Eutelsat - Video weaker, offset by stronger Government

Research evidence excerpt

Eutelsat - Video weaker, offset by stronger Government

7 July 2026

Aleksander Peterc

+33 1 57 29 45 25

European Telecom Services aleksander.peterc@bernsteinsg.com

Eutelsat

Rating

Market-Perform

Price Target

ETL.FP 2.70 EUR (2.60 OLD)

We regularly hold calls with companies, making sure we are up-to-date with their latest

Close Date 6 Jul 2026

communications. We recently caught up with Eutelsat in the lead-up to their FY26 reporting, and

ETL.FP Close Price (EUR) 2.55

provide an update of the key themes below.

Price Target (EUR) 2.70

We proceed with minor model changes at Eutelsat. We slightly underestimated the continuing Upside/(Downside) 6%

pressure on Video from the termination of RSCC leased capacity (see related report) that will 52-Week Range 4.56/1.59

continue to affect Video in 4Q26, leading to a further -5% sequential revenue step-down in EDME 1,617.02

the quarter. Continuing pressure on Video should be offset by stronger Government revenue, FYE Jun

as Eutelsat’s June quarter will see the start of deliveries of Centaure (LEO connectivity, part of Div Yield NA

the €1bn NEXUS frame agreement) to the French armed forces. Market Cap (EUR) (M) 2,958

EV (EUR) (M) 4,287

Overall, our P&L estimate changes are minor (low-single-digit % revisions of sales and Performance YTD 1M 6M 12M

EBITDA), with a small (+3%) positive impact on our valuation. Our DCF-based PT of Eutelsat Absolute (%) 47.1 (16.7) 28.3 (5.1)

rises slightly to €2.70/share (+4%) compared with our May update. EDME (%) 10.0 4.7 7.7 20.2

Relative (%) 37.2 (21.4) 20.6 (25.3)

Investment Implications Source: Bloomberg, Bernstein estimates and analysis.

We rate Eutelsat shares Market-Perform, with a DCF-based PT at €2.70.

Price Performance, 1YR

€5.00 1800

€4.50 1700

€4.00

€3.50

€3.00

€2.50

€2.00 1300