Eutelsat reports second quarter and first half 2024-25 results
Paris, 14 February 2025– The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Dominique D’Hinnin, reviewed the financial results for the Half Year ended 31 December 2024.
Eva Berneke, Chief Executive Officer of Eutelsat Communications, said: “First Half revenues and profitability were in line with expectations, and enable us to confirm our objectives for the full year, while our gross capex landing is now expected at €500-600 million, a reduction of c. €200 million relative to previous estimates.
The past few months have seen the alignment of several factors paving the way for Eutelsat’s LEO build-out strategy: first, the exercise of the put option for the partial disposal of our passive ground activity, with proceeds due H1 calendar 2026 and second, confirmation of the European Union’s IRIS2 multi-orbit constellation representing a key step in Eutelsat’s LEO strategy, which in turn defines the road map for the interim LEO constellation extension.We are actively working on a financing plan in line with our strategic road map and longer term leverage objective.”
Unaudited change at constant currency and constant perimeter. The variation is calculated as follows: i) H1 2024-25 USD figures are converted at H1 2023-24 rates; ii) H1 2023-24 figures are restated with the contribution of OneWeb from 1st July 2023 to 30 September 2023; iii) Hedging revenues are excluded.
Paris, 14 February 2025 – The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Dominique D’Hinnin, reviewed the financial results for the Half Year ended 31 December 2024.
Eutelsat updates composition of Board of Directors
Paris, 14 February 2025 - Eutelsat Group (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) announces changes to the composition of its Board of Directors, aimed at fostering greater agility in decision-making in the fast-evolving Satellite industry. Accordingly, four sitting directors, Mia Brunell, Esther Gaide, Cynthia Gordon and Fleur Pellerin have resigned from the Board.
The entire Eutelsat Group Board warmly thanks Mia Brunell, Esther Gaide, Cynthia Gordon and Fleur Pellerin for their outstanding contribution to the Board duties and for their continuing support of the Group’s strategy.
Additionally, Michel Combes has been appointed by the Board, on the recommendation of the Nomination and Governance Committee, as an independent Board Member until the next Annual General Meeting, where he will be proposed for a full term.
Michel Combes is Chairman and CEO of MC Advisory. A telecommunications expert, he previously served as CFO of France Télécom (2002-06), and headed TDF (2006-08), Vodafone Group for Europe (2008-13), Alcatel-Lucent (2013-15) and Numericable-SFR (2015-17). In 2018, Michel Combes became CFO of US operator, Sprint, where he subsequently became CEO. In 2020, he joined Softbank Group International, which he led until 2022.
Following these changes, Eutelsat’s Board of Directors will be composed of 12 members, of which seven Independent Directors. It will include five women, equating to a representation of 42%.
Elsewhere, Dominique D’Hinnin has informed the Board of Directors of his wish to retire from the Chairmanship and Board of Eutelsat Group. The Nomination and Governance Committee has taken note of Dominique’s intention and will undertake due process prior to recommending a new Chairman to the Board of Directors.
As Eutelsat enters the next and exciting phase of satellite communications, this new, re-energized board will guide and support the management team in driving future performance.
Eutelsat Group (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) announces changes to the composition of its Board of Directors, aimed at fostering greater agility in decision-making in the fast-evolving Satellite industry. Accordingly, four sitting directors, Mia Brunell, Esther Gaide, Cynthia Gordon and Fleur Pellerin have resigned from the Board.
Eutelsat connects one million people in Sub-Saharan Africa
Eutelsat reaches the ITU Partner2Connect milestone, connecting 1 million people in Sub-Saharan Africa to reliable satellite internet, two years ahead of schedule.
The company delivers on its commitment to bridge the digital divide, providing high-speed connectivity to individuals, businesses, schools, and medical centres in underserved regions.
Paris, 5 February 2025 – Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) is proud to announce that it has achieved its Partner2Connect Digital Coalition pledge, backed by the International Telecommunication Union (ITU), two years ahead of schedule. This milestone marks the connection of 1 million underserved people in Sub-Saharan Africa to reliable high-speed internet via satellite, reinforcing Eutelsat’s commitment to bridging the digital divide—a key pillar of its Corporate Social Responsibility (CSR) strategy—and advancing progress toward the United Nations' 2030 Agenda for Sustainable Development.
Eutelsat’s Konnect hotspots Wi-Fi services, powered by the EUTELSAT KONNECT satellite, have been instrumental in delivering affordable, high-speed internet to rural areas in Sub-Saharan Africa, where terrestrial networks remain inaccessible. With speeds ranging from 5 Mbps to 100 Mbps at competitive rates, the service has empowered individuals, schools, businesses, and healthcare centers to access essential digital resources, unlocking opportunities for education, e-commerce, and critical services.
Eva Berneke, Chief Executive Officer of Eutelsat Group, commented: “Reaching this milestone means 1 million people now have access to vital information, education, and communication resources through our Konnect solution. This achievement highlights our commitment to digital inclusion and underscores how we leverage cutting-edge satellite network solutions to meet the challenging demands for low-cost, high-availability, and trusted services in Africa. With both Eutelsat’s GEO satellite fleet and OneWeb’s LEO constellation, we are expanding our reach and ensuring that connectivity drives meaningful economic and social progress, empowering communities to thrive in the digital era.”
Doreen Bogdan-Martin, Secretary-General of the ITU said:"Eutelsat's achievements in satellite connectivity have been instrumental in providing reliable and affordable high-speed broadband to individuals, businesses, schools and healthcare centres in underserved regions. This work underscores Eutelsat’s commitment to bridging the digital divide while contributing to ITU’s goal of delivering meaningful connectivity to everyone, everywhere.”
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Eutelsat connects 1 million people in Sub-Saharan Africa
Paris, 5 February – Eutelsat is proud to announce that it has achieved its Partner2Connect Digital Coalition pledge, backed by the International Telecommunication Union (ITU), two years ahead of schedule.
Paris, 28 January 2025 – Eutelsat Group (Euronext Paris, London Stock Exchange: ETL), is proud to announce that its near-term greenhouse gas (GHG) emissions reduction targets have been validated by the Science Based Targets initiative (SBTi). The SBTi has recognized the Group’s scope 1 and 2 targets as aligned with a 1.5°C trajectory, in line with the Paris Agreement.
The approved targets include:
A 50% absolute reduction in energy-related GHG emissions (Scopes 1+2) by 2030, using 2021 as the baseline year.
A 52% reduction in carbon intensity per Satellite Mbit (Scope 3) by 2030, within the same timeframe.
Jean-Hubert Lenotte, Chief Strategy and Resources Officer and Executive Committee Member of Eutelsat Group stated: «This validation by the SBTi underscores our commitment to addressing the urgent environmental challenges of our time. At Eutelsat Group, the protection of the environment on Earth and in Space is at the heart of our CSR mission and strategy, driving us to reduce our carbon footprint and contribute to global efforts against climate change. Today’s milestone reinforces our role as a responsible player in the space industry, taking concrete action to reduce emissions and support climate action."
In 2024, Eutelsat Group achieved significant milestones in its environmental strategy, including the implementation of new solar panel programs at our teleports in Mexico, alongside expanding similar initiatives in Italy and Portugal. Additionally, it made substantial progress by transitioning to green energy contracts, further solidifying our commitment to reducing its carbon footprint and advancing sustainable practices across operations.
Eutelsat Group is committed to upholding these efforts as it works toward further reducing its environmental impact.
Eutelsat Group is proud to announce that its near-term greenhouse gas (GHG) emissions reduction targets have been validated by the Science Based Targets initiative (SBTi). The SBTi has recognized the Group’s scope 1 and 2 targets as aligned with a 1.5°C trajectory, in line with the Paris Agreement.
Ian Canning named CEO of Eutelsat America and OneWeb Technologies
HOUSTON, January 8, 2025 – Eutelsat America Corp. and OneWeb Technologies Inc (EACOWT), which operate as a wholly owned independent U.S. proxy company and subsidiary of Eutelsat Group, today announced the appointment of Ian Canning as president and chief executive officer (CEO). His appointment by the EACOWT board of directors became effective on December 20, 2024.
Ian served as EACOWT’s chief operating officer and most recently served as the company’s acting CEO. He brings a wealth of leadership experience in the global satellite communications (SATCOM) and telecommunications industries, along with a proven track record driving strategic growth, operational excellence and commercial success. Ian joined OneWeb Technologies’ (OWT’s) predecessor, TrustComm, in 2012 as COO, helping to lead its successful acquisition by OneWeb and transformation into a U.S. proxy company. Recently, his leadership was instrumental in OWT’s merger and integration with Eutelsat America Corp.
Previously Ian led global product innovation and marketing at Stratos Global Corp. Prior to that, at Iridium Satellite LLC, he led sales for Europe, the Middle East and Africa (EMEA), establishing key partnerships for the business. Ian’s extensive experience includes running sales and business development and driving commercial initiatives within global leaders Inmarsat, Nortel and Motorola.
In his new role as CEO, Ian will be responsible for furthering the combined EACOWT vision of providing global satellite connectivity, innovative solutions and exceptional support focused on meeting the mission requirements of the U.S. government. His appointment follows the departure of Kevin Steen, who was CEO of the combined EACOWT entity since May 2024, having served as CEO of OWT since 2022.
“Ian has been instrumental in driving EACOWT’s operational and business success and strengthening our reputation as a leader in the satellite communications industry. His vision and commitment to excellence make him the ideal person to lead the company into its next phase of growth,” said Dr. Pamela Drew, chair, EACOWT Board of Directors.
“I am honored to step into the role of CEO at such an exciting time for EACOWT.Our team is dedicated to delivering innovative and secure SATCOM solutions to meet the evolving needs of the U.S. government and its allies and I look forward to continuing our mission of providing resilient, multi-orbit satellite capabilities to address our customers’ unique challenges,” said Ian Canning.
“Ian Canning’s experience in advancing new technologies in the satellite world, combined with his deep industry knowledge, positions him well to lead EACOWT and drive its continued success in delivering Eutelsat’s innovative solutions to the U.S. government and its allies,” said Eva Berneke, CEO, Eutelsat Group.
Eutelsat America Corp. and OneWeb Technologies Inc (EACOWT), which operate as a wholly owned independent U.S. proxy company and subsidiary of Eutelsat Group, today announced the appointment of Ian Canning as president and chief executive officer (CEO). His appointment by the EACOWT board of directors became effective on December 20, 2024.
Paris, 02 January 2025 - Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), experienced a temporary, 48-hour outage on its OneWeb Low Orbit service, commencing on 31stDecember 2024.
The root cause was identified as a software issue within the ground segment. Eutelsat was fully mobilized and worked with the vendor to restore full service, while maintaining a constant dialogue with affected customers. The constellation is operating nominally once again.
Eutelsat experienced a temporary, 48-hour outage on its OneWeb Low Orbit service, commencing on 31st December 2024.
The root cause was identified as a software issue within the ground segment. The constellation is operating nominally once again.
First batches targeted for delivery from end-2026, assuring service continuity and enhancement for existing and future customers
Paving the way for the future IRIS2constellation
Fully compatible with Eutelsat’s FY 2025 Capital Expenditure guidance and longer-term financial framework
Paris, 17 December 2024 - Eutelsat Group (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), has selected Airbus Defence and Space to build the extension of its OneWeb low Earth orbit (LEO) constellation.
Under a contract signed between the two companies, Airbus will build the first batches of the extension, totalling 100 satellites, with delivery targeted starting end of calendar-2026, ensuring continuity and enhancement of service for current and future customers.
The new satellites will embark key technology upgrades, notably 5G on-ground integration. They will be technologically compatible with Europe’s IRIS2 constellation, paving the way for its entry into operational service in 2030, and of which Eutelsat will be the main architect and operator of the LEO segment.
The procurement of these satellites is integrated within Eutelsat’s Capital Expenditure outlook for 2025, and fully compatible with its longer-term financial framework.
Eva Berneke, Chief Executive Officer of Eutelsat Group commented:"We are relying on our long-standing partner, Airbus, to begin building the first batches of the Next Generation of our OneWeb LEO constellation, which will ensure we deliver continuity of service of the existing constellation with enhanced service features, as we move towards an architecture in line with the IRIS2constellation in 2030. Our in-market experience shows us that the appetite for low Earth orbit capacity is growing rapidly, and we are excited to embark on the next stage of our journey to satisfy that demand.”
Eutelsat Group has selected Airbus Defence and Space to build the extension of its OneWeb low Earth orbit (LEO) constellation. Under a contract signed between the two companies, Airbus will build the first batches of the extension, totalling 100 satellites, with delivery targeted starting end of calendar-2026, ensuring continuity and enhancement of service for current and future customers.
Landmark public-private partnership unlocking economies of scale and de-risked through anchor sovereign customer commitment
Representing a key step in Eutelsat’s strategy to develop and expand its low Earth orbit capacities
Fully consistent with Eutelsat’s financial framework
Paris, 16 December 2024 - SpaceRISE, the consortium comprising Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), Hispasat, and SES, has signed the agreement that will see the consortium design, build, and operate the IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) constellation on behalf of the European Union under a Public-private Partnership (PPP) model in the form of Concession with an initial duration of 12 years.
The constellation will comprise around 290 spacecraft including 264 low Earth orbit (LEO) and 18 medium Earth orbit (MEO) satellites and is expected to be in service in 2030. The EU and Member States will be the anchor customers of the IRIS2 constellation, which will deliver enhanced communication solutions and high-speed broadband connectivity for consumers, governments and businesses, reinforcing Europe’s digital sovereignty and security.
The project is valued at some €10.6 billion, with public funding from the European Commission, EU Member States, and the European Space Agency representing c. 60% of the total project cost, supplemented by private financing from the consortium members. Eutelsat will invest in the region of €2 billion, back-end loaded to the later stages of the project.
Eutelsat will act as Consortium System Development Prime, the technical authority within the consortium. In this role it will leverage its unique LEO expertise and make available its priority spectrum rights in the Ku band to lead on the design of the LEO segment of the constellation, as well as co-leading on the conception of the common elements. Eutelsat will benefit, along with the other SpaceRISE members, from the scale advantages of shared fixed costs and R&D investments in the development of new technologies, while revenues from the EU will flow in during the build phase covering the up-front operating costs of the concessionaire. Finally, it will benefit, alongside its SpaceRISE partners, from commitments from the Commission and Member States for IRIS2 capacity to the tune of several hundred million Euros.
Eutelsat’s involvement in IRIS2 represents a key step in the company’s strategy to develop and expand its low Earth orbit capacities, and the extension of its existing OneWeb constellation will be technologically compatible with the future IRIS2 assets. Once operational the IRIS² constellation will offer compelling complementarity with Eutelsat’s existing LEO business, notably giving Eutelsat access to additional sellable LEO capacity secured by its investment of at least 1.5 Tbps out of a total of 2 Tbps of LEO capacity, at an attractive cost per Gbps, as well as to KaMil capacity not consumed by EU sovereign needs. Eutelsat will also be able to complete IRIS2 with further satellites to scale up capacity and carry additional payloads based on demand.
The project is fully consistent with Eutelsat’s financial framework and compatible with its required returns on investment. Eutelsat’s financial commitment is clearly capped, while the agreement signed today comprises protections to support the economics of the project including notably strict milestones providing for exit possibilities and compensation for consortium members in the event of missed of delayed targets compromising anticipated returns. Over the period of the concession, Eutelsat expects to generate revenues of at least 6.5 billion euros, derived from anchor EU customers as well as the global distribution of its LEO capacities to commercial customers.
Commenting of the agreement, Eva Berneke, Chief Executive Officer of Eutelsat said: “IRIS² is a landmark initiative that embodies Europe’s commitment to digital sovereignty, resilience, and strategic autonomy. Eutelsat is uniquely positioned to bring unparalleled expertise to this mission, leveraging our unique LEO expertise and spectrum priority. By combining this advanced infrastructure with the collective strengths of the SpaceRISE consortium, we will deliver a transformative communications backbone that addresses Europe’s most critical connectivity needs, reinforces its leadership in space innovation, and bridges the digital divide for millions of citizens and businesses across the continent.”
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Rendering of IRIS² constellation. Credit: SES
SpaceRISE, the consortium comprising Eutelsat, Hispasat, and SES, has signed the agreement that will see the consortium design, build, and operate the IRIS² (Infrastructure for Resilience, Interconnectivity and Security by Satellite) constellation on behalf of the European Union under a Public-private Partnership (PPP) model in the form of Concession with an initial duration of 12 years.
Paris, 2 December 2024 - Eutelsat Group (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) has exercised the put option signed with EQT Infrastructure VI fund (“EQT”) on 9th August 2024 regarding a majority stake in a newly created entity that will hold Eutelsat’s passive ground infrastructure assets. This decision follows the completion of the consultation processes with relevant employee representative bodies of Eutelsat.
The exercise of the put option led to the signing of a binding Share Purchase Agreement (SPA) between Eutelsat and EQT.
As announced on 9 August 2024 upon signing of the Put Option Agreement, the transaction consists in the carve-out of the Eutelsat’s passive ground infrastructure assets (land, buildings, support infrastructure, antennas and connectivity circuits for the combined portfolio of teleports and SNPs) to form a new company to be incorporated as a standalone legal entity. Under the terms of the agreement, EQT will acquire an 80% stake in this new entity, while Eutelsat Group will remain committed as long-term shareholder, anchor tenant and partner of the new company with a 20% holding alongside EQT.
The transaction values the new entity at an enterprise value of €790m. It remains subject to customary conditions precedent, and closing of the deal is expected in the first quarter of calendar year 2026.
Eutelsat Group exercises its put option and signs Share Purchase Agreement with EQT Infrastructure for the sale of a majority stake in a new entity that will hold its passive ground infrastructure assets.
IRIS² will play a transformative role in reinforcing Europe’s resilience, digital sovereignty, and low-latency connectivity for all EU Member States. This IRIS² multi-orbit satellite system is intended to enhance Europe’s ability to respond to crises, protect essential infrastructure, and bridge the digital divide. With full operational status targeted for the early 2030s, IRIS² will deliver a secure and competitive communications backbone aligned with Europe’s strategic and digital priorities.
The IRIS2 programme is a public private partnership (PPP) which will be funded by a combination of EU, European Space Agency and private financing from the three satellite operators within the SpaceRISE consortium.
The consortium looks forward to the final phase of the procurement process leading to contract signature expected by the year end.
Eva Berneke, Chief Executive Officer of Eutelsat commented: “The IRIS² programme is a powerful extension of Eutelsat’s commitment to advancing Europe’s digital sovereignty through sustained investment in multi-orbit technology to deliver multi-layered, low-latency networks, which are essential to Europe’s strategic resilience. We are proud to support the EU on this project alongside the consortium partners to deliver a resilient, future-ready communication system that meets Europe’s most critical connectivity needs, while generating value-creation for Eutelsat and its stakeholders by complementing and enhancing our existing LEO capabilities."
Miguel Ángel Panduro, Chief Executive Officer of Hispasat added: "We are firmly committed to everything that IRIS² represents: a sovereign secure communications system, supported by European innovative developments and driven by public-private partnership. It is an ambitious project, in which the companies of the SpaceRISE consortium are working to offer the best response to the demands of the European Union. This award is an exciting first step of a project that will define the future of satellite communications in Europe."
Adel Al-Saleh, Chief Executive Officer of SES said: “Being selected as a trusted partner for IRIS² is an honour. SpaceRISE, based on the European Union’s requirements will define and develop a future-proof space network that will serve as the cornerstone of Europe’s space and defence strategies in the years to come. The IRIS² system is aligned with SES’s multi-orbit network and underscores our commitment to advancing our MEO capabilities, as well as having access to LEO orbit. We will continue to ensure that the contract meets our IRR requirements, cash generation fundamentals, and investment grade metrics.”
SpaceRISE, the consortium comprising Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), Hispasat and SES (Ticker: SESG), together with other core members, is pleased to announce it has been awarded by the European Commission to design, deliver, and operate IRIS², the European Union’s pioneering multi-orbit connectivity system.
