Eutelsat Communications Sa · EURONEXT:ETL
Eutelsat Communications Sa — Investor Presentation (March 2026)
41 slides from Eutelsat Communications Sa's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
INVESTOR PRESENTATION March 2026 ©2025 EUTELSAT. ALL RIGHTS RESERVED.
Slide 2: Table of Contents
TABLE OF CONTENTS 01 EUTELSAT IN A SNAPSHOT 02 READY FOR NEXT CHAPTER 03 FIRST-HALF FY2025-26 PERFORMANCE 04 FINANCIAL OUTLOOK A APPENDIX
Slide 3: Eutelsat in a Snapshot
(© euTeLSAT a EUTELSAT IN age? ‘S w
Slide 4: Eutelsat at a glance: The only European LEO Solution
Eutelsat at a glance The only European LEO Solution 650+ 31 #1 1,000+ Sole non-US based Distributors and LEO satellites GEO satellites¹ LEO operator service providers €1.2bn €3.4bn 60% 52.1% LEO H1’2025-26 FY 2024-25 Dec-25 revenue H1’2025-26 Adj. l-f-l revenue growth revenue backlog EBITDA margin v
Slide 5: Building the European connectivity champion
Building the European connectivity champion From 1977 • Fleet of 33 GEO satellites, one of the • Unified under a single brand largest in the world, with global coverage • 2 years integration process • Operating one of the largest global GEO fleets • B2B trusted partner for video and connectivity • C
Slide 6: Eutelsat within the satellite value chain
Eutelsat within the satellite value chain TV broadcasters, Satellite Satellite Satellite Telecoms, Consumers manufacturers launchers operators Governments & businesses
Slide 7: Complementary technologies with B2B/B2G use cases across verticals
Complementary technologies with B2B/B2G compelling use cases across verticals and end-applications ~36,000km GEO ✓ Network density GEO ✓ High throughput ✓ Fewer satellites for global coverage ~1,200km LEO ✓ Highest speed and lower latency LEO ✓ Coverage of remote / low density areas @@ Internet GEO
Slide 8: A fleet combining GEO resiliency with LEO low latency and high throughput
A fleet of assets combining GEO’s high resiliency with LEO’s low latency and high throughput LEO highlights GEO highlights 650+ 31 LEO Satellites GEO Satellites1 1.1 Tbps 690+ Gbps High throughput capacity aimed Sellable capacity at the connectivity market 99%+ c.1,200 Network availability Transpond
Slide 9: €1.5bn fresh equity from governments & key strategic shareholders
€1.5bn fresh equity from governments & key strategics shareholders Total equity package of €1.5bn split between a €828m Reserved Capital Increase and a subsequent €670m Rights Issue completed in December 2025 Ownership Pre Capital Raise1 Ownership Post Capital Increase Other Other Shareholders 13.59
Slide 10: Bond & Bank Debt maturity schedule
Bond & Bank Debt maturity schedule Debt maturity schedule1 post re-financing plan (€m, calendar year) % of total debt2 20% TopCo Level 80% 900 OpCo Level 850 800 650 200 500 850 600 650 13 141 53 400 53 128 2026 2027 2028 2029 2030 2031 2032 2033 ESA level OW level ECOM level Structured loan (drawn)
Slide 11: Eutelsat CSR Mission
EUTELSAT CSR MISSION Our CSR mission revolves around four primary pillars all of which are in perfect alignment with our sustainable business model As a member of the United Nations Global Compact since 2019, Eutelsat contributes to the achievement of 10 of the 17 SDGs 11
Slide 12: CSR Approach & Key Commitments
CSR APPROACH & KEY COMMITMENTS MISSION APPROACH KEY COMMITMENTS* STATUS AS OF 30 JUNE 2025 Ensure that Eutelsat applies sustainability standards and RESPONSIBLE USE regulations to its own operations and protect dark and quiet 1. In FY25 two GEO Satellites were successfully moved 1. Achieve annually
Slide 13: Ready for Next Chapter
READY FOR NEXT CHAPTER 02
Slide 14: Strong momentum in B2B connectivity market over the next years
Strong momentum in B2B connectivity market 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 CAGR 37% 62% 80% • Fast broadband needs i
Slide 15: 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 to gain market share over CY’2025-29 CAGR CAGR LEO Market Drivers • Need for sovereign LEO constellations €16.6bn c.5x c.53% • Rising global defence budgets LEO market GEO share of • Innovations in satellit
Slide 16: One of two in-market LEO operators with multiple barriers to entry
One of two in-market LEO operators with multiple barriers to entry Legacy GEO operators LEO satellite operators – in service LEO satellite operators – not in service before 2027 – no proprietary LEO Chinese constellations (Guowang, Thousand Sails) Operational LEO fleet today ✓ ✓ Location ✓
Slide 17: Commercial momentum building across other verticals
Commercial momentum building across other 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 to aviation end-customer’s needs in remot
Slide 18: Positioned to capitalize on geopolitical shifts as Europe's leading space connectivity player
Ideally positioned to capitalize on geopolitical shifts as Europe’s leading space connectivity player Eutelsat and France’s Ministry of the Armed Forces announced landmark framework agreement , 18th June 2025 Strategic role in governmental and defence • Supply of priority-access space resources, not
Slide 19: 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+ ⚫ EU and member states as anchor customers Incremental ⚫ Exclusive sellable LEO commercial capacity of at least 1.5 Tbps secured capacity ⚫ We proj
Slide 20: First-Half FY 2025-26 Performance
FIRST-HALF FY 2025-26 PERFORMANCE 03
Slide 21: 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 22: 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 23: LEO revenues up 60%, 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 24: 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 25: 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 26: 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 27: 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 28: Financial Outlook & Capex Roadmap
FINANCIAL OUTLOOK & CAPEX ROADMAP 04
Slide 29: At an inflection point – LEO and connectivity demand to drive next growth cycle
At an inflection point – LEO and connectivity demand to drive the next growth cycle Strong momentum on Video High speed internet development driving shift from Entering the LEO era – connectivity solutions and low- driving growth satellite video to IPTV and OTT streaming orbit to drive future growth
Slide 30: Full focus on revenue growth drivers
Full focus on revenue growth drivers Operations improvement Go-to-market initiative Scale-up of LEO operations Satellites – Launch of additional 440 satellites to ensure service continuity (100 by 2027, 340 by 2029) and Focus on targeted use-cases to build deployment of hosted payloads differentiati
Slide 31: Solid growth and industry-leading margin profile
Solid growth and industry-leading margin profile GEO revenue €1.5 – 1.7bn FY’2025-2026 Capex LEO revenue €1.0bn to €1.1bn gross Capex In line with FY’2024-25 FY’2026-29 outlook €1.5bn to €1.7bn revenue expected Revenues in FY’2028-29 LEO revenue growth outperforming market growth over the period Ope
Slide 32: 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 EBITDA margin slightly EBITDA below the level of FY 2024-25 ►FY 2028-29 Adjusted EBITDA margin at c.65% vs c.60% pre
Slide 33: Comprehensive funding plan designed for execution of capex roadmap
Comprehensive funding plan designed for execution of CAPEX roadmap Comprehensive financing plan Capex Deployment Timeline Committed1 €400m Bank Term Loan and fully undrawn ✓ €500m RCF with a 4.0x covenant CY’2025 CY’2026 CY’2027 CY’2028 CY’2029 CY’2030 CY’2031 100 committed satellites procured ✓ €1.
Slide 34: Appendix: H1 FY2025-26 Financials
APPENDIX: H1 FY2025-26 FINANCIALS 01
Slide 35: 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 36: 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 37: 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 38: 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 39: 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 40: IR contacts
IR contacts Joanna Darlington Chief Communications and Investor Relations Officer T: +33 6 74 52 15 31 E: jdarlington@eutelsat.com Hugo Laurens-Berge Investor Relations Officer T: +33 6 70 80 95 58 E: hlaurensberge@eutelsat.com Christine Lopez IR Coordinator T: +33 1 53 98 47 02 E: clopez@eutelsat.c
Slide 41: Disclaimer
Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION. IMPORTANT: You must read the following before continuing. This presentation (including any oral brief