Company reported full-year revenues of €1.244 billion for fiscal 2024-25, up 2.5%
PARIS: Eutelsat Communications (ETL.PA) reported full-year revenues of €1.244 billion for fiscal 2024-25, up 2.5% on a reported basis and 1.6% like-for-like, driven by robust growth in low Earth orbit (LEO) services.
Revenues from the group’s four operating verticals stood at €1.226 billion, rising 0.8% like-for-like. LEO revenues surged 84.1% to €187 million, now accounting for approximately 15% of total group revenues.
Adjusted EBITDA came in at €676.2 million, stable on a like-for-like basis, with a margin of 54.2% at constant currency. The results were broadly in line with Eutelsat’s financial objectives, which had anticipated flat operating vertical revenues and a slightly lower EBITDA margin compared to the prior year.
CEO Jean-François Fallacher said the company was entering a “new chapter” centered on LEO deployment, calling it a “revolution for the satellite industry.” He highlighted Eutelsat’s differentiated GEO-LEO positioning and its strategic role in European sovereign space development, citing a €1 billion framework agreement with France’s Armed Forces Ministry.
The company also announced a €1.5 billion capital increase to support its long-term strategic roadmap.
Fourth-quarter revenues were stable year-on-year at €338 million. Operating costs rose €73.4 million due to the full-year consolidation of OneWeb and the ramp-up of LEO operations.
Eutelsat posted a net loss of €1.08 billion, compared to a €309.9 million loss a year earlier, impacted by €535 million in GEO goodwill impairment and €186 million in satellite write-downs.
Looking ahead, Eutelsat expects LEO revenues to grow 50% in FY 2025-26, offsetting declines in GEO revenues amid Russian sanctions. The company targets stable revenues and a slightly lower EBITDA margin, with capital expenditure projected at €1.0–€1.1 billion.
By FY 2028-29, Eutelsat anticipates revenues between €1.5–€1.7 billion and an EBITDA margin of at least 60%, driven by LEO growth and operating leverage.