The satellite operator continues its descent in mid-morning trading, settling at the bottom of the broad Parisian index. Selling pressure remains unrelieved, even as the market trends upward. The stock has breached technical supports and has erased more than 40% of its value in a month.
A Slide that Propels Eutelsat to the Bottom of the SBF 120 with a 41% Loss Over a Month
Eutelsat's shares drop 4.27% to €2.22 during the session, becoming the SBF 120's laggard, while the broad index gains 0.29%. The stock has broken through its support level of €2.32 (yesterday's low) without managing to recover. The fall is part of a long-term bearish trend: the stock is down 13% for the week and over 41% for the month, erasing most of the gains from the spring rally. Despite a newly announced multi-year agreement with AST Networks on June 22 for the OneWeb LEO constellation, successive commercial announcements about low-orbit connectivity have failed to halt the correction.
Deteriorated Technical Configuration and RSI at 33 Indicate Exhaustion of Bullish Momentum
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The downturn places the stock price well below its three moving averages: the MM20 at €2.99 and the MM50 at €3.01 are now more than 25% above the current price, while the MM200 at €2.68 (previously the last bastion of the long-term trend) remains 17% above. The RSI at 33 is sinking towards the oversold zone, yet shows no signs of a reversal. The break of the support at €2.32 now opens up a widened technical space towards the next distant resistance at €4.51, which is unreachable in the short term. During the 9M 2025/2026 financial report on May 12, the company reported a negative currency effect of €42 million and nearly stable revenue from its operational activities, with only the LEO activity showing a 50% increase over the year.
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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.
