Eutelsat Communications Sa · EURONEXT:ETL

Eutelsat Communications Sa — Q1 2026-27 Earnings Presentation

18 slides from Eutelsat Communications Sa's earnings presentation, Oct 29, 2026

  1. Slide 1: First Quarter 2026-27 Revenues

    FIRST QUARTER 2026-27 Revenues 29 October 2026 ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  2. Slide 2: Highlights

    HIGHLIGHTS LEO revenues up 30.1%, driving sustained Connectivity growth First Quarter Operating Verticals revenues of €278 million, down 2.1%, in line with expectations Full year financial objectives confirmed Successful outcome of the IRIS² First Rendez-Vous, the project entering now its constr

  3. Slide 3: IRIS2

    IRIS2 ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  4. Slide 4: IRIS² is a multi-orbit system leveraging LEO & MEO for governmental and commercial applications

    IRIS² is a multi-orbit system leveraging LEO & MEO for governmental and commercial applications IRIS² high-level architecture Constellation 18 MEO 661 + 2642 LEO Payload Broadband + Hosted Broadband + Hosted Payload Payload Space Segment Multiband Ka-Mil + Ka Ka-Mil + Ka + Ku Network Mesh Ground Seg

  5. Slide 5: IRIS² is a transformational project for Eutelsat

    IRIS² is a transformational project for Eutelsat ⚫ 264 LEO satellites expected to enter into service by mid-2032 ⚫ Exclusive sellable LEO commercial capacity of over 2Tbps for Eutelsat Group’s commercial Incremental infrastructure secured capacity for Eutelsat ⚫ Design, deployment and operation of t

  6. Slide 6: LEO Roadmap is giving long-term visibility till 2040

    LEO Roadmap is giving long-term visibility till 2040 NOW 2027 2030 2032 2034 2040 Current ~ 650 satellites Gen-1 Gen-1 440 GEN-1 + 229 additional GEN-1R Follow-on Totalling ~ 1,300 satellites over the 2030 horizon 2-year overlap IRIS2 As per current discussions with the EUIRIS² 264 LEO satellites du

  7. Slide 7: Q1 2026-27 Performance

    Q1 2026-27 PERFORMANCE ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  8. Slide 8: First Quarter 2026-27 revenues

    First Quarter 2026-27 revenues YoY revenue bridge (€m) Total revenues of €286m, down 0.9% like- for-like1 -2.1% Slight positive currency effect 1 5 • €/$ rate of 1.15 vs 1.16 last year -8 -6 Negative swing of €8m in ‘Other Revenues’ 293 286 €5m IRIS2 Construction revenues Revenues of the Operat

  9. Slide 9: Q1 Revenues by vertical

    Q1 Revenues by vertical REVENUE REVENUES LIKE-FOR-LIKE2 CONTRIBUTION1 (€m) YOY CHANGE VIDEO 40% -17.8% 110 21% 60 -4.7% FIXED CONNECTIVITY GOVERNMENT SERVICES 22% 60 +14.3% MOBILE CONNECTIVITY 17% +38.1% 48 TOTAL OPERATING VERTICALS 278 -2.1% OTHER REVENUES 3 n.a. IRIS2 CONSTRUCTION REVENUES 5 n.a.

  10. Slide 10: Video

    Video 40% Q1 revenues of €110m, down 17.8% YoY like-for- like1 • Carry-forward impact of recent contract renewals 519 • Capacity optimisation initiatives by certain customers -1.2% • Termination of capacity contracts on the Express AT1 and Q4 125 AT2 Russian satellites Q1 revenues down 12% QoQ1 Q3

  11. Slide 11: LEO revenues up 30%, representing over 40% of Connectivity revenues

    LEO revenues up 30%, representing over 40% of Connectivity revenues Change Q1 2025-26 Q1 2026-27 Like-for- Reported In € millions like1 Connectivity 149.4 168.3 12.6% 11.9% o/w LEO 54.1 70.9 31.1% 30.1% o/w GEO 95.3 97.4 2.2% 1.6% 1 Change at constant currency and perimeter. The variation is calcula

  12. Slide 12: Fixed Connectivity

    Fixed Connectivity 21% Q1 revenues of €59.7m, down 4.7% YoY like-for- 270 like1 • More challenging market conditions for GEO-enabled solutions • Lower contribution from LEO terminals sales Q4 78 • Partially offset by continued growth in LEO service revenues. -1.2% Q3 60 Q1 revenues down by 23.7% Q

  13. Slide 13: Government Services

    Government Services 22% Q1 revenues of €60.3m, up 14.3% YoY like-for- like1 235 • Driven by both GEO and LEO applications • Contribution from the CENTAURE call-off contract • Services delivered in Ukraine 87 -1.2% Q4 Q1 revenues -30.8% QoQ1 • CENTAURE revenue recognition profile, with the full-yea

  14. Slide 14: Mobile Connectivity

    Mobile Connectivity 17% Q1 revenues of €48.3m, up 38.1% YoY like-for-like1 172 • Aero segment remained the main growth driver, benefiting from the continued expansion of both GEO and LEO connectivity solutions -1.2% 51 • Maritime, growth was primarily driven by the Q4 continued adoption of LEO solu

  15. Slide 15: Backlog

    Backlog BACKLOG (€BN) Excluding Managed services Backlog at €12.1 billion on 30 September 2026 12.1 IRIS2 construction backlog1 at €8.9 billion • IRIS² entered its construction phase, with backlog now -1.2% including revenues associated with the execution of construction-related activities under t

  16. Slide 16: Outlook

    OUTLOOK ©2025 EUTELSAT. ALL RIGHTS RESERVED.

  17. Slide 17: Financial objectives

    REVENUES ►FY 2026-27 : slight growth in the revenues of the four Operating Verticals; LEO revenues up c.30% Financial ►FY 2028-29 revenues of the four Operating Verticals confirmed at between €1.5 and €1.7 billion2 objectives1 ADJUSTED ►FY 2026-27 Adjusted EBITDA margin around the same EBITDA level

  18. Slide 18: Q&A

    Q&A ©2025 EUTELSAT. ALL RIGHTS RESERVED.

Eutelsat — Q1 2026-27 Earnings Presentation on 6ix