Eutelsat Shares Drop to €2.70, Down 13.5% for the Week
The satellite operator continues its downward trend on Tuesday, contrary to a generally rising Parisian market. The stock breaks a closely watched technical threshold, even as the business momentum around low-orbit connectivity continues to fuel the discussion.
The Stock Breaks Its €2.70 Support Despite Two LEO Contracts in 48 Hours
Eutelsat Communications shares fell 2.81% to €2.625 in late afternoon trading, while the SBF 120 index rose by 0.79% and the CAC 40 increased by 0.92%. The stock broke through its €2.70 support level during the session and remains below this threshold. The decline brings the weekly loss to 13.19%, despite two commercial announcements within 48 hours. On Tuesday, the group confirmed the renewal of a multi-year agreement with Mercury, a subsidiary of Sonangol, for the deployment of low-orbit services in Angola. The day before, the operator also secured the CENTAURE contract with the French Ministry of Armed Forces, worth up to €350 million over eight years, with a firm commitment of €138 million over four years. These deals were not enough to halt the selling momentum that began at the end of May.
A Correction that Erases Part of the Quarterly Rally, the Price is Now About 23.7% Below Its MM20 (€3.44)
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The stock remains largely profitable over three months (+33.93%) and over a year (+45.86%), a legacy of the spectacular rally that began in the spring around LEO connectivity. The ongoing consolidation reminds that the price is now about 23.7% below its MM20 (€3.44), indicating the extent of recent profit-taking. The RSI at 39 reflects the selling pressure without yet tipping into oversold territory. During the 9M 2025/2026 report (May 12, 2026), the company highlighted a 50% increase in LEO activity revenue over the year, while noting a negative currency impact of 42 million euros. With the support break at €2.70, attention now turns to the MM200 at €2.69, the last medium-term technical cushion before a possible return to levels prior to the rally.
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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.
