Eutelsat reiterates outlook as OneWeb growth offsets video decline
May 13, 2026 11.15 Europe/London By Julian Clover


Eutelsat says strong growth from OneWeb-powered connectivity services continues to offset structural declines in its video business, as the satellite operator reaffirmed its full-year guidance following third quarter results.

Third quarter revenues reached €293 million, up 3.1% on a like-for-like basis, while revenues from the company’s four operating verticals rose 0.9% to €283.7 million.

Connectivity revenues increased 15.3% year-on-year to €155.7 million, driven by a 65% rise in LEO-related activity. By contrast, video revenues declined 13.3% to €128 million, impacted by sanctions on Russian channels and the associated loss of contracts on the Express AT1 and AT2 satellites.

The results further underline Eutelsat’s ongoing transition from a traditional broadcast satellite operator towards a connectivity-focused business built around the OneWeb low-earth orbit constellation.

Government services revenues rose 11.8% to €50.4 million, supported by continued activity in Ukraine and growing demand from non-US government customers.

Mobile connectivity revenues climbed 27% to €45 million, with aviation remaining a key growth area. During the quarter, Japan Airlines selected a multi-orbit inflight connectivity system combining GEO services with OneWeb LEO capacity through partner SES. Eutelsat said around 600 aircraft are now operating with its OneWeb-enabled connectivity systems, while 15 airlines have committed to deployments.

In maritime, the company expanded agreements with Singapore-based Can Marine and India’s Station Satcom, with more than 1,000 vessels now in the deployment pipeline for OneWeb services.

The company also confirmed the successful completion of its €5 billion refinancing strategy, including a €1.5 billion senior notes issuance finalised in March. Net leverage is expected to fall to around 2.7x EBITDA by year-end following the December 2025 capital increase.

Despite ongoing pressure in video, Eutelsat maintained its full-year targets, forecasting operating vertical revenues broadly in line with FY 2024-25 and LEO revenues growing by around 50% year-on-year.

Management also reiterated longer-term ambitions for revenues of €1.5-1.7 billion by FY 2028-29, with EBITDA margins reaching at least 65%.

The company acknowledged that traditional video broadcasting remains under pressure, though executives pointed to recent renewals in MENA and Latin America, including agreements with Viewsat, Cadena Tres and PCTV, as evidence that core broadcast neighbourhoods continue generating significant cash flow.

Eutelsat said the broader B2B connectivity market is expected to continue growing at double-digit rates over the longer term, primarily driven by expansion of LEO services.