REG-Eutelsat Group Eutelsat Communications: Full Year 2024-25 Results
05/08/2025 07:00
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Eutelsat Communications: Full Year 2024-25 Results
* All Full Year 2024-25 Financial Objectives attained(1)
* Operating verticals revenues of €1,226m, up 0.8%(2)
* Stable Adjusted EBITDA, giving a margin of 54.4%(2)
* LEO revenues grow by over 80%, represent c.15% of Group total
* Positive traction in Government Services
* Core shareholders to support €1.5bn capital raise to reinforce financial
structure and fund strategic ambitions
The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 -
Euronext Paris / London Stock Exchange: ETL), chaired by Dominique D’Hinnin,
reviewed the financial results for the year ended 30 June 2025.
Key Financial Data FY FY Change Like-for-like change(3)
2023-24
2024-25
P&L
Revenues - €m 1,213.0 1,243.7 2.5% +1.6%
"Operating Verticals" revenues - €m 1,209.4 1,226.3 1.4% +0.8%
O/w LEO revenues – €m 93.8 186.8 99.0% +84.1%
Adjusted EBITDA - €m 718.9 676.2 -5.9% 0.0%
Adjusted EBITDA margin 59.3% 54.4% -4.9 pts -0.8 pt
Operating income - €m -191.3 -909.2 n.a. -
Group share of net income - €m -309.9 -1,081.9 n.a. -
Financial structure -
Net debt - €m 2,544.4 2,626.6 82.2 -
Net debt/ Adjusted EBITDA - X 3.79x 3.88x +0.09 pt -
Backlog - €bn 3.9 3.5 -11.9% -
Total revenues for FY 2024-25 stood at €1,244 million, up by 2.5% on a
reported basis and by 1.6% like-for-like. Revenues of the four Operating
Verticals (excluding ‘Other Revenues’) stood at €1,226 million, up by
0.8% on a like-for-like basis.
LEO revenues amounted to €187 million, up 84.1%(2), driven by strong demand
momentum. They represent c.15% of revenues.
Adjusted EBITDA stood at €676.2 million on 30 June 2025 stable on a like for
like basis. The Adjusted EBITDA margin stood at 54.2% at constant currency
(54.4% reported).
This was in line with our financial projections of Operating Vertical Revenues
around the same level, and an adjusted EBITDA margin slightly below the level
of the previous year.
Jean-François Fallacher, Chief Executive Officer of Eutelsat Communications
commented: “FY 2024-25 results were in line with our objectives, and the
year was marked by genuine traction in our LEO revenues, which grew by over
80% and now represent 15% of revenues. I am excited to take the helm of
Eutelsat as it enters a new chapter, centred on the deployment of LEO, a
revolution for the Satellite industry. Thanks to its differentiated GEO-LEO
positioning and global coverage, Eutelsat is positioned to be a key player in
the development of the European sovereign space of tomorrow and beyond, as
showcased by the framework agreement with the French military. Finally, the
recently announced €1.5 billion capital increase will give Eutelsat the
requisite financing to implement its strategic roadmap, enabling us to deliver
growth and value for all our stakeholders.”
Note: This press release contains data from the consolidated full-year
accounts prepared under IFRS and subject to an audit by the Auditors. They
were reviewed by the Audit Committee on 3 August 2025 and approved by the
Board of Directors on 4 August 2025. The audit procedures on the consolidated
financial statements have been performed. The certification report will be
issued once the work on the management report and verification of compliance
with the single European electronic reporting format (ESEF) has been
completed. The presentation of the annual results and the notes to the
consolidated financial statements are available on the website of
www.eutelsat.com/investors
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. Adjusted EBITDA, Adjusted EBITDA margin, net debt / Adjusted EBITDA ratio
and Gross Capex are considered Alternative Performance Indicators. Their
definition and calculation are in Appendix 3 of this document.
HIGHLIGHTS OF THE YEAR
* FY 2024-25 results in line with Financial Objectives with Operating Verticals
revenues of €1,226 million and adjusted EBITDA margin of 54.4%
* LEO revenues rise by over 80% to €187 million, representing c.15% of Group
total
* EU launches IRIS(2), landmark public-private partnership, with Eutelsat in a
lead role, and representing a key step in the development of Eutelsat’s LEO
capacities
* €1.0 billion Framework agreement with France’s Armed Forces Ministry for
low orbit satellite services, showcasing enhanced traction with sovereign
customers amid evolving geopolitical backdrop
* Contemplated capital increase of €1.5 billion, to secure the execution of
long‑term strategic vision, anchored by the French State and other reference
shareholders
ANALYSIS OF REVENUES(4)
In € millions FY 2023-24 FY 2024-25 Change
Reported Like-for-like(3)
Video 650.6 608.2 -6.5% -6.5%
Government Services 165.3 211.0 27.6% 24.1%
Mobile Connectivity 159.3 159.7 0.3% 0.3%
Fixed Connectivity 234.1 247.3 5.6% 4.3%
Connectivity 558.8 618.1 10.6% 9.1%
o/w LEO 93.8 186.8 99.0% 84.1%
o/w GEO 464.9 431.3 -7.2% -7.3%
Total Operating Verticals 1,209.4 1,226.3 1.4% 0.8%
Other Revenues 3.7 17.5 n.a. n.a.
Total 1,213.0 1,243.7 2.5% 1.6%
EUR/USD exchange rate 1.08 1.08
Total revenues for FY 2024-25 stood at €1,244 million, up by 2.5% on a
reported basis and by 1.6% like-for-like. Revenues of the four Operating
Verticals (ie, excluding ‘Other Revenues’) stood at €1,226 million. They
were up by 0.8% on a like-for-like basis, with an almost neutral currency
impact.
Fourth Quarter revenues stood at €338 million, stable year-on-year on a
like-for-like basis. Revenues of the four Operating Verticals stood at €326
million, down 2.1% year-on-year and up by 12.3% quarter‑on‑quarter on a
like-for-like basis.
In € millions Q4 2023-24 Q4 2024-25 Change
Reported Like-for-like(3)
Video 159.3 147.3 -7.5% -6.8%
Government Services 47.1 65.0 38.2% 40.9%
Mobile Connectivity 49.4 44.7 -9.7% -7.0%
Fixed Connectivity 82.2 68.8 -16.4% -14.5%
Connectivity 178.7 178.5 -0.2% 2.1%
o/w LEO 55.1 70.5 28.0% 31.5%
o/w GEO 123.6 107.9 -12.7% -10.9%
Total Operating Verticals 338.0 325.7 -3.6% -2.1%
Other Revenues 1.6 11.8 n.a. n.a.
Total 339.6 337.5 -0.6% -0.1%
EUR/USD exchange rate 1.08 1.11
Note: Unless otherwise stated, all variations indicated below are on an
unaudited like-for-like basis, ie, at constant currency and perimeter. The
variation is calculated as follows: i) FY 2024-25 USD revenues are converted
at FY 2023-24 rates; ii) FY 2023-24 revenues are restated with the
contribution of OneWeb from 1st July 2023 to 30 September 2023; iii) Hedging
revenues are excluded.
Video (50% of revenues)
FY 2024-25 Video revenues were down by 6.5% to €608 million, reflecting the
maturity of this legacy business.
Eutelsat’s leading video hotspots nevertheless continue to attract
broadcasters, notably HOTBIRD video neighbourhood at 13° East, which saw the
renewal of a capacity agreement with longstanding customer, SSR SRG (Swiss
broadcasting corporation), while wedotv, the global ad-supported streaming TV
network, signed a new deal to add free-to-air streaming channels on the
HOTBIRD satellites.
Fourth Quarter revenues stood at €147 million down by 6.8% year-on-year and
broadly stable quarter‑on-quarter.
As recently announced, Eutelsat has removed several more Russian channels from
its fleet, in compliance with the latest directives of its national regulator,
ARCOM. The impact on revenues of the removal of these channels is estimated at
c.€16m euros and a similar amount at the EBITDA level in FY 2025-26.
Connectivity (50% of revenues)
Total Connectivity revenues for FY 2024-25 stood at €618.1 million, up by
10.6% on a reported basis and by 9.1% like-for-like.
Fourth Quarter revenues stood at €178.5 million up 2.1% like-for-like
year-on-year, and up 26.3% quarter‑on-quarter, reflecting strong momentum in
LEO.
Fixed Connectivity
FY 2024-25 Fixed Connectivity revenues stood at €247 million, up by 4.3%
year-on-year. They mainly reflected on the one hand the continued growth of
LEO-enabled connectivity solutions, and, on the other, the more challenging
conditions for GEO-enabled solutions, including the cessation of revenue
recognition from TIM on KONNECT-VHTS.
Fourth quarter revenues stood at €69 million. They were down -14.5%
year-on-year, reflecting a high level of terminal sales and the recognition of
catch-up revenues which boosted Q4 FY24.
Quarter-on-quarter, they were up by 20.9%, mainly driven by LEO performance.
In June 2025, Eutelsat and Orange, signed an agreement for LEO capacity,
enabling Orange to strengthen its satellite solutions portfolio with LEO
connectivity solutions for its enterprise and government customers and support
mobile backhauling globally.
Government Services
FY 2024-25 Government Services revenues stood at €211 million, up 24.1%
year-on-year. They reflected the growth of LEO-enabled solutions, notably with
services delivered in Ukraine, as well as increased demand from other non-US
governments.
Fourth Quarter revenues stood at €65 million, up by 40.9% year-on-year and
by 37.9% quarter‑on‑quarter.
In June 2025, Eutelsat inked a major, €1 billion, 10-year framework
agreement with France’s armed forces ministry (Direction générale de
l'armement) in the context of the NEXUS (Neo-Espace pour de multiples Usages
Sécurisés) program, aimed at reinforcing the French military space
communications model by combining military and civilian resources.
Elsewhere, under a recently signed contract with the UK’s FCDO, the OneWeb
LEO constellation will provide high-speed, low latency connectivity for
British Embassies, High Commissions, and Consulates as well as broader UK
government activities globally.
Finally, Eutelsat signed an extension of its contract with MBS, one of
Europe’s leading connectivity service integrators, through new multi-year,
multi-million-euro agreement to provide Eutelsat’s OneWeb LEO connectivity
to government and institutional customers in Europe.
Mobile Connectivity
FY 2024-25 Mobile Connectivity revenues stood at €160 million, up 0.3%
year-on-year. This mainly reflected growing demand for LEO-based solutions
notably in maritime, partly offset by lower GEO revenues as well as the impact
of a one-off contract in aviation of c.€11 million of which c.€8 million
were recognized in FY 2023-24 and c.€3 million in FY 2024-25.
Fourth Quarter revenues stood at €45 million, down 7.0% year-on-year due to
the above-mentioned one-off contract and up by 19.9% quarter-on-quarter,
mainly driven by LEO performances.
Recent commercial wins include a deal with India’s Station Satcom to deliver
LEO connectivity services to the global maritime sector.
Eutelsat confirmed the traction of LEO-enabled services for commercial and
business aviation, with over 100 certified antenna installations already
completed, out of a backlog close to 1,000 aircraft, and the first aircraft
now in service.
Other Revenues
Other Revenues amounted to €17 million versus €4 million a year earlier.
They reflected revenue recognition from IRIS(2 )related to Eutelsat’s
involvement as Consortium System Development Prime. They included also a €1
million positive impact from hedging operations compared with a €3 million
negative impact a year earlier.
BACKLOG
The backlog stood at €3.5 billion at 30 June 2025 versus 3.9 billion a year
earlier. It was equivalent to 2.8 times 2024-25 revenues, and Connectivity
represented 57% of the total, versus 56% a year ago.
30 June 2024 30 June 2025
Value of contracts (in billions of euros) 3.9 3.5
In years of annual revenues based on previous fiscal year 3.5 2.8
Share of Connectivity applications 56% 57%
Note: The backlog represents future revenues from capacity or service
agreements and can include contracts for satellites under procurement. Managed
services are not included in the backlog.
PROFITABILITY
Reported Adjusted EBITDA stood at €676.2 million for the year ended 30 June
2025 compared with €718.9 million a year earlier, down by 5.9%. It was
stable on a like for like basis.
The Adjusted EBITDA margin stood at 54.2% at constant currency (54.4%
reported) versus 55.0% a year earlier (59.3% reported). It reflected ongoing
strict cost control measures, synergy benefits from the integration of OneWeb,
as well as the growing proportion of service revenues within the LEO
contribution.
Operating costs were €73.4 million higher than last fiscal year reflecting
the impact of the consolidation of OneWeb over the 12 months of FY 2024-25
compared with only nine months in FY 2023-24. On a proforma basis, costs were
up 3.5%(3) reflecting the ramp-up of LEO activities to full operational run
rate, partially offset by cost control measures implemented since the merger.
Group share of the net result was a loss of €1,081.9 million versus a loss
of €309.9 million a year earlier. This reflected:
* ‘Other operating expenses’ of €777 million, compared to €208.2 million
last year, which included a goodwill impairment of €535 million in respect
of GEO assets in the First Half, and a further €186 million in satellite
impairments.
* D&A of €808.3 million versus €702.1 million a year earlier reflecting
the perimeter effect of OneWeb as well as higher in-orbit amortization (entry
into service of EUTELSAT 36D and 20 LEO satellites during the First Half),
partly offset by lower GEO on-ground depreciation.
* A net financial result of minus €201.0 million versus minus €123.9 million
a year earlier, mainly reflecting the evolution of foreign exchange gains and
losses, and higher interest costs.
* A corporate Income Tax gain of €6.7 million versus a gain of €28.3 million
a year earlier, reflecting the non-recognition of deferred tax for French
entities in FY 2024-25.
* Losses from associates of €2.4 million versus €22.8 million last year,
reflecting the contribution of the stake in OneWeb in the First Quarter of FY
2023-24, now fully consolidated.
CAPITAL EXPENDITURE
Gross Capex amounted to €449.8 million, compared with €517.1 million a
year earlier. This decrease reflects lower GEO satellite program expenditure
and lower LEO on-ground Capex as well as the phasing of capex related to the
renewal of the LEO constellation.
Capital expenditure is expected to reach approximately €1.0 to €1.1
billion in fiscal year 2025‑26, reflecting the timing of key milestones—
including the order of an initial batch of 100 additional satellites in
December 2024, as well as the procurement of 340 further satellites for the
current LEO constellation.
Going forward, capex will remain focused on LEO activities, in line with the
Group’s strategic vision, primarily for the Gen-1 follow-on program. GEO
capex will ensure service continuity.
FINANCIAL STRUCTURE
At 30 June 2025, net debt stood at €2,626.6 million, up by €82.2 million
versus end of June 2024. It notably reflected capex-related movements and
higher financial costs, partially offset by net cash flow generated by
activities, as well as the reclassification under IFRS 5 of the liabilities of
the assets held for sale, in the context of the disposal of the passive part
of the terrestrial infrastructure.
As a result, the net debt to Adjusted EBITDA ratio stood at 3.88 times(5),
compared to 3.79 times at end‑June 2024 and 3.92 times at end-December 2024.
The average cost of debt after hedging stood at 4.37% (4.87% in FY 2023-24).
The slight decrease illustrates both the decrease in short term interest rates
impacting positively the cost of the portion of the group financing indexed on
variable rates and the maturity, in January 2025, of the Cross Currency Swaps
portfolio. The weighted average maturity of the Group’s debt amounted to 2.5
years, compared to 3.5 years at end-June 2024.
Liquidity remained strong, with undrawn credit lines and cash around €1.07
billion.
OUTLOOK AND FINANCIAL OBJECTIVES
In FY 2025-26(6), LEO revenues are expected to grow by 50% year-on-year. This
dynamic growth will compensate, but not yet outweigh the decline in GEO
revenues, which are notably impacted by additional Russian sanctions in the
Video Business.
As a result, Eutelsat targets revenues in line with, and an adjusted EBITDA
margin slightly below, those of FY 2024-25.
As stated earlier, gross capital expenditure is expected to reach
approximately €1.0 to €1.1 billion.
Following the contemplated capital increases announced in June 2025 and due to
be completed by the end of calendar 2025, Net Debt/EBITDA is estimated at
c.2.5x(7) by year-end FY’2025-26, reflecting a robust and self-funded
financing structure
Looking further out. Eutelsat demonstrates some of the most attractive growth
and profitability prospects in the sector, with revenue expected in a range
between €1.5 and €1.7 billion(8) by the end of FY’2028‑29, supported
by the strong momentum of LEO revenues, which are significantly outperforming
the market.
Operating leverage is expected to drive a mid-to-high single-digit percentage
point improvement in the EBITDA margin(9), resulting in a margin of at least
60% by FY’2028-29.
In the longer term (post FY 2028-29), the B2B connectivity market is expected
to pursue its growth at a double-digit rate, mostly driven by LEO market
expansion.
Note: Financial objectives assume: (i) no additional impact on revenues due to
sanctions imposed on channels broadcast on the group's fleet (ii) the nominal
launch and entry into operation of satellites in course of construction in
accordance with the timetable envisaged by the Group; (iii) no incidents
affecting any of the satellites in-orbit.
CONTEMPLATED CAPITAL INCREASE OF € 1.5 BILLION
In June a contemplated capital increase of EUR 1.35 billion was announced,
subsequently increased to EUR 1.5 billion in July, following the participation
of His Majesty’s Government. Anchored by Eutelsat’s key reference
shareholders, it will secure the execution of the long-term strategic vision.
The capital raise would take the form of:
i) A Reserved Capital Increase reserved capital increase of €828 million at a
price per share of €4, to be subscribed by the French State via APE for
€551 million, Bharti Space Limited for €30 million, His Majesty’s
Government for €90 million, CMA CGM for €100 million, and FSP for €57
million.
ii) A rights issue of €672 million, which would be subscribed for their rights
by the above investors.
The Reserved Capital Increase and the Rights Issue are expected to be
completed by the end of calendar 2025.
Following the two transactions, and subject to participation from investors,
the French State would hold a stake of 29.65% of the capital and voting
rights, while Bharti Space Limited, His Majesty’s Government, CMA CGM and
FSP would respectively hold 17.88%, 10.89%, 7.46%, and 4.99% of the share
capital and voting rights, being specified that the Reserved Capital Increase
Investors would not be in a position to launch a public takeover.
This capital increase would represent a pivotal step in Eutelsat’s strategic
and financing roadmap, enabling the execution of its strategic vision. Coupled
with a dedicated debt refinancing plan, this capital increase will reinforce
the Company’s financial flexibility by accelerating its deleveraging and
support investment in its existing Low Earth Orbit (LEO) capabilities and the
future IRIS(2) constellation.
CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY
Corporate Governance
On 4(th) August 2025, the Board of Directors of Eutelsat approved the
co-optation of Eric Labaye as a Board member and his appointment as Chairman
of Eutelsat Communications and Eutelsat SA on the occasion of the Board
Meeting of 4(th) August 2025. He succeeds Dominique D’Hinnin who had
announced his decision not to seek the renewal of his mandate on February
14(th), 2025. Eric Labaye’s appointment is effective on August 4(th), 2025,
after the Board meeting.
At the same time, the Board of Directors approved other changes to the
composition of the Board, notably the resignation of Michel Combes, effective
3(rd) August 2025, and the co-optation of Lucia Sinapi‑Thomas as an
independent Board member. The Board also acknowledged the appointment of
Guillemette Kreis (Agence des Participations de l’Etat - APE), as the
representative of the French State.
Following these changes, the Eutelsat Communication Board of Directors will be
composed of 10 members, of which 6 Independent Directors. It will include five
women, equating to a representation of 50%.
The above changes take effect immediately. The incoming Chairman, Eric Labaye,
will hold office until the Annual General Meeting, where his appointment will
be proposed for a full term.
Corporate Social Responsibility
In FY 2024-25, Eutelsat advanced its Corporate Social Responsibility agenda
with concrete achievements across all three ESG dimensions. Key milestones
illustrate our commitment to inclusive connectivity, climate action, and
transparent sustainability reporting.
Bridging the Digital Divide
By June 2025, Eutelsat successfully fulfilled its commitment under the
Partner2Connect Digital Coalition, led by the International Telecommunication
Union (ITU). Achieved two years ahead of schedule, this milestone has
delivered high-speed internet access near to 1 million people in underserved
areas of Sub-Saharan Africa through Konnect Wi-Fi hotspots powered by the
EUTELSAT KONNECT satellite. This accomplishment reaffirms our dedication to
closing the digital divide, a core pillar of our CSR strategy, and supports
the UN’s 2030 Agenda for Sustainable Development.
Science-Based Climate Commitments
On 21 January 2025, the Science Based Targets initiative (SBTi) validated
Eutelsat’s near-term climate targets, marking a key step in our
decarbonisation roadmap:
* A 50% absolute reduction in Scope 1 and 2 energy-related greenhouse gas (GHG)
emissions by 2030 (baseline: 2021);
* A 52% reduction in Scope 3 GHG emissions per satellite Mbit/s within the same
timeframe.
The SBTi confirmed that our Scope 1 and 2 targets are aligned with a 1.5°C
trajectory. This validation reinforces Eutelsat’s commitment to a
science-based and credible climate strategy.
Sustainability Reporting
Eutelsat published, for FY 2024-25, its first Sustainability Statement
according the EU CSRD requirements. Audited by EY and Forvis Mazars, the
report synchronises financial and non-financial reporting periods and includes
detailed coverage of all material Impacts, Risks, and Opportunities identified
through the double materiality assessment conducted during FY25.
Results presentation
Eutelsat Communications will present its results on Tuesday, August 5(th),
2025, by conference call and webcast at 9:00 CET.
Click here
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to access the webcast presentation (The webcast link will remain available for
replay)
If you have difficulty connecting to the webcast URL or if you want to ask
questions, please dial the respective contact number below:
+33 (0)1 70 37 71 66 (from France)
+44 (0) 33 0551 0200 (from the UK)
+1 786 697 3501 (from the USA)
Please, quote “EUTELSAT” to the operator when connecting to the call.
Documentation
Consolidated accounts are available at:
https://www.eutelsat.com/en/investors/financial-information.html
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.
Financial calendar
The financial calendar below is provided for information purposes only. It is
subject to change and will be regularly updated.
* 06 November 2025: First Quarter 2025-26 revenues
About Eutelsat Communications
Eutelsat Group is a global leader in satellite communications, delivering
connectivity and broadcast services worldwide. The Group was formed through
the combination of the Company and OneWeb in 2023, becoming the first fully
integrated GEO-LEO satellite operator with a fleet of 34 Geostationary (GEO)
satellites and a Low Earth Orbit (LEO) constellation of more than 600
satellites. The Group addresses the needs of customers in four key verticals
of Video, where it distributes around 6,400 television channels, and the
high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity,
and Government Services. Eutelsat Group’s unique suite of in-orbit assets
and ground infrastructure enables it to deliver integrated solutions to meet
the needs of global customers. The Company is headquartered in Paris and
Eutelsat Group employs more than 1,600 people across more than 75 countries.
The Group is committed to delivering safe, resilient, and environmentally
sustainable connectivity to help bridge the digital divide. The Company is
listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock
Exchange (ticker: ETL).
Find out more at www.eutelsat.com
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Disclaimer
The forward-looking statements included herein are for illustrative purposes
only and are based on management’s views and assumptions as of the date of
this document.
Such forward-looking statements involve known and unknown risks. For
illustrative purposes only, such risks include but are not limited to: risks
related to the health crisis; operational risks related to satellite failures
or impaired satellite performance, or failure to roll out the deployment plan
as planned and within the expected timeframe; risks related to the trend in
the satellite telecommunications market resulting from increased competition
or technological changes affecting the market; risks related to the
international dimension of the Group's customers and activities; risks related
to the adoption of international rules on frequency coordination and financial
risks related, inter alia, to the financial guarantee granted to the
Intergovernmental Organization's closed pension fund, and foreign exchange
risk.
Eutelsat Communications expressly disclaims any obligation or undertaking to
update or revise any projections, forecasts or estimates contained in this
document to reflect any change in events, conditions, assumptions or
circumstances on which any such statements are based, unless so required by
applicable law.
The information contained in this document is not based on historical facts
and should not be construed as a guarantee that the facts or data mentioned
will occur. This information is based on data, assumptions and estimates that
the Group considers as reasonable.
APPENDICES
Appendix 1: Additional financial data
Extract from the consolidated income statement (€ millions)
Twelve months ended June 30 2024 2025 Change (%)
Revenues 1,213.0 1,243.7 2.5%
Operating expenses (494.1) (567.6) 14.9%
Adjusted EBITDA 718.9 676.2 -5.9%
Depreciation and amortisation (702.1) (808.3) 15.1%
Other operating income (expenses) (208.2) (777.0) n.a.
Operating result (191.3) (909.2) n.a.
Financial result (123.9) (201.0) -62.2%
Income tax 28.3 6.7 n.a.
Income from associates (22.8) (2.4) -89.5%
Portion of net income attributable to non-controlling interests (0.2) 24.5 n.a.
Group share of net result (309.9) (1,081.9) n.a.
Appendix 2: Quarterly revenues by application
Quarterly Reported revenues FY 2024-25
In € millions Q1 Q2 Q3 Q4 FY
2024-25 2024-25 2024-25 2024-25 2024-25
Video 151.8 157.4 151.7 147.3 608.2
Government Services 46.4 50.1 49.5 65.0 211.0
Mobile Connectivity 42.0 33.3 39.7 44.7 159.7
Fixed Connectivity 56.5 62.3 59.7 68.8 247.3
Total Operating Verticals 296.7 303.2 300.6 325.7 1,226.3
Other Revenues 3.0 3.3 (0.7) 11.8 17.5
Total 299.7 306.5 300.0 337.5 1,243.7
Appendix 3: Alternative performance indicators
In addition to the data published in its accounts, the Group communicates on
three alternative performance indicators which it deems relevant for measuring
its financial performance: Adjusted EBITDA, Adjusted EBITDA margin, net debt /
Adjusted EBITDA ratio and Gross Capex. These indicators are the object of
reconciliation with the consolidated accounts.
Adjusted EBITDA, Adjusted EBITDA margin and Net debt / Adjusted EBITDA ratio
Adjusted EBITDA reflects the profitability of the Group before Interest, Tax,
Depreciation and Amortisation. It is a frequently used indicator in the Fixed
Satellite Services Sector and more generally the Telecom industry. The table
below shows the calculation of Adjusted EBITDA based on the consolidated
P&L accounts for FY 2023-24 and FY 2024-25:
Twelve months ended June 30 (€ millions) 2024 2025
Operating income (191.3) (909.2)
+ Depreciation and Amortisation 702.1 808.3
+ Other operating expenses 208.2 777.0
Adjusted EBITDA 718.9 676.2
The Adjusted EBITDA margin is the ratio of Adjusted EBITDA to revenues. It is
calculated as follows:
Twelve months ended June 30 (€ millions) 2024 2025
Adjusted EBITDA 718.9 676.2
Revenues 1,213.0 1,243.7
Adjusted EBITDA margin (as a % of revenues) 59.3 54.4
The Net debt / adjusted EBITDA ratio is the ratio of net debt to last-twelve
months adjusted EBITDA. It is calculated as follows:
Twelve months ended June 30 (€ millions) 2024 2025
Last twelve months adjusted EBITDA 671.1 676.2
Net debt(10) 2,544.4 2,626.6
Net debt / adjusted EBITDA 3.79x 3.88x(11)
Gross Capex
Gross Capex covers the acquisition of satellites and other tangible or
intangible assets as well as payments related to lease liabilities. If
applicable it is net from the amount of insurance proceeds.
The table below shows the calculation of Gross Capex for FY 2023-24 and FY
2024-25:
Twelve months ended June 30 (€ millions) 2024 2025
Acquisitions of satellites, other property and equipment and intangible assets (463.2) (388.7)
Insurance proceeds - -
Repayments of lease liabilities (12) (53.9) (61.1)
Gross Capex (517.1) (449.8)
(1) FY 2024-25 objectives at constant rate and perimeter: i) Revenues of the four operating verticals around the same level as FY 2023-24; Adjusted EBITDA margin slightly below the level of FY 2023-24
(2) Like-for-like change.
(3) Unaudited change at constant currency and perimeter. The variation is
calculated as follows: i) FY 2024-25 USD figures are converted at FY 2023-24
rates; ii) FY 2023-24 figures are restated with the contribution of OneWeb
from 1st July 2023 to 30 September 2023; iii) Hedging revenues are excluded.
(4) The share of each application as a percentage of total revenues is
calculated excluding “Other Revenues”.
(5) Note that the Net Debt to Adj. EBITDA ratio computed as per financing
documentation must take into account the liabilities of the assets held for
sale (disposal of passive ground infrastructure) reclassified under IFRS 5
(100.7m€) and is therefore calculated with a net debt of 2,727m€. Hence,
the Net Debt to Adj. EBITDA ratio as per financing documentation stood at
4.03x.
(6) Before impact from passive ground segment partial disposal.
(7) After impact from passive ground segment partial disposal of €0.5bn.
(8) Data at eur/usd rate of 1.12x and After impact from passive ground segment
partial disposal.
(9) Including an estimated annualized adjusted EBITDA impact of €(75-80)m
due to passive ground segment partial disposal.
(10) Net Debt includes all bank debt, bonds and all liabilities from lease
agreements and structured debt as well as Forex portion of the cross-currency
swap, less cash and cash equivalents (net of bank overdraft). Net Debt
calculation is available in the Note 7.4.4 of the appendices to the financial
accounts.
(11) Note that the Net Debt to Adj. EBITDA ratio computed as per financing
documentation must take into account the liabilities of the assets held for
sale (disposal of passive ground infrastructure) reclassified under IFRS 5
(100.7m€) and is therefore calculated with a net debt of 2,727m€. Hence,
the Net Debt to Adj. EBITDA ratio as per financing documentation stood at
4.03x.
(12) Included in line “Repayment of lease liabilities” of cash-flow
statement
Media enquiries
Joanna Darlington
Tel. +33 674 521 531
joanna.darlington@eutelsat.net
(mailto:joanna.darlington@eutelsat.net)
Anita Baltagi
Tel. +33 643 930 178
anita.baltagi@eutelsat.net
(mailto:anita.baltagi@eutelsat.net)
Katie Dowd
Tel. +1 202 271 2209
katie.dowd@eutelsat.net (mailto:katie.dowd@eutelsat.net)
Investors
Joanna Darlington
Tel. +33 674 521 531
joanna.darlington@eutelsat.net
(mailto:joanna.darlington@eutelsat.net)
Hugo Laurens-Berge
Tel. +33 670 80 95 58
hugo.laurens-berge@eutelsat.net (mailto:hugo.laurens-berge@eutelsat.net)
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