Eutelsat Communications: Q3 sales slightly lower than expected

Research evidence excerpt

Eutelsat Communications: Q3 sales slightly lower than expected

Update

May 12, 2026 08:35 PM GMT

Morgan Stanley & Co. International plc+MEutelsat Communications | Europe Terence Tsui

Equity Analyst

Q3 sales slightly lower than Terence.Tsui@morganstanley.comEmmet B Kelly +44 20 7425-3095

Emmet.Kelly@morganstanley.com +44 20 7425-6830

expected Harrison Williams, CFA

Harrison.Williams@morganstanley.com +44 20 7425-6627

Reaction to earnings Lindsey C Zastawny

Unchanged Modest shortfall Largely unchanged Lindsey.Zastawny@morganstanley.com +44 20 7425-1237

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Eutelsat Communications (ETL.PA, ETL FP)

Source: Company data, Morgan Stanley Research

Telecommunications Services | France

Stock Rating Equal-weight

Key Takeaways Industry View Attractive

Price target €2.40

Q3 sales in the operating verticals were a touch below consensus expectations. Shr price, close (May 12, 2026) €2.91

52-Week Range €3.50-1.59

Q3 video revenue growth at -13% YoY remained weak... Mkt cap, curr (mn) €1,387

Net debt (06/26e) (mn)* €1,457

… but guidance was confirmed. EV, curr (mn)* €4,102

Shares continue to be very volatile on macro/ geopolitical developments, but we * = GAAP or approximated based on GAAP

are not expecting any major deviations following this print.

Q3 revenues in the operating verticals of €284mn were 1% below consensus

expectations. However, there was a one-time positive in fixed connectivity. Organic

revenue growth in the verticals came in at +0.9% YoY, compared to -0.1% in Q2.

Video continued to be weak at -13.3% YoY, but was offset by growth in connectivity

at +15% YoY.

In the verticals:

i) Video revenues were -13.3% YoY (organic) vs -14.1% in Q2, similar to the broader