Eutelsat terminates Express AT1 and AT2 capacity contracts
Paris, 12 March 2026 - Eutelsat (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL) announces the termination of its contracts for capacity on the RSCC-owned and operated Express AT1 and AT2 satellites.
The termination follows the failure of RSCC’s Express AT1 satellite located at the 56° East position, and the planned relocation of the Express AT2 satellite from its current position at 140° East.
Eutelsat had contracted leases for capacity on these satellites to complement coverage provided by the EUTELSAT 36C and 36D satellites located at 36° East.
The termination of these agreements will have a low single-digit million impact on revenues, and virtually no impact on EBITDA in FY 2025-26. It does not alter any of the elements of Eutelsat’s financial objectives.
Further to the termination of these contracts, Eutelsat’s GEO fleet now stands at 31 satellites versus 33 previously.
Eutelsat announces the termination of its contracts for capacity on the RSCC-owned and operated Express AT1 and AT2 satellites. The termination follows the failure of RSCC’s Express AT1 satellite located at the 56° East position, and the planned relocation of the Express AT2 satellite from its current position at 140° East.
Paris, 06 March 2026 – Eutelsat (ISIN: FR0010221234 – Euronext Paris / London Stock Exchange: ETL, the “Group”) today announces the closing of its €1.5 billion senior notes offering on 5 March 2026.
This transaction represents the final milestone in the Group’s comprehensive c. €5 billion equity and debt financing strategy, supported by its main shareholders. It aims to support the Group’s long-term strategic vision through the deployment of its Low Earth Orbit (“LEO”) satellite activities while strengthening its financial flexibility by accelerating its debt reduction.
In late 2025, Eutelsat completed a €1.5 billion two-part equity raise through:
Reserved Capital Increases for a gross amount of €828 million at a price per share of €4.00, subscribed by the French Republic via the Agence des Participations de l’Etat Bharti Space Ltd, His Majesty’s Government, via The Secretary of State for Science, Innovation and Technology of the United Kingdom CMA CGM Participations and the Fonds Stratégique de Participations.
A Rights Issue of approximately €670 million, in which the above-mentioned shareholders exercised their rights.
The successful execution of this capital raise led to rating upgrades from Moody’s and Fitch to Ba3 (+2 notches) and BB (+3 notches) respectively enhancing Eutelsat’s ability to tap Debt Capital Markets and raise Export Credit Financing to complete the financing needs of its medium-term plan.
In parallel with the capital increases, Eutelsat designed a global debt financing plan including bond financing, export credit financings and an extension of bank debt maturities aimed at enabling the Group to finance its medium-term plan and cover investments of approximately €4 billion over the period 2026-2029.
A key objective of the debt financing plan was to simplify the Group’s capital structure by (i) removing structural subordination as most of the existing debt of the Group previously sat at the level of Eutelsat SA subsidiary, and (ii) waiving cash circulation constraints from existing debt agreements.
This plan was conducted in four parts:
November 2025: €900 million Senior Facilities Agreement comprising a €400 million term loan and a €500 million revolving credit facility, to refinance the €450m RCF raised in 2024 at Eutelsat SA level with a maturity date in April 2027, the €100m RCF sitting at Eutelsat Communications level with a maturity date in July 2027 and the €400m Term Loan sitting at Eutelsat Communications level with a maturity date in June 2027.
February 2026: Signing of c.€1 billion in Export Credit Agency (ECA) financing, backing the procurement of 440 LEO satellites from Airbus Defence and Space. These satellites will ensure full operational continuity for customers of the OneWeb LEO constellation, by progressively replacing existing satellites as their operational life comes to an end.
February 2026: Amendment and Restatement Agreement with the European Investment Bank (EIB) in connection with the change of borrower (from Eutelsat SA to Eutelsat Communications SA) of the €200 million term loan dated December 2028.
February 2026: Eutelsat Communications priced a €1.5 billion dual-tranche senior unsecured note comprised of a € 850 million 5-year tranche and a €650 million 7-year tranche with coupons of 5.75% and 6.25% respectively. The proceeds will redeem in full two sets of notes issued by Eutelsat SA: the €600 million 2.25% notes due 2027, and the €600 million 9.75% notes due 2029.
The closing of this bond issuance on 5 March 2026, was the last condition precedent to the effectiveness of the SFA, ECA and EIB debt transactions, concluding a multi-stage capital structure reorganisation initiated in 2025. These four unsecured debt instruments will sit at Eutelsat Communications SA level and will rank pari-passu, benefitting from upstream guarantees from Eutelsat SA and OneWeb Holdings Ltd.
Sebastien Rouge, Chief Financial Officer at Eutelsat said, “Eutelsat has reached a major milestone with the completion of its comprehensive financing plan, marking a decisive turning point in the Group’s transformation. With this strengthened financial foundation, Eutelsat is well positioned to accelerate the deployment of its multi-orbit strategy, support the future European IRIS² constellation, and reinforce its position as Europe’s leading provider of space connectivity.”
Eutelsat today announces the closing of its €1.5 billion senior notes offering on 5 March 2026. This transaction represents the final milestone in the Group’s comprehensive c. €5 billion equity and debt financing strategy, supported by its main shareholders.
Jean-François Fallacher, Mobile World Congress, Barcelona 2026
Europe's path to tech sovereignty
At MWC Barcelona, Jean François Fallacher, Eutelsat's CEO, shared his perspective on sovereign connectivity and why LEO satellite constellations have become strategic assets for Europe. This article reflects his contribution to the keynote panel discussion, exploring how Eutelsat’s OneWeb constellation supports Europe’s sovereignty, resilience and security in an increasingly competitive global landscape.
WHY LEO CONSTELLATIONS HAVE BECOME STRATEGIC ASSETS
A European Champion Competing in a World of Giants
Eutelsat stands at the centre of Europe’s space ecosystem, with a 47year legacy and a fleet of 33 geostationary satellites. The company’s strategic transformation accelerated with the acquisition of OneWeb — today one of only two operational low Earth orbit (LEO) constellations in the world. Jean François highlighted that it remains the only LEO constellation not controlled by the US or China, giving Europe a uniquely sovereign asset. To reinforce this position, Eutelsat has secured €1.5 billion in new capital to expand the fleet by 440 satellites, bringing the constellation to roughly 650 units by 2030. “We are the sovereign European constellation. We have European shareholders. We are listed on the Paris and London stock exchanges.” He also pointed to the company’s central role in IRIS², the European Commission’s next generation secure connectivity programme. LEO activities now account for 20% of turnover and continue to grow at around 60% year over year.
Why LEO Is Essential for Europe’s Sovereignty
LEO constellations are a critical pillar for Europe’s digital autonomy. They deliver seamless global broadband and require massive, long-term investment, making them difficult to replicate. Jean François noted that OneWeb had already absorbed seven years of development and $7 billion before Eutelsat acquired it — a reminder of its scale and strategic relevance. “[LEO constellations] are extremely large and capital-intensive infrastructures… This is why we believe LEO is a strategic asset — a strategic service — for Europe.” He also raised the emerging opportunity of Direct-to-Device (D2D) connectivity, an area poised to transform the communications landscape. While Europe has strong projects underway, he stressed that achieving D2D at scale will require significant investment and a clear, unified industrial ambition.
Serving Governments and Critical IndustrieS
Eutelsat’s OneWeb LEO constellation focuses on high reliability B2B markets — governments, aviation, maritime, enterprise and defence. A landmark €1 billion, 10year agreement with the French Ministry of Defence underscores the constellation’s strategic importance. This partnership strengthens operational access and supports further hardening of the system for defence and national-security use cases. Recent geopolitical events continue to highlight the risks of dependency on foreign controlled connectivity. Jean François emphasised that sovereignty becomes very real when an external operator can unilaterally restrict service over a conflict zone. Eutelsat’s European governance and operational control directly address this vulnerability.
We believe LEO is a strategic asset - a strategic service - for Europe.
Europe needs [...] more agility, faster development and a culture of iteration [to] master the key technologies we still have to import today.
JEan-François FALLACHER
CEO, EUTELSAT
Why Europe Needs to Act Together
Europe faces global competition from large American and Chinese constellations. Jean François warned that fragmented national initiatives would undermine Europe’s ability to match this scale. A coherent and unified approach — particularly around IRIS² — is essential to maintain a sovereign position in orbit. “The geopolitical situation has given us real momentum. People now realise that sovereignty is not theoretical. When one of our competitors [,,,] decides to cut services over a country, that marks the spirit. The dependency becomes immediately visible.”
Europe’s Cultural Inflection Point
Europe’s technological expertise remains strong, but development speed is a critical challenge. The “new space” economy depends on agility, fast iteration and shorter development cycles. Jean François noted that Europe must adopt these practices if it is to maintain leadership and regain control over key technologies still sourced externally. “This is why Eutelsat is advocating for unity — not only around Eutelsat, but for the European project to build the next-generation constellation, IRIS². For IRIS² to succeed, we need all European countries and public funding united behind one sovereign approach.”
Looking Ahead
The message from MWC Barcelona is clear: Europe has the talent, industrial capability and technological foundation to lead in space — but only if it acts with unity and urgency. A sovereign LEO constellation is not just a technological milestone; it is a cornerstone of Europe’s resilience, economic strength and strategic independence. "In new space, companies are already working in agile, fast cycles. This is what Europe needs — in mindset and practice: more agility, faster development, and a culture of iteration. That’s how we will master more of the key technologies we still have to import today."
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.
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.
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.
Eutelsat secures nearly €1bn for OneWeb satellites
Paris, 11 February 2026 – Eutelsat (ISIN: FR0010221234 – Euronext Paris / London Stock Exchange: ETL) announces that it has signed a c. €1bn Export Credit Agency (ECA) financing for the procurement of LEO satellites for its OneWeb constellation.
The financing will be provided by a pool of commercial banks, which will benefit from a French State guarantee, obtained through its export credit agency, Bpifrance Assurance Export for an amount of c.€975m-eq. It will be provided to Eutelsat Communications SA and will rank pari-passuwith other debts of that entity.
Its disbursement remains subject to several conditions precedent, including a bond issuance at Eutelsat Communications.
The financing backs the recently announced contract with Airbus Defence and Space for 340 LEO satellites, on top of the 100 already ordered, to be manufactured at Airbus’ Toulouse facility. These satellites will ensure full operational continuity for customers of the OneWeb LEO constellation, by progressively replacing existing satellites as their operational life comes to an end.
Jean-Francois Fallacher, Chief Executive Officer of Eutelsat said: “We are delighted to secure this crucial aspect of Eutelsat’s refinancing plan. We are grateful to the French State for its unwavering support. This funding significantly strengthens our financial structure and gives us the means to support the deployment of our LEO activities”.
Société Générale acted as Sole Global Coordinator and Sole Bookrunner, and Mandated Lead Arranger (MLA) on this financing together with Commerzbank Aktiengesellschaft, Credit Agricole Corporate and Investment Bank (acting also as Facility Agent), ING Bank N.V and Helaba – Landesbank Hessen-Thüringen.
Rothschild & Cie acted as financial advisor to Eutelsat. Latham & Watkins LLP acted as legal advisor to Eutelsat. De Pardieu Brocas Maffei acted as legal advisor to the lending banks.
Eutelsat announces that it has signed a c. €1bn Export Credit Agency (ECA) financing for the procurement of LEO satellites for its OneWeb constellation.
Paris, 29th January 2026– Eutelsat (ISIN: FR0010221234 – Euronext Paris / London Stock Exchange: ETL) hereby announces that the transaction currently underway for the disposal of its passive ground segment infrastructure assets to private equity investor, EQT Infrastructure VI, will not proceed, as all conditions precedent have not been satisfied.
The net proceeds attributable to Eutelsat from the transaction would have been in the region of €550m, while the negative annualized impact on adjusted EBITDA associated with the service agreement entered into with the prospective buyer amounted to €75-80m.
The non-completion of the transaction has no impact on Financial Objectives for FY 2025-26, with the exception of Net Debt to EBITDA which is now expected to stand at around 2.7 times at the end of the Financial Year (versus 2.5 times previously).The EBITDA margin for FY 2028-29 is now expected in the region of 65% (versus c.60% previously).
The non-completion of the transaction does not affect Eutelsat’s ability to fund the capital expenditure related to its strategic growth trajectory.
Eutelsat hereby announces that the transaction currently underway for the disposal of its passive ground segment infrastructure assets to private equity investor, EQT Infrastructure VI, will not proceed, as all conditions precedent have not been satisfied.
