Eutelsat raises €828m of fresh capital
November 19, 2025
By Chris Forrester
The cash-raising move, of €828 million, was not unexpected having been agreed by shareholders at Eutelsat’s September 30th AGM. Indeed, a further €672 million has already been pre-agreed with shareholders and both as part of strengthening the operator’s capital.
The French State will subscribe for €551 million, Bharti Space Limited for €30 million, the UK Government for €90 million, CMA CGM Participations for €100 million, and FSP for €57 million.
The exercise, (officially a Reserved Capital Increase) will mean the French state would hold a stake of 29.65 percent of the capital and voting rights of the company, while Bharti Space, UK Government, CMA CGM Participations and FSP would respectively hold 17.88 per cent, 10.89 per cent, 7.46 per cent and 4.99 per cent of the share capital and voting rights of the Company.
The price per share is €4, and will be reflected in the amount paid by each entity.
As announced on June 19th and July 10th, a further €672 million equity raise will be undertaken by way of a rights issue (the ‘Rights Issue’), for which the investors in the Reserved Capital Increase have committed to take up their full rights. In aggregate, Eutelsat has therefore received irrevocable commitment subscriptions representing in excess of 70 per cent of the contemplated Rights Issue.
These two capital increases, forming part of a comprehensive financing strategy alongside a dedicated debt refinancing plan, are aimed at enhancing the Company’s financial flexibility and supporting investment in its existing Low Earth Orbit (LEO) capabilities and the future IRIS² constellation, while accelerating deleveraging towards its medium-term target of 3x Net debt to EBITDA.
The market welcomed the move, and Eutelsat’s share price rose in trading on November 18th by 3.18 per cent to €3.25 per share.
Eutelsat confirmed its objectives for FY 2025-26, targeting revenues in line with, and an adjusted EBITDA margin slightly below, those of FY 2024-25. LEO revenues are expected to grow by 50 per cent year-on-year.
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