Eutelsat Communications H1 2025-26 Financial Review

The financial results for H1 2025-26 of Eutelsat Communications have been revealed, indicating alignment with expectations to achieve full-year objectives. Total revenues reached €591.6 million, a slight decline of 2.4% on a reported basis but stable when adjusted for like-for-like changes. Revenues from the four operating verticals stood at €573.8 million. Notably, LEO revenues surged 59.7%, now comprising roughly 20% of total revenues.

Adjusted EBITDA fell to €308 million, with a margin reduction to 52.1%. Factors include sanctions impacting Video revenues and a shift in LEO revenue composition. The successful €1.5 billion capital raise enabled credit rating enhancements and additional financing of approximately €1 billion through Export Credit Agencies.

Additionally, Eutelsat has procured 440 LEO satellites, supporting its operational continuity with OneWeb enhancements. Going forward, Eutelsat continues focusing on leveraging its LEO business to yield sustainable growth.