Statutory Auditors Report HY (DOC Investors ESA RCC comptes semestriels consolides EN 130226)

FORVIS MAZARS SA ERNST & YOUNG Audit

Period from July 1 to December 31, 2025

Statutory auditors' review report on the condensed half-yearly consolidated financial statements

FORVIS MAZARS SA

45, rue Kléber

92300 Levallois-Perret

S.A. à directoire et conseil de surveillance au capital de € 8 320 000

784 824 153 R.C.S. Nanterre

Commissaire aux Comptes Membre de la compagnie

régionale de Versailles et du Centre

ERNST & YOUNG Audit

Tour First TSA 14444

92037 Paris-La-Défense cedex

S.A.S. à capital variable 344 366 315 R.C.S. Nanterre

Commissaire aux Comptes Membre de la compagnie

régionale de Versailles et du Centre

Period from July 1 to December 31, 2025

Statutory auditors' review report on the condensed half-yearly consolidated financial statements

To the Chief Executive Officer,

In our capacity as statutory auditors of Eutelsat S.A. and in accordance with your request, we have performed a review of the accompanying condensed half-yearly consolidated financial statements (the "Financial Information") of Eutelsat S.A. for the period from July 1 to December 31, 2025.

Management is responsible for the preparation and presentation of this Financial Information in accordance with IAS 34 - a standard of IFRS as adopted by the European Union applicable to interim financial information. Our responsibility is to express a conclusion on this Financial Information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, which applies to a review of historical financial information performed by the independent auditor of the Entity. A review of Financial Information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying Financial Information is not prepared, in all material respects, in accordance with IAS 34 - a standard of IFRS as adopted by the European Union applicable to interim financial information.

This report is governed by, and construed in accordance with French law. The courts of France shall have exclusive jurisdiction in relation to any claim or dispute concerning the engagement letter or this report, and any matter arising therefrom. Each party irrevocably waives any right it may have to object to an action being brought in any of those courts, to claim that the action has been brought in an inconvenient forum or to claim that those courts do not have jurisdiction.

Levallois-Perret and Paris-La Défense, February 13, 2026

The Statutory Auditors

French original signed by

FORVIS MAZARS SA ERNST & YOUNG Audit

Erwan Candau Karine Dupré Nicolas Macé

Eutelsat S.A. 2

AS OF DECEMBER 31, 2025

‌CONTENTS

1. CONSOLIDATED INCOME STATEMENT 1

2. COMPREHENSIVE INCOME STATEMENT 1

3. CONSOLIDATED STATEMENTS OF FINANCIAL 2

   POSITION

4. CONSOLIDATED STATEMENT OF CASH FLOWS 4

5. CONSOLIDATED STATEMENT OF CHANGES 5

   IN SHAREHOLDERS' EQUITY

6. NOTES TO THE CONSOLIDATED FINANCIAL 6

STATEMENTS

COMPREHENSIVE INCOME STATEMENT

1. ‌CONSOLIDATED INCOME STATEMENT‌

   (in millions of euros)	Note	31 December 2024	31 December 2025
   REVENUES FROM OPERATIONS	5.1	561.8	505.1
   Operating costs		(58.8)	(60.4)
   Selling, general and administrative expenses		(111.3)	(108.3)
   Depreciation expense	6.1.1,6.1.2,6.1.3	(225.6)	(199.3)
   Other operating income and expenses	5.3	(151.3)	(68.1)
   OPERATING RESULT		14.7	69.0
   Cost of net debt		(49.6)	(24.6)
   Other financial income and expenses		(6.8)	(5.5)
   FINANCIAL RESULT	5.4	(56.4)	(30.0)
   CURRENT RESULT BEFORE TAX		(41.7)	39.0
   Income tax	5.5	(7.6)	(6.6)
   Share of result of associates	6.2	(71.1)	(60.8)
   NET RESULT		(120.3)	(28.5)
   Attributable to Groupe Eutelsat S.A.		(120.3)	(28.3)
   Attributable to minority shareholders			(0.2)
   Diluted basic earnings per share attributable to Eutelsat S.A.'s shareholders	5.6	(0.119)	(0.028)

2. ‌COMPREHENSIVE INCOME STATEMENT‌

   (in millions of euros)	Note	31 December 2024	31 December 2025
   NET RESULT	(120.3)		(28.5)

   OTHER RECYCLABLE ITEMS OF GAIN OR LOSS ON COMPREHENSIVE INCOME

   Translation adjustment	6.6.4	2.0	(4.2)
   Tax effect	6.6.4	6.7	-
   Changes in fair value of hedging instruments(1)	6.6.3	(0.7)	(9.3)
   Tax effect	6.6.3	0.2	2.4

   OTHER NON-RECYCLABLE ITEMS OF GAIN OR LOSS ON COMPREHENSIVE INCOME

   Changes in post-employment benefits	(9.8)	(7.3)
   Tax effect	2.5	1.9
   TOTAL OF OTHER ITEMS OF GAIN OR LOSS ON COMPREHENSIVE INCOME	1.0	(16.5)
   TOTAL COMPREHENSIVE INCOME	(119.4)	(44.9)
   Attributable to the Group	(119.4)	(44.7)
   Attributable to non-controlling interests	-	(0.2)

   (1) Translation adjustments comprise foreign net investment hedges.

   CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

   ASSETS

3. ‌CONSOLIDATED STATEMENTS OF FINANCIAL POSITION‌

   31 December 2025

‌(in millions of euros) Note 30 June 2025

ASSETS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

LIABILITIES

‌(in millions of euros) Note 30 June 2025

LIABILITIES

1. ‌CONSOLIDATED STATEMENT OF CASH FLOWS‌

   31 December 2025

(in millions of euros) Note 30 June 2025

CASH FLOW FROM OPERATING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES

CASH FLOW FROM FINANCING ACTIVITIES

1. As of December 31, 2025, taxes paid included payments on account of income tax for Eutelsat Asia in the amount of (2.8) million euros, the payment of the CVAE (companies' added value contribution) for Eutelsat SA in the amount of (0.5) million euros, and (0.1) million euros paid by Eutelsat Communications in respect of a CIR (research tax credit) adjustment.

2. As of December 31, 2025, the repayment of borrowings included the repayment by Eutelsat SA of (103) million euros under the SMBC debt and (176.6) million euros under bonds.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

1. ‌CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY‌

   (in millions of euros, except share data)	Share capital Number Amount		Additional paid-in capital	Reserves and retained earnings	Shareholders' equity Group share	Non-controlling interests	Total
   As of June 30, 2024	1,013,162,112	658.6	8.0	2,079.3	2,745.6	1.3	2,747.3
   Net result for the period	-	-	-	(120.3)	(120.3)	-	(120.3)
   Other items of gain or loss in comprehensive income(1)	-	-	-	1.0	1.0	-	0.9
   TOTAL COMPREHENSIVE INCOME	-	-	-	(119.4)	(119.4)	-	(119.4)
   Transactions with non-controlling interests and others	-	-	-	(1.2)	(1.2)		(1.2)
   As of December 31, 2024	1,013,162,112	658.6	8.0	1,958.7	2,625.0	1.3	2,626.7
   As of June 30, 2025	1,013,162,112	658.6	8.0	1,839.7	2,506.0	1.2	2,507.5
   Net result for the period	-	-	-	(28.3)	(28.3)	(0.2)	(28.5)
   Other items of gain or loss in comprehensive income(1)	-	-	-	(16.4)	(16.4)	-	(16.4)
   TOTAL COMPREHENSIVE INCOME	-	-	-	(44.7)	(44.7)	(0.2)	(44.9)
   Others	-	-	-	-	-	-	-
   AS OF DECEMBER 31, 2025	1,013,162,112	658.6	8.0	1,795.0	2,461.3	1.0	2,462.6

   (1) The changes in other items of gain or loss in comprehensive income include actuarial gains and losses recognized on post-employment benefits and changes in the revaluation surplus of derivative instruments (see Note 6.7.3) and the translation reserve (see Note 6.7.4), net of the associated tax effects.

   NOTE 1 GENERAL OVERVIEW

   1. Business

   2. Duration of the fiscal year

   3. Approval of the financial statements

   7

   7

   7

   7

   NOTE 2 KEY EVENTS DURING THE FISCAL YEAR

   2.1

   2.2

   7

   Authorizations associated with the agreement to sell 7

   passive ground segment infrastructure assets

   Other Key Event 7

   NOTE 3 ACCOUNTING PRINCIPLES AND VALUATION METHODS

   7

   1. Basis of preparation of financial information 7

   2. Financial reporting rules 7

   3. Significant accounting judgements and estimates 8

   4. Seasonality 8

   5. Main changes in the consolidation scope 8

   NOTE 4 SEGMENT INFORMATION

   8

   NOTE 5 NOTES TO THE INCOME STATEMENT

   1. Revenues from operations

   2. Operating expenses

   3. Other operating income and expenses

   4. Financial result

   5. Income tax

   6. Earnings per share

   9

   9

   10

   10

   10

   11

   11

   NOTE 6 NOTES TO THE BALANCE SHEET

   6.1

   6.2

   6.3

   6.4

   6.5

   6.6

   6.7

   6.8

   Fixed assets

   Investments in associates

   Receivables, assets and liabilities on customer contracts and costs to obtain and fulfil contracts

   Financial assets and liabilities Assets and liabilities held for sale Fair value of financial instruments Shareholders' equity

   Provisions

   12

   12

   15

   16

   17

   20

   20

   21

   21

   NOTE 7 RELATED-PARTY TRANSACTIONS

   22

   NOTE 8 SUBSEQUENT EVENTS

   22

2. ‌NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS‌

   ‌NOTE 1 GENERAL OVERVIEW‌

   1. ‌BUSINESS

      ‌With capacity operated on 34 satellites, the Eutelsat S.A. Group is an industry leader in fixed satellite services. It mainly operates and provides capacity for Video Services, Fixed Data and Government Services, and capacity in Connectivity applications (Fixed Broadband and Mobile Connectivity). Through its satellite fleet, the Eutelsat S.A. Group is able to serve the entire European continent, the Middle East and North Africa, as well as sub-Saharan Africa, a significant proportion of the Asian continents and the Americas.

   2. DURATION OF THE FISCAL YEAR

      The fiscal year runs for a period of 12 months from July 1 to June 30.

   3. APPROVAL OF THE FINANCIAL STATEMENTS

   The condensed consolidated half-year financial statements as of December 31, 2025 have been established under the responsibility of the Board of Directors, which approved them at its meeting of February 12, 2026.

   ‌NOTE 2 KEY EVENTS DURING THE FISCAL YEAR‌

   1. ‌AUTHORIZATIONS ASSOCIATED WITH

      THE AGREEMENT TO SELL PASSIVE GROUND SEGMENT INFRASTRUCTURE ASSETS

      On January 29, 2026, the Group was notified that the French government had not approved the sale of the ground segment infrastructure assets to EQT. As a result, the assets and liabilities initially identified as falling within the scope of this transaction are no longer classified as assets and liabilities held for sale as of December 31, 2025. No penalty or compensation is payable, as the regulator's approval was a condition precedent to the completion of the initially proposed transaction.

   2. OTHER KEY EVENT

   On January 30, 2026, the Group signed an agreement with Thales Alenia Space France relating to the early termination of an agreement signed in October 2022 covering the supply of the E113WX satellite. Under this agreement, the Group will receive compensation of 15.8 million euros. Following the signature of this agreement, the Group recognized an impairment charge of

   66.9 million euros in respect of the related assets as of December 31, 2025.

   ‌NOTE 3 ACCOUNTING PRINCIPLES AND VALUATION METHODS‌

   1. ‌BASIS OF PREPARATION OF FINANCIAL INFORMATION‌

      The condensed interim consolidated financial statements as of December 31, 2025 are prepared in accordance with IAS 34 "Interim Financial Reporting" in a condensed format. The notes must therefore be read in conjunction with the annual consolidated financial statements for the fiscal year ended June 30, 2025.

      The accounting principles applied in preparing the consolidated financial statements for the period ended December 31, 2025 comply with international financial reporting standards (IFRS) as adopted by the European Union and the standards published by the IASB.

      The accounting principles applied since July 1, 2025 are the same as those described in the notes to the consolidated financial statements published for the period ended June 30, 2025.

      The Group has not applied any standards or amendments in advance of their mandatory implementation date.

   2. ‌FINANCIAL REPORTING RULES‌

      1. ‌Conversion of financial statements and transactions in foreign currencies

         The reference currency and the presentation currency used to prepare the financial statements is the euro. The subsidiaries located outside the euro zone maintain their accounting records in

         the currency that is most representative of their respective economic environments. Balance sheet items are translated into euros using the closing-rate method. Income statement items are converted at the average exchange rate for the period. Balance sheet and income statement translation adjustments arising from exchange rate fluctuations are recorded as translation adjustments under shareholders' equity. The Group does not consolidate any significant entities whose functional currency is that of a hyperinflationary economy.

         Foreign exchange gains and losses arising from these transactions and from the translation of monetary assets and liabilities at the closing date exchange rate are shown under the foreign exchange result. Foreign exchange gains and losses arising from these transactions and from the translation of monetary assets and liabilities at the closing date exchange rate are shown under the foreign exchange result.

         Foreign exchange gains and losses arising from the translation of capitalizable advances made to foreign subsidiaries and forming part of the net investment in the consolidated subsidiary are recognized directly as a translation adjustment within shareholders' equity.

         The main foreign currency used is the U.S. dollar. The closing exchange rate used is 1.1757 U.S. dollars for 1 euro and the average exchange rate for the period is 1.1563 U.S. dollars for 1 euro.

      2. ‌Reporting of current and non-current assets and liabilities

         Current assets and liabilities are those that the Group is looking to realize, use or settle during its normal operating cycle, which is less than 12 months. All the others are non-current assets and liabilities.

   3. ‌SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES‌‌‌

      ‌Estimates and judgements are used in the financial statements and accompanying notes that are likely to affect the valuation of certain assets, liabilities, income, and expenses. These estimates and judgements are based on historical experience and other factors, including expectations of future events likely to have a financial impact on the entity. Owing to the intrinsic uncertainty surrounding estimates, the actual results could differ from these estimates.‌

      In preparing the condensed consolidated half-year financial statements for the period ended December 31, 2025, the management has exercised its judgement, particularly with regard to the recoverable amounts of assets, the recognition of revenues, the estimation of provisions and contingent liabilities assessment, the recognition of tax assets and liabilities and the assessment of customer risk.

   4. SEASONALITY

      The Eutelsat Group's business is not subject to material seasonal variations.

   5. MAIN CHANGES IN THE CONSOLIDATION SCOPE

   In the first half of the fiscal year ended on December 31, 2025, the Group incorporated a number of new legal entities to be used in the sale of its passive ground segment infrastructure assets, which was ultimately cancelled (see paragraph 2.1).

   ‌NOTE 4 SEGMENT INFORMATION‌

   In accordance with IFRS 8 "Operating Segments", the segment information set out below has been prepared based on internal financial management data provided to the Chief Executive Officer and Chief Financial Officer, jointly referred to as the CODM ("Chief Operating Decision Maker"), who are responsible for allocating financial resources.

   The Group has always considered that it has one single overall business involving the supply of fully integrated connectivity services worldwide for video, business and broadband networks, and mobile services mainly to international telecommunications operators and broadcasters, corporate network integrators and companies for their own needs.

   The takeover of OneWeb in September 2023 has not altered this assessment, as the Group considers that the most relevant criterion in analyzing its business is the assessment of the services rendered and the nature of the associated risks, rather than their purpose.

   The tracked performance indicators are:

   • Revenues;

   • Adjusted EBITDA;

   • Gross Capex which covers the acquisition of satellites and other tangible or intangible assets as well as payments related to lease liabilities.

   (in millions of euros)	31 December 2024	31 December 2025
   Revenues from operations	561.8	505.1
   Operating expenses	(170.1)	(168.7)
   ADJUSTED EBITDA	391.6	336.3
   Depreciation expense	(225.6)	(199.3)
   Other operating income and expenses	(151.3)	(68.1)
   OPERATING RESULT	14.7	69.0
   Financial result	(56.4)	(30.0)
   Income tax	(7.6)	(6.6)
   Share of result of associates	(71.1)	(60.8)
   Attributable to non-controlling interests	(0.1)	0.2
   ATTRIBUTABLE TO THE GROUP	(120.4)	(28.3)

   (in millions of euros)	31 December 2024	31 December 2025
   Acquisitions of satellites. other property and equipment, and intangible assets	(60.3)	(147.0)
   Repayment of ECA loans, lease liabilities and other bank credit facilities	(17.2)	(18.5)
   CASH INVESTMENTS	(77.5)	(165.5)

   ‌NOTE 5 NOTES TO THE INCOME STATEMENT‌

   1. ‌REVENUES FROM OPERATIONS‌

      1. Revenues by application

         As of December 31, 2025, revenues by application break down into four applications:

         1. Video, the professional production, and broadcasting of visual content.

         2. Government Services, including the offers adapted to the needs of public administrations.

         3. Fixed Connectivity, concerning data and stable broadband internet access.

         4. Mobile Connectivity, for Wi-Fi connectivity.

         The revenue per application following the new format is as follows:

         (in millions of euros)	31 December 2024	31 December 2025
         Video	309.2	266.5
         Government Services	92.9	76.4
         Fixed Connectivity	84.5	82.4
         Mobile Connectivity	65.2	59.3
         TOTAL OPERATING VERTICALS	551.9	484.6
         Other revenue(1)	9.9	20.5
         TOTAL	561.8	505.1
         EUR/USD exchange rate	1.060	1.156

         (1) As of December 31, 2025, other revenues principally included the impact of USD/EUR currency hedging of 7.7 million euros (0.6 million euros for the period ended December 31, 2024), the invoicing of partners under the Iris² program of 5.2 million euros (no amounts invoiced in respect of the period ended December 31, 2024) and revenue with OneWeb of 1.9 million euros (3 million euros in the period ended on December 31, 2024).

      2. Revenues by geographical region

         Revenues by geographical region, determined based on the customer billing addresses are as follows:

         (in millions of euros)	31 December 2024		31 December 2025
         Region	Amount	%	Amount	%
         France	41.4	7.4	36.3	7.2
         Italy	55.3	9.9	43.3	8.6
         United Kingdom	30.8	5.5	26.7	5.3
         Europe (others)	154.8	27.6	156.0	30.9
         United States of America	104.8	18.6	93.1	18.4
         Americas (Others)	24.0	4.3	15.5	3.1
         Middle East	80.0	14.2	74.8	14.8
         Africa	53.2	9.5	28.9	5.7
         Asia	16.2	2.9	22.3	4.4
         Others	1.2	0.2	8.1	1.6
         TOTAL	561.8	100.0	505.1	100.0

   2. ‌OPERATING EXPENSES‌

      The operating expenses of 60.4 million euros mainly include staff costs and other costs associated with controlling and operating the satellites, in addition to satellite in-orbit insurance premiums, compared with 58.8 million euros as of December 31, 2024.

      The selling, general and administrative expenses of 108,3 million euros are mainly made up of costs for administrative and commercial staff, all marketing and advertising expenses and the related overheads as of December 31, 2025. As of December 31, 2024, they stood at 111.3 million euros.

      The operating expenses relating to impairment losses on trade receivables and assets associated with customer contracts amount to 6.5 million euros as of December 31, 2025 (against 6,9 million euros for the half year ended December 31, 2024).

      Depreciation expense was 199.3 million euros as of December 31, 2025, i.e. a fall of 26.3 million euros, mainly due to the impact of assets fully amortized at the previous balance sheet for 9 million euros and the impact of assets depreciated at the previous balance sheet date for 10.6 million euros.

   3. ‌OTHER OPERATING INCOME AND EXPENSES‌

      (in millions of euros)	31 December 2024	31 December 2025
      Other operating income	1.1	16.0
      Other operating expenses	(152.4)	(84.1)
      TOTAL	(151.3)	(68.1)

      As of December 31, 2025, other operating income mainly comprised the compensation of 15.8 million euros to be received from Thales Alenia Space France for the early termination of an agreement covering the supply of the E113WX satellite. Other operating expenses principally included the impairment of assets associated with the E113WX satellite, of 66.9 million euros, costs associated with the proposed sale of passive ground segment infrastructure assets of 8.6 million euros and restructuring costs of 2.6 million euros.

      As of December 31, 2024, other operating income mainly included the additional income from the C Band. Other operating expenses mainly included impairments on satellites amounting to 117 million euros, 19 million euros of costs relating to the abandonment of an investment project and 9 million euros of costs arising from changes in the consolidation scope related to the acquisition of OneWeb during the previous fiscal year as well as the proposed sale of passive ground segment infrastructure assets.

   4. ‌FINANCIAL RESULT‌

      (in millions of euros)	31 December 2024	31 December 2025
      Interest expense after hedging	(58.9)	(62.0)
      Interest on lease liabilities	(6.1)	(6.1)
      Loan set-up fees and commissions	(6.9)	(5.7)
      Capitalized interest	1.7	1.4
      COST OF GROSS DEBT	(64.1)	(72.4)
      Financial income	14.5	47.9
      COST OF NET DEBT	(49.6)	(24.6)
      Changes in derivative financial instruments	(19.1)	(3.5)
      Foreign-exchange impact	14.6	3.2
      Others	(2.2)	(5.2)
      FINANCIAL RESULT	(56.4)	(30.0)

      The interest expense as of December 31, 2025 has increased in line with the change in interest rates over the period.

      ‌The amount of capitalized interest depends on the state of progress and number of satellite construction programs recorded during the relevant fiscal year. The interest rate used to determine the amount of interest expense eligible for capitalization is 4.25% as of December 31, 2025 versus 4.84% as of December 31, 2024.‌

      Financial income was 47.9 million euros as of December 31, 2025, up from 14.5 million euros and mainly comprises interest on current accounts with OneWeb for 42 million euros as of December 31, 2025, versus 9.8 million euros as of December 31, 2024.

      The change in derivative financial instruments as of December 31, 2025 corresponds to the cost of hedging settled financial instruments for -3.5 million euros. As of December 31, 2024, this entry mainly included the change in the market value of currency hedging instruments for -21.3 million euros. The change in mark-to market currency hedging instruments is, as of December 31, 2025, now included in foreign-exchange impact, for -23.3 million euros.

   5. INCOME TAX

      The "Total income tax expense" line includes the current and deferred taxes of the consolidated companies. In accordance with IAS 34, the interim tax expense on December 31 is calculated by applying the average annual effective income tax rate estimated for the fiscal year to the pre-tax income for the interim period.

      As of December 31, 2025, the effective income tax rate was 17.0% (versus -18.2% as of December 31, 2024). This rate includes the effect of the non-recognition of deferred tax assets on French tax losses in the current fiscal year, the net impact of the exoneration mechanism for the proportion of Eutelsat S.A.'s profit attributable to the company's satellites operated outside France (Article 247 of the French General Tax Code introduced by the 2019 Finance Bill), as well as the impacts of the impairment of the E113WX satellite.

   6. ‌EARNINGS PER SHARE‌

   The following table shows the reconciliation between the net result and the net earnings attributable to shareholders (basic) used to compute earnings per share.

   (in millions of euros)	31 December 2024	31 December 2025
   Net result	(120.3)	(28.5)
   Share of result from subsidiaries attributable to non-controlling interests	-	0.2
   NET EARNINGS USED TO COMPUTE EARNINGS PER SHARE	(120.3)	(28.3)
   Average number of basic and diluted shares	1,013,162,112	1,013,162,112
   Basic and diluted earnings per share	(0.119)	(0.028)

   ‌NOTE 6 NOTES TO THE BALANCE SHEET‌

   1. ‌FIXED ASSETS‌

      1. ‌Goodwill and other intangibles

         The changes in goodwill and intangible assets over the two fiscal years were as follows:

         (in millions of euros)	Goodwill	Other intangibles	Total
         GROSS ASSETS
         GROSS VALUE AS OF JUNE 30, 2025	848.4	702.2	1,550.6
         Acquisitions	-	4.7	4.7
         Transfers	-	3.0	3.0
         Foreign exchange variations	(1.6)	(1.3)	(2.9)
         Disposals and scrapping of assets	-	(0.4)	(0.4)
         Entries into the scope at net value	-	-	-
         Assets held for sale and others(1)	136.2	1.5	137.7
         GROSS VALUE AS OF DECEMBER 31, 2025	983.0	709.6	1,692.6
         DEPRECIATION AND IMPAIRMENT
         ACCUMULATED AMORTIZATION AS OF JUNE 30, 2025	(476.0)	(610.8)	(1,086.7)
         Depreciation expense	-	(18.0)	(18.0)
         Impairment losses	-	-	-
         Reversals (disposals and scrapping of assets)	-	0.4	0.4
         Foreign exchange variations	-	1.2	1.2
         Transfers and others	-	-	-
         Assets held for sale and others(1)	(59.1)	(1.1)	(60.1)
         ACCUMULATED AMORTIZATION AS OF DECEMBER 31, 2025	(535.0)	(628.1)	(1,163.1)
         NET VALUE AS OF JUNE 30, 2025	372.4	91.5	463.9
         NET VALUE AS OF DECEMBER 31, 2025	448.0	81.5	529.4

         (1) As of December 2025, fixed assets that no longer meet the criteria to be classified as held for sale are reclassified as assets and valued in accordance with applicable standards at their value before they were classified as assets held for sale.

      2. ‌Property, plant and equipment and assets in progress

         The changes in property, plant and equipment over the past two fiscal years were as follows:

         Assets under

         (in millions of euros)	Satellites	Other tangibles	construction	Total
         GROSS ASSETS
         GROSS VALUE AS OF JUNE 30, 2025	6,144.7	407.3	129.2	6,681.2
         Acquisitions	-	86.8	60.5	147.4
         Disposals	-	(0.4)	-	(0.4)
         Scrapping of assets	-	3.2	-	3.2
         Foreign exchange variations	(4.8)	(2.0)	(0.3)	(7.2)
         Entries into the scope at net value	-	-	-	-
         Assets held for sale and others(1)	-	236.6	7.3	243.9
         Transfers and others	-	2.5	(5.4)	(2.9)
         GROSS VALUE AS OF DECEMBER 31, 2025	6,139.8	734.1	191.3	7,065.3
         DEPRECIATION AND IMPAIRMENT
         ACCUMULATED AMORTIZATION AS OF JUNE 30, 2025	(3,619.4)	(317.5)	-	(3,936.9)
         Depreciation expense	(137.4)	(22.4)	-	(159.8)
         Impairment losses	-	0.1	(67.1)	(67.0)
         Reversals (disposals)	-	-	-	-
         Reversals (scrapping of assets)	-	(3.2)	-	(3.2)
         Foreign exchange variations	3.8	0.3	-	4.1
         Assets held for sale and others(1)	-	(149.7)	-	(149.7)
         Transfers and others	-	-	-	-
         ACCUMULATED AMORTIZATION AS OF DECEMBER 31, 2025	(3,752.6)	(492.3)	(67.1)	(4,312.0)
         NET VALUE AS OF JUNE 30, 2025	2,525.2	89.9	129.2	2,744.3
         NET VALUE AS OF DECEMBER 31, 2025	2,387.2	241.8	124.2	2,753.3

         (1) As of December 31 2025, fixed assets that no longer meet the criteria to be classified as held for sale are reclassified as assets and valued in accordance with applicable standards at their value before they were classified as assets held for sale.

         The expected dates of entry into service for satellites under construction at the balance sheet date are as follows:

         GEO Projects Year

         Flexsat Asia E119B - TH10 2028 calendar year

         ‌6.1.3 Rights of use in respect of leases
         The changes in rights of use over the past two fiscal years were as follows:
         (in millions of euros) Satellites	Other tangibles	Total
         GROSS ASSETS
         GROSS VALUE AS OF JUNE 30, 2025 609.6	62.6	672.3
         New contracts -	1.5	1.5
         Modifications and early terminations of contracts -	0.2	0.2
         GROSS VALUE AS OF DECEMBER 31, 2025 609.5	64.2	673.8
         DEPRECIATION AND IMPAIRMENT
         ACCUMULATED DEPRECIATION AND IMPAIRMENT AS OF JUNE 30, 2025 (429.6)	(39.6)	(469.2)
         Depreciation expense (18.1)	(3.2)	(21.3)
         ACCUMULATED DEPRECIATION AND IMPAIRMENT AS OF DECEMBER 31, 2025 (447.7)	(42.8)	(490.5)
         NET VALUE AS OF JUNE 30, 2025 180.1	23.0	203.1
         NET VALUE AS OF DECEMBER 31, 2025 161.8	21.5	183.3
         Satellite rights of use mainly relate to the Express AT1, Express Depreciable assets

         AT2, Express AM6, Express 36C and Astra 2G leases. The terms of these leases cover the expected life spans of this type of satellite and, as such, none of these contracts include purchase options upon termination of the contract. No renewal options have been considered to determine the term of the leases.

         1. ‌Fixed asset value tests

            Goodwill

            The Group's goodwill results from the acquisitions linked to the geostationary satellite operations. This goodwill is thus monitored at Eutelsat's operational segment level on the basis of the cash flows from geostationary satellite operations.

            At the end of December 2025, as part of the preparation of its half-year financial statements, the Group looked for indicators of impairment by applying scenarios involving adverse assumptions.

            On this basis, the Group took the view that there were no indicators of impairment related to its geostationary satellite operations.

            As a result, the Group did not carry out any impairment tests based on the assets and recoverable value of the geostationary satellite operations.

            At the end of December 2025, as part of the preparation of its half-year financial statements, the Group identified indicators of impairment affecting a limited number of sensitive geostationary orbital positions. As a result, impairment tests were carried out on the geostationary orbital position CGUs as of December 31, 2025 based on the cash flows set out in the most recent five-year plan approved by the Board of Directors on February 13, 2025, applying adverse assumptions in terms of revenue.

            As of December 31, 2025, no impairment change was recognized on the geostationary satellites. As of December 31, 2024, the impairment charge on the geostationary satellites was 177 million euros. However, a number of satellites, with a net carrying value of

            782.3 million euros as of December 31, 2025, has limited headroom, meaning that impairment tests are very sensitive to any downward revision in assumptions.

            It should be noted that the Group recognized an impairment charge of work in progress relating to the E113WX satellite of 66.9 million euros as of December 31, 2025 (see paragraph 2.2).

         2. ‌Purchase commitments

         In addition to the items recognized on the balance sheet, the Company has entered into commitments with suppliers for the acquisition of fixed assets (satellites and other assets) and the provision of services amounting to a total of 140.7 million euros as

         of December 31, 2025 and 261.9 million euros as of December, 31

         2024.

         The future payments in respect of these commitments as of December, 31 2024 and December,31 2025 are as follows:

         (in millions of euros)	30 June 2025	31 December 2025
         Maturity within 1 year	78.3	31.7
         From 1 to 2 years	74.7	13.4
         From 2 to 3 years	42.8	29.5
         From 3 to 4 years	0.1	0.2
         Maturity exceeding 4 years	65.9	65.9
         TOTAL	261.9	140.7

   2. ‌INVESTMENTS IN ASSOCIATES‌

      As of December, 31 2025, investments in associates represents the equity value of OneWeb Holdings Ltd, and the result from associates corresponds to Eutelsat S.A.'s share in the results of OneWeb Holdings Ltd.

      (in millions of euros)	30 June 2025	31 December 2025
      Equity interests at the opening date	356.6	212.7
      Share of result of associates	(117.7)	(60.8)
      Translation adjustment	(26.2)	(0.7)
      EQUITY INTERESTS AT THE CLOSING DATE	212.7	151.2

      The main financial data of the OneWeb Holdings Ltd. subgroup, based on the last accounting year-end of June 30, 2025, were as follows:

      (in millions of euros) 30 June 2025	31 December 2025
      NET RESULT (592.1)	(267.9)

      BALANCE SHEET

      Non-current assets	3,653.8	3,526.0
      Current assets	2,712.0	3,127.8
      Shareholders' equity	2,549.5	2,274.6
      Non-current liabilities	307.6	279.7
      CURRENT LIABILITIES	3,508.7	4,099.5

      31 December 2025

(in millions of euros) 30 June 2025

GROUP SHARE OF NET ASSETS

(in millions of euros) 30 June 2025

ASSETS

LIABILITIES

(in millions of euros) Note 30 June 2025

ASSETS HELD FOR SALE

(in millions of euros) Note 30 June 2025

LIABILITIES HELD FOR SALE

reclassified to income (6.9)

The revaluation reserve for the derivative instruments does not include any unwinding of forwards.

The Group is involved in legal proceedings and commercial disputes in connection with its business activities. The Group exercises its judgment when assessing the risks involved, on a case-by-case basis, and establishes provisions where it considers that an outflow of resources is likely. No provisions are established for claims considered to be baseless or unsubstantiated.

The company Eutelsat S.A. has been the subject of several accounting verification procedures in respect of the period between July 1, 2012 and June 30, 2020, which resulted in litigation.

‌NOTE 7 RELATED-PARTY TRANSACTIONS‌

Accordingly, in February 2024 the Group filed a petition with the Administrative Court for a tax reassessment in respect of the fiscal year ended June 30, 2014.

The proceedings are under way and the amounts involved have been paid in full to the French Treasury.

In addition, in January 2025 the Group filed a contentious claim with the French tax authorities concerning a tax reassessment maintained for the fiscal year ended June 30, 2018. The amounts due in respect of this reassessment have been paid in full to the French Treasury. As such, there is no related tax risk, as the claims concern amounts already paid.

During the half year there were no related-party transactions that were different in nature from those realized in the fiscal year ended December, 31 2025.

‌NOTE 8 SUBSEQUENT EVENTS‌

On January 29, 2026, the Group was notified that the French government had not approved the sale of the passive ground segment infrastructure assets to EQT.

On January 30, 2026, the Group signed an agreement with Thales Alenia Space France relating to the early termination of an agreement signed in October 2022 covering the supply of the E113WX satellite. The financial impacts of this agreement are set out in the note entitled "Key events during the financial period".

Photo credits

Eutelsat, OneWeb

Conception & production

Ruban Blanc

@g euTeLsAz

‌E uI elsat C ommuni c at i ons