Eutelsat’s Q1 numbers (it has a trading year that ends on June 30th) shows overall revenues down by 2.2 per cent YoY at €293 million.
The division with the largest fall in revenue is Video, and which still accounts for 47 percent of revenues, and where its DTH revenues amounted to €134 million, down 10.5 percent YoY, “reflecting the secular market decline, as well as the negative effect of the latest sanctions imposed on Russian channels, with an impact of about. €16 million expected in FY 2025-26,” said the company.
However, revenue from the Video division is falling faster than anticipated.
The operator’s OneWeb division (Connectivity) meanwhile saw an impressive rise in revenues, with a 70.7 percent rise in LEO revenues to €54.1 million. Overall, the Connectivity division enjoyed growth up 8.6 percent at €149.4 million. However, this sum was impacted by the slower deployment of OneWeb terminals which meant that quarter-on-quarter revenues were down by 13.2 per cent.
This sequential decline was mainly the reflection of an exceptionally high level of LEO terminal sales in Q4 2024-25 across all three verticals. LEO revenues were down 20.1 per cent, reflecting the above-mentioned terminal sales as well as catch-up revenues recorded in Q4 FY25,” said the company.
Fixed Connectivity was also in positive territory and up 15.9 per cent to €62 million.
Government Services revenues were also up 18.5 per cent YoY at €52 million.
Eutelsat’s CFO Christophe Caudrelier said the company expects its LEO/OneWeb revenues to grow by a further 50 percent in the current financial year. In the longer term (post FY 2028-29), the B2B connectivity market is expected to pursue its growth at a double-digit rate, mostly driven by LEO market expansion.
Eutelsat’s backlog stood at €3.5 billion at September 30th, 2025, stable versus end-June 2025. It was equivalent to 2.8x FY 2024-25 revenues, with Connectivity representing 58 percent of the total.
