price increases to boost profitability amidst the economic downturn.
• OVH remains committed to its medium-term targets, maintaining a core profit margin forecast of over 37% for 2024.