Eutelsat Shares Plunge Nearly 6% Breaking Support at €2.79
The satellite operator recorded the worst performance on the SBF 120 this Monday morning, going against the grain of a Parisian market buoyed by geopolitical easing in the Middle East. The stock erased part of the rebound initiated at the end of last week and broke a closely watched technical threshold. The profit-taking sequence that began at the end of May is gaining momentum.
Eutelsat Bottoms Out on SBF 120, Breaking Support at €2.79
Eutelsat Communications shares fell by 5.75% to €2.77 mid-morning, trailing the SBF 120 even as the broader index gained 1.12%. The stock broke through its support level at €2.79 during the session, a level that had previously contained recent declines, and is now trading below it. Today's drop brings the weekly decline to over 8% and nearly erases the 3% rebound recorded last Friday. The contrast with the market trend is stark: the rebound of the CAC 40 and SBF 120 is supported by the easing of oil prices, following the American-Iranian framework agreement extending the ceasefire and preparing for the reopening of the Strait of Hormuz. Brent crude is down nearly 4%, a movement benefiting the aerospace and cyclical sectors, but does not support the satellite sector.
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Below €2.79, the next identifiable marker is at the MM200 (€2.70), the only moving average still below the price, with a narrow gap of 2.5%. Above, the setup remains heavy: the MM20 (€3.44) dominates the price by nearly 20%, the MM50 (€2.97) by nearly 7%, illustrating the magnitude of the correction since the late May peak. The RSI at 44 remains neutral and does not send a signal of selling exhaustion. The movement is part of the digestion of a rally of more than 41% over three months, fueled in the spring by commercial dynamics around low orbit connectivity (Voimatel, Tototheo Global, Anuvu contracts). During the 9-month 2025/2026 report on May 12, the group highlighted a 50% year-on-year increase in LEO activity revenue, while pointing out a negative currency effect of 42 million euros. The holding of the MM200 at €2.70 is now the technical marker to follow.
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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.
