Eutelsat Results for 2nd Quarter and First Half 2024-25 In Line with Company Expectations

Paris, France,February 14, 2025–The Board of Directors of Eutelsat Communications (ISIN: FR0010221234 - Euronext Paris / London Stock Exchange: ETL), chaired by Dominique D’Hinnin, released the financial results for the Half Year ended  December 31, 2024.  The company reported operating verticals revenues of €600m-up 3.9% like-for-like and adjusted EBITDA margin of 55.2%.

Eva Berneke, Chief Executive Officer of Eutelsat Communications, said: “First Half revenues and profitability were in line with expectations, and enable us to confirm our objectives for the full year, while our gross capex landing is now expected at €500-600 million, a reduction of c. €200 million relative to previous estimates. The past few months have seen the alignment of several factors paving the way for Eutelsat’s LEO build-out strategy: first, the exercise of the put option for the sale-and-lease-back of our passive ground infrastructure, with proceeds due H1 calendar 2026 and second, confirmation of the European Union’s IRIS2 multi-orbit constellation representing a key step in Eutelsat’s LEO strategy, which in turn defines the road map for the interim LEO constellation extension. We are actively working on a financing plan in line with our strategic road map and longer term leverage objective.”

Highlights of the results include:

• First Half Operating Verticals revenues of €600 million up 3.9%1

• Adjusted EBITDA margin of 55.2%, stable year-on-year1

• Full Year 2024-25 Revenue and Adjusted EBITDA margin objectives confirmed

• Gross Capex landing now expected lower at €500-600 million related to timing of LEO investments and reinforced vigilance on GEO

• Goodwill impairment of €535 million in respect of GEO assets, reflecting lower expected future cashflows from these assets • Put option exercised for sale-and-lease-back of passive ground infrastructure with c. €500 million net proceeds due H1 calendar 2026

• Confirmation of European Union’s IRIS2 multi-orbit constellation project, delivering significant benefits at compelling cost; representing a key step in shaping Eutelsat’s strategic road map for the interim LEO constellation extension.

You can view the full reults here: https://www.eutelsat.com/files/PDF/investors/H1_FY_2024-25_PR_vDEF-1.pdf