©2025 EUTELSAT. ALL RIGHTS RESERVED.
HIGHLIGHTS
⯈Third Quarter Operating Verticals revenues of €283.7m, up 0.9%1 year on year
⯈Sustained double digit growth1 in Connectivity, driven by LEO enabled solutions, up 65% year-on-year
⯈Successful conclusion of comprehensive refinancing strategy
⯈Full Year 2025-26 financial objectives confirmed
1 Like-for-like change, i.e., at constant currency. The variation is calculated as follows: i) Q3 FY 2025-26 USD revenues are converted at Q3 2024-25 rates; ii) Hedging revenues are excluded.
Q3 2025-26 PERFORMANCE
©2025 EUTELSAT. ALL RIGHTS RESERVED.
Third Quarter 2025-26 revenues
⯈Total revenues of €293m, +3.1% like-for-like1
⯈Negative currency effect
€/$ rate of 1.18 vs 1.04 last year
⯈Positive swing of €10m in 'Other Revenues'
Of which €3m related to hedging
⯈Revenues of the Operating Verticals up
0.9% like-for-like1
300
YoY revenue bridge (€m)
0
+10
-20
+0.9%
+3
293
Q3 2024-25
reported
Perimeter Currency Change in Other
Revenues
Operational
trend
Q3 2025-26
reported
1
Like-for-like change, i.e., at constant currency. The variation is calculated as follows: i) Q3 FY 2025-26 USD revenues are converted at Q3 2024-25 rates; ii) Hedging revenues are excluded.
4
Q3 Revenues by vertical
REVENUE CONTRIBUTION1
REVENUES
(€m)
LIKE-FOR-LIKE2
YOY CHANGE
VIDEO
45% 128.0
-13.3%
FIXED CONNECTIVITY
GOVERNMENT SERVICES
21%
18%
60.3
50.4
+10.6%
+11.8%
16%
45.0
+27.0%
283.7
+0.9%
9.4
MOBILE
CONNECTIVITY
TOTAL OPERATING VERTICALS OTHER REVENUES
1 Share of each application as a percentage of total revenues excluding "Other Revenues".
2 Like-for-like change, i.e., at constant currency. The variation is calculated as follows: i) Q3 FY 2025-26 USD revenues are converted at Q3 2024-25 rates; ii) Hedging revenues are excluded.
5
5
Video45%
⯈Q3 revenues of €128m, down 13.3% YoY like-for-like1
Impact of sanctions on Russian channels imposed at
the beginning of the year
Termination of capacity contracts on the Express AT1 and AT2 satellites
⯈Q3 revenues down 3.6% QoQ1
Above-mentioned termination of contracts on Express AT1 and AT2
⯈On the commercial front:
Renewal with Viewsat (7/8° West), supporting the MENA broadcast market
461
Q3 152
Q2 157
394
128 Q3
133 Q2
Renewal in Mexico with Cadena Tres (Grupo Imagen) and PCTV via EUTELSAT 117 West A
New partnership with Co-op Cable DTH and connectivity offering in the Caribbean via EUTELSAT 65 West A
Q1 152 134 Q1
FY 2024-25 FY 2025-26
1
At constant currency
6
In € millions
Q3 2024-25
Q3 2025-26
Change
Reported
Like-for-
like1
Connectivity
148.9
155.7
4.6%
15.3%
o/w LEO
42.3
62.2
47.2%
65.0%
o/w GEO
106.7
93.5
-12.3%
-4.3%
1 Change at constant currency and perimeter. The variation is calculated as follows: i) Q3 FY 2025-26 USD revenues are converted at Q3 2024-25 rates; ii) Hedging
revenues are excluded. 7
LEO revenues up 65%, representing c. 40% of Connectivity revenues Fixed Connectivity⯈Q3 revenues of €60.3m, up 10.6% YoY like-for-like1
Continued momentum of LEO-enabled connectivity solutions
Partially offset by more challenging conditions for GEO-
enabled services
⯈Q3 revenues down by 12.9% QoQ1
One-off impact from the upfront recognition of revenues relating to a capacity contract in Q2
⯈On the commercial front:
New multi-year satellite connectivity agreement with MTN Côte d'Ivoire using EUTELSAT KONNECT to expand nationwide broadband access and support digital inclusion
1 At constant currency
21%
179
192
Q3
60
Q3
60
Q2
62
70
Q2
Q1
57
62
Q1
FY 2024-25
FY 2025-26
8
Government Services⯈Q3 revenues of €50.4m, up 11.8% YoY
like-for-like1
Continued growth in LEO-enabled solutions, notably through services delivered in Ukraine
Rising demand from non-US governments.
⯈Q3 revenues +10% QoQ1
Acceleration of LEO activities
⯈Expecting to recognise revenues from the Nexus framework agreement with the French Ministry of Defence starting in Q4.
Revenues will ramp up over the 10-year lifespan of the agreement
1 At constant currency
18%
146
149
Q3
50
50
Q3
Q2
50
46
Q2
Q1
46
52
Q1
FY 2024-25
FY 2025-26
9
Mobile Connectivity⯈Q3 revenues of €45m, up 27% YoY like-for-like1
Ongoing growth in the Aero segment, across both GEO and LEO solutions
⯈Q3 revenues up by 8.3% QoQ1
⯈Aero:
Connectivity agreement with Japan Airlines;
600 installations;
15 airlines already committed;
160+ private jets connected.
⯈Maritime:
Partnership with Singapore-based Can Marine;
Agreement extension with India's Station Satcom;
Over 1,000 vessels in the current deployment pipeline
⯈Extension of UT portfolio for rail applications, with partners including Kymeta and Hughes Network Systems.
1 At constant currency
16%
115
122
Q3
40
45
Q3
Q2
33
42
Q2
Q1
42
35
Q1
FY 2024-25
FY 2025-26
10
Backlog
⯈Backlog at €3.4 billion on 31 March 2026
stable vs. December 2025
⯈Representing 2.8 years of revenues
⯈Connectivity accounting for 58%
3.6
BACKLOG (€BN)
Excluding Managed services
3.4 3.4
Of which
Connectivity 57%
59% 58%
31 March 2025 31 Dec 2025 31 March 2026
11
OUTLOOK
©2025 EUTELSAT. ALL RIGHTS RESERVED.
Financial objectives1 confirmed
REVENUES
ADJUSTED
EBITDA
FY 2025-26 revenues of the four operating verticals around the same level as FY 2024-25, with LEO revenues up c. 50%
FY 2028-29 revenues of the four operating
verticals between €1.5 and €1.7 billion2
FY 2025-26 Adjusted EBITDA margin slightly below the level of FY 2024-25
FY 2028-29 EBITDA margin of at least 65%2
1At constant rate and perimeter and assuming: (i) no additional impact on revenues due to sanctions imposed on channels broadcast on the group's fleet (ii) the nominal launch and entry into operation of satellites in course of construction in accordance with the timetable envisaged by the Group; (iii) no incidents affecting any of the satellites in-orbit.
2 Data at eur/usd rate of 1.12x
GROSS
CAPEX LEVERAGE
Around € 900m in FY 2025-26
Net debt / Adjusted EBITDA c. 2.7x at end FY 2025-26
13
Q&A
©2025 EUTELSAT. ALL RIGHTS RESERVED.