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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.Q1 2026 TU earnings summary21 Oct, 2025
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.
When will LEO services drive sequential growth?
Nexus agreement revenue contribution timing?
FCC approval status for capital increase?
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Next Eutelsat Group earnings date
H1 202613 Feb, 2026
Next Eutelsat Group earnings date
H1 202613 Feb, 2026
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Frequently asked questions
Eutelsat Group, formed through the merger of Eutelsat and OneWeb, is a global satellite operator with an innovative approach to connectivity. It has a fleet of 35 geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of over 600 satellites. This integrated GEO-LEO means that offering comprehensive services for broadcasters, media service providers, telecom operators, ISPs, and governmental agencies. The company delivers a wide range of services including video broadcasting, broadband services, data connectivity, and solutions for mobile and in-flight connectivity, as well as supporting government and NGO communications. Eutelsat Group is headquartered in Paris, France, and its shares are listed on the Euronext Paris stock exchange.
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