Eutelsat Communications : Third Quarter and Nine Month 2025-26 Revenues Presentation (DOC Investors Q3 2025 26 Presentation EN 120526)

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‌THIRD QUARTER 2025-26 Revenues May 12, 2026 ©2025 EUTELSAT. ALL RIGHTS RESERVED. ‌HIGHLIGHTS ⯈ Third Quarter Operating Verticals revenues of €283.7m, up 0.9% 1 year on year ⯈ Sustained double digit growth 1 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-like 1 ⯈ 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-like 1 300 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 CONTRIBUTION 1 REVENUES (€m) LIKE-FOR-LIKE 2 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 ‌Video 45 % ⯈ Q3 revenues of €128m, down 13.3% YoY like-for-like 1 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% QoQ 1 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- like 1 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-like 1 Continued momentum of LEO-enabled connectivity solutions Partially offset by more challenging conditions for GEO- enabled services ⯈ Q3 revenues down by 12.9% QoQ 1 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-like 1 Continued growth in LEO-enabled solutions, notably through services delivered in Ukraine Rising demand from non-US governments. ⯈ Q3 revenues +10% QoQ 1 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-like 1 Ongoing growth in the Aero segment, across both GEO and LEO solutions ⯈ Q3 revenues up by 8.3% QoQ 1 ⯈ 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 objectives 1 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 billion 2 FY 2025-26 Adjusted EBITDA margin slightly below the level of FY 2024-25 FY 2028-29 EBITDA margin of at least 65% 2 1 At 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.

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