Eutelsat Secures Centaure Contract with French Armed Forces, Up to €350M Over 8 Years
Eutelsat announced on Monday the signing of the CENTAURE contract with the French Ministry of Armed Forces, the first execution agreement of the NEXUS framework concluded in June 2025. This contract, worth a maximum of €350M over eight years, includes a firm commitment of €138M for four years and aims to provide low orbit connectivity capabilities to the French armed forces.
The CENTAURE contract, signed by the Directorate General of Armaments (DGA), represents the first tender launched under the NEXUS framework agreement (Neo-Space for Multiple Secure Uses) with a total value of €1 billion. It is a multi-year agreement structured in two parts: a first phase, lasting four years with a firm commitment of €138M, for the provision of low orbit capabilities, and an initial phase aimed at enhancing the security of Eutelsat's OneWeb services. The contract covers the provision of low-latency satellite resources in several strategic areas of interest for the French armed forces, enabling continuous access to globally available connectivity.
OneWeb, the Only Operational European Low Orbit Constellation
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Eutelsat operates its OneWeb constellation, the only low orbit constellation currently operated by a European provider, to make immediately operational capacities available. This solution is part of the French strategy to strengthen military satellite communication capabilities pending the deployment of the future European constellation IRIS 2. The choice of OneWeb is based on its immediate availability, global coverage, and low-latency capabilities, meeting the current operational needs of the armed forces in a geopolitical context marked by a growing demand for secure and sovereign connectivity.
The Concrete Implementation of a Hybrid European Strategy
The NEXUS agreement illustrates the French approach of combining sovereign assets with reliable commercial capabilities to accelerate the deployment of next-generation means. According to Patrick Pailloux, Director General of Armaments, 'France is advancing in the modernization of its military satellite communication capabilities' by relying on 'an immediately available trusted European solution', while preparing for the arrival of future sovereign European capabilities via IRIS 2.
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
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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.
