Eutelsat Group (ETL) Q1 2027 TU earnings summary

Executive summary

• Q1 FY2026-27 revenue was €286m, down 0.9% like-for-like; Operating Verticals revenue fell 2.1%, while Connectivity grew 11.9% and LEO grew 30.1%.

• FY2026-27 and FY2028-29 financial objectives were confirmed, including slight growth across the four Operating Verticals and LEO growth above 30%.

• IRIS² entered construction after its First Rendez-Vous, adding €8.9bn of construction backlog as the programme moved into industrial execution.

Financial highlights

• Total Q1 revenue was €286m, down 2.4% reported and 0.9% like-for-like; currency contributed positively and €5m of IRIS² construction revenue was recognized.

• Operating Verticals revenue was €278.3m, down 2.1% like-for-like; Other Revenues were €2.6m versus €10.2m a year earlier, partly reflecting IRIS² revenue reclassification.

• Connectivity revenue was €168.3m, up 11.9% like-for-like; LEO rose 30.1% to €70.9m and GEO rose 1.6% to €97.4m.

• Backlog was €12.1bn at 30 September 2026, including €8.9bn IRIS² construction, €1.9bn Connectivity and €1.2bn Video.

Outlook and guidance

• FY2026-27 objectives were confirmed: LEO revenue growth above 30%, slight growth in the four Operating Verticals and adjusted EBITDA margin broadly at the FY2025-26 level.

• Gross CapEx is expected at ~€1.2bn in FY2026-27; FY2028-29 Operating Verticals revenue target remains €1.5bn–€1.7bn, with EBITDA margin above 60%.

• Guidance assumes constant rates and perimeter, no additional sanctions-related revenue impact, scheduled satellite launches and entry into service, and no in-orbit satellite incidents.

• IRIS² commercial operations are expected from mid-2032, with estimated service revenue above €10bn over 2032–2040; construction revenue is expected to reach hundreds of millions this year.