Eva Berneke, CEO at Eutelsat, has unveiled the operator’s financial results. Eutelsat’s once-reliable Video division revenues fell 6.4 per cent (€309.2 million) but each of the other verticals were in solid territory.Total revenues for the First Half of FY 2024-25 stood at €606.2 million, up by 5.9 per cent on a reported basis. Revenues of the four Operating Verticals (i.e., excluding ‘Other Revenues’) stood at €599.9 million. They were up 3.9 per cent on a like-for-like basis. Eutelsat enjoyed strong connectivity growth which more than offsetting the decline in video.Q2 revenues stood at €306.5 million, up 2.9 per cent. Revenues for Q2 of the four Operating Verticals stood at €303.2 million, up 2.4 per cent year-on-year and up 2.2 per cent quarter on-quarter.H1 Video revenues (52 per cent of overall revenues) were down by 6.4 per cent to €309.2 million, in line with the broader secular market decline. Connectivity (now 48 per cent of overall revenues) for the First half-year of FY 2024-25 stood at €290.7 million, up by 21.1 per cent on a reported basis.The backlog stood at €3.7 billion on December 31st 2024 versus €3.9 billion a year earlier. This decrease reflects the natural erosion of the backlog, especially in the Video segment, partly offset by the growing LEO backlog. The backlog was equivalent to 3.1 times FY 2023-24 revenues, with Connectivity representing 56 per cent of the total, and LEO now accounting for 48 per cent of this segment.Berneke commented: “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.”
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