Eutelsat Communications SA – FY26 Results and FY27 Outlook
Eutelsat Communications SA reported that its group net loss for the fiscal year ended 30 June 2026 narrowed to €457.3 million, representing a 58 percent reduction from the €1.08 billion loss recorded in the prior year. Revenue on a reported basis declined marginally by 0.6 percent to €1.24 billion, while on a like‑for‑like (LFL) basis it increased 3 percent year‑on‑year. Adjusted EBITDA fell 6.5 percent to €632.4 million, with the adjusted EBITDA margin contracting to 51.2 percent from 54.4 percent in the previous fiscal year.
The company highlighted that its low‑Earth‑orbit (LEO) segment remained the primary growth driver, delivering revenue of €297 million—a rise of nearly 70 percent versus the prior year—and now representing 25 percent of total group revenue, up from roughly 15 percent a year earlier. LEO revenue is projected to expand by more than 30 percent in fiscal 2026‑27, which the company expects will offset continued declines in its legacy geostationary (GEO) operations and support modest overall revenue growth and a broadly stable adjusted EBITDA margin for FY27.
Operating vertical revenue grew 1.8 percent on an LFL basis despite ongoing weakness in the Video segment. The group also completed a €5 billion refinancing programme, which, together with growing demand for secure sovereign connectivity, has strengthened its financial position.
Eutelsat disclosed that it anticipates receiving up to US$504 million in incentive payments from the U.S. Federal Communications Commission for clearing the Upper C‑band spectrum, contingent on meeting specified transition milestones.
Chief Executive Officer Jean‑François Fallacher commented that strong commercial momentum, the completed refinancing, and increasing demand for secure sovereign connectivity have collectively improved the company’s financial footing and underpin the modest growth outlook for FY27.