Eutelsat Communications (EUTLF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the UTLSAT first quarter 2025-2026 revenues presentation. For the first part of the conference, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key 5 on their telephone keypad. Now, I will hand the conference over to the speaker, Christophe Cadrelier, Chief Financial Officer. Please go ahead. Hello, everyone. Welcome and thank you for joining us today for USTEP's first quarter 25-26 revenues presentation. I'm Christophe Cordier, CFO, and I'm joined today by Joanna Darlington, Head of Communication and Investor Relations. Let's start with the highlights of the past quarter. Leo revenues continued their robust growth rate up 70%. Overall, first quarter revenues were in line with expectations, enabling us to confirm all our full-year 25-26 financial objectives, as well as our longer-term targets. And finally, at the end of September, UTELSAT, on the 30th exactly, UTELSAT held an ordinary and extraordinary general meeting where all resolutions related to the contemplated capital increases were approved. Let's now turn to the Q1 performance. First, as a reminder, All commentary is on a like-for-like basis, that is to say at constant currency and parameter. Total revenues for the first quarter stood at 293 million euros, virtually stable at minus 0.3% on a like-for-like basis. They reflected a €10 million negative currency effect and a €7 million positive swing in other revenues, mainly from hedging, as well as revenue recognition from Iris Square related to UTADSAT's involvement as consortium system development prime. Revenues of the four operating verticals were down 1.2% on a like-for-like basis. Let's have a look at the segmental reporting. Video representing 47% ...