The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 ‑ Euronext Paris / London Stock Exchange: ETL), chaired by Éric Labaye, releasead the financial results for the Half Year ended December 31, 2025.Total revenues for H1 2025-26 stood at €592 million, down 2.4% on a reported basis and stable like‑for‑like. Revenues of the four Operating Verticals (excluding ‘Other Revenues’) stood at €574 million, down by 0.6% on a like-for-like basis. LEO revenues amounted to €111 million, up 59.7%1, and now represent c. 20% of revenues.
Total revenues for H1 2025-26 stood at €592 million, down 2.4% on a reported basis and stable like‑for‑like. Revenues of the four Operating Verticals (excluding ‘Other Revenues’) stood at €574 million, down by 0.6% on a like-for-like basis. LEO revenues amounted to €111 million, up 59.7%1, and now represent c. 20% of revenues.
Adjusted EBITDA stood at €308 million on December 31, 2025, down 6.1% on a like for like basis. The Adjusted EBITDA margin stood at 52.1%, down 3.4 points like-for-like. It reflects the impact of sanction‑related loss of Video revenues, as well as the effect of product mix within LEO revenues during the ramp-up stage.
Jean-François Fallacher, Chief Executive Officer of Eutelsat Communications commented: “The first half of FY 2025-26 marked a decisive step forward for Eutelsat. We significantly strengthened our financial foundations through the successful execution of our refinancing plan, supported by our shareholders, rating agencies, and institutional partners. At the same time, we secured the long-term operational continuity and technological evolution of our LEO constellation, reinforcing our ability to serve customers with greater performance and flexibility. With financing secured and our growth strategy clearly on track, we are entering the next phase with confidence, focused on unlocking the full potential of our LEO business and delivering sustainable value for all stakeholders.”
