Slide 1: Second Quarter and First Half 2025-26 Results
SECOND QUARTER AND FIRST HALF 2025-26 Results 13 February 2026 ©2025 EUTELSAT. ALL RIGHTS RESERVED.
Slide 2: Disclaimer
•Disclaimer • This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Eutelsat Communications, nor should it, or any part of it, form the basis of or be relied on in connection with any contract
Slide 3: Highlights of the semester
Highlights of the semester First Half Operating Verticals revenues of €574 million, almost stable at -0.6%1 LEO revenues up nearly 60%1, reflecting ongoing commercial dynamic, and driving a rise in revenues in all three of Connectivity verticals Adjusted EBITDA margin of 52.1% reflects sanction-r
Slide 4: Key financial data
Key financial data YoY Change M€ 6M to Dec. 2024 6M to Dec. 2025 Reported Like-for-like1 P&L Total Revenues 606.2 591.6 -2.4% +0.1% Operating Verticals Revenues 599.9 573.8 -4.3% -0.6% O/w LEO Revenues 73.9 110.5 +49.5% +59.7% Adjusted EBITDA 334.9 308.2 -8.0% -6.1% Adjusted EBITDA margin 55.2% 52.1
Slide 5: Operational Performance
OPERATIONAL PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.
Slide 6: Revenues by vertical
Revenues by vertical REVENUE REVENUES LIKE-FOR-LIKE2 YOY CHANGE CONTRIBUTION1 (€m) VIDEO 46% 266.5 -12.3% FIXED 23% 132.1 +17.2% CONNECTIVITY GOVERNMENT 17% 98.6 +7.7% SERVICES MOBILE 13% 76.6 +8.5% CONNECTIVITY TOTAL OPERATING VERTICALS 573.8 -0.6% OTHER REVENUES 17.8 1 Share of each application as
Slide 7: Video
Video 46% H1 revenues of €266.5m, down 12.3% YoY like-for-like1 309 • Additional sanctions on Russian channels 267 • Underlying trend in mature business Q2 revenues of 133m, down 14.1% YoY1 -1.2% • Broadly stable QoQ Q2 157 133 Renewals and with long-standing partners at Q2 key orbital positions:
Slide 8: LEO revenues up 60%, representing over 1/3 of Connectivity revenues
LEO revenues up 60%, representing over 1/3 of Connectivity revenues Change H1 2024-25 H1 2025-26 Like-for- Reported In € millions like1 Connectivity 290.7 307.3 5.7% 11.8% o/w LEO 73.9 110.5 49.5% 59.7% o/w GEO 216.7 196.8 -9.2% -4.5% 1 Change at constant currency. The variation is calculated as fol
Slide 9: Fixed Connectivity
Fixed Connectivity 23% H1 revenues of €132.1m, up 17.2% YoY like-for-like1 • Continued growth of LEO-enabled connectivity solutions 132 • One off impact, resulting from the anticipated use 119 of capacity by a GEO customer, for an amount of c. -1.2% €7m 70 Q2 Q2 revenues of €69.7m, up 18.3% YoY1 Q
Slide 10: Government Services
Government Services 17% Q1 revenues of €98.6m, up 7.7% YoY like-for- like1 96 99 • Growth of LEO-enabled solutions, notably with services delivered in Ukraine -1.2% • Increased demand from other governments 46 Q2 Q2 50 Q2 revenues of €46.2m, down 2.2% YoY1, and -11.7% QoQ • Softer revenues in the
Slide 11: Mobile Connectivity
Mobile Connectivity 13% H1 revenues of €76.6m, up 8.5% YoY like-for- like1 • Activation of contracts with aero mobility customers 75 77 Almost 600 installations out of a backlog of -1.2% over 1,500 aircraft vs 100 installations and a backlog of 1,000 aircraft at end FY25 Q2 33 42 Q2 Q2 revenues o
Slide 12: Backlog
Backlog Backlog at €3.4 billion on 31 December BACKLOG (€BN) 2025 vs. 3.7 a year earlier Excluding Managed services Representing 2.7 years of revenues -1.2% Connectivity accounting for 59% 3.7 3.5 3.4 Evolution of the backlog reflecting increasing weight of LEO business in the mix: Of which • Sh
Slide 13: Financial Performance
FINANCIAL PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.
Slide 14: Profitability
Profitability Adjusted EBITDA (€m) Reported Adjusted EBITDA of €308.2 million down by 8.0% and down by 6.1% on a like for like basis1 335 Opex contained at +€12.1 million 308 • Increase in COGS • Partially offset by the re-evalution of share-based compensation schemes 55.2% Margin 77.4 52.1% 77.
Slide 15: Net result
Net result Six months ended December 31 2024 2025 Change (%) Revenues 606.2 591.6 -2.4% Decrease of Other operating expenses. Adjusted EBITDA1 334.9 308.2 -8.0% D&A decrease reflecting notably the Depreciation and amortisation (433.7) (356.7) -17.7% end of the amortisation of certain Other opera
Slide 16: Capital Expenditure
Capital Expenditure Gross Capex of €292 million compared with €175 GROSS CAPEX (€m) million a year earlier • Timing of key milestones in LEO investment programs Most of FY 2025-26 investments to be deployed 292 in the Second Half Capex now expected around €900 million 175 • Phasing of LEO prog
Slide 17: Net debt
Net debt 34 In €m 101 292 (109) (273) 2,627 2,727 (1,476) (2) 1,301 Net Debt as of Reclassification of Net Debt as of Operating Cash-flow Gross Capex Financial costs Capital Increase net Other Net Debt as of 30/06/2025 Assets held for sale 30/06/2026 proceeds 31/12/2025
Slide 18: Financial structure
Financial structure NET DEBT / Adjusted EBITDA RATIO Net Debt/Adjusted EBITDA ratio of 2.00x • Versus 3.92x at end-December 2024 and 3.88x at end-June 2025 3.92x Average cost of debt after hedging of 4.17% • versus 4.84% in H1 2024-25 Average weighted maturity of 2.3 years 2.00x • Versus 3.0 y
Slide 19: Outlook
OUTLOOK ©2025 EUTELSAT. ALL RIGHTS RESERVED.
Slide 20: Foundations of refinancing plan successfully laid
Foundations of refinancing plan successfully laid Securing funding of strategic growth plan SUCCESSFUL € 1.5BN CAPITAL CREDIT RATING UPGRADES c. €1BN EXPORT CREDIT RAISE FINANCING OBTAINED €1.5 billion in equity Moody’s: €990m funding guaranteed by the French Treasury through Bpifrance capital t
Slide 21: Procurement of further 440 LEO satellites
Procurement of 340 new LEO satellites Contract with Airbus Defence and Space to build a assuring operational further 340 OneWeb low Earth orbit (LEO) satellites continuity for OneWeb constellation Adding to previous batch of 100 satellites, bringing the total number of satellites ordered up to 440
Slide 22: Non-completion of passive ground segment disposal; no impact on ability to fund strategic growth
Non-completion of passive ground Proposed transaction for the disposal of passive ground segment disposal; no segment halted following failure to meet customary impact on ability to conditions precedent, namely approval of the French State fund strategic growth Resulting in: trajectory Non recei
Slide 23: Financial objectives confirmed
Financial objectives1 REVENUES ►FY 2025-26 revenues of the four operating confirmed verticals around the same level as FY 2024-25 ►LEO revenues up c. 50% ADJUSTED ►FY 2025-26 Adjusted EBITA margin slightly EBITDA below the level of FY 2024-25 ►FY 2028-29 Adjusted EBITA margin at c.65% vs c.60% previ
Slide 24: To Sum Up
To Sum Up H1 results once again confirming significant momentum in LEO revenues Financial situation secured with Capital Raise and ECA funding Operational continuity of OneWeb constellation assured with procurement of further 440 LEO Satellites With both financing secured and operational continu
Slide 25: Q&A
Q&A ©2025 EUTELSAT. ALL RIGHTS RESERVED.