Eutelsat Group
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Eutelsat Group (ETL) investor relations material

Eutelsat Group H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary13 Feb, 2026

Executive summary

  • First half revenues were stable like-for-like at €592 million, with strong LEO revenue growth of nearly 60% offsetting declines in other segments.

  • Adjusted EBITDA margin was 52.1%, impacted by sanctions on video revenues and the ramp-up of LEO operations.

  • Net loss narrowed significantly to €236 million from €873 million a year earlier, reflecting improved operating results and lower impairments.

  • A €1.5 billion capital raise and nearly €1 billion in export credit agency financing strengthened the financial structure and supported LEO satellite investments.

  • Procurement of 440 new LEO satellites ensures operational continuity and technology upgrades for the OneWeb constellation.

Financial highlights

  • Total H1 revenues: €592 million, down 2.4% reported, stable like-for-like; operating verticals revenues at €574 million, down 0.6% like-for-like.

  • Adjusted EBITDA: €308 million, down 8% year-over-year; margin at 52.1%.

  • Net loss: €236 million, significantly reduced from €873 million a year earlier.

  • CapEx: €292 million in H1, expected to reach €900 million for the full year.

  • Net debt reduced to €1.3 billion, net debt/EBITDA at 2x, expected to rise to 2.7x by year-end.

Outlook and guidance

  • Full-year 2025-26 objectives confirmed: stable revenues, LEO revenue growth of 50%, EBITDA margin slightly below prior year.

  • CapEx guidance lowered to €900 million from previous €1-1.1 billion.

  • Long-term: revenues expected at €1.5-1.7 billion by 2028-2029, EBITDA margin targeted at 65%.

  • Net debt/EBITDA ratio forecasted at approximately 2.7x at year-end.

  • Continued investment in LEO satellites, supported by new financing and the IRIS² program.

LEO product mix impact on margin outlook
How does new debt structure support growth?
Factors for backlog reduction
GEO CapEx strategy post-FlexSat cancellation
European LEO fragmentation impact on IRIS²
New business opportunities beyond core connectivity
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Frequently asked questions

Eutelsat Group, formed through the merger of Eutelsat and OneWeb, is a global satellite operator with an innovative approach to connectivity. It has a fleet of 35 geostationary (GEO) satellites and a Low Earth Orbit (LEO) constellation of over 600 satellites. This integrated GEO-LEO means that offering comprehensive services for broadcasters, media service providers, telecom operators, ISPs, and governmental agencies. The company delivers a wide range of services including video broadcasting, broadband services, data connectivity, and solutions for mobile and in-flight connectivity, as well as supporting government and NGO communications. Eutelsat Group is headquartered in Paris, France, and its shares are listed on the Euronext Paris stock exchange.

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