Eutelsat Communications Sa · EURONEXT:ETL
Eutelsat Communications Sa — FY2024-25 Earnings Presentation
30 slides from Eutelsat Communications Sa's earnings presentation, Aug 5, 2025
Slide 1: Full Year 2024-25 Results
Full Year 2024-25 RESULTS 5 August 2025 ©2023 Eutelsat Group. All rights reserved.
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 or
Slide 3: Agenda
Agenda Highlights of FY 2024-25 Operational Performance Financial Performance Outlook Financial objectives ©2023 Eutelsat Group. All rights reserved.
Slide 4: Highlights of FY 2024-25
➢ FY 2024-25 results in line with Financial Objectives with Highlights Operating Verticals revenues of €1,226 million and adjusted EBITDA margin of 54.4% of FY ➢ LEO revenues rise by over 80%1 to €187 million, reflecting 2024-25 substantially growing demand across all connectivity verticals, and rep
Slide 5: Operational performance
Operational performance ©2023 Eutelsat Group. All rights reserved.
Slide 6: Key financial data
Key financial data financial data YoY Change M€ FY 2023-24 FY 2024-25 Reported Like-for-like1 P&L Total Revenues 1,213.0 1,243.7 2.5% +1.6% Operating Verticals Revenues 1,209.4 1,226.3 1.4% +0.8% O/w LEO Revenues 93.8 186.8 99.0% +84.1% Adjusted EBITDA 718.9 676.2 -5.9% 0.0% Adjusted EBITDA margin 5
Slide 7: Revenues by vertical
Revenues by vertical REVENUE REVENUES LIKE-FOR-LIKE2 CONTRIBUTION1 YOY CHANGE (€m) VIDEO 50% 608.2 -6.5% FIXED 20% 247.3 +4.3% CONNECTIVITY GOVERNMENT 17% 211.0 +24.1% SERVICES MOBILE 13% 159.7 +0.3% CONNECTIVITY TOTAL OPERATING VERTICALS 1,226.3 +0.8% OTHER REVENUES 17.5 +€13.8m3 1 Share of each ap
Slide 8: Video
Video 50% FY 2024-25 revenues of €608m, down 6.5% YoY like- for-like1 • Maturity of this legacy business 785 651 608 Eutelsat’s leading video hotspots continue to attract broadcasters, notably HOTBIRD video neighbourhood at 13° East: 159 Q4 Q4 • Renewal of a capacity agreement with longstanding
Slide 9: Fixed connectivity
Fixed connectivity 20% 247 234 FY revenues of €247m, up 4.3% YoY like-for-like1 • Continued growth of LEO-enabled connectivity solutions 69 Q4 • More challenging conditions for GEO, including cessation of revenue recognition from TIM on KONNECT-VHTS Q4 82 Recent commercial wins in LEO including
Slide 10: Government services
Government services 17% FY revenues of €211m, up 24.1% YoY like-for-like1 211 • Growth of LEO-enabled solutions, notably with services delivered in Ukraine 165 • Increased demand from other non-US governments 65 Q4 Q4 revenues of €65m, up 41% YoY like-for-like Q4 47 50 Q3 Geopolitical Backdrop
Slide 11: Mobile connectivity
Mobile connectivity 13% FY revenues of €160m, up 0.3% YoY like-for-like1 • Growing demand for LEO-based solutions notably in maritime 159 160 • Partly offset by lower GEO revenues Q4 revenues stood at €45 million, down 7.0% year-on-year Q4 49 45 Q4 • Due to the above-mentioned one-off contract
Slide 12: Backlog
Backlog BACKLOG (€BN) Excluding Managed services Backlog at €3.5 billion on 30 June 2025 vs. €3.9bn in June 2024 Representing 2.8 years of revenues 4.3.90 3.5 Connectivity representing 57% of the total Of which 56% 57% Connectivity 30 June 2024 30 June 2025 ©2023 Eutelsat Group. All rights res
Slide 13: Financial performance
Financial performance ©2023 Eutelsat Group. All rights reserved.
Slide 14: Profitability
Profitability Adjusted EBITDA (€m) Reported Adjusted EBITDA of €676.2 million down by 5.9% Reported Like-for-like1 Adjusted EBITDA stable on a like for like basis1 719 676 674 674 Adjusted EBITDA margin of 54.2% at constant currency (54.4% reported) versus 59.3% reported and 55.0% like for lik
Slide 15: Net result
Net result • Other operating expenses of €777m included €535m impairment of GEO goodwill and a further €186m in Extracts from the FY FY consolidated income CHANGE satellite impairments statement in €m 2023-24 2024-25 • D&A of €808 million reflecting perimeter effect of OneWeb and higher amortization
Slide 16: Capital expenditure
Capital expenditure Gross Capex of €450 million compared with €517 GROSS CAPEX (€m) million a year earlier • GEO satellite program delivery and launch last year • Lower LEO on-ground Capex versus last year 517 Below initial estimates due to LEO constellation 450 phasing Capex focused on LEO ac
Slide 17: Net debt
Net debt Change in net debt Net Debt as per covenant In €m definition in (109) financing documentation Reported 44 102 Net Debt 450 101 2,727 2,544 (413) 2,627 Net Debt as of Operating Cash- Gross Capex Financial costs Other Net Debt as of Reclasification of Net Debt as of 30/06/2024 flow 30/06/2025
Slide 18: Financial structure
Financial structure NET DEBT / Adjusted EBITDA RATIO Net Debt/Adjusted EBITDA ratio of 3.88x1 • Versus 3.79x at end-June 2024 Average cost of debt after hedging of 4.37% versus 3.79x 3.88x 4.87% in FY 2023-24 Average weighted maturity of 2.5 years • Versus 3.5 years at end-June 2024 77.4 77.4
Slide 19: Outlook
Outlook ©2023 Eutelsat Group. All rights reserved.
Slide 20: LEO powering B2B connectivity market growth
LEO powering B2B connectivity market growth CY’2025- CY’2025- LEO market projected to grow at +28% p.a. 2029 CAGR 2033 CAGR LEO connectivity market drivers c.5x LEO market size €16.6bn CY’2025-33 ► Race towards sovereign LEO constellations ► Rising global defence budgets ► Innovations in satellite a
Slide 21: Eutelsat is on track to maximise the full potential of its LEO constellation
Eutelsat is on track to maximise the full potential of its LEO constellation From OneWeb acquisition… … to status as of Jun-25 Medium-term targets Consistent service levels Approx. 630-satellite 650+ satellites Enhanced quality of service when End-to-End not yet operationalized / c.1Tbps sellable ca
Slide 22: Significant traction in Government services
Significant traction in Government services Landmark €1bn framework agreement with France’s Ministry of the Armed Forces covering the supply of priority-access space Reflecting current Geopolitical resources, the hosting of ancillary missions for the French armed forces, and operational and security
Slide 23: Capital increase of €1.5bn to support strategic roadmap
Capital increase of €1.5bn to support strategic roadmap ▪ €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 exis
Slide 24: A fully comprehensive FY'2026-29 financing strategy
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 ▪ Improved credit profile and ▪ Access to Export Credit cashflows from LEO access t
Slide 25: Financial objectives
Financial objectives ©2025 Eutelsat Group. All rights reserved. 25
Slide 26: Full focus on revenue growth drivers
Full focus on revenue growth drivers Operational Go-to-market improvement 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 differen
Slide 27: FY 2025-26 Financial objectives
FY 2025-26 Financial objectives1 REVENUES2 ► FY 2025-26 revenues of the four operating verticals around the same level as FY 2024-25 ► LEO revenues up c. 50% ADJUSTED EBITDA2 ► FY 2025-26 Adjusted EBITA margin slightly below the level of FY 2024-25 GROSS CAPEX ► Between €1bn and €1.1bn LEVERAGE ► ne
Slide 28: Longer term: Solid growth and industry-leading margin profile
Longer term: Solid growth and industry-leading margin profile GEO Revenues €1.5-1.7bn FY’2026-29 outlook LEO Revenues €1.5bn to €1.7bn revenue expected in FY’2028-29 In line with FY’2024-25 LEO revenue growth outperforming market growth over the period Operating leverage expected to drive mid-
Slide 29: To sum up: Ready for the next chapter
To sum up: Ready for the next chapter ✓Robust growth in LEO revenues on the back of strong global demand ✓European space connectivity champion in a shifting geopolitical environment ✓Strong progress in addressing the operational challenges; on track for full global service in 2026 ✓Management focus
Slide 30: Q&A
Q&A ©2023 Eutelsat Group. All rights reserved.
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