Eutelsat Reports Stable Revenue in Q1 of 2025-26
Eutelsat Communications posted a total revenue of EUR 293 million for the quarter ended September 30, 2025, showing a nearly stable performance on a comparable basis and confirming its financial targets for the current fiscal year.
Financial Performance in Detail
In the first quarter of fiscal year 2025-26, Eutelsat reported consolidated revenue of EUR 293 million, a slight decline of 2.2% on a reported basis and stable at -0.3% on a comparable basis. Operational activities generated EUR 283 million, down 1.2% excluding exchange rate effects. Video accounts for 47% of the total, with EUR 134 million, down 10.5%, impacted by the structural decline in the sector and the effects of sanctions targeting Russian channels. The Connectivity segment, now representing 53% of the revenue, grew by 8.6% to EUR 149 million, thanks to the contribution from low Earth orbit (LEO) services, which surged by 70.7%. Revenue from GEO services, however, fell by 10.1%. Specifically, fixed connectivity reached EUR 62 million (+15.9%), while mobile connectivity fell by 12.1% to EUR 35 million, and government services rose by 18.5% to EUR 52 million. Other revenues amounted to EUR 10 million, supported particularly by hedging operations and the IRIS² program.
Order Book and Financial Outlook
As of September 30, 2025, Eutelsat has an order book valued at EUR 3.5 billion, equivalent to 2.8 times the revenue of the previous fiscal year, with connectivity representing 58% of this amount. The company confirms all its targets for the 2025-26 fiscal year, including: operational revenue at the level of 2024-25, an adjusted EBITDA margin slightly lower than the previous year, and projected gross investments between EUR 1 billion and EUR 1.1 billion. The net debt to adjusted EBITDA ratio is expected to be around 2.5 at the close of the fiscal year, subject to the completion of the capital increase.
Shareholder Meeting Decisions
The general meeting of shareholders on September 30, 2025, approved all the resolutions submitted, including those related to the capital increase project of EUR 1.5 billion. Several appointments to the board of directors were ratified or confirmed, and delegations of authority were granted to issue new shares, some specifically reserved for the French State, Bharti Space Limited, the British government, CMA CGM Participations, and the Strategic Participation Fund. An authorization for a capital reduction motivated by losses was also voted on. Details of the votes on each resolution are available on Eutelsat's website.
