Eutelsat's LEO revenue reaches €297M, a quarter of group sales
What happened
Eutelsat's FY2025-26 (year ended 30 June 2026) results: total group revenue €1,235.9M (-0.6% reported, +3.0% like-for-like); Adjusted EBITDA €632.4M (-3.1% LFL), margin 51.2% (-3.2pts LFL). The headline: LEO/OneWeb segment revenue reached €297M, up 69.5% year-on-year, now 25% of total group revenue versus roughly 15% a year earlier. Guidance for FY2026-27 is "slight revenue growth, stable profitability," with continued LEO growth expected to offset the structural GEO decline. CEO Jean-François Fallacher was quoted describing Eutelsat as "undervalued" relative to SpaceX following the results.
Read-across for SES
First full-year confirmation that Eutelsat's GEO-to-LEO pivot is structurally offsetting legacy video/GEO decline — LEO's share of group revenue rose 10 points in a single year. This is the concrete performance evidence behind the "Satellite consolidation wave" thread's standing DISTRESS COUNTERWEIGHT note on Eutelsat's ~€5bn capital-repair effort, and a direct competitive-positioning benchmark: Eutelsat (GEO+LEO/OneWeb) and SES (GEO+MEO/O3b mPOWER→meoSphere) are pursuing the same diversification logic against the same Starlink/Kuiper pressure, on different orbital bets.
As the brief filed it
[AGE: 21h] Eutelsat FY2025-26 results: LEO/OneWeb revenue €297M (+69.5% YoY) now 25% of group revenue (was ~15% a year ago) — first full-year proof the GEO-to-LEO pivot is offsetting legacy decline for SES's closest European peer.