France · Delayed Price · Currency is EUR Eutelsat Communications Earnings Call Transcripts
Fiscal Year 2026
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First half results show stable revenues and strong LEO growth, with EBITDA margin at 52.1% and net loss sharply reduced. Capital structure strengthened by EUR 1.5 billion raise and EUR 1 billion ECA financing, while CapEx focus shifts to LEO. Full-year guidance confirmed.
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First quarter revenues were stable year-on-year, with strong 70% LEO growth offsetting GEO declines. Full-year guidance is confirmed, capital increases are pending final FCC approval, and backlog remains robust at EUR 3.5 billion.
Fiscal Year 2025
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The meeting reviewed solid revenue growth in LEO activities, a major capital increase, and a shift in strategy toward connectivity and government services. All resolutions, including no dividend payout, were approved, and management addressed shareholder concerns on profitability, governance, and market challenges.
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LEO revenues surged 84% year-on-year, now 15% of group revenues, offsetting legacy GEO declines. Major government contracts and a €1.5 billion capital increase underpin growth, with FY 2025-2026 LEO revenues expected to rise 50% and long-term EBITDA margin targeted at 60%.
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Q3 revenues declined 2.2% like-for-like, with video down and connectivity segments showing growth, especially in LEO-enabled solutions. Full-year guidance is maintained, with limited impact from Russian sanctions and a shift in government business toward non-U.S. clients.
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Revenue and EBITDA margin met expectations, with strong growth in connectivity and government services offsetting video declines. Strategic LEO investments and IRIS² project advance, while CapEx guidance is lowered and GEO assets face impairment amid market headwinds.
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Q1 revenues rose 5.9% year-over-year to EUR 300 million, driven by strong LEO-enabled connectivity growth, while video declined 7.3%. Backlog increased to EUR 3.9 billion, with connectivity now 55% of the total. Full-year guidance and capital expenditure targets are confirmed.
Fiscal Year 2024
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The meeting reviewed solid financial results amid a strategic pivot to connectivity, highlighted by the OneWeb merger and growth in non-video segments. All resolutions, including board renewals and remuneration policies, were approved, while no dividend will be paid. Shareholders' questions focused on share price, strategy, and compliance.
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Revenue and profitability for FY 2023-2024 were in line or above targets, driven by strong connectivity growth and the OneWeb merger. FY 2024-2025 is expected to be flat in revenue with a slight EBITDA decrease, as LEO ramp-up continues amid regulatory and infrastructure delays.