Iridium Communications Inc: 2Q26 results: Revenues above, miss on OEBITDA

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Iridium Communications Inc: 2Q26 results: Revenues above, miss on OEBITDA

Equity Research

European Telecom Services

22 July 2026

Iridium Communications Inc

2Q26 results: Revenues above,

miss on OEBITDA First Look

IRDM published 2Q26 results that came above on service IRDM OVERWEIGHT

revenues but below on OEBITDA. Considering the pending European Telecom Services NEUTRAL

acquisition by Rocket Lab, we expect a muted reaction. Price Target USD 36.00

Price (21-Jul-26) USD 47.24

Potential Upside/Downside -23.8%

Total revenues were +2.2/+0.3% vs. consensus/Barclays, with service revenues up +3.7% yoy, Source: Bloomberg, Barclays Research

coming +1.0%/+0.5% above consensus/Barclays, marking an acceleration vs 1Q26 trends (+2.4%

yoy) and compared to a FY2026 guidance of ‘flat to +2% yoy that was given at the 1Q26 results. European Telecom Services

We note in particular better trends than we expected in Broadband and Hosted payloads. Mathieu Robilliard

OEBITDA declined -1.8% yoy and was below by -1.7%/-0.7% vs. consensus/Barclays. We also +44 (0)20 3134 3288

note progress on commercial/product initiatives with the introduction of ‘Iridium 9604’ to mathieu.robilliard@barclays.com

expand the IOT offering. The company continues to expect the introduction of its NTN Direct BBI, Paris

service that will provide D2D capabilities. Maurice Patrick

+44 (0)20 3134 3622

The company will not hold a conference call nor update or provide financial guidance maurice.patrick@barclays.com

considering the pending transaction with Rocket Lab, which signed an MOU to acquire IRDM Barclays, UK

(see Iridium: More consolidation in satellites – 29 June 2026). We expect a muted reaction.

Ganesha Nagesha

+91 (0)22 6175 1712

ganesha.nagesha@barclays.com

Barclays, UK

Maxime Delaugerre

+44 (0)20 3555 5672