Eutelsat Group reports €286 million first-quarter revenue on OneWeb growth

Eutelsat Group reported total first-quarter revenues of €286 million after market close on Oct. 29, 2026, as the Paris-based operator’s low Earth orbit segment grew 30.1 percent to €70.9 million on OneWeb expansion.

Total revenue for the quarter ended Sept. 30, 2026, fell 2.4 percent on a reported basis and 0.9 percent like-for-like, meaning constant currency and perimeter, compared with the prior year. Video generated 40 percent of total revenue and contracted 17.8 percent year-over-year to €110 million, driven by secular broadcast erosion, customer capacity optimization and terminated direct-to-home capacity on Russian Express AT1 and AT2 satellites because of international sanctions.

Connectivity revenue rose 11.9 percent like-for-like to €168.3 million as low Earth orbit growth spanned all enterprise verticals. The four core Operating Verticals produced €278 million, a 2.1 percent like-for-like decrease excluding Other Revenues and IRIS2 Construction Revenues.

Mobile Connectivity rose 38.1 percent year-over-year to €48.3 million on aerospace and maritime adoption of low Earth orbit services. GEO Connectivity increased 1.6 percent to €97.4 million on steady high-throughput enterprise demand. Fixed Connectivity stood at €59.7 million, down 4.7 percent year-over-year. Government Services reached €60.3 million, up 14.3 percent, supported by the CENTAURE call-off under the €1 billion NEXUS framework with the French Ministry of the Armed Forces and Veterans, work in Ukraine and sovereign connectivity demand.

Revenues from the four Operating Verticals fell 18.6 percent like-for-like quarter-on-quarter against the previous fourth quarter. Video dropped 12 percent sequentially, while Connectivity fell 22.4 percent because the prior quarter carried a higher comparison base including catch-up revenues in Government Services and Fixed Connectivity. Other Revenues amounted to €2.6 million, down from €10.2 million a year earlier as IRIS2-related revenues moved to a separate line. The IRIS2 programme entered construction and recognized €5 million in first-quarter revenue.

Eutelsat reported a total contract backlog of €12.1 billion as of Sept. 30, 2026. Excluding IRIS2, the Connectivity backlog stood at €1.9 billion and the Video backlog at €1.2 billion, both slightly lower than on June 30, 2026.

Eutelsat reconfirmed full-year guidance, expecting low Earth orbit revenue to grow by more than 30 percent and projecting gross capital expenditures of approximately €1.2 billion. Eutelsat intends the low Earth orbit expansion to offset geostationary contraction, supporting slight vertical growth and a similar EBITDA margin.

Eutelsat plans to invest €2.23 billion in shared infrastructure and €1.16 billion in dedicated commercial assets between 2027 and 2034, gaining more than twice its current OneWeb capacity and estimated services revenues exceeding €10 billion from 2032 to 2040. The group will add 229 satellites to the 440 GEN1 spacecraft procured through 2034 for roughly €1 billion.

In September 2026, Eutelsat signed an Authorisation to Proceed with Airbus Defence and Space for initial work on the additional satellites and secured two dedicated Ariane 6 launches for 2027 and 2028. Initial Ka-band spacecraft launches will begin in 2029, targeting full commercial operation of the upgraded Ku-band low Earth orbit network by mid-2032.

Eutelsat renewed video partnerships with Record in Brazil, A1 Group in Central and Eastern Europe, and Télédiffusion d’Algérie. It also announced a new partnership with MEO, Portugal’s telecommunications operator, to expand OneWeb low Earth orbit connectivity in Portugal. Eutelsat expanded its geostationary capacity agreement with EuroSkyPark to support Amprion on North Sea energy infrastructure via EUTELSAT 10B.

Eutelsat joined the Enhanced Satellite Connectivity Project for Greenland, supported by the European Union, Greenland and Denmark, and launched at its Greenland station with Ursula von der Leyen, Jens-Frederik Nielsen and Mette Frederiksen.

Eutelsat and OroraTech agreed that OroraTech will reserve space aboard future OneWeb low Earth orbit satellites for 48 thermal infrared payloads, with options for 48 more. The IRIS2 low Earth orbit constellation will comprise 264 dual Mil-Ka/Ku band satellites and 66 Mil-Ka band satellites, totaling 330 satellites.

For the full 2025-2026 fiscal year, Eutelsat reported revenue of EUR1,235.9 million, down 0.6 percent reported and up 3 percent like-for-like. Low Earth orbit revenue reached EUR297 million, up almost 70 percent year-on-year and equal to 25 percent of group revenue, while video revenue was EUR519 million, down 13.1 percent and representing 43 percent of the total.

Fixed Connectivity revenue was EUR270 million, up 15.6 percent and representing 23 percent of total revenue. Government Services revenue reached EUR235.5 million, up 17.7 percent and 20 percent of the total, and Mobile Connectivity revenue was EUR172 million, up 16 percent and 14 percent of the total.

Adjusted EBITDA was EUR632 million, down 6.5 percent reported and 3.1 percent like-for-like, with a margin of 51.2 percent, down 3.2 points on both bases. The full-year net result was a EUR457 million loss, improved from a EUR1.1 billion loss a year earlier. Net debt was EUR1.46 billion, down EUR1.2 billion from the prior year-end.

Connectivity revenue grew 16.4 percent like-for-like for the full year, and connectivity made up 61 percent of total backlog, up from 57 percent a year earlier. Eutelsat completed a EUR5 billion refinancing package.

The company’s Annual General Meeting will take place on Nov. 26, 2026, with resolutions proposed by the boards on Aug. 6, 2026 and Oct. 9, 2026, and subject to shareholder approval the board will remain at 12 members, 42 percent women and 50 percent independent.

Eutelsat combined with OneWeb in 2023 as the first integrated geostationary-low Earth orbit operator, with 31 geostationary satellites, more than 600 low Earth orbit satellites, Paris headquarters and over 1,600 employees across more than 75 countries. It distributes around 5,800 television channels through Video and operates in Mobile Connectivity, Fixed Connectivity and Government Services.

Eutelsat trades on Euronext Paris and the London Stock Exchange as ETL, with ISIN FR0010221234, and held its first-quarter revenue conference call and webcast on Oct. 29, 2026 at 18:30 CET. The company’s First Half 2026–27 results will appear on Feb. 12, 2027.