Full Year 2025 Eutelsat Communications SA Earnings Call Transcript
Key Points
- Eutelsat Communications (ETCMY) reported a solid financial performance with total revenues reaching EUR1.244 billion, up 1.6% like-for-like.
- The LEO segment saw significant growth, with revenues increasing by over 80% year-on-year, now representing 15% of the group's total revenues.
- Key agreements were signed with European institutions, including a framework agreement with the French Ministry of Armed Forces and a contract with the UK Foreign and Commonwealth Office, enhancing Eutelsat's role as a trusted partner in Europe.
- A capital increase of EUR1.5 billion was announced to support the long-term strategic roadmap, backed by core shareholders including the French state and the UK government.
- Eutelsat's backlog remains strong at EUR3.5 billion, equivalent to 2.8 times the '24-'25 revenues, with connectivity representing 57% of this backlog.
- Video segment revenues declined by 6.5% year-on-year, reflecting the maturity of this legacy business.
- Reported EBITDA decreased by 5.9% to EUR676.2 million, attributed to the missing OneWeb quarter in fiscal year '24.
- Group share of the net result was a loss of EUR1.0819 billion, reflecting significant operating expenses and impairments.
- Net debt increased to EUR2,626.6 billion, with a net debt-to-EBITDA ratio of 3.88 times, slightly higher than the previous year.
- The GEO segment revenues are expected to decline further due to additional Russian sanctions impacting the Video business.
Hello, and welcome to Eutelsat's full year 2024-2025 results. My name is Laura, and I will be the coordinator for today's event. Please note, this call is being recorded. (Operator Instructions) I will now hand you over to your host, Jean-Francois Fallacher, CEO, to begin today's conference. Thank you.
Hello. Good morning. Welcome. Thanks for joining us today for Eutelsat's full year 2024-2025 results presentation. My name is Jean-Francois Fallacher. I'm the CEO of the company, and I'm joined today by Christophe Caudrelier, which is our CFO; and Joanna Darlington which is our Head of IR.
Let's go directly to the presentation. On today's agenda, we will obviously run through the events of this year, the operational performance, the financial performance, and of course, we will wrap up with the strategic and financial outlook. So starting with a reminder of the key highlights of last year. Clearly, last year has been a pivotal year for Eutelsat.
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