Eutelsat launches c. €670 million rights issue

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Press release – November 25^th, 2025

Eutelsat announces today the launch of a c. €670 million rights issue as part of its c. €1.5 billion capital raise to reinforce its financial structure and fund strategic ambitions

• Subscription price: €1.35 per new share
• Subscription ratio: 8 new shares for 11 existing shares
• Theoretical value of the preferential subscription right: €0.79
• Trading period for preferential subscription rights: from November 26^th to December 5^th, 2025 inclusive
• Subscription period: from November 28^th to December 9^th, 2025 inclusive
• Subscription commitments: c. €475 million, i.e. c.71% of the total amount of the right issue, from the French Republic (the “French State”) via the Agence des Participations de l’Etat (the “APE”), Bharti Space Ltd, His Majesty’s Government, via The Secretary of State for Science, Innovation and Technology of the United Kingdom (the ”UK Government”), CMA CGM Participations and the Fonds Stratégique de Participations (the “FSP”) pro-rata to their shareholding

Eutelsat (the “Company”), a global leader in satellite communications, announces today the launch of a share capital increase with shareholders’ preferential subscription rights for a gross amount of approximately €670 million (the “Rights Issue”), which follows the Reserved Capital Increases (as defined below) of €828 million approved at the combined general meeting of September 30^th, 2025, and completed on November 21^st, 2025.

Context of the transaction

On June 19^th, 2025, the Company presented a strategic roadmap aimed at accelerating the deployment of its low Earth orbit (LEO) satellite activities and supporting the future IRIS²constellation, while strengthening its financial flexibility by accelerating its debt reduction. In this context, Eutelsat with its consolidated subsidiaries (the “Group”) indicated that it would raise €1.5 billion in equity capital (as presented in the communication dated 10 July 2025, supplementing that of 19 June 2025) through: (i) reserved capital increases for a gross amount of €828 million at a price per share of €4.00, subscribed by the French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations and the FSP (the “Reserved Capital Increases”, and together with the Rights Issue, the “Capital Increases”), as well as (ii) a Rights Issue of approximately €670 million, which would also be subscribed by the French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations and the FSP in proportion to their respective pro-rata shareholding in the Company after completion of the Reserved Capital Increases. These Capital Increases, combined with a refinancing plan including a bond financing, export credit financings and an extension of bank debt maturities, should enable the Company to finance its medium-term plan and cover investments of approximately €4 billion over the period 2026-2029, while contributing to reducing the Company's leverage ratio to around 2.5x at the end of the 2025–26 financial year.

The Reserved Capital Increases were completed on November 21^st, 2025.

The net proceeds from the Rights Issue are estimated at approximately €660 million and are part of the strategic roadmap described above. Together with the proceeds from the Reserved Capital Increases, they will be used by the Company to finance its growth and accelerate its debt reduction.

In parallel with the Capital Increases and as part of this strategy to strengthen its financial structure, the Group has initiated the refinancing of its bank and bond debt. While the majority of existing debt of the Group is issued at the level of Eutelsat SA subsidiary, the Company intends going forward to issue debt at the level of Eutelsat Communications SA, subject to market conditions. Eutelsat Communications SA has already signed with its banking partners the refinancing of its syndicated bank debt facilities through €500 million revolving credit facility and a €400 million term loan with maturities of three years and two one-year extensions. These agreements are subject to the completion of a bond issue at Eutelsat Communications SA and other customary conditions for this type of agreement. In accordance with the Company's recent communications, in order to cover the financing needs of its medium-term plan, the Group is also in advanced discussions with European public export credit financing agencies (ECA financing) and has appointed a coordinating bank to work on the implementation of this ECA financing.

Main terms of the Rights Issue

The Rights Issue will be carried out with shareholders’ preferential subscription rights, pursuant to the 16^th resolution of the combined general meeting of September 30^th, 2025, leading to the issue of 496,129,728 new shares (the “New Shares”), at a subscription price of €1.35 per New Share.

Each shareholder will receive one preferential subscription right per share recorded in its securities account at the end of the day falling on November 27^th, 2025. In order to ensure that the shares are recorded in the securities account on that date, purchases of existing shares on the market must be executed at the latest on November 25^th, 2025.

The preferential subscription rights will be detached from the underlying share on November 26^th, 2025 and be tradable from November 26^th, 2025 until December 5^th, 2025 inclusive on the regulated market of Euronext Paris (“Euronext Paris”) under ISIN code FR0014012K95 and can be exercised from November 28^th, 2025 until December 9^th, 2025 inclusive according to the indicative timetable. Existing shares will therefore trade ex-right from November 26^th, 2025. 11 preferential subscription rights will entitle the relevant holder to subscribe for 8 New Shares at a subscription price of €1.35 per New Share (i.e. €1 of nominal value and €0.35 of issue premium). The preferential subscription rights not exercised at the end of the subscription period, i.e. on December 9^th, 2025, according to the indicative timetable, will lapse automatically.

Subscriptions subject to reduction (à titre réductible) will be accepted. Any New Shares not absorbed by subscription orders not subject to reduction (à titre irréductible) will be allocated to the holders of the preferential subscription rights having submitted additional subscription orders subject to reduction (à titre réductible), within the limit of their requests in proportion to the number of preferential subscription rights whose will have been used to subscribe not subject to reduction (à titre irréductible), without this resulting into an allotment of fractional New Shares.

Based on the closing price of the Company shares on Euronext Paris on November 21^st, 2025, i.e., €3.225:

• the subscription price of the New Shares of €1.35 shows a discount of (58.1%) on their face value,
• the theoretical value of the preferential subscription rights amounts to €0.79,
• the theoretical ex-right value of the Company share amounts to €2.44, and
• the subscription price of the New Shares shows a discount of (44.6%) to the theoretical ex-right value of the share.

These values do not prejudge either the value of the preferential subscription right during their trading period or the ex-right value of the Eutelsat share, or the discounts, as they will be recorded on Euronext Paris.

The Rights Issue will be open to the public in France only.

The New Shares will immediately entitle their holders, from the date of issuance, to receive all dividends and distribution decided by the Company from this date. They will be immediately assimilated with existing shares of the Company and will be traded on the same trading line under the same ISIN code (FR0010221234).

Subscription commitments

The French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations and the FSP have each undertaken to subscribe to the Rights Issue not subject to reduction (à titre irréductible) in proportion to their respective shareholding in the Company (following completion of the Reserved Capital Increases), representing respectively approximately 29.65%, 17.88%, 10.89%, 7.46% and 4.99%, or respectively approximately €199 million, €120 million, €73 million, €50 million and €33 million, representing collectively approximately 70.87% of the Rights Issue and an aggregate amount of approximately €475 million.

The Company is not aware of any intention to subscribe from shareholders or members of the administrative bodies other than those mentioned above.

Indicative timetable

Lock-up commitments

As part of the underwriting agreement, the Company has agreed to an undertaking to abstain from issuing or selling any shares from the date of signature of an underwriting agreement with a syndicate of banks and expiring 180 calendar days following the settlement-delivery date of the New Shares, subject to certain customary exceptions.

The French State via the APE, Bharti Space Ltd, the UK Government, CMA CGM Participations and the FSP have agreed to a lock-up period beginning from the launch date of the Rights Issue and expiring 180 calendar days following the settlement-delivery date of the New Shares, subject to certain customary exceptions.

Dilution

For illustrative purposes only, a shareholder holding 1% of the Company’s share capital as of November 24^th, 2025, (after completion of the Reserved Capital Increases), and who does not participate in the Rights Issue, would hold 0.58% following completion of the Rights Issue.

Underwriting

The issue of New Shares (to the extent not covered by the subscription commitments described above) is the subject of an underwriting agreement with a syndicate of banks.

Note: The English version of this press release may differ from the French version for regulatory purposes.