EUTELSAT (=) : Q3 25-26 results confirm balanced risk/reward

Research evidence excerpt

EUTELSAT (=) : Q3 25-26 results confirm balanced risk/reward

EQUITIES

INTERNET & MEDIA

EUTELSAT NEUTRALPRICE* EUR3.02  TARGET PRICE EUR2.70 (DOWNSIDE 11%) TARGET 29%PRICE EPS 06/26e-2% EPS06/27e3%

Q3 25-26 results confirm balanced risk/reward

Q3 2025-2026 print largely in line15 MAY 2026

Securities Research Report Eutelsat delivered Q3 2025-2026 revenue largely in line with consensus estimates. Total revenues

Production time: 16:41* (London time) increased by 3.1% LFL, including +0.9% for the Operating Verticals. LEO revenue continued to grow

Research Analysts & Publishing Entities strongly at +65% LFL while Video remained challenging with revenue -13% LFL (with the division

Geoffrey D'Halluin still impacted by the removal of Russian channels). The backlog stood at EUR3.4bn at the end of the

BNP Paribas SA quarter versus EUR3.6bn a year ago and EUR3.4bn at end-December 2025.(+ 33) 1 57 43 74 88

geoffrey.dhalluin@bnpparibas.com

Full-year outlook confirmed

In terms of outlook, Eutelsat confirmed its full-year financial targets: i) revenue of the four operating

verticals in line with the FY 2024-2025 level, ii) LEO revenues to grow by 50% year-on-year and iii)

adjusted EBITDA margin slightly below the previous year. Meanwhile, gross capital expenditure is

expected around EUR900m, and ND/EBITDA is estimated at ~2.7x at the end of the fiscal year.

Tweaking our revenue / EBITDA estimates

We tweak our revenue / adj. EBITDA 2025-2026E estimates predominantly to reflect FX updates

and slight changes in the group’s verticals assumptions. We now forecast revenue of EUR1.2bn this

year and an adjusted EBITDA of EUR624m, suggesting a margin down -250bps year-on-year. We

expect the group’s ND/EBITDA at 2.7x at the end of the year, in line with guidance.

Reiterate Neutral rating