FULL YEAR 2025-26 RESULTS
Paris, 7 August 2026 – The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Éric Labaye, reviewed the financial results for the year ended 30 June 2026.
FULL YEAR 2025-26 RESULTS
Press release:
- LEO growth beats expectations, up 69.5%1 to €297m, to account for 25% of revenues
- Eutelsat expected to receive $504m incentive payments for US C-band clearing
- Operating verticals revenues of €1,197m, up 1.8%
- Adjusted EBITDA of €632m, leading to a margin of 51.2%
- LEO growth to offset GEO decline in FY 2026-27, supporting slight revenue growth and a stable EBITDA margin
Paris, 7 August 2026 – The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Éric Labaye, reviewed the financial results for the year ended 30 June 2026.
Total revenues for FY 2025-26 stood at €1,235.9 million, down 0.6% on a reported basis and up by 3.0% like-for-like. Revenues of the four Operating Verticals (excluding ‘Other Revenues’) stood at €1,197.1 million, up by 1.8% on a like-for-like basis1.
LEO revenues amounted to €297 million, up 69.5%1, and now accounting for 25% of revenues, up from c.15% a year ago.
Adjusted EBITDA stood at €632.4million on 30 June 2026, down 3.1% like-for-like. The Adjusted EBITDA margin stood at 51.2%, down 3.2 points like-for-like1.
This was in line with our financial projections of Operating Vertical Revenues around the same level, and an adjusted EBITDA margin slightly below the level of the previous year.
Jean-François Fallacher, Chief Executive Officer of Eutelsat commented: "This has been a landmark year for Eutelsat. We have delivered on our financial objectives while achieving significant strategic milestones that reinforce our long-term growth trajectory. Our Low Earth Orbit business continued its strong momentum, with revenues increasing by nearly 70%, demonstrating the growing demand for secure, resilient and low-latency connectivity solutions across government and enterprise markets. Over the past year, we have fundamentally strengthened the Company's financial foundations through the successful completion of a comprehensive €5 billion refinancing, providing a robust and diversified capital structure to support our ambitions. At the same time, we secured major commercial wins, including our first call-off contract under the French Armed Forces' NEXUS framework agreement, further validating the strategic value of our multi-orbit capabilities for sovereign customers.
Looking ahead, we expect continued strong growth in our LEO business to offset the structural decline in GEO, supporting slight revenue growth and stable profitability in FY 2026-27. With the forthcoming outcome of the IRIS² First Rendez-Vous expected to confirm Eutelsat's leadership of the LEO segment, we are uniquely positioned as Europe's leading space connectivity operator, playing a central role in delivering the sovereign communications infrastructure that Europe increasingly requires. We enter the new financial year with confidence, underpinned by a strengthened balance sheet, growing commercial momentum and a clear strategic roadmap for long-term value creation."
Like-for-like change i.e. at constant currency. The variation is calculated as follows: i) FY 2025-26 USD figures are converted at FY 2024-25 rates; ii) Hedging revenues are excluded.