Eutelsat reports second quarter and first half 2025-26 results
Paris, 13 February 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 Half Year ended 31 December 2025.
SECOND QUARTER AND FIRST HALF 2025-26 RESULTS
Press release:
Paris, 13 February 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 Half Year ended 31 December 2025.
Total revenues for H1 2025-26 stood at €592 million, down 2.4% on a reported basis and stable like‑for‑like. Revenues of the four Operating Verticals (excluding ‘Other Revenues’) stood at €574 million, down by 0.6% on a like-for-like basis. LEO revenues amounted to €111 million, up 59.7%1, and now represent c. 20% of revenues.
Adjusted EBITDA stood at €308 million on 31 December 2025, down 6.1% on a like for like basis. The Adjusted EBITDA margin stood at 52.1%, down 3.4 points like-for-like. It reflects the impact of sanction‑related loss of Video revenues, as well as the effect of product mix within LEO revenues during the ramp-up stage.
Jean-François Fallacher, Chief Executive Officer of Eutelsat Communications commented: “The first half of FY 2025-26 marked a decisive step forward for Eutelsat. We significantly strengthened our financial foundations through the successful execution of our refinancing plan, supported by our shareholders, rating agencies, and institutional partners. At the same time, we secured the long-term operational continuity and technological evolution of our LEO constellation, reinforcing our ability to serve customers with greater performance and flexibility. With financing secured and our growth strategy clearly on track, we are entering the next phase with confidence, focused on unlocking the full potential of our LEO business and delivering sustainable value for all stakeholders.”
Note: This press release contains figures from the consolidated half-year accounts prepared under IFRS and subject to a limited review by the Auditors. They were reviewed by the Audit Committee on 11 February 2026 and approved by the Board of Directors on 12 February 2026. Adjusted EBITDA, adjusted EBITDA margin, Net debt / Adjusted EBITDA ratio and Gross Capex are considered Alternative Performance Indicators. Their definition and calculation are in Appendix 3 of this document. The auditors’ review procedures have been carried out and the review report is in the process of being issued. |
[1] Like-for-like change (i.e., at constant currency. The variation is calculated as follows: i) H1 FY 2025-26 USD figures are converted at FY 2024-25 rates; ii) Hedging revenues are excluded).
[2] Conditional on a successful bond issuance by Eutelsat Communications.