Half Year 2026 Eutelsat Communications SA Earnings Call Transcript
Key Points
- LEO revenues increased by nearly 60%, showcasing strong commercial dynamics.
- Successful completion of a EUR1.5 billion capital raise led to credit rating upgrades from Moody's and Fitch.
- Operational continuity secured for the OneWeb constellation with the procurement of 440 new LEO satellites.
- Connectivity verticals, including fixed connectivity, government services, and mobility, all showed revenue growth.
- Adjusted EBITDA margin stood at 52.1%, reflecting a robust financial performance despite challenges.
- Video revenues declined by 12.3% due to sanctions on Russia, impacting overall revenue.
- Net result was a loss of EUR236 million, although reduced from the previous year's loss.
- Adjusted EBITDA margin declined by 3.1 points due to sanction-related losses and product mix effects.
- CapEx increased significantly to EUR292 million, reflecting LEO investment programs.
- The disposal of the passive ground segment asset was halted, affecting net debt to EBITDA expectations.
Welcome to the Eutelsat half year 2025, 2026 results presentation. (Operator Instructions)
Now I will hand the conference over to the speaker, Jean-Francois Fallacher, Chief Executive Officer; and Sebastien Rouge, Chief Financial Officer. Please go ahead.
Hello. Good morning, everyone, and thank you for joining us today. I am Jean-Francois Fallacher, CEO of Eutelsat. And I am joined on this call by Sebastien Rouge, our new CFO.
So before getting into the details, a quick recap of the highlights of the first semester, which has been truly pivotal for Eutelsat. In terms of performance, first half operating verticals were almost stable. Within this, LEO revenues were up nearly 60%, reflecting the ongoing strong commercial dynamic and driving rise in revenues in all three connectivity verticals. The adjusted EBITDA margin is just over 52%. It's reflecting the impact of sanction-related loss of video revenues as well as
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