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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.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.
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