Eutelsat Group (ETL) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened with introductions of board members, executive management, statutory auditors, and key shareholders, confirming the board's constitution and quorum at 84.9% of voting rights.

• Legal formalities were confirmed as fulfilled, and the agenda and supporting documents were made available to shareholders in advance.

Financial performance review

• Results for FY 2023-2024 were in line or slightly above targets, with sales and profitability supported by the merger with OneWeb and growth in connectivity segments.

• Video revenue declined by 6.8% to €651M, while fixed connectivity grew 29% to €234M, government services rose 5% to €165M, and mobile connectivity surged 49% to €159M.

• Adjusted EBITDA was €718.9M, down 12.9% year-on-year, mainly due to OneWeb consolidation, but above target on a pro forma basis.

• Net profit was €310M, down from €350M, impacted by higher operating costs, depreciation, and financial expenses.

• Net financial debt stood at €2.54B, with a debt/EBITDA ratio of 3.79x and strong liquidity of €1.39B.

Board and executive committee updates

• The board convened 14 times with a 96% attendance rate; post-merger, it comprises 15 members (60% women, 66.6% independent).

• Specialized committees (Audit, Nominations, Remuneration, CSR, Strategic) met regularly to support governance.