Eutelsat drops on downbeat Q1 revenue hurt by weak video

Eutelsat Communications SA

22/10/2025 08:19

** Eutelsat's ETL.PA shares fall 5% after the French satellite operator missed Q1 revenue expectations, weighed down by its declining video business

** Q1 revenue from video, connectivity and government services drops to 283 million euros ($330 million), 4% below the consensus estimate of 295 million euros

** "We have long been sceptical of the OneWeb investment case," says J.P. Morgan referring to Eutelsat's Low Earth Orbit satellite constellation competing with SpaceX-owned Starlink

** JPM names three risks to Eutelsat's performance: failure to sign value-adding deals over the next two years; video revenue not stabilizing as early as expected; and OneWeb not proving a clear LEO tech advantage

** Up to Tuesday's closing price, Eutelsat's shares were up 62.9% in 2025

($1 = 0.8575 euros)

 (Reporting by Gianluca Lo Nostro)