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©2025 EUTELSAT. ALL RIGHTS RESERVED. FIRST QUARTER 2026-27 Revenues 29 October 2026
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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 construction phase, marking the transition from programme definition to industrial execution, with €8.9 billion of associated backlog recognised 2
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©2025 EUTELSAT. ALL RIGHTS RESERVED. IRIS2
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IRIS² is a multi-orbit system leveraging LEO & MEO for governmental and commercial applications IRIS² high-level architecture Space Segment Ground Segment Payload Network Constellation Multiband User Terminals Broadband + Hosted Payload 18 MEO 661 + 2642 LEO Ka-Mil + Ka Ka-Mil + Ka + Ku Broadband + Hosted Payload Mesh Core Network Key stakeholder Multi-purpose FPA | Multi-wave form | Phased array | Multi orbit 1) Layer 1: governmental-only use; 2) Layer 2: dual-use governmental/commercial. 4
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⚫ Industrial mobilization underway - Airbus D&S, Thales Alenia Space & Aerospacelab ramp up manufacturing ⚫ Next-gen user terminals - smaller, lighter, more affordable, opening high-performance connectivity to more customers ⚫ Total project cost of €15.6bn (vs. €10.6bn pre “rendez-vous” 1) o/w 74% publicly funded ⚫ Recognition of a €8.9bn backlog over the construction phase of the programme IRIS² is a transformational project for Eutelsat 5 ⚫ 264 LEO satellites expected to enter into service by mid-2032 ⚫ Exclusive sellable LEO commercial capacity of over 2Tbps for Eutelsat Group’s commercial infrastructure ⚫ Design, deployment and operation of the IRIS² LEO constellation ⚫ Strong institutional support from the European Commission and key member states (France, Spain, Poland) Incremental secured capacity for Eutelsat ⚫ Serves as Eutelsat’s Next-Gen LEO infrastructure ⚫ The Company’s ~€3.4bn IRIS2 capex over FY2026-27 to FY2033-34 ⚫ Eutelsat Group’s service revenue estimated at over ~€10bn over the period 2032-2040 Increased momentum from IRIS² industrial execution phase Future proofing Eutelsat’s business profile +€10bn Services Revenues ~€3.4bn Capex c.€15.6bn Total project Value €8.9bn Construction Backlog 264 LEO satellites 2x Current Capacity
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LEO Roadmap is giving long-term visibility till 2040 NOW 2027 2030 2032 2034 2040 IRIS² Ensuring continuity of service and supporting future growth 6 2-year overlap IRIS2 As per current discussions with the EU Current Gen-1 Gen-1 Follow-on Start of IRIS2 commercial operations expected mid 2032 440 GEN-1 + 229 additional GEN-1R 264 LEO satellites dual Mil-Ka/Ku band Totalling ~ 1,300 satellites over the 2030 horizon ~ 650 satellites
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©2025 EUTELSAT. ALL RIGHTS RESERVED. Q1 2026-27 PERFORMANCE
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293 1 5 -8 -6 286 Q1 2025-26 reported Currency IRIS Construction Change in Other Revenues Operational trend Q1 2026-27 reported Total revenues of €286m, down 0.9% like- for-like1 Slight positive currency effect • €/$ rate of 1.15 vs 1.16 last year Negative swing of €8m in ‘Other Revenues’ €5m IRIS2 Construction revenues Revenues of the Operating Verticals down 2.1% like-for-like1 8 First Quarter 2026-27 revenues YoY revenue bridge (€m) -2.1% • 1 At constant currency and perimeter 2
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9 1 Share of each application as a percentage of total revenues excluding ‘Other Revenues’ and ‘IRIS2 Construction Revenues’. 2 Change at constant currency and perimeter. The variation is calculated as follows: i) Q1 FY 2026-27 USD revenues are converted at Q1 2025-26 rates; ii) Hedging revenues are excluded. REVENUE CONTRIBUTION1 REVENUES (€m) LIKE-FOR-LIKE2 YOY CHANGE VIDEO FIXED CONNECTIVITY MOBILE CONNECTIVITY GOVERNMENT SERVICES 40% 110 60 60 48 278TOTAL OPERATING VERTICALS OTHER REVENUES -17.8% -4.7% +14.3% +38.1% -2.1% 21% 22% 17% Q1 Revenues by vertical 9 IRIS2 CONSTRUCTION REVENUES TOTAL REVENUES 3 5 n.a. 286 -0.9% n.a.
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Q1 revenues of €110m, down 17.8% YoY like-for- like1 • Carry-forward impact of recent contract renewals • Capacity optimisation initiatives by certain customers • Termination of capacity contracts on the Express AT1 and AT2 Russian satellites Q1 revenues down 12% QoQ1 Renewed several long-standing Video partnerships across Latin America, Central & Eastern Europe and North Africa Looking ahead: moderation in the pace of decline as recent headwinds are progressively absorbed 10 Video -1.2% 134 110 133 128 125 FY 2025-26 FY 2026-27 519 40% Q1 Q2 Q3 Q4 Q1 • 1 At constant currency and perimeter
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LEO revenues up 30%, representing over 40% of Connectivity revenues 11 In € millions Q1 2025-26 Q1 2026-27 Change Reported Like-for- 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 calculated as follows: i) Q1 FY 2026-27 USD revenues are converted at Q1 2025 -26 rates; ii) Hedging revenues are excluded. There is no perimeter effect in the first quarter.
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Q1 revenues of €59.7m, down 4.7% YoY like-for- like1 • More challenging market conditions for GEO-enabled solutions • Lower contribution from LEO terminals sales • Partially offset by continued growth in LEO service revenues. Q1 revenues down by 23.7% Q-o-Q1 • Higher comparison base in Q4 FY2025-26, which included the recognition of catch-up revenues Growing demand for secure, resilient and diversified connectivity solutions: • Partnership with MEO to expand the delivery of OneWeb LEO connectivity services in Portugal. • Expanded agreement with EuroSkyPark leveraging the scalable GEO capacity of EUTELSAT 10B. 12 Fixed Connectivity -1.2% 62 60 70 60 78 FY 2025-26 FY 2026-27 270 21% Q1 Q2 Q3 Q4 Q1 • 1 At constant currency and perimeter
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Q1 revenues of €60.3m, up 14.3% YoY like-for- like1 • Driven by both GEO and LEO applications • Contribution from the CENTAURE call-off contract • Services delivered in Ukraine Q1 revenues -30.8% QoQ1 • CENTAURE revenue recognition profile, with the full-year contractual value recognised in Q4 FY26 vs. a single quarter recognised in Q1 FY27 Key highlights: • Participation in the Enhanced Satellite Connectivity Project for Greenland to extend reliable connectivity to rural and remote communities. • Partnership with OroraTech to host 48 thermal infrared payloads (plus options for an additional 48) aboard future OneWeb LEO satellites. 13 Government Services -1.2% 52 60 46 50 87 FY 2025-26 FY 2026-27 235 22% Q1 Q2 Q3 Q4 Q1 • 1 At constant currency and perimeter
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Q1 revenues of €48.3m, up 38.1% YoY like-for-like1 • Aero segment remained the main growth driver, benefiting from the continued expansion of both GEO and LEO connectivity solutions • Maritime, growth was primarily driven by the continued adoption of LEO solutions. Q1 revenues down by 5.9% QoQ1 • Terminal sales impact Rail application: • Successful first OneWeb LEO rail trial in Poland, highlighting the potential of Eutelsat’s rail connectivity solution for passenger and freight rail operators 14 Mobile Connectivity -1.2% 35 48 42 45 51 FY 2025-26 FY 2026-27 172 17% Q1 Q2 Q3 Q4 Q1 • 1 At constant currency and perimeter
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Backlog at €12.1 billion on 30 September 2026 IRIS2 construction backlog1 at €8.9 billion • IRIS² entered its construction phase, with backlog now including revenues associated with the execution of construction-related activities under the programme Representing 2.6 years of revenues (excl. IRIS2 construction) 15 Backlog -1.2% 2.0 2.0 1.9 1.4 1.3 1.2 8.9 30 Sep 2025 30 Jun 2026 30 Sep 2026 Connectivity Video Other IRIS 2 BACKLOG (€BN) Excluding Managed services 1 The IRIS2 construction backlog represents future revenues from the design and construction phase of the IRIS2 contract. 3.5 3.4 12.1
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©2025 EUTELSAT. ALL RIGHTS RESERVED. OUTLOOK
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17 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 MARGIN3 ►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. 3Adjusted EBITDA Margin objectives exclude the contribution from construction-related activities under the IRIS² programme. CAPEX
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©2025 EUTELSAT. ALL RIGHTS RESERVED. Q&A