Duyuru • May 14
Eutelsat Communications S.A. Confirms Earnings Guidance for the Full Year 2025-26 Eutelsat Communications S.A. confirmed earnings guidance for the Full Year 2025-26. Revenues of the four Operating Verticals in line with the level of Fiscal Year 2024-25. LEO revenues to grow by 50% year-on-year. Buy Or Sell Opportunity • May 11
Now 21% undervalued Over the last 90 days, the stock has risen 25% to €2.79. The fair value is estimated to be €3.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Meanwhile, the company became loss making. Revenue is forecast to grow by 6.4% in 2 years. Earnings are forecast to grow by 51% in the next 2 years. Reported Earnings • Feb 17
First half 2026 earnings released: €0.42 loss per share (vs €1.84 loss in 1H 2025) First half 2026 results: €0.42 loss per share (improved from €1.84 loss in 1H 2025). Revenue: €591.6m (down 2.4% from 1H 2025). Net loss: €236.5m (loss narrowed 73% from 1H 2025). Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Media industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. New Risk • Feb 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 148% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (148% increase in shares outstanding). Duyuru • Feb 13
Eutelsat Communications S.A. to Report Fiscal Year 2026 Results on Aug 07, 2026 Eutelsat Communications S.A. announced that they will report fiscal year 2026 results on Aug 07, 2026 Duyuru • Dec 13
Eutelsat Communications S.A. announced that it has received €1.497775133 billion in funding from CMA CGM S.A., Bharti Space Limited, Agence des participations de l'Etat, Fonds Stratégique de Participation (FSP) Compartiment On December 12, 2025, the company has closed the transaction. New Risk • Dec 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (13% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (12% average weekly change). Reported Earnings • Nov 02
Full year 2025 earnings released: €2.28 loss per share (vs €0.74 loss in FY 2024) Full year 2025 results: €2.28 loss per share (further deteriorated from €0.74 loss in FY 2024). Revenue: €1.24b (up 2.5% from FY 2024). Net loss: €1.08b (loss widened 249% from FY 2024). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Duyuru • Oct 22
Eutelsat Communications S.A. Confirms Financial Guidance for the Fiscal Year 2025-2026 and 2028-2029 Eutelsat Communications S.A. confirmed financial guidance for the fiscal year 2025-2026 and 2028-2029. The company confirmed revenues of the four operating verticals in line with the level of Fiscal Year 2024-25. LEO revenues to grow by 50% year-on-year.
The company confirmed revenues of the four operating verticals between €1.5 billion and €1.7 billion by the end of Fiscal Year 2028-29, with LEO revenues significantly outperforming the market. Duyuru • Oct 21
Eutelsat Communications S.A. to Report First Half, 2026 Results on Feb 13, 2026 Eutelsat Communications S.A. announced that they will report first half, 2026 results on Feb 13, 2026 Duyuru • Oct 16
Eutelsat Communications S.A., Annual General Meeting, Nov 20, 2025 Eutelsat Communications S.A., Annual General Meeting, Nov 20, 2025. Location: 82 rue henri farman, issy les moulineaux France Duyuru • Sep 30
Eutelsat Communications S.A. Approves Director Appointments Eutelsat Communications S.A. at its Ordinary and Extraordinary General Meeting held on 30 September 2025, ratified the appointment of Mr. Michel Combes as Director of the Company, Mr. Jean-Baptiste Massignon as Director of the Company, subject to the satisfaction of conditions precedent and Mr. Jérémie Gué as Director of the Company, subject to the satisfaction of conditions precedent. Reported Earnings • Aug 08
Full year 2025 earnings released: €2.28 loss per share (vs €0.74 loss in FY 2024) Full year 2025 results: €2.28 loss per share (further deteriorated from €0.74 loss in FY 2024). Revenue: €1.24b (up 2.5% from FY 2024). Net loss: €1.08b (loss widened 249% from FY 2024). Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Media industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Duyuru • Jun 21
Eutelsat Communications S.A. Confirms Earnings Guidance for the Fiscal Year and 2024-25 and Provides Earnings Guidance for the Fiscal Year 2025-26 Eutelsat Communications S.A. confirmed earnings guidance for the fiscal year and 2024-25 and provided earnings guidance for the fiscal year 2025-26. for the year 2024-25, the company confirms its objectives of Operating Vertical Revenues around the same level as FY'2023-24.
for the year 2025-26, the company targets revenues in line with those of FY'2024-25, notably due to the impact of Russian sanctions in the Video Business. Benefitting from commercial momentum, LEO revenues are expected to grow by 50% year-on-year. Duyuru • Jun 20
Eutelsat Communications S.A. announced that it expects to receive €716 million in funding from CMA CGM S.A., Bharti Space Limited, Agence des participations de l'Etat, Fonds Stratégique de Participation (FSP) Compartiment Eutelsat Communications S.A announced a private placement to issue 179,000,000 shares at a price of €4 per share for aggregate gross proceeds of €716,000,000 on June 19, 2025. The transaction will include participation from Agence des Participations de l’Etat for €526,400,000, Bharti Space Limited for €31,400,000, CMA CGM for €100,400,000, and Le Fonds Stratégique de Participations for €57,800,000. The transaction has been approved by the Board members of the company and is subject to Shareholders and regulatory approvals. The transaction is expected to close by the end of the calendar year 2025. Duyuru • Apr 08
Eutelsat Communications Announces Resignation of Joo-Yong Hung as Non-Executive Director On April 2, 2025, the Board was informed of the resignation of Hanwha Systems UK Ltd. as non-executive Director of Eutelsat Communications, with immediate effect. The Chairman would like to express its sincere gratitude to Ms. Joo-Yong hung, permanent representative of Hanwha Systems UK Ltd, for her contribution. New Risk • Mar 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 24% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (24% average weekly change). Reported Earnings • Feb 17
First half 2025 earnings released: €1.84 loss per share (vs €0.53 loss in 1H 2024) First half 2025 results: €1.84 loss per share (further deteriorated from €0.53 loss in 1H 2024). Revenue: €606.2m (up 5.9% from 1H 2024). Net loss: €873.2m (loss widened 357% from 1H 2024). Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Media industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. New Risk • Dec 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.009x net interest cover). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Duyuru • Oct 30
Eutelsat Group Provides Earnings Guidance for the Year 2025 Eutelsat Group provided earnings guidance for the year 2025. For the year, the company expects Combined Fiscal Year 2025 Revenues of the four operating verticals around the same level as Fiscal Year 2024. Reported Earnings • Oct 19
Full year 2024 earnings released: €0.74 loss per share (vs €1.27 profit in FY 2023) Full year 2024 results: €0.74 loss per share (down from €1.27 profit in FY 2023). Revenue: €1.21b (up 7.2% from FY 2023). Net loss: €309.9m (down 198% from profit in FY 2023). Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Media industry in Germany. Duyuru • Oct 18
Eutelsat Group, Annual General Meeting, Nov 21, 2024 Eutelsat Group, Annual General Meeting, Nov 21, 2024. Location: la tour accor sequana, 82 rue henri farman, issy les moulineaux France New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (9.8% average weekly change). Duyuru • Aug 09
Eutelsat Group to Report First Half, 2025 Results on Feb 14, 2025 Eutelsat Group announced that they will report first half, 2025 results on Feb 14, 2025 Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €3.74, the stock trades at a trailing P/E ratio of 25.4x. Average forward P/E is 11x in the Media industry in Germany. Total loss to shareholders of 37% over the past year. New Risk • Mar 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 23% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Minor Risks High level of debt (90% net debt to equity). Share price has been volatile over the past 3 months (7.8% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.3% net profit margin). Duyuru • Mar 06
Eutelsat Communications SA Announces Directorate Changes Eutelsat Communications SA announced that Mr. Dong Wan Yoo resigned as a Non-Executive Director from the Board of Directors on 29 February 2024. Hanwha Systems UK Ltd, represented by Ms. Joo-Yong Chung, was co-opted to replace Mr. . Dong Wan Yoo as a Non-Executive Director of Eutelsat Communications SA with effect from 29 February 2024. Ms. Joo-Yong Chung currently holds the position of Executive Vice President and Head of M&A at Hanwha Aerospace. As a result, the Board is now composed of 15 Board Members, with 60% female members and 67% independent members. Reported Earnings • Feb 20
First half 2024 earnings released First half 2024 results: Revenue: €572.6m (flat on 1H 2023). Net loss: €191.3m (down 469% from profit in 1H 2023). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Media industry in Germany. Duyuru • Feb 02
Eutelsat Group Confirms End of Operations on EUTELSAT 113 West A Satellite Eutelsat Group confirms that following an anomaly on its EUTELSAT 113 West A satellite which occurred on 31st January, it has ceased operations on the satellite. Launched in 2006 and operating in inclined orbit at the 113° West position, EUTELSAT 113 West A (ex-Satmex 6) provided coverage of the Americas in C- and Ku-bands serving customers in video, data, and Government services on 18 operational transponders. Mitigation actions are underway to minimize the disruption to customers impacted, including accelerated transfer to alternative capacity on satellites located at the 115° and 117° West positions. Eutelsat teams are deploying all possible efforts to mitigate the potential adverse consequences on orbital safety. Eutelsat reaffirms its commitment to a safe and sustainable space environment. Approaching its end-of-life, the satellite is no longer part of the In Orbit Insurance policy. Before mitigation, the mechanical impact on revenues of the non-availability of the satellite is circa €3m in FY24 and €5-6m per annum for the period FY25-28. It does not alter financial objectives for Fiscal Year 2024. Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €3.44, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Media industry in Europe. Total loss to shareholders of 51% over the past year. New Risk • Jan 29
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Minor Risks High level of debt (80% net debt to equity). Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Duyuru • Jan 29
Eutelsat Group Provides Earnings Guidance for the for Fiscal Year 2023-24 Eutelsat Group provided earnings guidance for the for fiscal year 2023-24. For the period, revenues are now expected in a range of €1.25 billion to €1.3 billion (versus €1.32bn to €1.42bn previously). Duyuru • Dec 09
Eutelsat Group to Report Fiscal Year 2024 Results on Aug 02, 2024 Eutelsat Group announced that they will report fiscal year 2024 results Pre-Market on Aug 02, 2024 Duyuru • Jul 29
Eutelsat Communications S.A. to Report First Half, 2024 Results on Feb 16, 2024 Eutelsat Communications S.A. announced that they will report first half, 2024 results on Feb 16, 2024 Duyuru • Dec 22
Eutelsat Communications S.A., Annual General Meeting, Nov 23, 2023 Eutelsat Communications S.A., Annual General Meeting, Nov 23, 2023.