Eutelsat Communications Sa · EURONEXT:ETL

Eutelsat Communications Sa — Q3 2025-26 Earnings Presentation

14 slides from Eutelsat Communications Sa's earnings presentation, May 12, 2026

  1. Slide 1: Third Quarter 2025-26 Revenues

    THIRD QUARTER 2025-26 Revenues May 12, 2026 ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  2. Slide 2: Highlights

    HIGHLIGHTS Third Quarter Operating Verticals revenues of €283.7m, up 0.9%1 year on year Sustained double digit growth1 in Connectivity, driven by LEO enabled solutions, up 65% year-on-year Successful conclusion of comprehensive refinancing strategy Full Year 2025-26 financial objectives confirme

  3. Slide 3: Q3 2025-26 Performance

    Q3 2025-26 PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  4. Slide 4: Third Quarter 2025-26 revenues

    Third Quarter 2025-26 revenues Total revenues of €293m, +3.1% like-for- YoY revenue bridge (€m) like1 Negative currency effect +0.9% • €/$ rate of 1.18 vs 1.04 last year 0 +10 Positive swing of €10m in ‘Other +3 -20 Revenues’ • Of which €3m related to hedging 300 293 Revenues of the Operating Ve

  5. Slide 5: Q3 Revenues by vertical

    Q3 Revenues by vertical REVENUE REVENUES LIKE-FOR-LIKE2 CONTRIBUTION1 YOY CHANGE (€m) VIDEO 45% 128.0 -13.3% FIXED 21% 60.3 +10.6% CONNECTIVITY GOVERNMENT 18% 50.4 +11.8% SERVICES MOBILE 16% 45.0 +27.0% CONNECTIVITY TOTAL OPERATING VERTICALS 283.7 +0.9% OTHER REVENUES 9.4 1 Share of each application

  6. Slide 6: Video

    Video 45% Q3 revenues of €128m, down 13.3% YoY like- for-like1 • Impact of sanctions on Russian channels imposed at the beginning of the year • Termination of capacity contracts on the Express AT1 461 and AT2 satellites 394 -1.2% Q3 revenues down 3.6% QoQ1 • Above-mentioned termination of contract

  7. Slide 7: LEO revenues up 65%, representing c. 40% of Connectivity revenues

    LEO revenues up 65%, representing c. 40% of Connectivity revenues Change Q3 2024-25 Q3 2025-26 Like-for- Reported In € millions like1 Connectivity 148.9 155.7 4.6% 15.3% o/w LEO 42.3 62.2 47.2% 65.0% o/w GEO 106.7 93.5 -12.3% -4.3% 1 Change at constant currency and perimeter. The variation is calcul

  8. Slide 8: Fixed Connectivity

    Fixed Connectivity 21% Q3 revenues of €60.3m, up 10.6% YoY like-for- like1 • Continued momentum of LEO-enabled connectivity solutions 192 179 • Partially offset by more challenging conditions for GEO- -1.2% enabled services 60 Q3 Q3 60 Q3 revenues down by 12.9% QoQ1 • One-off impact from the upfro

  9. Slide 9: Government Services

    Government Services 18% Q3 revenues of €50.4m, up 11.8% YoY like-for-like1 • Continued growth in LEO-enabled solutions, notably through services delivered in Ukraine • Rising demand from non-US governments. 149 -1.2% 146 Q3 revenues +10% QoQ1 • Acceleration of LEO activities Q3 50 50 Q3 Expecting

  10. Slide 10: Mobile Connectivity

    Mobile Connectivity 16%  Q3 revenues of €45m, up 27% YoY like-for-like1 • Ongoing growth in the Aero segment, across both GEO and LEO solutions  Q3 revenues up by 8.3% QoQ1  Aero: • Connectivity agreement with Japan Airlines; 122 -1.2% • 600 installations; 115 • 15 airlines already committed; • 1

  11. Slide 11: Backlog

    Backlog BACKLOG (€BN) Excluding Managed services Backlog at €3.4 billion on 31 March 2026 stable vs. December 2025 -1.2% Representing 2.8 years of revenues 3.6 3.4 3.4 Connectivity accounting for 58% Of which Connectivity 57% 59% 58% 31 March 2025 31 Dec 2025 31 March 2026 11

  12. Slide 12: Outlook

    OUTLOOK ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  13. Slide 13: Financial objectives confirmed

    Financial objectives1 REVENUES ►FY 2025-26 revenues of the four operating confirmed verticals around the same level as FY 2024-25, with LEO revenues up c. 50% ►FY 2028-29 revenues of the four operating verticals between €1.5 and €1.7 billion2 ADJUSTED ►FY 2025-26 Adjusted EBITDA margin slightly EBIT

  14. Slide 14: Q&A

    Q&A ©2025 EUTELSAT. ALL RIGHTS RESERVED.

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