Eutelsat Communications Sa · EURONEXT:ETL

Eutelsat Communications Sa — FY2025-26 Earnings Presentation

28 slides from Eutelsat Communications Sa's earnings presentation, Aug 7, 2026

  1. Slide 1: Full Year 2025-26 Results

    FULL YEAR 2025-26 Results 7th August, 2026 ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  2. 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

  3. Slide 3: Highlights

    Highlights LEO revenues up nearly 70%1 to €297 million, representing 25% of group total Overall FY 2025-26 results in line with objectives Capex at €595 million, below the €900 million expectation Successful €5 billion re-financing package, underpinning LEO capex needs €350 million call-off con

  4. Slide 4: Key financial data

    Key financial data YoY Change M€ FY 2024-25 FY 2025-26 Reported Like-for-like1 P&L Total Revenues 1,243.7 1,235.9 -0.6% +3.0% Operating Verticals Revenues 1,226.3 1,197.1 -2.4% +1.8% O/w LEO Revenues 186.8 297.0 +59.0% +69.5% Adjusted EBITDA 676.2 632.4 -6.5% -3.1% Adjusted EBITDA margin 54.4% 51.2%

  5. Slide 5: Operational Performance

    OPERATIONAL PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  6. Slide 6: Revenues by vertical

    Revenues by vertical REVENUE REVENUES LIKE-FOR-LIKE2 CONTRIBUTION1 YOY CHANGE (€m) VIDEO 43% 519.2 -13.1% FIXED 23% 270.0 +15.6% CONNECTIVITY GOVERNMENT 20% 235.5 +17.7% SERVICES MOBILE 14% 172.4 +15.9% CONNECTIVITY TOTAL OPERATING VERTICALS 1,197.1 +1.8% OTHER REVENUES 38.8 1 Share of each applicat

  7. Slide 7: FY 2025-26 revenues

    FY 2025-26 revenues Total revenues of €1,236 m, +3.0% like-for- YoY revenue bridge (€m) like1 Negative currency effect of €51m +1.8% • €/$ rate of 1.17 vs 1.08 last year 0 +22 +21 Positive swing of €21m in ‘Other Revenues’ -51 • revenue recognition from IRIS2 related to Eutelsat’s involvement as

  8. Slide 8: Video

    Video 43% FY 2025-26 revenues of €519m, down 13.1% like- for-like 608 • Underlying market trend 519 • Impact of sanctions on Russian channels imposed at the beginning of the year Q4 147 -1.2% • Termination of capacity contracts on the Express AT1 and AT2 satellites 125 Q4 Q3 152 128 Q3 Q4 FY 2025-

  9. Slide 9: LEO revenues up nearly 70%, representing c. 45% of Connectivity revenues

    LEO revenues up nearly 70%, representing c. 45% of Connectivity revenues Change FY 2024-25 FY 2025-26 Like-for- Reported In € millions like1 Connectivity 618.1 677.9 +9.7% +16.4% o/w LEO 186.8 297.0 +59.0% +69.5% o/w GEO 431.3 380.9 -11.7% -6.6% 1 Change at constant currency. The variation is calcul

  10. Slide 10: Fixed Connectivity

    Fixed Connectivity 23% FY 2025-26 revenues of €270m, up 15.6% like- for-like1 270 247 • Continued growth of LEO-enabled solutions • Partially offset by the more challenging conditions for GEO- enabled solutions 78 -1.2% Q4 Q4 69 Q4 revenues of €78m, up 17.1% YoY, and up Q3 60 Q3 60 27.8% QoQ • Cont

  11. Slide 11: Government Services

    Government Services 20% FY 2025-26 revenues of €235m, up 17.7% like-for-like1 235 211 • CENTAURE call-off contract • increased demand from other non-US governments • and service delivered in Ukraine 87 -1.2% Q4 Q4 65 CENTAURE contract: Q3 50 50 Q3 • First call-off contract under the €1bn NEXUS fra

  12. Slide 12: Mobile Connectivity

    Mobile Connectivity 14%  FY 2025-26 revenues of €172m, up 15.9% like-for- like • strong performance of the Aero segment across both LEO and GEO solutions 172 • a more limited contribution from Maritime, where LEO growth was 160 partially offset by softer trends in GEO services. -1.2% 51 Q4  Q4 rev

  13. Slide 13: Backlog

    Backlog BACKLOG (€BN) Backlog at €3.4 billion on 30 June 2026 Excluding Managed services vs. €3.5 billion a year earlier -1.2% Representing 2.7 years of revenues 3.5 3.4 Connectivity accounting for 61% Of which Connectivity 57% 61% 30 June 2025 30 June 2026 13

  14. Slide 14: Financial Performance

    FINANCIAL PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  15. Slide 15: Profitability

    Profitability Adjusted EBITDA (€m)  Reported Adjusted EBITDA of €632 million down by 6.5% and down by 3.1% on a like for like basis1 676 632  Opex contained at +€36 million • Increase in COGS • Partially offset by the re-evalution of share-based 54.4% Margin 77.4 51.2% 77.5 compensation schemes in

  16. Slide 16: Net result

    Net result FY 2024-25 FY 2025-26 Change (%)  Decrease of Other operating Revenues 1,243.7 1,235.9 -0.6% expenses. Adjusted EBITDA1 676.2 632.4 -6.5%  D&A decrease reflecting notably the Depreciation and amortisation (808.3) (699.3) -13.5% end of the amortisation of certain Other operating income (

  17. Slide 17: Capital Expenditure

    Capital Expenditure  Gross Capex of €594 million compared with €450 a year earlier GROSS CAPEX (€m) • Progress in the execution of LEO investment programs, primarily focused on the GEN-1 follow on program  Gross Capex below the €900 million level 594 anticipated at the time of the First Half 450 •

  18. Slide 18: Net debt

    Net debt 129 In €m 101 594 (109) (529) 11 2,627 2,727 (1,469) 1,465 Net Debt as of Reclassification of Net Debt as of Operating Cash-flow Gross Capex Financial costs Capital Increase net Other Debt as of 30/06/2026 30/06/2025 Assets held for sale 30/06/2025 proceeds

  19. Slide 19: Financial structure

    Financial structure NET DEBT / Adjusted EBITDA RATIO  Net Debt/Adjusted EBITDA ratio of 2.32x • Versus 3.88x at end-June 2025 3.88x  Average cost of debt after hedging of 4.37% • In line with FY 2024-25  Average weighted maturity of 4.2 years 2.32x • Versus 2.5 years at end-June 2025 77.4 77.4 77

  20. Slide 20: Looking Ahead

    LOOKING AHEAD ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  21. Slide 21: Strong commercial momentum

    Strong commercial momentum FIXED GOVERNMENT MOBILE CONNECTIVITY SERVICES CONNECTIVITY 21

  22. Slide 22: First major call-off contract under NEXUS framework agreement

    First major call-of contract under NEXUS framework agreement • First major Call-off contract under the NEXUS framework agreement for the deployment of sovereign Low Earth Orbit capabilities • €350 million 8-year CENTAURE contract • Firm commitment of €138 million over four years • An immediately ope

  23. Slide 23: Upper C-band transition in the United States

    • FCC task order establishing regulatory framework for reallocation of 160 MHz of Upper C-band spectrum in the United States • Eutelsat expects to receive incentive payments of $504 million (€443 million) pre-tax, upon the completion of the transition, expected during 2031 Upper C-band • Cost of the

  24. Slide 24: Europe's sovereign constellation

    • Largest European Public-Private Partnership in the space sector • First Rendez-Vous negotiations in final stages, finalising key terms and conditions • Outcome expected to confirm Eutelsat's leadership of the Europe’s LEO segment sovereign • Giving access to enhanced network capacity and next- con

  25. Slide 25: Financial Outlook

    FINANCIAL OUTLOOK ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  26. Slide 26: Financial objectives

    REVENUES ►FY 2026-27 : slight growth in the revenues of the four Operating Verticals Financial ►LEO revenues up c.30% ►FY 2028-29 revenues of the four operating verticals objectives1 confirmed at between €1.5 and €1.7 billion2 ADJUSTED ►FY 2026-27 Adjusted EBITDA margin around the same EBITDA level

  27. Slide 27: To Sum Up

    ✓ Continued strong LEO revenues growth, already representing 25% of group total To Sum Up ✓ Offsetting revenues decline in legacy businesses, which nevertheless remain highly cashflow-generative ✓ Successful €5 billion re-financing exercise reinforcing financial condition and assuring funding for Ca

  28. Slide 28: Q&A

    Q&A ©2025 EUTELSAT. ALL RIGHTS RESERVED.

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