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Eutelsat FY 2024-25 Earnings: LEO Momentum, Capital Raise Ahead

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• FY Revenue €1.24B (+2.5% Y/Y), Operating Verticals €1.23B (+0.8% LFL)

• Adjusted EBITDA €676.2M (margin 54.4%, flat LFL)

• LEO revenue +84% Y/Y to €187M, now 15% of group sales

• €1.5B capital raise backed by core shareholders incl. French State

• Backlog down to €3.5B (2.8x revenues); net debt/EBITDA at 3.88x

• FY25-26 Outlook: LEO rev +50%, GEO pressure continues, EBITDA margin slightly below FY25

• FY26 CapEx seen at €1.0–1.1B, focused on LEO constellation expansion

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