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Eutelsat Group (ETL) investor relations material
Eutelsat Group Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
- First quarter revenues reached €293 million, stable year-on-year at -0.3% like-for-like, with a negative currency effect partially offset by a €5 million positive swing from hedging and IRIS2 revenue recognition. 
- LEO revenues surged 70.7% year-over-year, now representing over one-third of Connectivity revenues and driving overall growth in this segment. 
- All full-year 2025-2026 financial objectives and long-term targets are confirmed. 
- Shareholder approval for a €1.5 billion capital increase and new Board appointments was secured at the General Meeting. 
Financial highlights
- Operating verticals contributed €283 million, down 1.2% like-for-like year-over-year. 
- Video revenues declined 10.5% year-over-year to €133.6 million, impacted by secular market decline and Russian sanctions. 
- Fixed Connectivity revenues rose 15.9% year-over-year to €62.3 million, supported by LEO service growth. 
- Government Services revenues increased 18.5% year-over-year to €52.4 million, driven by demand for LEO-enabled solutions, especially in Ukraine. 
- Mobile Connectivity revenues fell 12.1% year-over-year to €34.7 million, affected by lower GEO revenues and the absence of a prior one-off contract. 
Outlook and guidance
- Full-year 2025-2026 revenue for operating verticals expected in line with FY 2024-2025. 
- LEO revenues projected to grow 50% year-over-year for FY 2025-2026. 
- Adjusted EBITDA margin expected slightly below FY 2024-2025; long-term margin target of at least 60% by FY 2028-2029. 
- Gross CapEx expected between €1 billion and €1.1 billion. 
- Net debt to adjusted EBITDA ratio estimated at 2.5x by year-end 2025-2026 post capital increase. 
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