REG-Eutelsat Group The United Kingdom to Participate in Contemplated Capital Increase Announced by Eutelsat on June 19, 2025, Taking the Total Amount to €1.5 Billion

Eutelsat Communications SAAnnouncement

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The United Kingdom to Participate in Contemplated Capital Increase Announced
by Eutelsat on June 19, 2025, Taking the Total Amount to €1.5 Billion

 

Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL)
announces that The United Kingdom(1) is to participate in the contemplated
capital increase announced by Eutelsat on June 19, 2025. This additional
participation from another key reference shareholder will increase the total
amount to be raised to €1.5 billion, further underpinning the execution of
Eutelsat’s long-term strategic vision.

His Majesty’s Government, via The Secretary of State for Science, Innovation
and Technology of the United Kingdom, has joined The French State via the APE
(Agence des Participations de l’Etat), Bharti Space Limited, CMA CGM, and
FSP (together the “Reserved Capital Increase Investors”) in a commitment
to subscribe to the Reserved Capital Increase and the Rights Issue pro-rata
its shareholding post the Reserved Capital Increase, for a total amount
invested of €163.3 million.

The commitments of the Reserved Capital Increase investors remain subject to,
inter alia, shareholders’ approvals at an Extraordinary Shareholders’
Meeting to be held around the end of the third quarter of calendar 2025,
customary regulatory approvals, as well as the execution, under mutually
acceptable conditions, of an amended, non-concerting shareholders’ agreement
reflecting the ownership structure post Reserved Capital Increase. Subject to
the above, the Reserved Capital Increase Investors have also committed to vote
in favour of the transaction at the extraordinary shareholders’ meeting
(which would implement the governance(2) changes in connection with the
Reserved Capital Increase and during which the Company will also request new
authorisations for the Rights Issue) and to maintain their share ownership
until the launch of the Rights Issue.

The Reserved Capital Increase would amount to €828 million, 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. The subsequent Rights Issue would amount
to €672 million.

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.

Jean-François Fallacher, Chief Executive Office of Eutelsat, stated: “We
are delighted by this support from His Majesty’s Government, which has been
one of the mainstays of OneWeb, and subsequently Eutelsat’s anchor
shareholders from the outset of our Low Earth Orbit journey. In the current
environment it is crucial that our countries continue to collaborate and
support each other, including in Space, which has become a key sovereign
strategic asset. We remain committed to the UK which we consider as one of our
home markets and to supporting the development of OneWeb to address the needs
of all our sovereign and commercial stakeholders.”

The Rt Hon Peter Kyle, Secretary of State for Science, Innovation and
Technology added: “From checking the weather forecast on our phones to
navigating with GPS in our cars, satellites underpin industrial activity worth
£364 billion to the UK economy. But their critical role extends far beyond
economic growth. As our adversaries increasingly use space technologies to
harm us, resilient satellite connectivity has become essential to our
continent’s national security. This investment reflects our commitment to
support the development of these critical technologies and maintain an
important stake in the global satellite communications sector.”

+++ENDS+++

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE EU
MARKET ABUSE REGULATION 596/2014, AS AMENDED AND THE UK MARKET ABUSE
REGULATION.

About Eutelsat Group

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
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 more than 6,500 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
enables it to deliver integrated solutions to meet the needs of global
customers. The Company is headquartered in Paris and the Eutelsat Group
employs more than 1,500 people across more than 50 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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.eutelsat.com&esheet=54288608&newsitemid=20250710268111&lan=en-US&anchor=www.eutelsat.com&index=1&md5=4be68b5478ed507a43c5a3c0ac05235c)

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 press release. 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 press release to reflect any change in events, conditions,
assumptions, or circumstances on which any such statements are based, unless
so required by applicable regulation. The information contained in this press
release is not based on historical fact 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.

No communication and no information in respect of the transaction referred to
in this press release may be distributed to the public in any jurisdiction
where a registration or approval is required. No steps have been or will be
taken in any jurisdiction (other than France and United Kingdom) where such
steps would be required. The issue, subscription for or purchase of Eutelsat
Communications’ securities may be subject to specific legal or regulatory
restrictions in certain jurisdictions. Eutelsat Communications assumes no
responsibility for any violation of any such restrictions by any person.

This press release is not and should not be construed as a prospectus within
the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the
Council of 14 June 2017, as amended (the “Prospectus Regulation”) or
Prospectus Regulation as it forms part of domestic law by virtue of the
European Union (Withdrawal) Act 2018 (the “UK Prospectus Regulation”).

In the context of the transaction, the Company will make available to its
shareholders the preparatory documents and information in accordance with the
French Commercial Code, including the report of the Board of Directors prior
to the holding of the proposed ordinary and extraordinary general meeting. In
accordance with the Prospectus Regulation and the UK Prospectus Regulation,
the Company will also make available: (a) a French voluntary prospectus
relating to the rights issue prepared in accordance with the Prospectus
Regulation that will be submitted for the approval of the French financial
markets authority (Autorité des marchés financiers) in connection with the
public offering in France and the admission on Euronext Paris of the new
shares issued in the rights issue, (b) an information document prepared in
accordance with Annex IX of the Prospectus Regulation and to be made available
pursuant to Article 1(5)(bbis) of the Prospectus Regulation relating to the
admission on Euronext Paris of the new shares issued in connection with the
reserved capital increases, and (c) a prospectus prepared in accordance with
the Prospectus Regulation Rules of the Financial Conduct Authority (“FCA”)
made under section 73(A) of the Financial Services and Markets Act 2000 and to
be approved by the FCA, in respect of the applications for the new shares to
be issued in connection with the reserved capital increases and the rights
issue to be admitted to the equity shares (international commercial companies
secondary listing) segment of the Official List of the FCA and to trading on
the London Stock Exchange’s main market for listed securities.

With respect to the member States of the European Economic Area other than
France (the “Member States”), no action has been undertaken or will be
undertaken to make an offer to the public of securities requiring the
publication of a prospectus in any Member States. As a result, any securities
of Eutelsat Communications may only be offered in Member States (i) to
qualified investors, as defined by the Prospectus Regulation; (ii) to fewer
than 150 natural or legal persons per Member State, other than qualified
investors (as defined in the Prospectus Regulation) ; or (iii) in any other
circumstances, not requiring Eutelsat Communications to publish a prospectus
as provided under Article 1(4) of the Prospectus Regulation; and provided that
none of the offers mentioned in paragraphs (i) to (iii) above requires the
publication of a prospectus by Eutelsat Communications pursuant to Article 3
of the Prospectus Regulation, or a supplement to the Prospectus Regulation
pursuant to Article 23 of the Prospectus Regulation.

With respect to the United Kingdom, no action has been undertaken or will be
undertaken to make an offer to the public of securities requiring the
publication of a prospectus in the United Kingdom. As a result, any securities
of Eutelsat Communications may only be offered in the United Kingdom (i) to
qualified investors, as defined under Article 2 of the UK Prospectus
Regulation; (ii) to fewer than 150 natural or legal persons, other than
qualified investors (as defined under Article 2 of the UK Prospectus
Regulation); or (iii) in any other circumstances falling within Section 86 of
the Financial Services and Markets Act 2000 (the “FSMA”), provided that no
such offer shall require Eutelsat Communications to publish a prospectus
pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to
Article 23 of the UK Prospectus Regulation.

This press release and any other materials in relation to the securities of
Eutelsat Communications have not been made, and have not been approved, by an
“authorised person” within the meaning of section 21(1) of the Financial
Services and Markets Act 2000. As a consequence, this press release is
directed only at persons who (i) are located outside the United Kingdom, (ii)
are investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended,
the “Order”), or (iii) are high net worth body corporates, unincorporated
associations or partnerships, trustees of a high value trust and other persons
to whom it may be lawfully communicated within Article 49(2)(a) to (e) of the
Order (all such persons mentioned in paragraphs (i), (ii) and (iii)
collectively being referred to as “Relevant Persons”). Any securities are
intended only for Relevant Persons and no invitation, offer or agreements to
subscribe, purchase or acquire the securities may be proposed or made other
than with Relevant Persons. Any person other than a Relevant Person may not
act or rely on this press release or any provision thereof. This press release
is not a prospectus which has been approved by the Financial Conduct Authority
or any other United Kingdom regulatory authority within the meaning of Section
85 of the FSMA.

This press release does not constitute or form a part of any offer or
solicitation to purchase or subscribe for securities in the United States.
Securities may not be offered, subscribed or sold in the United States absent
registration under the U.S. Securities Act of 1933, as amended (the “U.S.
Securities Act”), except pursuant to an exemption from, or in a transaction
not subject to, the registration requirements thereof. The securities in
respect thereof have not been and will not be registered under the U.S.
Securities Act and Eutelsat Communications does not intend to make a public
offer of its securities in the United States.

The distribution of this press release in certain countries may constitute a
breach of applicable law.

The information contained in this press release does not constitute an offer
of securities for sale in the United States, Canada, Australia or Japan.

Goldman Sachs Bank Europe SE (« GSBE ») and Rothschild & Co ( acting
exclusively for Eutelsat Communications and no one else in connection with the
proposed transaction and will not regard any other person as its respective
clients and will not be responsible to anyone other than Eutelsat
Communications for providing the protections afforded to its respective
clients in connection with the proposed transaction or otherwise, nor for
providing any advice in relation to the proposed transaction, the content of
this press release or any transaction, arrangement or other matter referred to
herein.

None of GSBE or any of their respective directors, officers, employees,
advisers or agents accepts any responsibility or liability whatsoever for or
makes any representation or warranty, express or implied, as to the truth,
accuracy or completeness of the information in this press release (or whether
any information has been omitted from this press release) or any other
information relating to Eutelsat Communications, its subsidiaries or
associated companies, whether written, oral or in a visual or electronic form,
and howsoever transmitted or made available or for any loss howsoever arising
from any use of this announcement or its contents or otherwise arising in
connection therewith.

(1) His Majesty’s Government via The Secretary of State for Science,
Innovation and Technology of the United Kingdom

(2) At this stage, the non-concert agreement would provide the Investors in
the Reserved Capital Increase a board representation, proportional to their
shareholding (with half of the board composed of independent directors).

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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