Eutelsat Communications

ETL

Equity

ISIN FR0010221234 / Valor 2231843

Euronext - Euronext Paris (2026-10-05)

EUR 1.52-0.03%

Eutelsat Communications
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About company

Eutelsat Communications is a Paris-listed satellite operator that sells wholesale satellite capacity and related managed services to broadcasters, telecom operators, internet service providers, enterprises and government customers worldwide. Historically built on a fleet of geostationary satellites and ground infrastructure, the company generates revenue by leasing transponder capacity for video distribution and providing connectivity for fixed, maritime and airborne platforms, as well as enterprise networks and backhaul for mobile operators. In recent years it has extended its product mix into low‑Earth‑orbit broadband through a strategic tie‑up with OneWeb to offer more ubiquitous, low‑latency internet access alongside its GEO-based services, and it also packages software and operational services such as network management and customer premises solutions to support end-to-end deployments.

Summarized from source with an LLMView SourceSector: Telecommunications

Top-line and mix

Total FY 2025-26 revenues: €1,235.9m (-0.6% reported; +3.0% like‑for‑like). Operating Verticals revenues: €1,197.1m (+1.8% LFL). Video fell to €519.2m (-13.1% LFL) while Connectivity grew to €677.9m (+16.4% LFL).

LEO momentum

LEO revenues grew to €297.0m (+69.5% LFL), now ~25% of Group revenues and >40% of Connectivity revenues. Management expects LEO growth to exceed 30% in FY 2026-27 and to continue offsetting GEO declines.

Profitability

Adjusted EBITDA for FY 2025-26: €632.4m (51.2% margin), down 3.1% LFL and 3.2 percentage points on margin versus prior year (impacted by Video sanctions and product‑mix during LEO ramp‑up). Group share of net result: loss of €457.3m (improved vs prior year).

Quarter (Q4 2025-26) performance

Q4 revenues: €351.3m (+8.1% LFL). Q4 Operating Verticals: €339.7m (+7.0% LFL). Q4 LEO: €124.3m (+82.4% LFL), powering 24.7% LFL growth in Connectivity for the quarter.

Capex and backlog

FY capex: €593.9m (below the prior €900m expectation for the year due to milestone phasing). FY 2026-27 gross capex expected around €1.2bn. Backlog at 30 June 2026: €3.4bn (~2.7x FY revenues), with Connectivity representing 61%.

Balance sheet and refinancing

Net debt at 30 June 2026: €1,464.6m (down €1,162m year‑on‑year). Net debt / Adjusted EBITDA: 2.32x. Company completed a €5bn refinancing package and reports liquidity (cash + undrawn lines) of ~€2.3bn plus ~€690m ECA facility; average cost of debt after hedging 4.37% and debt maturity 4.2 years.

Major commercial and regulatory items

Key wins included a €138m firm call‑off (CENTAURE) under the €350m NEXUS framework with the French Armed Forces and commercial partnerships for maritime and aero markets. Post‑close, Eutelsat expects to receive $504m (c.€443m pre‑tax) in FCC C‑band incentive payments conditional on U.S. clearing outcomes.

Outlook

For FY ending June 2027: LEO revenues expected to grow >30%; slight growth in Operating Verticals revenues and an EBITDA margin broadly stable versus FY 2025-26. Medium‑term targets reiterated: revenues €1.5–1.7bn by FY 2028-29 and EBITDA margin above 60% by that horizon, subject to stated assumptions.

Summarized from source with an LLMView Source

Key figures

-59.0%1Y

-71.4%3Y

-87.4%5Y

Performance

75.8%1Y

97.7%3Y

79.2%5Y

Volatility