PARIS — Eutelsat Group reported total first-quarter revenues of €286 million following the close of market trading on Oct. 29, 2026, driven by expanding low Earth orbit (LEO) operations that helped cushion ongoing declines across its legacy geostationary orbit (GEO) video business.
Total top-line turnover slipped 0.9% year-over-year on a like-for-like basis, while revenues across the operator’s four core Operating Verticals stood at €278 million, marking a 2.1% like-for-like decrease.
Video Contraction and Accelerated LEO Demand
The operator’s video division generated 40% of total revenue but contracted 17.8% year-over-year. The downturn reflected secular broadcast erosion alongside the termination of direct-to-home (DTH) capacity contracts on the Russian Express AT1 and AT2 satellites under international sanctions. To counter GEO attrition, Eutelsat expanded its Mobile Connectivity segment, which rose 38.1% year-over-year behind commercial aviation installations and maritime adoption.
Q1 Performance Breakdown and Backlog Composition
Overall Connectivity revenues rose 11.9% like-for-like to €168.3 million during the quarter:
- LEO Operations: Delivered €70.9 million, reflecting a 30.1% increase year-over-year across all enterprise verticals.
- GEO Connectivity: Rose 1.6% to €97.4 million, reflecting steady high-throughput enterprise demand.
- Contract Backlog: Totaled €12.1 billion, buoyed by €8.9 billion in execution-phase commitments for the European Union’s sovereign IRIS² multi-orbit constellation. Excluding IRIS², commercial backlogs stood at €1.9 billion for Connectivity and €1.2 billion for Video.
Capital Allocation and Multi-Orbit Constellation Roadmap
Eutelsat reconfirmed its full-year financial guidance, projecting LEO revenues to expand by more than 30% to offset GEO contraction, supported by gross capital expenditures of approximately €1.2 billion. Between 2027 and 2034, the company plans to invest €2.23 billion in shared infrastructure alongside €1.16 billion in dedicated commercial assets to advance its OneWeb fleet roadmap. Launches of initial Ka-band spacecraft are scheduled to begin in 2029, leading to full commercial operation of the upgraded Ku-band LEO network by mid-2032.
