Eutelsat Communications Sa · EURONEXT:ETL

Eutelsat Communications Sa — Q1 2026 Earnings Presentation

14 slides from Eutelsat Communications Sa's earnings presentation, Oct 21, 2025

1. Slide 1: First Quarter 2025-26 Revenues

   FIRST QUARTER 2025-26 Revenues 21 October 2025 ©2025 EUTELSAT. ALL RIGHTS RESERVED.

2. Slide 2: Highlights

   HIGHLIGHTS LEO revenues up 70.7%, driving Connectivity growth First Quarter Operating Verticals revenues of €283 million, down 1.2%, in line with expectations; Full year financial objectives confirmed Ordinary and Extraordinary General Meeting approves all resolutions relating to contemplated ca

3. Slide 3: Q1 2025-26 Performance

   Q1 2025-26 PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.

4. Slide 4: First Quarter 2025-26 revenues

   First Quarter 2025-26 revenues YoY revenue bridge (€m) Total revenues of €293m, stable at -0.3% like-for-like1 -1.2% 0 Negative currency effect +7 • €/$ rate of 1.16 vs 1.09 last year -10 -3 Positive swing of €7m in ‘Other Revenues’ 300 293 • Of which €5m related to hedging Revenues of the Opera

5. Slide 5: Q1 Revenues by vertical

   Q1 Revenues by vertical REVENUE REVENUES LIKE-FOR-LIKE2 CONTRIBUTION1 YOY CHANGE (€m) VIDEO 47% 133.6 -10.5% FIXED 22% 62.3 +15.9% CONNECTIVITY GOVERNMENT 19% 52.4 +18.5% SERVICES MOBILE 12% 34.7 -12.1% CONNECTIVITY TOTAL OPERATING VERTICALS 283.0 -1.2% OTHER REVENUES 10.2 1 Share of each applicatio

6. Slide 6: Video

   Video 47% Q1 revenues of €133.6m, down 10.5% YoY 608 like-for-like1 • Secular market decline • Negative effect of the latest sanctions imposed on Q4 147 -1.2% Russian channels Q3 152 Q1 revenues down 8.3% QoQ1 Q2 157 Renewal contracts in MENA, confirming the 7/8° West video neighbourhood as the l

7. Slide 7: LEO revenues up 71%, representing over 1/3 of Connectivity revenues

   LEO revenues up 71%, representing over 1/3 of Connectivity revenues Change Q1 2024-25 Q1 2025-26 Like-for- Reported In € millions like1 Connectivity 144.9 149.4 3.1% 8.6% o/w LEO 33.6 54.1 61.0% 70.7% o/w GEO 111.3 95.3 -14.4% -10.1% 1 Change at constant currency and perimeter. The variation is calc

8. Slide 8: Fixed Connectivity

   Fixed Connectivity 22% 247 Q1 revenues of €62.3m, up 15.9% YoY like-for- like1 Q4 69 • Continuing growth in LEO services • Impact of the cessation of revenue recognition from TIM on -1.2% K-VHTS since January 2025 Q3 60 Q1 revenues down by 6.0% Q-o-Q1 • More challenging conditions for GEO-enabled

9. Slide 9: Government Services

   Government Services 19% Q1 revenues of €52.4m, up 18.5% YoY like- for-like1 211 • Growing demand LEO-enabled connectivity solutions for governmental applications -1.2% • Services delivered in Ukraine Q4 65 Q1 revenues -17.0% QoQ1 Q3 50 • Terminal sales impact Q2 50 Q1 46 52 Q1 FY 2024-25 FY 2025-2

10. Slide 10: Mobile Connectivity

    Mobile Connectivity 12% Q1 revenues of €34.7m, down 12.1% YoY like-for-like1 • Lower GEO revenues 160 • One-off contract in aviation for c.€3 million in -1.2% recorded Q1 FY 2024-25. Q4 45 Q1 revenues down by 19.0% QoQ1 • Revenue catch-up recorded in Q4 FY25 Q3 40 • Slowdown in GEO • Terminal sale

11. Slide 11: Backlog

    Backlog BACKLOG (€BN) Excluding Managed services Backlog at €3.5 billion on 30 September -1.2% 2025 stable vs. end-June 2025 3.9 3.5 3.5 Representing 2.8 years of revenues Connectivity accounting for 58% Of which Connectivity 55% 57% 58% 30 Sep 2024 30 Jun 2025 30 Sep 2025 11

12. Slide 12: Outlook

    OUTLOOK ©2025 EUTELSAT. ALL RIGHTS RESERVED.

13. Slide 13: Financial objectives confirmed

    Financial objectives1 confirmed REVENUES2 ►FY 2025-26 revenues of the four operating verticals around the same level as FY 2024-25 ►LEO revenues up c. 50% ADJUSTED ►FY 2025-26 Adjusted EBITA margin slightly EBITDA2 below the level of FY 2024-25 GROSS ►Between €1bn and €1.1bn CAPEX LEVERAGE ►Net debt

14. Slide 14: Q&A

    Q&A ©2025 EUTELSAT. ALL RIGHTS RESERVED.

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