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 per cent of revenues, and where its DTH revenues amounted to €134 million, down 10.5 per cent 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 per cent rise in LEO revenues to €54.1 million. Overall, the Connectivity division enjoyed growth up 8.6 per cent 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 per cent 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 per cent of the total.

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Tags: eutelsat, OneWeb