REG-Eutelsat Group Eutelsat Communications: Third Quarter and Nine-Month 2025-26 Revenues

Eutelsat Communications SAAnnouncement

Tue 17:00

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Eutelsat Communications: Third Quarter and Nine-Month 2025-26 Revenues


 * Third Quarter Operating Verticals revenues of €283.7m, up 0.9%(1)
year‑on‑year

 * Sustained double digit growth (1 )in Connectivity, driven by LEO‑enabled
solutions, up 65% year-on-year

 * Successful conclusion of comprehensive refinancing strategy

 * Full Year 2025-26 financial objectives confirmed

 

Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock
Exchange: ETL) reports revenues for the Third Quarter and Nine Months ended 31
March 2026.
 In € millions              Q3 2024-25  Q3 2025-26  Change                    
                            Reported                Like-for-like(1)  
 Video                      151.7       128.0       -15.7%            -13.3%  
 Government Services        49.5        50.4        1.9%              11.8%   
 Mobile Connectivity        39.7        45.0        13.2%             27.0%   
 Fixed Connectivity         59.7        60.3        1.0%              10.6%   
 Connectivity               148.9       155.7       4.6%              15.3%   
 LEO                        42.3        62.2        47.2%             65.0%   
 GEO                        106.7       93.5        -12.3%            -4.3%   
 Total Operating Verticals  300.6       283.7       -5.6%             0.9%    
 Other Revenues             -0.7        9.4         n.a.              n.a.    
 Total                      300.0       293.0       -2.3%             3.1%    
 EUR/USD exchange rate      1.04        1.18                                  


THIRD QUARTER REVENUES(2)

Total revenues for the Third Quarter of Financial Year 2025-26 stood at
€293.0 million, down 2.3% on a reported basis, and up by 3.1% like-for-like.

Revenues of the four Operating Verticals (i.e., excluding ‘Other
Revenues’) stood at €283.7 million. They were up 0.9% on a like-for-like
basis(1). Quarter‑on‑quarter, revenues of the four Operating Verticals
were down 1.9% like-for-like(1).

Note: Unless otherwise stated, all variations indicated hereunder are on a
like-for-like basis, i.e., at constant currency.

Video (45% of revenues)

Third Quarter Video revenues amounted to €128.0 million, down 13.3%
year-on-year. This reflects the impact of sanctions on Russian channels
imposed at the beginning of the year, (c. €16 million per annum) as well as
the termination of capacity contracts on the Express AT1 and AT2 satellites
(low single-digit million impact in FY 2025-26 starting from March 2026), in
addition to the underlying decline of this mature business.

On a quarter-on-quarter basis, revenues were down 3.6% reflecting notably the
above-mentioned termination of contracts on Express AT1 and AT2.

Since it last reported in February 2026, Eutelsat has renewed multiple
capacity agreements, notably with Viewsat at the 7/8° West video
neighbourhood to support development of broadcast market in MENA, and in
Mexico with Cadena Tres, part of Grupo Imagen, as well as with PCTV, a leading
content aggregation and distribution company and part of Megacable Holdings,
for the continued distribution of video services via the EUTELSAT 117 West A
(E117WA) satellite.

Elsewhere, Eutelsat inked a new partnership with Co-op Cable for a
direct-to-home (DTH) and connectivity offering across the Caribbean leveraging
the EUTELSAT 65 West A satellite.

Connectivity (55% of revenues)

Total Connectivity revenues for the Third Quarter stood at €155.7 million up
15.3% year‑on‑year. Once again, they continued to be driven by strong
growth in LEO, up 65%. Quarter-on-quarter, Connectivity revenues were down
0.6%.

Fixed Connectivity

Third Quarter Fixed Connectivity revenues stood at €60.3 million, up 10.6%
year-on-year. They reflected the continued momentum of LEO-enabled
connectivity solutions, partially offset by more challenging conditions for
GEO-enabled services. Quarter-on-quarter, revenues were down 12.9%, reflecting
a one‑off impact from the upfront recognition of revenues relating to a
capacity contract booked in Q2.

On the commercial front, Eutelsat signed a new multi-year agreement with MTN
Côte d’Ivoire to deliver satellite connectivity services using EUTELSAT
KONNECT’s high-throughput capacity. The agreement will expand reliable
broadband access nationwide, addressing the connectivity needs of consumer and
enterprise segments while supporting digital inclusion through community Wi-Fi
hotspots in underserved areas.

Government Services

Third Quarter Government Services revenues stood at €50.4 million, up 11.8%
year-on-year. They reflected continued growth in LEO-enabled solutions,
notably through services delivered in Ukraine, alongside rising demand from
non-US governments. Quarter-on-quarter, revenues were up 10%, notably due to
acceleration of LEO activities.

Looking ahead, in the Fourth Quarter, Eutelsat expects to recognise revenues
from the Nexus framework agreement with the French Ministry of Defence. As
previously communicated, revenues will ramp over the 10-year duration of the
agreement.

Mobile Connectivity

Third Quarter Mobile Connectivity revenues stood at €45 million, up 27%
year-on-year, reflecting the ongoing growth in the Aero segment, across both
GEO and LEO solutions. Quarter-on-quarter, revenues were up 8.3%.

In Aero mobility, a significant new connectivity agreement, powered in part
through Eutelsat’s OneWeb LEO network, was announced for Japan Airlines,
with more than 40 wide‑body aircraft set to be equipped with a
next‑generation IFC solution. The service, deployed by our partner, SES
Satellites, will combine GEO capabilities with our LEO constellation,
delivering the redundancy, resilience and low‑latency performance required
for long‑haul operations, including line‑fit installations on both Airbus
A350‑900 and Boeing 787 aircraft.

With 600 installations, 15 airlines already committed and a further 160+
private jets connected, OneWeb LEO is powering a new standard of IFC, built
for resiliency, reliability, scalability and passenger expectations at
altitude

Elsewhere on the commercial front, Eutelsat entered a multi‑year partnership
with Singapore‑based Can Marine to deliver state‑of‑the‑art maritime
connectivity services, leveraging Eutelsat’s OneWeb LEO capacity.
Furthermore, Eutelsat and its longstanding partner, India’s Station Satcom,
a leader in maritime connectivity, signed an expanded multi-year,
multi-million-dollar agreement to scale the deployment of Eutelsat’s OneWeb
LEO connectivity services across Station Satcom’s global maritime fleet.

The agreement follows the activation of hundreds of vessels on the OneWeb
network, whereby Station Satcom will significantly expand the number of
vessels equipped with Eutelsat’s LEO services, with over 1,000 vessels in
the current deployment pipeline.

Finally, Eutelsat continued to expand its portfolio of user terminals for rail
applications, with partners including Kymeta and Hughes Network Systems
developing and testing dedicated rail‑certified hardware optimized for the
OneWeb LEO network.

Other Revenues

‘Other Revenues’ amounted to €9.4 million in the Third Quarter versus
-€0.7 million a year earlier and

€7.6 million in the Second Quarter. They reflected revenue recognition from
IRIS(2) related to Eutelsat’s involvement as Consortium System Development
Prime. They also included an almost neutral impact (+€0.3 million) from
hedging operations compared to a negative impact of €3.1 million last year
and a positive impact of €2.7 million in the Second Quarter.

BACKLOG

The backlog stood at €3.4 billion as of 31 March 2026 versus €3.6 billion
a year ago, and €3.4 billion at end-December 2025. The natural erosion of
the backlog in the first nine months was notably offset by the renewal with
Polsat and growth in the LEO backlog.

It was equivalent to 2.8 times FY 2024-25 revenues, with Connectivity
representing 58%.
                                                    31 March 2025  31 Dec. 2025  31 March 2026  
 Value of contracts (€ billions)                    3.6            3.4           3.4            
 Value in years of revenues based on previous year  3.0            2.7           2.8            
 Share of Connectivity application                  57%            59%           58%            
 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.                                                      


NINE MONTH REVENUES

Revenues for the first Nine Months of FY 2025-26 stood at €884.7 million,
down 2.4% on a reported basis and up by 1.1% at constant currency.

Revenues of the four Operating Verticals (excluding ‘Other Revenues’) were
almost stable (-0.1%) on a like-for-like basis, excluding a negative currency
effect of €42 million.
 In € millions              9m 2024-25  9m 2025-26  Change                    
                            Reported                Like-for-like(3)  
 Video                      460.9       394.5       -14.4%            -12.6%  
 Government Services        145.9       149.0       2.1%              9.1%    
 Mobile Connectivity        115.1       121.6       5.7%              14.9%   
 Fixed Connectivity         178.6       192.4       7.7%              15.0%   
 Connectivity               439.6       463.0       5.3%              13.0%   
 o/w LEO                    116.2       172.7       48.6%             61.6%   
 o/w GEO                    323.4       290.3       -10.2%            -4.5%   
 Total Operating Verticals  900.5       857.5       -4.8%             -0.1%   
 Other Revenues             5.7         27.2        n.a.              n.a.    
 Total                      906.2       884.7       -2.4%             1.1%    
 EUR/USD exchange rate      1.07        1.17                                  


COMPLETION OF COMPREHENSIVE REFINANCING PROGRAMME

On 5 March, Eutelsat announced the closing of a €1.5 billion senior notes
offering, a transaction representing the final milestone in the Group’s
comprehensive c. €5 billion equity and debt financing strategy.

In addition to the bond issuance, the programme included a capital raise
supported by its main shareholders, export credit financings, and an extension
of bank debt maturities aimed at enabling the Group to finance its medium-term
plan and cover the totality of its projected investment needs over the period
2026-2029.

OUTLOOK

On the back of the performance of the first Nine Months, we confirm our
objectives for the Full Year 2025-26:


 * Revenues of the four Operating Verticals in line with the level of FY 2024-25.

 * LEO revenues to grow by 50% year-on-year.

 * Adjusted EBITDA margin slightly below the level of FY 2024-25.

Gross capital expenditure is expected around €900 million.

Following the successful completion of the €1.5 billion capital increases in
December 2025, Net Debt/EBITDA is estimated at c.2.7x by year-end FY 2025-26,
reflecting a robust and self-funded financing structure.

Our longer-term objectives are also confirmed:


 * Revenues of the four Operating Verticals between €1.5 and €1.7 billion(4)
by the end of FY 2028‑29, with LEO revenues significantly outperforming the
market.

 * Operating leverage driving a mid-to-high single-digit percentage point
improvement in the EBITDA margin, resulting in a margin of at least 65% (4 )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.

Third Quarter 2025-26 revenues conference call & webcast

A conference call and webcast will be held on Tuesday, 12 May 2026 at 6:30pm
CET

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to access the webcast presentation

(replay will be available on same link)

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for the conference call.

Financial calendar

The financial calendar is provided for information purposes only. It is
subject to change and will be regularly updated.

7 August 2026: Full Year 2025-26 results

About Eutelsat Communications

Eutelsat is a global leader in satellite communications, delivering
connectivity and broadcast services worldwide. Eutelsat 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 31 Geostationary (GEO)
satellites and a Low Earth Orbit (LEO) constellation of more than 600
satellites. Eutelsat addresses the needs of customers in four key verticals of
Video, where it distributes around 6,300 television channels, and the
high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity,
and Government Services. Eutelsat'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 employs
more than 1,600 people across more than 75 countries. Eutelsat 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=54534425&newsitemid=20260512096515&lan=en-US&anchor=www.eutelsat.com&index=3&md5=03b4bbb027a68967a906e26fbecfdb18)

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 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.

APPENDIX

Quarterly Reported revenues for FY 2024-25 and FY 2025-26
 In € millions              Q1       Q2       Q3       Q4       FY       Q1       Q2       Q3       
                            2024-25  2024-25  2024-25  2024-25  2024-25  2025-26  2025-26  2025-26  
 Video                      151.8    157.4    151.7    147.3    608.2    133.6    133.0    128.0    
 Government Services        46.4     50.1     49.5     65.0     211.0    52.4     46.2     50.4     
 Mobile Connectivity        42.0     33.3     39.7     44.7     159.7    34.7     41.9     45.0     
 Fixed Connectivity         56.5     62.3     59.7     68.8     247.3    62.3     69.7     60.3     
 Connectivity               144.9    145.7    148.9    178.5    618.1    149.4    157.9    155.7    
 o/w LEO                    33.6     40.3     42.3     70.5     186.8    54.1     56.4     62.2     
 o/w GEO                    111.3    105.4    106.7    107.9    431.3    95.3     101.5    93.5     
 Total Operating Verticals  296.7    303.2    300.6    325.7    1,226.3  283.0    290.8    283.7    
 Other Revenues             3.0      3.3      -0.7     11.8     17.5     10.2     7.6      9.4      
 Total                      299.7    306.5    300.0    337.5    1,243.7  293.2    298.4    293.0    


(1) Like-for-like change, i.e., at constant currency. The variation is
calculated as follows: i) Q3 FY 2025-26 USD revenues are converted at Q3
2024-25 rates; ii) Hedging revenues are excluded.

(2) The share of each application as a percentage of total revenues is
calculated excluding “Other Revenues”.

(3) Change at constant currency. The variation is calculated as follows: i)
9-months FY 2025-26 USD revenues are converted at 9-months 2024-25 rates; ii)
Hedging revenues are excluded

(4)Data at eur/usd rate of 1.12x.

Media enquiries 

Joanna Darlington Tel. +33 674 521 531 joanna.darlington@eutelsat.com 
(mailto:joanna.darlington@eutelsat.com) 
Anita Baltagi Tel. +33 643 930 178 anita.baltagi@eutelsat.com 
(mailto:anita.baltagi@eutelsat.com) 
Katie Dowd Tel. +1 202 271 2209 katie.dowd@eutelsat.com 
(mailto:katie.dowd@eutelsat.com) 


Investors 

Joanna Darlington Tel. +33 674 521 531 joanna.darlington@eutelsat.com 
(mailto:joanna.darlington@eutelsat.com) 
Hugo Laurens-Berge Tel. +33 670 80 95 58 hugo.laurens-berge@eutelsat.com
(mailto:hugo.laurens-berge@eutelsat.com)



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