Eutelsat Shares Slide Further, Breaking Support at €2.38
The satellite operator continues its slide mid-morning as the Paris market remains stable. The stock plunges in the SBF 120 index, breaking a new technical threshold that has been monitored for several sessions. Selling pressure remains strong, despite a sustained commercial dynamic around low-orbit connectivity.
The Stock Breaks Its Support at €2.38 and Falls Among the Worst Declines in the SBF 120
Eutelsat Communications shares fell 3.62% to €2.34 during the session, marking one of the sharpest declines in the SBF 120, just behind Exosens. The stock broke through its support level at €2.38 during the session, a level it had already breached yesterday during a drop of more than 4%. This break confirms the deterioration that began at the end of May, with a decline of nearly 10% over a week and more than 38% over a month. The RSI at 35 indicates seller exhaustion without a clear oversold signal, while the price is now 12.6% below its 200-day moving average (€2.68) and nearly 24% below its 20-day moving average (€3.08), a gap that measures the extent of the correction since the late May peak.
Commercial Momentum Around LEO Services Fails to Halt the Correction
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Yet, the flow of announcements remains robust in the low-orbit connectivity segment. The company confirmed yesterday an expansion of its maritime partnership with AST Networks, a multi-million dollar multi-year agreement involving the OneWeb constellation. Earlier in June, the group also signed the CENTAURE contract with the French Ministry of Armed Forces, valued at up to €350 million over eight years.
These signings have not reversed the stock's trajectory, even though the nine-month 2025/2026 financial results released on May 12 reported a negative currency impact of €42 million and a nearly stable operating revenue, despite a 50% year-on-year increase in LEO activity. The next technical level is now observed around the area of the previous low point, while the lower bounds of the moving averages continue to diverge from the price.
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.
