Eutelsat Shares Bounce Nearly 3%, Boosted by LEO Contracts
The satellite operator rebounds mid-session after a series of profit-taking had reduced the stock by more than 10% over the past week. The stock regains strength in a well-oriented Parisian market, as the commercial momentum around low Earth orbit connectivity continues to fuel the case.
Eutelsat Communications Shares Gain Amid Market Recovery
Eutelsat Communications shares are up 2.86% at €2.88, among the top gainers in the SBF 120, while the broader index is up 0.73%. The rebound only partially erases the weekly decline, which still stands at nearly 12%. Over three months, the performance remains largely positive, at over 37%, reflecting the magnitude of the rally that began in the spring around the LEO repositioning. However, the stock remains technically fragile.
The price is 16.3% below its 20-day moving average (€3.44) and 2.0% below its 50-day moving average (€2.94), while the 200-day moving average, at €2.70, still provides support with a positive gap of 6.7%. The RSI at 40 indicates seller exhaustion in recent sessions without yet signaling a clear reversal, and the MACD remains in negative territory. The support at €2.65 is the technical threshold to watch in case of a relapse.
LEO Commercial Momentum Continues to Fuel the Satellite Case
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Fundamentally, the operator continues to announce commercial deals around its low Earth orbit constellation. On June 8, Eutelsat signed a partnership with Finnish operator Voimatel to deploy its LEO services across Finland, following an agreement on June 4 with Tototheo Global for the maritime segment. This series of contracts extends the trajectory outlined during the 9M 2025/2026 accounts published on May 12, where the group reported a 50% year-on-year increase in LEO activity revenue, in a set penalized by a negative currency effect of 42 million euros.
The sector context remains challenging, with the upcoming IPO of SpaceX identified by the market as a competitive pressure point on the satellite segment. After the profit-taking episode at the end of May, the stock's ability to stay above its 200-day moving average, around €2.70, will be crucial to confirm the stabilization begun in recent days.
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.
