Eutelsat Q3: LEO revenues grow 65%
May 13, 2026
By Chris Forrester
Paris-based Eutelsat reported its Q3 and 9-month trading results after the market closed on May 12th.
Its headline results were:
• Third Quarter Operating Verticals revenues of €283.7m, up 0.9 per cent y-o-y
• Sustained double digit growth in Connectivity, driven by LEO-enabled solutions, up 65 per cent y-o-y
• Successful conclusion of comprehensive refinancing strategy
• Full Year 2025-26 financial objectives confirmed
Eutelsat continues to suffer a steady decline in Video segment revenues which were down 13.3 per cent (y-o-y) for Q3 at €128 million (€151.7m last year). Eutelsat explained the fall, saying: “This reflects the impact of sanctions on Russian channels imposed at the beginning of the year, (c. €16 million per annum) as well as the termination of capacity contracts on the Express AT1 and AT2 satellites (low single-digit million impact in FY 2025-26 starting from March 2026), in addition to the underlying decline of this mature business.”
Since it last reported in February 2026, Eutelsat has renewed multiple capacity agreements, notably with Viewsat at the 7/8° West video neighbourhood to support development of broadcast market in MENA, and in Mexico with Cadena Tres, part of Grupo Imagen, as well as with PCTV, a leading content aggregation and distribution company and part of Megacable Holdings, for the continued distribution of video services via the EUTELSAT 117 West A (E117WA) satellite.
In almost every other segment, the company is showing growth, and in some cases considerable improvements in its revenue performance.
For example, Government Services grew 11.8 per cent (like-for-like), while Mobile Connectivity grew 27 per cent, while Fixed Connectivity grew 10.6 per cent.
Collectively its ‘Connectivity’ vertical grew 15.3 per cent, made up of a 65 per cent growth drawn from its OneWeb LEO system. Geostationary-based Connectivity fell 4.3 per cent as traffic switched to LEO.
Total Connectivity revenues for the Third Quarter stood at €155.7 million up 15.3 per cent year-on-year. Once again, they continued to be driven by strong growth in LEO, up 65 per cent.
Third Quarter Mobile Connectivity revenues stood at €45 million, up 27 per cent year-on-year, reflecting the ongoing growth in the Aero segment, across both GEO and LEO solutions. Quarter-on-quarter, revenues were up 8.3 per cent.
In Aero mobility, a significant new connectivity agreement, powered in part through Eutelsat’s OneWeb LEO network, was announced for Japan Airlines, with more than 40 wide-body aircraft set to be equipped with a next-generation IFC solution. The service, deployed by Eutelsat’s partner, SES Satellites, will combine GEO capabilities with its LEO constellation, delivering the redundancy, resilience and low-latency performance required for long-haul operations, including line-fit installations on both Airbus A350-900 and Boeing 787 aircraft.
“With 600 installations, 15 airlines already committed and a further 160+ private jets connected, OneWeb LEO is powering a new standard of IFC, built for resiliency, reliability, scalability and passenger expectations at altitude,” says Eutelsat.
On the back of the performance of the first Nine Months, Eutelsat confirmed its objectives for the Full Year 2025-26:
• Revenues of the four Operating Verticals in line with the level of FY 2024-25.
• LEO revenues to grow by 50 per cent year-on-year.
• Adjusted EBITDA margin slightly below the level of FY 2024-25.
Gross capital expenditure is expected around €900 million.
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