Eutelsat Group (ETL) AGM 2025 summary

Opening remarks and agenda

• The meeting was opened by the Chairman, with board members, auditors, and key executives present; legal formalities and quorum were confirmed, and the agenda was adjusted to reflect recent events, notably the capital increase.

• Voting procedures and the designation of voting officials were established, with major shareholders represented.

Financial performance review

• Revenue reached EUR 1,244 million, up 1.6% on a comparable basis, with LEO segment sales growing over 80% and now representing 15% of total sales.

• Adjusted EBITDA was EUR 676.2 million, with a margin of 54.2%; net loss was EUR 1,081.9 million, mainly due to goodwill and asset impairments.

• Investments focused on LEO satellites, with capital expenditures expected to rise to EUR 1.1 billion for 2025-2026.

• Net debt stood at EUR 2,626.6 million, with a net debt/EBITDA ratio of 3.88; average cost of debt decreased to 4.37%.

Board and executive committee updates

• Significant management transition occurred, with Jean-François Fallacher appointed General Manager in June 2025.

• Board composition was refreshed, with new members representing key shareholders and independent directors, and a focus on diversity and expertise.

• Board and committees met frequently, addressing governance, strategy, financing, and compliance.