Eutelsat Shares Break Below €2.59 Support Despite Contracts
The satellite operator begins Wednesday's session in decline, extending a profit-taking phase that began in late May. The stock breaches a closely watched technical threshold at the opening, while the Paris market remains balanced. The commercial momentum around low-orbit connectivity has not yet halted the correction.
The Stock Breaks Its €2.59 Support and Moves Away from All Moving Averages
Eutelsat's stock fell by 1.54% to €2.55 at the opening, after breaking through its €2.59 support during the session. The stock thus deepens its weekly loss to nearly 11%, while the CAC 40 and SBF 120 open balanced. This movement extends the break initiated on Monday below the €2.79 threshold, placing the satellite operator among the worst performers in the SBF 120 for the week. The technical configuration remains degraded. The price is now below its three moving averages, with a gap of more than 25% below the MM20 at €3.42 and nearly 15% below the MM50 at €2.99. The MM200, at €2.69, becomes the next benchmark to reclaim, with the stock now 5% below it. The RSI at 37 indicates seller exhaustion without yet tipping into oversold territory, while the MACD remains negative at -0.11.
LEO Commercial Dynamics Do Not Offset Stock Market Pressure on the File
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Commercial announcements have nevertheless continued in recent days. On Monday, Eutelsat signed the CENTAURE contract with the Ministry of Armed Forces, worth up to €350 million over eight years, with a firm commitment of €138 million for the first four years. The day before, the group renewed its LEO partnership with Mercury in Angola for several million euros. These signings add to agreements reached since the end of May with Anuvu, Tototheo Global, and Voimatel. During the 9M 2025/2026 report on May 12, the company highlighted a 50% year-on-year increase in LEO activity revenue, while noting a negative currency impact of €42 million and a nearly stable operating revenue. Over three months, the stock retains a gain of nearly 24%, and is still up 44.5% over the year. The reconquest of the MM200 at €2.69 remains the next technical milestone for the file.
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.
