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FULL YEAR 2025-26 Results e EUTELSAT 7th August , 2026 © 2025 EUTELSAT . ALL RIGHTS RESERVED . OneWeb
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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 LEO revenues up nearly 70%1 to €297 million, representing 25% of group total Overall FY 2025-26 results in line with objectives Capex at €595 million, below the €900 million expectation Successful €5 billion re-financing package, underpinning LEO capex needs €350 million call-off contract under NEXUS framework agreement US C-band clearing incentives expected to deliver $504m proceeds in 2031 Outcome of the IRIS² First Rendez-Vous expected to confirm Eutelsat's leadership of the LEO segment 1 Like-for-like change, i.e., at constant currency. The variation is calculated as follows: i) FY 2025-26 USD revenues are converted at 2024 -25 rates; ii) Hedging revenues are excluded.
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Key financial data M€ FY 2024-25 FY 2025-26 YoY Change Reported Like-for-like1 P&L Total Revenues 1,243.7 1,235.9 -0.6% +3.0% Operating Verticals Revenues 1,226.3 1,197.1 -2.4% +1.8% O/w LEO Revenues 186.8 297.0 +59.0% +69.5% Adjusted EBITDA 676.2 632.4 -6.5% -3.1% Adjusted EBITDA margin 54.4% 51.2% -3.2 pts -3.2 pts CAPEX Gross Capex2 449.8 593.9 - Financial structure Net Debt / Adjusted EBITDA2 3.88x 2.32x -1.56 pts • 1 Change at constant currency. The variation is calculated as follows: i) FY 2025-26 USD figures are converted at FY 2024-25 rates; ii) Hedging revenues are excluded. 2 Alternative performance metrics. Please refer to Appendix 4 to the press release for more details. 4
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©2025 EUTELSAT. ALL RIGHTS RESERVED. OPERATIONAL PERFORMANCE
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6 1 Share of each application as a percentage of total revenues excluding “Other Revenues”. 2 Like-for-like change, i.e., at constant currency. The variation is calculated as follows: i) FY 2025-26 USD revenues are converted at FY 2024-25 rates; ii) Hedging revenues are excluded. REVENUE CONTRIBUTION1 REVENUES (€m) LIKE-FOR-LIKE2 YOY CHANGE VIDEO FIXED CONNECTIVITY MOBILE CONNECTIVITY GOVERNMENT SERVICES 43% 519.2 270.0 235.5 172.4 38.8 1,197.1TOTAL OPERATING VERTICALS OTHER REVENUES -13.1% +15.6% +17.7% +15.9% +1.8% 23% 20% 14% Revenues by vertical 6
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Total revenues of €1,236 m, +3.0% like-for- like1 Negative currency effect of €51m • €/$ rate of 1.17 vs 1.08 last year Positive swing of €21m in ‘Other Revenues’ • revenue recognition from IRIS2 related to Eutelsat’s involvement as Consortium System Development Prime • €6m related to hedging Revenues of the Operating Verticals up 1.8% like-for-like1 7 FY 2025-26 revenues 1,244 0 -51 +21 +22 1,236 FY 2024-25 reported Perimeter Currency Change in Other Revenues Operational trend FY 2025-26 reported YoY revenue bridge (€m) +1.8% • 1 Like-for-like change, i.e., at constant currency. The variation is calculated as follows: i) FY 2025-26 USD revenues are converted at FY 2024-25 rates; ii) Hedging revenues are excluded.
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FY 2025-26 revenues of €519m, down 13.1% like- for-like • Underlying market trend • Impact of sanctions on Russian channels imposed at the beginning of the year • Termination of capacity contracts on the Express AT1 and AT2 satellites Q4 FY 2025-26 revenues of €125m, down 14.4% YoY and 2.7% QoQ Full effect of termination of capacity contracts 8 Video -1.2% 152 134 157 133 152 128 147 125 FY 2024-25 FY 2025-26 608 519 43% Q1 Q2 Q3 Q1 • 1 At constant currency Q2 Q3 Q4 Q4
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LEO revenues up nearly 70%, representing c. 45% of Connectivity revenues 9 In € millions FY 2024-25 FY 2025-26 Change Reported Like-for- like1 Connectivity 618.1 677.9 +9.7% +16.4% o/w LEO 186.8 297.0 +59.0% +69.5% o/w GEO 431.3 380.9 -11.7% -6.6% 1 Change at constant currency. The variation is calculated as follows: i) FY 2025-26 USD revenues are converted at FY 2024 -25 rates; ii) Hedging revenues are excluded.
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FY 2025-26 revenues of €270m, up 15.6% like- for-like1 • Continued growth of LEO-enabled solutions • Partially offset by the more challenging conditions for GEO- enabled solutions Q4 revenues of €78m, up 17.1% YoY, and up 27.8% QoQ • Continued momentum of LEO performance • Catch-up revenues in the fourth quarter Recent commercial wins include • Voimatel partnership to deliver LEO connectivity services in Finland 10 Fixed Connectivity -1.2% 57 62 62 70 60 60 69 78 FY 2024-25 FY 2025-26 247 270 23% Q1 Q2 Q3 Q1 • 1 At constant currency Q2 Q3 Q4 Q4
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FY 2025-26 revenues of €235m, up 17.7% like-for-like1 • CENTAURE call-off contract • increased demand from other non-US governments • and service delivered in Ukraine CENTAURE contract: • First call-off contract under the €1bn NEXUS framework agreement • €138m initial firm commitment over four years for LEO satellite capacity • Framework agreement with a maximum value of €350m and a duration of up to eight years Q4 revenues of €87m, up 36.9% YoY, and 70% QoQ 11 Government Services -1.2% 46 52 50 46 50 50 65 87 FY 2024-25 FY 2025-26 211 235 20% Q1 Q2 Q3 Q1 • 1 At constant currency Q2 Q3 Q4 Q4
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FY 2025-26 revenues of €172m, up 15.9% like-for- like • strong performance of the Aero segment across both LEO and GEO solutions • a more limited contribution from Maritime, where LEO growth was partially offset by softer trends in GEO services. Q4 revenues of €51m, up 18.6% YoY, and 11.8% QoQ Recent commercial successes include • new partnerships with AST Networks and Tototheo Global to expand the distribution of OneWeb LEO connectivity services across the global maritime sector • In aviation, Eutelsat signed a new multi-year agreement with Anuvu for capacity on EUTELSAT 10B to enhance high-speed in- flight connectivity services • Japan Airlines selected a solution integrating OneWeb LEO capacity and GEO capabilities 12 Mobile Connectivity -1.2% 42 35 33 42 40 45 45 51 FY 2024-25 FY 2025-26 160 172 14% Q1 Q2 Q3 Q1 • 1 At constant currency Q2 Q3 Q4 Q4
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Backlog at €3.4 billion on 30 June 2026 vs. €3.5 billion a year earlier Representing 2.7 years of revenues Connectivity accounting for 61% 13 Backlog -1.2% 3.5 3.4 30 June 2025 30 June 2026 Of which Connectivity 57% BACKLOG (€BN) Excluding Managed services 61%
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©2025 EUTELSAT. ALL RIGHTS RESERVED. FINANCIAL PERFORMANCE
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Reported Adjusted EBITDA of €632 million down by 6.5% and down by 3.1% on a like for like basis1 Opex contained at +€36 million • Increase in COGS • Partially offset by the re-evalution of share-based compensation schemes in H1 EBITDA margin of 51.2% versus 54.4% a year earlier, down 3.2 points on a reported basis and 3.2 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 77.5 676 632 FY 2024-25 FY 2025-26 54.4% 1 Change at constant currency and without hedging effect 15 51.2% Margin
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16 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 on-ground depreciation Higher interest costs partially offset by the favourable evolution of foreign exchange gains and losses Corporate Tax charge of €1.6 million versus a gain of €6.7 million a year earlier FY 2024-25 FY 2025-26 Change (%) Revenues 1,243.7 1,235.9 -0.6% Adjusted EBITDA1 676.2 632.4 -6.5% Depreciation and amortisation (808.3) (699.3) -13.5% Other operating income (expenses) (777.0) (153.2) n.a. Operating result (909.2) (220.1) n.a. Financial result (201.0) (232.5) 15.7% Income tax 6.7 (1.6) n.a. Share of result from associates (2.4) (4.7) n.a. Portion of net income attributable to non-controlling interests 24.0 1.6 n.a. Group share of net result (1,081.9) (457.3) -57.7%
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17 Capital Expenditure GROSS CAPEX (€m) 77.4 77.4 77.5 450 594 FY 2024-25 FY 2025-26 Gross Capex of €594 million compared with €450 a year earlier • Progress in the execution of LEO investment programs, primarily focused on the GEN-1 follow on program Gross Capex below the €900 million level anticipated at the time of the First Half • Phasing of LEO program investments FY 2026-27 Capex expected in the region of €1.2 billion reflecting phasing delayed from FY 26 and ramp-up of planned LEO replenishment Group confirms medium-term plan covering investments of approximately €4 billion over the period FY 2026-2029.
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In €m (109) 2,627 2,727 1,465 101 (529) 594 129 (1,469) 11 Net Debt as of 30/06/2025 Reclassification of Assets held for sale Net Debt as of 30/06/2025 Operating Cash-flow Gross Capex Financial costs Capital Increase net proceeds Other Debt as of 30/06/2026 Net debt
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19 Financial structure NET DEBT / Adjusted EBITDA RATIO 77.4 77.4 77.5 3.88x 2.32x 30 June 2025 30 June 2026 Net Debt/Adjusted EBITDA ratio of 2.32x • Versus 3.88x at end-June 2025 Average cost of debt after hedging of 4.37% • In line with FY 2024-25 Average weighted maturity of 4.2 years • Versus 2.5 years at end-June 2025 Undrawn credit lines and cash c. €2.3 billion c. €690 million of undrawn ECA facility
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©2025 EUTELSAT. ALL RIGHTS RESERVED. LOOKING AHEAD
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Strong commercial momentum 21 FIXED CONNECTIVITY GOVERNMENT SERVICES MOBILE CONNECTIVITY
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22 First major call-of contract under NEXUS framework agreement • First major Call-off contract under the NEXUS framework agreement for the deployment of sovereign Low Earth Orbit capabilities • €350 million 8-year CENTAURE contract • Firm commitment of €138 million over four years • An immediately operational solution to meet the Defence sector’s strategic requirements ahead of the deployment of IRIS² • Further agreements expected over 10 year span of the DGA Framework agreement
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23 Upper C-band transition in the United States • FCC task order establishing regulatory framework for reallocation of 160 MHz of Upper C-band spectrum in the United States • Eutelsat expects to receive incentive payments of $504 million (€443 million) pre-tax, upon the completion of the transition, expected during 2031 • Cost of the transition eligible for re-imbursement and come on top for the $504 million incentives • Preliminary transition plan under review • Proceeds from the incentive payments will contribute to funding capex requirements beyond FY 2030-31
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24 Europe’s sovereign constellation • Largest European Public-Private Partnership in the space sector • First Rendez-Vous negotiations in final stages, finalising key terms and conditions • Outcome expected to confirm Eutelsat's leadership of the LEO segment • Giving access to enhanced network capacity and next- generation technological capabilities… • …cementing Eutelsat’s position as a core player in Europe's future sovereign connectivity infrastructure… • …and underpinning its long-term strategic roadmap
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©2025 EUTELSAT. ALL RIGHTS RESERVED. FINANCIAL OUTLOOK
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26 Financial objectives1 ►FY 2026-27 Adjusted EBITDA margin around the same level as FY 2025-26 ►FY 2028-29 EBITDA margin above 60%2 ADJUSTED EBITDA MARGIN ►c.1.2 billion in FY 2026-27 ►FY 2026-27 : slight growth in the revenues of the four Operating Verticals LEO revenues up c.30% ►FY 2028-29 revenues of the four operating verticals confirmed at between €1.5 and €1.7 billion2 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. 2 Data at eur/usd rate of 1.12x CAPEX
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27 To Sum Up ✓ Continued strong LEO revenues growth, already representing 25% of group total ✓ Offsetting revenues decline in legacy businesses, which nevertheless remain highly cashflow-generative ✓ Successful €5 billion re-financing exercise reinforcing financial condition and assuring funding for Capex needs until FY 2028-29 ✓ €350 million first major call-off contract under NEXUS framework agreement with more to come ✓ US C-band clearing incentives to deliver $504m proceeds in 2031, contributing to later-stage financing needs • Outcome of the IRIS² First Rendez-Vous set to confirm Eutelsat as leader of the LEO segment, cementing its position as a core player in Europe's sovereign connectivity infrastructure and securing its long-term strategic roadmap
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©2025 EUTELSAT. ALL RIGHTS RESERVED. Q&A