Eutelsat Communications Sa · EURONEXT:ETL
Eutelsat Communications Sa — Investor Presentation (July 2025)
27 slides from Eutelsat Communications Sa's investor presentation, July 2025
Slide 1: Investor Presentation
Investor Presentation July 2025
Slide 2: Disclaimer
Disclaimer • The presentation and any opinions contained herein are provided as at the date of publication of this presentation and are subject to change without notice. Eutelsat Communications, Goldman Sachs Bank Europe SE (“GSBE”) and Rothschild & Co (“R&Co“) expressly disclaim any obligation or u
Slide 3: Table of Contents
TABLE OF CONTENTS 1 Eutelsat – Ready for the next chapter 2 Transaction overview 3 Financial outlook
Slide 4: Eutelsat – Ready for the next chapter
Eutelsat – Ready for the next chapter 1
Slide 5: Eutelsat – Ready for the next chapter
Eutelsat – Ready for the next chapter 1 Strong momentum in the Satellite LEO-enabled connectivity market 2 Ready to capitalise on first mover advantage – One of just two in-market operators 3 Full LEO potential now unlocked by improved network and global coverage 4 Commercial momentum building acros
Slide 6: Strong momentum on B2B market connectivity over the next years
Strong momentum on B2B market connectivity over the next years CY’2025-29 CY’2025-33 Satellite B2B connectivity market projected to grow at +12% p.a. CAGR CAGR Market drivers LEO share of connectivity market ► Fixed/enterprise connectivity1 | +13% CY’2025-29 37% 62% 80% CAGR ▪ Fast broadband needs i
Slide 7: LEO unlocking new use cases and powering connectivity market growth
LEO unlocking new use cases and powering connectivity market growth CY’2025-29 CY’2025-33 LEO market projected to grow at +28% p.a. over CY’2025-29 CAGR CAGR LEO connectivity market drivers c.5x €16.6bn ► Race towards sovereign LEO constellations LEO market size CY’2025-33 ► Rising global defence bu
Slide 8: Eutelsat is the only European LEO operator
Eutelsat is the only European LEO operator Chinese constellations (Guowang, Thousand Sails) Operational LEO fleet today ✓ ✓ Location ✓ ✓ ✓ ✓ B2B offering ✓ ✓ ✓ Core focus Core focus Multi-orbit constellation ✓ ✓ Priority spectrum rights +++ ++ - - - ©2025 Eutelsat Group. All rights
Slide 9: Eutelsat is on track to exploit the full potential of its LEO constellation
Eutelsat is on track to exploit the full potential of its LEO constellation From OneWeb acquisition… … to status as of Jun-25 Medium-term targets Consistent service levels Approx. 600-satellite 650+ satellites Enhanced quality of service End-to-End not yet operationalized / c.1Tbps sellable capacity
Slide 10: Full global coverage to be achieved in 2026
Full global coverage to be achieved in 2026 Expected full coverage by end of CY’2026 Considerations ✓ Coverage achieved with deployment of 44 SNPs (o.w. 39 already deployed) ✓ All 27 PoPs (Point of Presence) already deployed ✓ 181 countries and territories regulatory cleared for land fixed services
Slide 11: Commercial momentum building across key verticals
Commercial momentum building across key verticals Mobile connectivity – in-flight connectivity roll-out Fixed connectivity – increasing demand for backhauling Simple capacity offering through packages tailored Delivering LEO backhaul to Telstra´s customers in to aviation end-customer’s needs remote
Slide 12: European space connectivity champion in a shifting geopolitical environment
European space connectivity champion in a shifting geopolitical environment Strategic role in governmental and defence “Eutelsat is in talks with suppliers to provide both military-grade and standard terminals” Bloomberg, 6 March 2025 communications, which are essential amid current geopolitical lan
Slide 13: NEXUS – Eutelsat and France's Ministry of the Armed Forces ink landmark framework
NEXUS – Eutelsat and France’s Ministry of the Armed Forces ink landmark framework for LEO services 18-Jun-2025 – Eutelsat and France’s Ministry of the Armed Forces announced landmark framework agreement Reinforcing France military space Agreement on: ✓ communications model with the combination of mi
Slide 14: New leadership focused on revenue growth drivers
New leadership focused on revenue growth drivers Operations Go-to-market improvement initiative Scale-up of LEO operations €3.7bn backlog ► Satellites – Launch of additional 440 revenues satellites to ensure service continuity (100 by 2027, 340 by 2029) and ► Focus on targeted use-cases to build dep
Slide 15: IRIS² – Substantial incremental capacity starting in 2030+
IRIS² – Substantial incremental capacity starting in 2030+ in a compelling financial framework ▪ 264 LEO satellites expected entry into service in 2030+ Incremental ▪ EU and Member States as anchor customers ✓ secured capacity ▪ Exclusive sellable LEO commercial capacity of at least 1.5 Tbps €6.5bn
Slide 16: Transaction overview
@) CUTECLSAT GROUP Transaction overviev
Slide 17: Contemplated capital increase of €1.5bn
Contemplated capital increase of €1.5bn ▪ €1.5bn equity capital increase, in the form of €828m Reserved Capital Increase (RCI) at a price per share of €4, and subsequent €672m Rights Issue (RI) Transaction structure ▪ Reserved Capital Increase to be subscribed by a group of core existing shareholder
Slide 18: Two-step capital raise process
Two-step capital raise process Total equity package of €1.5bn split between a €828m RCI and a subsequent €672m RI 1st Leg: Reserved Capital Increase 2nd Leg: Rights Issue €828m €672m Reserved Capital Increase Rights Issue Pro-rata participation commitment from RCI investors French State1 to subscrib
Slide 19: Ownership evolution
Ownership evolution Current Post-Reserved Capital Increase Ownership Ownership Other shareholders 29.13% Other 24.09% 29.65% shareholders 41.82% 13.59% 1 4.99% 7.46% 17.88% 10.89% 4.15% 5.47% 10.89% ©2025 Eutelsat Group. All rights reserved. Source: Press. Notes: 1. APE acquired the shares of the Co
Slide 20: Target transaction timeline
Target transaction timeline 19-June 20251 Around end of Q3 CY’2025 06-November 2025 €1.35bn Equity package EGM: Shareholders to approve Eutelsat Q1-FY’2025-26 announcement & updated €828m RCI and new results publication strategic plan announcement authorizations for subsequent €672m Rights Issue 10-
Slide 21: Key step in a fully comprehensive FY'2026-29 financing strategy
Key step in a fully comprehensive FY’2026-29 financing strategy Long-term self-funding business model Eutelsat has a comprehensive FY’2026-29 financing strategy €1.5bn equity injection Enhance / unlock ▪ Enhanced group operating ▪ Access to Export Credit ▪ Improved credit profile and cashflows from
Slide 22: A transaction resulting in a fully funded capex plan for the coming years
A transaction resulting in a fully funded capex plan for the coming years CY’2025 CY’2026 CY’2027 CY’2028 CY’2029 CY’2030 CY’2031 100 committed satellites procured Current Gen-1 ~€2bn to ensure Gen-1 continuity, and complete Gen-1 global coverage between FY’2024-25 and FY’2028-29 Gen-1 follow-on c.3
Slide 23: Financial outlook
( ) CUTeCLSAT GROUP Financial outlook
Slide 24: Solid growth and industry-leading margin profile
Solid growth and industry-leading margin profile GEO Revenues FY’2024-25 guidance €1.5-1.7bn confirmed LEO Revenues In line with FY’2024-25 FY’2025-26 capex €1.0bn to €1.1bn gross capex FY’2026-29 outlook €1.5bn to €1.7bn revenue expected Revenues in FY’2028-29 LEO revenue growth outperforming
Slide 25: A window of opportunity to capture long-term value
A window of opportunity to capture long-term value 1 Comprehensive strategy unlocked thanks to €1.5bn of equity proceeds • Comprehensive package to secure funding for Eutelsat next phase of growth 2 Highly visible investment roadmap funded • Clear satellite deployment plan ensuring continuity of ser
Slide 26: Appendix
© CUTeCLSAT GROUP Appendix
Slide 27: Eutelsat's partial disposal of passive ground segment
Eutelsat’s partial disposal of passive ground segment Carve-out of the passive assets (land, buildings, support infrastructure, antennas and connectivity circuits for the combined portfolio of teleports and SNP) to form new, standalone company 80% sold to EQT Private Equity Group with Eutelsat t
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