Eutelsat Communications Shares Bounce 3% but Remain Down 8% for the Week
The satellite operator regains some ground on Friday, during a broadly bullish session on the Paris stock market. The stock recovers some of its weekly losses, while the SBF 120 marks one of its strongest recent rebounds. However, the value is still far from its late May highs.
A 3.58% Rebound Only Partially Offsets the Weekly Decline
Eutelsat Communications shares gained 3.58% to €3.04 by midday in a strong Paris market, with the CAC 40 up by 1.8% and the SBF 120 up by 1.75%. The session takes place in a climate of geopolitical relaxation in the Middle East, following signs of easing tensions between Washington and Tehran, which reduced the risk premium on European assets. However, today's rebound only compensates for a fraction of the weekly decline, which still stands at -8.55% over seven days. Over three months, the stock is still up more than 45%, and has increased by 57.55% over a year, reflecting the spectacular trajectory that began in the spring around low-orbit connectivity.
The price continues to trade below its 20-day moving average (€3.44), with a gap of nearly 12%, indicating that the consolidation started at the end of May is not yet fully absorbed. The RSI at 44 indicates a neutral dynamic, with no clear signs of exhaustion or reversal. The MM50 at €2.96 and the MM200 at €2.70, however, remain below the price, maintaining the underlying bullish trend. The technical support at €2.72 remains the area to watch in case of an extended decline.
LEO Commercial Dynamics Continue to Fuel the Case Beyond Consolidation
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On the industrial front, the operator continues to secure contracts for its LEO services, leveraging the OneWeb constellation. Recent weeks have seen agreements signed with Voimatel in Finland and Tototheo Global for the maritime sector, extending the deployment strategy initiated at the start of the year. During the revenue announcement for the first nine months of the 2025/2026 fiscal year (May 12, 2026), the group highlighted a 50% year-over-year increase in LEO activity, offsetting a negative currency effect of 42 million euros and nearly stable operational revenue.
The prospects of SpaceX's IPO had fueled a wave of profit-taking on the stock in recent sessions. Today's rebound suggests stabilization around the MM50, with the stock maintaining well above this benchmark. The €3.44 level, corresponding to the 20-day average, is the next tension zone to monitor to assess the strength of the recovery.
SectorDéfense · Télécommunications›Équipements de Télécommunications
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Context
Period
Period: 2025/2026
Key reported figures
Revenue: 1235.9M€
EBITDA: 632.4M€
EBITDA margin: 51,2%
Net income: -457,3M€
1464.6M€
Guidance from the release
Cette année a marqué un tournant pour Eutelsat. Nous avons atteint nos objectifs financiers tout en franchissant des étapes stratégiques majeures qui renforcent notre trajectoire de croissance à long terme.
L'exercice 2025-26 est marqué par une forte croissance de l'activité LEO (+69,5 %) compensant le déclin structurel du GEO, notamment la Vidéo affectée par des sanctions et résiliations de contrats. La rentabilité recule légèrement sous l'effet du mix produit LEO en phase de montée en puissance. Le bilan a été fortement renforcé grâce à un refinancement de 5 milliards d'euros et une augmentation de capital, réduisant significativement l'endettement net.
Risks mentioned
Baisse du chiffre d'affaires Vidéo (-13,1 %) sous l'effet des sanctions contre les chaînes russes
Résiliation des accords de capacité sur les satellites Express AT1 et AT2
Recul structurel du segment GEO devant se poursuivre en 2026-27
Effet mix-produit défavorable lié à la montée en puissance des revenus LEO sur la marge
Opportunities identified
Croissance de l'activité LEO de 69,5 % à 297 M€, représentant 25 % du chiffre d'affaires total
Compensation possible de 504 millions de dollars US liée à la libération de la bande C aux États-Unis
Contrat subséquent CENTAURE de 350 M€ au titre de l'accord-cadre NEXUS avec les Forces armées françaises
Réussite du refinancement global de 5 milliards d'euros renforçant la structure financière
Nouveaux partenariats LEO signés avec Voimatel, AST Networks, Tototheo et Anuvu
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
