Eutelsat Group (ETL) investor relations material

Executive summary

• Third quarter revenues reached EUR 293 million, up 3.1% like-for-like year-over-year, with operating verticals contributing EUR 283.7 million, up 0.9% like-for-like.

• Connectivity segment drove growth, with LEO-enabled solutions up 65% year-over-year.

• Video revenues declined 13.3% year-over-year due to sanctions and contract terminations.

• Comprehensive refinancing strategy completed, including a EUR 1.5 billion senior note offering, finalizing a EUR 5 billion program.

• Full-year objectives and long-term revenue and EBITDA margin targets confirmed.

Financial highlights

• Q3 total revenues: EUR 293 million, up 3.1% year-on-year like-for-like, with a EUR 20 million negative currency effect and EUR 10 million positive from IRIS² revenue recognition.

• Connectivity revenue: EUR 155.7 million, up 15.3% year-on-year, with LEO up 65%.

• Video revenue: EUR 128 million, down 13.3% year-on-year, impacted by Russian sanctions and contract terminations.

• Fixed connectivity: EUR 60.3 million, up 10.6% year-on-year; government services: EUR 50.4 million, up 11.8%; mobile connectivity: EUR 45 million, up 27%.

• Backlog at EUR 3.4 billion, stable versus December, representing 2.8 years of revenues, with connectivity at 58%.

Outlook and guidance

• Full-year 2025/2026 revenue for operating verticals expected in line with last year, with LEO revenues projected to grow by 50% year-on-year.

• Adjusted EBITDA margin to be slightly below FY 2024/2025 level; FY 2028/2029 EBITDA margin targeted at least 65%.

• Gross CapEx expected around EUR 900 million.

• Net debt to EBITDA estimated at 2.7x by year-end.

• Long-term revenue and EBITDA margin objectives reaffirmed.