Eutelsat Shares Fall Further by 4% Breaking New Support at €2.55
The satellite operator continues its correction at midday, contrary to a stable Parisian market. Selling pressure persists on the stock, despite a steady flow of commercial announcements regarding low-orbit connectivity. The stock plunges deeper into the depths of the SBF 120.
Eutelsat Breaks Its Support at €2.55 and Ranks Among the Sharpest Declines in the SBF 120
Eutelsat shares drop 4.07% to €2.45, ranking low in the SBF 120 while the broader index remains unchanged. The stock breaks the €2.55 support identified by indicators, after already dropping to €2.59 the previous day. The decline reaches 12.5% over a week and 13% over a month, despite a still positive performance of nearly 19% over three months. The technical setup remains degraded: the price is 27.7% below its 20-day moving average (€3.39) and 8.9% below its 200-day MA (€2.69), while the RSI at 36 indicates seller exhaustion without reaching the oversold zone. The MACD remains negative and the gap between the line and its signal continues to widen.
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However, the flow of announcements remains robust regarding low-orbit connectivity activity. The company confirmed earlier this week the signing of the Centaur contract with the Ministry of Armed Forces, worth up to €350 million over eight years with €138 million firm, and renewed its LEO agreement with Mercury in Angola for several million euros. These signings follow the release of the 9M 2025/2026 accounts on May 12, which reported a 50% increase in LEO activity revenue year-on-year, offset by a negative currency effect of €42 million and nearly stable operating revenue. The market continues to digest the spectacular spring rally that had driven the stock to several-month highs before the profit-taking began in late May. The next technical milestone being watched is the 200-day MA at €2.69, already breached downward, with no new threshold identified in the available indicators as long as the €2.55 support is not reclaimed.
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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.
