Press release —
FULL YEAR 2025-26 RESULTS
- LEO growth beats expectations, up 69.5%1 to €297m, to account for 25% of revenues
- Eutelsat expected to receive $504m incentive payments for US C-band clearing
- Operating verticals revenues of €1,197m, up 1.8%[1]
- Adjusted EBITDA of €632m, leading to a margin of 51.2%
- LEO growth to offset GEO decline in FY 2026-27, supporting slight revenue growth and a stable EBITDA margin
Paris, 7 August 2026 – The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Éric Labaye, reviewed the financial results for the year ended 30 June 2026.
Total revenues for FY 2025-26 stood at €1,235.9 million, down 0.6% on a reported basis and up by 3.0% like-for-like. Revenues of the four Operating Verticals (excluding ‘Other Revenues’) stood at €1,197.1 million, up by 1.8% on a like-for-like basis1.
LEO revenues amounted to €297 million, up 69.5%1, and now accounting for 25% of revenues, up from c.15% a year ago.
Adjusted EBITDA stood at €632.4million on 30 June 2026, down 3.1% like-for-like. The Adjusted EBITDA margin stood at 51.2%, down 3.2 points like-for-like1.
This was in line with our financial projections of Operating Vertical Revenues around the same level, and an adjusted EBITDA margin slightly below the level of the previous year.
Jean-François Fallacher, Chief Executive Officer of Eutelsat commented: "This has been a landmark year for Eutelsat. We have delivered on our financial objectives while achieving significant strategic milestones that reinforce our long-term growth trajectory. Our Low Earth Orbit business continued its strong momentum, with revenues increasing by nearly 70%, demonstrating the growing demand for secure, resilient and low-latency connectivity solutions across government and enterprise markets. Over the past year, we have fundamentally strengthened the Company's financial foundations through the successful completion of a comprehensive €5 billion refinancing, providing a robust and diversified capital structure to support our ambitions. At the same time, we secured major commercial wins, including our first call-off contract under the French Armed Forces' NEXUS framework agreement, further validating the strategic value of our multi-orbit capabilities for sovereign customers.
Looking ahead, we expect continued strong growth in our LEO business to offset the structural decline in GEO, supporting slight revenue growth and stable profitability in FY 2026-27. With the forthcoming outcome of the IRIS² First Rendez-Vous expected to confirm Eutelsat's leadership of the LEO segment, we are uniquely positioned as Europe's leading space connectivity operator, playing a central role in delivering the sovereign communications infrastructure that Europe increasingly requires. We enter the new financial year with confidence, underpinned by a strengthened balance sheet, growing commercial momentum and a clear strategic roadmap for long-term value creation."
[1] Like-for-like change i.e. at constant currency. The variation is calculated as follows: i) FY 2025-26 USD figures are converted at FY 2024-25 rates; ii) Hedging revenues are excluded.
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About Eutelsat
Eutelsat is a global leader in satellite communications, delivering connectivity and broadcast services worldwide. Eutelsat was formed through the combination of the Company and OneWeb in 2023, becoming the first fully integrated GEO-LEO satellite operator with a fleet of 31 Geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of more than 600 satellites. Eutelsat addresses the needs of customers in four key verticals of Video, where it distributes around 5,800 television channels, and the high-growth connectivity markets of Mobile Connectivity, Fixed Connectivity, and Government Services. Eutelsat's unique suite of in-orbit assets and ground infrastructure enables it to deliver integrated solutions to meet the needs of global customers. The Company is headquartered in Paris and Eutelsat employs more than 1,600 people across more than 75 countries. Eutelsat is committed to delivering safe, resilient, and environmentally sustainable connectivity to help bridge the digital divide. The Company is listed on the Euronext Paris Stock Exchange (ticker: ETL) and the London Stock Exchange (ticker: ETL).
Find out more at www.eutelsat.com
Media enquiries | ||
Joanna Darlington | Tel. +33 674 521 531 | Joanna.darlington@eutelsat.com |
Anita Baltagi | Tel. +33 643 930 178 | anita.baltagi@eutelsat.com |
Katie Dowd | Tel. +1 202 271 2209 | katie.dowd@eutelsat.com |
Investors | ||
Joanna Darlington | Tel. +33 674 521 531 | |
Hugo Laurens-Berge | Tel. +33 670 80 95 58 |
hugo.laurens-berge@eutelsat.com |
DISCLAIMER
The forward-looking statements included herein are for illustrative purposes only and are based on management’s views and assumptions as of the date of this document. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: risks related to the health crisis; operational risks related to satellite failures or impaired satellite performance, or failure to roll out the deployment plan as planned and within the expected timeframe; risks related to the trend in the satellite telecommunications market resulting from increased competition or technological changes affecting the market; risks related to the international dimension of the Group's customers and activities; risks related to the adoption of international rules on frequency coordination and financial risks related, inter alia, to the financial guarantee granted to the Intergovernmental Organization's closed pension fund, and foreign exchange risk. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this document to reflect any change in events, conditions, assumptions, or circumstances on which any such statements are based, unless so required by applicable law. The information contained in this document is not based on historical fact and should not be construed as a guarantee that the facts or data mentioned will occur. This information is based on data, assumptions and estimates that the Group considers as reasonable.
