Eutelsat Group (ETL) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with introductions of board members, executive committee, statutory auditors, and key shareholders, confirming the constitution of the meeting's board and quorum at 84.9% of voting rights.

• Legal formalities and the agenda were confirmed as fulfilled, with all required documents made available to shareholders in advance.

Financial performance review

• Results for FY 2023-2024 were in line with or slightly above targets, with sales and profitability supported by the merger with OneWeb and growth in connectivity segments.

• Video segment revenue declined by 6.8%, while fixed connectivity grew 29%, government services 5%, and mobile connectivity 49%.

• Adjusted EBITDA was €718.9M, down 12.9% year-on-year, mainly due to OneWeb consolidation, but above target on a pro forma basis.

• Net profit was €310M, down from €350M, impacted by higher depreciation and operating costs.

• Net financial debt stood at €2.54B, with a debt/EBITDA ratio of 3.79x and liquidity of €1.39B.

Board and executive committee updates

• The board convened 14 times with a 96% attendance rate; post-merger, it consists of 15 members, 60% women, and 66.6% independence.

• Five specialized committees supported the board, including Audit, Nominations, Remuneration, CSR, and Strategic Committees.