• 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