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©2025 EUTELSAT. ALL RIGHTS RESERVED. SECOND QUARTER AND FIRST HALF 2025-26 Results 13 February 2026
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©2025 EUTELSAT. ALL RIGHTS RESERVED. • This presentation does not constitute or form part of and should not be construed as any offer for sale of or solicitation of any offer to buy any securities of Eutelsat Communications, nor should it, or any part of it, form the basis of or be relied on in connection with any contract or commitment whatsoever concerning Eutelsat Communications’ assets, activities or shares. This presentation includes only summary information related to the activities for the fiscal year 2025-26 and its strategy and does not purport to be comprehensive or complete. All statements other than historical facts included in this presentation, including without limitations, those regarding Eutelsat Communications’ position, business strategy, plans and objectives are forward-looking statements. The forward-looking statements included herein are for illustrative purposes only and are based on management’s current views and assumptions. Such forward-looking statements involve known and unknown risks. For illustrative purposes only, such risks include but are not limited to: postponement of any ground or in-orbit investments and launches including but not limited to delays of future launches of satellites; impact of financial crisis on customers and suppliers; trends in Fixed Satellite Services markets; development of Digital Terrestrial Television and High Definition television; development of satellite broadband services; Eutelsat Communications’ ability to develop and market value-added services and meet market demand; the effects of competing technologies developed and expected intense competition generally in its main markets; profitability of its expansion strategy; partial or total loss of a satellite at launch or in-orbit; supply conditions of satellites and launch systems; satellite or third-party launch failures affecting launch schedules of future satellites; litigation; ability to establish and maintain strategic relationships in its major businesses; and the effect of future acquisitions and investments. Eutelsat Communications expressly disclaims any obligation or undertaking to update or revise any projections, forecasts or estimates contained in this presentation to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based, unless so required by applicable law. These materials are supplied to you solely for your information and may not be copied or distributed to any other person (whether in or outside your organization) or published, in whole or in part, for any purpose. •Disclaimer
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Highlights of the semester First Half Operating Verticals revenues of €574 million, almost stable at -0.6%1 LEO revenues up nearly 60%1, reflecting ongoing commercial dynamic, and driving a rise in revenues in all three of Connectivity verticals Adjusted EBITDA margin of 52.1% reflects sanction-related loss of Video revenues and product mix associated with the LEO revenue ramp-up Full Year 2025-26 Revenue and Adjusted EBITDA margin objectives confirmed Successful completion of €1.5 billion capital raise leading to rating upgrades from Moody’s and Fitch Almost €1bn in Export Credit Agency financing obtained2 Procurement of 440 LEO satellites securing operational continuity with technology enhancements for the OneWeb constellation Disposal of passive ground segment halted, with no impact on Eutelsat’s ability to finance its strategic development plan 3 1 Change at constant currency. The variation is calculated as follows: i) H1 FY 2025-26 USD revenues are converted at H1 2024 -25 rates; ii) Hedging revenues are excluded. 2 Conditional on a successful bond issuance by Eutelsat Communications.
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Key financial data M€ 6M to Dec. 2024 6M to Dec. 2025 YoY Change Reported Like-for-like1 P&L Total Revenues 606.2 591.6 -2.4% +0.1% Operating Verticals Revenues 599.9 573.8 -4.3% -0.6% O/w LEO Revenues 73.9 110.5 +49.5% +59.7% Adjusted EBITDA 334.9 308.2 -8.0% -6.1% Adjusted EBITDA margin 55.2% 52.1% -3.2 pts -3.4 pts CAPEX Gross Capex2 174.8 291.5 - Financial structure Net Debt / Adjusted EBITDA2 3.92 2.00 -1.92 pts • 1 Change at constant currency. The variation is calculated as follows: i) FY 2024-25 USD figures are converted at FY 2023-24 rates; ii) FY 2023-24 figures are restated with the contribution of OneWeb from 1st July 2023 to 30 September 2023; iii) Hedging revenues are excluded. 2 Alternative performance metrics. Please refer to Appendix 3 to the press release for more details. 4
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©2025 EUTELSAT. ALL RIGHTS RESERVED. OPERATIONAL PERFORMANCE
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6 1 Share of each application as a percentage of total revenues excluding “Other Revenues”. 2 Change at constant currency. The variation is calculated as follows: i) H1 FY 2025-26 USD revenues are converted at H1 2024-25 rates; ii) Hedging revenues are excluded. REVENUE CONTRIBUTION1 REVENUES (€m) LIKE-FOR-LIKE2 YOY CHANGE VIDEO FIXED CONNECTIVITY MOBILE CONNECTIVITY GOVERNMENT SERVICES 46% 266.5 132.1 98.6 76.6 17.8 573.8TOTAL OPERATING VERTICALS OTHER REVENUES -12.3% +17.2% +7.7% +8.5% -0.6% 23% 17% 13% Revenues by vertical 6
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H1 revenues of €266.5m, down 12.3% YoY like-for-like1 • Additional sanctions on Russian channels • Underlying trend in mature business Q2 revenues of 133m, down 14.1% YoY1 • Broadly stable QoQ Renewals and with long-standing partners at key orbital positions: • beIN for the distribution of direct-to-home services across the MENA region • Polsat Plus renewal of multi-year, multi-transponder contract on HOTBIRD 7 Video -1.2% 152 134 157 133 H1 2024-25 H1 2025-26 309 267 46% Q1 Q2 Q1 • 1 At constant currency Q2
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LEO revenues up 60%, representing over 1/3 of Connectivity revenues 8 In € millions H1 2024-25 H1 2025-26 Change Reported Like-for- like1 Connectivity 290.7 307.3 5.7% 11.8% o/w LEO 73.9 110.5 49.5% 59.7% o/w GEO 216.7 196.8 -9.2% -4.5% 1 Change at constant currency. The variation is calculated as follows: i) H1 FY 2025-26 USD revenues are converted at H1 2024 -25 rates; ii) Hedging revenues are excluded.
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H1 revenues of €132.1m, up 17.2% YoY like-for-like1 • Continued growth of LEO-enabled connectivity solutions • One off impact, resulting from the anticipated use of capacity by a GEO customer, for an amount of c. €7m Q2 revenues of €69.7m, up 18.3% YoY1 and +11.9% QoQ Eutelsat reinforced its presence in Africa: • Distribution agreement with Angola’s MSTelcom for LEO services • Multi-million, multi-year agreement with Paratus for services across Southern Africa 9 Fixed Connectivity -1.2% 57 62 62 70 H1 2024-25 H1 2025-26 119 132 23% Q1 Q2 Q1 • 1 At constant currency Q2
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Q1 revenues of €98.6m, up 7.7% YoY like-for- like1 • Growth of LEO-enabled solutions, notably with services delivered in Ukraine • Increased demand from other governments Q2 revenues of €46.2m, down 2.2% YoY1, and -11.7% QoQ • Softer revenues in the U.S. • Lower terminal sales in Q2 than in Q1 Key highlights: • Partnership with Airtel for relief operations in Sri Lanka • Launch of the military-grade manpack terminal for OneWeb, developed in partnership with Intellian Technologies 10 Government Services -1.2% 46 52 50 46 H1 2024-25 H1 2025-26 96 99 17% Q1 Q2 Q2 Q1 • 1 At constant currency
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H1 revenues of €76.6m, up 8.5% YoY like-for- like1 • Activation of contracts with aero mobility customers Almost 600 installations out of a backlog of over 1,500 aircraft vs 100 installations and a backlog of 1,000 aircraft at in FY26 Q2 revenues of €41.9m, up 34.5% YoY1, and +21.1% QoQ Commercial highlights including • Multi-year, multi-orbit partnership with CMA CGM Group and Marlink to integrate OneWeb into the connectivity solutions of CMA CGM’s global maritime fleet • OneWeb LEO connectivity being deployed to connect passenger trains in Gabon in partnership with Airtel Gabon 11 Mobile Connectivity -1.2% 42 35 33 42 H1 2024-25 H1 2025-26 75 77 13% Q1 Q2 Q2 Q1 • 1 At constant currency
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Backlog at €3.4 billion on 31 December 2025 vs. 3.7 a year earlier Representing 2.7 years of revenues Connectivity accounting for 59% Evolution of the backlog reflecting increasing weight of LEO business in the mix: • Shorter contracts • Only the guaranteed element of the ‘take-or-pay’ contracts are recognised 12 Backlog -1.2% 3.7 3.5 3.4 31 Dec. 2024 30 Jun 2025 31 Dec. 2025 Of which Connectivity 56% BACKLOG (€BN) Excluding Managed services 57% 59%
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©2025 EUTELSAT. ALL RIGHTS RESERVED. FINANCIAL PERFORMANCE
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Reported Adjusted EBITDA of €308.2 million down by 8.0% and down by 6.1% on a like for like basis1 Opex contained at +€12.1 million • Increase in COGS • Partially offset by the re-evalution of share-based compensation schemes EBITDA margin of 52.1% versus 55.2% a year earlier, down 3.1 points on a reported basis and 3.4 points like for like1 • Loss of revenues due to Russian sanctions • Effect of product mix within LEO revenues during the ramp-up stage Profitability Adjusted EBITDA (€m) 77.4 77.4 77.5 335 308 H1 2024-25 H1 2025-26 55.2% 1 Change at constant currency and without hedging effect 14 52.1% Margin
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15 Net result • 1 Adjusted EBITDA defined as operating income before Interest, Tax, Depreciation and Amortisation, impairment of assets and other operating income and expenses Decrease of Other operating expenses. D&A decrease reflecting notably the end of the amortisation of certain intangible assets, the extension of useful life of the LEO constellation, as well as a favourable currency impact. Lower interest following the full repayment of the 2025 bond. Corporate Tax rate of 10%. Six months ended December 31 2024 2025 Change (%) Revenues 606.2 591.6 -2.4% Adjusted EBITDA1 334.9 308.2 -8.0% Depreciation and amortisation (433.7) (356.7) -17.7% Other operating income (expenses) (690.8) (69.6) n.a. Operating result (789.6) (118.2) n.a. Financial result (99.1) (95.0) -4.2% Income tax (7.6) (21.3) n.a. Share of result from associates (1.0) (2.9) n.a. Portion of net income attributable to non-controlling interests 24.0 0.9 n.a. Group share of net result (873.2) (236.5) n.a.
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16 Capital Expenditure GROSS CAPEX (€m) 77.4 77.4 77.5 175 292 31 Dec. 2024 31 Dec. 2025 Gross Capex of €292 million compared with €175 million a year earlier • Timing of key milestones in LEO investment programs Most of FY 2025-26 investments to be deployed in the Second Half Capex now expected around €900 million • Phasing of LEO programs • Increased vigilance on GEO CAPEX Cancellation of Flexsat Americas procurement • Resulting in future capex saving of over €100 million euros
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In €m (109) 2,627 2,727 1,301 101 (273) 292 34 (1,476) (2) Net Debt as of 30/06/2025 Reclassification of Assets held for sale Net Debt as of 30/06/2026 Operating Cash-flow Gross Capex Financial costs Capital Increase net proceeds Other Net Debt as of 31/12/2025 Net debt
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18 Financial structure NET DEBT / Adjusted EBITDA RATIO 77.4 77.4 77.5 3.92x 2.00x 31 Dec. 2024 31 Dec. 2025 Net Debt/Adjusted EBITDA ratio of 2.00x • Versus 3.92x at end-December 2024 and 3.88x at end-June 2025 Average cost of debt after hedging of 4.17% • versus 4.84% in H1 2024-25 Average weighted maturity of 2.3 years • Versus 3.0 years at end-December 2024 Undrawn credit lines and cash c. €2.1 billion
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©2025 EUTELSAT. ALL RIGHTS RESERVED. OUTLOOK
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SUCCESSFUL € 1.5BN CAPITAL RAISE €1.5 billion in equity capital through: • Reserved capital increase for an amount of €828 million to Eutelsat’s core shareholders, the French and UK States, Bharti Group, CMA CGM and SFP • Rights Issue of €670 million in which the above shareholders took up their rights c. €1BN EXPORT CREDIT FINANCING OBTAINED CREDIT RATING UPGRADES Foundations of refinancing plan successfully laid 20 Securing funding of strategic growth plan Moody’s: • up two notches to Ba3 Fitch: • up three notches to BB with Stable outlook €990m funding guaranteed by the French Treasury through Bpifrance Assurance Export Provided to Eutelsat Communications, and will rank pari-passu with other debts of that entity. Subject to a successful bond issuance by Eutelsat Communications. Pricing expected in line with Eutelsat Communications’ credit risk profile, as per OECD rules
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21 Procurement of 340 new LEO satellites assuring operational continuity for OneWeb constellation Contract with Airbus Defence and Space to build a further 340 OneWeb low Earth orbit (LEO) satellites Adding to previous batch of 100 satellites, bringing the total number of satellites ordered up to 440. Integrating technology upgrades with optimized architecture designed to maximize long-term operational performance Assuring full operational continuity for customers of the constellation, progressively replacing early batches coming to end of operational life Possibility of adding hosted payloads
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22 Non-completion of passive ground segment disposal; no impact on ability to fund strategic growth trajectory Proposed transaction for the disposal of passive ground segment halted following failure to meet customary conditions precedent, namely approval of the French State Resulting in: Non receipt of net consideration of c.€550m in H2 2025-26; Annual cost-savings of €75-80m associated the service agreement with prospective buyer Resulting in: Net Debt to EBITDA now expected to stand at around 2.7 times at the end of the Financial Year (versus 2.5 times previously). EBITDA margin for FY 2028-29 now expected in the region of 65% (versus c.60% previously). Following the refinancing actions, the non-completion of the transaction does not affect Eutelsat’s ability to fund the capital expenditure related to its strategic growth trajectory
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23 Financial objectives1 confirmed ►FY 2025-26 Adjusted EBITA margin slightly below the level of FY 2024-25 ►FY 2028-29 Adjusted EBITA margin at c.65% vs c.60% previously taking account of disposal of ground segment ADJUSTED EBITDA ►Net debt / Adjusted EBITDA c. 2.7x at end FY 2025-26 vs 2.5x previously including proceeds from disposal of ground segment LEVERAGE ►Around € 900m in FY 2025-26 vs between €1bn and €1.1bn previously ►FY 2025-26 revenues of the four operating verticals around the same level as FY 2024-25 ►LEO revenues up c. 50% REVENUES 1At constant rate and perimeter and assuming: (i) no additional impact on revenues due to sanctions imposed on channels broadcast on the group's fleet (ii) the nominal launch and entry into operation of satellites in course of construction in accordance with the timetable envisaged by the Group; (iii) no incidents affecting any of the satellites in-orbit. GROSS CAPEX
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To Sum Up H1 results once again confirming significant momentum in LEO revenues Financial situation secured with Capital Raise and ECA funding Operational continuity of OneWeb constellation assured with procurement of further 440 LEO Satellites With both financing secured and operational continuity assured, Eutelsat can look forward with confidence as it focuses on its growth strategy, based on the development of its LEO business 24
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©2025 EUTELSAT. ALL RIGHTS RESERVED. Q&A