Eutelsat Reports Decrease in Revenues in First Quarter 2021

Paris, May 11, 2021– Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris: ETL) reports revenues for the Third Quarter and Nine Months ended March 31, 2021.  The company reported nine months operating vertical revenues down 3.5% year-on-year. Third Quarter Operating Verticals revenues were down 6.1% year-on-year, in line with expectations.

Eutelsat upgraded its Full Year revenue objective , and all other objectives confirmed​. Backlog was €4.5bn up 6% and representing 3.5 years of revenues. The comapny also reports favourable outturn of Spring 2021 renewal campaign with US goverment and progress on its Fixed Broadband strategy.

Rodolphe Belmer, Chief Executive Officer of Eutelsat Communications, said: “This Quarter has seen some important operational milestones, notably the outcome of the Spring renewal campaign with the US administration well above historical average, while the increase in our backlog reflects our important recent commercial wins. Most notably, we are now seeing real momentum in our Fixed Broadband ramp-up with EUTELSAT KONNECT now at full coverage, enabling us to make tangible progress in Western Europe with retail operations extended to new territories and gross additions gaining pace. Distribution has also been strengthened in Africa, notably with a partnership with Facebook to roll out Express Wi-Fi hotspots across our African footprint. The outturn of our Third Quarter revenues performance is fully in line with our expectations and enables us once again to raise the bottom end of our objective range for the year as a whole, as well as to reconfirm all other elements of our financial guidance. From a strategic perspective, recent weeks have been marked by our entry into the LEO space through our investment in OneWeb, which represents a compelling entry point to address the considerable LEO opportunity as well as an additional growth engine for the Group’s connectivity activities”.

Read the full announcement of Third Quarter and Nine-Month 2020-21 Report here