Eutelsat Group (ETL) Investor Presentation summary

Business overview and market position

• Operates a global fleet of 35 GEO and 654 LEO satellites, providing coverage and capacity for diverse applications.

• FY 2023-24 revenues reached €1.2bn, with 54% from video, 19% fixed connectivity, 14% government, and 13% mobile connectivity.

• Backlog stands at €3.9bn, representing 3.2 years of revenues, with connectivity now accounting for over half.

• Shareholder base includes Bharti Space (24.1%), Bpifrance (13.6%), Softbank (10.9%), and UK Government (10.9%).

• Recognized for strong ESG performance, with top quartile sector ratings and limited greenhouse gas impact.

Strategic combination with OneWeb

• Merger creates the first integrated LEO/GEO satellite operator, unlocking $1.5bn synergy potential.

• OneWeb operates 654 LEO satellites, offering 1.4 Tbps sellable capacity and priority spectrum rights.

• LEO network delivers average global latency of 70ms and download speeds up to 195Mbps.

• Major commercial deals, including a $500m multi-year partnership with Intelsat, reinforce market position.

• LEO/GEO hybrid solutions target high-growth connectivity markets, especially as NGSO is projected to represent 70% of the market by 2032.

Financial performance and outlook

• Q1 2024-25 revenues rose 5.9% YoY to €300m, driven by strong growth in connectivity and government services.

• Video revenues declined 7.3% YoY, while fixed connectivity (+30.1%), government (+20.3%), and mobile connectivity (+18.8%) all grew.

• FY 2023-24 adjusted EBITDA was €719m (59.3% margin), down from €825m, reflecting OneWeb consolidation and higher costs.

• Net debt/EBITDA ratio increased to 3.79x, with average cost of debt at 4.87% and €1.39bn in liquidity.

• FY 2024-25 guidance targets stable revenues, slightly lower EBITDA margin, and gross capex of €700–800m.