Eutelsat Group (ETL) H2 2026 earnings summary

Executive summary

• LEO revenues surged nearly 70% year-over-year to €297 million, now 25% of group revenues, offsetting legacy GEO declines.

• Total revenues for FY 2025/2026 were €1,235.9 million, down 0.6% reported but up 3% like-for-like.

• CapEx was just under €600 million, well below the €900 million expectation.

• Major commercial wins included a €350 million CENTAURE contract under the NEXUS framework and a $504 million FCC C-band incentive expected in 2031.

• €5 billion refinancing package completed, supporting LEO capex and strengthening capital structure.

Financial highlights

• Adjusted EBITDA was €632 million, down 6.5% year-over-year, with a margin of 51.2%.

• Net loss improved to €457 million from €1.1 billion last year, reflecting lower impairments.

• Net debt fell to €1,464.6 million, with a net debt/EBITDA ratio of 2.32x, down from 3.88x.

• Operating expenses rose to €604 million, mainly due to higher LEO costs.

• Gross capex focused on LEO investments and GEN-1 follow-on program.

Outlook and guidance

• LEO revenues expected to rise over 30% in FY 2026/2027, offsetting GEO/video declines and supporting slight revenue growth.

• Revenue guidance for FY 2029 is €1.5–1.7 billion, with EBITDA margin expected above 60%.

• CapEx to ramp up to €1.2 billion in FY 2026/2027, with €4 billion planned over FY 2026–2029.