Eutelsat Group (ETL) Investor presentation summary

Snapshot and strategic position

• Fleet of 650+ LEO and 31 GEO satellites; FY2024-25 revenue €1.2bn, Dec-2025 backlog €3.4bn and H1 FY2025-26 adjusted EBITDA margin 52.1%.

• Combined GEO resilience and coverage with LEO low latency and high throughput; LEO generated 18% of LTM Dec-2025 revenue, versus 82% for GEO.

• €1.5bn equity package completed in December 2025, comprising an €828m reserved capital increase and €670m rights issue.

Market and commercial opportunities

• Satellite B2B connectivity market forecast to grow 12% p.a. in CY2025-29; LEO connectivity forecast to grow 28% over the period.

• Telstra LEO backhaul serves remote Australian locations, with up to 25 Gbit/s across 300+ sites; services are committed for use on 1,500+ aircraft.

• French Armed Forces framework covers up to 10 years and up to €1bn in expenditure, including priority access to space resources and military-grade LEO enhancement.

• IRIS² operations are expected from 2030+, with at least €6.5bn projected concession revenue, at least 1.5 Tbps of exclusive commercial LEO capacity and ~€2bn capex contribution.

H1 FY2025-26 performance

• Revenue was €591.6m, down 2.4% reported YoY; operating vertical revenue was €573.8m, down 0.6% like-for-like.

• Video revenue fell 12.3% like-for-like to €266.5m; fixed connectivity rose 17.2% to €132.1m, government services rose 7.7% to €98.6m and mobile connectivity rose 8.5% to €76.6m.

• LEO revenue increased 59.7% reported to €110.5m, representing over one-third of connectivity revenue; GEO connectivity revenue declined 4.5% reported to €196.8m.

• Adjusted EBITDA was €308.2m, down 8.0% reported and 6.1% like-for-like; margin was 52.1%, down 3.1 points reported YoY.

• Backlog stood at €3.4bn at 31 December 2025, equal to 2.7 years of revenue; connectivity represented 59%.