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Eutelsat Group (ETL) investor relations material
Eutelsat Group Q1 2027 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 FY2026-27 revenue was €286m, down 0.9% like-for-like; Operating Verticals revenue fell 2.1%, while Connectivity grew 11.9% and LEO grew 30.1%.
FY2026-27 and FY2028-29 financial objectives were confirmed, including slight growth across the four Operating Verticals and LEO growth above 30%.
IRIS² entered construction after its First Rendez-Vous, adding €8.9bn of construction backlog as the programme moved into industrial execution.
Financial highlights
Total Q1 revenue was €286m, down 2.4% reported and 0.9% like-for-like; currency contributed positively and €5m of IRIS² construction revenue was recognized.
Operating Verticals revenue was €278.3m, down 2.1% like-for-like; Other Revenues were €2.6m versus €10.2m a year earlier, partly reflecting IRIS² revenue reclassification.
Connectivity revenue was €168.3m, up 11.9% like-for-like; LEO rose 30.1% to €70.9m and GEO rose 1.6% to €97.4m.
Backlog was €12.1bn at 30 September 2026, including €8.9bn IRIS² construction, €1.9bn Connectivity and €1.2bn Video.
Outlook and guidance
FY2026-27 objectives were confirmed: LEO revenue growth above 30%, slight growth in the four Operating Verticals and adjusted EBITDA margin broadly at the FY2025-26 level.
Gross CapEx is expected at ~€1.2bn in FY2026-27; FY2028-29 Operating Verticals revenue target remains €1.5bn–€1.7bn, with EBITDA margin above 60%.
Guidance assumes constant rates and perimeter, no additional sanctions-related revenue impact, scheduled satellite launches and entry into service, and no in-orbit satellite incidents.
IRIS² commercial operations are expected from mid-2032, with estimated service revenue above €10bn over 2032–2040; construction revenue is expected to reach hundreds of millions this year.
- LEO connectivity is driving the next growth cycle as revenue mix shifts from video.ETL
Investor presentation - LEO revenues surged 70% year-over-year, offsetting GEO declines and strengthening the balance sheet.ETL
H2 2026 - Shareholders approved all resolutions as the company pivots to connectivity and strengthens governance.ETL
AGM 2024 - Q3 revenue up 3.1% year-on-year, led by LEO growth; full-year guidance reaffirmed.ETL
Q3 2026 TU - LEO revenues surged 60% and refinancing strengthened outlook as guidance remains on track.ETL
H1 2026 - Capital increase, LEO growth, and all resolutions approved; no dividend for 2025.ETL
AGM 2025 - Q1 revenues up 5.9% to €300m, driven by LEO connectivity growth and €3.9bn backlog.ETL
Q1 2025 TU - Connectivity growth and OneWeb merger offset video decline; stable revenue and higher capex ahead.ETL
H2 2024 - LEO-driven growth and IRIS² advance offset video declines, supporting FY guidance.ETL
H1 2025
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