Eutelsat Group (ETL) Q3 2025 TU earnings summary

Executive summary

• Q3 operating verticals revenues were €300.6m, down 2.2% year-on-year, with nine-month revenues up 1.8% like-for-like, driven by double-digit growth in LEO-enabled Connectivity.

• All full-year 2024-25 financial objectives are confirmed, with revenues and performance in line with expectations.

• Appointment of Jean-François Fallacher as new CEO effective June 1, 2025, succeeding Eva Berneke.

Financial highlights

• Q3 2024-25 total revenues: €300.0m, down 1.9% like-for-like year-on-year, with a €7m positive currency effect and €1m negative swing in other revenues.

• Video revenues (50% of total): €151.7m, down 6.4% year-on-year.

• Fixed connectivity: €59.7m, up 0.8% year-on-year, with LEO growth offsetting GEO challenges.

• Government services: €49.5m, up 10.2% year-on-year, mainly from LEO solutions and non-US demand.

• Mobile connectivity: €39.7m, down 2.7% year-on-year, but up 14.3% sequentially due to LEO ramp-up.

Outlook and guidance

• Full-year 2024-25 operating vertical revenues expected around FY 2024 levels; adjusted EBITDA margin slightly below FY 2024.

• Gross capital expenditure for FY 2024-25 projected at €500–600m.

• Target leverage ratio of around 3x in the medium term.