Eutelsat Communications reported a near 60% surge in LEO revenues in the first half of FY 2025-26, as growth in Connectivity helped offset continued pressure in its Video business.
For the six months to 31 December 2025, total group revenues stood at €591.6 million, down 2.4% on a reported basis but broadly stable like-for-like.
Connectivity revenues rose 11.8% year-on-year to €307.3 million, driven by strong momentum in LEO. LEO revenues increased 59.7% to €110.5 million and now account for around 20% of total revenues. By contrast, GEO revenues declined 4.5% to €196.8 million.
Video revenues fell 12.3% to €266.5 million, reflecting the impact of further sanctions on Russian channels and ongoing structural pressures in the broadcast market.
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.”
During the period, the group confirmed procurement of 440 LEO satellites to secure operational continuity and technology upgrades for its OneWeb constellation, underpinning its strategic focus on multi-orbit connectivity.
Earlier this week, Eutelsat signed almost €1 billion in Export Credit Agency financing to support the procurement of new LEO satellites for its Starlink rival OneWeb.
Eutelsat confirmed its full-year objectives, targeting operating vertical revenues in line with FY 2024-25 levels and LEO revenue growth of around 50% year-on-year, with an Adjusted EBITDA margin slightly below last year’s level.
