Eutelsat Group (ETL) H1 2026 earnings summary

Executive summary

• First half revenues were stable like-for-like at €591.6 million, with LEO revenues surging nearly 60% and now representing about 20% of total revenues, offsetting declines in other segments.

• Adjusted EBITDA margin was 52.1%, down from the prior year, reflecting the impact of sanctions on video revenues and the ramp-up of LEO operations.

• Net loss (group share) narrowed to €236.5 million from €873.2 million a year earlier, mainly due to lower impairments.

• Successful €1.5 billion capital raise and nearly €1 billion in export credit agency financing strengthened the balance sheet and led to credit rating upgrades.

• Procurement of 440 new LEO satellites ensures operational continuity and technology upgrades for the OneWeb constellation.

Financial highlights

• Total H1 revenues: €591.6 million, down 2.4% reported, stable like-for-like; operating verticals revenues at €573.8 million, down 0.6% like-for-like.

• LEO revenues surged 59.7% like-for-like to €110.5 million, now over one-third of connectivity revenues.

• Adjusted EBITDA was €308.2 million, down 8% year-over-year; margin at 52.1%.

• Net loss: €236.5 million, significantly reduced from €873.2 million a year earlier.

• Gross Capex: €291.5 million in H1, expected to reach ~€900 million for the full year.

Outlook and guidance

• Full-year 2025-26 objectives confirmed: stable revenues, LEO revenue growth of 50%, EBITDA margin slightly below prior year.

• Capex guidance lowered to ~€900 million from previous €1.0–1.1 billion.

• Net debt/EBITDA expected at ~2.7x by year-end due to halted asset disposal.

• By FY 2028-29, revenue projected at €1.5–1.7 billion, EBITDA margin at least 65%.