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EarningsQ4 2026 Earnings Report
FR:ETL Q4 2026 EPS Results
Actual EPS-€0.19
Consensus EPS―
Beat/Miss―
One Year Ago EPS-€0.34
FR:ETL Q4 2026 Revenue Results
Actual Revenue€644.30M
Expected Revenue€303.90M
Beat/MissBeat by +€340.40M
YoY Revenue Growth+1.07%
Earnings Announcement Details
QuarterQ4 2026
Date08/07/2026
TimeBefore Open
Conference CallFriday, August 7, 2026
FR:ETL Upcoming Earnings
Eutelsat Communications's next earnings date is estimated for February 12, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
FR:ETL Q4 2026 Earnings Call
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Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a transformational positive outlook driven by very strong LEO commercial traction (~+70% LEO growth), strategic wins (CENTaURE, IRIS2 leadership), and a materially strengthened balance sheet following a €5 billion refinancing and €1.5 billion capital increase. Near‑term challenges include continued Video/legacy declines, margin compression from mix shift toward lower‑margin LEO services, and a heavy CapEx profile in the coming years (~€4 billion cumulative FY26–29). On balance, the company has addressed financing risk, is delivering accelerating LEO revenues and strategic contracts that underpin mid‑term targets, but will face execution and profitability pressure while investments ramp.Company Guidance
Rapid LEO Revenue Growth
LEO revenues increased nearly 70% year-on-year to ~€297–300 million, now representing ~25% of group total revenues and >40% of Connectivity revenues; LEO growth powered 24.7% like-for-like Q4 Connectivity growth and 30% QoQ in Q4.
Overall Revenue Resilience (Like‑for‑Like)
Total reported revenues €1,235.9 million (down 0.6% reported) but up +3.0% like‑for‑like; revenues of 4 operating verticals €1,197 million, up +1.8% like‑for‑like.
Strong Connectivity & Vertical Performance
Connectivity revenues €677.9 million, up +9.7% reported and +16.4% like‑for‑like; Fixed Connectivity +15.6% to €270 million, Government Services +17.7% to €235.5 million, Mobile Connectivity +15.9% to €172 million.
Improved Balance Sheet and Liquidity
Completed €5 billion refinancing (including €1.5 billion capital increase); net debt €1.46 billion (down ~€1.2 billion year-on-year), net debt/EBITDA 2.32x vs 3.9x prior year; cash and undrawn lines ~€2.3 billion plus ~€690 million ECA facility.
Capital Expenditure Discipline vs Initial Expectation
FY25‑26 CapEx ~€594 million, below prior guidance of ~€900 million due to milestone phasing and GEO/ground cost control (company cautions FY26‑27 CapEx to rise to ~€1.2 billion).
Major Commercial & Strategic Wins
Secured EUR 350 million potential CENTAURE call‑off under French MOD NEXUS (firm €138 million over first 4 years); multiple partner deals in maritime and aviation (e.g., AST Networks, Tototheo, Anuvu, SES Intelsat).
Regulatory & Future Cash Inflow
FCC Upper C‑Band clearing order confirmed; Eutelsat expects $504 million (~€443 million) incentive payment upon transition completion (expected 2031) with associated reimbursable transition costs.
IRIS2 Milestone & Strategic Positioning
IRIS2 First Rendez‑Vous milestone signed; Eutelsat confirmed as LEO lead in the SpaceRISE consortium, positioning it centrally in Europe’s sovereign multi‑orbit program and underpinning long‑term roadmap to 2040.
Backlog and Mid‑term Targets
Backlog €3.4 billion (≈2.7x FY25‑26 revenues), Connectivity now 61% of backlog; mid‑term revenue target €1.5–1.7 billion by FY28‑29 and adjusted EBITDA margin target >60% by FY28‑29.
FR:ETL Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed